Blink Charging Co. 10-Q

ITEM 1. FINANCIAL STATEMENTS. BLINK CHARGING CO. Unaudited Condensed Consolidated Balance Sheets (in thousands, except for share and per share amounts) June 30, December 31, 2026 2025 Assets Current Assets: Cash and cash equivalents $ 34,004 $ 39,568 Accounts receivable, net 18,923 29,532 Inventory, net 11,287 14,153 Prepaid expenses and other current assets 6,856 6,065 Total Current Assets 71,070 89,318 Restricted cash 619 89 Property and equipment, net 40,649 42,691 Operating lease right-of-use assets 2,781 6,331 Intangible assets, net 4,765 6,634 Goodwill 1,742 1,742 Other assets 711 648 Total Assets $ 122,337 $ 147,453 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 45,960 $ 47,242 Current portion of earn-out liabilities 713 1,005 Notes payable 265 265 Current portion of operating lease liabilities 1,305 2,781 Current portion of financing lease liabilities - 42 Current portion of deferred revenue 12,563 12,137 Total Current Liabilities 60,806 63,472 Earn-out liabilities, non-current portion - 981 Operating lease liabilities, non-current portion 2,899 4,804 Financing lease liabilities, non-current portion - 64 Deferred revenue, non-current portion 2,556 5,145 Other liabilities 8,283 8,497 Total Liabilities 74,544 82,963 Commitments and contingencies (Note 7) - - Stockholders’ Equity: Preferred stock, $ 0.001 par value, 40,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025 - - Common stock, $ 0.001 par value, 500,000,000 shares authorized, 143,779,491 and 142,128,133 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 144 142 Additional paid-in capital 897,525 895,505 Accumulated other comprehensive loss ( 9,848 ) ( 8,731 ) Accumulated deficit ( 840,028 ) ( 822,426 ) Total Stockholders’ Equity 47,793 64,490 Total Liabilities and Stockholders’ Equity $ 122,337 $ 147,453 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Operations (in thousands, except for share and per share amounts) 2026 2025 2026 2025 For The Three Months Ended For The Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues: Product revenue $ 7,439 $ 14,509 $ 13,633 $ 22,889 Service revenue 11,484 10,809 23,714 20,315 Other revenue 1,928 2,276 3,164 3,933 Car-sharing revenue 823 1,111 1,942 2,286 Total Revenues 21,674 28,705 42,453 49,423 Cost of Revenues: Cost of product revenue 4,948 14,074 8,671 19,622 Cost of service revenue 5,823 6,222 13,202 11,503 Cost of other revenue 766 1,302 1,575 2,142 Cost of car-sharing revenue 598 1,067 1,632 1,752 Depreciation and amortization 1,098 1,208 2,293 2,503 Total Cost of Revenues 13,233 23,873 27,373 37,522 Gross Profit 8,441 4,832 15,080 11,901 Operating Expenses: Compensation 8,352 13,767 18,515 27,321 General and administrative expenses 1,750 10,686 5,302 17,899 Other operating expenses 4,122 6,725 7,755 12,074 Depreciation and amortization 1,715 1,432 2,782 3,087 Change in fair value of consideration payable and earn-out liabilities ( 1,273 ) 1,784 ( 1,273 ) 2,463 Total Operating Expenses 14,666 34,394 33,081 62,844 Loss From Operations ( 6,225 ) ( 29,562 ) ( 18,001 ) ( 50,943 ) Other Income (Expense): Other income, net 250 345 492 746 Total Other Income, Net 250 345 492 746 Loss Before Income Taxes $ ( 5,975 ) $ ( 29,217 ) $ ( 17,509 ) $ ( 50,197 ) Provision for income taxes ( 64 ) ( 95 ) ( 93 ) ( 123 ) Net Loss $ ( 6,039 ) $ ( 29,312 ) $ ( 17,602 ) $ ( 50,320 ) Net Loss Per Share: Basic $ ( 0.04 ) $ ( 0.28 ) $ ( 0.12 ) $ ( 0.49 ) Diluted $ ( 0.04 ) $ ( 0.28 ) $ ( 0.12 ) $ ( 0.49 ) Weighted Average Number of Common Shares Outstanding: Basic 144,260,561 102,899,705 143,713,633 102,684,303 Diluted 144,260,561 102,899,705 143,713,633 102,684,303 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Comprehensive Loss (in thousands) 2026 2025 2026 2025 For the Three Months Ended For the Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net Loss $ ( 6,039 ) $ ( 29,312 ) $ ( 17,602 ) $ ( 50,320 ) Other Comprehensive (Loss) Income: Foreign currency translation adjustments ( 884 ) 4,663 ( 1,117 ) 7,414 Total Comprehensive Loss $ ( 6,923 ) $ ( 24,649 ) $ ( 18,719 ) $ ( 42,906 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity For the Three and Six Months Ended June 30, 2026 (in thousands, except for share amounts) Accumulated Additional Other Total Preferred Stock Common Stock Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Shares Amount Capital Loss Deficit Equity Balance - January 1, 2026 - $ - 142,128,133 $ 142 $ 895,505 $ ( 8,731 ) $ ( 822,426 ) $ 64,490 Stock-based compensation - - 840,529 1 1,327 - - 1,328 Common stock issued upon warrant exercise - - 179,020 - - - - - Other comprehensive loss - - - - - ( 233 ) - ( 233 ) Net loss - - - - - - ( 11,563 ) ( 11,563 ) Balance - March 31, 2026 - $ - 143,147,682 $ 143 $ 896,832 $ ( 8,964 ) $ ( 833,989 ) $ 54,022 Stock-based compensation - - 627,722 1 693 - - 694 Common stock issued upon warrant exercise - - 4,087 - - - - - Other comprehensive loss - - - - - ( 884 ) - ( 884 ) Net loss - - - - - - ( 6,039 ) ( 6,039 ) Balance - June 30, 2026 - $ - 143,779,491 $ 144 $ 897,525 $ ( 9,848 ) $ ( 840,028 ) $ 47,793 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity For the Three and Six Months Ended June 30, 2025 (in thousands, except for share amounts) Accumulated Additional Other Total Preferred Stock Common Stock Paid-In Comprehensive Accumulated Stockholders’ Shares Amount Shares Amount Capital Income (Loss) Deficit Equity Balance - January 1, 2025 - $ - 101,970,907 $ 102 $ 860,300 $ ( 5,845 ) $ ( 735,855 ) $ 118,702 Common stock issued in public offering, net of issuance costs [1] - - 681,330 1 890 - - 891 Stock-based compensation - - 70,681 - 966 - - 966 Other comprehensive income - - - - - 2,751 - 2,751 Net loss - - - - - - ( 21,008 ) ( 21,008 ) Balance - March 31, 2025 - $ - 102,722,918 $ 103 $ 862,156 $ ( 3,094 ) $ ( 756,863 ) $ 102,302 Balance - $ - 102,722,918 $ 103 $ 862,156 $ ( 3,094 ) $ ( 756,863 ) $ 102,302 Stock-based compensation - - 377,567 - 787 - - 787 Other comprehensive income - - - - - 4,663 - 4,663 Net loss - - - - - - ( 29,312 ) ( 29,312 ) Balance - June 30, 2025 - $ - 103,100,485 $ 103 $ 862,943 $ 1,569 $ ( 786,175 ) $ 78,440 Balance - $ - 103,100,485 $ 103 $ 862,943 $ 1,569 $ ( 786,175 ) $ 78,440 [1] Includes gross proceeds of $ 909 , less issuance costs of $ 18 . The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) 2026 2025 For the Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net loss $ ( 17,602 ) $ ( 50,320 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,075 5,590 Non-cash lease expense 1,582 2,254 Change in fair value of derivative and other accrued liabilities - ( 7 ) Provision for credit losses 451 306 Loss on disposal of property and equipment 734 5,762 Gain on sale of Envoy Technologies Inc. ( 802 ) - Non-cash gain on lease termination ( 309 ) - Provision for slow moving and obsolete inventory - 4,571 Change in fair value of consideration payable and earn-out liabilities ( 1,273 ) 2,463 Stock-based compensation 2,022 1,753 Changes in operating assets and liabilities: Accounts receivable 9,203 9,447 Inventory 710 ( 369 ) Prepaid expenses and other current assets ( 530 ) ( 1,251 ) Other assets ( 154 ) ( 25 ) Accounts payable, accrued expenses, and other current liabilities 576 ( 7,877 ) Other liabilities ( 126 ) ( 400 ) Operating lease liabilities ( 1,631 ) ( 1,794 ) Deferred revenue ( 1,308 ) 1,356 Total Adjustments 14,220 21,779 Net Cash Used In Operating Activities ( 3,382 ) ( 28,541 ) Cash Flows From Investing Activities: Proceeds from sale of marketable securities - 13,630 Proceeds from sale of equity method investment - 223 Cash of Envoy Technologies, Inc. disposed of in sale ( 485 ) - Proceeds from government grants 852 - Capitalization of engineering costs ( 29 ) ( 205 ) Purchases of property and equipment ( 954 ) ( 3,542 ) Net Cash (Used In) Provided By Investing Activities ( 616 ) 10,106 Cash Flows From Financing Activities: Proceeds from sale of common stock in public offering [1] - 891 Repayment of financing liability ( 63 ) ( 17 ) Net Cash (Used In) Provided By Financing Activities ( 63 ) 874 Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash ( 973 ) 1,111 Net Decrease In Cash and Cash Equivalents and Restricted Cash ( 5,034 ) ( 16,450 ) Cash and Cash Equivalents and Restricted Cash - Beginning of Period 39,657 41,852 Cash and Cash Equivalents and Restricted Cash - End of Period $ 34,623 $ 25,402 Cash and cash equivalents and restricted cash consisted of the following: Cash and cash equivalents $ 34,004 $ 25,318 Restricted cash 619 84 Cash and Cash Equivalents and Restricted Cash - End of Year $ 34,623 $ 25,402 [1] For the six months ended June 30, 2025, includes gross proceeds of $ 909 , less issuance costs of $ 18 . The accompanying notes are an integral part of these condensed consolidated financial statements. 6 BLINK CHARGING CO. Unaudited Condensed Consolidated Statements of Cash Flows — Continued (in thousands) For The Six Months Ended June 30, 2026 2025 Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest $ 39 $ 71 Income taxes $ 156 $ 28 Non-cash investing and financing activities: Right-of-use assets obtained in exchange for lease obligations $ 330 $ 351 Transfer of inventory to property and equipment $ ( 2,053 ) $ ( 952 ) Proceeds to be received from government grants $ 456 $ - Right-of-use assets derecognized in connection with lease termination $ 1,195 $ - Receivable recognized in sale of Envoy Technologies, Inc. $ 1,000 $ - Property and equipment obtained in exchange for accounts payable $ 854 $ - The accompanying notes are an integral part of these condensed consolidated financial statements. 7 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization and Operations Blink Charging Co., through its consolidated subsidiaries (collectively, the “Company” or “Blink”), is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers EV charging equipment and services, enabling EV drivers to recharge at various locations. Blink’s principal line of products and services is its Blink EV charging networks (the “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 fleets, property owners, managers, parking companies, and state and municipal entities (“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). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2026 and for the three and six months then ended. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 as part of the Company’s Annual Report on Form 10-K. 8 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Since the Annual Report for the year ended December 31, 2025, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note. LIQUIDITY As of June 30, 2026, the Company had cash and cash equivalents of $ 34,004 and working capital of $ 10,264 . During the three and six months ended June 30, 2026, the Company incurred a net loss of $ 6,039 and $ 17,602 , respectively, and used cash in operating activities of $ 3,382 . The Company has not yet achieved profitability and expects to continue to incur operating losses. While the BlinkForward Initiative (as defined elsewhere) has substantially decreased operating expenses and cash burn, in the near future the Company needs to generate significant additional revenues to achieve profitability. Historically, the Company has been able to raise funds to support business operations, although there can be no assurance that the Company will be successful in raising significant additional funds in the future. The Company expects that cash and cash equivalents, and future cash flows from operations, will fund operations for at least 12 months after the issuance date of the financial statements included in this Quarterly Report. The Company’s operations have primarily been funded through proceeds from equity and debt financings, and the Company continues to evaluate additional financing opportunities. The Company’s at-the-market (“ATM”) equity offering program, under which the Company may publicly issue and sell shares of its common stock, was reactivated upon the timely filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There can be no assurance that the Company will be able to obtain additional funds on commercially acceptable terms, if at all, or that any funds raised will be sufficient to complete the Company’s EV development initiatives or attain profitable operations. NASDAQ Listing Compliance On January 26, 2026, the Company received written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, for the preceding 30 consecutive business days, the closing bid price of its common stock had been below the $ 1.00 per share minimum required for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price Rule”). The Notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company was provided an initial compliance period of 180 calendar days from the date of the Notice, or until July 27, 2026, to regain compliance with the Bid Price Rule. Compliance may be regained if the closing bid price of the Company’s common stock meets or exceeds $ 1.00 per share for a minimum of 10 consecutive business days during the compliance period. Nasdaq may, in its discretion, require the Company to maintain a closing bid price of at least $ 1.00 per share for a period in excess of 10 consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance. The initial compliance period expired on July 27, 2026 without the Company having regained compliance with the Bid Price Rule. On July 28, 2026, the Company received a second notice (the “Second Notice”) from Nasdaq indicating that, while the Company has not yet regained compliance with the Bid Price Rule, the Company is eligible for an additional 180-calendar-day compliance period, or until January 25, 2027 (the “Second Compliance Period”), to regain compliance. According to the Second Notice, this determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and (ii) the Company’s written notice of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary. If the Company chooses to implement a reverse stock split, it must complete the split no later than 10 business days prior to the expiration of the Second Compliance Period. If the Company does not demonstrate compliance by January 25, 2027, Nasdaq will provide written notification that the Company’s securities will be delisted, and the Company may then appeal the delisting determination to a Nasdaq Hearings Panel. There can be no assurance that the Company will regain compliance during the Second Compliance Period or otherwise maintain compliance with the other listing requirements of The Nasdaq Capital Market. BlinkForward Initiative In May 2025, the Company announced the BlinkForward Initiative (the “Initiative”) as part of a broader strategic restructuring plan aimed at accelerating the Company’s path to profitability and enhancing operational efficiency. Key pillars of the Initiative were designed to transform the Company into a more agile and lean organization. This included a significant reduction in our global workforce, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for EV hardware to reduce overhead expenses and focus on 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. INVENTORY As of June 30, 2026, the Company’s inventory was comprised of $ 2,946 of finished goods that were available for sale and $ 8,341 of raw material and work in process. As of December 31, 2025, the Company’s inventory was comprised of $ 5,532 of finished goods that were available for sale and $ 8,621 of raw material and work in process. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION Transaction gains (losses) attributable to foreign exchange were $ 5 and $( 1,522 ) during the three months ended June 30, 2026 and 2025, respectively. Transaction gains (losses) attributable to foreign exchange were $ 19 and $( 1,781 ) during the six months ended June 30, 2026 and 2025, respectively. Transaction gains and losses attributable to foreign exchange are included within general and administrative expenses on the condensed consolidated statements of operations for the six months ended June 30, 2026 and 2025. Foreign currency translation gains (losses) related to the translation of the financial statements of the Company’s foreign subsidiaries from their functional currency to the US dollar were $( 884 ) and $ 4,663 for the three months ended June 30, 2026 and 2025, respectively. Foreign currency translation adjustments related to the translation of the financial statements of the Company’s foreign subsidiaries from their functional currency to the US dollar were $( 1,117 ) and $ 7,414 for the six months ended June 30, 2026 and 2025, respectively. 