What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-04-09 · 344 added, 321 removed, 214 unchanged (76% of the section changed)

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December 31, 2023, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results

of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 18,

of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on April 9,

Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as

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dollars are reported in thousands, except for share and per share amounts.

are a leading owner, operator, provider, and manufacturer of EV charging equipment and networked EV charging services in the rapidly

and international markets for EVs.

Blink offers residential and commercial EV charging equipment and services, enabling

EV drivers to recharge at various locations.

Blink’s principal line of products and services is its Blink Networks and Blink EV

charging equipment, also known as electric vehicle supply equipment (“EVSE”), and other EV-related services.

The Blink Networks

are a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging

data, back-end operations, and payment processing.

The Blink Networks provide Property Partners, among other types of commercial customers,

with cloud-based services that enable the remote monitoring and management of EV charging stations.

The Blink Networks also provide EV

drivers with vital station information, including station location, availability, and fees (as applicable).

are a leading owner, operator, and provider of EV charging equipment and networked EV charging services in the rapidly growing U.S.

international markets for EVs.

Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge

at various locations.

Blink’s principal line of products and services is its Blink Network and Blink EV charging equipment and other EV-related services.

The Blink Network is a proprietary, cloud-based

system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and

payment processing.

The Blink Network provides Property Partners, among other types of commercial customers, with cloud-based services

that enable the remote monitoring and management of EV charging stations.

The Blink Network also provides EV drivers with vital station

information, including station location, availability, and fees (as applicable).

capture more revenues derived from providing EV charging equipment to commercial customers and to help differentiate Blink in the EV

infrastructure market, Blink offers Property Partners a comprehensive range of solutions for EV charging equipment and services that

generally fall into one of the business models below, differentiated by who owns the equipment and who bears the costs of installation,

equipment, maintenance, and the percentage of revenue shared.

generally fall into one of the three business models below, differentiated by who owns the equipment and who bears the costs of

installation, equipment, maintenance, and the percentage of revenue shared.

our Blink-owned turnkey business model , we incur the charging equipment and installation

We own and operate the EV charging station and provide connectivity of the charging

station to the Blink Networks.

station to the Blink Network.

In this model, which favors recurring revenues, we incur most

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We own and operate the EV charging station

and provide connectivity to the Blink Networks.

and provide connectivity to the Blink Network.

In this model, since the Property Partner

incurs the installation costs;

we share a more generous portion of the EV charging revenues

incurs the installation costs, we share a more generous portion of the EV charging revenues

with the Property Partner after deducting Blink Network connectivity and processing fees.

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We work with the Property

Partner by providing site recommendations, connectivity to the Blink Networks, payment processing,

Partner by providing site recommendations, connectivity to the Blink Network, payment processing,

and optional maintenance services.

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customers to share electric vehicles through subscription services and charge those cars through our charging stations.

of December 31, 2024, we contracted, sold or deployed 109,596 chargers, of which 87,500 were on Blink Networks (comprised of 61,625 Level

2 commercial chargers, 1,392 DCFC commercial chargers, 691 residential chargers, and 23,792 chargers pending to be commissioned).

on Blink Networks are 6,867 chargers owned by us.

The remaining 22,096 were non-networked, on other networks, international sales, or

deployments (comprised of 5,155 Level 2 commercial chargers, 75 DC Fast Charging chargers, 12,298 residential Level 2 Blink EV chargers,

2,861 sold to other U.S.

networks and, 1,707 sold internationally).

Blink networked chargers include public and private chargers, as

designated by stations owners, and are net of swap-outs, replacement units, and decommissioned units.

Certain commercial chargers include

chargers installed in residential settings for commercial purposes.

All chargers, including at all international Blink locations, are

categorized based on US Department of Energy guidelines.

the year ended December 31, 2024, the Company sold 8,970,010 shares of its common stock pursuant to the ATM program for gross

proceeds of approximately $27,004 and net proceeds of approximately $26,396 after deducting offering expenses.

As of December 31, 2025,

2024, 40,443,426 shares have been sold pursuant to the ATM program, representing gross proceeds of approximately $151,352.

Subsequent to December 31, 2024, the Company sold an aggregate of 681,330 shares of common stock aggregate gross proceeds of

there were approximately 66,350 chargers connected to the Blink networks.

Of those, approximately 58,850 were Level 2 commercial chargers

and approximately 1,920 DCFC were commercial chargers, Included on Blink networks are approximately 8,250 chargers owned by us.

estimated 23,450 units were non-networked, on other networks, international sales, or deployments.

the year ended December 31, 2025, the Company sold an aggregate of 681,330 shares of common stock under an “at-the-market”

equity offering program for aggregate gross proceeds of $909, less issuance costs of $18, which were recorded as a reduction to additional

paid-in capital.

During the year ended December 31, 2024, the Company sold an aggregate of 8,970,010 shares of common

stock under an “at-the-market” equity offering program for aggregate gross proceeds of $27,004, less issuance costs of $608 which

were recorded as a reduction to additional paid-in capital.

In December 2025, the Company completed an underwritten registered public offering of 26,666,666 shares of common

stock at a public offering price of $0.75 per share.

The Company received gross proceeds of $20,000 from the public offering, less underwriting

discounts and offering expenses of $1,474, which were recorded as a reduction to additional paid-in capital, for net proceeds of $18,526.

In the aggregate, the Company received total gross proceeds of $20,909 from shares issued under the at-the-market program and the public

offering during the year ended December 31, 2025, less total issuance costs of $1,492, for total net proceeds of $19,417.

Technologies, Inc.

August 4, 2025, the Company’s wholly owned subsidiary, Envoy Technologies, Inc.

(“Envoy Technologies”), entered

into Amendment No.

4 (the “Fourth Amendment”) to the Agreement and Plan of Merger, dated as of April 18, 2023, with the

Company, Envoy Technologies, Envoy Mobility, Inc.

