Blink Charging Co. (BLNK) reported disappointing third-quarter financial results, missing revenue estimates and revising its fiscal 2024 outlook downward. The company’s stock tumbled over 8% in premarket trading on Friday. While service revenue showed growth, product revenue declined significantly, and the company expects to reach profitability later than initially anticipated.
Blink Charging Co. (BLNK) stock is on the rise after the company announced it has sold, deployed, or contracted over 100,000 electric vehicle (EV) chargers worldwide. This milestone is attributed to Blink’s turnkey model, which simplifies project management, and its focus on charger uptime through maintenance programs. Despite recent cost-cutting measures including layoffs, Blink remains optimistic about its future growth in the EV market.
Blink Charging Co. (BLNK) announced that its CEO, Brendan Jones, will retire in January 2025 after five years with the company. COO Michael Battaglia will succeed Jones as CEO, while Jones will remain on the board and as an advisor until July 2025. The announcement comes as Blink reported weaker-than-expected second-quarter results, including a revenue miss and a lowered full-year guidance.
