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Blink Charging Co. (BLNK)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue was $28.7M, up 38% sequentially but down 13.8% year-over-year; adjusted EPS was a loss of $0.26, and adjusted EBITDA loss was $24.4M, with gross margin depressed by $6.4M non-cash inventory/PP&E write-downs and $10.1M non-cash operating charges .
  • Versus S&P Global consensus, revenue materially beat ($28.7M vs $22.15M*), while adjusted EPS missed (−$0.26 vs −$0.1767*) and EBITDA was worse than consensus (−$24.4M vs −$10.39M*), driven by one-time non-cash charges and higher DC fast charger mix .
  • Management expects continued sequential revenue growth in H2 2025, lower operating expenses and reduced cash burn, supported by Blink Forward actions and improved working capital practices .
  • Strategic catalysts: acquisition of Zemetric (CTO hire, AI-enabled platform, lower-cost L2 products) and settlement of Envoy obligations via stock and performance-based warrants, eliminating contingent consideration risk .

Note: *Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Sequential rebound: Total revenue +38% QoQ to $28.7M; product revenue +73% QoQ on stronger DC fast and L2 demand; service revenue +11% QoQ and +46% YoY to $11.8M .
  • Cost actions: Compensation expense down 22% YoY and ~$8M annualized expense eliminations; management reiterated focus on efficiency and cash burn reduction .
  • Strategic moves: Acquisition of Zemetric (adds interoperable L2 portfolio and AI-enabled software; Harmeet Singh named CTO) and SPV term sheet with Axxeltrova for up to £100M to fund UK deployments under LEVI, advancing non-dilutive financing approach .

What Went Wrong

  • Margin compression: Gross profit fell to $2.1M (7% margin) from $10.7M (32%) YoY, largely due to $6.4M non-cash adjustments (obsolete inventory/PP&E); adjusted GM would have been ~30% ex-these charges .
  • Larger losses: Net loss widened to $32.0M (−$0.31) vs (−$20.1M) YoY; adjusted EBITDA loss increased to $24.4M from $14.7M YoY, reflecting non-cash charges and heavier DC mix .
  • Liquidity decline: Cash, cash equivalents, and marketable securities decreased to $25.3M from $55.4M at year-end 2024; H1 2025 operating cash burn was ~$28.5M .

Financial Results

Consolidated Performance (oldest → newest)

MetricQ4 2024Q1 2025Q2 2025
Total Revenues ($USD Millions)$30.18 $20.75 $28.67
GAAP Diluted EPS ($)−$0.73 −$0.20 −$0.31
Adjusted EPS ($)−$0.15 −$0.18 −$0.26
Gross Profit ($USD Millions)$7.53 $7.37 $2.09
Gross Margin %25% 35.5% 7%
Operating Expenses ($USD Millions)$81.12 $28.45 $34.30
Adjusted EBITDA ($USD Millions)−$10.55 −$15.49 −$24.45
Net Loss ($USD Millions)−$73.51 −$20.71 −$31.96
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$55.0 $42.0 $25.3

Note: Q2 2025 gross margin would have been ~30% excluding ~$6.4M largely one-time non-cash inventory/PP&E adjustments .

Segment Revenue Breakdown

Segment ($USD Millions)Q1 2025Q2 2025Q2 2024
Product Revenues$8.38 $14.51 $23.58
Service Revenues$10.58 $11.76 $8.05
Other Revenues$1.79 $2.40 $1.64
Total Revenues$20.75 $28.67 $33.26

Service Revenue Components

Component ($USD Millions)Q1 2025Q2 2025Q2 2024
Charging Service Revenue$6.78 $7.69 $4.94
Network Fees$2.63 $2.95 $1.91
Car-sharing Services$1.18 $1.11 $1.20
Service Revenues (total)$10.58 $11.76 $8.05

KPIs (current period)

KPIQ2 2025
Energy Delivered (GWh)49
Blink-owned DC Chargers (US)~150 units
Compensation Expense Change YoY−22%
H1 2025 Operating Cash Burn ($USD Millions)−$28.52

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Consolidated RevenueQ2→H2 2025Q1: Expected sequential growth in Q2 and continued growth in H2 2025 Q2: Expects continued sequential revenue growth in H2 2025 Maintained
Service RevenuesFY 2025Q1: Expected to continue increasing throughout 2025 Q2: Recurring/network fees to benefit from expanding installed base; repeatable charging revenue growth as infrastructure scales; utilization and energy prices supportive Maintained (expanded detail)
Operating ExpensesH2 2025 onwardQ1: Focus on cost reduction and cash preservation Q2: ~$8M annualized expense eliminations; Q2 included $10.1M largely one-time non-cash charges; expect lower ongoing OpEx Lowered run-rate
Cash BurnH2 2025Q1: Focused on reducing cash burn Q2 call: Burn rate expected to decrease in H2 2025 via revenue growth, lower OpEx, improved receivables practices Lowering anticipated