(“Mobility” and formerly Blink Mobility, LLC) and Fortis Advisors LLC,

as equity holders’ agent (as previously amended, the “Merger Agreement”).

Pursuant to the Fourth Amendment, the

sole remaining payment obligation to the former shareholders of Envoy Technologies was fully satisfied, and the Company and Mobility

were released from all claims and liabilities relating to such obligation, with the issuance of (x) $10,000 in shares of Company

common stock, valued based on the volume-weighted average trading price for the 25 trading days preceding the issuance date, and (y)

warrants exercisable for shares of Company common stock with an aggregate value of $11,000, divided into three tranches with vesting

conditions based on specific stock price achievements, with outstanding unexercised warrants expiring twenty months after their

During the three months ended September 30, 2025, the Company issued an aggregate of 9,696,882 shares of the

Company’s common stock and issued warrants to purchase an aggregate of 3,898,177 shares of Company common stock in full

satisfaction of the consideration payable to the former shareholders of Envoy Technologies.

See Note 11 - Stockholders’ Equity

for additional information.

The former shareholders of Envoy Technologies were granted registration rights for shares of Company

common stock initially issued and those issuable pursuant to the exercise of warrants.

October 21, 2025, the Company filed a resale registration statement on Form S-1 with the SEC covering up to 13,595,059 shares of common

stock that may be offered for resale or otherwise disposed of by selling stockholders.

The shares offered for resale under the registration

statement consisted of (i) 9,696,882 shares of common stock and (ii) 3,898,177 shares of common stock issuable upon the exercise of warrants,

which were issued by the Company to the selling stockholders in connection with the Company’s acquisition of Envoy Technologies

pursuant to the Merger Agreement.

The Company was responsible for all costs, expenses and fees in connection with the registration of

shares for resale by the selling stockholders, other than the selling stockholders’ respective discounts, commissions, fees of

underwriters, selling brokers or dealer managers and similar expenses attributable to the sale or disposition of the shares.

The registration

statement became effective in November 27, 2025.

On July 7, 2025, the Company acquired 100% of the equity interest in Zemetric, Inc.

(“Zemetric”), a Silicon Valley–based

provider of charging infrastructure tailored for fleet, multi-family, and high-utilization destinations.

The consideration for the acquisition

includes cash, the Company’s restricted stock and performance-based earnout.

Following the transaction, Zemetric’s founder,

Harmeet Singh, became the Company’s Chief Technology Officer.

During the year ended December 31, 2025, the Company issued 189,892

shares of the Company’s common stock upon achievement of a specified earn-out milestone.

July 4, 2025, the President signed into law significant federal tax legislation, H.R.1 (the “Tax Reform Act of 2025”).

legislation includes numerous changes to U.S.

corporate income tax law, including but not limited to:

permanent 100% bonus depreciation

for qualified property, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business

interest expense, increased Section 179 expensing limits, changes to the international tax regime, and expanded limitations on the deductibility

of executive compensation under IRC Section 162(m).

While the Tax Reform Act of 2025 introduces significant U.S.

income tax provisions,

given the Company’s ongoing losses and historical NOLs, the Company does not anticipate significant change to its U.S.

cash tax payments, until it reaches profitability.

Therefore, the Tax

Reform Act of 2025 does not have material impact on the Company’s consolidated financial statements, with exception of the related

disclosures to the valuation allowance for the deferred tax assets recorded in the consolidated financial statements as of December 31,

May 2025, we announced the BlinkForward Initiative strategic restructuring plan, aimed accelerating the Company’s path to profitability

and enhancing operational efficiency.

Key pillars of the BlinkForward Initiative were designed to transform the Company into a more agile

and lean organization.

This included a significant reduction in our global workforce from 513 to approximately 320 as of the filing of

this Annual Report, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for our

EV hardware, to reduce overhead expenses and focus on our intellectual property and customer experience efforts.

The transition to contract

manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.

Additionally, we focused

on expansion of our DC Fast Charging network through deployment of high-speed chargers in strategic, high-utilization locations.

part of this focus, we launched a capital raise process and completed an underwritten registered public offering of 26,666,666 shares

of common stock at a public offering price of $0.75 per share, raising gross proceeds of $20,000, less underwriting discounts and offering

expenses of $1,474, for net proceeds of $18,526, in December 2025.

As a part of the BlinkForward Initiative announced in May 2025, the Company shifted to contract manufacturing

for its EV hardware, to focus on Blink’s intellectual property and service, while reducing overhead.

The transition to contract manufacturing

was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.

In connection with the transition, in

January 2026 the Company entered into a sublease of its former manufacturing facility located in Bowie, Maryland through March 2031 .

and Service Offerings

offer a variety of EV charging products and services to Property Partners and EV drivers.

provide electrical vehicle (EV) charging equipment, software, and related services to Property Partners and EV drivers.

Charging Solutions

We offer a wide range of Level 2 (AC) EV charging equipment, ideal for commercial

and residential use, with the North American standard J1772 connector, the North American

Charging Standard (NACS) connector, and the Type 2 connector compatible with electric vehicles

in Europe and across Latin America.

commercial Level 2 chargers consist of the EQ, HQ, MQ, and IQ 200 families and the Series

4, 6, 7, and 8 families, which are available in pedestal, wall mount, and pole mount configurations.

The MQ and IQ 200, along with the Series 6, 7, and 8 chargers offer an optional cable management

Additionally, we offer three residential Level 2 chargers for the Americas:

the wall-mounted

HQ 200, Series 4, and a smart charging cable, the PQ 150, designed for European markets.

Our commercial and residential chargers (except the non-networked HQ 150) can connect to

the Blink Networks or a local network.

Level 2 charging stations typically provide a full

charge in two to eight hours.

Level 2 chargers are ideally suited for low-cost installations

and frequently used parking locations, such as workplaces, multifamily residential, retail,

hospitality, mixed-use facilities, parking garages, municipalities, colleges/schools, hospitals

and airports.

2 Charging Equipment.

We offer a wide range of Level 2 (AC) EV charging equipment,

for commercial, residential, and public locations.

