Blink Charging Co.

Previous wording

The following discussion and analysis of the results of operations and financial condition of Blink Charging Co. (together with its subsidiaries, “Blink” or the “Company”) as of June 30, 2026 and for the six months ended June 30, 2026 and 2025 should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we,” “our” and similar terms refer to Blink. This Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions, are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements. Factors that may affect our results include, but are not limited to, the risks and uncertainties set forth under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and under a similar item in subsequent periodic reports, as discussed elsewhere in this Quarterly Report, particularly in Part II, Item 1A - Risk Factors.

Current wording

The following discussion and analysis of the results of operations and financial condition of Blink Charging Co. (together with its subsidiaries,“Blink”* or the*“Company”) as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to“us,”* “we,” “our” and similar terms refer to Blink. This Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words*“may,”* “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and*“continue,”* and their opposites and similar expressions, are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements. Factors that may affect our results include, but are not limited to, the risks and uncertainties set forth under Part I, Item 1A,“Risk Factors” in the Company*’s Annual Report on Form 10-K for the year ended December 31, 2025, and under a similar item in subsequent periodic reports, as discussed elsewhere in this Quarterly Report, particularly in Part II, Item 1A - Risk Factors.

Previous wording

We are a leading owner, operator, and provider of EV charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various locations. Blink’s principal line of products and services is its Blink Networks and Blink EV charging equipment, also known as EVSE, and other EV-related services. The Blink Networks are a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing. The Blink Networks provide Property Partners, among other types of commercial customers, with cloud-based services that enable the remote monitoring and management of EV charging stations. The Blink Networks also provide EV drivers with vital station information, including station location, availability, and fees (as applicable).

Current wording

Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various locations. Blink’s principal line of products and services is its Blink Networks and Blink EV charging equipment, also known as EVSE, and other EV-related services. The Blink Networks are a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing. The Blink Networks provide Property Partners, among other types of commercial customers, with cloud-based services that enable the remote monitoring and management of EV charging stations. The Blink Networks also provide EV drivers with vital station information, including station location, availability, and fees (as applicable).

Previous wording

To capture more revenues derived from providing EV charging equipment to commercial customers and to help differentiate Blink in the EV infrastructure market, Blink offers Property Partners a comprehensive range of solutions for EV charging equipment and services that generally fall into one of the business models below, differentiated by who owns the equipment and who bears the costs of installation, equipment, maintenance, and the percentage of revenue shared.

Current wording

To capture more revenues derived from providing EV charging solutions to commercial customers and to help differentiate Blink in the EV infrastructure market, Blink offers Property Partners a comprehensive range of solutions for EV charging equipment and services that generally fall into one of the business models below, differentiated by who owns the equipment and who bears the costs of installation, equipment, maintenance, and the percentage of revenue shared.

Previous wording

As of June 30, 2026, there were approximately 48,015 chargers connected to the Blink Network. Of those, approximately 44,832 were Level 2 commercial chargers and approximately 2,039 DCFC were commercial chargers. Included on Blink Network are approximately 6,804 chargers owned by us. Another estimated 23,820 units were non-networked, on other networks, international sales, or deployments.

Current wording

As of September 30, 2026, there were approximately 45,833 chargers connected to the Blink Network. Of those, approximately 42,571 were Level 2 commercial chargers and approximately 2,069 were DCFC commercial chargers. Included on Blink Network are approximately 6,582 chargers owned by us. Another estimated 23,573 units were non-networked, on other networks, international sales, or deployments.

Previous wording

Expansion through Acquisitions - We may pursue strategic domestic and international acquisitions to expand our operations. Risks in acquisition transactions include difficulties in the integration of acquired businesses into our operations and control environment, difficulties in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities, assumed or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any obligations to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively impact our growth expectations for the acquired businesses. Fully integrating an acquired company or business into our operations may take a significant amount of time. If we are unable to integrate or pursue strategic acquisitions, our financial condition and results of the operations would be negatively impacted.

