What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2025-04-09 compared with 2024-03-18 · 275 added, 396 removed, 260 unchanged (72% of the section changed)

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

are a leading manufacturer, owner, operator and provider of electric vehicle (“EV”) charging equipment and networked EV charging

services in the continuously growing U.S.

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

and international markets for EVs.

Blink offers residential and commercial EV charging equipment

and services, enabling EV drivers to recharge at various location types.

Blink’s principal line of products and services is its

Blink EV charging network (the “Blink Networks”) and Blink EV charging equipment, also known as electric vehicle supply equipment

(“EVSE”) and other EV-related services.

The Blink Networks are a proprietary, cloud-based system that operates, maintains,

and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing.

Networks provide property owners, managers, parking companies, state and municipal entities, and other types of commercial customers,

(“Property Partners”) 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.

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

EV drivers to recharge at various locations.

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

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

The Blink Networks

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

data, back-end operations, and payment processing.

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

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

The Blink Networks also provide EV

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

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

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

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

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

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

equipment, maintenance, and the percentage of revenue shared.

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

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Our agreement with the

Property Partner typically lasts seven years with extensions that can bring to 21 years.

Property Partner typically lasts nine years, with extensions that can bring it to 27 years.

our Blink-owned hybrid business model , we incur the charging equipment costs while

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In this model, since the Property Partner

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

the Property Partner after deducting Blink network connectivity and processing fees.

agreement with the Property Partner lasts five years with extensions that can bring the term

our host-owned business model, the Property Partner purchases, owns and operates the

Blink EV charging station and incurs the installation costs.

We work with the Property Partner

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

incurs the installation costs;

we share a more generous portion of the EV charging revenues

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

Our agreement with the Property Partner typically lasts seven years, with extensions that

can bring it to 21 years.

our host-owned business model , the Property Partner purchases, owns, and operates

the Blink EV charging station and incurs the installation costs.

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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all the EV charging revenues after deducting Blink network connectivity and processing fees.

our Blink-as-a-Service model, we own and operate the EV charging station, while the

Property Partner incurs the installation costs.

The Property Partner pays us a fixed monthly

fee for the service and keeps all the EV charging revenues after deducting Blink network

connectivity and processing fees.

Typically, our agreement with the Property owner typically

lasts five years.

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

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

These programs allow

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

pursuit of our commitment to fostering the widespread adoption of electric vehicles (EVs) through the establishment and management of

EV charging infrastructure on a global scale, we remain steadfast in our dedication to mitigating climate change.

This dedication is

evidenced by our efforts to diminish greenhouse gas emissions stemming from gasoline-powered vehicles With the goal of being a leader

in the build-out of EV charging infrastructure and maximizing our share of the EV charging market, we have established strategic commercial,

municipal, and retail partnerships across industry verticals and encompassing numerous transit/destination locations, including airports,

auto dealers, healthcare/medical, hotels, mixed-use, municipal sites, multifamily residential and condos, parks and recreation areas,

parking lots, religious institutions, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs,

and workplace locations.

2023, we entered into agreements with significant new customers, including the United States Postal Service (USPS), Mack Trucks, McArthurGlen,

BluePoint, Mike Albert Fleet Solutions, Royal Farms, John Henry General Store, Moberly Motor Company, Arcos Dorados (McDonald’s

Puerto Rico), AAA, Allegiant Stadium (Las Vegas), Village of Tuckahoe (NY), Miami Beach (FL), Metropolitan Government of Nashville-Davidson

County, and Salt Lake City International Airport, that expand our potential for unit sales and deployments.

