What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-11 · 279 added, 230 removed, 163 unchanged (76% of the section changed)

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following discussion and analysis of the results of operations and financial condition of Blink Charging Co.

(together with its

subsidiaries, “Blink” or the “Company”) as of March 31, 2026 and for the three months ended March 31, 2026

and 2025 should be read in conjunction with our financial statements and the notes to those financial statements that are included

elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K

for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 31, 2026.

References in this Management’s Discussion and Analysis of Financial

Condition and Results of Operations to “us,” “we,” “our” and similar terms refer to Blink.

Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws.

The events described in

forward-looking statements contained in this Quarterly Report may not occur.

Generally, these statements relate to business plans or

strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits

from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating

The words “may,” “will,” “expect,” “believe,” “anticipate,”

“project,” “plan,” “intend,” “estimate,” and “continue,” and their

opposites and similar expressions, are intended to identify forward-looking statements.

We caution you that these statements are not

guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which

are beyond our control, which may influence the accuracy of the statements.

Factors that may affect our results include, but are not

limited to, the risks and uncertainties set forth under Part I, Item 1A, “Risk Factors” in the Company’s Annual

Report on Form 10-K for the year ended December 31, 2025, and under a similar item in subsequent periodic reports, as discussed

elsewhere in this Quarterly Report, particularly in Part II, Item 1A - Risk Factors.

(together with its subsidiaries,

“Blink” or the “Company”) as of June 30, 2026 and for the six months ended June 30, 2026 and 2025 should be read

in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this Quarterly

Report on Form 10-Q.

References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to

“us,” “we,” “our” and similar terms refer to Blink.

This Quarterly Report contains forward-looking

statements as that term is defined in the federal securities laws.

The events described in forward-looking statements contained in this

Quarterly Report may not occur.

Generally, these statements relate to business plans or strategies, projected or anticipated benefits

or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections

involving anticipated revenues, earnings or other aspects of our operating results.

The words “may,” “will,”

“expect,” “believe,” “anticipate,” “project,” “plan,” “intend,”

“estimate,” and “continue,” and their opposites and similar expressions, are intended to identify forward-looking

We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties,

risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements.

Factors that may

affect our results include, but are not limited to, the risks and uncertainties set forth under Part I, Item 1A, “Risk Factors”

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and under a similar item in subsequent periodic

reports, as discussed elsewhere in this Quarterly Report, particularly in Part II, Item 1A - Risk Factors.

one or more of these uncertainties, risks and other influences, could materially affect our results of operations and whether forward-looking

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

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

and international

markets for EVs.

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

Blink’s principal line of products and services is its Blink Network and Blink EV charging equipment, also known as

EVSE, 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).

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

and international markets for EVs.

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

to recharge at various locations.

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

equipment, also known as 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

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).

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

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We own and operate the EV charging

station and provide connectivity of the charging station to the Blink Network.

station and provide connectivity of the charging station to the Blink Networks.

In this model, which favors recurring revenues, we

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our Blink-owned hybrid business model, we typically incur the charging equipment costs while the Property Partner incurs the installation

We own and operate the EV charging station and provide connectivity to the Blink Network.

We own and operate the EV charging station and provide connectivity to the Blink Networks.

In this model, since the Property

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our host-owned business model, the Property Partner purchases, owns, and operates the Blink EV charging station and incurs the installation

We work with the Property Partner by providing site recommendations, connectivity to the Blink Network, payment processing,

We work with the Property Partner by providing site recommendations, connectivity to the Blink Networks, payment processing,

and optional maintenance services.

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Blink network connectivity and processing fees.

also own and operate EV car-sharing programs through our wholly owned subsidiary, Envoy Mobility, Inc.

These programs allow customers

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

As of March 31, 2026,

there were approximately 47,559 chargers connected to the Blink Network.

Of those, approximately 44,491 were Level 2 commercial

chargers and approximately 1,964 DCFC were commercial chargers.

of June 30, 2026, there were approximately 48,015 chargers connected to the Blink Network.

Of those, approximately 44,832 were Level

2 commercial chargers and approximately 2,039 DCFC were commercial chargers.

Included on Blink Network are approximately 6,804 chargers

Another estimated 23,820 units were non-networked, on other networks, international sales, or deployments.

May 2025, we announced the BlinkForward Initiative 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 296 as of the filing of this Quarterly 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.

As a 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.

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, the

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

and Service Offerings

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used in Europe.

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.

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 charging products for international markets, including residential, workplace, retail, parking,

hospitality, and fleet applications.

These 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.

We offer Level 2 AC and DC charging products for international markets, including multifamily residential, workplace,

retail, parking, hospitality, and fleet applications.

These 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 ).

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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 Blink Networks are 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

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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, 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, the Company’s revenue and ability to generate profits

in the future may be impacted.

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

installed base’s size.

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

If our market share decreases due to increased competition, the Company’s 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.

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Capital Resources, and Going Concern

of March 31, 2026, the Company had cash and cash equivalents of $37,991 compared to $39,568 in cash and cash equivalents as of December

of June 30, 2026, the Company had cash and cash equivalents of $34,004 compared to $39,568 in cash and cash equivalents as of December

31, 2025, representing a decrease of $5,564 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 296 as of the filing of this Quarterly 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.

The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains

manufacturing facilities in-house.

reflected in our condensed consolidated financial statements as of March 31, 2026, we had cash and cash equivalents of $37,991, working

capital of $14,210 and an accumulated deficit of $833,989.

During the three months ended March 31, 2026, we incurred a net loss of $11,563.

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 290 as of the filing of

this Quarterly 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.

The transition to contract

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

reflected in our condensed consolidated financial statements as of June 30, 2026, we had cash and cash equivalents of $34,004,

working capital of $10,264 and an accumulated deficit of $840,028.

During the six months ended June 30, 2026, we incurred a net loss

We have not yet achieved profitability.

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.

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.

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

Wainwright & Co.

and Roth Capital Partners acted as co-placement

agents in connection with the offering.

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

have not yet achieved profitability and expect cash flows from operations to be volatile.

While the BlinkForward Initiative substantially

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

profitability, even as our repeatable 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 and future cash flows from operations will fund our operations for at

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

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

even as our repeatable 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 and future cash flows from operations will fund our operations for at least 12 months

after the issuance date of the financial statements included in this Quarterly Report.

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

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of Operations

Months Ended March 31, 2026 Compared With Three Months Ended March 31, 2025

For The Three Months Ended

Product revenue

Service revenue

Other revenue

Car-sharing revenue

Total Revenues

and Six Months Ended June 30, 2026 Compared With Three and Six Months Ended June 30, 2025

The Three Months Ended

The Six Months Ended

of product revenue

of service revenue

of other revenue

of car-sharing revenue

and amortization

Cost of Revenues

Cost of product revenue

Cost of service revenue

Costs of other revenue

Cost of car-sharing revenue

Depreciation and amortization

Total Cost of Revenues

and administrative expenses

operating expenses

General and administrative expenses

Other operating expenses

Change in fair value of consideration payable

Total Operating Expenses

Loss From Operations

Other Income:

and amortization

in fair value of consideration payable and earn-out liabilities

Operating Expenses

From Operations

Income (Expense):

Other Income, Net

Total Other Income, Net

Loss Before Income Taxes

Provision for income taxes

Months Ended March 31, 2026 Compared With Three Months Ended March 31, 2025

revenue for the three months ended March 31, 2026 increased by $61, or less than 1%, to $20,779 compared to $20,718 during the three

months ended March 31, 2025, primarily due to the decrease in product revenue, offset by the increase in charging revenue.

from product sales was $6,194 for the three months ended March 31, 2026 as compared to $8,380 during the three months ended March 31,

2025, a decrease of $2,186, or 26%.

This decrease was attributable to the decrease in the number of chargers sold when compared to the

same period in 2025.

revenue was $12,230 for the three months ended March 31, 2026 as compared to $9,506 for the three months ended March 31, 2025, an

increase of $2,724, or 29%, primarily due to the increase in Company owned chargers generating charging revenue, and the increase in

the number of chargers in the Blink Network, which resulted in an increase in network fees.

Service revenue includes charging

service revenue, network fees, warranty revenue and grants and rebates.

services revenues were $1,119 during the three months ended March 31, 2026 as compared to $1,175 during the three months ended March

Before Income Taxes

for income taxes

Months Ended June 30, 2026 Compared With Three Months Ended June 30, 2025

revenue for the three months ended June 30, 2026 decreased by $7,031 or 24%, to $21,674 compared to $28,705 during the three months ended

June 30, 2025.

from product sales was $7,439 for the three months ended June 30, 2026 as compared to $14,509 during the three months ended June 30,

2025, a decrease of $7,070, or 49%.

revenue decreased by $421, or 25%, to $1,236 for the three months ended March 31, 2026 as compared to $1,657 for the three months ended

March 31, 2025 primarily due to the reduction in warranty revenue and the timing of certain revenue transactions.

The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments

and more disciplined customer selection, including a reduction in lower-margin product sales.

Product revenue was also adversely affected

by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers,

compared to the prior-year period.

service revenue from Blink-owned charging stations was $11,484 for the three months ended June 30, 2026 as compared to $10,809 for

the three months ended June 30, 2025, an increase of $675 or 6%.

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

deployment of new chargers on the Blink Networks.

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

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

charging stations.

Cost of revenues for the three months ended March 31, 2026 were $14,140 as compared to $13,649 for the three months

ended March 31, 2025, an increase of $491, or 4%, due to the decrease in cost of product revenue, which is offset by the increase

in cost of service revenue and cost of car-sharing revenue.

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

of our installed charging stations.

Cost of revenues for the three months ended June 30, 2026 were $13,233 as compared to $23,873 for

the three months ended June 30, 2025, a decrease of $10,640 or 45%, and in line with the decline in the product revenues as discussed above.

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

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

of product was $3,723 for the three months ended March 31, 2026 as compared to $5,548 for the three months ended March 31, 2025, a decrease

of $1,825, or 33%, which is primarily attributable to a decreased number of chargers being sold during the current quarter.

of service was $7,379 for the three months ended March 31, 2026 as compared to $5,281 for the three months ended March 31, 2025, an increase

of $2,098, or 40%, primarily due to the increase in cost of energy and network expenses.

Cost of service includes electricity reimbursements,

host provider fees, network costs and warranty and repairs and maintenance costs.

Cost of other revenues was $809

for the three months ended March 31, 2026 as compared to $840 for the three months ended March 31, 2025, a decrease of $31, or 4%.

Cost of car-sharing services was

$1,034 for the three months ended March 31, 2026 as compared to $685 for the three months ended March 31, 2025, an increase of $349, or

51%, due to the timing of certain non-periodic expenses.

Depreciation and amortization

expense decreased by $100, or 8%, to $1,195 for the three months ended March 31, 2026, as compared to $1,295 for the three months ended

March 31, 2025, due to the timing of grants earned, which offset depreciation expense in cost of revenues.

expense decreased by $3,391, or 25%, to $10,163 (consisting of approximately $8.9 million of cash compensation and benefits and approximately

$1.3 million of non-cash compensation) for the three months ended March 31, 2026.

Compensation expense was $13,554 (consisting of approximately

$12.6 million of cash compensation and benefits and approximately $1.0 million of non-cash compensation) for the three months ended March

This decrease 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 $4,249, or 48%, to $4,619 for the three months ended March 31, 2026 as compared to $8,868 for

the three months ended March 31, 2025.

This decrease is primarily attributable to the termination of certain research and consulting

activities after the quarter ended March 31, 2025, as well as the decrease in amortization expense and provision for expected credit

operating expenses decreased by $1,716, or 32%, to $3,633 for the three months ended March 31, 2026 from $5,349 for the three months

ended March 31, 2025, primarily due to the decrease in insurance expense, rent and software expense.

Company recorded no change in the fair value of consideration payable related to the Envoy acquisition during the three months ended

March 31, 2026 since this obligation was fully settled during the third quarter of 2025.

other income, net, decreased by $159, or 40%, to $242 for the three months ended March 31, 2026 as compared to $401 for the three months

ended March 31, 2025.

The decrease was primarily attributable to a decrease in dividend and interest income of $193 (to $262 from $455),

partially offset by a $36 decrease in interest expense (to $20 from $56).

net loss for the three months ended March 31, 2026 decreased by $9,445, or 45%, to $11,563 as compared to $21,008 for the three months

ended March 31, 2025.

The decrease in net loss was primarily attributable to a decrease in operating expenses.

of product sales decreased by $9,126, or 65%, from $14,074 for the three months ended June 30, 2025 as compared to $4,948 for the

three months ended June 30, 2026.

Approximately $4,720 of this decrease is due to the reduction in product sales volume.

addition, the loss on adjustment for excess and obsolete inventory decreased by $634 during the three months ended June 30, 2026

compared to the same period in 2025.

Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856

during the three months ended June 30, 2025.

of charging services (electricity reimbursements) decreased by $399, or 6%, to $5,823 for the three months ended June 30, 2026 as compared

to $6,222 for the three months ended June 30, 2025.

The decrease in 2026 was attributable to the decreased number and mix of charging

stations generating charging service revenues subject to electricity reimbursement.

and amortization expense decreased by $110 or 9%, to $1,098 for the three months ended June 30, 2026 as compared to $1,208 for the

three months ended June 30, 2025.

The decrease in depreciation expense was attributable to an increase in the grant revenue that is

presented as an offset to the depreciation expense, and the decrease in the number of vehicles associated with the ride-share

services as a part of the sale of Envoy.

expense decreased by $5,415 or 39%, to $8,352 (consisting of $7,658 of cash compensation and benefits and $694 of non-cash compensation)

for the three months ended June 30, 2026.

Compensation expense was $13,767 (consisting of $12,980 of cash compensation and benefits and

$787 of non-cash compensation) for the three months ended June 30, 2025.

The decrease in compensation expense for the three months ended

June 30, 2026 compared to the same period in 2025 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.

and administrative expenses decreased by $8,936 or 84%, to $1,750 for the three months ended June 30, 2026 as compared to $10,686 for

the three months ended June 30, 2025.

The decrease was primarily attributable to the difference in the credit loss reserve of $5,511,

decrease in professional services of $1,657 and decrease in accounting related fees of $956.

operating expenses decreased by $2,603, or 39%, to $4,122 for the three months ended June 30, 2026 from $6,725 for the three months

ended June 30, 2025.

The decrease was primarily attributable to the assets impairment in the amount of $1,732 recorded during the

three months ended June 30, 2025, a decrease of $301 related to research and development activities and a decrease of $281 related

and amortization expense included in operating expenses increased by $283, or 20%, to $1,715 for the three months ended June 30, 2026

as compared to $1,432 for the three months ended June 30, 2025.

Company recorded a gain on change in fair value of consideration payable and earn-out liabilities related to the Zemetric acquisition

of $1,273 for the three months ended June 30, 2026 as compared to a loss of $1,784 for the three months ended June 30, 2025 due

to the change in the inputs to the probability-weighted discounted cash flow model.

Other Income (Expense)

recorded other income of $250 during the three months ended June 30, 2026 as compared to other income of $345 for the three months ended

June 30, 2025.

The decrease in other income was primarily related to a decrease in dividend and interest income of $105 during the three

months ended June 30, 2026 as compared to the three months ended June 30, 2025.

net loss for the three months ended June 30, 2026 decreased by $23,273, or 79%, to $6,039 as compared to $29,312 for the three months

ended June 30, 2025.

The decrease was primarily attributable to a decrease in operating expenses, partially offset by a decline in revenues,

and was accompanied by an improvement in gross profit.

Comprehensive Loss

total comprehensive loss for the three months ended March 31, 2026 was $11,796, whereas our total comprehensive loss for the three months

ended March 31, 2025 was $18,210, a decrease of $6,414, or 35%.

The change reflects the decrease in net loss for the period, and foreign

currency translation adjustments of ($233) and $2,798 for the three months ended March 31, 2026 and 2025, respectively.

total comprehensive loss for the three months ended June 30, 2026 was $6,923 whereas our total comprehensive loss for the three months

ended June 30, 2025 was $24,649.

Months Ended June 30, 2026 Compared With Six Months Ended June 30, 2025

revenue for the six months ended June 30, 2026 decreased by $6,970, or 14%, to $42,453 compared to $49,423 during the six months ended

June 30, 2025.

from product sales was $13,633 for the six months ended June 30, 2026 as compared to $22,889 during the six months ended June 30, 2025,

a decrease of $9,256, or 40%.

The decrease was primarily attributable to the Company’s strategic repositioning toward higher-margin market segments

and more disciplined customer selection, including a reduction in lower-margin product sales.

Product revenue was also adversely affected

by continued softness in the electric vehicle charging market, particularly lower demand for commercial Level 2 chargers and DC fast chargers,

compared to the prior-year period.

service revenue from Blink-owned charging stations was $23,714 for the six months ended June 30, 2026 as compared to $20,315 for the

six months ended June 30, 2025, an increase of $3,399, or 17%.

