Blink Charging is a buy, Roth says

Roth Capital Markets analyst Craig Irwin reiterated his “Buy” rating and $3.00 target on Blink Charging (Blink Charging Stock Quote, Chart, News, Analysts, Financials Nasdaq:BLNK) in an Aug. 19 report, saying the company is showing progress on both revenue growth and cost reductions.

Blink Charging, formerly Car Charging Group, is a U.S.-based owner and operator of electric vehicle charging equipment and services. Founded in 2009 and headquartered in Bowie, Maryland, the company’s main offerings include the Blink Network, a cloud-based platform that manages charging stations and data, and residential and commercial EV charging hardware. Blink provides property partners with remote monitoring, payment processing, and other services, while giving EV drivers access to charging locations.

“Blink posted 2Q25 revenue ahead, executing well during some very busy months for the team,” Irwin wrote. “Mgmt amended the Envoy merger agreement effectively ending the spin-off, and implemented $8m in incremental savings, which should benefit expenses in 3Q25. Cash use of $17.7m was elevated for Blink Forward cost reduction initiatives, including $7m in comp, professional fees, and other expenses that are now eliminated in 3Q25. Catalysts confirming growth and progress to adj-EBITDA breakeven likely serve as the primary valuation catalysts, in our view.”

Blink reported Q2 revenue of $28.7-million, above consensus at $22.2-million. Adjusted EPS was a loss of $0.26 compared with the Street at a loss of $0.13, and Adjusted EBITDA was a loss of $24.4-million versus the expected loss of $9.3-million. Gross margin came in at 7.3% versus 34.0% consensus, pressured by $6.4-million in inventory and cost write-downs. Excluding those items, margin would have been 29.6% on a higher mix of DC fast-charging hardware. The company booked $16.5-million in total one-time non-cash costs during the quarter.

Service revenue reached a record $11.8-million, up from $8.4-million in Q1 and $4.9-million a year earlier, supported by network throughput of 49 GWh (up 48% year over year). Product revenue was $14.5-million, up sequentially from $10.6-million but down from $23.6-million in Q2/24. Management said demand should continue to rebound through year-end.

Blink also amended its planned merger with Envoy, agreeing to issue $10-million in stock and $11-million in performance-based warrants. Separately, it acquired Zemetric, a small charging manufacturer focused on fleets and high-utilization sites, in July. Zemetric founder Harmeet Singh joined Blink as CTO, bringing a low-cost, rapidly deployable Level 2 charger and roughly 1,800–2,000 charge points under management in India.

Irwin noted Blink expects sequential revenue growth in the second half of fiscal 2025 along with lower operating expenses and improving working capital efficiency, aided by recent headcount reductions that support $8-million in annualized savings.

He forecasts Blink will post Adjusted EBITDA of a $(66.4)-million loss on revenue of $110.0-million in fiscal 2025, compared with his prior forecast of a $(35.0)-million loss on $135.0-million in revenue (a steeper cut to EBITDA than to revenue). For fiscal 2026, he expects results to improve to a $(37.3)-million loss on $125.0-million in revenue.

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