Blink Charging cuts 2026 revenue outlook to $78M–$81M
The 2026 revenue outlook is now $78 million to $81 million, while Blink expects positive adjusted EBITDA through the fourth quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Blink Charging Co. (BLNK) reported third-quarter 2026 revenue of $18.4 million, down 32.0% year over year, and adjusted EBITDA of $0.2 million versus a $7.3 million loss a year earlier. Revenue was below internal projections because some customer projects were not completed and recognized in the quarter.
GAAP gross margin was 26.3%, including an approximately $3 million non-cash inventory adjustment; non-GAAP gross margin was 55.0%, versus 40.9% a year earlier. Non-GAAP operating expenses fell 46% year over year to $10.0 million. Blink lowered 2026 revenue guidance to $78 million to $81 million from $83 million to $90 million and expects approximately 38% gross margin, excluding the inventory adjustment, and positive adjusted EBITDA through Q4. Customer-project deliveries are expected in Q4, subject to customer schedules and project execution.
Cash and cash equivalents were approximately $30.5 million as of September 30, 2026, and Blink reported no debt. Michael Battaglia was appointed Chairman effective immediately on November 3, 2026, while continuing as CEO and no longer holding the President title; Ritsaart van Montfrans remains a director and became Lead Independent Director.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointAdjusted EBITDA reached $0.2 million, versus a $7.3 million loss a year earlier.
- Moderate pointNon-GAAP gross margin rose to 55.0% from 40.9% year over year.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance fell to $78 million to $81 million from $83 million to $90 million.
- Moderate pointRevenue fell 32.0% year over year to $18.4 million.
Filing Explained
The Q3 report shows common shares issued and outstanding increased from 142,128,133 on
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP gross margin financial
excess and obsolete (E&O) inventory provision financial
recurring network fees financial
contract manufacturing technical
Earnings Snapshot
Full-year 2026 revenue guidance is $78 million to $81 million; gross margin is expected to be approximately 38%, excluding the non-cash inventory adjustment; Blink expects positive adjusted EBITDA through Q4 2026.
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
| (Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s
telephone number, including area code:
| N/A |
| (Former name or former address, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CURRENT REPORT ON FORM 8-K
Blink Charging Co.
November 5, 2026
Item 2.02. Results of Operations and Financial Condition.
Blink Charging Co. (Nasdaq: BLNK) (the “Company”), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced its financial results for the third quarter ended September 30, 2026 and updated its guidance for the fourth quarter and full-year 2026.
A copy of the press release is furnished with this report as Exhibit 99.1. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On November 3, 2026, the Board of Directors (the “Board”) of the Company appointed Michael Battaglia, the Company’s Chief Executive Officer and a member of the Board, to serve as Chairman of the Board, effective immediately. Mr. Battaglia succeeds Ritsaart van Montfrans, who has served as Chairman of the Board since June 2023. Mr. Battaglia will continue to serve as the Company’s Chief Executive Officer and, in connection with his appointment as Chairman, will no longer hold the title of President.
Mr. van Montfrans will continue to serve as a member of the Board and has been appointed by the Board to serve as Lead Independent Director, effective immediately. As Lead Independent Director, Mr. van Montfrans will, among other things, preside over executive sessions of the independent directors and serve as a liaison between the independent directors and the Chairman and Chief Executive Officer.
The Board believes that combining the roles of Chairman and Chief Executive Officer under Mr. Battaglia provides unified leadership and clear accountability for the execution of the Company’s strategy, while the Lead Independent Director role maintains strong independent oversight of management.
Mr. Battaglia will not receive separate compensation for his service as Chairman as only non-employee directors receive director compensation under the Company’s Board compensation plan, as modified most recently in May 2024. Mr. van Montfrans will continue to receive the same director compensation as the Board compensation plan provides for the same supplemental annual cash retainer in the amount of $30,000 for the positions of Chairman or lead independent director.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The exhibit listed in the following Exhibit Index is filed as part of this current report.
| Exhibit No. | Description | |
| 99.1 | Press Release issued by Blink Charging Co. on November 5, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLINK CHARGING CO. | ||
| Dated: November 5, 2026 | By: | /s/ Michael Bercovich |
| Name: | Michael Bercovich | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
BLINK CHARGING ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS
| ● | Q3 Revenue of $18.4 million, reflecting continued portfolio rationalization and timing of project deliveries. | |
| ● | GAAP operating loss of $6.9 million, compared with $6.2 million in the prior quarter. | |
| ● | Gross Margin of 26.3%, driven by non-cash inventory charge; Non-GAAP gross margin of 55.0%, an expansion of over 1,400 basis points year-over-year. | |
| ● | Achieved first-ever positive quarterly Adjusted EBITDA of $0.2 million, one quarter ahead of target, | |
| ● | Non-GAAP operating expenses decreased 46% year-over-year to $10.0 million, reflecting continued cost discipline and operating efficiencies. | |
| ● | Expanded EnergyConnectTM deployment to 52 Blink-owned sites; initial reduction of 21% in demand fees across high-capacity sites. | |
| ● | Ended the quarter with approximately $30.5 million in cash and cash equivalents and no debt. | |
| ● | Mike Battaglia appointed Chairman of the Board, while continuing as CEO, strengthening strategic alignment and leadership continuity as Blink Energy enters its next phase of growth. |
Henderson, NV. – November 5, 2026 – Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global owner, operator, and provider of electric vehicle (EV) charging equipment and energy management solutions, today announced financial results for the third quarter ended September 30, 2026.
The following top-line highlights are in thousands of dollars:
Three Months Ended (Sequential) | Three Months Ended (YoY) | |||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | % Change | September 30, 2026 | September 30, 2025 | % Change | |||||||||||||||||||
| Product Revenues | $ | 6,413 | $ | 7,439 | (13.8 | )% | $ | 6,413 | $ | 13,035 | (50.8 | )% | ||||||||||||
| Service Revenues(1) | 10,035 | 11,484 | (12.6 | )% | 10,035 | 10,782 | (6.9 | )% | ||||||||||||||||
| Other Revenues(2) | 1,949 | 1,928 | 1.1 | % | 1,949 | 2,007 | (2.9 | )% | ||||||||||||||||
| Car-Sharing Revenues(3) | - | 823 | (100.0 | )% | - | 1,231 | (100.0 | )% | ||||||||||||||||
| Total Revenues | $ | 18,397 | $ | 21,674 | (15.1 | )% | $ | 18,397 | $ | 27,055 | (32.0 | )% | ||||||||||||
| (1) | Service Revenues consist of repeatable charging service revenues and recurring network fees |
| (2) | Other Revenues consist of warranty fees, grants and rebates, and other revenues |
| (3) | Car-sharing Revenues have been divested after the sale of Envoy Technologies on June 5, 2026 |
“Achieving positive adjusted EBITDA a quarter ahead of our target is a monumental milestone and it reflects the discipline we have built across Blink over the past eighteen months. As we become Blink Energy, we see exciting opportunities to manage energy more intelligently across our charging network, which benefits Blink, electricity grid resources, our hosts and our drivers. We intend to build on this momentum and continue our trajectory of positive adjusted EBITDA. We are also bringing the same level of focus, discipline, and accountability to accelerate revenue growth in 2027,” said Mike Battaglia, Chairman and CEO of Blink Charging.
Michael Bercovich, Chief Financial Officer of Blink Charging, added: “Delivering positive adjusted EBITDA of $0.2 million in the third quarter, compared with a $(7.3) million loss a year ago, represents a historical milestone in our financial transformation and reflects continued progress toward sustainable profitability. Our quarterly non-GAAP operating expenses declined 46% year-over-year, and that cost discipline and quality of revenue focus allowed us to generate positive adjusted EBITDA. We expect to maintain positive adjusted EBITDA through the fourth quarter of 2026.
We ended the quarter with approximately $30.5 million in cash and cash equivalents and no debt, giving us the flexibility to keep investing selectively in high-quality opportunities.”
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS
Revenues
Total revenue for the third quarter was approximately $18.4 million, a 15.1% sequential decrease from $21.7 million in the second quarter of 2026 and a 32.0% decrease from $27.1 million in the third quarter of 2025. Revenue came in below Blink’s internal projections, primarily reflecting the timing of certain customer projects that were not completed and recognized during the quarter. Blink expects these projects to be delivered in the fourth quarter of 2026, subject to customer schedules and project execution.
