Blink Charging to install electric car charging stations for Porsche in Mexico

Mexico City – Blink Charging Co. (NASDAQ: BLNK), a leading provider of electric vehicle charging solutions with a market cap of $106 million, has announced that it will deploy 50 charging stations in Mexico. Despite a more than 60% decline in its stock over the past year, the company’s balance sheet remains strong, with cash reserves exceeding debt, according to InvestingPro data. The installation of these charging stations is part of Porsche’s Destination Charging program, which is targeted at high-end hotels, retail and dining venues.

The partnership will enhance Mexico’s electric vehicle charging infrastructure, providing Porsche electric vehicle owners with free charging services, free Blink RFID cards, and a 35% discount at other Blink charging stations. Participating venues will receive a share of the charging revenue.

Blink’s IQ200 chargers, which provide up to 19.2 kilowatts of power, will be managed under a “Blink-owned” business model, including installation, operation and maintenance. While the company generated $126 million in revenue over the past twelve months, it is currently trading below its fair value, according to InvestingPro analysis. The program is in line with sustainability efforts to increase accessibility to electric vehicles, particularly for travelers in Latin America.

Camilo San Martín, Director of Porsche Mexico, expressed enthusiasm for the partnership, noting that it will strengthen the public charging network and enhance the charging experience for users. Mike Battaglia, President and CEO of Blink Charging, echoed similar sentiments, emphasizing the strategic importance of hospitality destinations in advancing the adoption of electric vehicle technology.

The new charging station is expected to be operational by March 2025, contributing to the region’s growing electric vehicle charging network and supporting the transition to electric mobility. This information is based on a press release statement. For investors who want to gain a deeper understanding of Blink Charging’s financial health and growth prospects, InvestingPro offers a comprehensive analysis of 12 additional ProTips and detailed metrics, which are only available to subscribers.

In other recent news, Blink Charging Co. reported fourth quarter 2024 earnings per share (EPS) of -$0.15, slightly better than the expected -$0.16. However, the company’s revenue missed expectations, reporting $30.18 million, below the expected $31.76 million. Despite this, Blink Charging’s quarterly revenue increased 20% quarter-over-quarter. The company also announced that it has amended its merger agreement through its subsidiary Envoy Technologies Inc., extending the IPO closing date to June 2, 2025 and increasing the value of the shares issued to $23 million.

Stifel analysts maintained a “hold” rating with a $3.50 price target, noting that Blink Charging’s revenue growth is in line with market expectations, but are cautious due to limited near-term growth opportunities. Meanwhile, Benchmark adjusted Blink Charging’s price target from $5.00 to $2.00, maintaining a “buy” rating despite the company’s revenue exceeding expectations. H.C. Wainwright reiterated a “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 expressed confidence in achieving EBITDA breakeven in 2025, with service revenue expected to continue to grow throughout the year.