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BOWIE, Md. - Blink Charging Co. (NASDAQ: BLNK), a prominent provider of electric vehicle (EV) charging solutions, has announced the appointment of Michael Bercovich as its new Chief Financial Officer. Bercovich is set to take over the role on June 23, following the departure of the company’s former CFO, Michael Rama, who is leaving to pursue other opportunities. According to InvestingPro data, Bercovich joins at a crucial time as the company faces significant cash burn despite maintaining a healthy balance sheet with more cash than debt.
With a career spanning over 20 years, Bercovich brings a wealth of experience to Blink Charging, having raised over $250 million in capital and managed financial operations in more than 40 countries. His background includes leadership roles at Helios Global Payments Solutions, MyOutDesk, Cialfo, and Elements Global Services. He has also held positions at KPMG, Xerox, and CGI Group. His expertise will be vital as the company works to improve its financial metrics, with current data showing a -30% revenue decline and negative EBITDA of -$55.6 million in the last twelve months.
Mike Battaglia, President and CEO of Blink Charging, expressed confidence in Bercovich’s ability to contribute to the company’s growth and profitability, highlighting his operational focus and track record in driving business outcomes.
To ensure a smooth transition, Robert Strauss from FTI Consulting has been serving as Interim CFO. Strauss has been collaborating with Rama to facilitate knowledge transfer and maintain operational continuity.
Bercovich expressed enthusiasm about joining Blink Charging, emphasizing the opportunity to build on the company’s success and introduce new EV charging and energy management solutions.
Blink Charging is known for its Blink Networks, which include cloud-based software for operating and maintaining EV charging stations and tracking charging data. The company has formed strategic partnerships to expand EV charging infrastructure across various locations.
This move comes as part of Blink Charging’s ongoing efforts to strengthen its financial leadership and support its business objectives. The information for this article is based on a press release statement from Blink Charging Co.
In other recent news, Blink Charging Co. reported first-quarter 2025 earnings that fell short of market expectations, with revenue not meeting projections. This financial performance prompted Stifel to lower its price target for the company from $2.00 to $1.00 while maintaining a Hold rating. H.C. Wainwright also revised its price target for Blink Charging to $5.00 from $8.00, citing a significant year-over-year decline in product sales. Despite these challenges, Blink Charging’s service segment has shown resilience, with service margins improving and revenue increasing. The company has also announced a strategic restructuring plan, including a 20% workforce reduction, aimed at enhancing operational efficiency and achieving annual savings of over $11 million. Furthermore, Blink Charging extended the terms of its merger agreement with Envoy Technologies, allowing more time for a potential public listing. Analysts at H.C. Wainwright remain optimistic about Blink Charging’s strategic focus on expanding its DC Fast Charging portfolio and increasing service revenues. Blink Charging’s management is actively working on cost reduction strategies, which have already led to a decrease in operating expenses.
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