Product revenues were $6.4 million in the third quarter, a decrease of 51% year-over-year, and representing approximately 35% of total revenue.
Service revenue was approximately $10.0 million, compared with $10.8 million in the third quarter of 2025, a 6.9% year-over-year decrease, entirely driven by deliberate non-renewal of a large contract in Europe. Network fee revenue, a recurring component of service revenue, increased 6.3% year-over-year to approximately $2.9 million. Charging service revenue decreased 11.5% year-over-year, reflecting Blink’s continued focus on contracts with attractive margin profiles as described above.
Blink continues to make progress towards its long-term objective of generating approximately 80% of revenues from recurring and repeatable revenue streams, which represented approximately 55% of total revenue in the third quarter.
Other revenues, including warranty fees, grants and rebates, and other revenues, were approximately $1.9 million, up 1.1% sequentially.
Car-sharing revenues were zero in the third quarter, following the divestiture of Envoy Technologies on June 5, 2026, compared with $1.2 million in the prior-year period.
Excluding revenue associated with the Envoy divestiture and the deliberate non-renewal of a large contract in Europe, non-GAAP revenues in the first and the second quarters of 2026 were $18.0 million and $19.7 million, respectively, compared to $18.4 million in the third quarter of 2026. With no revenue adjustments required in the third quarter, GAAP revenue now fully reflects Blink’s core business following these portfolio realignments.
Gross Profit and Margins
Gross profit was $4.8 million, a 26.3% margin, compared with $8.4 million, a 38.9% margin, in the second quarter of 2026 and $9.3 million, a 34.5% margin, in the third quarter of 2025. Third quarter gross profit includes an approximately $3 million non-cash inventory adjustment, comprising a $2.2 million excess and obsolete (E&O) inventory provision and approximately $0.8 million in additional charges related to dated and obsolete inventory parts. Excluding this non-cash charge, it would have resulted in a gross margin of 41.7%.
Following the completion of its transition to contract manufacturing in January 2026, as previously disclosed, Blink continued to evaluate its remaining legacy manufacturing inventory throughout the year. This process included assessing opportunities to repurpose existing components through its contract manufacturing partners or monetizing inventory through third-party sales, with partial success in both areas. During the third quarter, the Company substantially completed this assessment and identified remaining inventory that could not be economically utilized or recovered, resulting in the above-mentioned non-cash inventory charge.
Non-GAAP gross margin, which excludes non-recurring and non-cash charges and depreciation and amortization, was 55.0%, compared with 40.9% in the third quarter of 2025.
Operating Expenses
Total operating expenses were $11.8 million, compared with $9.8 million in the third quarter of 2025. The prior-year period included an $11.7 million non-cash gain from the change in fair value of consideration payable and earn-out liabilities. Excluding that item, total operating expenses decreased 45.1% year-over-year. Non-GAAP operating expenses were $10.0 million, a 46% year-over-year reduction.
Cost optimization efforts continued to reduce the Company’s cost base. Compensation expenses declined 41.9% from $11.7 million in the third quarter of 2025 to $6.8 million in the third quarter of 2026. General and administrative expenses declined to approximately $1.2 million, compared with $3.7 million in the prior-year period, while other operating expenses decreased to approximately $2.8 million from $4.8 million.
Net Loss and Loss Per Share
Net loss was $6.7 million, or $(0.05) per diluted share, compared with a net loss of $0.3 million, or $(0.00) per diluted share, in the third quarter of 2025. Net loss for the nine months ended September 30, 2026 was $24.3 million, compared with $50.7 million in the same period of 2025. The prior-year quarter benefited from the $11.7 million non-cash fair value gain noted above.
Adjusted Non-GAAP Net Earnings per share for the third quarter of 2026 improved to $0.00 per share compared to a Non-GAAP Net Loss per share of $(0.07) in the third quarter of 2025, For the third quarter of 2026, Blink’s weighted average number of shares outstanding was 145.4 million, compared to 109.1 million for the third quarter of 2025.
Adjusted EBITDA
Adjusted EBITDA was $0.2 million, the first positive quarter in the Company’s history, compared with a loss of $(7.3) million in the third quarter of 2025, an improvement of $7.5 million. For the nine months ended September 30, 2026, the adjusted EBITDA loss improved 76% year-over-year to $(7.1) million from $(29.4) million. See reconciling tables below for the definitions of non-GAAP numbers referenced above.
