Rankings Grid & electrical equipment Blink Charging
Blink Charging
48
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Quality of growth−6
- Capital allocation−6
Strengths
- Net cash+2
- Cost discipline+2
How the score is built
From 100 to 48, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.43 USD
- Median analyst target
- 1.50 USD
- Upside to median
- +251.9%
- Analysts
- 5
- Target range
- 1.00 – 2.50 USD
- 52-week change
- −75%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −12MarginTTM: revenue USD 96.6m, operating profit −44.0m (operating margin −46%), net loss −50.7m. Q2 2026: net loss −6.0m and adjusted EBITDA −2.2m; gross margin rose to 38.9%, but the company has never made money (accumulated deficit 840m).
- −6Quality of growthRevenue has fallen three years in a row: 140.6m (2023) → 124.0 → 103.5 → 96.6m TTM. In Q2 product sales fell 49% to 7.4m due to weak demand for Level 2 and DC chargers; only service income from own chargers grew (+6% to 11.5m).
- −5MoatCharging hardware has become a commodity with pressure from ChargePoint, EVgo, Tesla (NACS network), utilities and cheap Asian chargers. Blink has outsourced production to a contract manufacturer (January 2026) and has no technological advantage; the network is small relative to competitors.
- −6Capital allocationAcquisitions (SemaConnect, EB Charging, Envoy) ended in write-downs and a divestment of Envoy for effectively USD 1m cash. The price has fallen from USD 26.51 (2021) to 0.56, and the share count has risen 27% in a year after an issue in December 2025 (26.7m shares at USD 0.75).
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyEV/Sales 0.54 vs 0.71-44.6 in 2021-2025 and P/S 0.84 vs 0.91-53; lowest level ever, but it reflects falling revenue and continued losses. P/B 1.69 is in the middle of the 0.79-5.23 span.
- −2PeersEV/Sales 0.54 vs ChargePoint 0.93 and EVgo 1.81. Cheaper than peers, but with falling revenue while EVgo is growing; the discount is partly deserved.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−18 of −35
- −5Nasdaq listingPrice below USD 1 since 2025. On 28/7-2026 Nasdaq granted a second 180-day period to 25/1-2027; the company has notified in writing that it will carry out a reverse split if necessary, which must be completed no later than 10 trading days before the deadline. Otherwise delisting (OTC cannot be traded on Nordnet).
- −3Guidance cutRevenue guidance for 2026 was cut in August from USD 105–115m to 83–90m (−22% at the midpoint). The target is now only adjusted EBITDA around zero by the end of 2026.
- −4EV market and politics10-Q mentions continued weak demand in the EV charger market. US federal EV tax credits have expired, and there is uncertainty about public charging programs, so demand from businesses and municipalities is under pressure.
- −3Dilution and ATMThe ATM programme has been reactivated after the 10-K for 2025; the share count rose 27% in a year. With a price of 0.56 and a reverse split on the way, new issues are likely if the EBITDA target is missed. In addition 2.4m warrants in the money and 2.75m out of the money.
- −2Earnings qualityLate annual report (NT 10-K March 2026), subsequent 10-K/A and an unremediated material weakness in internal control: the controls were not effective as of 30/6/2026.
- −1
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashCash of USD 34.0m vs total debt of 4.5m incl. leasing, so net cash is 29.5m = approx. 36% of market cap. No debt falls due within 12–18 months.
- +2Cost disciplineBlinkForward: headcount cut from 513 to 290 and operating costs by 57% to 14.7m in Q2; adjusted EBITDA loss improved 72%. Cash burn in H1 2026 only 5.6m vs 28.5m in H1 2025.
Caveats
What the score does not capture, or where the data is weak.
Price USD 0.561 (2/10-2026). 144.9m shares (4/8-2026) give a market cap of about USD 81m (about DKK 535m), in line with Nordnet's DKK 533m. Cash 34.0m at 30/6 and almost no interest-bearing debt (0.3m in a promissory note, the rest leases), so EV is about USD 52m. H1 operating cash flow (-3.4m) is flattered by working capital (+6.7m); underlying spending is about 4-5m per quarter. No going concern warning: management writes that cash lasts at least 12 months. ATM program has been reactivated after the 10-K (remaining capacity not disclosed). Analyst price targets (5 analysts, avg. USD 1.63, +191%) are in our view stale after the guidance cut in August and should be taken with a grain of salt. Insider ownership 1.5%; named major shareholders not examined. Envoy (car sharing) was sold 5/6-2026 for 1m in cash plus a promissory note of 12.5m, which is carried at 0. Industry: charging infrastructure = 'Grid & electrical equipment'.
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