Why Is Blink Charging Stock Falling Today?

Blink Charging Co. BLNK shares are trading lower on Wednesday.

Today, the company announced that its President & CEO, Brendan Jones, will retire on January 31, 2025, concluding five years of dedicated service. 

Effective February 1, 2025, Michael (Mike) Battaglia will be promoted from Chief Operating Officer (COO) to President & CEO of the company.

Following his retirement, Jones will remain involved with the company as a board member and executive advisor through July 2025.

“When I joined Blink in early 2020, my plan was to lead the Company for five years,” said Jones. “As that time approaches, I will officially step down as President and CEO as part of my planned retirement. However, I will continue to support Blink as an active Board member and advisor through July 2025.”

Earlier this month, Blink reported second-quarter revenue of $33.26 million, missing analyst estimates of $39.06 million. The company reported an adjusted loss of 18 cents per share, missing analyst estimates for a loss of 15 cents per share, according to Benzinga Pro.

Blink lowered its full-year 2024 revenue guidance from a range of $165 million to $175 million to a new range of $145 million to $155 million. The company also updated its timeline to achieve Adjusted EBITDA during 2025. Blink previously said it was targeting a positive adjusted EBITDA run rate by December 2024. 

Price Action: BLNK shares are trading lower by 6.5% to $1.87 at last check Wednesday.

Photo: courtesy of Blink

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