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1. The Shell or ExxonMobil for electric vehicles.

2. The Verizon or AT&T for EV charging networks.

3. The Starbucks for electric vehicle charging.

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• EV Charging Equipment: A range of Level 2 (AC) and DC Fast Charging (DCFC) stations designed for various applications, including commercial, residential, and fleet use.
• EV Charging Network & Software Services: A cloud-based platform that enables station management, payment processing, usage monitoring, and provides a mobile application for EV drivers to locate and activate chargers.
• Charging Station Operations & Maintenance: Comprehensive services covering the installation, ongoing maintenance, and technical support for their charging equipment to ensure reliability and maximize uptime.
• Flexible Ownership and Hosting Models: Offers diverse business models for site hosts, including direct purchase, revenue-sharing agreements, and hybrid arrangements for the deployment and operation of EV charging infrastructure.

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Blink Charging (BLNK) primarily sells its electric vehicle (EV) charging equipment and network services to other businesses and organizations (B2B) rather than directly to individual consumers for public charging. While individuals are the end-users of many of their chargers, Blink's major customers are the entities that host and manage the EV charging infrastructure.

Its customer base is diverse, spanning various sectors. Some notable customer companies and categories include:

• Bridgestone Retail Operations: An automotive service provider that has partnered with Blink to deploy charging stations at its Minit-Lube and Firestone Complete Auto Care locations across the U.S.
  • Parent Company: Bridgestone Corporation
  • Symbol: BRDCY (OTCQX, for American Depository Receipts) or 5108.T (Tokyo Stock Exchange)
• Uni-Select Inc.: A Canadian leader in the automotive aftermarket and industrial paint and related products market, which deploys Blink chargers at its locations.
  • Name: Uni-Select Inc.
  • Symbol: UNS.TO (Toronto Stock Exchange)
• Topgolf: A global sports and entertainment company, which has deployed Blink chargers at various venues to serve its customers.
  • Parent Company: Callaway Golf Company (owns Topgolf)
  • Symbol: MODG (NYSE)
• Various Commercial and Hospitality Entities: This broad category includes businesses such as hotels, retail centers, restaurants, entertainment venues (e.g., casinos, theme parks), and workplaces that install chargers for their customers, guests, and employees.
• Multi-Family Residential Properties: Apartment complexes, condominiums, and housing developments that provide EV charging as an amenity for their residents.
• Fleet Operators: Companies, government agencies, and organizations that operate electric vehicle fleets and require dedicated charging solutions for their vehicles.
• Municipalities, Universities, and Healthcare Facilities: Public and private institutions that deploy chargers for public access, employees, students, faculty, or patients.
• Parking Operators: Companies that manage parking lots and garages and integrate EV charging as a service for their patrons.

While individuals can also purchase Blink's home charging solutions directly, the primary focus for its network and infrastructure deployment is on these business and organizational customers.

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Michael C. Battaglia, President and Chief Executive Officer

Mike Battaglia was appointed President and CEO of Blink Charging effective February 1, 2025, after serving as COO, Chief Revenue Officer, and Vice President of Sales since joining the company in July 2020. During his tenure, Blink's revenue grew significantly from $3 million in 2019 to $140.6 million in 2023. He has 30 years of global experience in driving growth and operational excellence across various industries. Prior to Blink, he spent over 14 years at J.D. Power, where he contributed to $100 million in revenue. He also held senior roles at SmartDisk and Toyota Motor Sales, U.S.A.

Michael Bercovich, Chief Financial Officer

Michael Bercovich was appointed Chief Financial Officer of Blink Charging, effective June 23, 2025. He brings over two decades of experience in global finance and accounting, with a track record of leading financial operations across enterprise technology, SaaS, and B2B Services. Bercovich has successfully raised over $250 million in capital through venture capital, private equity, family offices, and financial institutions, and has managed financial operations in more than 40 countries. His previous CFO roles include Helios Global Payments Solutions, MyOutDesk, Cialfo, and Elements Global Services. He began his career in a Big 4 audit and advisory practice, and also held positions at KPMG, Xerox, and CGI Group.

