Blink Charging Co.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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.
Mar 31, 2026 · Filed May 11, 2026
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 2025-09-30; filed 2025-11-07.
0001493152-25-021197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001493152-26-022266
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 114 previous paragraphs and 72 current paragraphs.
24 unchanged; 22 reworded; 23 added; 66 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 6 previous and 5 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 (23)
Current report
BlinkForward Initiative
Current report
In May 2025, we announced the BlinkForward Initiative 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 approximately 296 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 experience efforts. The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house. Additionally, we focused on expansion of our DC Fast Charging network through deployment of high-speed chargers in strategic, high-utilization locations. As a part of this focus, we launched a capital raise process and completed an underwritten registered public offering of 26,666,666 shares of common stock at a public offering price of $0.75 per share, raising gross proceeds of $20,000, less underwriting discounts and offering expenses of $1,474, for net proceeds of $18,526, in December 2025.
Current report
As a part of the BlinkForward Initiative announced in May 2025, the Company shifted to contract manufacturing for its EV hardware, to focus on Blink’s intellectual property and service, while reducing overhead. The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house. In connection with the transition, the Company entered into a sublease of its former manufacturing facility located in Bowie, Maryland from in January 2026 through March 2031.
Current report
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 approximately 296 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 report
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 report
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 report
Since inception, our operations have primarily been funded through proceeds received in equity and debt financings. We believe we have access to capital resources and continue to evaluate additional financing opportunities. There is no assurance that we will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds we might raise will enable us to complete our EV charging development initiatives or attain profitable operations.
Current report
Service revenue was $12,230 for the three months ended March 31, 2026 as compared to $9,506 for the three months ended March 31, 2025, an increase of $2,724, or 29%, primarily due to the increase in Company owned chargers generating charging revenue, and the increase in the number of chargers in the Blink Network, which resulted in an increase in network fees. Service revenue includes charging service revenue, network fees, warranty revenue and grants and rebates.
Current report
Car-sharing services revenues were $1,119 during the three months ended March 31, 2026 as compared to $1,175 during the three months ended March 31, 2025, a decrease of $56, or 5%.
Current report
Other revenue decreased by $421, or 25%, to $1,236 for the three months ended March 31, 2026 as compared to $1,657 for the three months ended March 31, 2025 primarily due to the reduction in warranty revenue and the timing of certain revenue transactions.
Current report
Cost of product was $3,723 for the three months ended March 31, 2026 as compared to $5,548 for the three months ended March 31, 2025, a decrease of $1,825, or 33%, which is primarily attributable to a decreased number of chargers being sold during the current quarter.
Current report
Cost of service was $7,379 for the three months ended March 31, 2026 as compared to $5,281 for the three months ended March 31, 2025, an increase of $2,098, or 40%, primarily due to the increase in cost of energy and network expenses. Cost of service includes electricity reimbursements, host provider fees, network costs and warranty and repairs and maintenance costs.
Current report
Cost of other revenues was $809 for the three months ended March 31, 2026 as compared to $840 for the three months ended March 31, 2025, a decrease of $31, or 4%.
Current report
Cost of car-sharing services was $1,034 for the three months ended March 31, 2026 as compared to $685 for the three months ended March 31, 2025, an increase of $349, or 51%, due to the timing of certain non-periodic expenses.
Current report
Depreciation and amortization expense decreased by $100, or 8%, to $1,195 for the three months ended March 31, 2026, as compared to $1,295 for the three months ended March 31, 2025, due to the timing of grants earned, which offset depreciation expense in cost of revenues.
Current report
General and administrative expenses decreased by $4,249, or 48%, to $4,619 for the three months ended March 31, 2026 as compared to $8,868 for the three months ended March 31, 2025. This decrease is primarily attributable to the termination of certain research and consulting activities after the quarter ended March 31, 2025, as well as the decrease in amortization expense and provision for expected credit losses.
Current report
The Company recorded no change in the fair value of consideration payable related to the Envoy acquisition during the three months ended March 31, 2026 since this obligation was fully settled during the third quarter of 2025.
