Blink Charging Co.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
BLNK$0.51+25.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-18.
0001641172-25-024633
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001493152-25-021197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 114 current paragraphs.
55 unchanged; 46 reworded; 13 added; 21 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Total revenue for the three months ended September 30, 2025 increased by $1,843, or 7%, to $27,030 compared to $25,187 during the three months ended September 30, 2024, primarily due to the increase in network fees and charging service revenues.
Current report
Cost of product sales decreased by $1,135 or 12%, from $9,122 for the three months ended September 30, 2024 as compared to $7,987 for the three months ended September 30, 2025. The decrease was primarily due the mix in business between the DC fast chargers and L-2 chargers, and variability in installation costs.
Current report
Network costs increased by $50 or 9%, to $627 during the three months ended September 30, 2025 as compared to $577 during the three months ended September 30, 2024.
Current report
Depreciation and amortization expense increased by $108 or 9%, to $1,321 for the three months ended September 30, 2025 as compared to $1,213 for the three months ended September 30, 2024. The increase in depreciation expense was attributable to additional operational assets launch and their depreciation expense.
Current report
General and administrative expenses decreased by $2,517, or 32%, to $5,455 for the three months ended September 30, 2025 as compared to $7,972 for the three months ended September 30, 2024. The decrease was primarily attributable to the favorable impact in the credit loss reserve reversal of $2,990, as a result of improved working capital practices during the three months ended September 30, 2025. It was also offset primarily by the higher legal services expenses during the quarter.
Current report
Other operating expenses decreased by $150, or 3%, to $4,589 for the three months ended September 30, 2025 from $4,739 for the three months ended September 30, 2024.
Current report
During the three months ended September 30, 2024, we observed certain triggering events, including a decline in our stock price and, as a result, we conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of certain reporting units were less than the carrying amount and, as a result, recorded an impairment charge of $69,111 related to goodwill during the 2024 period. There was no impairment of goodwill during the 2025 period.
Current report
Our net loss for the three months ended September 30, 2025 decreased by $87,303, or 100%, to $86 as compared to $87,389 for the three months ended September 30, 2024. The decrease was primarily attributable to the decrease in operating expenses, primarily the reduction in impairment of goodwill and the gain on change in fair value of consideration payable related to the Envoy acquisition.
Current report
Total Comprehensive Income (Loss)
Current report
Nine Months Ended September 30, 2025 Compared With Nine Months Ended September 30, 2024
Current report
During the nine months ended September 30, 2024, we observed certain triggering events, including a decline in our stock price and, as a result, we conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of certain reporting units were less than the carrying amount and, as a result, recorded an impairment charge of $69,111 related to goodwill during the 2024 period. There was no impairment of goodwill during the 2025 period.
Current report
Our net loss for the nine months ended September 30, 2025 decreased by $71,869 or 58%, to $52,752 as compared to $124,621 for the nine months ended September 30, 2024. The decrease was primarily due to the reduction in operating expenses, gain on change in fair value of consideration payable related to the Envoy acquisition and the reduction in goodwill impairment as compared to the nine months ended September 30, 2024.
Current report
Total Comprehensive Income (Loss)
Removed paragraphs (21)
Previous report
Envoy Technologies, Inc., the Company’s wholly owned electric car share subsidiary, filed a registration statement on Form S-1 to go public via a proposed direct listing of its common stock with the U.S. Securities and Exchange Commission on May 1, 2025.
Previous report
On August 4, 2025, Envoy Technologies, Inc. entered into the Fourth Amendment to the Merger Agreement to the by and among the Company, Envoy Mobility, Inc. (formerly Blink Mobility, LLC) (“Mobility”), Envoy Technologies and Fortis Advisors LLC, as equity holders’ agent.
Previous report
All shares of Company common stock initially issued or issued pursuant to the exercise of warrants will be subject to a 120-day leak-out period commencing on initial issuance or exercise of warrant, as applicable, allowing sales limited to 2% per day, with a cap of 20% per month.
Previous report
The former equity holders of Envoy Technologies were granted registration rights for shares of Company common stock initially issued and those issued pursuant to the exercise of warrants. The Company will file a resale registration statement on Form S-1 with the SEC within 30 days of the amendment date and use commercially reasonable efforts to have it declared effective within 90 days thereafter. The amendment includes indemnification provisions for both the Company and the former equity holders against claims related to the registration statement.
