Execution of our strategy continues as Blink deploys capital into owner-operated DC fast charging and expands higher-quality, repeatable service revenue
FIRST QUARTER HIGHLIGHTS
- Service revenue grew 25% year-over-year to
$13.3 million , up from$10.7 million in Q1 2025. - GAAP gross margin was 32.0%, with non-GAAP gross margin of 42.4%, representing a non-GAAP improvement of 213 basis points versus Q1 2025.
- Total operating expenses declined 35% year-over-year to
$18.4 million , down from$28.5 million in Q1 2025. Non-GAAP operating expenses were reduced to$13.6 million . - Net cash provided by operating activities was approximately
$0.7 million in Q1 2026, representing an improvement of approximately$13.7 million compared to net cash used in operating activities of approximately$13.0 million in Q1 2025. - Net loss narrowed 45% year-over-year to
$11.6 million , compared to a net loss of$21.0 million in Q1 2025.
THE FOLLOWING TOP-LINE HIGHLIGHTS ARE IN THOUSANDS OF DOLLARS:
| Three Months Ended | ||||||||||||
| 2026 | 2025 | % Change | ||||||||||
| Product Revenue | $ | 6,194 | $ | 8,380 | (26.1 | %) | ||||||
| Service Revenue(1) | 13,349 | 10,681 | 25.0 | % | ||||||||
| Other Revenue(2) | 1,236 | 1,657 | (25.4 | %) | ||||||||
| Total Revenue | $ | 20,779 | $ | 20,718 | 0.3 | % | ||||||
(1) Service Revenues consist of repeatable charging service revenues, recurring network fees, and car-sharing service revenues.
(2) Other Revenues consist of warranty fees, grants and rebates, and other revenues.
FIRST QUARTER 2026 FINANCIAL RESULTS
REVENUES
Total revenues were
Product revenues were
Service revenues, which consist of repeatable charging service revenues, recurring network fees, and car-sharing service revenues, increased by
Other revenues, which are comprised of warranty fees, grants and rebates, and additional sources, were
GROSS PROFIT
Gross profit was
OPERATING EXPENSES
Operating expenses in the first quarter of 2026 decreased by 35.3% to
Non-GAAP operating expenses in the first quarter of 2026 were
NET LOSS AND LOSS PER SHARE
Net Loss for the first quarter of 2026 was
Non-GAAP Net Loss for the first quarter of 2026 was
ADJUSTED EBITDA
Non-GAAP adjusted EBITDA for the first quarter of 2026 was a loss of
For reconciliation of GAAP and non-GAAP results, as well as definitions of non-GAAP metrics, please see the tables and accompanying notes below.
CASH LIQUIDITY
As of
GUIDANCE
As previously communicated, for the full year 2026, given our expected revenue range of
EARNINGS CONFERENCE CALL
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CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
| For The Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenues: | ||||||||
| Product revenue | $ | 6,194 | $ | 8,380 | ||||
| Service revenue | 12,230 | 9,506 | ||||||
| Other revenue | 1,236 | 1,657 | ||||||
| Car-sharing revenue | 1,119 | 1,175 | ||||||
| Total Revenues | 20,779 | 20,718 | ||||||
| Cost of Revenues: | ||||||||
| Cost of product revenue | 3,723 | 5,548 | ||||||
| Cost of service revenue | 7,379 | 5,281 | ||||||
| Cost of other revenue | 809 | 840 | ||||||
| Cost of car-sharing revenue | 1,034 | 685 | ||||||
| Depreciation and amortization | 1,195 | 1,295 | ||||||
| Total Cost of Revenues | 14,140 | 13,649 | ||||||
| Gross Profit | 6,639 | 7,069 | ||||||
| Operating Expenses: | ||||||||
| Compensation | 10,163 | 13,554 | ||||||
| General and administrative expenses | 4,619 | 8,868 | ||||||
| Other operating expenses | 3,633 | 5,349 | ||||||
| Change in fair value of consideration payable | - | 679 | ||||||
| Total Operating Expenses | 18,415 | 28,450 | ||||||
| Loss From Operations | (11,776 | ) | (21,381 | ) | ||||
| Other Income (Expense): | ||||||||
| Other income, net | 242 | 401 | ||||||
| Total Other Income, Net | 242 | 401 | ||||||
| Loss Before Income Taxes | $ | (11,534 | ) | $ | (20,980 | ) | ||
| Provision for income taxes | (29 | ) | (28 | ) | ||||
| Net Loss | $ | (11,563 | ) | $ | (21,008 | ) | ||
| Net Loss Per Share: | ||||||||
| Basic | $ | (0.08 | ) | $ | (0.21 | ) | ||
| Diluted | $ | (0.08 | ) | $ | (0.21 | ) | ||
| Weighted Average Number of Common Shares Outstanding: | ||||||||
| Basic | 143,160,628 | 102,466,507 | ||||||
| Diluted | 143,160,628 | 102,466,507 | ||||||
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT FOR SHARE AMOUNTS)
(UNAUDITED)
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 37,991 | $ | 39,568 | ||||