Balance Sheet and Liquidity
As of September 30, 2026, cash and cash equivalents were approximately $30.5 million, compared with $34.0 million as of June 30, 2026, a decrease of approximately $3.5 million in the quarter. Blink continues to invest in high-quality DC fast charging infrastructure and energy management solutions, such as the EnergyConnect platform.
Business Outlook
2026 is an inflection year for Blink as the Company completes its operational transformation. Blink is updating its full-year 2026 revenue guidance to $78 million to $81 million from previously guided $83 million to $90 million. The revised outlook primarily reflects the Company’s continued focus on revenue quality.
Blink continues to expect full-year 2026 gross margin of approximately 38%, excluding non-cash inventory adjustment.
Blink achieved positive adjusted EBITDA in the third quarter, one quarter ahead of its target to reach adjusted EBITDA breakeven. Blink remains focused on achieving sustainable adjusted EBITDA profitability as it enters the final quarter of 2026, supported by its streamlined cost structure and continued operational discipline. Looking ahead, the Company expects to return to revenue growth in 2027, driven by its evolving business model, expanding repeat and recurring revenue opportunities, and the strategic evolution into energy management solutions. Blink intends to provide formal 2027 financial guidance in conjunction with its full-year 2026 financial results.
Board Matters
On November 3, 2026, the Board of Directors (the “Board”) of the Company appointed Michael Battaglia, the Company’s Chief Executive Officer and a member of the Board, to serve as Chairman of the Board, effective immediately. Mr. Battaglia succeeds Ritsaart van Montfrans, who has served as Chairman of the Board since June 2023. Mr. Battaglia will continue to serve as the Company’s Chief Executive Officer and, in connection with his appointment as Chairman, will no longer hold the title of President.
Mr. van Montfrans will continue to serve as a member of the Board and has been appointed by the Board to serve as Lead Independent Director, effective immediately. As Lead Independent Director, Mr. van Montfrans will, among other things, preside over executive sessions of the independent directors and serve as a liaison between the independent directors and the Chairman and Chief Executive Officer.
Blink’s board of directors believes that combining the roles of Chairman and Chief Executive Officer under Mr. Battaglia provides unified leadership and clear accountability for the execution of the Company’s strategy, while the Lead Independent Director role maintains strong independent oversight of management.
Earnings Conference Call
Blink will host a conference call and webcast to discuss the third quarter 2026 results today, November 5, 2026, at 4:30 p.m. Eastern Time.
To
access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor
Relations page. Investors may also access the webcast via the following link: https://www.webcaster5.com/Webcast/Page/2468/54758.
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International
callers please dial +1 (973) 528-0011. Callers should use participant access code: 254428.
A replay of the teleconference will be available until December 3, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial +1 (919) 882-2331. Callers should use replay passcode: 54758.
###
BLINK CHARGING CO.
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
(unaudited)
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product revenue | $ | 6,413 | $ | 13,035 | $ | 20,046 | $ | 35,924 | ||||||||
| Service revenue | 10,035 | 10,782 | 33,749 | 31,097 | ||||||||||||
| Other revenue | 1,949 | 2,007 | 5,113 | 5,940 | ||||||||||||
| Car-sharing revenue | - | 1,231 | 1,942 | 3,517 | ||||||||||||