Previous report
Grant and rebate revenues were $32 during the three months ended June 30, 2025 as compared to $52 during the three months ended June 30, 2024, a decrease of $20, or 38%. Grant and rebates relating to equipment and the related installation are deferred and amortized in a manner consistent with the depreciation expense of the related assets over their useful lives. The decrease in revenue was primarily related to the timing of the amortization of previous years’ state grants/rebates associated with the installation of chargers during the three months ended June 30, 2025 and 2024.
Previous report
Car-sharing services revenues were $1,111 during the three months ended June 30, 2025 as compared to $1,202 during the three months ended June 30, 2024, a decrease of $91, or 8%. These revenues are derived from car-sharing subscription services that tend to fluctuate from time to time.
Previous report
Other revenue increased by $546 or 225% to $789 for the three months ended June 30, 2025 as compared to $243 for the three months ended June 30, 2024. The increase was primarily attributable to higher Low Carbon Fuel Standard (LCFS) credits generated during the three months ended June 30, 2025 compared to the same period in 2024. We generate these credits from the electricity utilized by our electric car charging stations as a byproduct from our charging services in the states of California and Oregon.
Previous report
Network costs decreased by $14 or 2%, to $636 during the three months ended June 30, 2025 as compared to $650 during the three months ended June 30, 2024.
Previous report
Cost of car-sharing services was $1,066 during the three months ended June 30, 2025 as compared to $1,284 during the 2024 period. The decrease was due to a reduction in costs related to vehicles used in this operation during the period.
Previous report
General and administrative expenses increased by $3,805, or 48%, to $11,808 for the three months ended June 30, 2025 as compared to $8,003 for the three months ended June 30, 2024. The increase was primarily attributable to the difference in the credit loss reserve of $5,387, offset primarily by the decrease in professional services of $1,569 as we ceased certain research and consulting activities in prior periods.
Previous report
Other operating expenses increased by $1,981, or 40%, to $6,939 for the three months ended June 30, 2025 from $4,958 for the three months ended June 30, 2024. The increase was attributable to the assets impairment in the amount of $1,732, and $282 for the rent of the new US facilities.
Previous report
Our net loss for the three months ended June 30, 2025 increased by $11,900, or 59%, to $31,959 as compared to $20,059 for the three months ended June 30, 2024. The increase was primarily attributable to an increase in operating expenses, partially offset by a decrease in gross profit, and a decline in revenues.
Previous report
Total Comprehensive Loss
Previous report
Six Months Ended June 30, 2025 Compared With Six Months Ended June 30, 2024
Previous report
Total revenue for the six months ended June 30, 2025 decreased by $21,409, or 30%, to $49,421 compared to $70,830 during the six months ended June 30, 2024.
Previous report
Grant and rebate revenues were $192 during the six months ended June 30, 2025 as compared to $635 during the six months ended June 30, 2024, a decrease of $443, or 70%. Grant and rebates relating to equipment and the related installation are deferred and amortized in a manner consistent with the depreciation expense of the related assets over their useful lives. The decrease in revenue was primarily related to the timing of the amortization of previous years’ state grants/rebates associated with the installation of chargers during the six months ended June 30, 2025 and 2024.
Previous report
Car-sharing services revenues were $2,286 during the six months ended June 30, 2025 as compared to $2,299 during the six months ended June 30, 2024, a decrease of $13, or 1%. These revenues are derived from car-sharing subscription services.
Previous report
Other revenue increased by $888 or 154% to $1,466 for the six months ended June 30, 2025 as compared to $578 for the six months ended June 30, 2024. The increase was primarily attributable to higher Low Carbon Fuel Standard (LCFS) credits generated during the six months ended June 30, 2025 compared to the same period in 2024. We generate these credits from the electricity utilized by our electric car charging stations as a byproduct from our charging services in the states of California and Oregon.
Previous report
Cost of car-sharing services was $1,751 during the six months ended June 30, 2025 as compared to $2,146 during the 2024 period. The decrease was due to a reduction in costs related to vehicles used in this operation during the period.
Previous report
Our net loss for the six months ended June 30, 2025 increased by $15,434 or 41%, to $52,666 as compared to $37,232 for the six months ended June 30, 2024. The increase was primarily due to the decline in revenues and gross profits.
Previous report
Total Comprehensive Loss
Reworded paragraphs (46)
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, 2025 and for the six months ended June 30, 2025 and 2024 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 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and under a similar item in subsequent periodic reports, as discussed elsewhere in this Quarterly Report, particularly in Part II, Item IA - 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, 2025 and for the three and nine months ended September 30, 2025 and 2024 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 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and under a similar item in subsequent periodic reports, as discussed elsewhere in this Quarterly Report, particularly in Part II, Item IA - Risk Factors.
