Blink Charging is cutting its workforce by 20%, with executives saying the move— the second of its kind in nine months—is “difficult but necessary.”
As of December 2024, the Maryland-based electric-vehicle charging company had 594 employees. Last September, it laid off 14% of its workers—roughly 100 people—due to “weakening demand growth.” Blink last year generated $126 million in revenue, just scooting past the low end of the $125 million to $145 million guidance leaders had set, which itself was a reduction from their original target of $165 million to $175 million.
The latest reduction has been spun as part of the company’s BlinkForward plan, which CEO Michael Battaglia introduced during Blink’s fourth-quarter earnings call in March.
“First and foremost, [BlinkForward] is focused on promoting our relentless pursuit of profitability with a sharp focus on reducing operating expenses,” he said on the March 13 conference call.
Battaglia went on to describe the five pillars of the plan: a customer-centric business model, targeted portfolio growth, prioritizing recurring revenue and service streams, capitalizing on industry consolidation, and preserving cash while streamlining operations.
BlinkForward was also brought up during Blink’s first quarter earnings call on May 12, where Battaglia reiterated that “the relentless pursuit” of profitability and profitable growth was the “core” of the plan. In Q1, the company reduced its cash burn by nearly 45% year over year while service revenue jumped 35%.
However, overall revenue took a massive hit, dropping 55% to $20.8 million compared to $37.6 million in the same period last year. The plunge is largely attributed to product revenue, which fell 70% from $27.5 million in Q1 2024 to $8.4 million in Q1 2025.
Going forward, Blink expects to save more than $11 million on an annual basis with the layoffs, although the company will incur up to $1.5 million in costs, including severance benefits. The job cuts are expected to take place by the end of September.
The price of Blink shares (Ticker: BLNK) has steadily declined over the past six months, losing over half of its value from a December high of $1.78 per share, down to 73 cents per share as of writing. At that level, Blink’s market capitalization is about $73 million.
