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LONDON - Blink Charging Co. (NASDAQ:BLNK), a $100 million market cap EV charging infrastructure company with a healthy balance sheet showing more cash than debt, has been identified as a recommended replacement provider for customers affected by Everon’s exit from the electric vehicle (EV) charging market, according to a company statement released Friday.
The announcement comes as EVBox winds down its AC and Everon business operations throughout Europe and North America. Blink is positioning itself to support EV charging station hosts and customers impacted by this transition. According to InvestingPro data, the company maintains a solid current ratio of 2.15, indicating strong ability to meet short-term obligations.
"With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations," said Alex Calnan, Blink Charging’s Managing Director of Europe. "We want to assure Everon customers that we are here to help them navigate this transition." While the company’s stock has faced volatility, showing a 34% decline over the past six months, InvestingPro analysis suggests the stock is currently undervalued based on its Fair Value assessment.
Blink stated it will offer Everon customers services including infrastructure evaluation, maintenance of existing systems, and upgrades for aging chargers. Customers who sign up through the Blink Charging app will gain access to the Blink Network portal, which provides real-time monitoring of charging infrastructure. With annual revenues of $109 million and a gross profit margin of 37%, the company shows potential despite current market challenges. Discover more insights about Blink Charging and 1,400+ other stocks through comprehensive Pro Research Reports available on InvestingPro.
The company indicated its charging equipment is ready for immediate shipment to replace existing Everon installations. According to the press release, Blink’s technology is designed to accommodate future developments such as vehicle-to-grid capabilities.
Blink Charging owns and operates EV charging networks and equipment across various locations including parking facilities, multifamily residences, workplaces, healthcare facilities, and transportation hubs.
In other recent news, Blink Charging Co. announced its first-quarter 2025 earnings, which fell short of both Stifel’s projections and the broader market consensus. The company’s revenue did not meet expectations, prompting Stifel analysts to lower their price target for Blink Charging from $2.00 to $1.00 while maintaining a Hold rating. Despite the revenue shortfall, Blink Charging is making efforts to reduce costs, including workforce reductions, and its service segment has been performing better than anticipated. In a strategic move, Blink Charging has also extended its merger agreement terms with Envoy Technologies, pushing the deadline for a direct listing or IPO to September 2, 2025, and increasing the value of Envoy’s common stock to $23.5 million. Additionally, Blink Charging has formed a £100 million Special Purpose Vehicle (SPV) with Axxeltrova to enhance electric vehicle charging infrastructure development in the UK. The SPV will finance and own Blink chargers, with Blink managing installation and operations. Furthermore, Blink Charging has appointed Alex Calnan as the new Managing Director of Europe and Michael Bercovich as the new Chief Financial Officer, as part of its ongoing efforts to strengthen its leadership and expand its presence in the EV charging market.
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