BLNK

Image source: The Motley Fool. Thursday, Nov. 5, 2026 - Chief Executive Officer - Mike Battaglia - Member of the Board of Directors - Ritsaart van Montfrans - Chief Financial Officer - Michael Bercovich - Investor Relations - Vitalie Stelea Operator: Good afternoon, and welcome to the Blink Charging Co. Third Quarter 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Vitalie Stelea. The floor is yours. Vitalie Stelea: Thank you, John, and welcome, everyone, to Blink's Third Quarter 2026 Earnings Call. With us today, we have Mike Battaglia, CEO; Ritsaart van Montfrans, member of the Board of Directors; and Michael Bercovich, Chief Financial Officer. Today's discussions will include references to non-GAAP measures. These are reconciled to the most comparable U.S. GAAP numbers in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website. Today's discussions may also include forward-looking statements about Blink's expectations. Actual results may differ from those stated, and the most significant factors that could cause results to be different are included on Page 2 of the third quarter 2026 earnings deck. Unless otherwise noted, all comparisons are year-over-year. Now regarding our calendar. We will be participating in the 29th Annual Needham Growth Conference in New York City on January 14 and 15. For additional company events, please follow our announcements as well as the Investor Relations website. And right now, I will turn the call over to Mike Battaglia, the CEO of Blink Charging. Mike, please go ahead. Michael Battaglia: Great. Thanks, Vitalie. Good afternoon, everyone, and thanks for joining us today. Michael Bercovich will take you through the financials in detail in a few minutes. But before he does, there is one thing I would like to highlight because it marks a monumental moment for Blink. For the first time in the company's history, we delivered positive adjusted EBITDA, one quarter ahead of the target we established at the beginning of the year. Just one year ago, in the third quarter of 2025, adjusted EBITDA was a loss of more than $7 million. The move from a greater than $7 million loss to positive adjusted EBITDA demonstrates the magnitude of the transformation we have executed. From the day I became CEO, achieving profitability has been our #1 priority. We said what we intended to do it, established a clear timetable and delivered ahead of that timetable. Blink is now one of the very few publicly traded EV charging companies to reach positive adjusted EBITDA and the entire team is proud of it. It is the result of hard work over the last 18 months and a lot of tough decisions. None of them were easy, all of them were deliberate. And together, they are why the company you are looking at today is lean, focused and profitable on an adjusted EBITDA basis and on track towards sustainable profitability. Before I talk about where Blink is headed and our evolution to Blink Energy, I want to share some news about our Board of Directors. Effective immediately, the Board has elected me Chairman of the Board in addition to my role as CEO. I am honored to take on this additional responsibility, and I want to thank my fellow directors for their vote of confidence. I also want to thank Ritsaart van Montfrans, who has served on our Board since 2019 and as our Chairman since 2023. Ritsaart guided the Board through one of the most challenging and transformative periods in Blink's history and his counsel, his support and his deep experience in EV charging have been invaluable to me and to the entire leadership team. I am pleased that Ritsaart will continue to serve on our Board, as Lead Independent Director. And Ritsaart, congratulations on your new role. Ritsaart is joining us on the call today, and I'd like to turn it over to him for a few words. Ritsaart? Ritsaart van Montfrans: Yes. Thanks, Mike, and good afternoon, everyone. So on behalf of the entire Board, congratulations, Mike. Since becoming CEO, Mike has led Blink through a difficult but necessary transformation. And this quarter's results show what that work has delivered. So the Board's decision is a vote of confidence in Mike's leadership and how he has guided the company through this period and in his vision for Blink's future as Blink Energy. It's been a privilege to serve as Chairman, and I'll continue to serve on the Board as Lead Independent Director, and I look forward to working closely with Mike, continuing to work closely with Mike. The leadership team and my fellow directors, as Blink enters into its next chapter. With that, back to you, Mike. Michael Battaglia: All right. Thanks, Ritsaart. So that brings me to another big change at Blink, Energy. Last week, we announced that Blink Charging is becoming Blink Energy. The transition to Blink Energy is the continuation of the work that got us to this point, and it is the next step in returning to top line growth. We will spend a good portion of today's call on exactly what that means. So turning to Slide 6. Blink Energy is about 3 things: electric vehicle charging, energy management and battery energy storage. EnergyConnect, our recently released AI-driven energy management platform is what ties them together. We are not leaving charging behind. Charging is the foundation and our beachhead into these expanded markets. We are building on top of it. Why now? Well, Slide 7 answers that question with the demand side of the equation. U.S. electricity use is forecast to grow 29% between 2025 and 2030 from roughly 4,300 terawatt hours to nearly 5,600. Summer peak demand is forecast to grow by 166 gigawatts over that period, which is about 15x New York City's peak load. Data centers account for roughly 55% of forecast load growth in all large U.S. grids, such as ERCOT, PJM and MISO and about 70% of the increase in electricity use. And utility growth forecast for this period are now about 8x what they were anticipating in 2022. In simple terms, we're going to need a lot more electricity, and we're going to need it quickly. So on Slide 8 is the supply side, and it's under stress. You'll remember Winter Storm Uri in Texas in February of 2021 with rolling blackouts and more than 4.5 million customers who lost power, and that was not a onetime event. NERC's 2026 long-term assessment rates 13 of 23 North American regions at elevated or high risk with multiple regions in the high-risk category. And in PJM, the most recent capacity auction cleared at the price cap for a third straight year and still came up 6.8 gigawatts short of the reliability requirement. So what does this mean for charging sites? Really 2 things. Utility demand charges and capacity limits raise operating costs and complicate expansion, particularly at DC fast charging locations. And customers want to add charging capacity while keeping their electricity costs under control. Blink Energy brings charging, energy management and battery storage together to meet that need. On Slide 9, we've laid out the 3 pillars of Blink Energy. The first is EV charging. This has been, is and will be the core of our business. It is the catalyst for bringing energy management and battery storage to our customers. The second pillar is energy management. EnergyConnect balances charging loads in real time, manages peak demand and helps sites add chargers within their existing electrical capacity. It is live today at 52 Blink-owned DC fast charging sites. And in fact, our CTO, Harmeet Singh, informed me late yesterday that more than 30 of our Blink-owned sites in Europe are also now onboarded to EnergyConnect. So we're now 80-plus and approaching 100 sites. The third pillar is battery storage. Batteries store energy for release during periods of higher demand, reducing peak electricity drawn from the grid and complement charging load management. Blink is planning storage at sites with high utility demand charges and where the unit economics are healthy. So moving to Slide 10. Again, with more than 48,000 network chargers worldwide, EV charging remains at the core of our business. These chargers are owned, operated or supplied by Blink. That is an established global charging business, and it is the foundation for energy services. It is also opening up new customer opportunities and acts as a potential competitive differentiator. Customers no longer need to procure charging equipment, batteries and energy management software separately. Blink Energy now offers a single integrated solution. Slide 11 shows an example of why site owners need the other 2 pillars outside of EV charging. Grid challenges ultimately show up at a site in 2 ways: cost and capacity. More chargers can mean higher peak electricity loads and correspondingly higher utility demand charges, while limited grid capacity can prevent a site from powering the chargers it actually wants to deploy. So that is where our 3 offerings work together. Software and battery storage reduce reliance on the grid during peak periods, helping lower operating costs while unlocking the capacity needed to deploy more charging infrastructure. And Slide 12 details the current status of EnergyConnect. As I mentioned, EnergyConnect is deployed at 52 Blink-owned DC fast charging sites. 47 of those sites are actively using load management to control charging demand, and we have initial measurable results across 9 sites where electricity demand fees have been reduced by 21%. In fact, one high-capacity site has experienced a 38% reduction in demand fees. These are direct cost reductions that positively impact Blink margins and point to this technology's potential. What comes next is the expansion across our customer base. We're making EnergyConnect available to customers in the United States and Europe, acquiring software subscription revenue while helping to optimize their charging footprint and their available electrical capacity. And Slide 13 covers battery storage, which is the next step for us. We've identified several locations, including DC fast charging sites with high utility demand charges where we plan to deploy battery storage integrated with charging through EnergyConnect. From there, energy management and storage will extend to additional sites where local conditions and electricity rates support a strong business case, again, in the form of unit economics. And Slide 14 is why all of this matters financially. Blink Energy expands our recurring revenue model beyond just charging. It allows us to deepen relationships with existing charging customers while serving new customers seeking greater control over electricity demand capacity and cost. At the same time, we create long-term recurring revenue through software subscriptions and related energy services in a large and expanding market. All of these are accretive to our profitability. So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and then I'll circle back at the end of the call with some concluding remarks. So Michael? Michael Bercovich: Thank you, Mike, and good afternoon, everyone. I'm incredibly proud to be here today as we announce our first ever positive adjusted EBITDA results. It's been a long but also a very focused journey, and this Q3 is the quarter that plan has delivered. Adjusted EBITDA was positive of approximately $200,000, the first positive quarter in Blink's history, one quarter ahead of target and $7.5 million improvement year-over-year. Non-GAAP operating expenses were down 46% year-over-year and non-GAAP gross margin expanded to 55%. And we ended the quarter with approximately $30.5 million in cash and no debt. Let me walk you through the details, beginning with the highlights on Slide 16 and Slide 18. Q3 2026 total revenue were $18.4 million compared to $27.1 million in Q3 of 2025. Let me provide some context. This is the first full quarter without car sharing revenue following the ongoing divestiture on June 5th, as the prior year quarter included $1.2 million of car sharing revenues. It was