Michael Bercovich
Blink ChargingAbout Michael Bercovich
Michael Bercovich is Chief Financial Officer (principal financial and accounting officer) of Blink Charging, appointed May 29, 2025 with an effective start date of June 23, 2025; he signed BLNK’s August 18, 2025 and November 6, 2025 Form 8‑Ks and the Q3 2025 10‑Q as CFO . He holds a bachelor’s degree in business and accounting from The College of Management Academic Studies (Israel) and is a CPA (Israel – inactive) . During his tenure to date, management highlighted sequential operating improvements: Q2 2025 total revenues rose 38% q/q to $28.7M and Q3 2025 delivered a 7.3% y/y increase to $27.0M with service revenues up 35.5% y/y and gross margin improving to 35.8%, alongside reduced operating cash burn; adjusted EBITDA loss narrowed to $(8.9)M in Q3 2025 from $(14.0)M in Q3 2024 . In the Q3 2025 release, Bercovich emphasized cost discipline, margin enhancement, and lowering cash burn as priorities to support durable growth .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Advisor360 LLC | Vice President of Finance | Feb 2025–May 2025 | Enterprise wealth management software; led finance during transition prior to joining BLNK . |
| Helios Global Payments Solutions Inc. | Chief Financial Officer, founding team | Sep 2023–Feb 2025 | Led finance/IR/treasury and capital raising; global HCM and payments platform . |
| MyOutDesk LLC | Chief Financial Officer | Feb 2023–Jan 2024 | Scaled operations; oversight of accounting, finance, and corporate development . |
| Cialfo Inc. | Chief Financial Officer | May 2022–Feb 2023 | Managed finance operations, corporate development, and investor relations (ed‑tech) . |
| Elements Global Services (Atlas HXM) | Chief Financial Officer | Mar 2020–Jan 2022 | Ran global financial and payroll operations; investor relations and fundraising . |
| TEOCO Corporation | VP, Global Finance | Jan 2016–Mar 2020 | Managed global finance/accounting for telecom software solutions provider . |
| KPMG | Auditor | Prior period | Provided SEC accounting/audit services to public/private clients . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed in appointment 8‑K . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $430,000 annual base salary . |
| Target annual bonus (STI) | 50% of base salary; 2025 prorated from June 23; KPIs set by Compensation Committee . |
| Long-term incentive (LTI) target | 50% of base salary (RSUs) for remainder of 2025 and through 2026 . |
| Sign-on equity | One-time $107,500 in restricted stock; vests 50% at six-month and 50% at 12‑month anniversaries of start date . |
| MBO financing bonus | $150,000 if ≥$25.0M gross proceeds; $250,000 if ≥$30.0M gross proceeds from equity/debt financing by June 23, 2026 . |
| Relocation | Reimbursement up to $75,000 to DC‑metro area . |
| Clawback | Subject to Company clawback policies . |
Performance Compensation
Table A. Executive LTI plan design (2025 awards to executives)
| Metric | Weighting | Target/Trigger | Payout mechanics | Vesting |
|---|---|---|---|---|
| Performance-based RSUs | 50% | Escalating stock price thresholds (four tranches) | Vests pro‑rata upon achievement of each price hurdle | Four equal installments upon price achievement . |
| Time-based RSUs | 50% | Time-based | N/A | Vests in equal one‑third increments on each anniversary of grant date . |
Table B. Company STI (2024) outcomes for NEOs (context for KPI design)
| Metric | Weighting | Target | Achievement | Percent achievement | Bonus payout contribution |
|---|---|---|---|---|---|
| Revenue | 20% | $165M+ (ex. Blink Mobility) | $120.1M | 0% | 0% . |
| Gross Margin | 20% | 37% by Q4 2024 | 35% | 50% | 10% . |
| Adjusted EBITDA | 25% | Positive run-rate by Dec 2024 (ex. Blink Mobility) | Not achieved; progress on cost savings | 20% | 5% . |
| Technology | 15% | Deploy Blink Global Network; new products; prototypes | Blink 2.0 network deployed NA/EU | 100% | 15% . |
| Customer Satisfaction | 10% | Industry average | PlugShare score not met | 0% | 0% . |