Current wording

Expansion through Acquisitions - We may pursue strategic domestic and international acquisitions to expand our operations. Risks in acquisition transactions include difficulties in the integration of acquired businesses into our operations and control environment, difficulties in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities, assumed or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any obligations to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively impact our growth expectations for the acquired businesses. Fully integrating an acquired company or business into our operations may take a significant amount of time. If we are unable to integrate or pursue strategic acquisitions, our financial condition and results of operations would be negatively impacted.

Previous wording

As of June 30, 2026, the Company had cash and cash equivalents of $34,004 compared to $39,568 in cash and cash equivalents as of December 31, 2025, representing a decrease of $5,564 in available liquidity due to ongoing operating losses and working capital requirements.

Current wording

As of September 30, 2026, the Company had cash and cash equivalents of $30,499 compared to $39,568 in cash and cash equivalents as of December 31, 2025, representing a decrease of $9,069 in available liquidity due to ongoing operating losses and working capital requirements.

Previous wording

In May 2025, we announced the BlinkForward Initiative, a strategic restructuring plan aimed at accelerating the Company’s path to profitability and enhancing operational efficiency. Key pillars of the BlinkForward Initiative were designed to transform the Company into a more agile and lean organization. This included a significant reduction in our global workforce from 513 to 290 as of the filing of this Quarterly Report, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for our EV hardware to reduce overhead expenses and focus on our intellectual property and customer support efforts. The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.

Current wording

In May 2025, we announced the BlinkForward Initiative, a strategic restructuring plan aimed at accelerating the Company’s path to profitability and enhancing operational efficiency. Key pillars of the BlinkForward Initiative were designed to transform the Company into a more agile and lean organization, with the shift to contract manufacturing for our EV hardware to reduce overhead expenses and focus on our intellectual property and customer support efforts. The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house. As of the filing of this Quarterly Report, the BlinkForward Initiative is substantially complete.

Previous wording

As reflected in our condensed consolidated financial statements as of June 30, 2026, we had cash and cash equivalents of $34,004, working capital of $10,264 and an accumulated deficit of $840,028. During the six months ended June 30, 2026, we incurred a net loss of $17,602. We have not yet achieved profitability. In December 2025, we completed an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering price of $0.75 per share. We received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474, for net proceeds of $18,526. The public offering was made pursuant to our registration statement on Form S-1 filed with the SEC on December 4, 2025, and final prospectus dated December 10, 2025. H.C. Wainwright & Co. and Roth Capital Partners acted as co-placement agents in connection with the offering.

Current wording

As reflected in our condensed consolidated financial statements as of September 30, 2026, we had cash and cash equivalents of $30,499, working capital of $8,500 and an accumulated deficit of $846,729. During the nine months ended September 30, 2026, we incurred a net loss of $24,303. We have not yet achieved profitability. In December 2025, we completed an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering price of $0.75 per share. We received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474, for net proceeds of $18,526. The public offering was made pursuant to our registration statement on Form S-1 filed with the SEC on December 4, 2025, and final prospectus dated December 10, 2025. H.C. Wainwright & Co. and Roth Capital Partners acted as co-placement agents in connection with the offering.

Previous wording

We have not yet achieved profitability and expect cash flows from operations to be volatile. While the BlinkForward Initiative substantially decreased our operating expenses and cash burn, we still need to generate substantial revenues in the near future to achieve profitability, even as our repeatable and recurring revenue from network and charging fees continues to grow. Historically, we have been able to raise funds to support our business operations, although there can be no assurance that we will be successful in raising significant additional funds in the future. We expect that our cash on hand and future cash flows from operations will fund our operations for at least 12 months after the issuance date of the financial statements included in this Quarterly Report.

Current wording

We have not yet achieved profitability and expect cash flows from operations to be volatile. While the BlinkForward Initiative substantially decreased our operating expenses and cash burn, we still need to generate substantial revenues in the near future to achieve profitability, even as our repeatable and recurring revenue from network and charging fees continued to grow. Historically, we have been able to raise funds to support our business operations, although there can be no assurance that we will be successful in raising significant additional funds in the future. We expect that our cash on hand and future cash flows from operations will fund our operations for at least 12 months after the issuance date of the financial statements included in this Quarterly Report.