also the first quarter without several European contracts that we decided not to renew due to unfavorable economics. With every renewal, we evaluate the profitability expectations. And if it doesn't fit, we walk away. Beyond that, revenue in Q3 came in below our internal projections, primarily reflecting the timing of certain customer projects that were not completed during the quarter. Those projects are not lost, and we expect them to be delivered in the fourth quarter and subject to customer schedules and project execution. Product revenues were $6.4 million compared to $13 million in the third quarter of last year and represent approximately 35% of total revenue. This reflects deliberate deal selection and the project timing I just described. Service revenue, which includes repeatable charging revenues and recurring network fees were $10 million compared to $10.8 million in Q3 of 2025. Within that, network fee revenue, the recurring component grew 6.3% year-over-year to approximately $2.9 million, while charging service revenue decreased 11.5%. The decrease was entirely due to our deliberate exit of less profitable contracts. Repeat and recurring revenue represented approximately 55% of total revenue in the quarter, and we continue toward our long-term objective of approximately 80%. Other revenues, which consist of warranty fees, grants and rebates and other revenue items were $1.9 million, essentially flat with $2 million in the prior year period. Car sharing revenues were 0 in the third quarter following the divestiture of Envoy Technologies compared to $1.2 million in the prior year period. As a reminder, starting with fiscal year 2026, we have redefined our non-GAAP metrics to align with peers and industry practices. You can see the definitions of these metrics in our earnings press release as well as in the appendix section of this presentation. The main difference is that we exclude noncash share-based compensation, other nonrecurring items as well as depreciation and amortization to better present the fundamental direction of our business. So let's get to it. GAAP gross profit in Q3 was $4.8 million or 26.3% of revenues compared to gross profit of $9.3 million or 34.5% of revenues in Q3 of 2025. I want to be direct about the GAAP margin because there is a onetime item in it. As you know, we completed the transition to contract manufacturing in January 2026. Throughout the year, we have been working through the remaining legacy manufacturing inventory, repurposing components through our contract manufacturing partners and monetizing inventory through third-party sales with meaningful success in both. In the third quarter, we substantially completed that assessment and identified remaining inventory that could not be economically utilized or recovered. That resulted in approximately $3 million noncash inventory charge. Excluding that charge, the gross margin would have been approximately 41.7%, ahead of the second quarter of 38.9% and significantly better than 34.5% a year ago in Q3 2025. Our non-GAAP gross margin was 55% compared to 40.9% in Q3 of last year, an improvement of about 1,400 basis points and up from 47.9% in the second quarter. The drivers are the same ones we've been describing all year, disciplined portfolio optimization, the exit from low-margin contracts, contract manufacturing efficiencies and a richer mix of repeat recurring and higher-margin revenues. These are structural improvements. Turning to operating expenses. GAAP total operating expenses in Q3 were $11.8 million compared to $9.8 million in Q3 of last year. That comparison needs context. The prior year quarter included an $11.7 million noncash gain from the change in fair value of consideration payable related to Envoy deal. Excluding that item, total operating expenses decreased 45% year-over-year. On a non-GAAP basis, operating expenses were down 46% year-over-year from $18.4 million to $10 million this quarter. We have rightsized the organization, streamlined our cost structure and instill discipline across G&A and compensation spending, and we continue targeting more as we move forward. We call it right capital allocation. Compensation expenses were down 42% year-over-year from $11.7 million in Q3 2025 to $6.8 million this quarter. G&A expenses were $1.2 million, down from $3.7 million in the prior year quarter, and other operating expenses declined to $2.8 million from $4.8 million. GAAP net loss for Q3 was $6.7 million or $0.05 loss per diluted share compared to a net loss of $300,000 or flat per diluted share in Q3 of last year, significantly impacted by the noncash gain from Envoy consideration payable adjustment in the amount of $11.7 million, as I described before. For the 9 months, net loss was $24.3 million compared to $50.7 million in the same period of 2025. Adjusted EBITDA for the third quarter of 2026 was positive of approximately $200,000 compared to an adjusted EBITDA loss of $7.3 million in Q3 of last year, a $7.5 million improvement. For the 9 months, the adjusted EBITDA loss has improved 76% to $7 million loss from $29.4 million loss. You can clearly see the trend on Slide 19. It was a deliberate journey to get to positive EBITDA one quarter at a time. Turning to our balance sheet and cash position. We ended Q3 with cash and cash equivalents of approximately $30.5 million compared to $34 million at the end of June. The $3.5 million decrease in the quarter includes capital expenditures supporting the expansion of our DC fast charging network. We have no debt. Accounts receivable has come down to $13.3 million from $19.5 million at the year-end and inventory to $7.1 million from $14.2 million, both reflecting the working capital discipline we have put in place. As we scale our DC fast charging infrastructure and begin deploying battery storage solutions, we expect cash investments to continue in support of future repeatable cash flows from those assets, and we maintain close eyes on cash usage. Regarding our business outlook, I'd like to provide an update across 3 key areas. Number one, revenue. We are updating our full year 2026 revenue guidance to between $78 million to $81 million from $83 million to $90 million previously. The revision reflects the timing of completion of certain customer projects and our continued focus on revenue quality. This is a timing and disciplined story, not a change in our confidence or in the long-term opportunity. Number two, gross margins. We continue to expect full year 2026 gross margin of approximately 38%, and that is excluding any noncash inventory charges. Our strong gross margins reflect a structurally improved operating model, driven by a higher quality revenue mix, manufacturing efficiencies, disciplined commercial execution and improving utilization of our own charging assets. And number three, sustained profitability. We achieved positive adjusted EBITDA one quarter ahead of target, and our goal is to maintain positive adjusted EBITDA through the fourth quarter of 2026. Our focus has shifted from reaching breakeven to sustaining it, supported by our streamlined cost structure and continued operational discipline. But the next step in the evolution to Blink Energy is to return to growth, a disciplined and profitable growth. Across our industry, revenue growth has too often be prioritized over profitability, sometimes at the expense of sustainable business economics. At Blink, we recognized early that long-term success requires more than simply growing the top line. It requires a disciplined operating model capable of delivering sustainable profitability and creating long-term shareholder value. Over the last 18 months, we have deliberately chosen a different path, making the difficult but necessary decisions to exit economically unattractive revenue streams, fundamentally realign our cost structure and establish a stronger financial and operational foundation. Those decisions were not always the easiest, but they were essential to stabilizing the business and positioning Blink for its next phase of growth. Our first quarter of positive adjusted EBITDA represents an important validation of that strategy and the discipline behind its execution. As we look forward for the fourth quarter of 2027 a (sic) [ 2026 ] our priority shifts to accelerating revenue growth, applying the same focus and discipline and accountability that brought us to this milestone. Our objective is clear. It is not growth at any cost, but profitable, sustainable growth that delivers lasting value to our shareholders. I will now turn back over to Mike to wrap it up. Go ahead, Mike. Michael Battaglia: All right. Great. Thanks, Michael. I'll close by putting this quarter into perspective. So the third quarter was not simply the quarter in which Blink reported positive adjusted EBITDA. It was the quarter in which we demonstrated that the transformation of this company is working. We delivered positive adjusted EBITDA of approximately $200,000 compared with a loss of $7.3 million a year ago. That represents a $7.5 million year-over-year improvement and the first positive adjusted EBITDA quarter in Blink's history. And I don't think I'm going to get tired of saying that. And that was achieved one quarter ahead of the target we established at the beginning of the year. We also expanded our non-GAAP gross margins to 55%, reduced non-GAAP operating expenses by 46% and ended the quarter with approximately $30.5 million in cash and no debt. So Slide 22 captures our recent journey in 3 stages: transformation, stabilization and growth. In 2025, we transformed the company. We launched Blink Forward. We streamlined the organization, lowered our operating breakeven, strengthened capital allocation practices and began transitioning to contract manufacturing. At that point, Blink was primarily a charging network. In 2026, we stabilized the company. We completed the transition to contract manufacturing, exited contracts that did not meet our economic standards, divested the Envoy car sharing business, which was noncore, reduced our structural cost base and delivered our first positive adjusted EBITDA quarter on a revenue base, approximately 1/3 smaller than a year ago. That is an important point. Profitability didn't come from chasing volume or accepting unprofitable revenue. It came from improving the quality of our revenue, expanding margins and operating the business responsibly. Today, Blink is no longer only a charging network. We are becoming a managed energy platform, combining EV charging, energy management software and battery storage into a more integrated customer solution. EnergyConnect is already deployed at 52 Blink-owned DC fast charging sites in the U.S. and 30-plus in Europe and providing a tangible foundation from which to expand our energy management capabilities and recurring software revenue. So as we enter 2027, our focus moves from stabilization to top line growth. We intend to scale EnergyConnect across our network and customer base, deploy battery storage where the economics support attractive returns and expand from managing chargers to managing the broader energy needs of sites, buildings and campuses. Over time, we see chargers, batteries and buildings operating as one connected system with Blink providing the intelligence that manages demand, capacity and cost. The market need is also becoming more urgent. Electricity demand is increasing, grid capacity is constrained and commercial customers are confronting higher costs and greater complexity as they add charging infrastructure. Those challenges create a meaningful opportunity for a company that can bring together charging software and storage in one integrated solution, and we believe Blink is increasingly positioned to be that company. When I became CEO, I said our priorities were clear: establish fundamentally sound financials, operate with discipline and build a company capable of scaling