| Total Revenues | 18,397 | 27,055 | 60,850 | 76,478 | ||||||||||||
| Cost of Revenues: | ||||||||||||||||
| Cost of product revenue | 6,551 | 8,095 | 15,222 | 27,717 | ||||||||||||
| Cost of service revenue | 4,758 | 6,091 | 17,960 | 17,594 | ||||||||||||
| Costs of other revenue | 559 | 785 | 2,134 | 2,927 | ||||||||||||
| Cost of car-sharing revenue | - | 1,438 | 1,632 | 3,190 | ||||||||||||
| Depreciation and amortization | 1,684 | 1,318 | 3,977 | 3,821 | ||||||||||||
| Total Cost of Revenues | 13,552 | 17,727 | 40,925 | 55,249 | ||||||||||||
| Gross Profit | 4,845 | 9,328 | 19,925 | 21,229 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Compensation | 6,787 | 11,691 | 25,302 | 38,849 | ||||||||||||
| General and administrative expenses | 1,206 | 3,742 | 6,508 | 21,804 | ||||||||||||
| Other operating expenses | 2,762 | 4,803 | 10,517 | 16,877 | ||||||||||||
| Depreciation and amortization | 1,031 | 1,244 | 3,813 | 4,331 | ||||||||||||
| Change in fair value of consideration payable and earn-out liabilities | - | (11,701 | ) | (1,273 | ) | (9,238 | ) | |||||||||
| Total Operating Expenses | 11,786 | 9,779 | 44,867 | 72,623 | ||||||||||||
| Loss From Operations | (6,941 | ) | (451 | ) | (24,942 | ) | (51,394 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Other income, net | 259 | 159 | 751 | 905 | ||||||||||||
| Total Other Income, Net | 259 | 159 | 751 | 905 | ||||||||||||
| Loss Before Income Taxes | $ | (6,682 | ) | $ | (292 | ) | $ | (24,191 | ) | $ | (50,489 | ) | ||||
| Provision for income taxes | (19 | ) | (40 | ) | (112 | ) | (163 | ) | ||||||||
| Net Loss | $ | (6,701 | ) | $ | (332 | ) | $ | (24,303 | ) | $ | (50,652 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.17 | ) | $ | (0.48 | ) | ||||
| Diluted | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.17 | ) | $ | (0.48 | ) | ||||
| Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||
| Basic | 145,388,053 | 109,110,766 | 144,277,906 | 104,849,997 | ||||||||||||
| Diluted | 145,388,053 | 109,110,766 | 144,277,906 | 104,849,997 | ||||||||||||
BLINK CHARGING CO.
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
(unaudited)
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 30,499 | $ | 39,568 | ||||
| Accounts receivable, net | 13,322 | 29,532 | ||||||
| Inventory, net | 7,144 | 14,153 | ||||||
| Prepaid expenses and other current assets | 5,737 | 6,065 | ||||||
| Total Current Assets | 56,702 | 89,318 | ||||||
| Restricted cash | 445 | 89 | ||||||
| Property and equipment, net | 37,234 | 42,691 | ||||||
| Operating lease right-of-use assets | 2,354 | 6,331 | ||||||
| Intangible assets, net | 3,870 | 6,634 | ||||||
| Goodwill | 1,742 | 1,742 | ||||||
| Other assets | 567 | 648 | ||||||
| Total Assets | $ | 102,914 | $ | 147,453 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 35,645 | $ | 47,284 | ||||
| Current portion of earn-out liabilities | 301 | 1,005 | ||||||
| Current portion of operating lease liabilities | 1,691 | 2,781 | ||||||
| Current portion of deferred revenue | 10,565 | 12,137 | ||||||
| Total Current Liabilities | 48,202 | 63,207 | ||||||
| Earn-out liabilities, non-current portion | - | 981 | ||||||
| Operating lease liabilities, non-current portion | 2,134 | 4,804 | ||||||
| Deferred revenue, non-current portion | 2,224 | 5,145 | ||||||
| Other liabilities | 8,011 | 8,826 | ||||||
| Total Liabilities | 60,571 | 82,963 | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, $0.001 par value, 40,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025 | - | - | ||||||
| Common stock, $0.001 par value, 500,000,000 shares authorized, 145,188,351 and 142,128,133 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 145 | 142 | ||||||
| Additional paid-in capital | 898,334 | 895,505 | ||||||
| Accumulated other comprehensive loss | (9,407 | ) | (8,731 | ) | ||||