Previous wording

Three and Six Months Ended June 30, 2026 Compared With Three and Six Months Ended June 30, 2025

Current wording

Three and Nine Months Ended September 30, 2026 Compared With Three and Nine Months Ended September 30, 2025

Previous wording

Total revenue for the three months ended June 30, 2026 decreased by $7,031 or 24%, to $21,674 compared to $28,705 during the three months ended June 30, 2025.

Current wording

Total revenue for the three months ended September 30, 2026 decreased by $8,658 or 32%, to $18,397 compared to $27,055 during the three months ended September 30, 2025.

Previous wording

Revenue from product sales was $7,439 for the three months ended June 30, 2026 as compared to $14,509 during the three months ended June 30, 2025, a decrease of $7,070, or 49%. The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments and more disciplined customer selection, including a reduction in lower-margin product sales. Product revenue was also adversely affected by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers, compared to the prior-year period.

Current wording

Revenue from product sales was $6,413 for the three months ended September 30, 2026 as compared to $13,035 during the three months ended September 30, 2025, a decrease of $6,622, or 51%. The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments and more disciplined customer selection, including a reduction in lower-margin sales. Product revenue was also adversely affected by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers, compared to the prior-year period.

Previous wording

Cost of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the three months ended June 30, 2026 were $13,233 as compared to $23,873 for the three months ended June 30, 2025, a decrease of $10,640 or 45%, and in line with the decline in the product revenues as discussed above.

Current wording

Cost of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the three months ended September 30, 2026 were $13,552 as compared to $17,727 for the three months ended September 30, 2025, a decrease of $4,175 or 24%, and in line with the decline in the product revenues as discussed above.

Previous wording

Cost of product sales decreased by $9,126, or 65%, from $14,074 for the three months ended June 30, 2025 as compared to $4,948 for the three months ended June 30, 2026. Approximately $4,720 of this decrease is due to the reduction in product sales volume. In addition, the loss on adjustment for excess and obsolete inventory decreased by $634 during the three months ended June 30, 2026 compared to the same period in 2025. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856 during the three months ended June 30, 2025.

Current wording

Cost of product sales decreased by $1,544, or 19%, from $8,095 for the three months ended September 30, 2025 as compared to $6,551 for the three months ended September 30, 2026. Approximately $4,576 of this decrease is due to the reduction in product sales volume, partially offset by increase in the provision of slow moving and obsolete inventory of $2,069 during the three months ended September 30, 2026 compared to the same period in 2025, and increase in other inventory related costs.

Previous wording

Compensation expense decreased by $5,415 or 39%, to $8,352 (consisting of $7,658 of cash compensation and benefits and $694 of non-cash compensation) for the three months ended June 30, 2026. Compensation expense was $13,767 (consisting of $12,980 of cash compensation and benefits and $787 of non-cash compensation) for the three months ended June 30, 2025. The decrease in compensation expense for the three months ended June 30, 2026 compared to the same period in 2025 was primarily related to decreases in personnel and compensation in executive, marketing, sales and operations departments as a result of cost savings and synergies realized.

Current wording

Compensation expense decreased by $4,904 or 42%, to $6,787 (consisting of $6,282 of cash compensation and benefits and $505 of non-cash compensation) for the three months ended September 30, 2026. Compensation expense was $11,691 (consisting of $11,258 of cash compensation and benefits and $433 of non-cash compensation) for the three months ended September 30, 2025. The decrease in compensation expense for the three months ended September 30, 2026 compared to the same period in 2025 was primarily related to decreases in personnel across the Company as a result of cost savings and synergies realized in transformation program.

Previous wording

Depreciation and amortization expense included in operating expenses increased by $283, or 20%, to $1,715 for the three months ended June 30, 2026 as compared to $1,432 for the three months ended June 30, 2025.

Current wording

Depreciation and amortization expense included in operating expenses decreased by $213, or 17%, to $1,031 for the three months ended September 30, 2026 as compared to $1,244 for the three months ended September 30, 2025.