profitably. This quarter, we delivered clear evidence of progress against each of those priorities. We still have significant work ahead of us. One positive quarter is a milestone, it's not the destination. Our immediate focus is to sustain positive adjusted EBITDA, tightly manage capital, execute on our customer commitments and convert the Blink Energy strategy into profitable growth. Blink entering 2027 is a fundamentally different company from the one that entered 2025. So in closing, I want to thank the entire Blink team for their focus, their resilience and the accountability that made this quarter possible. And I also want to thank our customers, our partners and our shareholders for their continued confidence in Blink. So with that, let's open the call for questions. So operator, go ahead. Operator: [Operator Instructions] Our first question comes from the line of Craig Irwin from ROTH Capital Partners. Andrew Scutt: It's Andrew on for Craig. I want to say congrats for reaching adjusted EBITDA profitability before your target. That's a great achievement. My first question, so like as you guys kind of try and execute on the new Blink Energy strategy and drive growth through the core charging business in 2027, is the current cost base of around $10 million quarterly in noncash OpEx enough to support the growth? Or will there be some incremental investments as we see as you kind of build out the new strategy? Michael Battaglia: Yes. So we feel comfortable about our current OpEx run rate, and we think we have capacity to expand from where we are in terms of productivity, in terms of the team being able to take on more and to enter these markets successfully. Part of it is just the productivity of our employee base and the talent level just continues to increase. Where we are investing more is in the sales organization. So we feel like now is the appropriate time where we have reached a couple of key milestones in our business, and we're putting more emphasis on the sales organization. Andrew Scutt: That's great to hear, and I appreciate the color. And second from me, on the last call, you guys kind of mentioned you were seeing increased utilization on recently installed chargers. So just kind of wondering if that trend has continued and how quickly are these new sites ramping towards your targeted utilization rates? Michael Battaglia: Yes. So we're seeing encouraging utilization on our -- kind of throughout our network, but certainly on our better-performing sites are growing stronger as time goes on. That's one. Number two is back in December, when we did a follow-on and raised $20 million. We had talked about the fact that the majority of that was going to go towards CapEx for new sites. So this year, we have 33 sites under construction as a result of using that -- those proceeds. We have several sites that have already been delivered, and we have the majority of sites that will go live between now and the end of first quarter 2027. So we're on pace. Andrew Scutt: Great. Appreciate details and congrats again on the strong quarter. Michael Battaglia: Thank you. Operator: Our next question comes from the line of Ryan Pfingst from B. Riley Securities. Ryan Pfingst: Congrats on the progress here with positive EBITDA. Thinking about 2027, I was curious if you could break down the expected revenue growth that you see between charging services, product sales and EnergyConnect and/or storage. Michael Battaglia: Yes. So we'll provide more color on 2027 early next year, okay, during the quarterly release and the annual release. Ryan Pfingst: Understood. I mean, I guess maybe to phrase it another way, and maybe not focusing it directly on '27, but just as you make this kind of transformation into Blink Energy with a 3-pronged approach, how are you thinking about those different segments ultimately comprising the total business going forward? Michael Battaglia: Yes. I'll answer it this way, and I'm sure Michael can provide some color as well. So there's these kind of 3 core elements of Blink Energy. It's charging, it's EnergyConnect software platform and storage. So we're going to continue doing what we've been doing on the charging side. Number two, when we think about EnergyConnect and battery energy storage, this opens up a meaningful opportunity for us in really 2 ways. One, it is going to serve us very nicely as we're already seeing on enhancing Blink's margins on the owner-operator side. And then the second opportunity is -- and that's a margin expansion -- that's a cost reduction margin expansion opportunity. And then secondly, there's a market opportunity for our customer base that has purchased chargers from us, and there's tens of thousands of those. And the opportunity is for us not only to sell software subscriptions to EnergyConnect, but where it makes sense for the customer and where they're being significantly impacted by demand fees is that we can then implement battery energy storage there. Then finally, as time goes on, we'll start looking at things like grid services, electricity offtakes, things like that. So like anything, we're just beginning this phase of our business. So it's going to be relatively small in 2027. Second half of 2027, it will grow, and then it will take off from there. But Michael, do you want to add anything? Michael Bercovich: Yes, Mike, I think this is perfect. One thing I will add is that the charging services, we expect continue to grow, not only from deployments because obviously, we cover that as we go live with the new sites, but also from utilization. And we start seeing that across the network. And this is where, again, usage of different tools and really changing the way that we operate start bringing a lot of value. Ryan Pfingst: Great. I appreciate all that detail. And then maybe thinking about the balance sheet and capital allocation. Can you just talk about at a high level, the capital needs that might be required for the battery storage opportunity? Michael Battaglia: Yes, Michael, do you want to take that? Michael Bercovich: Yes, absolutely. We feel that we're well capitalized. We finished the quarter with $30.5 million in cash. We have no debt. We always talked about acquiring that being a small debt for assets that will produce significant returns in the future. And we feel now moving to the adjusted EBITDA this quarter, it will help us to open additional doors, and we will continue reevaluating those opportunities as we move forward. We feel positive about the direction and where we're going. Michael Battaglia: Yes. And I would add one thing. Ryan, unlike our charging business, where we've invested our own equity into establishing these sites, our plan is not to buy these -- for instance, buy a battery and install it. Our plan is absolutely to finance that transaction and to have those projects wrapped a larger financing opportunity. So we are not planning on going out and buying a bunch of batteries and installing them. So it's a little bit of a shift in how we've been managing capital. Operator: [Operator Instructions] Our next question comes from the line of Sameer Joshi from H.C. Wainwright. Sameer Joshi: Michael, congrats on the positive EBITDA. So a couple of questions on the EnergyConnect. Of the 52 sites, is it a full version of the EnergyConnect that is being used there? Or do you expect some additional features to be added to these? And then how many of the sites that you already -- where you already have chargers, DC fast chargers are potentially convertible in the near term, say, 6 to 9 months? Michael Battaglia: Potentially, did you say Sameer, convertible? Sameer Joshi: Convertible as in where EnergyConnect can be deployed quickly? Michael Battaglia: Yes. Okay. Yes, yes. Good question. So first of all, if you guys recall, on the Q2 call, we announced EnergyConnect for the very first time. And on that call, we announced that we had 11 sites that were live. So between the Q2 call and now, we have 52 sites on board, Blink-owned sites in the U.S. and 30 plus in Europe. So the rollout has been very rapid. With if we take a look at the U.S., again, 52 sites, we have 47 of those sites where we've begun actively load managing. And we've talked about in the comments that we have 9 sites because we now have enough data on 9 sites where we've seen meaningful reductions in demand charges. So 21% overall for those 9 sites. One site was a 38% reduction in demand charges. And then as we move forward, we're going to see -- we have more data across those 52 sites, the 30-plus sites in Europe and the additional sites that we add to EnergyConnect under Blink-owned and then expanding to -- again, to host-owned sites to customers that fall outside of Blink-owned. So the criteria here is to look for sites that are well utilized and that are in a utility jurisdiction where the demand fees are high. And when those 2 things come together, it becomes very economically attractive to add battery energy storage even beyond load curtailment of EnergyConnect. And then finally, to answer the second part of your question there, Sameer, yes, this is the very beginning of EnergyConnect. The team is going to continue to add features and functions to the platform, and there will be more to come on that as we grow that part of the business. Sameer Joshi: Yes. Actually, I think on Slide 22 of your presentation, the bottom right is actually very exciting where you say where we are going and that chargers, batteries and buildings as one system. I think that's the potential of EnergyConnect. And I think it's right for you guys to focus on that. So you're correct on that. Yes. So just a few questions. Yes, go ahead, go ahead. Michael Battaglia: I was just going to mention, we think that when customers see the power of this type of platform and reducing cost and managing electricity effectively on EV charging, that it's a natural progression into, let's say, the rest of the campus or the building that they're operating the chargers at. Sameer Joshi: Absolutely. On the cost front, Michael, did I hear -- Bercovich did I hear properly that there is more possible reductions in OpEx going forward? Michael Bercovich: Sameer, we're always looking to be more efficient. As I said, we call it capital allocation. When we're talking about that, it's not only the employees and compensation. It's really about how we operate, what we pay for and how we do that. And that's how we got here because eventually, we have really great talented team. But what we can do, we can do things better and faster, and that creates a really new base for growing in the future. Some people asking whether when you start growing again, are you going to increase your cost basis? Our cost basis is rationalized and can support significantly larger operation. Now as Mike said, the next level of investments will be in sales and in sales only, and we continue utilizing the modern tools to help us to be more agile and more lean. So our cost basis is still going through some evaluation, as we said, because this is just the nature of our new culture being just thinking about how to make it better and how can we get more money to invest back in the business and create a stronger company. Sameer Joshi: Got it. And just to reiterate, on the gross margin front, I think you're guiding for 38%. But in this quarter, excluding onetime charges, it would have been 41.7%. So I can see that there is more scope going forward. Once again, congrats on the positive results. Michael Bercovich: Yes. Thank you so much. Appreciated. Operator: There are no further questions at this time. I will turn the call back to Vitalie Stelea for closing remarks. Vitalie Stelea: We thank our participants and our audience that joined us for the call today as Blink announced its first ever positive adjusted EBITDA quarter and outlined the company and the management's evolution to Blink Energy. This concludes our call. And if there are