9 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED REVENUE RECOGNITION The Company recognizes revenue primarily from the following different types of contracts: ● Product revenues – Revenue is recognized at the point where the customer obtains control of the goods and the Company satisfies its performance obligation, which generally is at the time it ships the product to the customer or installation of the product. ● Service revenues are comprised of the following: ○ Charging services revenues – The Company generates charging service revenue from fees charged to users for the use of charging stations, including per-session connection fees and usage-based charges. Revenue is recognized at the point in time when a particular charging session is completed. ○ Network fees – Represents a stand-ready obligation whereby the Company is obligated to perform over a period of time and, as a result, revenue is recognized on a straight-line basis over the contract term. Network fees are billed annually. ● Other revenues are comprised of the following: ○ Other – Primarily related to transaction fees recognized at a point in time. Other revenues are also comprised of sales related to alternative fuel credits. ○ Warranty – Extended warranties represent a stand-ready obligation whereby the Company is obligated to perform over a period of time and, as a result, revenue is recognized on a gross basis on a straight-line basis over the contract term. The Company also facilitates the sale of third-party warranties for which it acts as an agent; accordingly, revenue from third-party warranties is recognized on a net basis at the point in time of sale. Further, standard warranties are generally not accounted for as separate performance obligations as warranties do not provide a service in addition to the assurance that the charging stations will function as expected. ○ Grant and fees rebate – Grants and rebates related to EV charging stations and associated installation costs are accounted for by analogy to IAS 20. Grant proceeds are initially deferred and recognized in revenue in a manner consistent with the terms of the grant. ● Car-sharing revenue – Relates to revenues and expenses from electric vehicle-sharing and electric vehicle charging services provided to apartments, offices and hotels for use by their residents and guests and is recognized in accordance with ASC 842. Revenue is recognized over the duration of the rental agreements which are short term in nature. These services were provided through Envoy Technologies, Inc., which the Company sold on June 5, 2026. Accordingly, car-sharing revenue for the three and six months ended June 30, 2026 reflects activity only through the disposal date, and the comparative periods presented for 2025 reflect a full period of activity. See Note 9 – Sale of Envoy Technologies. 10 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED REVENUE RECOGNITION – CONTINUED The following table summarizes revenue recognized in the condensed consolidated statements of operations: SCHEDULE OF REVENUE RECOGNITION 2026 2025 2026 2025 For The Three Months Ended For The Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues - Recognized at a Point in Time Product revenue $ 7,439 $ 14,509 $ 13,633 $ 22,889 Service revenue - charging services 8,296 7,940 17,421 14,982 Other revenues - warranty and other 1,895 2,244 3,072 3,741 Total Revenues - Recognized at a Point in Time 17,630 24,693 34,126 41,612 Revenues - Recognized Over a Period of Time Service revenue - network fees 3,188 2,869 6,293 5,333 Total Revenues - Recognized Over a Period of Time 3,188 2,869 6,293 5,333 ASC 842 - Revenues Car-sharing revenue 823 1,111 1,942 2,286 Revenues - Other Other revenues - grant and fees rebate 33 32 92 192 Total Revenue $ 21,674 $ 28,705 $ 42,453 $ 49,423 The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. Payment terms are generally thirty days. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company recognizes revenue from numerous contracts with multiple performance obligations. For these contracts, the Company allocates the transaction price to each performance obligation based on the relative standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the observable price for which the Company would sell the product or service to a customer on a standalone basis (i.e., not sold as a bundled sale with any other products or services). The allocation of transaction price among separate performance obligations may impact the timing of revenue recognition but will not change the total revenue recognized on the contract. As of June 30, 2026, the Company had $ 15,119 related to contract liabilities where performance obligations have not yet been satisfied, which has been included within deferred revenue on the condensed consolidated balance sheets as of June 30, 2026. The Company expects to satisfy $ 12,563 of its remaining performance obligations for network fees, warranty revenue, product sales, and other and