Blink Charging Co.
For the period ended Jun 30, 2025. Filed Aug 18, 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.
Jun 30, 2025 · Filed Aug 18, 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 2025-03-31; filed 2025-05-12.
0001641172-25-009753
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 71 previous paragraphs and 124 current paragraphs.
29 unchanged; 33 reworded; 53 added; 7 removed; 2 previous and 9 current paragraphs rearranged.
Tables are not compared: 8 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 (53)
Current report
Envoy Technologies, Inc.
Current 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.
Current report
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 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.
Current 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.
Current report
Acquisition
Current 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 driven earn-out. Shortly thereafter, Zemetric’s founder, Harmeet Singh, became the Company’s Chief Technology Officer.
Current report
Tax Law Change
Current 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). 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 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.
Current 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.
Current 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.
Current 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.
Current 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
Current 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
Current 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.
Current report
●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 report
Liquidity, Capital Resources, and Going Concern
Current report
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 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.
Current 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.
Current report
The Company has no agreements, commitments, or understandings with respect to any financing alternatives. Any equity issuance would be dilutive to stockholders.
Current report
Three and Six Months Ended June 30, 2025 Compared With Three and Six Months Ended June 30, 2024
Current 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.
Current report
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.
Current report
The costs remained relatively consistent for the three months ended June 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.
Current report
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 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.
Current 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.
Current report
Other Income (Expense)
Current report
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 report
Six Months Ended June 30, 2025 Compared With Six Months Ended June 30, 2024
Current report
Revenues
Current 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.
Current report
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 report
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 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.
Current 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.
Current report
Cost of Revenues
Current report
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.
Showing the first 40 of 53 passages. Open the source sections for the rest.
Removed paragraphs (7)
Previous report
Envoy Technologies, Inc. Direct Listing
Previous report
Car-sharing services revenues were $1,175 during the three months ended March 31, 2025 as compared to $1,097 during the three months ended March 31, 2024, an increase of $78, or 7%. The increase in revenues is due to the increase in properties and participants subscribing to the car-sharing services.
Previous report
General and administrative expenses increased by $1,065, or 14%, to $8,872 for the three months ended March 31, 2025 as compared to $7,807 for the three months ended March 31, 2024. The increase was primarily attributable to increases in accounting/auditing, credit cards fees, provision for expected credit losses and currency exchange losses of $1,958 partially offset by decreases in legal, consulting/other professional services, marketing, software licensing, recruiting, and investor/public relations of $1,110.
Previous report
Other operating expenses decreased by $1,089 or 17%, to $5,349 for the three months ended March 31, 2025 from $6,438 for the three months ended March 31, 2024. The decrease was primarily attributable to decreases in loss on disposal of assets, travel expenses, website expenses, rent, and hardware and software development costs of $2,202, partially offset by increases in insurance, software licensing and property/use tax expenditures of $1,251.
Previous report
Other Income
Previous report
Other income increased by $63 or 19% from $338 for the three months ended March 31, 2024 to $401 for the three months ended March 31, 2025. The increase in other income (expense) was primarily attributable to a decrease in interest expense of $371 and dividend and interest income of $308.
Previous report
Because of the uncertainty of the timing to achieving profitability and cash flows provided by operating activities to support the Company’s future operating needs, the above conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the time the condensed consolidated financial statements are issued. Management is undertaking, or has undertaken, several initiatives to mitigate the conditions or events that raise substantial doubt about our ability to continue as a going concern, which include the following:
Reworded paragraphs (33)
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 March 31, 2025 and for the three months ended March 31, 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 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.
Previous wording
We are a leading owner, operator, provider, and manufacturer 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 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).
Previous wording
We also own and operate EV car-sharing and ride-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, Blink Mobility. These programs allow customers to share electric vehicles through subscription services and charge those cars through our charging stations.
Previous wording
As of March 31st 2025, there were 65,772 chargers connected to the Blink networks. Of those, 64,175 were Level 2 commercial chargers and 1,597 DCFC were commercial chargers, Included on Blink networks are 7,091 chargers owned by us. Another estimated 22,676 units were non-networked, on other networks, international sales, or deployments. In total, we have deployed, contracted or sold 112,186 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 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.
Previous wording
As reflected in our condensed consolidated financial statements as of March 31, 2025, we had cash and cash equivalents of $42,024 working capital of $65,720 and an accumulated deficit of $756,562 During the three months ended March 31, 2025, we incurred a net loss of $20,707 We have not yet achieved profitability.
Current 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.
Previous wording
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. Upon approval by the SEC and Nasdaq stock market, Envoy Technologies is expected to be listed under the ticker symbol “EVOY” during the summer of 2025, subject to market and other conditions. The Company had previously planned to go public through an underwritten initial public offering.
Current wording
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 wording
Total revenue for the three months ended March 31, 2025 decreased by $16,814 or 45%, to $20,754 compared to $37,568 during the three months ended March 31, 2024.
Current 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.
Previous wording
Revenue from product sales was $8,381 for the three months ended March 31, 2025 as compared to $27,508 during the three months ended March 31, 2024, a decrease of $19,127 or 70%. This decrease was attributable to decreased unit sales and the product mix of commercial chargers, DC fast chargers and residential chargers when compared to the same period in 2024.