Previous wording
As of June 30, 2025, we contracted, sold or deployed 110,828 chargers, of which 88,168 were on Blink Networks (comprised of 63,312 Level 2 commercial chargers, 1,717 DCFC commercial chargers, 714 residential chargers, and 22,425 chargers pending to be commissioned). Included on Blink Networks are 7,917 chargers owned by us. The remaining 22,660 were non-networked, on other networks, international sales, or deployments (comprised of 4,810 Level 2 commercial chargers, 64 DC Fast Charging chargers, 12,639 residential Level 2 Blink EV chargers, 3,122 sold to other U.S. networks and, 2,025 sold internationally). Blink networked chargers include public and private chargers, as designated by stations owners, and are net of swap-outs, replacement units, and decommissioned units. Certain commercial chargers include chargers installed in residential settings for commercial purposes. All chargers, including all international Blink locations, are categorized based on US Department of Energy guidelines.
Current wording
As of September 30, 2025, there were 65,586 chargers connected to the Blink networks. Of those, 63,775 were Level 2 commercial chargers and 1,811 DCFC were commercial chargers, Included on Blink networks are 8,112 chargers owned by us. Another estimated 22,790 units were non-networked, on other networks, international sales, or deployments. In total, we have deployed, contracted or sold 110,188 units, which includes public and private chargers, as designated by stations owners, and is net of swap-outs, replacement units, and decommissioned units. Certain commercial chargers include chargers installed in residential settings for commercial purposes. All chargers, including at all international Blink locations, are categorized based on US Department of Energy guidelines.
Previous wording
As reflected in our condensed consolidated financial statements as of June 30, 2025, we had cash and cash equivalents of $25,318, working capital of $40,491 and an accumulated deficit of $788,521. During the three and six months ended June 30, 2025, we incurred net losses of $31,959 and $52,666, respectively. We have not yet achieved profitability.
Current wording
As reflected in our condensed consolidated financial statements as of September 30, 2025, we had cash and cash equivalents of $23,110, working capital of $36,752 and an accumulated deficit of $788,607. During the three and nine months ended September 30, 2025, we incurred net losses of $86 and $52,752, respectively. The Company’s total comprehensive income of $6,707 for the three months ended September 30, 2025 was the result of non-cash foreign currency translation adjustments. We have not yet achieved profitability.
Previous wording
The Fourth Amendment provides that the sole remaining payment obligation to the former equity holders of Envoy will be fully satisfied, and the Company and Envoy Mobility will be released from all claims and liabilities relating to such obligation, following the issuance of (x) $10,000 in shares of Company common stock, valued based on the volume-weighted average trading price for the 25 trading days preceding the issuance date, and (y) warrants exercisable for shares of Company common stock with an aggregate value of $11,000, divided into three tranches with vesting conditions based on specific stock price achievements. All warrants granted per the agreement have expiration period of 20 months from the date of issuance.
Current wording
On August 4, 2025, the Company’s wholly owned subsidiary, Envoy Technologies, Inc. (“Envoy Technologies”), entered into Amendment No. 4 (the “Fourth Amendment”) to the Agreement and Plan of Merger, dated as of April 18, 2023, with the Company, Envoy Technologies, Envoy Mobility, Inc. (“Mobility” and formerly Blink Mobility, LLC) and Fortis Advisors LLC, as equityholders’ agent (as previously amended, the “Merger Agreement”). Pursuant to the Fourth Amendment, the sole remaining payment obligation to the former shareholders of Envoy Technologies was fully satisfied, and the Company and Mobility were released from all claims and liabilities relating to such obligation, with the issuance of (x) $10,000 in shares of Company common stock, valued based on the volume-weighted average trading price for the 25 trading days preceding the issuance date, and (y) warrants exercisable for shares of Company common stock with an aggregate value of $11,000, divided into three tranches with vesting conditions based on specific stock price achievements. During the three months ended September 30, 2025, the Company issued an aggregate of 9,696,882 shares of the Company’s common stock and issued warrants to purchase an aggregate of 3,898,177 shares of Company common stock in full satisfaction of the consideration payable to the former shareholders of Envoy Technologies. See Note 5 - Stockholders’ Equity for additional information. The former shareholders of Envoy Technologies were granted registration rights for shares of Company common stock initially issued and those issuable pursuant to the exercise of warrants. See Note 13 - Subsequent Events for additional information.
Previous wording
******On July 7, 2025, the Company acquired 100% of the equity interest in Zemetric, Inc. (“Zemetric”), a Silicon Valley–based provider of charging infrastructure tailored for fleet, multi-family, and high-utilization destinations. The consideration for the acquisition includes cash, the Company’s restricted stock and a performance driven earn-out. Shortly thereafter, Zemetric’s founder, Harmeet Singh, became the Company’s Chief Technology Officer.
