05 — Investment Thesis
Five structural advantages that separate Blink ESS from the pure‑hardware and pure‑software players competing for the same C&I dollar.
Zero‑capex Lease‑to‑Own removes the primary barrier to C&I ESS adoption. Zipterm embedded finance rails give us a payment‑engine competitors can't replicate.
TAM · $28B by 2030
Own EMS/BMS stack developed by Canadian team + certified LFP cells from EVE Energy & CATL. Margin expansion structurally protected.
GROSS MARGIN · +410 bps YoY
Full UL 9540A cell/module/unit/install certification. CE Mark, IEC 62619, UN 38.3, ISO 9001/14001/45001. AHJ‑ready across 50 states + 12 countries.
14 CERTIFICATIONS ACTIVE
Certified EPC network across 12 countries. Local warehousing, 24‑hour on‑site response. Scaling asset‑light — no owned installation labor.
122 EPC PARTNERS
Lease payments + O&M contracts + EMS SaaS build a compounding recurring layer. 34% of Q2'26 revenue was recurring vs 12% in FY24.
RECURRING · 34% OF REV
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Financial Highlights
FY23 → FY25 audited. FY26 guidance reaffirmed on Q2 call. Non‑GAAP figures reconciled in the appendix of each earnings release.
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