Current 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.
Previous wording
Charging service revenue was $6,780 for the three months ended March 31, 2025 as compared to $5,027 for the three months ended March 31, 2024, an increase of $1,753, or 35%. 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 $7,691 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.
Previous wording
Network fee revenues were $2,626 for the three months ended March 31, 2025 as compared to $2,065 for the three months ended March 31, 2024, an increase of $561, or 27%. The increase was attributable to increases in host owned units during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.
Current 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.
Previous wording
Warranty revenues were $955 for the three months ended March 31, 2025 as compared to $953 for the three months ended March 31, 2024, an increase of $2. The increase was primarily attributable to an increase in warranty contracts sold for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. During the three months ended March 31, 2025, the Company recognized net revenues for the sale of Blink warranty programs to a third party of ($19).
Current 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.
Previous wording
Grant and rebate revenues were $160 during the three months ended March 31, 2025 as compared to $583 during the three months ended March 31, 2024, a decrease of $423, or 73%. 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 March 31, 2025 and 2024.
Current wording
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 wording
Other revenue increased by $342 or 102% to $677 for the three months ended March 31, 2025 as compared to $335 for the three months ended March 31, 2024. The increase was primarily attributable to increases in transaction fees and Low Carbon Fuel Standard (LCFS) credits generated during the three months March 31, 2025 compared to the same period in 2024.
Current wording
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 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, 2025 were $13,385 as compared to $24,149 for the three months ended March 31, 2024, a decrease of $10,764 or 45%.
Current wording
Cost of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations. Cost of revenues for the three months ended 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:
Previous wording
Cost of charging services (electricity reimbursements) increased by $199, or 28%, to $904 for the three months ended March 31, 2025 as compared to $705 for the three months ended March 31, 2024. The increase in 2025 was attributable to the mix of charging stations generating charging service revenues subject to electricity reimbursement.
Current 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.
Previous wording
Host provider fees increased by $610, or 20%, to $3,652 during the three months ended March 31, 2025, as compared to $3,042 during the three months ended March 31, 2024. This increase was a result of the 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 $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.
Previous wording
Network costs decreased by $126 or 21%, to $463 during the three months ended March 31, 2025 as compared to $589 during the three months ended March 31, 2024. The decrease was a result of the decrease in expenses associated with charging stations on our network.
Current wording
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 wording
Cost of car-sharing services was $685 during the three months ended March 31, 2025 as compared to $862 during the 2024 period, a decrease of $177 or 21%. The decrease was due to a decrease in vehicles used in this operation during the period.
Current wording
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 wording
Depreciation and amortization expense decreased by $451, or 26%, to $1,293 for the three months ended March 31, 2025, as compared to $1,744 for the three months ended March 31, 2024. The change in depreciation expense was attributable to an increase in the number of EV charging stations partially offset by the amortization of grant funding related to the reimbursement associated with charging station capital expenditures.
Current 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.
Previous wording
Compensation expense decreased by $1,408, or 9%, to $13,549 (consisting of approximately $12.5 million of cash compensation and benefits and approximately $1.0 million of non-cash compensation) for the three months ended March 31, 2025. Compensation expense was $14,957 (consisting of approximately $14.1 million of cash compensation and benefits and approximately $0.9 million of non-cash compensation) for the three months ended March 31, 2024. The decrease in compensation expense for the three months ended March 31, 2025 compared to the same period in 2024 was primarily related to decreases in personnel and compensation in executive, marketing, sales and operations departments.
Current 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.
Previous wording
The Company recorded a loss on the change in fair value of consideration payable related to the Envoy acquisition of $679 during the three months ended March 31, 2025 and $1,700 for the three months ended March 31, 2024, a decrease of $1,021 or 60%. The decrease was due to the change in the inputs to the probability-weighted discounted cash flow model.
Current 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.
Previous wording
Our net loss for the three months ended March 31, 2025, increased by $3,534, or 21%, to $20,707 as compared to $17,173 the three months ended March 31, 2024. The increase was primarily attributable to an decrease in operating expenses, and partially offset by a decrease in gross profit.
Current wording
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 wording
Our total comprehensive loss for the three months ended March 31, 2025, was $17,956 whereas our total comprehensive loss for the three months ended March 31, 2024, was $18,410, a decrease of $454 or 2%.
Current 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.
Previous wording
Cost of product sales decreased by $11,054, or 67%, from $16,602 for the three months ended March 31, 2024, as compared to $5,548 for the three months ended March 31, 2025. The decrease was primarily due to the decrease in product sales of commercial chargers, DC fast chargers and home residential chargers during the three months ended March 31, 2025, compared to the same period in 2024.
Current 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.
Previous wording
Warranty and repairs and maintenance costs increased by $235, or 39%, to $840 during the three months ended March 31, 2025, from $605 during the three months ended March 31, 2024. The increase in 2025 was attributable to an increase in warranty contracts sold for the three months March 31, 2025, as compared to the three months March 31, 2024.
Current 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.
Previous wording
During the three months ended March 31, 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 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.