| Accounts receivable, net | 19,113 | 29,532 | ||||||
| Inventory, net | 12,045 | 14,153 | ||||||
| Prepaid expenses and other current assets | 6,933 | 6,065 | ||||||
| Total Current Assets | 76,082 | 89,318 | ||||||
| Restricted cash | 613 | 89 | ||||||
| Property and equipment, net | 42,434 | 42,691 | ||||||
| Operating lease right-of-use asset | 5,805 | 6,331 | ||||||
| Intangible assets, net | 5,759 | 6,634 | ||||||
| 1,742 | 1,742 | |||||||
| Other assets | 729 | 648 | ||||||
| Total Assets | $ | 133,164 | $ | 147,453 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable, accrued expenses and other current liabilities | 46,376 | $ | 47,242 | |||||
| Current portion of earn-out liabilities | 1,005 | 1,005 | ||||||
| Notes payable | 265 | 265 | ||||||
| Current portion of operating lease liabilities | 2,498 | 2,781 | ||||||
| Current portion of financing lease liabilities | 42 | 42 | ||||||
| Current portion of deferred revenue | 11,686 | 12,137 | ||||||
| Total Current Liabilities | 61,872 | 63,472 | ||||||
| Earn-out liabilities, non-current portion | 981 | 981 | ||||||
| Operating lease liabilities, non-current portion | 4,537 | 4,804 | ||||||
| Financing lease liabilities, non-current portion | 53 | 64 | ||||||
| Deferred revenue, non-current portion | 2,545 | 5,145 | ||||||
| Other liabilities | 9,154 | 8,497 | ||||||
| Total Liabilities | 79,142 | 82,963 | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 143 | 142 | ||||||
| Additional paid-in capital | 896,832 | 895,505 | ||||||
| Accumulated other comprehensive loss | (8,964 | ) | (8,731 | ) | ||||
| Accumulated deficit | (833,989 | ) | (822,426 | ) | ||||
| Total Stockholders’ Equity | 54,022 | 64,490 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 133,164 | $ | 147,453 | ||||
BLINK CHARGING CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (11,563 | ) | $ | (21,008 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 2,262 | 2,950 | ||||||
| Non-cash lease expense | 942 | 931 | ||||||
| Change in fair value of derivative and other accrued liabilities | - | 2 | ||||||
| Provision (benefit) for credit losses | 217 | (86 | ) | |||||
| (Gain) loss on disposal of property and equipment | (209 | ) | 174 | |||||
| (Benefit) provision for slow moving and obsolete inventory | - | 29 | ||||||
| Change in fair value of consideration payable | - | 679 | ||||||
| Stock-based compensation | 1,328 | 966 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 10,054 | 4,337 | ||||||
| Inventory | 1,743 | (373 | ) | |||||
| Prepaid expenses and other current assets | (203 | ) | (237 | ) | ||||
| Other assets | (98 | ) | 17 | |||||
| Accounts payable, accrued expenses, and other current liabilities | (898 | ) | (915 | ) | ||||
| Other liabilities | (2,676 | ) | (300 | ) | ||||
| Operating lease liabilities | (966 | ) | (821 | ) | ||||
| Deferred revenue | 737 | 629 | ||||||
| Total Adjustments | 12,233 | 7,982 | ||||||
| Net Cash Provided By (Used In) Operating Activities | 670 | (13,026 | ) | |||||
| Cash Flows From Investing Activities: | ||||||||
| Proceeds from sale of marketable securities | - | 13,630 | ||||||
| Capitalization of engineering costs | (29 | ) | (173 | ) | ||||
| Purchases of property and equipment | (1,632 | ) | (1,087 | ) | ||||
| (1,661 | ) | 12,370 | ||||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from sale of common stock in public offering [1] | - | 891 | ||||||
| Repayment of financing liability in connection with finance lease | (10 | ) | (8 | ) | ||||
| (10 | ) | 883 | ||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (52 | ) | 138 | |||||
| Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | (1,053 | ) | 365 | |||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 39,657 | 41,852 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 38,604 | $ | 42,217 | ||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
| Cash and cash equivalents | $ | 37,991 | $ | 42,140 | ||||
| Restricted cash | 613 | 77 | ||||||
| $ | 38,604 | $ | 42,217 | |||||
[1] For the three months ended
NON-GAAP FINANCIAL MEASURES
The following table reconciles Net Loss attributable to
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| GAAP Net Loss | (11,563 | ) | (21,008 | ) | ||||
| Share-Based Compensation | 1,837 | 905 | ||||||
| Non-recurring or non-cash charges | 1,898 | 2,030 | ||||||
| Other Adjustments (1) | - | 679 | ||||||
| Non-GAAP Net Loss | (7,828 | ) | (17,394 | ) | ||||