Current report
Other Income
Current report
Total other income, net, decreased by $159, or 40%, to $242 for the three months ended March 31, 2026 as compared to $401 for the three months ended March 31, 2025. The decrease was primarily attributable to a decrease in dividend and interest income of $193 (to $262 from $455), partially offset by a $36 decrease in interest expense (to $20 from $56).
Current report
Total Comprehensive Loss
Current report
During the three months ended March 31, 2026, net cash used in financing activities was $10, consisting of repayments of finance lease obligations. During the three months ended March 31, 2025, net cash provided by financing activities was $883, consisting of $891 in proceeds from the sale of common stock, partially offset by $8 of finance-lease repayments.
Current report
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 report
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expense, and the related disclosures. We base our estimates on historical experience and on assumptions that we believe are reasonable under the circumstances; actual results may differ from these estimates.
Removed paragraphs (66)
Previous report
Envoy Technologies, Inc.
Previous report
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 report
***Acquisition
Previous report
***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 report
Tax Law Change
Previous report
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 report
●Level 2. We offer a wide range of Level 2 (AC) EV charging equipment, ideal for commercial and residential use, with the North American standard J1772 connector, the North American Charging Standard (NACS) connector, and the Type 2 connector compatible with electric vehicles in Europe and across Latin America.
Previous report
● Our commercial Level 2 chargers consist of the EQ, HQ, MQ, and IQ 200 families and the Series 4, 6, 7, and 8 families, which are available in pedestal, wall mount, and pole mount configurations. The MQ and IQ 200, along with the Series 6, 7, and 8 chargers offer an optional cable management system. Additionally, we offer three residential Level 2 chargers for the Americas: the wall-mounted HQ 200, Series 4, and a smart charging cable, the PQ 150, designed for European markets. Our commercial and residential chargers (except the non-networked HQ 150) can connect to the Blink Networks or a local network. Level 2 charging stations typically provide a full charge in two to eight hours. Level 2 chargers are ideally suited for low-cost installations and frequently used parking locations, such as workplaces, multifamily residential, retail, hospitality, and mixed-use, parking garages, municipalities, colleges/schools, hospitals and airports.
Previous report
●International Products. We offer Level 2 AC and DC products for the rapidly expanding international markets targeted at the residential, workplace, retail, parking garages, leasing companies, hospitality, and other locations. These products are available with the Type 2, GBT, and CCS 2 connectors and include the PQ 150, Series 3 (an ideal product for the 2/3-wheeled vehicles), and the EQ 200.
Previous report
●Mobile Charger. We offer the HQ 200-M Level 2 charger for the mobile/emergency charging market which requires a portable charger to be used for roadside or other use cases where a connection to the electricity grid is not available.
Previous report
●DCFC. We offer a complete line of DC Fast Charging equipment (“DCFC”) that ranges from 30kW to 360kW, supports the ‘CHAdeMo’, CCS1, and NACS connectors, and typically provide an 80% charge in less than 30 minutes. Installation of DCFC stations and grid requirements are typically greater than Level 2 charging stations and are ideally suited for transportation hubs and locations between travel destinations. These include the Series 9 30kW DC Fast Charger that works ideally for the fleet and auto dealership segments and is available in wall and pedestal mount configurations, the Blink 30kW DC Fast Charger that boasts a small footprint providing up to 100 amps of output, and the Blink 60kW – 360kW DC Fast Charger that provides from 140 to 500 amps of power
Previous report
●Blink Network. The Blink Network is a cloud-based platform that manages our network of EV chargers around the world for remote monitoring, management, payment processing, customer support, and other features required for operating the Blink Networks of EV charging locations
Previous report
●Blink Charging Mobile App. We offer Blink Charging Mobile Apps (iOS and Android) that provide EV drivers control by giving them improved search capabilities which allows them to search for nearby amenities, as well as chargers by zip-codes, city, business, category, or address, and expanded keyword search. The app also includes payment functionality, eliminating the need for a credit card.