any further questions, feel free to e-mail us at [email protected], and be well. Thank you. Operator: Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation. Before you buy stock in Blink Charging, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Blink Charging wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Blink (BLNK) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. - Total Revenue: $18.4 million in Q3 2026, down from $27.1 million in Q3 2025. - Product Revenue: $6.4 million, approximately 35% of total revenue, versus $13 million in Q3 2025. - Service Revenue: $10 million, down from $10.8 million in Q3 2025. - Network Fee Revenue: Grew 6.3% year-over-year to approximately $2.9 million. - Charging Service Revenue: Decreased 11.5% year-over-year due to deliberate exit of unprofitable contracts. - Other Revenue: $1.9 million, essentially flat versus $2 million in prior-year period. - Car Sharing Revenue: Zero in Q3 2026 following Envoy divestiture, versus $1.2 million in Q3 2025. - Repeat and Recurring Revenue: Approximately 55% of total revenue in the quarter. - GAAP Gross Profit: $4.8 million, or 26.3% of revenues, versus $9.3 million, or 34.5%, in Q3 2025. - Non-GAAP Gross Margin: 55%, up approximately 1,400 basis points from 40.9% in Q3 2025 and up from 47.9% in Q2 2026. - Inventory Charge: Approximately $3 million non-cash charge; excluding it, gross margin would have been approximately 41.7%. - GAAP Operating Expenses: $11.8 million versus $9.8 million in Q3 2025 (prior year included $11.7 million non-cash gain). - Non-GAAP Operating Expenses: Down 46% year-over-year from $18.4 million to $10 million. - Compensation Expenses: Down 42% year-over-year from $11.7 million to $6.8 million. - G&A Expenses: $1.2 million, down from $3.7 million in prior-year quarter. - Other Operating Expenses: Declined to $2.8 million from $4.8 million. - GAAP Net Loss: $6.7 million, or $0.05 loss per diluted share, versus net loss of $300,000 in Q3 2025. - Nine-Month Net Loss: $24.3 million versus $50.7 million in same period of 2025. - Adjusted EBITDA: Positive approximately $200,000, first positive quarter in company history, versus a loss of $7.3 million in Q3 2025 (a $7.5 million improvement). - Nine-Month Adjusted EBITDA: Loss improved 76% to $7 million from $29.4 million loss. - Cash and Cash Equivalents: Approximately $30.5 million at quarter end, down $3.5 million from $34 million at end of June; no debt. - Accounts Receivable: $13.3 million, down from $19.5 million at year-end. - Inventory: $7.1 million, down from $14.2 million at year-end. - Full-Year 2026 Revenue Guidance: Revised to $78 million$81 million from $83 million$90 million previously. - Full-Year 2026 Gross Margin Guidance: Approximately 38%, excluding non-cash inventory charges. - Energy Connect Deployment: Live at 52 Blink-owned DC fast charging sites in the U.S. (47 actively using load management) plus 30-plus sites in Europe; demand fees reduced 21% across nine sites, with one site seeing a 38% reduction. - Networked Chargers: More than 48,000 networked chargers worldwide. - Warning! GuruFocus has detected 4 Warning Signs with BLNK. - Is BLNK fairly valued? Test your thesis with our free DCF calculator. Release Date: November 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Blink Charging Co (NASDAQ:BLNK) achieved its first-ever positive adjusted EBITDA of approximately $200,000, one quarter ahead of target and a $7.5 million year-over-year improvement. - Non-GAAP gross margin expanded to 55%, up about 1,400 basis points year-over-year, driven by disciplined portfolio optimization and a richer mix of recurring revenues. - Non-GAAP operating expenses decreased 46% year-over-year to $10 million, reflecting a streamlined cost structure and right-sized organization. - The company ended the quarter with approximately $30.5 million in cash and no debt, providing financial flexibility. - Energy Connect, the AI-driven energy management platform, is deployed at 52 Blink-owned DC fast charging sites in the U.S. and 30+ in Europe, with initial results showing a 21% reduction in demand fees across nine sites. - Total revenue declined to $18.4 million from $27.1 million year-over-year, missing internal projections due to project timing and deliberate exits from unprofitable contracts. - Full-year 2026 revenue guidance was lowered to $78-$81 million from $83-$90 million previously, reflecting delayed customer projects. - Product revenues fell to $6.4 million from $13 million year-over-year, representing a significant decline. - A $3 million non-cash inventory charge related to legacy manufacturing inventory negatively impacted GAAP gross margin, which was 26.3%. - The company expects cash investments to continue for DC fast charging infrastructure and battery storage deployment, which may pressure the balance sheet. Q: With the new Blink Energy strategy, is the current ~$10 million quarterly non-GAAP OpEx base sufficient to support growth in 2027, or will incremental investments be needed? A: CEO Michael Battaglia said the company is comfortable with its current OpEx run rate and believes it has capacity to expand productivity and enter new markets. The main area of incremental investment is the sales organization, now that key milestones have been reached. Q: How are you thinking about the revenue mix across charging services, product sales, Energy Connect, and storage as Blink transforms into Blink Energy? A: CEO Michael Battaglia said charging remains the core business, while Energy Connect and battery storage offer two opportunities: margin expansion through lower demand charges at Blink-owned sites, and a new market selling software subscriptions and storage to its large installed customer base. He expects the energy business to be relatively small in 2027, grow in the second half of 2027, and accelerate from there. CFO Michael Bercovich added that charging services should grow from new site deployments and higher utilization. Q: What are the capital needs for the battery storage opportunity, and how do you plan to fund it? A: CFO Michael Bercovich said Blink is well capitalized with $30.5 million in cash and no debt, and that reaching positive adjusted EBITDA should open additional financing doors. CEO Michael Battaglia added that, unlike its charging sites funded with equity, Blink plans to finance battery storage projects rather than buy and install batteries outright, marking a shift in capital management. Q: Of the 52 sites using Energy Connect, is this the full version of the platform, and how many existing DC fast charging sites could be converted in the near term? A: CEO Michael Battaglia said Energy Connect has scaled rapidly from 11 live sites at the Q2 call to 52 Blink-owned U.S. sites plus 30-plus in Europe, with 47 U.S. sites actively load managing. Nine sites now have enough data to show a 21% average reduction in demand fees, including one site down 38%. He said this is only the beginning and more features will be added. The best candidates for conversion are well-utilized sites in jurisdictions with high demand fees. Q: Has the trend of increased utilization on recently installed chargers continued, and how quickly are new sites ramping toward target utilization? A: CEO Michael Battaglia said utilization is encouraging across the network and stronger over time at better-performing sites. He noted that 33 new sites are under construction using proceeds from the December $20 million raise, with several already delivered and most expected to go live between now and the end of Q1 2027. Q: Are there further OpEx reductions possible, and will costs rise as the company returns to growth? A: CFO Michael Bercovich said Blink continually looks to be more efficient under its "right capital allocation" approach, and that its rationalized cost base can support a significantly larger operation. He said the next level of investment will be in sales only, while the cost structure continues to be evaluated as part of the company's new culture. Q: On gross margin, you are guiding to about 38% for the full year, but Q3 would have been 41.7% excluding the one-time charge. Is there more upside ahead? A: CFO Michael Bercovich affirmed there is more scope going forward, after Q3 non-GAAP gross margin reached 55% versus 40.9% a year ago, driven by portfolio optimization, exit from low-margin contracts, contract manufacturing efficiencies, and a richer mix of recurring revenue. Q: What drove the reduction in full-year 2026 revenue guidance to $78 million-$81 million from $83 million-$90 million? A: CFO Michael Bercovich said the revision reflects the timing of completion of certain customer projects and continued focus on revenue quality. He stressed it is a timing and discipline story, not a change in confidence or the long-term opportunity, and that the delayed projects are not lost and are expected in Q4, subject to customer schedules. Q: What is the outlook for sustaining profitability after the first positive adjusted EBITDA quarter? A: CFO Michael Bercovich said the goal is to maintain positive adjusted EBITDA through Q4 2026, with focus shifting from reaching breakeven to sustaining it. He said the next step in the Blink Energy evolution is a return to disciplined, profitable growth rather than growth at any cost. Q: How does the battery storage pillar fit with Energy Connect and the broader site energy opportunity? A: CEO Michael Battaglia said Blink plans storage at sites with high utility demand charges and healthy unit economics, and that customers seeing the platform reduce costs on EV charging will naturally progress to managing the rest of the campus or building. He envisions chargers, batteries, and buildings operating as one connected system, with Blink providing the intelligence to manage demand, capacity, and cost. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

- Interested in Blink Charging Co.? Here are five stocks we like better. - Blink posted its first positive adjusted EBITDA, at about $200,000 in Q3 2026—one quarter ahead of plan—while targeting positive adjusted EBITDA through year-end. - Revenue fell 32% year over year to $18.4 million, and Blink cut its 2026 revenue forecast to $78 million–$81 million from $83 million–$90 million, citing project delays and its exit from unprofitable contracts. - Blink is expanding beyond charging into energy management and battery storage through its Blink Energy strategy. Its EnergyConnect platform reduced electricity demand fees by 21% across the nine U.S. sites with measured results. - Charging Ahead: Investing in the EV Charging Infrastructure Blink Charging (NASDAQ:BLNK) reported its first quarter of positive adjusted earnings before interest, taxes, depreciation and amortization, reaching the milestone ahead of its target even as revenue fell and the company lowered its full-year sales forecast. The electric vehicle charging company posted approximately $200,000 in adjusted EBITDA for the third quarter of 2026, compared with a $7.3 million loss a year earlier. CEO Mike Battaglia said the result came one quarter ahead of the timetable set at the start of the year. → Apple's Earnings Beat Comes With a Catch for Investors Heading Into the Holidays - ChargePoint Can Optimize Operations with AI and ML Implementation Blink also outlined its transition to Blink Energy, a business that will combine EV charging with energy management software and battery storage. Battaglia said the company's immediate priorities include sustaining positive adjusted EBITDA and converting the strategy into profitable growth. Third-quarter revenue fell to $18.4 million from $27.1 million a year earlier. CFO Michael Bercovich said the quarter was the first without car-sharing revenue following the June 5 divestiture of Envoy Technologies, and the first without several European contracts that Blink chose not to renew because of unfavorable economics. → Are the Fears