Previous wording

We recorded other income of $250 during the three months ended June 30, 2026 as compared to other income of $345 for the three months ended June 30, 2025. The decrease in other income was primarily related to a decrease in dividend and interest income of $105 during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Current wording

We recorded other income of $259 during the three months ended September 30, 2026 as compared to other income of $159 for the three months ended September 30, 2025. The increase in other income was primarily related to an increase in dividend and interest income of $107 during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, due to higher cash balances compared to prior periods.

Previous wording

Our total comprehensive loss for the three months ended June 30, 2026 was $6,923 whereas our total comprehensive loss for the three months ended June 30, 2025 was $24,649.

Current wording

Our total comprehensive loss for the three months ended September 30, 2026 was $6,260 whereas our total comprehensive income for the three months ended September 30, 2025 was $6,461.

Previous wording

Total revenue for the six months ended June 30, 2026 decreased by $6,970, or 14%, to $42,453 compared to $49,423 during the six months ended June 30, 2025.

Current wording

Total revenue for the nine months ended September 30, 2026 decreased by $15,628, or 20%, to $60,850 compared to $76,478 during the nine months ended September 30, 2025.

Previous wording

Revenue from product sales was $13,633 for the six months ended June 30, 2026 as compared to $22,889 during the six months ended June 30, 2025, a decrease of $9,256, or 40%. The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments and more disciplined customer selection, including a reduction in lower-margin product sales. Product revenue was also adversely affected by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers, compared to the prior-year period.

Current wording

Revenue from product sales was $20,046 for the nine months ended September 30, 2026 as compared to $35,924 during the nine months ended September 30, 2025, a decrease of $15,878, or 44%. The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments and more disciplined customer selection, including a reduction in lower-margin sales. Product revenue was also adversely affected by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers, compared to the prior-year period.

Previous wording

Charging service revenue from Blink-owned charging stations was $11,484 for the three months ended June 30, 2026 as compared to $10,809 for the three months ended June 30, 2025, an increase of $675 or 6%. The increase is due to the higher utilization of the chargers and deployment of new chargers on the Blink Networks.

Current wording

Service revenue including charging service revenue from Blink-owned charging stations and network fees was $33,749 for the nine months ended September 30, 2026 as compared to $31,097 for the nine months ended September 30, 2025, an increase of $2,652, or 9%. The increase is due to the higher utilization of the chargers and deployment of new chargers on the Blink Networks, partially offset by the decrease due to the Company exiting out of lower-margin charging service contracts in Europe.

Previous wording

Cost of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the six months ended June 30, 2026 were $27,373 as compared to $37,522 for the six months ended June 30, 2025, a decrease of $10,149 or 27%, and in line with the decline in the product revenues as discussed above.

Current wording

Cost of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the nine months ended September 30, 2026 were $40,925 as compared to $55,249 for the nine months ended September 30, 2025, a decrease of $14,324 or 26%, and in line with the decline in the product revenues as discussed above.

Previous wording

Cost of product sales decreased by $10,951, or 56%, from $19,622 for the six months ended June 30, 2025 as compared to $8,671 for the six months ended June 30, 2026. Approximately $5,633 of this decrease is due to the reduction in product sales volume. In addition, the adjustment for excess and obsolete inventory was $1,462 during the six months ended June 30, 2026 compared to $4,571 during the same period in 2025. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856 during the six months ended June 30, 2025.

Current wording

Cost of product sales decreased by $12,495, or 45%, from $27,717 for the nine months ended September 30, 2025 as compared to $15,222 for the nine months ended September 30, 2026. This decrease is primarily due to the reduction in product sales volume. In addition, the adjustment for excess and obsolete inventory was $2,197 during the nine months ended September 30, 2026 compared to $4,571 during the same period in 2025. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856 during the nine months ended September 30, 2025.

Previous wording

Cost of charging services (electricity reimbursements) increased by $1,699, or 15%, to $13,202 for the six months ended June 30, 2026 as compared to $11,503 for the six months ended June 30, 2025. The increase in 2026 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement.