Previous report
●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 report
Absent a near-term capital infusion or significant improvement in cash flow from operations, the Company expects that its current cash resources will be insufficient to fund operations for the next twelve months. As such, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern within one year from the date of issuance of these financial statements.
Previous report
Management is actively evaluating strategic alternatives, including additional cost-reduction initiatives, asset sales, and potential restructuring or fundraising opportunities. However, there can be no assurance that any of these efforts will result in additional liquidity or resolve the Company’s current financial challenges.
Previous report
Three and Nine Months Ended September 30, 2025 Compared With Three and Nine Months Ended September 30, 2024
Previous report
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 report
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 report
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 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.
Previous report
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 report
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 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.
Previous report
The costs remained relatively consistent for the three months ended September 30, 2025, despite the increase in revenue. The additions of the new chargers do not drive proportionally the increase in network costs, and this performance is aligned with our long-term strategy to improve margins and move toward profitability as we grow network fees revenue.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous report
Other Income (Expense)
Previous report
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 report
Total Comprehensive Income (Loss)
Previous report
Nine Months Ended September 30, 2025 Compared With Nine Months Ended September 30, 2024
Previous report
Revenues
Previous report
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 report
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 report
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 report
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 report
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.
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Reworded paragraphs (22)
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 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.
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 March 31, 2026 and for the three months ended March 31, 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 and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 31, 2026. 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, 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 electric vehicle supply equipment (“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
We are a leading owner, operator, 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 Network and Blink EV charging equipment, also known as EVSE, and other EV-related services. The Blink Network is 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 Network provides 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 Network also provides EV drivers with vital station information, including station location, availability, and fees (as applicable).
Previous wording
We also own and operate EV car-sharing programs through our wholly owned subsidiary, Blink Mobility. These programs allow customers to share electric vehicles through subscription services and charge those cars through our charging stations.
Current wording
We also own and operate EV car-sharing programs through our wholly owned subsidiary, Envoy Mobility, Inc. These programs allow customers to share electric vehicles through subscription services and charge those cars through our charging stations.
Previous 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.
Current wording
As of March 31, 2026, there were approximately 47,559 chargers connected to the Blink Network. Of those, approximately 44,491 were Level 2 commercial chargers and approximately 1,964 DCFC were commercial chargers. Included on Blink Network are approximately 6,745 chargers owned by us. Another estimated 23,700 units were non-networked, on other networks, international sales, or deployments.
Previous wording
Competition- The EV charging equipment and service market is highly competitive, and we expect the market to become increasingly competitive as new entrants enter this growing market. Our products and services compete on product performance and features, the total cost of ownership, origin of manufacturing, sales capabilities, financial stability, brand recognition, product reliability, and the installed base’s size. Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. If our market share decreases due to increased competition, its revenue and ability to generate profits in the future may be impacted.
Current wording
Competition- The EV charging equipment and service market is highly competitive, and we expect the market to become increasingly competitive as new entrants enter this growing market. Our products and services compete on product performance and features, the total cost of ownership, origin of manufacturing, sales capabilities, financial stability, brand recognition, product reliability, customer experience, and the installed base’s size. Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. If our market share decreases due to increased competition, the Company’s revenue and ability to generate profits in the future may be impacted.
Previous wording
Growth- Our growth is highly dependent upon the adoption by consumers of EVs, and we are subject to a risk of any reduced demand for EVs. The market for alternative fuel vehicles is still relatively new, rapidly evolving, characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements, long development cycles for EV original equipment manufacturers, and changing consumer demands and behaviors. Factors that may influence the purchase and use of alternative fuel vehicles, and specifically EVs, include perceptions about EV quality, safety (in particular with respect to battery chemistries), design, performance and cost; the limited range over which EVs may be driven on a single battery charge and concerns about running out of power while in use; improvements in the fuel economy of the internal combustion engine; consumers’ desire and ability to purchase a luxury automobile or one that is perceived as exclusive; the environmental consciousness of consumers; volatility in the cost of oil and gasoline; consumers’ perceptions of the dependency of the United States on oil from unstable or hostile countries and the impact of international conflicts; government regulations and economic incentives promoting fuel efficiency and alternate forms of energy; access to charging stations, standardization of EV charging systems and consumers’ perceptions about convenience and cost to charge an EV; and the availability of tax and other governmental incentives to purchase and operate EVs or future regulation requiring increased use of nonpolluting vehicles. If the market for EVs does not gain broad market acceptance or develops slower than we expect, our business, prospects, financial condition and operating results may be adversely affected.
