Written by Cláudio Afonso | LinkedIn | X
Shares of EV charging startup Blink plummeted 22% early Friday, following a Thursday report that revealed a third-quarter revenue decline of approximately 42%, totaling $25.18 million.
Product revenue was $13.45 million, down nearly 62% year over year from $35.06 million. Service revenue increased by 30% to $8.75 million.
Blink lowered on Thursday its target revenues to between $125 million and $135 million this year while estimating to achieve positive adjusted EBITDA “in the second half of 2025.”
“As we move through the balance of the year, we’re focused on continuing the momentum we’ve built around our service offerings and on increasing our reach as the third largest charging network in the U.S. and a leading charging provider in Europe. We have continued to expand our Blink-owned network, with 28% growth in owned and operated units compared to the third quarter of 2023,” CEO Brendan Jones said in a statement noting that the EV charging industry “is still in its early stages.”
In the third quarter of the year, the company reduced its net loss to $87.4 million, down from $112.7 million a year ago.
Earlier today, Needham analyst Chris Pierce lowered the firm’s price target on the stock from $4.00 to $3.00 while keeping a Buy rating noting that the company “missed consensus revenue estimates and lowered their full year guidance.”
The analyst expects now Blink to become profitable in 2027 as “charging hardware sales continue to struggle to find a bottom, with buyers remaining on the sidelines and a compelling catalyst to drive growth lacking, with EV adoption uncertainty likely picking up post a transfer of power in Washington DC as well.”
The company’s President and CEO Brendan Jones has recently retired with the company appointing Michael Battaglia as successor.
Blink’s owner operator model “was a bright spot in the quarter, as well as expense controls and lower cash burn y/y, but we lower our revenue estimates and push out profitability to FY27, taking a conservative stance vs BLNK’s guidance of positive adj EBITDA in FY25,” the analyst noted before adding that the $3 price target “is 7.5x our FY28 adj EBITDA discounted back.”
As of the time of writing, Blink shares are trading 23 percent lower at $1.57 extending year to date losses to 53%.
Written by Cláudio Afonso | LinkedIn | X