Around Alphabet's Search Slowdown Warranted? - 4 beaten-down penny stocks ready to take off Revenue also fell short of internal projections because some customer projects were not completed during the quarter, Bercovich said. He said Blink expects those projects to be delivered in the fourth quarter, subject to customer schedules and execution. Product revenue declined to $6.4 million from $13 million, while service revenue fell to $10 million from $10.8 million. Within service revenue, recurring network fees rose 6.3% to approximately $2.9 million, but charging service revenue declined 11.5%. Bercovich attributed the charging revenue decrease to Blink's exit from less profitable contracts. → Palantir's $2.3 Billion Quarter Puts Its Premium Valuation to the Test The company reported a GAAP net loss of $6.7 million, or $0.05 per diluted share, compared with a $300,000 loss a year earlier. Bercovich said the prior-year result was significantly affected by an $11.7 million non-cash gain related to a change in the fair value of consideration payable for the Envoy deal. GAAP gross margin declined to 26.3% from 34.5%, partly reflecting an approximately $3 million non-cash charge for legacy manufacturing inventory that could not be economically used or recovered. Excluding that charge, gross margin would have been approximately 41.7%, Bercovich said. Non-GAAP gross margin rose to 55% from 40.9% a year earlier, while non-GAAP operating expenses fell 46% to $10 million. Bercovich cited the exit from low-margin contracts, contract manufacturing efficiencies and a higher proportion of repeat, recurring and higher-margin revenue. He noted that Blink redefined its non-GAAP metrics beginning in fiscal 2026. Blink ended the quarter with approximately $30.5 million in cash and no debt, down from $34 million in cash at the end of June. The quarterly decline included capital spending on the expansion of its DC fast-charging network. Blink lowered its 2026 revenue guidance to $78 million–$81 million from $83 million–$90 million, citing customer-project timing and its focus on revenue quality. It maintained its expectation for full-year gross margin of approximately 38%, excluding non-cash inventory charges, and said its goal is to remain positive on an adjusted EBITDA basis through the fourth quarter. As part of its Blink Energy strategy, the company plans to offer charging equipment, energy management and battery storage as an integrated solution. Battaglia said its EnergyConnect platform was deployed at 52 Blink-owned DC fast-charging sites in the United States and more than 30 Blink-owned sites in Europe. Of the 52 U.S. sites, 47 were actively using load management. Blink had enough data from nine sites to measure a 21% reduction in electricity demand fees, with one high-capacity site recording a 38% reduction, Battaglia said. Blink plans to make EnergyConnect available to customers in the United States and Europe through software subscriptions and deploy battery storage where local conditions and electricity rates support the investment. Battaglia said the company plans to finance battery projects rather than buy and install the batteries outright. Asked about the revenue mix in 2027, Battaglia said Blink would provide more detail early next year. He said the newer energy management and storage business would be relatively small in 2027, with growth in the second half. Battaglia also announced that he had been elected chairman effective immediately, in addition to his CEO role. Ritsaart van Montfrans, who had served as chairman since 2023, will remain on the board as lead independent director. Blink Charging Co is an electric vehicle (EV) charging company that develops, manufactures, sells and operates charging equipment and related services. The company serves commercial, residential, fleet and public-sector customers seeking to install and manage EV charging infrastructure. Blink's product portfolio includes Level 2 AC charging stations and DC fast-charging equipment, along with associated hardware, installation services and cloud-based software. Through the Blink Network, charging-station owners and users can access tools for station management, payment processing, usage monitoring and locating available chargers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What Blink Charging (BLNK) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for November 2026.

- 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., Nov. 05, 2026 (GLOBE NEWSWIRE) -- 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 [email protected] 305-521-0200 ext. 446 Blink Media Contact Elizabeth Haarmann [email protected] 305-521-0200 ext. 266

HENDERSON, Nev., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) ("Blink" or the "Company"), a leading global owner, operator, and provider of electric vehicle (EV) charging equipment and services, will announce its third quarter results on Thursday, November 5, 2026, following the close of financial markets. The Company will host a conference call and webcast that day at 4:30 p.m. Eastern Time to discuss the Company's results that ended on September 30, 2026. To access the live webcast, log onto the Blink Charging website at http://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. ### 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 solutions. Blink's principal line of products and services include Blink's EV charging network ("Blink Network"), EV charging equipment, and EV charging services. The Blink Network uses 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 as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as "anticipate," "expect," "intend," "may," "will," "should" or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including achieving projected revenue, adjusted EBITDA and gross margin targets as described in Blink Charging's periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Blink Investor Relations Contact Vitalie Stelea [email protected] Blink Media Contact Elizabeth Haarmann [email protected]

Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Blink Charging (NASDAQ:BLNK) and its peers. Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects. The 15 renewable energy stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 3.1% while next quarter’s revenue guidance was 7.9% below. In light of this news, share prices of the companies have held steady as they are up 2.3% on average since the latest earnings results. One of the first EV charging companies to go public, Blink Charging (NASDAQ:BLNK) is a manufacturer, owner, operator, and provider of electric vehicle charging equipment and networked EV charging services. Blink Charging reported revenues of $21.67 million, down 24.5% year on year. This print fell short of analysts’ expectations by 11.5%, but it was still a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates. Blink Charging delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 10% since reporting and currently trades at $0.59. We think Blink Charging is a good business, but is it a buy today? Read our full report here, it’s free. Working in stealth mode for eight years, Bloom Energy (NYSE:BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation. Bloom Energy reported revenues of $1.07 billion, up 166% year on year, outperforming analysts’ expectations by 27.7%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. Bloom Energy achieved the biggest analyst estimate beat, fastest revenue growth, and highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 38.6% since reporting. It currently trades at $231.23. Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free. Pioneering the use of lithium-ion batteries for grid storage, Fluence (NASDAQ:FLNC) helps store renewable energy sources with battery systems. Fluence Energy reported revenues of $649.8 million, up 7.9% year on year, falling short of analysts’ expectations by 18.8%. It was a disappointing quarter as it posted full-year revenue and EBITDA guidance missing analysts’ expectations. Fluence Energy delivered the weakest performance against analyst estimates and weakest full-year guidance update in the group. As expected, the stock is down 6.9% since the results and currently trades at $13.25. Read our full analysis of Fluence Energy’s results here. The first company to successfully commercialize the solar micro-inverter, Enphase (NASDAQ:ENPH) manufactures software-driven home energy products. Enphase reported revenues of $291.9 million, down 19.6% year on year. This result surpassed analysts’ expectations by 0.6%. Zooming out, it was a mixed quarter as it logged EPS in line with analysts’ estimates. The stock is up 11.3% since reporting and currently trades at $40.41. Read our full, actionable report on Enphase here, it’s free. Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ:EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States. EVgo reported revenues of $82.65 million, down 15.7% year on year. This print topped analysts’ expectations by 3.5%. Aside from that, it was a slower quarter as it produced full-year revenue and EBITDA guidance missing analysts’ expectations significantly. The stock is down 4.9% since reporting and currently trades at $1.65. Read our full, actionable report on EVgo here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Blink Charging’s second quarter saw the company deliver improved profitability metrics despite missing Wall Street’s revenue expectations. Management attributed the results to a deliberate shift toward higher-margin revenue streams, citing cost-cutting and portfolio optimization as key factors. CEO Michael Battaglia emphasized, “The restructuring work is behind us, and you are seeing the company we committed to build, leaner, more focused and making deliberate decisions that prioritize quality of revenue, margin expansion and profitability.” The divestiture of Envoy Technologies and a focus on recurring service revenues helped drive a significant year-over-year improvement in gross margin, even as overall sales contracted. Is now the time to buy BLNK? Find out in our full research report (it’s free). Revenue: $21.67 million vs analyst estimates of $24.48 million (24.5% year-on-year decline, 11.5% miss) Adjusted EPS: -$0.04 vs analyst estimates of -$0.06 ($0.02 beat) Adjusted EBITDA: -$2.21 million (-10.2% margin, 71.9% year-on-year growth) Adjusted EBITDA Margin: -10.2% Market Capitalization: $85.57 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Christopher Pierce (Needham): Asked about network utilization trends and how service revenue could scale with the installed base. CEO Michael Battaglia responded that utilization is rising, especially for assets deployed in the past 18 months, and that new DC fast charging sites are expected to further improve this. Christopher Pierce (Needham): Inquired about the stability of operating expenses after recent cost cuts. CFO Michael Bercovich stated that most structural cost actions are now complete and the current expense run rate should remain stable, with possible incremental efficiencies. Christopher Pierce (Needham): Queried about the shift in manufacturing strategy and sourcing of equipment. Battaglia explained that Level 2 charger assembly has moved to contract manufacturers in the U.S. and India, while DC fast chargers are sourced from third-party suppliers such as Tellus Power, Kempower, and Sinexcel. Christopher Pierce (Needham): Pressed on the company’s confidence in reaching adjusted EBITDA breakeven given industry volatility. Battaglia cited the company’s recent progress and a more conservative outlook, emphasizing disciplined cost management and a focus on recurring revenues. Ryan Pfingst (B. Riley): Sought details on the revenue guidance reduction and gross margin improvement. Battaglia explained that prioritizing contract profitability and walking away from low-margin deals led to lower revenue but stronger margins. In the coming quarters, our team will focus on (1) the speed and effectiveness of DC fast charging site deployments, (2) traction and monetization of the EnergyConnect platform, and (3) continued service revenue growth as Blink transitions toward a recurring-revenue model. We will also watch for evidence of sustainable margin expansion and updates on battery storage integration as milestones for future differentiation. Blink Charging currently trades at $0.59, up from $0.54 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Investor Relations - Vitalie Stelea President and Chief Executive Officer - Mike Battaglia Chief Financial Officer - Michael Bercovich Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good afternoon, ladies and gentlemen, and welcome to the Blink Charging Company Second Quarter 2026 Earnings Call. [Operator Instructions] At this time, it is my pleasure to turn the call over to Vitalie Stelea. Vitalie Stelea: Thank you, operator, and welcome to Blink's second quarter 2026 earnings call. With us today, we have Mike Battaglia, President and CEO; and Michael Bercovich, Chief Financial Officer. Today's discussions will include references to non-GAAP measures. These are reconciled to the most comparable U.S. GAAP numbers in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website. Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors that could cause results to differ are included on Page 2 of the second quarter 2026 earnings deck. Unless otherwise noted, all comparisons are year-over-year. Regarding our calendar, Blink will participate in the H.C. Wainwright 28th Annual Global Investment Conference on September 14 and 15 in New York City. For additional events, please follow our press releases and Blink's Investor Relations website. I will now turn the call over to Mike Battaglia, President and CEO of Blink Charging. Please go ahead, Mike. Michael Battaglia: All right. Thanks, Vitalie. Good afternoon, everyone, and thank you very much for joining us. So I'd like to set the stage for today's call by highlighting 2 achievements that exemplify the transformation at Blink. First, we narrowed our adjusted EBITDA loss to just $2.2 million this quarter, compared to a loss of $7.9 million in the second quarter of last year, representing a 72% improvement. And second, our GAAP gross margin was a strong 38.9%, that is a 2,200 basis point year-over-year increase or an improvement of $3.6 million on a lower revenue base. Together, these 2 data points demonstrate that the plan we communicated and put in place at the beginning of this year is working and moving Blink decisively toward our goal of exiting 2026 at approximately breakeven. We'll come back to both of these data points in more detail in a few minutes, but I wanted to begin here as the rest of the call will reinforce these key points. The restructuring work is behind us, and you are seeing the company we committed to build, leaner, more focused and making deliberate decisions that prioritize quality of revenue, margin expansion and profitability. Total revenue of $21.7 million was up 4.3% sequentially, and we were encouraged to see product sales grow 20% from the first quarter. We also completed the divestiture of Envoy Technologies on June 5. And while it impacted the top line in the second quarter, it reinforces our commitment to focusing resources and capital on optimizing the core business. And with every customer contract renewal, we evaluate the economics and execute only when the terms work for Blink. Otherwise, we walk away. The result is a higher quality revenue base as evidenced in margin performance. Again, GAAP gross margin of 38.9% this quarter compared to 16.8% in Q2 of last year. This sends a clear message, our plan is working. Now turning to Slide 6. Market conditions within the U.S. electric vehicle market are strengthening, which underpin the fundamentals of our business. Used EV sales are robust as mainstream buyers consider alternatives to gasoline-powered vehicles in an environment of elevated global fuel prices. Similarly, in Q2, new battery electric vehicle sales demonstrated growth over Q1, reflecting steady market recovery since the discontinuation of the EV tax credit, and this is exactly what we were expecting. Consumers are choosing the predictability of charging costs associated with electricity over the spikes and fluctuations of geopolitically driven gas prices. Plug-in hybrids service the on-ramp, transitioning drivers toward full battery-powered EV ownership. And new sales have also been showing global resiliency with Europe hovering at a 17.5% penetration rate of new vehicles sold, benefiting our businesses in the U.K. and Belgium. Importantly for us, infrastructure perception remains the #1 barrier to buying an EV. That gap between the customer's perception today and when they're going to feel comfortable with infrastructure availability is the opportunity for Blink. We own and operate infrastructure, and we are building into those perception gaps. On Slide 7 is the business model transformation that is driving margin expansion. By 2028, we are targeting repeat and recurring revenue streams to account for approximately 80% of total revenue, with hardware sales comprising the balance. We achieved this with a deliberate plan that progresses through various stage gates, from raising capital to site pipeline generation to construction and deployment and finally, to owned and operated cash-generating DC fast charging assets. Recurring revenue drives predictability and this transition drives structural margin expansion. Moving to Slide 8. Our DC fast charging build-out plan totals 25 sites and 118 stalls, funded by the equity raise we completed in December of last year. We expect to have nearly all of those sites built by the end of 2026. This would bring our total DC charger footprint to about 169 sites, representing 519 stalls by year-end. Slide 9 is a visual representation of where we're headed. This is a concept of one of our future DC fast charging sites. They're fast, incorporate energy management technologies and are located in high-density locations where people live, work and play. Turning to Slide 10. We highlight Blink's focus on innovation. This month, we are launching EnergyConnect, this month, our new energy management platform. This marks an important evolution for Blink. EnergyConnect is an AI-driven energy management system that will eventually be live across our DC fast charging and Level 2 networks. In simple terms, it transforms charging sites into a smarter, more valuable energy asset as it addresses 4 key areas for us and our site hosts. First, real-time load monitoring. We can see actual power draw against configured limits at every site. Second, automated load balancing. The system distributes power intelligently phase by phase. Third, demand charge mitigation. Scheduled load limits reduce or eliminate expensive peak hour utility charges. And fourth, it lets us grow without underlying infrastructure upgrades. We can add more chargers on the electrical service already in place. These capabilities save us future OpEx and CapEx dollars, and this is a platform, not a feature, and it's live today. In the first half of 2027, we will bring battery storage under EnergyConnect control, unlocking peak shaving and electricity arbitrage. And beyond that, it's the foundation for aggregating and monetizing distributed energy through a virtual power plant and participating in grid services. This marks our progression from a pure charging company into a broader energy company with EnergyConnect serving as the operating system that powers it. So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and then I'll circle back at the end of the call with concluding remarks. Michael? Michael Bercovich: Thank you, Mike, and good afternoon, everyone. Q2 2026 is a quarter where the numbers validate our plan. Margins are expanding as revenue quality improves. Our structural cost realignment is delivering tangible results. Costs are reset in control, operating leverage is expanding and adjusted EBITDA loss has reached a multiyear low as we drive the business towards sustained profitability. And the balance sheet gives us the flexibility to invest in DC fast charging network and fund expansion with efficient capital. Let me walk you through the details, beginning with the selected financials on Slide 12. Q2 2026 total revenues were $21.7 million compared to $28.7 million in Q2 of 2025. Let me provide some context for this and also underlying story. As we communicated previously, Blink is prioritizing quality of revenue over quantity. From time to time, Blink renews contracts and commercial agreements. And with every renewal, we are evaluating profitability expectations. If it doesn't fit, we walk away, which explains some of this reduction. We also completed the divestiture of Envoy Technologies, which sharpens our focus on the core EV charging business and supports additional improvements in our EBITDA profile. Product revenues were $7.4 million compared to $14.5 million in the second quarter of last year. This decline reflects deliberate strategic decisions. While some participants in the industry continue to prioritize top line growth at the expense of margins, we remain focused on profitable growth, higher-margin opportunities and disciplined deal selection. We believe this strategy positions Blink for stronger and long-term shareholder value creation. Service revenue, which includes repeatable charging revenues and recurring network fees, grew 6.2% year-over-year to $11.5 million compared to $10.8 million in Q2 of 2025. This is the growth engine for Blink, both from a revenue and margin perspective. Further, with our ongoing margin optimization efforts, we are experiencing margin expansion. We will address this in more detail momentarily. Other revenues, which consist of warranty fees, grants and rebates and other revenue items were $1.9 million in the second quarter compared to $2.3 million in the prior year period. Car sharing revenues were $0.8 million, a decrease of 25.9% compared to prior year period, primarily attributable to the Blink strategic divestiture of Envoy Technologies on June 5, 2026. For modeling purposes, Envoy's last 12 months revenues were $4.7 million, and they will not be recurring. As a reminder, starting with the fiscal year 2026, we have redefined our non-GAAP metrics to align with peers and industry practices. You can see the definitions of these metrics in our earnings press release as well as in the appendix section of this presentation. The main difference is that we exclude noncash share-based compensation, other nonrecurring items as well as depreciation and amortization to better present the fundamental direction of our business. So let's get to it. GAAP gross profit in Q2 was $8.4 million or 38.9% of revenues compared to gross profit of $4.8 million or 16.8% of revenues in Q2 of 2025. That is 75% improvement in gross profit dollars on lower revenue and more than 2,200 basis points of margin expansion. The gross margin percentage exceeded our expectations, driven by disciplined portfolio optimization, the shift to contract manufacturing and improved revenue mix. On a non-GAAP basis, adjusted gross margin was a robust 47.9%. The fundamentals of our business are stronger than ever. Our focus on higher quality revenue, disciplined portfolio management, contract manufacturing optimization and a richer mix of repeat, recurring and higher-margin revenue streams continues to enhance our margin profile. These are sustainable improvements that we expect to support further profitability as the business grows. Turning to operating expenses. Total operating expenses in Q2 were $14.7 million compared to $34.4 million in Q2 of last year, a 57% reduction year-over-year. This reflects the successful execution of our Blink Forward transformation initiative and the completion of