Our Level 2 chargers support the J1772

connector, the North American Charging Standard (NACS) connector, and the Type 2 connector

used in Europe.

Our commercial

Level 2 chargers consist of the EQ product family in Europe and the United Kingdom and the Series 7, Series 8, and Series 10 product

families in North America.

We also offer the Shasta charger, a next-generation Level 2 platform designed to support ISO 15118 and

“Plug & Charge” functionality.

Certain Level 2 chargers offer optional cable management systems and connectivity to

the Blink Network.

Level 2 charging stations typically provide a full vehicle charge in approximately five to ten hours and are

commonly deployed at workplaces, multifamily residential properties, retail and hospitality locations, parking facilities,

such as those operated by municipalities, educational campuses, healthcare facilities, and airports.

● International

We offer Level 2 AC and DC products for the rapidly expanding international

markets targeted at the residential, workplace, retail, parking garages, leasing companies,

hospitality, and other locations.

These products are available with the Type 2, GBT, and

CCS 2 connectors and include the PQ 150, Series 3 (an ideal product for the 2/3-wheeled vehicles),

and the EQ 200.

We offer the HQ 200-M Level 2 charger for the mobile/emergency charging market

which requires a portable charger to be used for roadside or other use cases where a connection

to the electricity grid is not available.

We offer a complete line of DC Fast Charging equipment (“DCFC”) that ranges

from 30kW to 360kW, supports the ‘CHAdeMo’ , CCS1, and NACS connectors,

and typically provide an 80% charge in less than 30 minutes.

Installation of DCFC stations

and grid requirements are typically greater than Level 2 charging stations and are ideally

suited for transportation hubs and locations between travel destinations.

These include the

Series 9 30kW DC Fast Charger that works ideally for the fleet and auto dealership segments

and is available in wall and pedestal mount configurations, the Blink 30kW DC Fast Charger

that boasts a small footprint providing up to 100 amps of output, and the Blink 60kW –

360kW DC Fast Charger that provides from 140 to 500 amps of power.

The Blink Network is a cloud-based platform that manages our network of EV chargers

around the world for remote monitoring, management, payment processing, customer support,

and other features required for operating the Blink Networks of EV charging locations.

We offer Level 2 AC and DC charging products for international markets,

including residential, workplace, retail, parking, hospitality, and fleet applications.

products are available with the Type 2, GBT, and CCS2 connectors and include Blink branded

chargers and other hardware sourced or configured to meet regional and customer specific

requirements.

Fast Charging (DCFC).

We offer a complete line of DC Fast Charging equipment that

ranges from 30kW to 600kW.

Our DCFC products support NACS, CCS1, CHAdeMO connectors and are

capable of producing up to an 80% battery charge in less than 30 minutes, depending on vehicle

and conditions.

DC fast charging stations typically require greater electrical infrastructure

than Level 2 chargers and are deployed in high-traffic urban locations and along long-distance

travel corridors.

Our DCFC portfolio includes both all-in-one chargers and distributed cabinet

and dispenser systems.

The Blink Network is a cloud-based software platform that supports the

operation and management of EV charging stations.

The platform enables remote monitoring,

management, payment processing, customer support, load management, roaming, reporting, and

other network services.

Charging Mobile App.

We offer Blink Charging Mobile Apps (iOS and Android) that provide

EV drivers control by giving them improved search capabilities which allows them to search

for nearby amenities, as well as chargers by zip-codes, city, business, category, or address,

and expanded keyword search.

The app also includes payment functionality, eliminating the

need for a credit card.

We offer Fleet Management applications, targeted at commercial, municipal,

and federal fleets for planning, managing, and optimizing their departure schedules and energy

Our Fleet Management applications can be used as standalone tools or integrated into

existing fleet management solutions, which allows Blink to be a flexible and value-added

solution within existing software stacks.

We offer Blink Charging Mobile Apps for iOS and Android devices

that allow EV drivers to locate charging stations, view charger availability and charging

speeds, initiate and pay for charging sessions, and manage their charging activity.

Management and Fleet Management .

We offer energy management and fleet focused software

solutions designed to help commercial, municipal, and other fleet operators manage charging

operations and optimize energy usage and costs.

These solutions may be deployed as standalone

offerings or integrated with existing fleet and charging management systems.

Factors Affecting Operating Results

believe our performance and future success depend on several factors, including those discussed below:

- The EV charging equipment and service market is highly competitive, and we expect the market to become increasingly competitive

as new entrants enter this growing market.

Our products and services compete on product performance and features, the total cost of ownership,

origin of manufacturing, sales capabilities, financial stability, brand recognition, product reliability, and the installed base’s

Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market.

market share decreases due to increased competition, its revenue and ability to generate profits in the future may be impacted.

Competition -

The EV charging equipment and service market is highly competitive, and we expect the market to become increasingly competitive as

new entrants enter this growing market.

Our products and services compete on product performance and features, the total cost of

ownership, origin of manufacturing, sales capabilities, financial stability, brand recognition, product reliability, the customer

experience, and the installed base’s size.

Existing competitors may expand their product offerings and sales strategies, and

new competitors may enter the market.

If our market share decreases due to increased competition, its revenue and ability to

generate profits in the future may be impacted.

- Our growth is highly dependent upon the adoption by consumers of EVs, and we are subject to a risk of any reduced demand for EVs.

The market for alternative fuel vehicles is still relatively new, rapidly evolving, characterized by rapidly changing technologies, price

The market for electric vehicles is still relatively new, rapidly evolving, characterized by rapidly changing technologies, price

competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements, long

development cycles for EV original equipment manufacturers, and changing consumer demands and behaviors.

