Blink Charging to install EV stations in Mexico for Porsche

MEXICO CITY - Blink Charging Co. (NASDAQ: BLNK), a prominent provider of electric vehicle (EV) charging solutions with a market capitalization of $106 million, has announced a partnership to deploy 50 charging stations across Mexico. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, despite recent market challenges that have seen its stock decline over 60% in the past year. These installations are part of the Porsche Destination Charging Program, targeting premium hotels, retail, and restaurant venues.

The collaboration is set to enhance the EV charging infrastructure in Mexico, offering Porsche EV drivers complimentary charging sessions, a free Blink RFID card, and a 35% discount at other Blink Charging locations. Participating establishments will benefit from a share of the charging revenue.

Blink’s IQ200 chargers, capable of delivering up to 19.2 kW of power, will be managed under the ’Blink Owned’ business model, covering installation, operation, and maintenance. While the company generated revenue of $126 million in the last twelve months, InvestingPro analysis indicates the company is currently trading below its Fair Value. The initiative aligns with sustainability efforts and aims to improve EV accessibility, particularly for travelers in Latin America.

Camilo San Martín, Director of Porsche de Mexico, expressed enthusiasm for the partnership, noting that it strengthens the public charging network and enriches the charging experience for users. Mike Battaglia, President and CEO of Blink Charging, echoed this sentiment, highlighting the strategic significance of hospitality destinations in advancing EV technology adoption.

The new charging stations are expected to be operational as of March 2025, contributing to the growing network of EV charging options and supporting the transition to electromobility in the region. This information is based on a press release statement. For investors seeking deeper insights into Blink Charging’s financial health and growth prospects, InvestingPro offers comprehensive analysis with 12 additional ProTips and detailed metrics in its Pro Research Report, available exclusively to subscribers.

In other recent news, Blink Charging Co. reported its fourth-quarter 2024 earnings, revealing a slight earnings per share (EPS) beat with a reported EPS of -$0.15, slightly better than the forecasted -$0.16. However, the company missed revenue expectations, posting $30.18 million against an anticipated $31.76 million. Despite this, Blink Charging experienced a 20% sequential increase in quarterly revenue. The company also announced an amendment to a merger agreement through its subsidiary, Envoy Technologies Inc., extending the deadline for an underwritten IPO to June 2, 2025, and increasing the value of shares to be issued to $23 million.

Analysts from Stifel maintained a Hold rating with a $3.50 price target, noting Blink Charging’s revenue increase aligned with consensus estimates but expressing caution due to limited near-term growth opportunities. Meanwhile, Benchmark adjusted its price target for Blink Charging to $2.00 from $5.00, maintaining a Buy rating despite the company’s revenues exceeding expectations. H.C. Wainwright reaffirmed its Buy rating and $8.00 price target, acknowledging a year-over-year decline in quarterly revenue but expressing confidence in the stock’s potential.

The company continues to focus on cost reduction and revenue growth, with plans to expand its DC fast charging network and introduce new technologies. Blink Charging’s management has expressed confidence in achieving breakeven EBITDA as 2025 progresses, with service revenues expected to continue rising throughout the year.

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