The increase is due to the higher utilization of the chargers and deployment

of new chargers on the Blink Networks.

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

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

of our installed charging stations.

Cost of revenues for the six months ended June 30, 2026 were $27,373 as compared to $37,522 for the

six months ended June 30, 2025, a decrease of $10,149 or 27%, and in line with the decline in the product revenues as discussed above.

There is a degree of variability in our costs in relationship to our revenues

from period to period, primarily due to:

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

share payments are predicated on the contractual obligation under the property partner agreement and the revenue generated by the

applicable chargers;

of charging stations sold is predicated on the mix of types of charging stations and parts sold during the period;

costs are fixed in nature based on the number of chargers connected to the telco network regardless of whether the charger generates

for excess and obsolete inventory;

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

of product sales decreased by $10,951, or 56%, from $19,622 for the six months ended June 30, 2025 as compared to $8,671 for the six

months ended June 30, 2026.

Approximately $5,633 of this decrease is due to the reduction in product sales volume.

In addition, the

adjustment for excess and obsolete inventory was $1,462 during the six months ended June 30, 2026 compared to $4,571 during the same

period in 2025.

Furthermore, the Company recorded a loss on disposal of non-performing chargers of $3,856 during the six months

ended June 30, 2025.

of charging services (electricity reimbursements) increased by $1,699, or 15%, to $13,202 for the six months ended June 30, 2026 as compared

to $11,503 for the six months ended June 30, 2025.

The increase in 2026 was attributable to the increased number and mix of charging

stations generating charging service revenues subject to electricity reimbursement.

and amortization expense decreased by $210, or 8%, to $2,293 for the six months ended June 30, 2026 as compared to $2,503 for the

six months ended June 30, 2025.

The decrease in depreciation expense was attributable to an increase in the grant revenue that is

presented as an offset to the depreciation expense, and the decrease in the number of vehicles associated with the ride-share

services as a part of the sale of Envoy.

expense decreased by $8,806, or 32%, to $18,515 (consisting of $16,493 of cash compensation and benefits and $2,022 of non-cash compensation)

for the six months ended June 30, 2026.

Compensation expense was $27,321 (consisting of $25,568 of cash compensation and benefits and

$1,753 of non-cash compensation) for the six months ended June 30, 2025.

The decrease in compensation expense for the six months ended

June 30, 2026 compared to the same period in 2025 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.

and administrative expenses decreased by $12,597, or 70%, to $5,302 for the six months ended June 30, 2026 as compared to $17,899 for

the six months ended June 30, 2025.

The decrease was primarily attributable to the difference in the credit loss reserve of $6,811, a

decrease in professional services of $2,674, a decrease in accounting related fees of $1,039, a decrease in tax compliance fees of $788

and a decrease in marketing expenditures of $749.

operating expenses decreased by $4,319, or 36%, to $7,755 for the six months ended June 30, 2026 from $12,074 for the six months ended

June 30, 2025.

The decrease was primarily attributable to the asset impairment in the amount of $1,732 recorded during the six months

ended June 30, 2025, a decrease of $819 related to research and development activities and a decrease of $566 related to rent.

and amortization expense included in operating expenses decreased by $305, or 10%, to $2,782 for the six months ended June 30, 2026 as

compared to $3,087 for the six months ended June 30, 2025.

Company recorded a gain on change in fair value of consideration payable and earn-out liabilities related to the Zemetric acquisition

of $1,273 for the six months ended June 30, 2026 as compared to a loss of $2,463 for the six months ended June 30, 2025 due to

the change in the inputs to the probability-weighted discounted cash flow model.

Income (Expense)

recorded other income of $492 during the six months ended June 30, 2026 as compared to $746 for the six months ended June 30, 2025.

decrease in other income was primarily related to a decrease of $261 in dividend and interest income.

net loss for the six months ended June 30, 2026 decreased by $32,718 or 65%, to $17,602 as compared to $50,320 for the six months ended

June 30, 2025.

The decrease was primarily due to lower operating expenses, partially offset by the decline in revenues, and was accompanied

by an improvement in gross profit.

Comprehensive Loss

total comprehensive loss for the six months ended June 30, 2026 was $18,719 whereas our total comprehensive loss for the six months ended

June 30, 2025 was $42,906.

and Capital Resources

measure our liquidity in a number of ways, including the following:

March 31, 2026

June 30, 2026

December 31, 2025

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Notes Payable

the three months ended March 31, 2026, we financed our activities from proceeds derived from equity financings occurring in prior periods.

the six months ended June 30, 2026, we financed our activities from proceeds derived from equity financings occurring in prior periods.