| Accumulated deficit | (846,729 | ) | (822,426 | ) | ||||
| Total Stockholders’ Equity | 42,343 | 64,490 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 102,914 | $ | 147,453 | ||||
BLINK CHARGING CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (24,303 | ) | $ | (50,652 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 7,790 | 8,152 | ||||||
| Non-cash lease expense | 2,002 | 3,116 | ||||||
| Change in fair value of derivative and other accrued liabilities | - | 8 | ||||||
| Provision for credit losses | 571 | 5,241 | ||||||
| Loss on disposal of property and equipment | 2,049 | 5,712 | ||||||
| Gain on sale of Envoy Technologies Inc. | (802 | ) | - | |||||
| Non-cash gain on lease termination | (309 | ) | (72 | ) | ||||
| Provision for slow moving and obsolete inventory | 2,197 | 4,571 | ||||||
| Change in fair value of consideration payable and earn-out liabilities | (1,273 | ) | (9,238 | ) | ||||
| Stock-based compensation | 2,419 | 2,186 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 14,675 | 3,904 | ||||||
| Inventory | 470 | 31 | ||||||
| Prepaid expenses and other current assets | (440 | ) | (2,283 | ) | ||||
| Other assets | (12 | ) | (44 | ) | ||||
| Accounts payable, accrued expenses, and other current liabilities | (5,664 | ) | 654 | |||||
| Other liabilities | (398 | ) | (6,548 | ) | ||||
| Operating lease liabilities | (2,004 | ) | (3,746 | ) | ||||
| Deferred revenue | (3,614 | ) | 7,254 | |||||
| Total Adjustments | 17,657 | 18,898 | ||||||
| Net Cash Used In Operating Activities | (6,646 | ) | (31,754 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Proceeds from sale of marketable securities | - | 13,630 | ||||||
| Proceeds from sale of equity method investment | - | 223 | ||||||
| Cash disposed of in sale of Envoy Technologies Inc., net of proceeds received | (250 | ) | - | |||||
| Proceeds from government grants | 1,303 | 1,952 | ||||||
| Capitalization of engineering costs | (175 | ) | (205 | ) | ||||
| Purchases of property and equipment | (2,122 | ) | (4,225 | ) | ||||
| Purchase consideration of Zemetric, net of cash acquired | - | (207 | ) | |||||
| Net Cash (Used In) Provided By Investing Activities | (1,244 | ) | 11,168 | |||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from sale of common stock in public offering [1] | - | 891 | ||||||
| Repayment of financing liability | (63 | ) | (26 | ) | ||||
| Net Cash (Used In) Provided By Financing Activities | (63 | ) | 865 | |||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | (760 | ) | 1,085 | |||||
| Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | (8,713 | ) | (18,636 | ) | ||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 39,657 | 41,852 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 30,944 | $ | 23,216 | ||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
| Cash and cash equivalents | $ | 30,499 | $ | 23,130 | ||||
| Restricted cash | 445 | 86 | ||||||
| $ | 30,944 | $ | 23,216 | |||||
[1] For the nine months ended September 30, 2025, includes gross proceeds of $909, less issuance costs of $18.
Non-GAAP Financial Measures
The following table reconciles total GAAP Revenues to Total Non-GAAP Revenues:
| ($ in millions) | Q1 2026 | Q2 2026 | Q3 2026 | |||||||||
| Product revenues | $ | 6.2 | $ | 7.4 | $ | 6.4 | ||||||
| Service revenues | 13.4 | 12.4 | 10.1 | |||||||||
| Other revenues | 1.2 | 1.9 | 1.9 | |||||||||
| Total GAAP revenues | $ | 20.8 | $ | 21.7 | $ | 18.4 | ||||||
Revenue adjustments 1 | (2.8 | ) | (2.0 | ) | 0.0 | |||||||
| Total Non-GAAP revenues | $ | 18.0 | $ | 19.7 | $ | 18.4 | ||||||
| GAAP gross margin | 32.0 | % | 38.9 | % | 26.3 | %2 | ||||||
| Non-GAAP gross margin | 42.4 | % | 47.9 | % | 55.0 | % | ||||||
1 Related to Envoy business divestiture and non-renewal of a large contract in Europe, as reported during Q2-2026 earnings.
