Blink Charging to Position Company for the Future by Implementing Planned Operational Cost Reductions
Blink Charging Co. (NASDAQ: BLNK) has announced a planned operational cost reduction strategy to adapt to current economic conditions and position the company for future success. The plan includes:
1. Reducing global personnel by 14%, resulting in annualized savings of approximately $9 million.
2. Streamlining functions across the company to improve operational efficiencies.
3. Focusing on strengthening financial position, profitability, and competitive positioning.
4. Developing a more efficient organization to support long-term growth.
The cost-cutting measures will begin immediately and be completed in the first quarter of 2025. Blink's leadership remains committed to their mission and is optimistic about the future of the EV industry, viewing current challenges as temporary.
Blink Charging Co. (NASDAQ: BLNK) ha annunciato una strategia di riduzione dei costi operativi programmata per adattarsi alle attuali condizioni economiche e posizionare l'azienda per il successo futuro. Il piano include:
1. Riduzione del personale globale del 14%, con risparmi annualizzati di circa 9 milioni di dollari.
2. Snellimento delle funzioni all'interno dell'azienda per migliorare l'efficienza operativa.
3. Concentrarsi sul rafforzamento della posizione finanziaria, della profittabilità e della competitività.
4. Sviluppare un'organizzazione più efficiente per supportare la crescita a lungo termine.
Le misure di riduzione dei costi inizieranno immediatamente e saranno completate nel primo trimestre del 2025. La leadership di Blink rimane impegnata nella propria missione ed è ottimista sul futuro dell'industria dei veicoli elettrici, vedendo le attuali sfide come temporanee.
Blink Charging Co. (NASDAQ: BLNK) ha anunciado una estrategia planificada de reducción de costos operativos para adaptarse a las condiciones económicas actuales y posicionar a la empresa para el éxito futuro. El plan incluye:
1. Reducción del personal global en un 14%, lo que resulta en ahorros anuales de aproximadamente 9 millones de dólares.
2. Optimización de funciones en toda la empresa para mejorar la eficiencia operativa.
3. Enfoque en fortalecer la posición financiera, la rentabilidad y la competitividad.
4. Desarrollar una organización más eficiente para apoyar el crecimiento a largo plazo.
Las medidas de recorte de costos comenzarán de inmediato y se completarán en el primer trimestre de 2025. El liderazgo de Blink sigue comprometido con su misión y es optimista sobre el futuro de la industria de vehículos eléctricos, considerando los desafíos actuales como temporales.
Blink Charging Co. (NASDAQ: BLNK)는 현재 경제적 상황에 적응하고 회사의 미래 성공을 위한 전략으로 운영 비용 절감 계획을 발표했습니다. 이 계획에는 다음이 포함됩니다:
1. 전 세계 인력을 14% 줄여 약 900만 달러의 연간 절감을 달성합니다.
2. 운영 효율성을 높이기 위해 회사 전반에 걸쳐 기능을 간소화합니다.
3. 재무 상황, 수익성 및 경쟁력을 강화하는 데 주력합니다.
4. 장기 성장을 지원하는 보다 효율적인 조직을 개발합니다.
비용 절감 조치는 즉시 시작되며 2025년 첫 분기에 완료될 예정입니다. Blink의 리더십은 그들의 사명에 대한 의지를 유지하고 있으며, 전기차 산업의 미래에 대해 낙관적입니다. 현재의 도전 과제를 일시적인 것으로 보고 있습니다.
Blink Charging Co. (NASDAQ: BLNK) a annoncé une stratégie de réduction des coûts opérationnels prévue pour s'adapter aux conditions économiques actuelles et positionner l'entreprise pour le succès futur. Le plan comprend :
1. Réduction du personnel mondial de 14%, entraînant des économies annuelles d'environ 9 millions de dollars.
2. Rationalisation des fonctions dans l'ensemble de l'entreprise pour améliorer l'efficacité opérationnelle.
3. Mise l'accent sur le renforcement de la position financière, de la rentabilité et de la compétitivité.
4. Développement d'une organisation plus efficace pour soutenir la croissance à long terme.
Les mesures de réduction des coûts commenceront immédiatement et seront achevées au premier trimestre de 2025. La direction de Blink reste engagée envers sa mission et est optimiste quant à l'avenir de l'industrie des véhicules électriques, considérant que les défis actuels sont temporaires.