| Blink Mobility spin-off | 10% | Spin off by Q3 2024 | S‑1 filed | 100% | 10% . |
| Total payout | — | — | — | — | 40% (equity portion reduced to 20% after reassessment) . |
Notes: Beginning with 2025 grants, BLNK shifted to multi‑year (three‑year) performance measurement for performance‑based equity per investor feedback, moving away from one‑year periods .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Form 3 (initial statement) | Filed June 25, 2025, reporting no beneficial ownership as of 6/23/2025 . |
| Open‑market activity | Form 4 filed Sept 5, 2025 shows open‑market purchases at $1.02–$1.0287 per share (quantity disclosed in filing); indicates personal capital at risk . |
| Hedging/pledging | Company policy prohibits hedging and pledging by directors/officers . |
| Ownership guidelines | Company encourages ownership but has no formal executive ownership guidelines . |
Potential selling pressure/overhang:
- Sign‑on restricted stock vests in two tranches at six and 12 months from start, creating small, date‑certain liquidity windows .
Employment Terms
| Term | Details |
|---|---|
| Effective date and term | Effective June 23, 2025; term through June 23, 2027, auto‑renewing for successive one‑year periods absent timely notice . |
| Severance | Employment Agreement provides severance including a lump sum equal to full annual Base Salary and Target Bonus in certain termination scenarios (see EX‑10.1) . |
| Change‑of‑control | See Employment Agreement EX‑10.1 for specific terms (not summarized in the 8‑K) . |
| Clawback/Policies | Subject to Company clawback; derivative trading prohibited . |
Performance & Track Record (during current tenure)
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Total Revenues ($M) | $28.667 | $27.030 . |
| Adjusted EBITDA ($M) | $(24.448) | $(8.9) . |
Additional operating highlights:
- Q3 2025: Service revenues +35.5% y/y to $11.9M; sequential gross margin improved to 35.8%; operating cash burn reduced significantly; cash/marketable securities $23.1M at 9/30/25; no cash debt .
- Q2 2025: 38% sequential revenue growth; 73% sequential increase in product sales; management identified $8M in annualized operating expense reductions .
Compensation Committee, Peer Group, and Shareholder Feedback
- Compensation consultant: Korn Ferry; target compensation set roughly between 25th–75th percentile of peer/survey data .
- Peer group used in benchmarking includes Allego N.V., Beam Global, ChargePoint Holdings, EVgo, Nuvve, Tritium DCFC, Wallbox .
- 2024 Say‑on‑Pay support was ~63%; in response, the Committee increased transparency and shifted performance‑equity to a three‑year measurement period starting 2025 .
Investment Implications
- Alignment: Initial Form 3 showed zero holdings, but the September 2025 open‑market purchase at ~$1.02 signals personal alignment and potential insider confidence at low price levels . Prohibitions on hedging/pledging and clawback provisions further reinforce alignment with shareholders .
- Incentives and trading signals: The sign‑on equity vests at 6 and 12 months from start—small, known supply points for stock; the executive LTI structure (50% price‑based tranches) creates strong incentives to deliver sustained share‑price appreciation, but can also increase sensitivity to near‑term equity market conditions .
- Retention and change risk: A two‑year initial term with auto‑renewal, plus multi‑tranche RSU vesting, support retention; severance includes a lump sum cash payment (base + target bonus) that mitigates talent risk but could present cash costs under adverse scenarios .
- Pay for performance: Near‑term KPI‑based STI and newly redesigned multi‑year performance equity should tie pay outcomes to operational execution and stock outcomes. Early operating signals under the new leadership team show sequential gross margin and expense improvements, but absolute profitability remains a key hurdle; monitoring cash, margins, and adjusted EBITDA trajectory into 2026 is critical .