the restructuring actions over the past year. Importantly, those are structural, not temporary improvements. We have rightsized the organization, streamlined our cost structure and instilled greater discipline across G&A and compensation spending, and we continue targeting more. As a result, Blink is operating as a leaner, more focused and more efficient organization that is well positioned to drive profitable and predictable growth. Compensation expenses were $8.4 million, down 39% from $13.8 million in Q2 2025, reflecting the benefit of our headcount reductions. G&A expenses were $1.8 million, down from $7 million (sic) [ $10.7 million] in prior year quarter, and other operating expenses declined to $4.1 million from $6.7 million as our cost optimization efforts continue to compound across the organization. GAAP net loss for Q2 was $6 million or $0.04 loss per diluted share compared to a net loss of $29.3 million or $0.28 loss per diluted share in Q2 of last year. That's an improvement of over $23 million in reduced net loss. Adjusted EBITDA for the second quarter of 2026 was a loss of $2.2 million compared to an adjusted EBITDA loss of $7.9 million in Q2 of last year. That is a 72% improvement and it gets us closer to achieving profitability. Turning to our balance sheet and cash position. We ended Q2 with cash and cash equivalents of approximately $34 million. Days sales outstanding is now below 80 days, demonstrating the continued impact of enhanced working capital practices and refined liquidity management. For the first 6 months of 2026, net cash burn was approximately $5.6 million compared to $30.1 million in the same period last year, an improvement of approximately $24.5 million. Tighter financial management across the business gives us the flexibility to invest in our future DC fast charging network. As we scale this infrastructure, we expect our cash burn to increase to support future repeatable cash flows from charging assets. Regarding the business outlook, I'd like to provide an update across 3 key areas. #1, revenue. We are revising our full year 2026 revenue guidance to between $83 million to $90 million from $105 million to $115 million previously. Here is why. With the focus on revenue quality, the Envoy divestiture and other commercially disciplined decisions, we are consciously choosing to run a leaner and more focused company. The emphasis is on the durable profitability and not just the top line for the sake of the top line. Our updated guidance reflects thoughtful strategic choices, not a change in our confidence or long-term opportunities. While these actions reduce revenue in the short term, they improve overall business performance and financial health. #2, gross margins. We are raising our full year gross margin outlook to approximately 38% on a GAAP reported basis from approximately 35% previously. The drivers are well understood, disciplined portfolio optimization, selective renewal of contracts, contract manufacturing efficiencies and improved revenue mix and increased utilization of our own charging assets. Lastly, #3, path to profitability. We anticipate a further reduced adjusted EBITDA loss in the second half of the year as we continue business optimization efforts. We recognize early that long-term success in this industry requires more than revenue growth. It requires a sustainable business model. Over the past year, we have focused on making the right decisions, not always the easiest ones, in order to build a stronger company. We believe the progress we have made reflects this discipline, and we're committed to continue to execute with the same focus going forward. And we choose to confront market challenges head on rather than wait for the markets to solve them for us. I will now turn it back to Mike to wrap it up. Go ahead, Mike. Michael Battaglia: All right. Thanks, Michael. So the second quarter of 2026 was about broad execution and the results reflect that. At Blink, we are believers in intense focus and management accountability. We want to concentrate on the core, build the core and do what we do best. As we move through the remainder of 2026, our focus is on deploying capital, scaling the DC fast charging network, deploying energy management capabilities through EnergyConnect, and building a business that generates durable, repeatable revenue and reaches adjusted EBITDA breakeven in the fourth quarter. We have accomplished the hard structural adjustments. Now we are scaling what works. I want to close by highlighting a few milestones and notable achievements in Q2. #1, GAAP gross margin of 38.9%, up from 16.8% a year ago. Quality of revenue is performing. Secondly, revenue up 4.3% sequentially. The business has stabilized. Third, adjusted EBITDA loss improved 72% year-over-year. The cost structure is right. And fourth, $34 million in cash and days sales outstanding at about 80 days for the second straight quarter. Our balance sheet gives us options. As a result of these achievements, we are targeting to exit 2026 at approximately breakeven profitability. In 2027, we expect to return to revenue growth with a positive full year adjusted EBITDA, driven primarily by charging and energy services and increasing the repeatable and predictable revenue mix. We expect to provide formal 2027 guidance alongside our 2026 year-end results. And overall, since I became CEO, I've been clear about what Blink will do, build a company with fundamentally sound financials, operate with discipline and scale profitably over time. Every quarter, the results move in that direction. So I would like to extend a thank you to the Blink team for their continued focus and execution. And I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every day. With that, we can move on to Q&A. Operator? Operator: [Operator Instructions] Our first question comes from Chris Pierce with Needham. Christopher Pierce: Just one financial question and one kind of bigger picture question. Like -- sorry if I missed it, but did you guys give -- I know you gave the gigawatt hours, and you have been giving that in the past 4 quarters. Did you give -- like how should we think about utilization on the network? I am just trying to think about where service revenue could go with your installed base and as you grow the installed base. So that's kind of top line. And then within OpEx, should we sort of think of this? I kind of just want to go a little deeper on your comments, Michael, about further room from here, if this is sort of a steady state of the business going forward, which is -- I mean, versus last year, sort of get where we are? I just want to understand how to think about modeling OpEx going forward. Michael Battaglia: Yes. I will take the first part, Chris, and then Michael can take the second. So obviously, good question. I will answer it this way. We are seeing increasing utilization among the core group of assets where we have executed with the tools and analytics available to us. So call it the assets that have been installed in the last 18 months. And the new sites that we are putting in, so again, we raised about $20 million in equity in December. We committed to the majority of that being put in the ground in order to build out DC fast charging assets. And as I pointed out in the deck, we are going to have a lot of those built by the end of the year. And we are very confident in the utilization that those sites are going to deliver. So to answer the question, overall, we see the overall network utilization increasing, but especially among the assets that we have installed, call it, in the last 18 months. Christopher Pierce: Okay. Perfect. And then on OpEx? Michael Bercovich: Chris, it is a very good question. Let me answer that. I think the key takeaway is that the vast majority of the structural cost actions are now behind us. Over the past 15 months, we fundamentally reset our operating expense base, and we believe that the current run rate is a good rep for the business going forward. You should expect operating expenses to remain relatively stable with some improvements as we move on because we are just not going to give up and we will continue looking. And then you will see some normal quarter-over-quarter fluctuations driven by timing and some investments in growth initiatives. But as the revenue grows, right, our objective is essentially to leverage this existing cost structure rather than just grow operating expenses. So part of what we did is really reset the operating structure to help us to grow in the future with some additional changes that we plan to do in the next few quarters. Christopher Pierce: Okay. Perfect. Can you just remind us what equipment you are putting in the ground? I know you had a factory outside of D.C. And then I think you had been using some third-party contracting on DC. Like what is happening with your prior production capabilities? And what equipment are you putting in the ground, like kind of where are you sourcing it from? Michael Battaglia: Yes, sure. I will take that. So it's different as we talk about Level 2 versus DC. So let's start with Level 2 because that's what we were assembling in Maryland. So we took that production and we shifted it to third-party contract manufacturers, both here in the United States as well as overseas, in India. That is Blink product. So that's our IP, that's our software development, firmware development. It's just sitting in the hands of a third-party contract manufacturer to manage the supply chain, to snap them together and deliver it to our warehouses here in the U.S. So that's L2 or AC. Secondly, on DC, our strategy has not changed. We are using third-party hardware to support our DC build-out as well as product sales. And that typically sits with 3 companies: Tellus Power, Kempower and Sinexcel. Christopher Pierce: Okay. Perfect. And then just one last one for me. I guess it would be hard not to mention that we have seen companies in this space, across the space really talk about getting adjusted EBITDA positive in '23, '24 and that's sort of a reset. I guess, what's different or what are you seeing now that kind of gives you the confidence that you can sort of kind of talk about exiting this year flattish and positive adjusted EBITDA next year given sort of how volatile the environment has been that's sort of made it hard for people to sort of stick to their predictions? Michael Battaglia: Yes, I will start with that. So I'm sure Michael will have some comments on this. So #1, just look at the progress we've made. I mean this isn't theoretical. We are not talking about this as a conceptual thing. We are demonstrating our progress to it. Adjusted EBITDA loss in Q2 of $2.2 million, we are not that far off. So right there, I think, is evidence -- tangible evidence that we mean what we say. And I think we have a pretty good track record over the last 18 months or so of delivering what we said we were going to deliver. The other thing is, two, as we continue to build our repeat and recurring revenue mix, we can see what type of revenue we need to generate in order to get to profitability. So as we look out and we have, I would say, relatively conservative assumptions on product sales, that's how we're modeling this. We are not modeling this, as Michael said in his comments, based on the market recovering us. We are adjusting our business based on where the market is. So when you combine all of those things, again, press -- continuing to press down on the operating expenses, the increased mix of repeat and recurring revenue and being conservative in the outlook for product sales, we're not saying this flippantly. We are demonstrating that we are getting it. So Michael, anything to add? Michael Bercovich: Yes. Maybe just a couple of points, Chris. Let me say this, profitability is the priority. And the revenue reset you see was intentional. It's not demand driven. And cost structure has fundamentally