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In some cases, charging an EV fully at a Blink station can cost more than the price to fill up a car with gas, negating one of the biggest benefits of owning an EV in the first place. Since Blink needs to monetize energy sales, the prices to charge are relatively high. This presents a major hurdle for EV drivers. The company offers a turnkey solution where it will cover the upfront installation of the charging hardware and manage all aspects of operation and administration, but then relies on a revenue-sharing model to recoup those investments over time.
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The site host determines the pricing levels and retains 100% of all fees, but many site hosts simply offer charging for free as a way to attract customers to their own businesses or as a benefit for employees, for instance.īlink's model is quite different. This cannot be stressed enough, but ChargePoint does not monetize the actual charging service or energy utilization at all. It's also worth noting that Blink CEO Michael Farkas has faced allegations of participating in a pump-and-dump scheme regarding Skyway Communications in the past (he has denied wrongdoing), according to Bloomberg. That deal was extremely dilutive to existing shareholders: There were only 35.95 million shares outstanding prior to the offering, translating into 15% dilution. Blink did a secondary offering just last month selling 5.4 million shares and raising $221.6 million in net proceeds. But ChargePoint estimates that the cash that it will raise from the SPAC merger will be sufficient to fund operations until it can become cash flow positive.
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In contrast, Blink reported just $2.8 million in revenue for 2019 and had generated $3.8 million in sales during the first three quarters of 2020.īlink CFO Michael Rama noted on the earnings call that the timing of some orders in the third quarter were being pushed into the fourth quarter, but Blink's revenue base is still tiny compared to ChargePoint's.īoth companies still lose money, which is unsurprising. Revenue should rebound as world economies recover from the crisis. ChargePoint generated $147 million in revenue in 2019 but expects its top line to dip to $135 million in 2020 due to impacts from the COVID-19 pandemic. It should come as no surprise that each company's revenue base is drastically different.