Current wording
Growth - Our growth is highly dependent upon the adoption by consumers of EVs, and we are subject to a risk of any reduced demand for EVs. The market for electric vehicles is still relatively new, rapidly evolving, characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements, long development cycles for EV original equipment manufacturers, and changing consumer demands and behaviors. Factors that may influence the purchase and use of electric vehicles, include perceptions about EV quality, safety (in particular with respect to battery chemistries), design, performance, and cost; the limited range over which EVs may be driven on a single battery charge and concerns about running out of power while in use; improvements in the fuel economy of the internal combustion engine; consumers’ desire and ability to purchase a luxury automobile or one that is perceived as exclusive; the environmental consciousness of consumers; volatility in the cost of oil and gasoline; consumers’ perceptions of the dependency of the United States on oil from unstable or hostile countries and the impact of international conflicts; government regulations and economic incentives promoting fuel efficiency and alternate forms of energy; access to charging stations, standardization of EV charging systems and consumers’ perceptions about convenience and cost to charge an EV; and the availability of tax and other governmental incentives to purchase and operate EVs and future regulation requiring increased use of zero emissions vehicles. If the market for EVs does not gain broad market acceptance or develops slower than we expect, our business, prospects, financial condition and operating results may be adversely affected.
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 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 the operations would be negatively impacted.
Previous 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.
Current wording
As of March 31, 2026, the Company had cash and cash equivalents of $37,991 compared to $39,568 in cash and cash equivalents as of December 31, 2025, representing a decrease of $1,577 in available liquidity due to ongoing operating losses and working capital requirements.
Previous 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.
Current wording
As reflected in our condensed consolidated financial statements as of March 31, 2026, we had cash and cash equivalents of $37,991, working capital of $14,210 and an accumulated deficit of $833,989. During the three months ended March 31, 2026, we incurred a net loss of $11,563. We have not yet achieved profitability.
Previous wording
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 wording
Total revenue for the three months ended March 31, 2026 increased by $61, or less than 1%, to $20,779 compared to $20,718 during the three months ended March 31, 2025, primarily due to the decrease in product revenue, offset by the increase in charging revenue.
Previous 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.
Current wording
Revenue from product sales was $6,194 for the three months ended March 31, 2026 as compared to $8,380 during the three months ended March 31, 2025, a decrease of $2,186, or 26%. This decrease was attributable to the decrease in the number of chargers sold when compared to the same period in 2025.
Previous 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:
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 other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the three months ended March 31, 2026 were $14,140 as compared to $13,649 for the three months ended March 31, 2025, an increase of $491, or 4%, due to the decrease in cost of product revenue, which is offset by the increase in cost of service revenue and cost of car-sharing revenue.
Previous 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.
Current wording
Compensation expense decreased by $3,391, or 25%, to $10,163 (consisting of approximately $8.9 million of cash compensation and benefits and approximately $1.3 million of non-cash compensation) for the three months ended March 31, 2026. Compensation expense was $13,554 (consisting of approximately $12.6 million of cash compensation and benefits and approximately $1.0 million of non-cash compensation) for the three months ended March 31, 2025. This decrease 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
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 wording
Other operating expenses decreased by $1,716, or 32%, to $3,633 for the three months ended March 31, 2026 from $5,349 for the three months ended March 31, 2025, primarily due to the decrease in insurance expense, rent and software expense.
Previous wording
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 wording
Our net loss for the three months ended March 31, 2026 decreased by $9,445, or 45%, to $11,563 as compared to $21,008 for the three months ended March 31, 2025. The decrease in net loss was primarily attributable to a decrease in operating expenses.
Previous 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).