Ritsaart van Montfrans, Chairman

Ritsaart van Montfrans was elected Chairman of the Board of Directors in May 2023, having served on the Blink Board since December 2019. He is a serial venture entrepreneur and investor. He founded NewMotion in 2009, growing it into Europe's market leader for EV charging, which became the fastest-growing and most intensively used charging network worldwide. He is currently the Chief Executive Officer at Incision, a rapidly growing medical platform, and previously co-founded ScaleUpNation, a growth accelerator.

Aviv Hillo, Esq., General Counsel and Executive Vice President of Mergers & Acquisitions

Aviv Hillo is the General Counsel and Executive Vice President of Mergers & Acquisitions at Blink Charging. He is an international business lawyer with 28 years of experience in cross-border transactions and litigations in both Israel and New York. Hillo is also an experienced executive and investor across diverse industries, including defense technology, real estate, biotechnology, mobile apps, and internet marketplace platforms.

Harjinder Bhade, Chief Technology Officer

Harjinder Bhade is the Chief Technology Officer at Blink Charging, a role he assumed in April 2021. He is recognized as a leader in the EV charging industry and has a strong background in entrepreneurial success. Before joining Blink, he was the CTO and Senior Vice President of Engineering at Engie Storage, a battery-based energy storage solutions provider. Notably, he was also a founder and Vice President of Software Engineering at ChargePoint, an EV charging infrastructure company, and served on ChargePoint's advisory board.

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The key risks for Blink Charging (BLNK) are primarily financial, stemming from its ongoing unprofitability and the demanding nature of the electric vehicle (EV) charging market.

1. Persistent Net Losses and Unclear Path to Profitability: Blink Charging has consistently experienced substantial net losses and anticipates these losses to continue for the foreseeable future. The company reported net losses of approximately $87 million for the quarter ended September 30, 2024, and had an accumulated deficit of about $662 million as of that date. Achieving profitability is contingent on revenue growing faster than anticipated and operating expenses being lower than expected, which remains a significant challenge.
2. Liquidity Concerns and Potential Need for Future Capital Raises: The company's financial health shows significant strain, with a notable cash burn from operations. As of Q3 2025, while liquidity ratios may appear decent on paper, the underlying cash outflow is a critical concern. Blink Charging burned through $47.14 million of cash over the last year, and with $23.2 million of cash on its balance sheet, it has approximately six months of runway left. This indicates a high probability of needing to raise additional capital, potentially through issuing new shares, which could lead to shareholder dilution and place further pressure on the common stock.
3. Slower EV Adoption Rates and Intense Competition: Blink Charging operates in a capital-intensive and hyper-competitive sector. The pace of overall EV adoption is an external risk; if it slows, charger utilization rates—a key driver for recurring service revenue—will suffer, extending the path to profitability. The company faces strong competition from other established players in the EV charging sector, impacting its market position and growth outlook. Furthermore, the potential rollback of EV incentives and emissions rules could lead to further declines in EV sales, adding pressure to Blink's business model.

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A clear emerging threat to Blink Charging is the coordinated strategy by multiple major Electric Vehicle (EV) manufacturers to establish their own extensive high-power charging networks, largely adopting the North American Charging Standard (NACS).

For instance, seven major automakers (BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis) announced a joint venture to build a new network of at least 30,000 high-power charging stations across North America. This initiative aims to provide a seamless charging experience directly integrated with their respective vehicle brands, potentially creating a dominant charging ecosystem analogous to how Tesla built its Supercharger network.

This collective move by highly capitalized auto manufacturers directly threatens independent charging network operators like Blink by:

• Increasing competition for prime charging locations and site host partnerships.
• Potentially diverting EV drivers to automaker-controlled networks that offer better integration, preferential pricing, or a more consistent brand experience.
• Reducing the addressable market for Blink's hardware sales and network services to third-party hosts who might instead opt for solutions offered by the automaker consortium.

The rapid adoption of NACS by nearly all major automakers further amplifies this threat, as it enables a unified standard for these emerging OEM-backed networks, potentially making it easier for them to scale and achieve widespread ubiquity, thereby marginalizing other proprietary or smaller independent networks.

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The addressable markets for Blink Charging's main products and services, which primarily include electric vehicle (EV) charging equipment and associated services (such as their charging network, Level 2 AC chargers, and DC fast chargers), are substantial at both global and U.S. levels.

Global Market

The global electric vehicle charging infrastructure market size was estimated at USD 32.26 billion in 2024. This market is projected to reach USD 125.39 billion by 2030, growing at a compound annual growth rate (CAGR) of 25.5% from 2025 to 2030.

U.S. Market

The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024. It is projected to grow at a CAGR of 30.3% from 2025 to 2030, reaching an estimated USD 24.07 billion by 2030.

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Expected Drivers of Future Revenue Growth for Blink Charging (BLNK)

Over the next 2-3 years, Blink Charging (BLNK) anticipates several key drivers to fuel its revenue growth:

1. Accelerated Growth in Service Revenues and Network Expansion: Blink Charging expects significant growth from its service revenues, which include charging services, network fees, and car-sharing services. This growth is primarily driven by increased utilization of its chargers and the expansion of its owned and operated DC fast charging network, focusing on high-utilization locations.
2. Strategic Shift to Contract Manufacturing (BlinkForward Initiative): As part of its "BlinkForward" strategy, the company is transitioning to a contract manufacturing model for its EV charging hardware, with full implementation expected by early 2026. This operational shift aims to enhance scalability, efficiency, and profitability by reducing overhead costs and accelerating product deployment, thereby freeing up resources to focus on innovation and service delivery.
3. Introduction of New and Value-Oriented Products: Blink Charging is focused on expanding its product portfolio with new offerings designed to meet evolving market demands. This includes the launch of new products like the Shasta charger, specifically tailored for fleet and multifamily segments, and the development of a new value-focused charger to address market gaps and capture missed segments. These new products are expected to drive improved product sales in the latter half of 2025.
4. Global and Geographic Market Expansion: The company is actively pursuing the expansion of its charging network into new geographic markets, including continued growth in Europe and specific initiatives in the UK. This global footprint expansion, coupled with strategic collaborations, is anticipated to contribute to overall revenue growth.

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Capital Allocation Decisions for Blink Charging (BLNK)

Share Issuance

• In Q1 2025, Blink Charging's financing activities resulted in a net cash inflow of $883,000, primarily from the issuance of common stock.
• During the first six months of 2025, the company generated $909,000 in gross proceeds from selling 681,330 shares of common stock through an "at-the-market" equity offering program.
• Blink Charging announced in August 2025 an agreement to issue $10 million in common stock and grant $11 million in performance-based warrants to former shareholders of Envoy Technologies, settling remaining payment obligations related to the Envoy acquisition.

Inbound Investments

• In June 2025, Blink Charging entered into a non-binding term sheet with the private equity firm Axxeltrova to pursue a £100 million Special Purpose Vehicle (SPV) aimed at supporting the growth of EV charging infrastructure across the UK.

Outbound Investments

• Blink Charging acquired 100% of the equity of Zemetric, Inc., a charging infrastructure company specializing in fleet solutions, in July 2025. The total consideration for Zemetric was approximately $3,552,000, including $1,151,000 in stock and $2,194,000 in earn-out liabilities.

Capital Expenditures

• Capital expenditures consumed $2.4 million in Q1 2025 as part of investing activities.
• The company is strategically shifting its production model to contract manufacturing for EV charging hardware, with a full transition expected by early 2026, aiming to reduce overhead costs and enhance efficiency.
• Blink Charging continues to focus on expanding its DC fast charging network.