Current wording

Cost of service revenue including cost of charging services increased by $366, or 2%, to $17,960 for the nine months ended September 30, 2026 as compared to $17,594 for the nine months ended September 30, 2025. The increase in 2026 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement, partially offset by the decrease due to the Company exiting out of lower-margin charging service contracts in Europe and optimization of the charging infrastructure.

Previous wording

Depreciation and amortization expense decreased by $110 or 9%, to $1,098 for the three months ended June 30, 2026 as compared to $1,208 for the three months ended June 30, 2025. The decrease in depreciation expense was attributable to an increase in the grant revenue that is presented as an offset to the depreciation expense, and the decrease in the number of vehicles associated with the ride-share services as a part of the sale of Envoy.

Current wording

Depreciation and amortization expense increased by $156, or 4%, to $3,977 for the nine months ended September 30, 2026 as compared to $3,821 for the nine months ended September 30, 2025. The marginal increase in depreciation expense was attributable to the increase in Company-owned DC Fast chargers that are operational, offset by the increase in the grant revenue that is presented as an offset to the depreciation expense, and the decrease in the number of vehicles associated with the ride-share services as a part of the sale of Envoy in June 2026.

Previous wording

Compensation expense decreased by $8,806, or 32%, to $18,515 (consisting of $16,493 of cash compensation and benefits and $2,022 of non-cash compensation) for the six months ended June 30, 2026. Compensation expense was $27,321 (consisting of $25,568 of cash compensation and benefits and $1,753 of non-cash compensation) for the six months ended June 30, 2025. The decrease in compensation expense for the six months ended June 30, 2026 compared to the same period in 2025 was primarily related to decreases in personnel and compensation in executive, marketing, sales and operations departments as a result of cost savings and synergies realized.

Current wording

Compensation expense decreased by $13,547, or 35%, to $25,302 (consisting of $22,193 of cash compensation and benefits and $3,109 of non-cash compensation) for the nine months ended September 30, 2026. Compensation expense was $38,849 (consisting of $36,663 of cash compensation and benefits and $2,186 of non-cash compensation) for the nine months ended September 30, 2025. The decrease in compensation expense for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily related to decreases in personnel across the Company as a result of cost savings and synergies realized in transformation program.

Previous wording

Other operating expenses decreased by $4,319, or 36%, to $7,755 for the six months ended June 30, 2026 from $12,074 for the six months ended June 30, 2025. The decrease was primarily attributable to the asset impairment in the amount of $1,732 recorded during the six months ended June 30, 2025, a decrease of $819 related to research and development activities and a decrease of $566 related to rent.

Current wording

Other operating expenses decreased by $6,360, or 38%, to $10,517 for the nine months ended September 30, 2026 from $16,877 for the nine months ended September 30, 2025. The decrease was primarily attributable to the asset impairment in the amount of $1,732 recorded during the nine months ended September 30, 2025, as well as a general decrease in most expense categories, with software related expenses contributing to $4,477 of the decrease and rent contributing to $956 of the decrease as a result of the transformation program.

Previous wording

Depreciation and amortization expense included in operating expenses decreased by $305, or 10%, to $2,782 for the six months ended June 30, 2026 as compared to $3,087 for the six months ended June 30, 2025.

Current wording

Depreciation and amortization expense included in operating expenses decreased by $518, or 12%, to $3,813 for the nine months ended September 30, 2026 as compared to $4,331 for the nine months ended September 30, 2025 as the Company has less leasehold improvements and intangible assets.

Previous wording

The Company recorded a gain on change in fair value of consideration payable and earn-out liabilities related to the Zemetric acquisition of $1,273 for the six months ended June 30, 2026 as compared to a loss of $2,463 for the six months ended June 30, 2025 due to the change in the inputs to the probability-weighted discounted cash flow model.

Current wording

The change in fair value of consideration payable and earn-out liabilities decreased by $7,965 or 86%, primarily due to the gain on settlement related to the Envoy consideration payable of $11,701 for the nine months ended September 30, 2025, offset by the change in the earn-out liabilities related to the Zemetric acquisition of $1,273 for the nine months ended September 30, 2026 as compared to a loss of $2,463 for the nine months ended September 30, 2025, due to the change in the inputs to the probability-weighted discounted cash flow model.