Factors that may influence the

purchase and use of alternative fuel vehicles, and specifically EVs, include perceptions about EV quality, safety (in particular with

respect to battery chemistries), design, performance and cost;

the limited range over which EVs may be driven on a single battery charge

and concerns about running out of power while in use;

Factors that may influence

the purchase and use of electric vehicles, include perceptions about EV quality, safety (in particular with respect to battery

chemistries), design, performance, and cost;

the limited range over which EVs may be driven on a single battery charge and concerns

about running out of power while in use;

improvements in the fuel economy of the internal combustion engine;

desire and ability to purchase a luxury automobile or one that is perceived as exclusive;

consumers’ desire

and ability to purchase a luxury automobile or one that is perceived as exclusive;

the environmental consciousness of consumers;

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or hostile countries and the impact of international conflicts;

government regulations and economic incentives promoting fuel efficiency

and alternate forms of energy;

access to charging stations, standardization of EV charging systems and consumers’ perceptions about

convenience and cost to charge an EV;

and the availability of tax and other governmental incentives to purchase and operate EVs or future

regulation requiring increased use of nonpolluting vehicles.

If the market for EVs does not gain broad market acceptance or develops

slower than we expect, our business, prospects, financial condition and operating results may be adversely affected.

government regulations and economic incentives promoting fuel

efficiency and alternate forms of energy;

access to charging stations, standardization of EV charging systems and consumers’

perceptions about convenience and cost to charge an EV;

and the availability of tax and other governmental incentives to purchase

and operate EVs and future regulation requiring increased use of zero emissions vehicles.

If the market for EVs does not gain broad

market acceptance or develops slower than we expect, our business, prospects, financial condition and operating results may be

adversely affected.

- Our business is subject to a variety of federal, state and international laws and regulations, including those with respect to

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If we are unable to integrate or pursue strategic acquisitions, our financial condition and results

of operations would be negatively impacted.

of the operations would be negatively impacted.

Capital Resources, and Going Concern

of December 31, 2025, the Company had cash and cash equivalents of $39,568 compared to $41,774 in cash and cash equivalents and $13,630

in marketable securities as of December 31, 2024, representing a decrease of $15,836 in available liquidity due to ongoing operating

losses and working capital requirements.

May 2025, we announced the BlinkForward Initiative a strategic restructuring plan aimed at accelerating the Company’s

path to profitability and enhancing operational efficiency.

Key pillars of the BlinkForward Initiative were designed to transform the

Company into a more agile and lean organization.

This included a significant reduction in our global workforce from 513 to approximately

320 as of the filing of this Annual Report, reductions in other operating, general and administrative expenses, and a shift to contract

manufacturing for our EV hardware to reduce overhead expenses and focus on our intellectual property and customer support efforts.

transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.

of December 31, 2025, we had cash and cash equivalents, working capital and an accumulated deficit of $39,568, $25,846 and $822,426,

respectively.

During the year ended December 31, 2025, we generated a net loss of $83,385.

December 2025, we completed an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering

price of $0.75 per share.

We received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses

of $1,474, for net proceeds of $18,526.

The public offering was made pursuant to our registration statement on Form S-1 filed with the

SEC on December 4, 2025, and final prospectus dated December 10, 2025.

Wainwright & Co.

and Roth Capital Partners acted as co-placement

agents in connection with the offering.

During the year ended December

31, 2025, the Company sold an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering

program for aggregate gross proceeds of $909, less issuance costs of $18, which were recorded as a reduction to additional paid-in capital.

have not yet achieved profitability and expect to continue to incur cash outflows from operations.

While the BlinkForward Initiative

substantially decreased our operating expenses and cash burn, we still need to generate substantial product revenues in the near future

to achieve profitability, even as our repeat and recurring revenue from network and charging fees continues to grow.

Historically, we

have been able to raise funds to support our business operations, although there can be no assurance that we will be successful in raising

significant additional funds in the future.

We expect that our cash on hand will fund our operations for at least 12 months after the

issuance date of the financial statements included in this Annual Report.

inception, our operations have primarily been funded through proceeds received in equity and debt financings.

We believe we have access

to capital resources and continue to evaluate additional financing opportunities.

There is no assurance that we will be able to obtain

funds on commercially acceptable terms, if at all.

There is also no assurance that the amount of funds we might raise will enable us

to complete our EV charging development initiatives or attain profitable operations.

of Operations

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Charging service revenue

Grant and fees rebate

Grant and rebate

Car-sharing services

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Other operating expenses

Change in fair value of consideration payable

Change in fair value of consideration payable and earn-out liabilities

Impairment of goodwill

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Other Income (Expense):

Interest expense

Interest income (expense)

Dividend and interest income

Gain (loss) on extinguishment of notes payable

Change in fair value of derivative and other accrued liabilities

Other expense

Change in fair value of derivatives and other accrued liabilities

Total Other Income (Expense)

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revenue for the year ended December 31, 2025 was $103,520 compared to $124,037 for the year ended December 31, 2024, a decrease of $20,517,

$14,401, or 10%.

from product sales was $46,961 for the year ended December 31, 2025 compared to $81,703 for the year ended December 31, 2024, a

decrease of $34,742 or 43%.

This decrease was attributable to decreased unit sales and the product mix of commercial chargers, DC

fast chargers and residential chargers when compared to the same period in 2023.

service revenue was $21,445 for the year ended December 31, 2024 compared to $15,646

for the year ended December 31, 2023, an increase of $5,799, or 37%.

The increase is due to the increase in utilization of chargers and

an increased number of chargers on the Blink Networks.

This decrease was attributable to decreased unit sales due to the market demands and the product mix of

commercial chargers, DC fast chargers and residential chargers when compared to the same period in 2024.

service revenue was $32,285 for the year ended December 31, 2025 compared to $21,445 for the year ended December 31, 2024, an increase

of $10,840, or 51%.

The increase is due to the increase in utilization of chargers and an increased number of chargers on the Blink Network.

fee revenue was $12,200 for the year ended December 31, 2025 compared to $7,952 for the year ended December 31, 2024 an increase of $4,248,

$1,235, or 17%.