Similarly, in 2022, we entered

into agreements with several new significant customers, including Mitsubishi, Cushman & Wakefield, Triple J, Q-Park, Best Buy, UBS,

Bosch Mexico, Porsche Puerto Rico and Guatemala, Veris Residential, Greystar, Cambium, and the cities of Atlanta (GA), Rockford (IL),

Newton (IA), and Winslow (NJ), Leeds (UK).

of December 31, 2023, we sold or deployed 89,825 chargers, of which 72,418 were in the Blink Networks (244 Level 1 publicly accessible

commercial chargers, 44,673 Level 2 publicly accessible commercial chargers, 5,569 Level 2 private commercial chargers, 667 DC Fast Charging

EV publicly accessible chargers, 36 DC Fast Charging EV private chargers, and 525 residential Level 2 Blink EV chargers, inclusive of

20,704 chargers pending to be commissioned).

Included in the Blink Networks are 5,150 chargers owned by us.

The remaining 17,407 were

non-networked, on other networks or international sales or deployments (761 Level 2 commercial chargers, 16 DC Fast Charging chargers,

12,224 residential Level 2 Blink EV chargers, 2,938 sold to other U.S.

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

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

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

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

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

2,861 sold to other U.S.

networks and, 1,707 sold internationally).

charger units noted above are net of swap-out or replacement units.

As reflected in our consolidated financial statements as of December

31, 2023, we had cash and cash equivalents of $121,691, working capital of $152,033 and an accumulated deficit of $537,723.

years ended December 31, 2023, 2022 and 2021, we incurred net losses of $203,693, $91,560 and $55,119, respectively.

We have not yet achieved

profitability.

2023 Underwritten Public Offering

February 2023, we completed an underwritten registered public offering of 8,333,333 shares of our common stock at a public offering price

of $12.00 per share.

We received approximately $100,000 in gross proceeds from the public offering, and approximately $95,000 in net

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

In addition, the underwriters have a 30-day option

to purchase up to an additional 1,249,999 shares of common stock from us at the public offering price, less the underwriting discounts

and commissions.

The public offering was made pursuant to our automatic shelf registration statement on Form S-3 ASR filed with the SEC

on January 6, 2021, and prospectus supplement dated February 8, 2023.

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

Wainwright & Co., Roth Capital Partners and ThinkEquity acted as co-managers for the offering.

April 18, 2023, the Company, Mobility and Mobility Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Mobility (“Merger

Sub”), entered into and, after all parties met the closing conditions, consummated the transactions contemplated under an Agreement

and Plan of Merger, dated as of April 18, 2023 (the “Acquisition Agreement”), with Envoy Technologies.

Pursuant to the Acquisition

Agreement, Merger Sub merged with and into Envoy Technologies, whereupon the separate corporate existence of Merger Sub ceased, and Envoy

Technologies was the surviving corporation of the merger and a wholly-owned subsidiary of Mobility (the “Acquisition”).

the terms of the Acquisition Agreement, the acquisition consideration was up to $35,500, paid as follows:

(i) $6,000 in cash paid upon

the closing of the Acquisition Agreement (the “Closing”);

(ii) a promissory note of Blink Mobility in the principal amount

of $5,000 which bears interest at a rate of 6% per annum and becomes due 12 months from Closing;

(iii) a promissory note of Blink Mobility

in the principal amount of $2,000 which bears interest at a rate of 6% per annum and becomes due 18 months from Closing;

in the event of an initial public offering or direct listing of Mobility or Mobility’s successor within 24 months after the Closing

(and shares of common stock of the Company are not issued in lieu thereof), $18,500, $21,000 or $22,500 worth of shares of common stock

of Mobility or Mobility’s successor, depending on the timing of such offering or listing, (b) in the event there is no initial

public offering or direct listing of Mobility or Mobility’s successor within 24 months after the Closing, $21,000 worth of shares

of common stock of the Company, or (c) at the Company’s option, a combination of cash and common stock of the Company with an aggregate

value of $21,000.

aggregate purchase price was $30,900 as well as the assumption of working capital deficit of $1,595 (which included closing date

cash of $19).

The fair value of the consideration paid in the acquisition consisted of:

(a) $6,000 in cash ($4,679 was paid at

Closing and $1,321 was paid prior to Closing in the form of a note receivable);

(b) $6,782 in aggregate promissory notes;

$18,118 in common stock of Mobility subject to the conditions described above.

payment of shares of common stock of Mobility or Mobility’s successor, if any, will be based on the public offering price per share

of such stock in the initial public offering.

The payment of shares of common stock of the Company, if any, will be based on the average

of the daily-weighted average prices for such stock on each of the 60 days ending on the day prior to issuance thereof.

At-the-Market

On September 2, 2022, we entered into a Sales Agreement

(“Sales Agreement”) with Barclays Capital Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., ThinkEquity LLC, H.C.

& Co., LLC and Roth Capital Partners, LLC (the “Agents”) to conduct an “ATM” equity offering program pursuant

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

the Agents, as our sales agents.

We currently anticipate using the net proceeds from the sale of its shares of common stock under the

ATM program to supplement our operating cash flows to fund EV charging station deployment and growth plans.

We also plan to use any remaining

proceeds we receive for working capital and other corporate purposes.

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

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

partnering and collaboration efforts and technological advances.

On November 16, 2023, we entered into an Amendment to Sales Agreement, effective

as of November 2, 2023 (the “Amendment”), with the Agents amending the Sales Agreement entered into between us and the Agents.

We have provided the Agents with customary indemnification rights, and the Agents will be entitled to an aggregate fixed commission of

up to 3% of the gross proceeds from shares sold.

The Amendment revised the term

“Registration Statement” as used in the Sales Agreement to our new shelf registration statement on Form S-3, as amended (File

333-275123), and revised the term “Prospectus Supplement” as used in the Sales Agreement to our prospectus supplement

dated November 2, 2023, relating to the “at-the-market” offering program contemplated by the Sales Agreement.

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

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

Blink networked chargers include public and private chargers, as

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

Certain commercial chargers include

chargers installed in residential settings for commercial purposes.

All chargers, including at all international Blink locations, are

categorized based on US Department of Energy guidelines.

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

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

As of December 31,

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

Subsequent to December 31,

2023, the Company sold an aggregate of 8,177,472 shares of common stock aggregate gross proceeds of $25,651 and net proceeds of $25,136.

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

and Service Offerings

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

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

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

and airports.

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Product sales

Charging service revenue - company-owned charging stations

Charging service revenue

Grant and fees rebate

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Cost of product sales

Cost of charging services - company-owned charging stations

Cost of charging services

Host provider fees

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Other operating expenses

Change in fair value of consideration payable

Impairment of goodwill

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Loss From Operations

Other (Expense) Income:

Other Income (Expense):

Interest expense

Dividend income

Gain (loss) on foreign exchange

Loss on extinguishment of notes payable

Dividend and interest income

Gain (loss) on extinguishment of notes payable

Change in fair value of derivative and other accrued liabilities

Other expense

Total Other Expense

Total Other Income (Expense)

Loss Before Income Taxes

Provision for income taxes

revenue for the year ended December 31, 2023 was $140,598, compared to $61,139 for the year ended December 31, 2022, an increase of $79,459,

from product sales was $109,416 for the year ended December 31, 2023, compared to $46,018 for the year ended December 31, 2022, an

increase of $63,398, or 138%.

This increase was attributable to increased sales of commercial chargers, DC fast chargers and

residential chargers when compared to the same period in 2022.

Charging service revenue for company-owned and operated charging stations

was $15,646 for the year ended December 31, 2023, compared to $6,866 for the year ended December 31, 2022, an increase of $8,780, or 128%.

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

revenue for the year ended December 31, 2024 was $126,197 compared to $140,598 for the year ended December 31, 2023, a decrease of

$14,401, or 10%.

from product sales was $81,703 for the year ended December 31, 2024 compared to $109,416 for the year ended December 31, 2023, a

decrease of $27,713 or 25%.

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

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

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

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

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

an increased number of chargers on the Blink Networks.

fee revenue was $8,716 for the year ended December 31, 2024 compared to $7,481 for the year ended December 31, 2023 an increase of

$1,235, or 17%.

The increase was attributable to increases in host owned units as well as billings and invoicing to Property Partners

during the year ended December 31, 2023, as compared to the year ended December 31, 2022.

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

the year ended December 31, 2023.

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

The increase was primarily attributable to an increase in warranty contracts sold for

the year December 31, 2023 compared to the year ended December 31, 2022.

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

the year ended December 31, 2023.

During the year ended December 31,

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

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

increase of $1,235, or 263%.

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

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

decrease in revenue was primarily related to the timing of the amortization of previous years’ state grants/rebates associated

with the installation of chargers during the years ended December 31, 2023 and 2022.

services revenues were $3,302 during the year ended December 31, 2023, compared to $1,268 during the year ended December 31, 2022,

an increase of $2,034, or 160%.

These revenues are derived from ride-sharing subscription

services through a program with the City of Los Angeles, which was associated with the acquisition of BlueLA in September 2020.

Also contributing to the increase in revenues is revenues of $2,743 from Envoy, which was acquired in April 2023.

revenue decreased by $367, or 26% to $1,026 for the year ended December 31, 2023, compared to $1,393 for the year ended December 31,

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

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

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

The increase in revenue was primarily related

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

years ended December 31, 2024 and 2023.

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

increase of $1,365, or 41%.

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

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

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

31, 2024 compared to the same period in 2023.

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

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

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

depreciation of our installed charging stations.

Cost of revenues for the year ended December 31, 2023 were $100,392 as compared to

$46,337 for the year ended December 31, 2022, an increase of $54,055, or 117%.

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

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

of our installed charging stations.

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

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

is a degree of variability in our costs in relation 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 sales increased by $41,104, or 131%, to $72,532 for the year ended December 31, 2023, compared to $31,428 for the year ended

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

December 31, 2023.

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

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

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

of charging services for company-owned charging stations (electricity reimbursements) increased by $2,074, or 141%, to $3,540 for the

year ended December 31, 2023, compared to $1,466 for the year ended December 31, 2022.

The increase in 2023 was attributable to the mix

of charging stations generating charging service revenues subject to electricity reimbursement.

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

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

The decrease in 2024 was attributable to the mix of

charging stations generating charging service revenues subject to electricity reimbursement.

provider fees increased by $3,730, or 41%, to $12,870 during the year ended December 31, 2024, compared to $9,140 during the year ended

December 31, 2023.

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

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

costs increased by $506, or 35%, to $1,969 for the year ended December 31, 2023, compared to $1,463 for the year ended December 31,

The increase was a result of the increase in charging stations on our network and costs

incurred related to the upgrading of our network system compared to the same period in 2022.

and repairs and maintenance costs increased by $1,810, or 65%, to $4,605 for the year ended December 31, 2023, compared to $2,795

for the year ended December 31, 2022.

The increase in 2023 was attributable to significant

efforts expended to reduce the backlog in warranty and repairs and maintenance cases.

As of December 31, 2023, we recorded a

liability of $503 which represents the estimated cost of existing backlog of known warranty cases.

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

payments to Property Partner hosts pursuant to their agreements.

Network costs increased by $430,

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

The increase was a result

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

Warranty and repairs and maintenance

costs decreased by $2,003, or 43%, to $2,602 for the year ended December 31, 2024, compared to $4,605 for the year ended December 31,

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

As of December 31, 2024, we

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

warranty cases.

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

an increase of $113, or 3%.

These costs are from car-sharing subscription services

through a program with the City of Los Angeles, which was associated with the acquisition of BlueLA in September 2020.

contributing to the increase in costs for these services is $2,221 from Envoy, which was acquired in April 2023.

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

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

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vehicles associated with the car-share services.

expense increased by $32,067, or 53%, to $92,669 (consisting of approximately $70,630 of cash compensation and approximately $22,039

of non-cash compensation) for the year ended December 31, 2023, compared to $60,602 (consisting of approximately $44,689 of cash compensation

expense decreased by $34,004, or 37%, to $58,665 (consisting of approximately $55,140 of cash compensation and approximately $3,525 of

non-cash compensation) for the year ended December 31, 2024 compared to $92,669 (consisting of approximately $70,630 of cash compensation

and approximately $22,039 of non-cash compensation) for the year ended December 31, 2023.

in compensation expense for the year ended December 31, 2023 compared to the same period in 2022 was primarily related to increases in

personnel and compensation in executive, marketing, sales and operations departments as a result of the anticipated domestic and international

growth of our company.

In addition, compensation expense during the year ended December 31, 2023 compared to the same period in 2022

increased due to additional personnel in conjunction with the acquisition of Envoy in April 2023.

Also contributing to the increase in

compensation expense is (1) non-cash stock-based compensation of approximately $5,500 related to the accelerated vesting of equity award

grants and additional stock-based compensation associated with the resignation of our former Chief Executive Officer pursuant to the

terms of the Former CEO Employment Agreement, as set forth in the Separation and General Release Agreement, dated as of September 20,

2023, between our company and the former Chief Executive Officer;

and (2) non-recurring expense of approximately $11,500, consisting

of the non-recurring payment of approximately $6,000 to our former Chief Executive Officer pursuant to the Former CEO Employment Agreement

and a non-recurring bonus expense of $5,500 related to the achievement by our Chief Technology Officer of systems, product and IT-related

key performance indicators under his employment agreement, dated April 12, 2021.

In addition, compensation expense during the December

31, 2023 period compared to the same period in 2022 increased due to additional personnel in conjunction with the acquisition of Envoy

in April 2023.

and administrative expenses increased by $7,344, or 26%, from $27,826 for the year ended December 31, 2022 to $35,170, for the year

ended December 31, 2023.

The increase was primarily attributable to increases in accounting, legal, investor/public relations, consulting,

software licensing and other professional service expenditures of $6,890.

Further, general

and administrative expenses increased due to increases in amortization expense of $1,448 primarily related to the acquisition of Envoy

The decrease in compensation expense for the

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

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

Also contributing to the

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

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

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

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

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

and (2) non-recurring expenses of approximately

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

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

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

Furthermore, the decrease in compensation expense was partially

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

and administrative expenses decreased by $3,251, or 9%, from $35,030 for the year ended December 31, 2023 to $31,779 for the year ended

December 31, 2024.

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

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

and legal expenditures of $475.

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

operating expenses increased by $2,566, or 14%, from $17,825 for the year ended December 31, 2023 to $20,391 for the year ended December

The increase was primarily attributable to increases in insurance, software licensing,

annual shareholder meeting, rent, and hardware and software expenses of $5,196.

Further, increases in travel and vehicle expenses of

$480, contributed to the increase in other operating expenses for year ended December 31, 2023 compared to the same period in 2022.

contributing to the increase in other operating expenses were operating expenditures related to the acquisition of Envoy in 2023.

increase in other operating expenses for the year ended December 31, 2023 compared to the same period in 2022 was partially offset by

a decrease of $4,257 in expenses related to the 4G network upgrade which was substantially performed during 2022.

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

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

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

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

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

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

reporting units were less than the carrying amount and, as a result, recorded an impairment charge of $89,087 related to goodwill

and $5,143 related to intangible assets during the 2023 period.

expense increased by $530 from $1,981 for the year ended December 31, 2022 to $2,511 for the year ended December 31, 2023.

in other expenses was primarily attributable to an increase in interest expense of $2,017 associated with the deferred payment from the

SemaConnect acquisition as well as an increase in the loss on extinguishment of notes payable of $1,000, partially offset by an increase

in dividend and interest income of $1,455.

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

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

2024 compared to

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

Income (Expense)

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

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

a decrease in interest expense of $3,115.

For Income Taxes

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was 0.4% and 0.7%, respectively.

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

which generated net income during the year ended December 31, 2022.

Our net loss for the year ended December 31, 2023 increased by $112,133,

or 122%, to $203,693 as compared to $91,560 for the year ended December 31, 2022.

The increase was primarily attributable to an increase

in compensation expense and general and administrative expenses in conjunction with current and anticipated growth of our company.

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

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

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

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

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

Comprehensive Loss

Our total comprehensive loss for the year ended December 31, 2023 was

$203,183 whereas our total comprehensive loss for the year ended December 31, 2022 was $92,822, an increase of $110,361 for the same reasons

as noted above related to the increase in our net loss.

total comprehensive loss for the year ended December 31, 2024 was $201,441 whereas our total comprehensive loss for the year ended December

31, 2023 was $203,183, a decrease of $1,742 for the same reasons as noted above related to the decrease in our net loss.

and Capital Resources

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Cash and Cash Equivalents

Marketable Securities

Working Capital

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

the years ended December 31, 2023 and 2022, we used cash of $97,570 and $82,365, respectively, in operations.

Our cash used for the

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

the years ended December 31, 2024 and 2023, we used cash of $47,162 and $97,570, respectively, in our operations.

Our cash used for

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

aggregate amount of $155,217, and by $4,247 of net cash used in changes in the levels of operating assets and liabilities.

used for the year ended December 31, 2022 was primarily attributable to our net loss of $91,560, reduced by net non-cash expenses in

the aggregate amount of $26,551, and by $17,356 of net cash used in changes in the levels of operating assets and

the year ended December 31, 2023, net cash used in investing activities was $13,240, of which, $4,660

was used as cash consideration for Envoy (net of cash acquired), $7,552 was used to purchase charging stations and other fixed assets,

and $1,028 was related to the payment of engineering costs that were capitalized.

During the year ended December 31, 2022, net

cash used in investing activities was $57,441, of which, $38,338 was used as cash consideration

for SemaConnect (net of cash acquired), $11,360 was used as cash consideration for EB (net of cash acquired), $5,249 was used to purchase

charging stations and other fixed assets, $2,200 was used as a note receivable to a target, and $294 was related to the payment of engineering

costs that were capitalized.

the year ended December 31, 2023, net cash provided by financing activities was $197,315, of which, $208,865

was attributable to the net proceeds from the sale of common stock from the public offering, $835 was provided by the exercise of warrants

and options, offset by $9,292 was used to pay down notes payable, $2,837 was used to pay down our finance lease liability and $256 used

to pay down our liability in connection with internal use software.

the year ended December 31, 2022, net cash provided by financing activities was $6,393, of which, $7,386

was attributable to the net proceeds from the sale of common stock from the public offering, $220 was provided by the exercise of warrants

and options, offset by $681 was used to pay down notes payable, $315 used to pay down our liability in connection with internal use software,

and $217 was used to pay down our finance lease liability.

As of December 31, 2023, we had cash and cash equivalents, working

capital and an accumulated deficit of $121,691, $152,033 and $537,723, respectively.

During the year ended December 31, 2023, we generated

a net loss of $203,693.

February 2023, we completed an underwritten registered public offering of 8,333,333 shares of our common stock at a public offering price

of $12.00 per share.

We received approximately $100,000 in gross proceeds from the public offering, and approximately $95,000 in net

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

In addition, the underwriters have a 30-day option

to purchase up to an additional 1,249,999 shares of common stock from us at the public offering price, less the underwriting discounts

and commissions.

The public offering was made pursuant to our automatic shelf registration statement on Form S-3 ASR filed with the SEC

on January 6, 2021, and prospectus supplement dated February 8, 2023.

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

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

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

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

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

During the year ended December

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

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

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

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

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

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

During the year ended December

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

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

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

internal use software.