Current wording
Our total comprehensive loss for the three months ended March 31, 2026 was $11,796, whereas our total comprehensive loss for the three months ended March 31, 2025 was $18,210, a decrease of $6,414, or 35%. The change reflects the decrease in net loss for the period, and foreign currency translation adjustments of ($233) and $2,798 for the three months ended March 31, 2026 and 2025, respectively.
Previous 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.
Current wording
During the three months ended March 31, 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.
Previous wording
For the nine months ended September 30, 2025 and 2024, we used cash of $31,540 and $34,830, respectively, in operations. Our cash use for the nine months ended September 30, 2025 was primarily attributable to our net loss of $52,752 adjusted for net non-cash expenses in the aggregate amount of $19,552, partially offset by $1,660 of net cash provided by changes in the levels of operating assets and liabilities. Our cash use for the nine months ended September 30, 2024, was primarily attributable to our net loss of $124,621, adjusted for net non-cash expenses in the aggregate amount of $89,612, partially offset by $179 of net cash provided by changes in the levels of operating assets and liabilities.
Current wording
For the three months ended March 31, 2026, net cash provided by operating activities was $671, as compared to net cash used in operating activities of $13,026 for the three months ended March 31, 2025. Cash provided by operations for the three months ended March 31, 2026 was attributable to our net loss of $11,563, adjusted for net non-cash expenses in the aggregate amount of approximately $4,419, plus approximately $7,815 of net cash provided by changes in the levels of operating assets and liabilities. Cash used in operations for the three months ended March 31, 2025 was primarily attributable to our net loss of $21,008, adjusted for net non-cash expenses in the aggregate amount of approximately $5,645, and approximately $2,337 of net cash provided by changes in the levels of operating assets and liabilities.
Previous wording
During the nine months ended September 30, 2025, net cash provided by investing activities was $11,168 of which $13,360 was provided by the sale of marketable securities and $223 was provided by the sale of an equity method investment, $1,952 was provided by proceeds from government grants, offset by $207 was used as cash consideration for 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. During the nine months ended September 30, 2024, net cash used in investing activities was $3,946 of which $9,577 was used to purchase charging stations and other fixed assets and $161 related to the capitalization of certain engineering costs, $958 was used in the purchase of marketable securities, offset by proceeds from sales of marketable securities of $6,750.
Current wording
During the three months ended March 31, 2026, net cash used in investing activities was $1,661, consisting of $1,632 related to purchases of charging stations and other fixed assets and $29 related to the capitalization of engineering costs. During the three months ended March 31, 2025, net cash provided by investing activities was $12,370, consisting of $13,630 provided by the sale of marketable securities, partially offset by $1,087 used to purchase charging stations and other fixed assets and $173 used for capitalized engineering costs.
Previous wording
As of September 30, 2025, we had cash and cash equivalents, working capital and an accumulated deficit of $23,110, $36,752 and $788,607, respectively. During the three and nine months ended September 30, 2025, we had a net loss of $86 and $52,752, respectively.
Current wording
As of March 31, 2026, we had cash and cash equivalents, working capital and an accumulated deficit of $37,991, $14,210, and $833,989, respectively. During the three months ended March 31, 2026, we had a net loss of $11,563 and generated $671 of cash from 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.
Previous wording
We have operating and finance lease obligations over the next five years of approximately $7,637. These operating lease and financing lease obligations are primarily related to corporate office space, warehousing, and parking spaces related to our car-sharing services.
Current wording
We have operating and finance lease obligations over the next five years of approximately $7,130. These operating lease and financing lease obligations are primarily related to corporate office space, warehousing, and parking spaces related to our car-sharing services.
Previous wording
Our accounting policies are more fully described in Note 2 – Summary of Significant Accounting Policies, in our financial statements included elsewhere in this quarterly report. For a comprehensive list of our critical accounting estimates, refer to Part II, Item 7, Critical Accounting Estimates in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting policies and estimates since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024 except as described below.
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.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report — wording carried from elsewhere
Three Months Ended March 31, 2026 Compared With Three Months Ended March 31, 2025
Current report — wording carried from elsewhere
There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.