recognize the revenue within the next twelve months. The Company has elected to apply the practical expedient to expense costs to obtain contracts at the time the liability is incurred when the expected amortization period is one year or less. During the three months ended June 30, 2026 and 2025 there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods as specified by ASC 606-10-50-12A. During the three and six months ended June 30, 2026, the Company recognized $ 2,581 and $ 5,355 of revenues, respectively, related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2025. During the three and six months ended June 30, 2025, the Company recognized $ 2,529 and $ 5,390 of revenues, respectively, related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2024. Car-sharing services relate to revenues and expenses from electric vehicle-sharing and electric vehicle charging services provided to apartments, offices and hotels for use by their residents and guests and are recognized in accordance with ASC 842. The Company provides electric vehicles to be available for use and the contracting locations are invoiced on a monthly or quarterly basis under the terms of the agreement signed with each respective customer. Revenue is also derived from parties who schedule use of electric vehicles that are not provided specifically for exclusive use to a particular customer under an ongoing existing contractual arrangement. The Company accounts for such rentals as operating leases. The lease terms are included in the Company’s contracts, and the determination of whether the Company’s contracts contain leases generally does not require significant assumptions or judgments. The Company’s lease revenues do not include material amounts of variable payments. The Company does not provide an option for the lessee to purchase the rented vehicle at the end of the lease. The Company is unsure of when the customer will return the vehicles. As such, the Company does not know how much the customer will owe upon return of the vehicle and, therefore, cannot provide a maturity analysis of future lease payments. The Company’s vehicles are generally rented for short periods of time (generally a few hours). Lessees do not provide residual value guarantees on rented vehicles. The Company’s vehicles are typically rented for the majority of the time that the Company owns or leases the underlying vehicle. These services were provided through Envoy Technologies, Inc., which the Company sold on June 5, 2026. Accordingly, car-sharing revenue for the three and six months ended June 30, 2026 reflects activity only through the disposal date, and the comparative periods presented for 2025 reflect a full period of activity. See Note 9 – Sale of Envoy Technologies. 11 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED GOVERNMENT GRANTS The Company receives grants from federal, state, and foreign government agencies related to capital investments in electric vehicle charging equipment. The Company’s accounting policy is to analogize to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, under IFRS Accounting Standards. Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the periods in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once it is probable that both of the following conditions will be met: (1) the Company is eligible to receive the grant and (2) the Company is able to comply with the relevant conditions of the grant. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a liability. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and are also recognized as a reduction to the related cost of activities that generated the benefit. Proceeds received from asset-based grants are presented as cash inflows from investing activities on the condensed consolidated statements of cash flows, whereas proceeds received from income-based grants are presented as cash inflows from operating activities. Private and government grants and rebates related to EV charging stations and their installation are deferred and amortized in a manner consistent with the recognition of the related depreciation expense of the related asset over their useful lives. Grant receivables are included within prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets. Current liabilities related to government grants are included within accounts payable, accrued expenses and other current liabilities, and non-current liabilities related to government grants are included within other liabilities. As of June 30, 2026, the Company had government grant receivables of $ 456 and government grant liabilities of $ 10,918 , of which $ 2,971 were current and $ 7,947 were non-current. As of December 31, 2025, the Company had government grant receivables of $ 0 and government grant liabilities of $ 11,067 , of which $ 2,869 were current and $ 8,198 were non-current. During the three months ended June 30, 2026 and 2025, government grants of $ 857 and $ 580 , respectively, were recognized as a reduction to depreciation expense on the condensed consolidated statements of operations. During the six months ended June 30, 2026 and 2025, government grants of $ 1,579 and $ 1,120 , respectively, were recognized as a reduction to depreciation expense on the condensed consolidated statements of operations. 