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
Owner-Operator DC Fast ChargingEmphasis on owner-operator model; service revenue share rose; DC fleet expansion Record 49 GWh; service revenue +46% YoY; US growth outpaced Europe (US +47% QoQ vs Europe +26%); DC fast contributions up >300% YoY Strengthening
Technology/AI & Product PortfolioQ1: Create Energy NanoGrid storage collaboration Zemetric acquisition adds interoperable L2 hardware and AI-driven fleet-first software; CTO appointment; Shasta L2 48A/80A UL certification expected soon, volume production targeted Oct Accelerating
Capital Efficiency & Off-Balance Sheet FinancingQ1: Exploring off-balance structures; Axxeltrova SPV referenced Non-binding term sheet for up to £100M SPV with Axxeltrova under LEVI program Progressing
Cost OptimizationQ1: Rightsizing workforce; cost controls Compensation −22% YoY; ~$8M annualized expense cuts; additional opportunities to reduce costs Improving
Regulatory/Legal—Envoy settlement eliminates payment obligations/contingent liabilities via $10M stock + $11M performance-based warrants Resolved legacy exposure
Regional MixQ4: UK/EU contracts and deployments US growth faster than Europe in Q2, though EU margins steady US momentum building

Management Commentary

  • “We made solid progress in the second quarter… consolidated revenues of $28.7 million… highlighted by a 73% sequential increase in product sales and an 11% sequential increase in service revenues.”
  • “We incurred $16.5 million in largely one-time, non-cash charges this quarter… reduced our ongoing annual operating expenses by approximately $8 million.”
  • “Blink delivered a record 49 gigawatt hours of energy, representing a 66% year over year increase… service revenue reached $11.8 million.”
  • “Zemetric… brings an intelligent and interoperable AC Level 2 product… software platform brings new capabilities… driven by AI… simplifies integrations… advanced load management… supports interoperability using open standards.”
  • “Non-binding term sheet… up to £100 million SPV… leverage non-dilutive off balance sheet capital… core tenets of the Blink Forward framework.”
  • CFO: “Excluding the impact of non-cash adjustments, gross profit… would have been $8.5 million or a gross margin of 29.7%… operating expenses… would have been $24.2 million… a year over year improvement of 23%.”

Q&A Highlights

  • Gross margin dynamics: Adjusted gross margin ~30% despite DC mix; future margins depend on product mix (higher-margin Series L2 and Zemetric products vs lower-margin DC), aiming to sustain “historically healthy Blink levels” .
  • Sequential growth drivers: Expect broad-based improvement across product, service, and other revenues, not just product sales .
  • Cash burn trajectory: Q2 burn (~$16.7M) included ~$5M non-recurring comp/pro services; actions to reduce headcount and improve AR collections underpin expectation for better cash metrics in Q3/Q4 .
  • Envoy settlement: Eliminates ~$23.5M contingent consideration; structured as $10M in stock plus performance-based warrants (three tranches), expiring in 20 months .
  • Zemetric ramp: Dual-port L2 already generating revenue; Shasta single-plug L2 (48A/80A) awaiting UL, with volume production targeted in October via contract manufacturing; Blink’s larger salesforce expected to accelerate traction .
  • Europe margins: Remained stable; US sequential growth outpaced Europe in Q2 .

Estimates Context

Q2 2025: Actuals vs Consensus

MetricActualConsensus# of Estimates
Revenue ($USD)$28,667,000 $22,150,000*3*
Adjusted/Primary EPS ($)−$0.26 −$0.1767*3*
EBITDA ($USD)−$28,705,000 (GAAP EBITDA) −$10,389,000*—

Interpretation: Strong top-line beat driven by DC/L2 demand and service growth; EPS miss and weaker EBITDA reflect non-cash inventory/PP&E and receivables-related charges and DC mix pressure .
Note: *Values retrieved from S&P Global.

Forward Consensus Snapshot

MetricQ3 2025Q4 2025
Revenue Consensus Mean ($USD)$30,084,200*$30,430,800*
Primary EPS Consensus Mean ($)−$0.166*−$0.134*
EBITDA Consensus Mean ($USD)−$9,145,330*−$5,121,500*

Note: *Values retrieved from S&P Global.

Key Takeaways for Investors

  • Top-line momentum returned: +38% QoQ revenue with product sales +73% QoQ and service +11% QoQ, indicating improved demand and utilization; expect continued sequential growth in H2 2025 .
  • Margin reset with path to recovery: Reported GM 7% due to ~$6.4M non-cash adjustments; ex-charges GM ~30%, with mix shift (higher-margin L2, Zemetric products) supportive near-term .
  • Cost discipline gaining traction: −22% YoY compensation and ~$8M annualized expense cuts; CFO expects H2 cash burn to decline on revenues, OpEx reductions, and faster AR collections .
  • Balance sheet watch: Liquidity fell to $25.3M; monitor execution on SPV/off-balance sheet financing and working capital improvements to sustain growth without dilutive actions .
  • Strategic assets: Zemetric acquisition enhances portfolio breadth and adds AI-enabled software; CTO hire strengthens tech leadership, potentially accelerating owner-operator economics and network value .
  • De-risking event: Envoy settlement removes contingent consideration overhang via stock plus performance-based warrants, simplifying capital structure and legal exposure .
  • Trading implications: Revenue beat vs consensus is a near-term positive, but EPS/EBITDA misses and liquidity decline may temper enthusiasm; focus on Q3/Q4 sequential progress and margin normalization ex-one-time charges .

Appendix: Additional Data Points

  • Service revenue components demonstrated continued growth: charging service $7.69M, network fees $2.95M, car-sharing $1.11M in Q2 2025 .
  • H1 2025 cash flow from operations: −$28.5M; investing +$10.1M; financing +$0.87M; ending cash and restricted cash $25.4M .
  • Q1 2025 baseline: revenue $20.75M; GM 35.5%; adjusted EBITDA loss $15.5M; service revenue +29.2% YoY .
  • Q4 2024 baseline: revenue $30.18M; GM 25%; adjusted EBITDA loss $10.55M; service revenue +24% YoY .