The increase was attributable to increases in host owned units during the year ended December 31, 2024, as compared to

the year ended December 31, 2023.

revenue was $6,427 for the year ended December 31, 2024 compared to $3,258 for the year ended December 31, 2023, an increase of $3,169,

The increase was primarily attributable to an increase in warranty contracts sold for the year December 31, 2024 compared to

the year ended December 31, 2023.

During the year ended December 31,

2024, the Company recognized revenues for the sale of Blink warranty programs to a third party of $1,826.

and fees rebate revenues were $1,704 for the year ended December 31, 2024, compared to $469 for the year ended December 31, 2023, an

increase of $1,235, or 263%.

Grant and rebates relating to equipment and the related installation are deferred and amortized in a manner

consistent with the depreciation expense of the related assets over their useful lives.

The increase in revenue was primarily related

to the timing of the amortization of previous years’ state grants/rebates associated with the installation of chargers during the

years ended December 31, 2024 and 2023.

services revenues were $4,667 during the year ended December 31, 2024, compared to $3,302 during the year ended December 31, 2023, an

increase of $1,365, or 41%.

The increase in revenues is due to the increase in properties and participants subscribing to the car-sharing

revenue increased by $509, or 50% to $1,535 for the year ended December 31, 2024, compared to $1,026 for the year ended December 31,

The increase was primarily attributable to higher Low Carbon Fuel Standard (LCFS) credits generated during the year ended December

31, 2024 compared to the same period in 2023.

We generate these credits from the electricity utilized by our electric car charging stations

as a byproduct from our charging services in the states of California and Oregon.

of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of charging

stations sold, connectivity charges provided by other networks, warranty, repairs and maintenance services, and depreciation

of our installed charging stations.

Cost of revenues for the year ended December 31, 2024 were $85,416 as compared to $100,392 for the

year ended December 31, 2023, a decrease of $14,976 or 15%.

The increase was attributable to increases in host owned units during the year ended December 31, 2025, as compared to the year

ended December 31, 2024.

revenue was $3,842 for the year ended December 31, 2025 compared to $5,687 for the year ended December 31, 2024, a decrease of $1,845,

The decrease was primarily attributable to a change in how extended warranty contracts are sold.

As the Company shifted to procuring

outsourced extended warranty contracts, this change resulted in a modification in the way warranty revenue was recognized, from a gross

revenue basis to a net revenue basis.

As of December 31, 2025, we recorded a liability of $263 which represents the estimated cost of

existing backlog of warranty cases.

of revenues primarily consists of the cost to manufacture or procure DC fast or L-2 chargers, charger installations, electricity reimbursements,

revenue share payments to our Property Partner hosts, the cost of charging stations sold, connectivity charges provided by telco and

other networks, warranty, repairs and maintenance services, and depreciation of our installed charging stations.

Cost of revenues for

the year ended December 31, 2025 were $78,017 as compared to $ 86,392 for the year ended December 31, 2024, a decrease of $8,375 or 10%.

is a degree of variability in our costs in relation to our revenues from period to period, primarily due to:

of products between DC fast chargers, and L-2 chargers;

reimbursements that are unique to those Property Partner host agreements which provide for such reimbursements;

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and repairs and maintenance expenses are based on both the number of service cases completed during the period.

of product sales decreased by $18,368, or 25%, to $54,164 for the year ended December 31, 2024, compared to $72,532 for the year ended

December 31, 2023.

The decrease was primarily due to the decrease in product sales of commercial chargers, DC fast chargers and home

residential chargers during the year ended December 31, 2024 compared to the same period in 2023.

of charging services (electricity reimbursements) decreased by $927, or 26%, to $2,613 for the year

ended December 31, 2024, compared to $3,540 for the year ended December 31, 2023.

The decrease in 2024 was attributable to the mix of

charging stations generating charging service revenues subject to electricity reimbursement.

of product sales decreased by $14,081, or 25%, to $41,715 for the year ended December 31, 2025, compared to $55,796 for the year

ended December 31, 2024.

The decrease was primarily due to the decrease in product sales of commercial chargers, DC fast chargers

and home residential chargers during the year ended December 31, 2025 compared to the same period in 2024.

This cost of products

decrease was moderated by inventory impairment non-cash charges in the amount of $2,378 recognized during 2025 in connection with a

strategic reevaluation of our chargers portfolio.

This non-cash write-off tempered the impact of a more significant underlying

reduction in our direct cost of goods sold, which was driven by our reduced product sales.

of charging services (electricity reimbursements) increased by $1,911, or 73%, to $4,524 for the year ended December 31, 2025, compared

to $2,613 for the year ended December 31, 2024.

The increase in 2025 was attributable to the mix of charging stations generating charging

service revenues subject to electricity reimbursement.

provider fees increased by $4,795, or 37%, to $17,665 during the year ended December 31, 2025, compared to $12,870 during the year ended

December 31, 2024.

This increase was a result of the mix of chargers generating revenue and their corresponding revenue share percentage

payments to Property Partner hosts pursuant to their agreements.

Network costs increased by $430,

or 22%, to $2,399 for the year ended December 31, 2024, compared to $1,969 for the year ended December 31, 2023.

The increase was a result

of the increase in charging stations on our network and connectivity costs incurred compared to the same period in 2023.

Warranty and repairs and maintenance

This increase was a result of the increased number and mix of chargers generating revenue and their corresponding

revenue share percentage payments to Property Partner hosts pursuant to their agreements.

costs decreased by $145, or 6%, to $2,254 for the year ended December 31, 2025, compared to $2,399 for the year ended December 31, 2024.

The decrease in 2024 was attributable to a reduction in warranty and repairs and maintenance cases.

As of December 31, 2024, we

recorded a liability of $ 521 which represents the estimated cost of existing backlog of known

warranty cases.

of car-sharing services was $4,469 during the year ended December 31, 2024 compared to $4,356 during the year ended December 31, 2023,

an increase of $113, or 3%.

The increase was due to an increase in costs related to vehicles used in this operation during the period.

and amortization expense increased by $2,049, or 48%, to $6,299 for the year ended December 31, 2024, compared to $4,250 for the year

The decrease was a result of the change to the more cost-effective provider of the network facility.

and repairs and maintenance costs increased by $936, or 36%, to $3,538 for the year ended December 31, 2025, compared to $2,602 for the

year ended December 31, 2024.

The increase in 2025 was attributable to significant efforts expended to reduce the backlog in warranty

and repairs and maintenance cases in the field, and also in a strategic move to outsource the warranty and repairs services.

As of December

31, 2025, we recorded a liability of $263 which represents the estimated cost of existing backlog of known warranty cases.

and amortization expense decreased by $1,588, or 28%, to $4,055 for the year ended December 31, 2025, compared to $5,643 for the year

ended December 31, 2024.

The increase in depreciation expense was attributable to an increase in the number of EV charging stations and

vehicles associated with the car-share services.

The decrease in depreciation expense was attributable to an increase in grant funding that is presented as an

offset to the depreciation expense, and the decrease in the number of vehicles associated with the ride-share services.

expense decreased by $9,187, or 16%, to $49,478 (consisting of approximately $46,714 of cash compensation and approximately $2,764 of

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The decrease in compensation expense for the

year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily related to decreases in personnel and compensation

in executive, marketing, sales and operations departments as a result of cost savings and synergies realized.

Also contributing to the

decrease was the recording during the year ended December 31, 2023 of compensation expense for (1) non-cash stock-based compensation

of approximately $5,500 related to the accelerated vesting of equity award grants and additional stock-based compensation associated

with the resignation of our former Chief Executive Officer pursuant to the terms of his Executive Chairman and CEO Employment Agreement,

dated May 28, 2021 (the “Former CEO Employment Agreement”), as set forth in the Separation and General Release Agreement,

dated as of September 20, 2023, between our Company and the former Chief Executive Officer;

and (2) non-recurring expenses of approximately

$10,000 consisting of the non-recurring payment of approximately $5,000 to our former Chief Executive Officer pursuant to the Former

CEO Employment Agreement and non-recurring bonus expense of $5,000 related to the achievement of key performance milestones by our Chief

Technology Officer under his employment agreement, dated April 12, 2021.

Furthermore, the decrease in compensation expense was partially

offset by severance expense of $1,200 recorded during the year ended December 31, 2024 associated with the cost reduction plans we initiated

year ended December 31, 2025 compared to the same period in 2024 was primarily related to decreases in personnel and compensation

across all of the departments as a result of the BlinkForward Initiative, and the cost savings and synergies realized.

and administrative expenses decreased by $2,538, or 8%, from $31,887 for the year ended December 31, 2024 to $29,349 for the year ended

December 31, 2025.

The decrease was primarily attributable to decreases in consulting/other professional services, marketing, software

licensing, recruiting, investor/public relations and credit losses of $4,447 partially offset by increases in accounting/auditing, information technology

and legal expenditures of $475.

Further, general and administrative expenses decreased due to a decrease in amortization expense of $1,866.

The decrease was primarily attributable to the reduction in external professional services as part of the BlinkForward Initiative

noted above, partially offset by an additional provision for doubtful accounts and the expense in bad debt.

operating expenses increased by $964, or 5%, from $20,391 for the year ended December 31, 2024 to $21,355 for the year ended December

The increase was primarily attributable to increases in loss on sale of assets, software licensing, insurance and property/use

taxes expenses of $1,390 partially offset by decreases in rent, website, annual meeting, hardware and software development expenditures,

travel and vehicle expenditures of $2,140 for year ended December 31, 2024 compared to the year ended December 31, 2023.

in fair value of consideration payable increased by $2,910 due to the change in the assumptions estimating the probability of the IPO

the year ended December 31, 2024, we observed certain triggering events, including a decline in our stock price and, as a result, we

conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of our reporting

units were less than the carrying amount and, as a result, recorded an impairment charge of $126,984 related to goodwill during the year ended December 31,

2024 compared to

a goodwill impairment charge of $89,087 and an intangible asset impairment charge of $5,143 during the year ended December 31, 2023.

The increase was primarily attributable to higher software related expenses.

in fair value of consideration payable decreased by $12,148 due to the gain on settlement of the liability in the 2025

the year ended December 31, 2025, in connection with performing our annual impairment analysis of our goodwill and intangible assets

and determined that the fair value of our reporting units were less than the carrying amount and, as a result, recorded an impairment

charge of $17,897 related to goodwill and $762 related to intangible assets during the year ended December 31, 2025 compared

to a goodwill impairment charge of $126,984 during the year ended December 31, 2024.

Income (Expense)

income (expense) increased by $5,181 from ($2,651) for the year ended December 31, 2023, to $2,530 for the year ended December 31,

The increase in other income (expense) was primarily attributable to an increase in dividend and interest income of $1,026 and

a decrease in interest expense of $3,115.

Other income (expense) decreased

by $1,498 from $2,530 for the year ended December 31, 2024 to $1,032 for the year ended December 31, 2025.

The decrease in other income

(expense) was primarily attributable to a decrease in dividend and interest income of $1,914 and a favorable change of $450 in interest

income (expense).

For Income Taxes

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The Company’s effective tax rate for 2025 and

was 0.4% and 0.7%, respectively.

The decrease in the provision for income taxes and the effective tax rate was related to certain

subsidiaries which generated less net income during the year ended December 31, 2024 as compared to the 2023 period.

net loss for the year ended December 31, 2024, decreased by $5,561, or 3%, to $198,132 as compared to $203,693 for the year ended December

The decrease was primarily attributable to a decrease in compensation expense and general and administrative expenses in conjunction

with current and anticipated growth of our company partially offset by the decrease in revenues and further offset by an increase in goodwill impairment.

2024 was approximately 0.4%.