12 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. The following potential common stock are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: SCHEDULE OF OUTSTANDING DILUTED SHARES EXCLUDED FROM DILUTED LOSS PER SHARE COMPUTATION For the Three and Six Months Ended June 30, 2026 2025 Warrants 2,427,589 - Restricted stock units 1,340,849 1,691,148 Total potentially dilutive shares 3,768,438 1,691,148 In addition, warrants to purchase 2,750,152 and 1,150,152 shares for the three and six months ended June 30, 2026 and 2025, respectively, and options to purchase 424,437 and 558,359 shares for the three and six months ended June 30, 2026 and 2025, respectively, were excluded from the above table because their exercise prices exceeded the average market price of the Company’s common stock during the respective periods, and would have been anti-dilutive regardless of the Company’s net loss position. RECENTLY ADOPTED ACCOUNTING STANDARDS In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient that permits entities to assume that current economic conditions as of the balance sheet date will remain unchanged over the remaining life of current accounts receivable and current contract assets when developing reasonable and supportable forecasts for estimating expected credit losses under ASC 326. The ASU is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments are to be applied prospectively. The Company adopted this guidance on January 1, 2026, and its adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The ASU establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The ASU is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, with early adoption permitted. The amendments are to be applied using a modified retrospective transition method. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements and related disclosures. RECLASSIFICATIONS Certain prior year balances have been reclassified in order to conform to current period presentation, primarily related to revenue and cost of revenues line items, which were reorganized to better align with how management views and operates the business and to conform the cost of revenue captions to the Company’s revenue categories. In addition, depreciation and amortization expense previously included within general and administrative expenses is presented as a separate operating expense caption. Amounts reclassified were $ 1,432 and $ 3,087 for the three and six months ended June 30, 2025, respectively. These reclassifications have no effect on previously reported total operating expenses, loss from operations, results of operations or net loss per share. 13 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 3. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable, accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES June 30, 2026 December 31, 2025 Accounts payable 27,777 28,404 Accrued professional, board and other fees 1,592 3,239 Accrued wages 2,586 2,723 Warranty payable 307 1,277 Accrued income, property and sales taxes payable 2,700 2,780 Accrued purchases 3,454 3,343 Other accrued expenses 4,573 2,607 Grant liabilities 2,971 2,869 Total accounts payable and accrued expenses $ 45,960 $ 47,242 4. STOCKHOLDERS’ EQUITY STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three and six months ended June 30, 2026 of $ 694 and $ 2,022 , respectively, which is included within compensation expense on the condensed consolidated statements of operations. The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three months and six months ended June 30, 2025 of $ 787 and $ 1,753 , respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of June 30, 2026, there was $ 3,044 of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of 1.98 years. RESTRICTED STOCK UNITS The Company grants Restricted Stock Units (“RSUs”) to employees, executives, and members of the Board of Directors under the Company’s equity incentive plan. RSUs represent a right to receive shares of the Company’s common stock upon vesting and have no exercise price. The RSUs vest ratably over service periods of one to three years from the date of grant, subject to the recipient’s continued service with the Company. Upon vesting, the RSUs automatically settle and convert into unrestricted shares of the Company’s common stock. The fair value of RSUs is determined based on the closing price of the Company’s common stock on the date of grant. A summary of the RSU activity during the six months ended June 30, 2026 is presented below: SCHEDULE OF RSU ACTIVITY Weighted Average Number of Grant Date Shares Fair Value Outstanding, January 1, 2026 1,474,443 $ 1.57 Granted 8,789,929 0.51 Vested ( 2,983,949 ) 0.96 Cancelled/forfeited/expired ( 158,280 ) 2.14 Outstanding, June 30, 2026 7,122,143 $ 0.51 As of June 30, 2026, 1,515,698 of RSUs that vested during the six months ended June 30, 2026 remain unissued. 