BLNK

Blink is the wrong kind of EV-infrastructure story: revenue is going backwards, not compounding. FY2025 revenue fell 16.5% to $104M — down from a $141M peak in FY2023 — even as management's own MD&A frames the company as operating in 'rapidly growing' EV markets. For a business still burning to reach scale, a two-year revenue decline undercuts the entire growth thesis, and the 10-K is blunt that 'revenue growth ultimately depends on consumers' willingness to adopt EVs in a market that is still in its early stages.' Gross margin is only 24.6% and operating margin is -81.2%, so the model is nowhere near covering its cost base on the current revenue trajectory.

The one genuine bright spot is that losses are narrowing — net loss improved 58.6% to -$83.4M from -$201.3M, and diluted EPS rose 62% to -$0.76. But that improvement comes alongside a deteriorating balance sheet and an existential funding problem. Operating cash flow was -$30.9M and capex another $9.71M, against just $39.6M of cash — roughly one year of runway before another raise. The filing all but tells you how the gap gets filled: 'we may need to borrow additional funds or sell our equity or debt securities,' financing that 'would be dilutive to our stockholders.' Shares outstanding already jumped 39.4% in a year, and the company ran an at-the-market equity program in both 2025 and 2024. With an accumulated deficit of -$822M and equity down 44% to $64.5M, dilution is not a tail risk — it is the operating plan.