Previous wording
For the three months ended March 31, 2025 and 2024, we used cash of $11,855 and $21,476, respectively, in operations. Our cash use for the three months ended March 31, 2025 was primarily attributable to our net loss of $20,707 adjusted for net non-cash expenses in the aggregate amount of $7,785, plus $1,067 of net cash used in changes in the levels of operating assets and liabilities. Our cash use for the three months ended March 31, 2024 was primarily attributable to our net loss of $17,173, adjusted for net non-cash expenses in the aggregate amount of $7,737, and $12,040 of net cash used to fund changes in the levels of operating assets and liabilities.
Current wording
For the six months ended June 30, 2025 and 2024, we used cash of $28,524 and $25,735, respectively, in operations. Our cash use for the six months ended June 30, 2025 was primarily attributable to our net loss of $52,666 adjusted for net non-cash expenses in the aggregate amount of $29,629, partially offset by $5,487 of net cash provided by changes in the levels of operating assets and liabilities. Our cash use for the six months ended June 30, 2024, was primarily attributable to our net loss of $37,232, adjusted for net non-cash expenses in the aggregate amount of $15,163, partially offset by $3,666 of net cash provided by changes in the levels of operating assets and liabilities.
Previous wording
During the three months ended March 31, 2025, net cash provided by investing activities was $11,091 of which $13,630 was provided by the sale of marketable securities, offset by $173 of capitalized engineering costs and $2,366 of which was used to purchase charging stations and other fixed assets. During the three months ended March 31, 2024, net cash used in investing activities was $171, of which $2,830 was used to purchase charging stations and other fixed assets , $341 was used in the purchase of marketable securities, offset by $3,000 provided by the sale of marketable securities.
Current wording
During the six months ended June 30, 2025, net cash provided by investing activities was $10,106 of which $13,630 was provided by the sale of marketable securities and $223 was provided by the sale of an equity method investment, offset by $205 of capitalized engineering costs and $3,542 of which was used to purchase charging stations and other fixed assets. During the six months ended June 30, 2024, net cash used in investing activities was $3,873, of which $8,584 was used to purchase charging stations and other fixed assets, offset by $155 of capitalized engineering costs $634 was used in the purchase of marketable securities, offset by $5,500 provided by the sale of marketable securities.
Previous wording
During the three months ended March 31, 2025, cash provided by financing activities was $883, of which, $8 was used to pay down our liability in connection with a finance lease and offset by $891 provided by offering proceeds related to the sale of common stock. During the three months ended March 31, 2024, cash used in financing activities was $6,703, of which,$31,354 was used to pay down notes payable,$169 was used to pay down our liability in connection with a finance lease and $250 was used to pay down our liability in connection with internal use software, partially offset by $25,070 provided by offering proceeds related to the sale of common stock.
Current wording
During the six months ended June 30, 2025, cash provided by financing activities was $874, of which, $17 was used to pay down our liability in connection with a finance lease and offset by $891 provided by offering proceeds related to the sale of common stock. During the six months ended June 30, 2024, cash used in financing activities was $13,472, of which, $37,881 was used to pay down notes payable, $375 was used to pay down our liability in connection with a finance lease and $286 was used to pay down our liability in connection with internal use software, partially offset by $25,070 provided by offering proceeds related to the sale of common stock.
Previous wording
As of March 31, 2025, we had cash and cash equivalents, marketable securities, working capital and an accumulated deficit of $42,024, $0, $65,720 and $756,562, respectively. During the three months ended March 31, 2025, we had a net loss of $20,707 and used $11,855 of cash in operating activities. The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. The Company’s future operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures.
Current wording
As of June 30, 2025, we had cash and cash equivalents, working capital and an accumulated deficit of $25,318, $40,491 and $788,521, respectively. During the three and six months ended June 30, 2025, we had a net loss of $31,959 and $52,666, respectively.
Previous wording
Historically, the Company has been able to raise funds to support its business operations. During the three months ended March 31, 2025, the Company sold an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering program for aggregate gross proceeds of $909, less issuance costs of $18 which were recorded as a reduction to additional paid-in capital. The Company is required to file a Form S-1 to issue new equity and raise proceeds in the future. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. Lastly, there can be no assurances that these other initiatives will be achieved. However, based on its considerations, management believes these initiatives can be effectively implemented and will be sufficient to mitigate the circumstances resulting in substantial doubt for a period not less than one year from the date the condensed consolidated financial statements are issued.
Current wording
Historically, the Company has been able to raise funds to support its business operations. During the six months ended June 30, 2025, the Company sold an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering program for aggregate gross proceeds of $909, less issuance costs of $18 which were recorded as a reduction to additional paid-in capital. The Company is required to file a Form S-1 to issue new equity and raise proceeds in the future.
Previous wording
We have operating and finance lease obligations over the next five years of approximately $10,071. 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 $9,301. 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.
Current 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.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
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 report — wording carried from elsewhere
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 report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
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 report — wording carried from elsewhere
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. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. Lastly, there can be no assurances that these other initiatives will be achieved.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
ITEM 2.** MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous report — wording carried elsewhere
There is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to: