Blink Charging (BLNK) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Business overview and market position

• Vertically integrated EV infrastructure provider, designing and manufacturing charging equipment and offering SaaS networking services in the U.S. and Europe.

• Operates under both owner-operator and equipment sales models, with a growing presence in Europe and the U.S.

• Achieved over 100,000 chargers sold and deployed since inception, with 25% of revenue now from Europe and expectations for this share to rise.

• Currently the third largest by deployed ports in the U.S., with a significant milestone in fleet charging for the U.S. Post Office.

• Largest U.S. Post Office fleet charging contract, totaling 41,500 chargers over three years, now sole provider.

Financial performance and targets

• Q2 revenue reached $33.3 million, a modest year-over-year increase, with gross margin at 32% for the quarter and 34% for the year.

• Expenses reduced by 40% over two years, with further reductions planned and significant synergies from six acquisitions.

• Revised 2024 revenue target to $145–$155 million due to industry softness, maintaining gross margin targets and aiming for positive adjusted EBITDA in 2025.

• High service revenue margins (50–60%), with dynamic pricing and energy management solutions in development to optimize profitability.

Industry trends and growth outlook

• EV market growth slowed in 2024, with global EV sales up only 1% so far, but higher growth in California, Europe, and China.

• McKinsey projects 28 million EV chargers needed in the U.S. by 2030, requiring $260 billion in investment.

• Despite slower growth, Q4 bookings are rebounding, indicating renewed customer activity.

• Multifamily and fleet segments are the fastest-growing, with regulatory momentum and increased demand from government and commercial sectors.