The decrease in the provision for income taxes and the effective tax rate was related to subsidiaries

in certain jurisdictions that generated less net income during the year ended December 31, 2025 as compared to the 2024

net loss for the year ended December 31, 2025 decreased by $117,933, or 59%, to $83,385 as compared to $201,318 for the year ended

December 31, 2024.

The decrease was primarily attributable to a decrease in goodwill impairment and additional decreases in

compensation and general and administrative expenses, following the execution of the BlinkForward program the year ended December

Comprehensive Loss

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Working Capital

the years ended December 31, 2024 and 2023, we financed our activities from proceeds derived from debt and equity financings which were

raised in prior periods.

A significant portion of the funds raised from the sale of capital stock has been used to cover working capital

needs and personnel, office expenses and various consulting and professional fees.

Notes Payable

the years ended December 31, 2025 and 2024, we financed our activities from proceeds derived from equity financings which were raised

in prior periods.

A significant portion of the funds raised from the sale of capital stock has been used to cover working capital needs

and personnel, office expenses and various consulting and professional fees.

the years ended December 31, 2025 and 2024, we used cash of $30,857 and $48,291, respectively, in our operations.

Our cash used for

the year ended December 31, 2024 was primarily attributable to our net loss of $198,132, which was reduced by net non-cash expenses in the

Our cash used for the

year ended December 31, 2025 was primarily attributable to our net loss of $83,385, which was reduced by net non-cash expenses in the

aggregate amount of $39,694, and by $12,834 of net cash used in changes in the levels of operating assets and liabilities.

used for the year ended December 31, 2023 was primarily attributable to our net loss of $203,693, reduced by net non-cash expenses

in the aggregate amount of $133,566, and by $27,443 of net cash used in changes in the levels of operating assets and

the year ended December 31, 2024, net cash provided by investing activities was $4,148, of which, $8,617 was

used to purchase charging stations and other fixed assets, offset by $3,425 was related to sale of the office building, $1,160 was used

in the purchase of marketable securities and $10,500 was provided by the sale of marketable securities.

During the year ended December

31, 2023, net cash used in investing activities was $36,210 of which, $4,660 was used as cash consideration for Envoy (net of cash acquired),

$7,552 was used to purchase charging stations and other fixed assets, and $1,028 was related to the payment of engineering costs that

were capitalized, $16,442 was provided by the sale of marketable securities and $39,412 was used in the purchase of marketable securities.

the year ended December 31, 2024, net cash used in financing activities was $12,419, of which $26,396 was attributable to the net proceeds

from the sale of common stock from the public offering, $37,881 was used to pay down notes payable, $596 was used to pay down our finance

lease liability and $338 was used to pay down our liability in connection with internal use software.

Our cash used

for the year ended December 31, 2024 was primarily attributable to our net loss of $201,318, which was reduced by net non-cash expenses

in the aggregate amount of $157,523, and by $4,496 of net cash used in changes in the levels of operating assets and liabilities

the year ended December 31, 2025, net cash provided by investing activities was $8,544, of which $13,630 was provided by the sale of

marketable securities and $223 was provided by the sale of an equity method investment, $4,811 was provided by proceeds from

government grants, offset by $207 was used as cash consideration for Zemetric (net of cash acquired), $205 of capitalized

engineering costs and $9,708 of which was used to purchase charging stations and other fixed assets.

During the year ended

December 31, 2024, net cash provided by investing activities was $5,277, of which, $8,617 was used to purchase charging stations and

other fixed assets, offset by $3,425 related to sale of the office building, $1,129 was provided by proceeds from government

grants, $1,160 was used in the purchase of marketable securities and $10,500 was provided by the sale of marketable

the year ended December 31, 2025, cash provided by financing activities was $19,267, of which, $36 was used to pay down our liability

in connection with a finance lease, repayment of notes payable of $114 and offset by $19,417 provided by offering proceeds related to

the sale of common stock.

During the year ended December 31, 2024, net cash used in financing activities was $12,419, of which $26,396

was attributable to the net proceeds from the sale of common stock from the public offering, $37,881 was used to pay down notes payable,

$596 was used to pay down our finance lease liability and $338 was used to pay down our liability in connection with internal use software.

of December 31, 2025, the Company had cash and cash equivalents of $39,568 compared to $41,774 in cash and cash equivalents and $13,630

in marketable securities as of December 31, 2024, representing a decrease of $15,836 in available liquidity due to ongoing operating

losses, working capital requirements, and limited cash inflows from operations.

Company has no agreements, commitments, or understandings with respect to any financing alternatives.

Any equity issuance would be dilutive

to stockholders.

In December 2025, we completed

an underwritten registered public offering of 26,666,666 shares of our common stock at a public offering price of $0.75 per share.

received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474, for net proceeds

The public offering was made pursuant to our registration statement on Form S-1 filed with the SEC on December 4, 2025, and

final prospectus dated December 10, 2025.

Wainwright & Co.

and Roth Capital Partners acted as co-placement agents in connection

with the offering.

During the year ended December

31, 2023, net cash provided by financing activities was $197,315, of which, $208,865 was attributable to the net proceeds from the sale

of common stock from the public offering, $835 was provided by the exercise of warrants and options, offset by $9,292 was used to pay

down notes payable, $2,837 was used to pay down our finance lease liability and $256 used to pay down our liability in connection with

internal use software.

of December 31, 2024, we had cash and cash equivalents, marketable securities, working capital and an accumulated deficit of

$41,774, $13,630, $81,908 and $735,855, respectively.

During the year ended December 31, 2024, we generated a net loss of

September 2, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Barclays Capital Inc., BofA Securities,

Inc., HSBC Securities (USA) Inc., ThinkEquity LLC, H.C.

Wainwright & Co., LLC and Roth Capital Partners, LLC, as our sales agents

(collectively, the “Agents”) to conduct an at-the-market (“ATM”) equity offering program, pursuant to which we

may publicly issue and sell from time to time shares of our common stock having an aggregate offering price of up to $250,000 through

We are using the net proceeds from the sale of our shares of common stock under the ATM equity offering program to supplement

our operating cash flows in order to fund our EV charging station deployments and other growth plans.