| Provisions for Income Tax | 29 | 28 | ||||||
| Interest income | (242 | ) | (401 | ) | ||||
| Depreciation and Amortization | 2,983 | 3,492 | ||||||
| Non-GAAP adjusted EBITDA | (5,058 | ) | (14,276 | ) | ||||
The following table reconciles EPS attributable to
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| GAAP Net Loss per Share | (0.08 | ) | (0.21 | ) | ||||
| Share-Based Compensation | 0.01 | 0.01 | ||||||
| Non-recurring or non-cash charges | 0.01 | 0.02 | ||||||
| Other Adjustments (1) | - | 0.01 | ||||||
| Non-GAAP Net Loss per Share | (0.06 | ) | (0.17 | ) | ||||
| Provisions for Income Tax | 0.00 | 0.00 | ||||||
| Interest income | (0.00 | ) | (0.00 | ) | ||||
| Depreciation and Amortization | 0.02 | 0.03 | ||||||
| Non-GAAP Adjusted EBITDA per Share | (0.04 | ) | (0.14 | ) | ||||
The following table reconciles GAAP Gross Margins and Operating Expenses to Non-GAAP Gross Margins and Operating Expenses for the periods shown:
| For the Three Months Ended | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Reconciliation of GAAP Gross Profit and Margin to Non-GAAP Gross Profit and Margin | ||||||||||||||||
| GAAP gross profit and margin | 6,639 | 32.0 | % | 7,069 | 34.1 | % | ||||||||||
| Non-recurring or non-cash charges | 252 | (565 | ) | |||||||||||||
| Depreciation and Amortization | 1,917 | 1,836 | ||||||||||||||
| Non-GAAP Gross Profit and Margin | 8,808 | 42.4 | % | 8,340 | 40.3 | % | ||||||||||
| Reconciliation of GAAP total operating expenses to non-GAAP total operating expenses | ||||||||||||||||
| GAAP Total Operating Expenses | 18,415 | 28,450 | ||||||||||||||
| Share-Based Compensation | (1,837 | ) | (905 | ) | ||||||||||||
| Depreciation and Amortization | (1,067 | ) | (1,656 | ) | ||||||||||||
| Non-recurring and non-cash charges | (1,646 | ) | (2,595 | ) | ||||||||||||
| Other Adjustments (1) | - | (679 | ) | |||||||||||||
| Non-GAAP Total Operating Expenses | 13,865 | 22,615 | ||||||||||||||
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).
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) changes in fair value of consideration payable and impairment of goodwill and intangible assets.
Non-GAAP Net Loss excludes share-based compensation, non-recurring and non-cash charges, and other adjustments, but unlike Adjusted EBITDA, retains the impact of taxes, depreciation and amortization and interest income/expense.
Adjusted EBITDA is defined as GAAP Net Loss adjusted to add back: (i) stock-based compensation; (ii) depreciation and amortization included in cost of revenues; (iii) non-recurring and non-cash charges (including severance, retention payments, one-time legal and consulting fees, and similar items not reflective of ongoing operations); (iv) changes in fair value of consideration payable and impairment of goodwill and intangible assets; (v) provision for income taxes; (vi) depreciation and amortization within operating expenses; less (vii) net interest and other income (expense). This reconciliation bridge corresponds directly to the line items presented in the Non-GAAP reconciliation tables above.
Our definition of Adjusted EBITDA and Adjusted 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.
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) depreciation and amortization included in cost of revenues, (iii) non-recurring and non-cash charges, (iv) changes in fair value of consideration payable and impairment of goodwill and intangible assets, (v) provision for income taxes, (vi) depreciation and amortization within operating expenses, and (vii) net interest income (expense).
Adjusted EPS is calculated as Non-GAAP Adjusted EBITDA divided by the weighted average diluted shares outstanding for the period.
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.
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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 the Blink's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict such as the success of Blink’s (i) program to shift towards more repeatable, recurring and higher-quality service revenue, (ii) deployment of capital into owner-operated DC fast charging to expand our footprint and (iii) full year 2026 business operations to achieve the expected revenue range and anticipated gross margins disclosed under “Guidance” in this press release. 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
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