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

office expenses and various consulting and professional fees.

the three months ended March 31, 2026, net cash provided by operating activities was $671, as compared to net cash used in operating

activities of $13,026 for the three months ended March 31, 2025.

Cash provided by operations for the three months ended March 31, 2026

was attributable to our net loss of $11,563, adjusted for net non-cash expenses in the aggregate amount of approximately $4,419, plus

approximately $7,815 of net cash provided by changes in the levels of operating assets and liabilities.

Cash used in operations for the

three months ended March 31, 2025 was primarily attributable to our net loss of $21,008, adjusted for net non-cash expenses in the aggregate

amount of approximately $5,645, and approximately $2,337 of net cash provided by changes in the levels of operating assets and liabilities.

the three months ended March 31, 2026, net cash used in investing activities was $1,661, consisting of $1,632 related to purchases

of charging stations and other fixed assets and $29 related to the capitalization of engineering costs.

During the three months ended March 31, 2025, net cash provided by investing

activities was $12,370, consisting of $13,630 provided by the sale of marketable securities, partially offset by $1,087 used to

purchase charging stations and other fixed assets and $173 used for capitalized engineering costs.

the three months ended March 31, 2026, net cash used in financing activities was $10, consisting of repayments of finance lease obligations.

During the three months ended March 31, 2025, net cash provided by financing activities was $883, consisting of $891 in proceeds from

the sale of common stock, partially offset by $8 of finance-lease repayments.

of March 31, 2026, we had cash and cash equivalents, working capital and an accumulated deficit of $37,991, $14,210, and $833,989, respectively.

During the three months ended March 31, 2026, we had a net loss of $11,563 and generated $671 of cash from

the six months ended June 30, 2026 and 2025, we used cash of $3,382 and $28,541, respectively, in operations.

Our cash use for the six

months ended June 30, 2026 was primarily attributable to our net loss of $17,602 adjusted for net non-cash expenses in the aggregate amount of $7,480, partially offset by $6,740 of net cash provided by changes in the levels of operating assets and liabilities.

use for the six months ended June 30, 2025, was primarily attributable to our net loss of $50,320, adjusted for net non-cash expenses

in the aggregate amount of $22,692, and $913 of net cash used in changes in the levels of operating assets and liabilities.

the six months ended June 30, 2026, net cash used in investing activities was $616, of which $852 was provided by government grants, $954 was used to purchase property and equipment, $485 of cash was disposed of in connection with the sale of Envoy, and

$29 was used for capitalized engineering costs.

During the six months ended June 30, 2025, net cash provided by investing activities

was $10,106, of which $13,630 was provided by the sale of marketable securities and $223 was provided by the sale of an equity method

investment, offset by $205 of capitalized engineering costs and $3,542 of which was used to purchase charging stations and other fixed

the six months ended June 30, 2026, cash used in financing activities was $63 which was used to pay down our liability in connection

with a finance lease.

During the six months ended June 30, 2025, cash provided by financing activities was $874, of which $17 was used

to pay down our liability in connection with a finance lease, offset by $891 provided by offering proceeds related to the sale of common

of June 30, 2026, we had cash and cash equivalents, working capital and an accumulated deficit of $34,004, $10,264 and $840,028, respectively.

During the three and six months ended June 30, 2026, we had a net loss of $6,039 and $17,602, respectively, and used cash of $3,382 in

operating activities.

The Company has not yet achieved profitability and expects cash flows from operations to be volatile.

Company’s future operating needs include the planned costs to operate its business, including amounts required to fund working

capital and future liquidity needs.

The Company’s

future operating needs include the planned costs to operate its business, including amounts required to fund working capital and future

liquidity needs.

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

Any equity issuance would be dilutive

to stockholders.

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.

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.

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.

and Roth Capital Partners acted as co-placement agents in connection with the offering.

Obligations and Commitments

have operating and finance lease obligations over the next five years of approximately $7,130.

These operating lease and financing lease

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

have operating lease obligations over the next five years of approximately $4,204.

These operating lease obligations are

primarily related to corporate office space and warehousing.

Accounting Estimates

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What changed 10-Q

Item 2. Management’s Discussion and Analysis