Blink Charging Co. (NASDAQ: BLNK) hat eine geplante Strategie zur Senkung der Betriebskosten angekündigt, um sich an die aktuellen wirtschaftlichen Bedingungen anzupassen und das Unternehmen für zukünftigen Erfolg zu positionieren. Der Plan umfasst:
1. Reduzierung des globalen Personals um 14%, was zu jährlichen Einsparungen von etwa 9 Millionen Dollar führt.
2. Optimierung der Funktionen im gesamten Unternehmen zur Verbesserung der Betriebseffizienz.
3. Konzentration auf die Stärkung der finanziellen Lage, der Rentabilität und der Wettbewerbsfähigkeit.
4. Entwicklung einer effizienteren Organisation zur Unterstützung des langfristigen Wachstums.
Die Kostensenkungsmaßnahmen werden sofort beginnen und im ersten Quartal 2025 abgeschlossen sein. Die Führung von Blink bleibt ihrer Mission verpflichtet und ist optimistisch bezüglich der Zukunft der Elektrofahrzeugindustrie und sieht die aktuellen Herausforderungen als vorübergehend an.
- Anticipated annual savings of $9 million from cost reduction plan
- Streamlining operations to improve efficiency and profitability
- Strengthening financial position and competitive advantage
- Commitment to long-term growth strategy and mission
- 14% reduction in global workforce
- Implementation of cost-cutting measures indicates current financial challenges
- Potential short-term disruption due to organizational restructuring
Insights
Blink Charging's operational cost reduction plan, targeting 14% global personnel reduction for
Blink's cost-cutting strategy aligns with broader trends in the EV charging sector, where companies are prioritizing profitability over rapid expansion. This shift could be viewed positively by investors seeking sustainable business models. The EV charging market remains promising, with a projected CAGR of
Blink's restructuring plan, while focused on cost reduction, maintains a commitment to technological advancement in EV charging. The emphasis on "energy management services" and "innovative technologies" suggests continued investment in R&D despite cuts. This is important in the rapidly evolving EV charging space, where smart charging, vehicle-to-grid technologies and high-power charging are becoming increasingly important. The challenge for Blink will be balancing cost-cutting with innovation to stay competitive. Investors should monitor Blink's product pipeline and technological partnerships in the coming quarters to assess whether the company can maintain its innovative edge while streamlining operations.
EV Charging Infrastructure Leader to Implement Operational Cost Reduction Plan.
Bowie, MD, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced that it will implement its planned operational cost reduction actions designed to position the Company for short and long-term success within current economic conditions.
The cost reduction plan anticipates reducing the global personnel count by
Blink is focused on strengthening its financial position by improving economic stability, profitability, and competitive positioning. Blink plans to develop a more efficient and resilient organization that supports long-term growth and strategic advantage. These measures aim to strengthen the Company's financial performance and growth potential, benefiting shareholders through increased value and returns.
“The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy,” said President & CEO Brendan Jones. “We remain fully committed to our mission to develop and deploy energy management services and pursue operational excellence and superior customer experience. These operational changes will make Blink Charging a more efficient and effective organization that is better aligned with our strategic priorities.”
“We believe the current economic and market challenges facing the EV industry are temporary,” added Blink Chief Operating Officer and CEO Elect Michael Battaglia. “We are very optimistic about the future. The operational changes we are announcing today will help us reduce costs and improve our financial performance right away. At the same time, these changes will also help us make faster progress in establishing Blink as a top provider of electric transportation solutions and innovative technologies.”
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About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
For more information, please visit https://blinkcharging.com/.
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the intent, belief, or current expectations of Blink and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the possibility that its planned cost reduction actions will not result in the operational efficiencies as anticipated by management and the risk factors described in Blink’s periodic reports filed with the SEC and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
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