2 Reflective of approximately $3 million of non-cash inventory adjustment (described in press release above).
The following table reconciles Net Loss attributable to Blink Charging to Non-GAAP Net Loss and Adjusted EBITDA for the periods shown:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Loss | $ | (6,701 | ) | $ | (332 | ) | $ | (24,303 | ) | $ | (50,652 | ) | ||||
| Add: | ||||||||||||||||
| Stock-based compensation | 505 | 433 | 3,109 | 2,186 | ||||||||||||
| Non-recurring or non-cash charges | 3,127 | 1,389 | 5,888 | 19,228 | ||||||||||||
| Change in fair value related to consideration payable | - | (11,701 | ) | (1,273 | ) | (9,238 | ) | |||||||||
| Non-GAAP Net Loss | $ | (3,069 | ) | $ | (10,210 | ) | $ | (16,579 | ) | $ | (38,476 | ) | ||||
| Add: | ||||||||||||||||
| Provisions for Income Tax | 19 | 40 | 112 | 163 | ||||||||||||
| Interest Expense | (259 | ) | (159 | ) | (751 | ) | (905 | ) | ||||||||
| Depreciation and Amortization | 3,484 | 2,995 | 10,138 | 9,785 | ||||||||||||
| Adjusted EBITDA | $ | 175 | $ | (7,334 | ) | $ | (7,080 | ) | $ | (29,433 | ) | |||||
The following table reconciles EPS attributable to Blink Charging to Non-GAAP EPS for the periods shown:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Loss per Share (EPS) | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.17 | ) | $ | (0.48 | ) | ||||
| Add: | ||||||||||||||||
| Stock-based compensation | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||
| Non-recurring or non-cash charges | 0.02 | 0.01 | 0.05 | 0.18 | ||||||||||||
| Change in fair value related to consideration payable | 0.00 | (0.11 | ) | (0.01 | ) | (0.09 | ) | |||||||||
| Non-GAAP Net Loss per Share | $ | (0.02 | ) | $ | (0.09 | ) | $ | (0.11 | ) | $ | (0.37 | ) | ||||
| Add: | ||||||||||||||||
| Provisions for Income Tax | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
| Interest Expense | 0.00 | 0.00 | (0.01 | ) | 0.00 | |||||||||||
| Depreciation and Amortization | 0.02 | 0.02 | 0.07 | 0.09 | ||||||||||||
| Adjusted Non-GAAP Net Earnings (Loss) per Share | $ | 0.00 | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.28 | ) | |||||
The following table reconciles GAAP margin and operating expenses to non-GAAP margin and operating expenses for the periods shown:
| For the Three Months Ended | ||||||||||||||||
| September 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Reconciliation of GAAP gross profit and margin to non-GAAP gross profit and margin | ||||||||||||||||
| GAAP Gross Profit and Margin | $ | 4,845 | 26.3 | % | $ | 9,328 | 34.5 | % | ||||||||
| Non-recurring or non-cash charges | 2,829 | - | ||||||||||||||
| Depreciation | 2,453 | 1,751 | ||||||||||||||
| Non-GAAP Gross Profit and Margin | $ | 10,127 | 55.0 | % | $ | 11,079 | 40.9 | % | ||||||||
| Reconciliation of GAAP operating expenses to non-GAAP operating expenses | ||||||||||||||||
| GAAP Operating Expenses | $ | 11,786 | 64.1 | % | $ | 9,779 | 36.1 | % | ||||||||
| Share Based Comp | (505 | ) | (433 | ) | ||||||||||||
| Depreciation and Amortization | (1,031 | ) | (1,244 | ) | ||||||||||||
| Non-recurring or non-cash charges | (299 | ) | (1,389 | ) | ||||||||||||
| Other Adjustments | - | 11,701 | ||||||||||||||
| Non-GAAP Operating Expenses | $ | 9,951 | 54.1 | % | $ | 18,413 | 68.1 | % | ||||||||
Blink Charging Co. publicly reports its financial information in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). To facilitate external analysis of the Company’s operating performance, Blink Charging also presents financial information that is considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the U.S. Securities and Exchange Commission. Non-GAAP measures should be considered in addition to, and not as a substitute for, or superior to, Net Income (Loss) or other measures of financial performance prepared in accordance with GAAP and may be different than those presented by other companies, including Blink Charging’s competitors. EBITDA and Adjusted EBITDA are not performance measures calculated in accordance with GAAP and are, therefore, considered non-GAAP measures. Blink changed the definitions of its non-GAAP reporting measures in the first quarter of 2026 to align better with its peers and industry standards. Reconciliation tables are presented above.
Non-GAAP Revenues is defined as GAAP total revenues adjusted to exclude revenues attributable to (i) Envoy Technologies, which Blink divested on June 5, 2026, and (ii) a material contract in Europe that was not renewed, each as previously disclosed with the Company’s second quarter 2026 results. Blink Charging believes Non-GAAP Revenues provides investors with a clearer, period-over-period comparable view of revenues from the Company’s continuing core business following these portfolio exit actions. No revenue adjustments were required in the third quarter of 2026.