Current wording
***On July 7, 2025, the Company acquired 100% of the equity interest in Zemetric, Inc. (“Zemetric”), a Silicon Valley–based provider of charging infrastructure tailored for fleet, multi-family, and high-utilization destinations. The consideration for the acquisition includes cash, the Company’s restricted stock and a performance based earn-out. Shortly thereafter, Zemetric’s founder, Harmeet Singh, became the Company’s Chief Technology Officer.
Previous wording
On July 4, 2025, the President signed into law significant federal tax legislation, H.R.1 (the “Tax Reform Act of 2025”). The legislation includes numerous changes to U.S. corporate income tax law, including but not limited to: permanent 100% bonus depreciation for qualified property, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest expense, increased Section 179 expensing limits, changes to the international tax regime, and expanded limitations on the deductibility of executive compensation under IRC Section 162(m). Most provisions are effective for tax years beginning after December 31, 2024, with certain transition rules and exceptions. The Company is currently evaluating the impact of the Tax Reform Act of 2025 on its condensed consolidated financial statements. The effects of the new law, including remeasurement of deferred tax assets and liabilities and changes to current and future tax expense, will be reflected in the period of enactment and in future periods as the Company completes its analysis.
Current wording
On July 4, 2025, the President signed into law significant federal tax legislation, H.R.1 (the “Tax Reform Act of 2025”). The legislation includes numerous changes to U.S. corporate income tax law, including but not limited to: permanent 100% bonus depreciation for qualified property, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest expense, increased Section 179 expensing limits, changes to the international tax regime, and expanded limitations on the deductibility of executive compensation under IRC Section 162(m). While the Tax Reform Act of 2025 introduces significant U.S. income tax provisions, given the Company’s ongoing losses and historical NOLs, the Company does not anticipate significant change to its U.S. federal cash tax payments for the remainder of 2025 and near future thereafter, until it reaches a sight of profitability. Therefore, the Tax Reform Act of 2025 does not have material impact on the Company’s condensed consolidated financial statements, with exception of the related disclosures to the valuation allowance for the deferred tax assets recorded in the consolidated financial statements as of December 31, 2025.
Previous wording
●Fleet Management. We offer Fleet Management applications, targeted at commercial, municipal, and federal fleets for planning, managing, and optimizing their departure schedules and energy costs. Our Fleet Management applications can be used as standalone tools or integrated into existing fleet management solutions, which allows Blink to be a flexible and value-added solution within existing software stacks.
Current wording
●Fleet Management. We offer Energy Management System (EMS) to fleets to optimize their energy costs. Our EMS solution can be integrated into existing charger and fleet management solutions, which allows Blink to be a flexible and value-added solution within existing software stacks.
Previous wording
As of June 30, 2025, the Company had cash and cash equivalents of $25,318, compared to $41,774 in cash and cash equivalents and $13,630 in marketable securities as of December 31, 2024, representing a decrease of $30,086 in available liquidity due to ongoing operating losses, working capital requirements, and limited cash inflows from operations.
Current wording
As of September 30, 2025, the Company had cash and cash equivalents of $23,110 compared to $41,774 in cash and cash equivalents and $13,630 in marketable securities as of December 31, 2024, representing a decrease of $32,294 in available liquidity due to ongoing operating losses, working capital requirements, and limited cash inflows from operations.
Previous wording
Three and Six Months Ended June 30, 2025 Compared With Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared With Three and Nine Months Ended September 30, 2024
Previous wording
Revenue from product sales was $22,889 for the six months ended June 30, 2025 as compared to $51,090 during the six months ended June 30, 2024, a decrease of $28,201, or 55%. This decrease was attributable to decreased sales of commercial chargers, DC fast chargers and residential chargers when compared to the same period in 2024.
Current wording
Revenue from product sales was $13,035 for the three months ended September 30, 2025 as compared to $13,448 during the three months ended September 30, 2024, a decrease of $413, or 3%. This decrease was attributable to the mix of products and shipment priorities by the customers when compared to the same period in 2024.
Previous wording
Charging service revenue from Company-owned charging stations was $7,691 for the three months ended June 30, 2025 as compared to $4,936 for the three months ended June 30, 2024, an increase of $2,755 or 56%. The increase is due to the increase in utilization of chargers and an increased number of chargers on the Blink Networks.
Current wording
Charging service revenue from Company-owned charging stations was $7,758 for the three months ended September 30, 2025 as compared to $5,254 for the three months ended September 30, 2024, an increase of $2,504 or 48%. The increase is due to the increased number of chargers on the Blink Networks.
Previous wording
Network fee revenues were $2,954 for the three months ended June 30, 2025 as compared to $1,907 for the three months ended June 30, 2024, an increase of $1,047, or 55%. The increase was attributable to increases in host owned units during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.
Current wording
Network fees revenues were $2,874 for the three months ended September 30, 2025 as compared to $2,332 for the three months ended September 30, 2024, an increase of $542, or 23%. The increase was attributable to increases in host owned units during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.
Previous wording
Warranty revenues were $1,582 for the three months ended June 30, 2025 as compared to $1,340 for the three months ended June 30, 2024, an increase of $242, or 18%. The increase was primarily attributable to an increase in warranty contracts sold for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. As of June 30, 2025, we recorded a liability of $553 which represents the estimated cost of existing backlog of warranty cases.
Current wording
Warranty revenues were $1,486 for the three months ended September 30, 2025 as compared to $1,405 for the three months ended September 30, 2024, an increase of $81, or 6%. The increase was primarily attributable to an increase in warranty contracts sold for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. As of September 30, 2025, we recorded a liability of $1,548 which represents the estimated cost of existing backlog of warranty cases.
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, 2025 were $26,573 as compared to $22,549 for the three months ended June 30, 2024, an increase of $4,024 or 18%. There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:
Current wording
Cost of revenues primarily consists of the cost to manufacture or procure DC fast or L-2 chargers, charger installations, 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, 2025 were $17,364 as compared to $16,068 for the three months ended September 30, 2024, an increase of $1,296 or 8%. There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:
Previous wording
Cost of charging services (electricity reimbursements) increased by $567, or 115%, to $1,062 for the three months ended June 30, 2025 as compared to $495 for the three months ended June 30, 2024. The increase in 2025 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement.
Current wording
Cost of charging services (electricity reimbursements) increased by $630, or 87%, to $1,354 for the three months ended September 30, 2025 as compared to $724 for the three months ended September 30, 2024. The increase in 2025 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement.
Previous wording
Host provider fees increased by $993, or 30%, to $4,275 during the three months ended June 30, 2025 as compared to $3,282 during the three months ended June 30, 2024. This increase was a result of the increased number and mix of chargers generating revenue and their corresponding revenue share percentage payments to Property Partner hosts pursuant to their agreements.
Current wording
Host provider fees increased by $870, or 29%, to $3,852 during the three months ended September 30, 2025 as compared to $2,982 during the three months ended September 30, 2024. This increase was a result of the increased number and mix of chargers generating revenue and their corresponding revenue share percentage payments to Property Partner hosts pursuant to their agreements.
Previous wording
Warranty and repairs and maintenance costs increased by $310, or 32%, to $1,291 during the three months ended June 30, 2025 from $981 during the three months ended June 30, 2024. The increase in three months ended June 30, 2025 is attributable to higher rate of charger failures in the field and backlog of services issues related to the components. The Company is actively working with the suppliers to address the part quality concerns and implement corrective actions to reduce future failure rates.
Current wording
Warranty and repairs and maintenance costs increased by $490, or 167%, to $784 during the three months ended September 30, 2025 from $294 during the three months ended September 30, 2024. The increase for the three months ended September 30, 2025 is attributable to the outsourcing of the warranty repairs to the 3 rd parties, and alignment of the revenue with costs strategy.
Previous wording
Compensation expense decreased by $3,882 or 22%, to $13,772 (consisting of approximately $13.0 million of cash compensation and benefits and approximately $0.8 million of non-cash compensation) for the three months ended June 30, 2025. Compensation expense was $17,654 (consisting of approximately $16.7 million of cash compensation and benefits and approximately $1.0 million of non-cash compensation) for the three months ended June 30, 2024. The decrease in compensation expense for the three months ended June 30, 2025 compared to the same period in 2024 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 $3,631 or 24%, to $11,528 (consisting of approximately $11.1 million of cash compensation and benefits and approximately $0.4 million of non-cash compensation) for the three months ended September 30, 2025. Compensation expense was $15,159 (consisting of approximately $14.3 million of cash compensation and benefits and approximately $0.9 million of non-cash compensation) for the three months ended September 30, 2024. The decrease in compensation expense for the three months ended September 30, 2025 compared to the same period in 2024 was primarily related to decreases in personnel and compensation across all of the departments as a result of the BlinkForward initiative and the cost savings and synergies realized.
Previous wording
The Company recorded a loss on change in fair value of consideration payable related to the Envoy acquisition of $2,463 for the six months ended June 30, 2025 as compared to $2,447 for the six months ended June 30, 2024 due to the change in the inputs to the probability-weighted discounted cash flow model.
Current wording
The Company recorded a gain on change in fair value of consideration payable and gain on settlement related to the Envoy acquisition of $11,701 for the three months ended September 30, 2025 as compared to a loss of $364 for the three months ended September 30, 2024 due to the change in the inputs to the probability-weighted discounted cash flow model, due to settlement of the consideration payable and full satisfaction of the liability.
Previous wording
We recorded other income of $345 during the three months ended June 30, 2025 as compared to other income of $754 for the three months ended June 30, 2024. The decrease in other income was primarily related to a decrease in dividend and interest income of $534 during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Current wording
We recorded other income of $159 during the three months ended September 30, 2025 as compared to other income of $819 for the three months ended September 30, 2024. The decrease in other income was primarily related to a decrease in dividend and interest income of $638 during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, and as a result of the depletion of the cash and cash equivalents invested in money market funds and other interest bearing programs.
Previous wording
Our total comprehensive loss for the three months ended June 30, 2025 was $32,638 whereas our total comprehensive loss for the three months ended June 30, 2024 was $20,459.
Current wording
Our total comprehensive income for the three months ended September 30, 2025 was $6,707 whereas our total comprehensive loss for the three months ended September 30, 2024 was ($84,790).
Previous wording
Total revenue for the three months ended June 30, 2025 decreased by $4,595, or 14%, to $28,667 compared to $33,262 during the three months ended June 30, 2024.
Current wording
Total revenue for the nine months ended September 30, 2025 decreased by $19,566, or 20%, to $76,451 compared to $96,017 during the nine months ended September 30, 2024.
Previous wording
Revenue from product sales was $14,508 for the three months ended June 30, 2025 as compared to $23,582 during the three months ended June 30, 2024, a decrease of $9,074, or 38%. This decrease was attributable to decreased sales of commercial chargers, DC fast chargers and residential chargers when compared to the same period in 2024.
Current wording
Revenue from product sales was $35,924 for the nine months ended September 30, 2025 as compared to $64,538 during the nine months ended September 30, 2024, a decrease of $28,614, or 44%. This decrease was attributable to decreased sales of commercial chargers, DC fast chargers and residential chargers when compared to the same period in 2024.
Previous wording
Charging service revenue from Company-owned charging stations was $14,471 for the six months ended June 30, 2025 as compared to $9,963 for the six months ended June 30, 2024, an increase of $4,508, or 45%. The increase is due to the increase in utilization of chargers and an increased number of chargers on the Blink Networks.
Current wording
Charging service revenue from Company-owned charging stations was $22,229 for the nine months ended September 30, 2025 as compared to $15,217 for the nine months ended September 30, 2024, an increase of $7,012, or 46%. The increase is due to the increase in number of chargers on the Blink Networks.
Previous wording
Network fee revenues were $5,580 for the six months ended June 30, 2025 as compared to $3,972 for the six months ended June 30, 2024, an increase of $1,608, or 40%. The increase was attributable to increases in host owned units during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.
Current wording
Network fee revenues were $8,454 for the nine months ended September 30, 2025 as compared to $6,304 for the nine months ended September 30, 2024, an increase of $2,150, or 34%. The increase was attributable to increases in host owned units during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.
Previous wording
Warranty revenues were $2,537 for the six months ended June 30, 2025 as compared to $2,293 for the six months ended June 30, 2024, an increase of $244, or 11%. The increase was primarily attributable to an increase in warranty contracts sold for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. As of June 30, 2025, we recorded a liability of $553 which represents the estimated cost of existing backlog of warranty cases.
Current wording
Warranty revenues were $4,023 for the nine months ended September 30, 2025 as compared to $3,698 for the nine months ended September 30, 2024, an increase of $325, or 9%. The increase was primarily attributable to an increase in warranty contracts sold for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. As of September 30, 2025, we recorded a liability of $1,548 which represents the estimated cost of existing backlog of warranty cases.
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, 2025 were $39,958 as compared to $46,698 for the six months ended June 30, 2024, a decrease of $6,740 or 14%. There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:
Current wording
Cost of revenues primarily consists of the cost to manufacture or procure DC fast or L-2 chargers, charger installations, 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, 2025 were $57,322 as compared to $62,766 for the nine months ended September 30, 2024, a decrease of $5,444 or 9%. There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:
Previous wording
Cost of product sales decreased by $8,259, or 27%, from $30,843 for the six months ended June 30, 2024 as compared to $22,584 for the six months ended June 30, 2025. The decrease was primarily due to the decrease in product sales, and coupled with the increase for the adjustment for excess and obsolete inventory in the amount of $6,427 during the six months ended June 30, 2025, the adjustment for excess and obsolete inventory was comprised of inventory write-offs of $4,571 and $1,856 related to the write-off of older, incomplete proposed charger deployments. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $4,030 during the six months ended June 30, 2025. Compared to the same period in 2024, the total cost of product sales was $16,157 for the six months ended June 30, 2025. This represents a decrease of $14,686, or 48% compared to the same period in 2024, absent the impact of the adjustment for excess and obsolete inventory.
Current wording
Cost of product sales decreased by $9,394, or 24%, from $39,965 for the nine months ended September 30, 2024 as compared to $30,571 for the nine months ended September 30, 2025. The decrease was primarily due to the decrease in product sales, and the mix in business between the DC fast chargers and L-2 chargers, and variability in installation costs, partially offset by the increase for the adjustment for excess and obsolete inventory in the amount of $6,768 during the nine months ended September 30, 2025, the adjustment for excess and obsolete inventory was comprised of inventory write-offs of $4,571 and $2,197 related to the write-off of older, incomplete proposed charger deployments. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $4,131 during the nine months ended September 30, 2025. Absent the impact of the adjustments for excess and obsolete inventory and the write-off of older, incomplete charger deployment proposals, the total cost of product sales was $23,803 for the nine months ended September 30, 2025. This represents a decrease of $16,162, or 40% compared to the same period in 2024.
Previous wording
Cost of charging services (electricity reimbursements) increased by $766, or 64%, to $1,966 for the six months ended June 30, 2025 as compared to $1,200 for the six months ended June 30, 2024. The increase in 2025 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement.
Current wording
Cost of charging services (electricity reimbursements) increased by $1,396, or 73%, to $3,320 for the nine months ended September 30, 2025 as compared to $1,924 for the nine months ended September 30, 2024. The increase in 2025 was attributable to the increased number and mix of charging stations generating charging service revenues subject to electricity reimbursement.
Previous wording
Host provider fees increased by $1,603, or 25%, to $7,927 during the six months ended June 30, 2025 as compared to $6,324 during the six months ended June 30, 2024. This increase was a result of the increased number and mix of chargers generating revenue and their corresponding revenue share percentage payments to Property Partner hosts pursuant to their agreements.
Current wording
Host provider fees increased by $2,473, or 27%, to $11,779 during the nine months ended September 30, 2025 as compared to $9,306 during the nine months ended September 30, 2024. This increase was a result of the increased number and mix of chargers generating revenue and their corresponding revenue share percentage payments to Property Partner hosts pursuant to their agreements.
Previous wording
Network costs decreased by $140 or 11%, to $1,099 during the six months ended June 30, 2025 as compared to $1,239 during the six months ended June 30, 2024. The decrease was a result of the change to the more cost-effective provider of the network facility.
Current wording
Network costs decreased by $90 or 5%, to $1,726 during the nine months ended September 30, 2025 as compared to $1,816 during the nine months ended September 30, 2024. The decrease was a result of the change to the more cost-effective provider of the network facility.
Previous wording
Warranty and repairs and maintenance costs increased by $545, or 34%, to $2,131 during the six months ended June 30, 2025 from $1,586 during the six months ended June 30, 2024. The increase in 2025 was attributable to significant efforts expended to reduce the backlog in warranty and repairs and maintenance cases in the field.
Current wording
Warranty and repairs and maintenance costs increased by $1,035, or 55%, to $2,915 during the nine months ended September 30, 2025 from $1,880 during the nine months ended September 30, 2024. The increase in 2025 was attributable to significant efforts expended to reduce the backlog in warranty and repairs and maintenance cases in the field, and also in a strategic move to outsource the warranty and repairs services.
Previous wording
Depreciation and amortization expense decreased by $409 or 25%, to $1,207 for the three months ended June 30, 2025 as compared to $1,616 for the three months ended June 30, 2024. 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.
Current wording
Depreciation and amortization expense decreased by $752, or 16%, to $3,821 for the nine months ended September 30, 2025 as compared to $4,573 for the nine months ended September 30, 2024. 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.