Previous wording

We recorded other income of $492 during the six months ended June 30, 2026 as compared to $746 for the six months ended June 30, 2025. The decrease in other income was primarily related to a decrease of $261 in dividend and interest income.

Current wording

We recorded other income of $751 during the nine months ended September 30, 2026 as compared to $905 for the nine months ended September 30, 2025. The decrease in other income was primarily related to a decrease of $154 in dividend and interest income.

Previous wording

Our net loss for the six months ended June 30, 2026 decreased by $32,718 or 65%, to $17,602 as compared to $50,320 for the six months ended June 30, 2025. The decrease was primarily due to lower operating expenses, partially offset by the decline in revenues, and was accompanied by an improvement in gross profit.

Current wording

Our net loss for the nine months ended September 30, 2026 decreased by $26,349 or 52%, to $24,303 as compared to $50,652 for the nine months ended September 30, 2025. The decrease was primarily due to lower operating expenses, partially offset by the decline in revenues, and was accompanied by an improvement in gross profit.

Previous wording

Our total comprehensive loss for the six months ended June 30, 2026 was $18,719 whereas our total comprehensive loss for the six months ended June 30, 2025 was $42,906.

Current wording

Our total comprehensive loss for the nine months ended September 30, 2026 was $24,979 whereas our total comprehensive loss for the nine months ended September 30, 2025 was $41,787.

Previous wording

During the six months ended June 30, 2026, we financed our activities from proceeds derived from equity financings occurring in prior periods. A significant portion of the funds raised from the sale of capital stock has been used to cover working capital needs and personnel, office expenses and various consulting and professional fees.

Current wording

During the nine months ended September 30, 2026, we financed our activities from proceeds derived from equity financings occurring in prior periods. A significant portion of the funds raised from the sale of capital stock has been used to cover working capital needs and personnel, office expenses and various consulting and professional fees. Furthermore, we significantly reduced operating expenses and improved margin on sales of products and services.

Previous wording

For the six months ended June 30, 2026 and 2025, we used cash of $3,382 and $28,541, respectively, in operations. Our cash use for the six months ended June 30, 2026 was primarily attributable to our net loss of $17,602 adjusted for net non-cash expenses in the aggregate amount of $7,480, partially offset by $6,740 of net cash provided by changes in the levels of operating assets and liabilities. Our cash use for the six months ended June 30, 2025, was primarily attributable to our net loss of $50,320, adjusted for net non-cash expenses in the aggregate amount of $22,692, and $913 of net cash used in changes in the levels of operating assets and liabilities.

Current wording

For the nine months ended September 30, 2026 and 2025, we used cash of $6,646 and $31,754, respectively, in operations. Our cash use for the nine months ended September 30, 2026 was primarily attributable to our net loss of $24,303 adjusted for net non-cash expenses in the aggregate amount of $14,644, partially offset by $3,013 of net cash provided by changes in the levels of operating assets and liabilities. Our cash use for the nine months ended September 30, 2025, was primarily attributable to our net loss of $50,652, adjusted for net non-cash expenses in the aggregate amount of $19,676, and $778 of net cash used in changes in the levels of operating assets and liabilities.

Previous wording

During the six months ended June 30, 2026, net cash used in investing activities was $616, of which $852 was provided by government grants, $954 was used to purchase property and equipment, $485 of cash was disposed of in connection with the sale of Envoy, and $29 was used for capitalized engineering costs. During the six months ended June 30, 2025, net cash provided by investing activities was $10,106, of which $13,630 was provided by the sale of marketable securities and $223 was provided by the sale of an equity method investment, offset by $205 of capitalized engineering costs and $3,542 of which was used to purchase charging stations and other fixed assets.