14 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 5. LEASES OPERATING AND FINANCE LEASES Total operating lease expenses for the three and six months ended June 30, 2026 were $ 839 and $ 1,654 , respectively. Of these amounts, $ 568 and $ 994 , respectively, were recorded in other operating expenses and $ 271 and $ 660 , respectively, were recorded in cost of car-sharing revenue on the condensed consolidated statements of operations. Total operating lease expenses for the three and six months ended June 30, 2025 were $ 1,063 and $ 2,024 , respectively. Of these amounts, $ 629 and $ 1,230 , respectively, were recorded in other operating expenses and $ 434 and $ 794 , respectively, were recorded in cost of car-sharing revenue on the condensed consolidated statements of operations. Operating lease expenses consist of rent expense, common area maintenance adjustments and other expenses. In June 2026, the Company terminated its lease for its facility located at 17301 Melford Boulevard, Bowie, Maryland and accrued a lease termination fee . The Company derecognized the operating lease right-of-use asset and corresponding lease liabilities and recognized a gain on lease termination of $ 193 within other operating expenses during the three and six months ended June 30, 2026. Supplemental cash flows information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION RELATED TO LEASES For The Six Months Ended June 30, 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,631 $ 1,794 Financing cash flows from finance leases $ 63 $ 17 Weighted Average Remaining Lease Term Operating leases 2.07 2.38 Finance leases - 3.16 Weighted Average Discount Rate Operating leases 7.6 % 7.2 % Finance leases 0.0 % 6.2 % Future minimum payments under non-cancellable leases as of June 30, 2026 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS For the Years Ending December 31, Operating Lease 2026 $ 1,028 2027 1,233 2028 1,053 2029 583 2030 579 2031 145 Total future minimum lease payments 4,621 Less: imputed interest ( 417 ) Total $ 4,204 15 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 5. LEASES – CONTINUED SUBLEASE In January 2026, the Company commenced a sublease of a portion of its facility located at 5081 Howerton Way, Bowie, Maryland. The sublease has a term through March 31, 2031, and rent commenced February 1, 2026 following an initial abatement period. Under the sublease, aggregate base rental income is approximately $ 2,286 over the sublease term. In connection with the sublease, the Company received from the sublessee an irrevocable letter of credit of approximately $ 70 , equal to the first and last months’ base rent, as security for the sublessee’s obligations under the sublease. The letter of credit is reducible to approximately $ 26 on the second anniversary of the rent commencement date, subject to no defaults. The following table presents future undiscounted sublease lease payments to be received as of June 30, 2026: SCHEDULE OF FUTURE UNDISCOUNTED SUBLEASE LEASE PAYMENTS For the Years Ending December 31, Total 2026 $ 155 2027 367 2028 482 2029 504 2030 518 2031 132 Total $ 2,158 6. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value on a recurring basis are as follows: SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE Level 1 Level 2 Level 3 Total June 30, 2026 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 29,039 $ - $ - $ 29,039 Total assets $ 29,039 $ - $ - $ 29,039 Liabilities: Warrant liability $ - $ - $ 30 $ 30 Earn-out liabilities - - 713 713 Total liabilities $ - $ - $ 743 $ 743 Level 1 Level 2 Level 3 Total December 31, 2025 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 32,500 $ - $ - $ 32,500 Total assets $ 32,500 $ - $ - $ 32,500 Liabilities: Warrant liability $ - $ - $ 30 $ 30 Earn-out liabilities - - 1,986 1,986 Total liabilities $ - $ - $ 2,016 $ 2,016 In addition to assets and liabilities that are measured at fair value on a recurring basis, The Company also measures certain assets and liabilities at fair value on a nonrecurring basis. Non-financial assets, including goodwill, intangible assets, operating lease right of use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. The Company’s earn-out and consideration payable liabilities represent contingent consideration recognized in connection with the Company’s business acquisitions and are classified within Level 3 of the fair value hierarchy. The Company remeasures these liabilities at fair value on a recurring basis at each reporting date using a probability-based approach that reflects management’s estimate of the likelihood that the performance thresholds underlying the arrangements will be achieved. During the three and six months ended June 30, 2026, changes in these estimates were recognized in the condensed consolidated statements of operations. The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the six months ended June 30, 2026: SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITIES MEASURED AT RECURRING BASIS 2026 Earn-Out Liabilities Beginning balance as of January 1, $ 1,986 Change in fair value of earn-out liabilities ( 1,273 ) Ending balance as of June 30, $ 713 16 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 7. COMMITMENTS AND CONTINGENCIES LITIGATION, DISPUTES AND SETTLEMENTS The Company may be subject to lawsuits, investigations, intellectual property matters, claims and proceedings, including, but not limited to, contractual disputes with vendors and customers and liabilities related to employment, health and safety matters that may arise in the ordinary course of business. The Company accrues for losses that are both probable and reasonably estimable. Loss contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex and subject to change. The Company believes it has recorded adequate provisions for any such lawsuits, investigations, claims, and proceedings as of June 30, 2026, and the Company believes it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in the consolidated financial statements. Given the inherent uncertainties of litigation, the ultimate outcome of the ongoing matters described herein cannot be predicted with certainty. While litigation is inherently unpredictable, the Company believes it has valid defenses with respect to the legal matters pending against it. However, future events or circumstances, currently unknown to management, may potentially have a material effect on the Company’s financial position, liquidity or results of operations in any future reporting period. 