Previous wording
Compensation expense decreased by $5,290, or 16%, to $27,321 (consisting of approximately $25.5 million of cash compensation and benefits and approximately $1.8 million of non-cash compensation) for the six months ended June 30, 2025. Compensation expense was $32,611 (consisting of approximately $30.6.0 million of cash compensation and benefits and approximately $2.0 million of non-cash compensation) for the six months ended June 30, 2024. The decrease in compensation expense for the six months ended June 30, 2024 compared to the same period in 2023 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 $8,921, or 19%, to $38,849 (consisting of approximately $36.9 million of cash compensation and benefits and approximately $2.0 million of non-cash compensation) for the nine months ended September 30, 2025. Compensation expense was $47,770 (consisting of approximately $44.8 million of cash compensation and benefits and approximately $3.0 million of non-cash compensation) for the nine months ended September 30, 2024. The decrease in compensation expense for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily related to decreases in personnel and compensation across all of the departments as a result of the BlinkForward initiative and the cost savings and synergies realized.
Previous wording
General and administrative expenses increased by $4,870, or 31%, to $20,680 for the six months ended June 30, 2025 as compared to $15,810 for the six months ended June 30, 2024. The increase was primarily attributable to the difference in the credit loss reserve of $6,219, offset primarily by decreases in legal expenses of $912 and marketing expenditure of $325.
Current wording
General and administrative expenses increased by $2,353, or 10%, to $26,135 for the nine months ended September 30, 2025 as compared to $23,782 for the nine months ended September 30, 2024. The increase was primarily attributable to the difference in the credit loss reserve of $3,367, offset primarily by decreases in various professional services expenses of $1,247.
Previous wording
Other operating expenses increased by $893, or 8%, to $12,289 for the six months ended June 30, 2025 from $11,396 for the six months ended June 30, 2024. The increase was primarily attributable to the assets impairment in the amount of $1,732, offset by the decrease in $731 attributable to website, and various employee-related engagement expenditures.
Current wording
Other operating expenses increased by $742, or 5%, to $16,877 for the nine months ended September 30, 2025 from $16,135 for the nine months ended September 30, 2024. The increase was primarily attributable to the assets impairment in the amount of $1,620, offset by the decrease in $672 attributable tosoftware development and professional services infrastructure projects, andother various consulting engagement expenditures.
Previous wording
The Company recorded a loss on change in fair value of consideration payable related to the Envoy acquisition of $1,784 for the three months ended June 30, 2025 as compared to $747 for the three months ended June 30, 2024 due to the change in the inputs to the probability-weighted discounted cash flow model.
Current wording
The Company recorded a gain on change in fair value of consideration payable and gain on settlement related to the Envoy acquisition of $9,238 for the nine months ended September 30, 2025 as compared to $2,811 for the nine months ended September 30, 2024 due to the change in the inputs to the probability-weighted discounted cash flow model.
Previous wording
We recorded other income of $746 during the six months ended June 30, 2025 as compared to $1,092 for the six months ended June 30, 2024. The decrease in other income was primarily related to a decrease of $842 in dividend and interest income, partially offset by a change in interest income of $488.
Current wording
We recorded other income of $905 during the nine months ended September 30, 2025 as compared to $1,911 for the nine months ended September 30, 2024. The decrease in other income was primarily related to a decrease of $1,480 in dividend and interest income, partially offset by a change in interest income of $503, and as a result of the depletion of the cash and cash equivalents invested in money market funds and other interest bearing programs.
Previous wording
Our total comprehensive loss for the six months ended June 30, 2025 was $50,594 whereas our total comprehensive loss for the six months ended June 30, 2024 was $38,869.
Current wording
Our total comprehensive loss for the nine months ended September 30, 2025 was $43,887 whereas our total comprehensive loss for the nine months ended September 30, 2024 was $123,659.
Previous wording
During the six months ended June 30, 2025, 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, 2025, 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.
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Previous report — wording carried elsewhere
Cost of product sales increased by $2,795 or 20%, from $14,241 for the three months ended June 30, 2024 as compared to $17,036 for the three months ended June 30, 2025. The increase was primarily due theadjustment for excess and obsolete inventoryinthe amount of $6,427 during the three months ended June 30, 2025 compared to the same period in 2024, the adjustment for excess and obsolete inventory was comprised of inventory write-offs of $4,571 and $1,856 related to the write-off of older, incomplete charger deployment proposals. Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856 during the three months ended June 30, 2025. Absent the impact of the provisionfor excess and obsolete inventory, the cost of product during the three months ended June 30, 2025 would have been $10,609, a decrease of $3,632 as a result of the decrease in product sales compared to the same period in 2024.
Previous report — wording carried elsewhere
Depreciation and amortization expense decreased by $860, or 26%, to $2,500 for the six months ended June 30, 2025 as compared to $3,360 for the six months ended June 30, 2024. 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.