Non-GAAP Gross Profit is defined as GAAP gross profit adjusted to exclude (i) depreciation and amortization charges included in cost of revenues, and (ii) non-recurring or non-cash charges within cost of revenues (such as inventory write-downs or one-time warranty costs). Blink Charging believes Non-GAAP Gross Profit provides investors with a clearer view of the Company’s underlying operational profitability by removing the impact of asset depreciation related to its charging infrastructure build-out and non-recurring items that are not indicative of ongoing performance. Non-GAAP Gross Margin is Non-GAAP Gross Profit divided by total revenues.
Non-GAAP Operating Expenses is defined as GAAP total operating expenses adjusted to exclude (i) stock-based compensation, (ii) depreciation and amortization within operating expenses, (iii) non-recurring and non-cash charges (including severance and retention payments, executive recruiting fees, one-time legal and consulting costs, and charges related to discontinued software or services), and (iv) other adjustments. Blink Charging believes Non-GAAP Operating Expenses is a useful measure for investors to assess the Company’s structural cost base and ongoing operating expense discipline, as it removes the impact of non-cash compensation, asset depreciation, and one-time charges that do not reflect recurring operational costs.
Non-GAAP Net Loss excludes stock-based compensation, non-recurring and non-cash charges, and changes in fair value of consideration payable, but unlike Adjusted EBITDA, retains the impact of depreciation and amortization within operating expenses and interest income/expense. See “Non-GAAP Financial Measures” for a full reconciliation.
Adjusted EBITDA is defined as Non-GAAP Net Loss adjusted to add back: (i) provision for income taxes; (ii) depreciation and amortization within operating expenses; less (iii) net interest and other income (expense). This reconciliation bridge corresponds directly to the line items presented in the Non-GAAP reconciliation tables above.
Blink Charging believes Adjusted EBITDA is useful to management, securities analysts, and investors to evaluate the Company’s core operating performance because it removes the impact of non-cash charges, non-recurring items, financing activity, taxes, and capital investment depreciation that are not indicative of the Company’s recurring operational results. Adjusted EBITDA should be considered in addition to, and not as a substitute for, Net Loss or other measures of financial performance prepared in accordance with GAAP.
Our definition of Adjusted EBITDA and Non-GAAP EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Loss, and Diluted Earnings per Share.
Non-GAAP Adjusted EPS is defined as GAAP net loss per diluted share adjusted to exclude, on a per-share basis, the same non-cash and non-recurring items used in the Adjusted EBITDA reconciliation: (i) stock based compensation, (ii) non-recurring and non-cash charges, (iii) change in fair value related to consideration payable, (iv) provision for income taxes, (v) interest expense, and (vi) depreciation and amortization. Blink Charging believes Non-GAAP EPS is a useful supplemental measure for investors as it provides a per-share view of the Company’s core operating performance on a basis consistent with Adjusted EBITDA, excluding non-cash and non-recurring items that management does not consider reflective of the Company’s ongoing operations. Non-GAAP EPS should not be confused with GAAP diluted EPS and should be considered in addition to, and not as a substitute for, GAAP diluted earnings (loss) per share.
Investors should be aware that non-GAAP financial measures have inherent limitations. In particular, certain adjustments to Blink’s GAAP results — such as stock-based compensation — are recurring in nature and are expected to continue for the foreseeable future; stock-based compensation is a meaningful component of employee compensation and plays an important role in Blink’s ability to attract, retain, and motivate its workforce. In addition, Blink’s non-GAAP measures are not calculated pursuant to any standardized GAAP methodology, and the specific items Blink excludes may differ from those excluded by other companies presenting similarly titled non-GAAP measures, which may limit comparability. Blink may also, in future periods, exclude additional items it determines are not reflective of its core operating performance.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging and energy management solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
For more information, please visit https://blinkcharging.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “expects,” “believes,” “will” and similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Blink’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in Blink’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, filed with the Securities and Exchange Commission, and in subsequent periodic reports. Forward-looking statements contained in this announcement are made as of this date, and Blink undertakes no duty to update such information except as required under U.S. federal securities law.
Blink Investor Relations Contact
Vitalie
Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Elizabeth
Haarmann
PR@BlinkCharging.com
305-521-0200 ext. 266