Blink Charging Co. (BLNK) shares took a hit on Wednesday after the company announced that its President & CEO, Brendan Jones, will retire on January 31, 2025. Jones has been with Blink for five years and will remain involved with the company as a board member and executive advisor until July 2025.
In a planned transition, Michael (Mike) Battaglia, currently the Chief Operating Officer (COO), will be promoted to President & CEO effective February 1, 2025.
“When I joined Blink in early 2020, my plan was to lead the Company for five years,” said Jones in a statement. “As that time approaches, I will officially step down as President and CEO as part of my planned retirement. However, I will continue to support Blink as an active Board member and advisor through July 2025.”
The announcement follows a challenging period for Blink, which earlier this month reported second-quarter revenue of $33.26 million, falling short of analyst estimates of $39.06 million. The company also reported an adjusted loss of 18 cents per share, missing analyst estimates for a loss of 15 cents per share.
Blink further lowered its full-year 2024 revenue guidance from a range of $165 million to $175 million to a new range of $145 million to $155 million. The company also adjusted its timeline to achieve Adjusted EBITDA, now targeting it during 2025 instead of the previously stated goal of reaching a positive adjusted EBITDA run rate by December 2024.
The news of Jones’ retirement and the company’s revised financial outlook weighed heavily on BLNK shares, which were down 6.5% to $1.87 at last check Wednesday.