changed. It's a completely, completely new company. And Blink is positioned to return to growth from a much healthier base, and that's what we can tell you today, and that's where we're driving. Operator: We now hear from Ryan Pfingst with B. Riley. Ryan Pfingst: First, could you give some more specifics around the decisions that you made that ultimately led to the revenue guidance reduction and the expected enhancement of gross margin? Michael Battaglia: Yes. So you're talking about like when we talk about quality of revenue, just to be clear? Ryan Pfingst: Yes, exactly. Yes. Michael Battaglia: Yes. Sure, sure. So first of all, it really probably encompasses 3 things. So first of all, we're ensuring that our owned and operated chargers are optimized. And that means validating driver pricing, so what drivers pay for the electricity at our Blink-owned sites. And just as importantly, ensuring that we are procuring energy at the cheapest rate possible. So that's #1. Secondly, when customer contracts come up for renewal, we are evaluating the true cost of the business, not just the gross margin, but think about contribution margin impact. So if it make sense, we continue, if not, we walk away. And there are a couple of areas that were meaningful from a revenue standpoint that we recently walked away from because the profitability was nonexistent. And we don't feel like that's an efficient use of capital or resources at Blink. And then finally, when we are evaluating hardware sales, we are considering the add-on opportunities that can create longer-term value. So things like whether or not there's a network subscription attached to it, an extended warranty purchase, a revenue share model perhaps. And these considerations help us understand the true margin contribution beyond just the hardware margin itself. So that's how we are thinking about the business now kind of every day we wake up. Ryan Pfingst: Make sense. I appreciate that. And then just to clarify on EBITDA guidance. Should we think about the target being exiting the year at a breakeven run rate or breakeven for the fourth quarter? Michael Battaglia: Michael, do you want to start? Michael Bercovich: Yes, absolutely. So we're driving towards profitability to the end of the year and the drop to this record low of $2.2 million, just a good example. So we plan, again, as I said, profitability is the top priority. We plan to exit the year at a breakeven around that. And then we're building a plan now from where we are and those decisions that we're making right now to become profitable in 2027 with a much leaner, much more focused company and then derisking that as well. Ryan Pfingst: Understood. Appreciate that. And then last one on EnergyConnect. Could you just dig into the battery storage strategy a little bit more and maybe some of the new opportunities that this can provide? Michael Battaglia: Sure. So I think it's really interesting, I think, where Blink is and the opportunity that's available to us here. So we've been working on EnergyConnect for a while, and we are initially deploying it at our Blink-owned sites. So we're rolling it out. We're testing it against things like load balancing and some of the things that I mentioned in my comments, with the intent of trying to maximize the profitability opportunity at those Blink-owned sites. And then once we have validated that, we then get to bring it to the market. So there are kind of additional SaaS opportunities above and beyond just network fees that will -- that we can bring to customers. That's #1. The second piece of it is then incorporating battery energy storage. And this is what I mentioned in the comments again is that when we look to early 2027, we should be able to bring battery energy storage capabilities underneath EnergyConnect. And that opens up a whole different set of opportunities for us in terms of, obviously, peak shaving, demand event mitigation and also providing energy back to the grid, which obviously is something that's top of mind for everyone. And I kidded around before and I've said, that used to be the conversation for EV charging. And now that whole conversation, thankfully, has shifted over to data center. So we're no longer sort of the looming evil child out there. It's the data center. So we think that is a really big opportunity for us to leverage the EnergyConnect platform to be at the core of all of those things. Operator: [Operator Instructions] Our next questioner is from Sameer Joshi with H.C. Wainwright. Sameer Joshi: So I'd like to just dig in a little bit deeper on the EnergyConnect strategy. Is there a possibility for you to go back to already installed DCFC locations and upgrade those with batteries? Or is this only going to be for new installation coming in 2027? Michael Battaglia: Sameer, thanks for the question. It's a great one. There is absolutely a big opportunity to retrofit existing DC fast chargers. And I think order of magnitude, as an example, we have sold upwards of 1,500 DC fast chargers into automotive dealers across the country. That's a pretty good -- and I think probably some of those dealers are struggling with things like demand charges, and that can represent a very interesting opportunity for us. So absolutely. Sameer Joshi: That sounds wonderful. And then second question is about -- I think concluding your prepared remarks, you mentioned the balance sheet and optionality. I understand to the extent that you would be -- you want to deploy as many of your own chargers, and then also use some of this for the battery rollout. But what other options are on the table that you may be considering? Michael Battaglia: Yes. So let me -- I'm sure Michael would like to jump in here, too. I'll start. So to me, this is a kind of a multi-faceted opportunity, I'll say, for capitalizing the company. So #1, we've talked about profitability on this call. And when we achieve profitability, we believe it's going to open up a world of options for us that perhaps aren't available to companies like us in the position we're in right now. So that's #1. The second thing is that we believe that this strategy opens up an investment community to us that, again, hasn't been interested or visible, however you want to word it, and that when we start to show that our DC -- owned and operated DC fast charging footprint gives us a beachhead into this market that's real, we believe that the financing opportunities could be -- some very interesting ones could be available to us. So Michael, anything to add? Michael Bercovich: Yes, absolutely. Thanks, Mike. Sameer, liquidity remains a key focus for us. We finished the quarter with approximately $34 million in cash, no debt, which we believe differentiates Blink from many of our peers. Our focus continues to be disciplined cash management, improving operating performance and reducing cash burn. Every transformation decision we have made over the last year have been centered around extending runway while building business capable of generating sustainable profitability. And that's one of the reasons why profitability, as Mike said, is such an important priority. A business that consistently generates stronger operating results, creates more strategic options, whether it's funding growth internally or accessing capital with lower cost when opportunity arise. Our goal is to put Blink in a position where we have choices and where every financing decision is made from a position of strength rather than necessity. Sameer Joshi: Understood. And I should congratulate you on the very successful cost reduction efforts. I mean it is really impressive what you have achieved over the last few quarters. And good luck with your 4Q breakeven EBITDA. Operator: With all questions having been addressed from the Q&A, we turn the floor back over to your management. Michael Battaglia: We appreciate all of you who joined Blink today for our second quarter announcement, highlighting significant improvements in our GAAP gross margin and adjusted EBITDA. These are critical KPIs that our management follows on our path to profitability as reflected in our updated guidance today. We look forward to keeping you updated. Reach out to the Investor Relations team and be well. Thank you. Operator: This does conclude today's conference call. You may disconnect your lines at this time. Before you buy stock in Blink Charging, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Blink Charging wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is shifting the business model from hardware sales to a focus on owned and operated DC fast charging assets to capture recurring revenue. The significant gross margin expansion to 38.9% was driven by a deliberate strategy of walking away from low-margin contracts and optimizing the revenue mix. The company completed the divestiture of Envoy Technologies to sharpen focus on core EV charging and improve the overall EBITDA profile. Operational improvements were achieved by transitioning Level 2 charger production to third-party contract manufacturers to reduce overhead and manage supply chains more efficiently. Management attributes the narrowed EBITDA loss to the completion of structural restructuring, resulting in a leaner organization with a 57% reduction in operating expenses. Strategic positioning focuses on high-density locations to address the 'infrastructure perception gap' which management identifies as the primary barrier to EV adoption. Blink targets exiting 2026 at approximately adjusted EBITDA breakeven, with a goal of full-year profitability in 2027 driven by charging and energy services. The company is transitioning to a target revenue mix of 80% repeat and recurring revenue by 2028, reducing reliance on one-time hardware sales. The deployment of the EnergyConnect AI platform is expected to reduce future OpEx and CapEx by allowing charger expansion without underlying electrical infrastructure upgrades. Future strategic phases include integrating battery storage in early 2027 to unlock electricity arbitrage and virtual power plant monetization. The build-out of 25 DC fast charging sites (118 stalls) is fully funded and expected to be largely completed by the end of 2026. The divestiture of Envoy Technologies resulted in a non-recurring revenue loss of approximately $4.7 million on an L2M basis. Full-year 2026 revenue guidance was revised downward to $83 million-$90 million, reflecting the intentional exit from unprofitable commercial agreements. Days sales outstanding (DSO) has been stabilized below 80 days, reflecting refined liquidity management and tighter financial controls. Management noted that while some industry peers prioritize top-line growth, Blink is consciously choosing a leaner path to ensure long-term shareholder value. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Utilization is increasing most significantly among assets installed within the last 18 months where advanced analytics were applied to site selection. Operating expenses are expected to remain stable at current levels, as the vast majority of structural cost actions are now complete. Level 2 production has moved entirely to contract manufacturing in the U.S. and India to preserve IP while shedding assembly overhead. DC fast charging hardware continues to be sourced from third-party partners including Tellus Power, Kempower, and Sinexcel. Management expressed high confidence based on the tangible 72% year-over-year improvement in EBITDA loss already achieved. The financial model uses conservative assumptions for product sales and does not rely on a broader market recovery to reach targets. There is a significant opportunity to retrofit approximately 1,500 existing DC chargers at auto dealers with EnergyConnect to mitigate demand charges. Battery integration in 2027 will allow the company to participate in grid services and peak shaving, evolving Blink from a charging company to an energy company.