Current wording

During the nine months ended September 30, 2026, net cash used in investing activities was $1,244, of which $1,303 was provided by government grants, $2,122 was used to purchase property and equipment, $250 of cash, net of proceeds received and cash balances transferred to Envoy's buyer, was disposed of in connection with the sale of Envoy, and $175 was used for capitalized engineering costs. During the nine months ended September 30, 2025, net cash provided by investing activities was $11,168, of which $13,630 was provided by the sale of marketable securities, $1,952 was provided by government grants and $223 was provided by the sale of an equity method investment, offset by $207 for the acquisition of Zemetric, net of cash acquired, $205 of capitalized engineering costs and $4,225 of which was used to purchase charging stations and other fixed assets.

Previous wording

During the six months ended June 30, 2026, cash used in financing activities was $63 which was used to pay down our liability in connection with a finance lease. During the six months ended June 30, 2025, cash provided by financing activities was $874, of which $17 was used to pay down our liability in connection with a finance lease, offset by $891 provided by offering proceeds related to the sale of common stock.

Current wording

During the nine months ended September 30, 2026, cash used in financing activities was $63 which was used to pay down our liability in connection with a finance lease. During the nine months ended September 30, 2025, cash provided by financing activities was $865, of which $26 was used to pay down our liability in connection with a finance lease, offset by $891 provided by offering proceeds related to the sale of common stock.

Previous wording

As of June 30, 2026, we had cash and cash equivalents, working capital and an accumulated deficit of $34,004, $10,264 and $840,028, respectively. During the three and six months ended June 30, 2026, we had a net loss of $6,039 and $17,602, respectively, and used cash of $3,382 in operating activities. The Company has not yet achieved profitability and expects cash flows from operations to be volatile. The Company’s future operating needs include the planned costs to operate its business, including amounts required to fund working capital and future liquidity needs.

Current wording

As of September 30, 2026, we had cash and cash equivalents, working capital and an accumulated deficit of $30,499, $8,500 and $846,729, respectively. During the three and nine months ended September 30, 2026, we had a net loss of $6,701 and $24,303, respectively, and used cash of $6,646 in operating activities during the nine months ended September 30, 2026. The Company has not yet achieved profitability and expects cash flows from operations to be volatile. The Company’s future operating needs include the planned costs to operate its business, including amounts required to fund working capital and future liquidity needs.

Previous wording

The Company has no agreements, commitments, or understandings with respect to any financing alternatives. Any equity issuance would be dilutive to stockholders. In December 2025, we completed an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering price of $0.75 per share. We received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474, for net proceeds of $18,526. The public offering was made pursuant to our registration statement on Form S-1 filed with the SEC on December 4, 2025, and final prospectus dated December 10, 2025. H.C. Wainwright & Co. and Roth Capital Partners acted as co-placement agents in connection with the offering.

Current wording

Other than the ATM Agreement discussed above, the Company has no agreements, commitments, or understandings with respect to any financing alternatives. Any equity issuance would be dilutive to stockholders. In December 2025, we completed an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering price of $0.75 per share. We received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474, for net proceeds of $18,526. The public offering was made pursuant to our registration statement on Form S-1 filed with the SEC on December 4, 2025, and final prospectus dated December 10, 2025. H.C. Wainwright & Co. and Roth Capital Partners acted as co-placement agents in connection with the offering.

Previous wording

We have operating lease obligations over the next five years of approximately $4,204. These operating lease obligations are primarily related to corporate office space and warehousing.

Current wording

We have operating lease obligations over the next five years of approximately $3,825. These operating lease obligations are primarily related to corporate office space.

Previous wording

Our critical accounting estimates are described in Part II, Item 7, Critical Accounting Estimates in our Annual Report on Form 10-K for the year ended December 31, 2025, and our significant accounting policies are described in Note 2 – Summary of Significant Accounting Policies in our financial statements included elsewhere in this quarterly report. There have been no material changes to our critical accounting estimates or significant accounting policies since the filing of our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

Our critical accounting estimates are described in Part II, Item 7, Critical Accounting Estimates in our Annual Report on Form 10-K for the year ended December 31, 2025, and our significant accounting policies are described in Note 2 – Summary of Significant Accounting Policies in our financial statements included elsewhere in this quarterly report. There have been no material changes to our critical accounting estimates or significant accounting policies since the filing of our Annual Report on Form 10-K for the year ended December 31, 2025, except for the following.