8. SEGMENT REPORTING The Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM organizes the Company, manages resource allocations and measures performance as one operating and reportable segment. The Company sells, owns, and operates residential and commercial EV charging solutions, including its Blink Network and EVSE, to support EV drivers at various locations. Through June 5, 2026, the Company also owned and operated an EV car-sharing and ride-sharing program. The measure of segment assets reviewed by the CODM is total consolidated assets, as reported in the condensed consolidated balance sheets. The CODM reviews the following information on a consolidated basis: assets, revenues, cost of revenues, gross profit, compensation expense and operating loss in order to allocate operating and capital resources within the segment and to assess performance of the Company by comparing actual results to historical results and previously forecasted financial information. Other than certain disaggregated expense information provided in relation to other operating expenses, significant expenses regularly provided to the CODM are presented as shown on the statement of operations. The CODM is also regularly provided disaggregated expense information for other operating expenses, which is disaggregated between software costs and other expenses as shown in the table below: SCHEDULE OF DISAGGREGATED EXPENSE INFORMATION FOR OTHER OPERATING EXPENSES 2026 2025 2026 2025 For The Three Months Ended For The Six Months Ended June 30, June 30, 2026 2025 2026 2025 Other operating expenses Software $ 1,442 $ 1,466 $ 2,818 $ 3,259 Other (1) 2,680 5,259 4,937 8,815 Total other operating expenses $ 4,122 $ 6,725 $ 7,755 $ 12,074 (1) Includes operating lease expense, gain on sale of Envoy Technologies, Inc., insurance expense, office expenses and travel expenses. The following table sets forth our long-lived assets by geographic area, which consists of property and equipment, net and operating lease right-of-use assets: SCHEDULE OF LONG-LIVED ASSETS BY GEOGRAPHIC AREA June 30, 2026 December 31, 2025 United States $ 30,980 $ 35,296 United Kingdom 8,399 8,754 International - Other 4,051 4,972 Total $ 43,430 $ 49,022 The following table summarizes our revenue recognized in the condensed consolidated statements of operations by geographical area: SCHEDULE OF REVENUE RECOGNITION BY GEOGRAPHICAL AREA 2026 2025 2026 2025 For the Three Months Ended For the Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues by Geographical Area U.S.A $ 14,216 $ 18,046 $ 26,469 $ 30,272 International (1) 7,458 10,659 15,984 19,151 Total Revenue $ 21,674 $ 28,705 $ 42,453 $ 49,423 (1) International revenue primarily consists of Belgium, United Kingdom and The Netherlands. 17 BLINK CHARGING CO. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share amounts) 9. SALE OF ENVOY TECHNOLOGIES On June 5, 2026, the Company sold all of the outstanding common stock of Envoy Technologies, Inc. (“Envoy Technologies”), its electric vehicle car-sharing business, to BladeRanger Ltd., an unrelated third party, and deconsolidated Envoy Technologies as of that date. The disposal was undertaken as part of the Company’s strategy to focus its resources on its core electric vehicle charging operations and did not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. Consideration for the sale consisted of $ 1,000 in cash, subject to a post-closing working capital adjustment, and a $ 12,500 convertible promissory note to be issued by Envoy Technologies, which would be settled at the earlier of a qualified liquidity event as defined within the convertible promissory note agreement or the maturity date. The maturity date of the convertible promissory note is July 22, 2029 and may be extended two years at the Company’s discretion. Based on management’s assessment of historical market and industry considerations, current financial results of Envoy Technologies, and the probability of the qualified liquidity events, the Company concluded the fair value of the convertible promissory note was $ 0 . As of June 30, 2026, the cash consideration had not been received and is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company recognized a gain on sale of $ 802 , which is included in other operating expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2026. Following the sale, the Company provides transitional HR, finance, accounting, legal and technology services to Envoy Technologies on a cost-reimbursement basis under a transition services agreement with a term of six months, which may be extended for up to six additional months. 10. SUBSEQUENT EVENTS On July 28, 2026, the Company received the Second Notice from Nasdaq relating to its continued non-compliance with the Bid Price Rule. See Note 2 – Summary of Significant Accounting Policies for a discussion of the Second Notice and the Second Compliance Period. 18