We are also using a portion of

the net proceeds we receive for working capital and other corporate purposes.

The amounts and timing of our use of the net proceeds will

depend on a number of factors, such as the timing and progress of our EV charging station deployment efforts, the timing and progress

of any partnering and collaboration efforts, and technological advances.

Under the Sales Agreement, the Agents are entitled to an aggregate

fixed commission of up to 3% of the gross proceeds from shares sold and we have provided the Agents with customary indemnification rights.

November 16, 2023, we entered into an Amendment to the Sales Agreement, effective as of November 2, 2023 (the “Amendment”),

with the Agents.

The Amendment revised the term “Registration Statement,” as used in the Sales Agreement, to our new shelf

registration statement on Form S-3, as amended (File No.

333-275123), and revised the term “Prospectus Supplement,” as used

in the Sales Agreement, to our prospectus supplement dated November 2, 2023, relating to the ATM equity offering program contemplated

by the Sales Agreement.

the year ended December 31, 2023, the Company sold 30,914,695 shares of its common stock pursuant to the ATM program for gross proceeds

of approximately $116,651 and net proceeds of approximately $114,317 after deducting offering expenses.

the year ended December 31, 2024, the Company sold 8,970,010 shares of its common stock pursuant to the ATM program for gross proceeds

of approximately $27,004 and net proceeds of approximately $26,396 after deducting offering expenses.

As of December 31, 2024,

40,443,426 shares have been sold pursuant to the ATM program, representing gross proceeds of approximately $151,352.

Subsequent to December

31, 2024, the Company sold an aggregate of 681,330 shares of common stock aggregate gross proceeds of $909.

February 2023, the Company completed an underwritten registered public offering of 8,333,333 shares of its common stock at a public offering

price of $12.00 per share.

The Company received approximately $100,000 in gross proceeds from the public offering and $94,766 in net

proceeds after deducting the underwriting discount and offering expenses paid by the Company.

The public offering was made pursuant to

our automatic shelf registration statement on Form S-3 filed with the SEC on January 6, 2021, and prospectus supplement dated February

Barclays acted as the sole book-running manager for the offering.

Wainwright & Co., Roth Capital Partners and ThinkEquity

acted as co-managers for the offering.

The underwriters did not exercise the over-allotment granted to them in connection with the offering.

have not yet achieved profitability and expect to continue to incur cash outflows from operations.

It is expected that our operating

expenses will continue to increase and, as a result, we will eventually need to generate significant product revenues to achieve profitability.

Historically, we have been able to raise funds to support our business operations, although there can be no assurance that we will be

successful in raising significant additional funds in the future.

We expect that our cash on hand will fund our operations for at least

12 months after the issuance date of the financial statements included in this Annual Report.

inception, our operations have primarily been funded through proceeds received in equity and debt financings.

We believe we have access

to capital resources and continue to evaluate additional financing opportunities.

There is no assurance that we will be able to obtain

funds on commercially acceptable terms, if at all.

There is also no assurance that the amount of funds we might raise will enable us

to complete our EV development initiatives or attain profitable operations.

31, 2025, the Company sold an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering

program for aggregate gross proceeds of $909, less issuance costs of $18, which were recorded as a reduction to additional paid-in capital.

Obligations and Commitments

have operating and finance lease obligations over the next five years of approximately $7,691.

These operating lease and financing

lease obligations are primarily related to corporate office space, warehousing, and parking spaces related to our car-sharing

These operating lease and financing lease

obligations are primarily related to corporate office space, warehousing, and parking spaces related to our car-sharing services.

Accounting Estimates

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could have a material impact on our financial statements.

Combination s

follow the acquisition method of accounting to record identifiable assets acquired and liabilities assumed recognized in connection with

acquired businesses at their estimated fair value as of the date of acquisition.

Identifiable intangible assets from business combinations

are recognized at their estimated fair values as of the date of acquisition and consist of customer relationships, developed technology

and trade names.

Determination of the estimated fair value of identifiable intangible assets requires judgment.

The fair value of intangible

assets is estimated using the relief from royalty method for the acquired developed technology and trade names and the multi-period excess

earnings method for the acquired customer relationships.

The fair value of non-compete agreements is estimated using the discounted cash

flow approach.

All of these fair value methods are income-based valuation approaches, which require judgment to estimate appropriate

discount rates, royalty rates related to the developed technology and trade name intangible assets, revenue growth attributable to the

intangible assets and remaining useful lives.

At the date of the business combination, the Consideration payable liability is estimated using a Monte Carlo simulation model to

determine the probability of achieving certain milestones.

In order to perform the fair value calculations the following estimates

are considered:

probability of a public offering and discount rates.

Goodwill Impairment

is the excess of consideration paid for an acquired entity over the fair value of the amounts assigned to assets acquired, including

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The Company’s goodwill is contained in the Legacy Blink reporting

unit resulting from the acquisition of SemaConnect and the Mobility reporting unit resulting from the acquisition of Envoy Technologies.

unit resulting from the acquisition of Zemetric in July 2025 and the Mobility reporting unit resulting from the acquisition of Envoy

Technologies.

Company determines fair value through multiple valuation techniques including discounted cash flow models, quoted market values, and

14 unchanged sentences

could occur and result in additional impairment in future periods.

the three months ended September 30, 2024, the Company determined that the Legacy Blink reporting unit’s carrying value exceeded

the estimated fair value as of September 30, 2024.

Consequently, the Company recognized a goodwill impairment charge of $69,111 during

the three and nine months ended September 30, 2024 in the condensed consolidated statements of operations.

Furthermore, as part of its annual impairment test, the Company determined that the Legacy Blink and Mobility reporting units’ carrying value exceeded the estimated

as part of its annual impairment test, the Company determined that the Mobility reporting unit’s carrying value exceeded the estimated

Consequently, the Company recognized an additional goodwill impairment charge of $17,897 during the year ended December 31,

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis