Global EV Adoption And Smart Cities Will Expand Infrastructure

Key Takeaways

• Accelerated EV adoption, government mandates, and smart city integration could enable Blink to capture outsized growth, recurring revenue, and margin expansion ahead of forecasts.
  
• Strategic acquisitions, executive hires, and innovative financing position Blink to scale rapidly, unlock synergies, and achieve profitability faster than competitors.
  
• Persistent unprofitability, reliance on equity-based deals, and competitive industry dynamics threaten Blink's margins, revenue growth, and long-term shareholder value.

Catalysts

Through its subsidiaries, owns, operates, manufactures, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States and internationally.

• Analyst consensus factors in revenue growth from the owner-operator DC fast charger network, but this still underestimates the magnitude of growth possible as accelerated EV adoption and aggressive government infrastructure mandates worldwide could create exponential demand, enabling Blink to capture a disproportionate share and drive sustained revenue and margin expansion well beyond base-case forecasts.
  
• While the analyst consensus notes margin improvement from cost cuts and higher-margin services, a more bullish view is that recent executive talent additions and acquired tech will rapidly accelerate operational leverage, unlock synergies, and enable Blink to reach positive cash flow and profitability ahead of expectations, significantly boosting earnings power.
  
• Blink's Zemetric acquisition opens up entry into cost-sensitive high-volume fleet, multifamily, and commercial segments, areas that are projected to be among the fastest-growing within EV infrastructure and largely overlooked by competitors, creating a new engine for recurring revenue and margin improvement.
  
• By leveraging interoperable, AI-driven software platforms and embracing open standards, Blink is positioned to become a pivotal backbone for smart city grid integration and distributed energy management, enabling premium service pricing and lucrative public-private contracts as city electrification ramps, fundamentally enlarging Blink's addressable market and revenue opportunities.
  
• The company's innovative use of off-balance-sheet vehicles, such as the GBP 100 million SPV with Axxeltrova in the UK, signals an ability to scale rapidly with minimal dilution or debt, positioning Blink to deploy infrastructure at a much faster clip than capital-constrained peers and accelerating top-line growth and long-term market share gains.

Blink Charging Future Earnings and Revenue Growth

Assumptions

• This narrative explores a more optimistic perspective on Blink Charging compared to the consensus, based on a Fair Value that aligns with the bullish cohort of analysts.
• The bullish analysts are assuming Blink Charging's revenue will grow by 41.4% annually over the next 3 years.
• Even the bullish analysts are not forecasting that Blink Charging will become profitable in next 3 years. To represent the Analyst Price Target as a Future PE Valuation we will estimate Blink Charging's profit margin will increase from -203.8% to the average US Electrical industry of 10.3% in 3 years.
• If Blink Charging's profit margin were to converge on the industry average, you could expect earnings to reach $30.4 million (and earnings per share of $0.28) by about August 2028, up from $-213.6 million today. The analysts are largely in agreement about this estimate.
• In order for the above numbers to justify the price target of the more bullish analyst cohort, the company would need to trade at a PE ratio of 22.9x on those 2028 earnings, up from -0.4x today. This future PE is lower than the current PE for the US Electrical industry at 31.1x.
• Analysts expect the number of shares outstanding to grow by 1.9% per year for the next 3 years.
• To value all of this in today's terms, we will use a discount rate of 8.87%, as per the Simply Wall St company report.

Blink Charging Future Earnings Per Share Growth

Risks

• Service revenue growth remains concentrated in certain product niches like DC fast chargers, which management acknowledges have lower gross margin profiles, and with industry trends toward hardware commoditization and increased "free" charging networks, this may put pressure on Blink's long-term revenue potential and gross margins.
  
• Despite cost-cutting efforts, Blink continues to report net losses and significant cash burn, with operating expenses of $34.3 million against revenues of $28.7 million in Q2 2025 and adjusted EBITDA losses widening year-over-year; persistent unprofitability could erode investor confidence and limit the company's ability to invest in future growth, impacting net margins and earnings.
  
• The company acquired Zemetric primarily using stock rather than cash, and recently settled an obligation tied to its Envoy subsidiary with another large stock and warrant issuance; this reliance on equity-based transactions increases the share count, raising the risk of long-term shareholder dilution and limiting per-share earnings growth.
  
• CEO commentary highlights aggressive industry consolidation and rapidly evolving market dynamics for EV charging, with well-capitalized competitors and the risk of regulatory or technical standards (such as NACS-wide adoption) potentially forcing costly upgrades or driving down market share, which could hurt future revenues and further compress margins.
  
• The company's dependence on third-party site hosts to deploy charging equipment heightens the risk of lesser negotiating power or unfavorable deployment agreements, creating potential volatility or inconsistency in revenue streams and posing a risk to long-term revenue visibility and gross margin stability.

Valuation

• The assumed bullish price target for Blink Charging is $5.0, which is the highest price target estimate amongst analysts. This valuation is based on what can be assumed as the expectations of Blink Charging's future earnings growth, profit margins and other risk factors from analysts on the bullish end of the spectrum.
  
• However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $5.0, and the most bearish reporting a price target of just $1.0.
  
• In order for you to agree with the bullish analysts, you'd need to believe that by 2028, revenues will be $296.0 million, earnings will come to $30.4 million, and it would be trading on a PE ratio of 22.9x, assuming you use a discount rate of 8.9%.
  
• Given the current share price of $0.93, the bullish analyst price target of $5.0 is 81.4% higher.
  
• We always encourage you to reach your own conclusions though. So sense check these analyst numbers against your own assumptions and expectations based on your understanding of the business and what you believe is probable.