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

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

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

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

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

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

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

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

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

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

We are also using a portion of

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

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

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

of any partnering and collaboration efforts, and technological advances.

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

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

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

with the Agents.

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

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

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

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

by the Sales Agreement.

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

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

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

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

As of December 31, 2024,

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

Subsequent to December

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

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

price of $12.00 per share.

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

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

The public offering was made pursuant to

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

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

Wainwright & Co., Roth Capital Partners and ThinkEquity acted as co-managers for the offering.

January 2021, we completed an underwritten registered public offering of 5,660,000 shares of our common stock at a public offering price

of $41.00 per share.

We received approximately $232,100 in gross proceeds from the public offering, and approximately $221,500 in net

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

The public offering was made pursuant to our automatic

shelf registration statement on Form S-3 ASR filed with the SEC on January 6, 2021 and prospectus supplement dated January 7, 2021.

used the net proceeds from the public offering to supplement our operating cash flows to fund EV charging station deployment and, when

needed, to finance the costs of acquiring competitive and complementary businesses, products and technologies as a part of our growth

strategy, and for working capital and general corporate purposes.

Wainwright & Co., Roth Capital Partners and ThinkEquity

acted as co-managers for the offering.

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

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

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to complete our EV development initiatives or attain profitable operations.

On September 2, 2022, we entered

into a Sales Agreement (“Sales Agreement”) with Barclays Capital Inc., BofA Securities, Inc., HSBC Securities (USA) Inc.,

ThinkEquity LLC, H.C.

Wainwright & Co., LLC and Roth Capital Partners, LLC (the “Agents”) to conduct an “ATM”

equity offering program pursuant to which we may issue and sell from time to time shares of our common stock,

having an aggregate offering price of up to $250,000 through the Agents, as our sales agents.

We currently anticipate using the net proceeds

from the sale of our shares of common stock under the ATM program to supplement our operating cash flows to fund EV charging station deployment

and our acquisition growth plan.

We also plan to use any remaining proceeds we receive for working capital and other corporate purposes.

The amounts and timing of our use of the net proceeds will depend on a number of factors, such as the timing and progress of our EV charging

station deployment efforts, the timing and progress of any partnering and collaboration efforts and technological advances.

As of December

31, 2023, 30,914,695 shares have been sold pursuant to the ATM program representing gross proceeds of approximately $116,651.

Subsequent to December 31, 2023, the Company sold an aggregate of 8,177,472 shares of common stock aggregate gross

proceeds of $25,651 and net proceeds of $25,136.

Obligations and Commitments

entered into purchase commitments that include purchase orders and agreements in the normal course of business with contract manufacturers,

parts manufacturers, vendors for research and development services and outsourced services.

As of December 31, 2023, we had purchase

commitments of approximately $21,672, which will become payable upon the suppliers’ delivery of the charging stations, services

and other related items.

The purchase commitments were made primarily for future sales, deployments of charging stations, inventory management

planning and other related items, all of which are expected to be received during the next 12-24 months.

we have operating and finance lease obligations over the next five years of approximately $11,418.

These operating lease obligations

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

have operating and finance lease obligations over the next five years of approximately $10,509.

These operating lease and financing

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

Accounting Estimates

preparation of financial statements and related disclosures must be in conformity with U.S.

These accounting principles require

us to make estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the financial statements

preparation of financial statements and related disclosures are in conformity with U.S.

These accounting principles require us

to make estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the financial statements,

as well as the reported amounts of revenue and expense during the periods presented.

We believe that the estimates and judgments upon

which it relies are reasonably based upon information available to us at the time that it makes these estimates and judgments.

extent that there are material differences between these estimates and actual results, our financial results will be affected.

which we rely are reasonable based upon information available to us at the time that we make these estimates and judgments.

To the extent

that there are material differences between these estimates and actual results, our financial results will be affected.

The accounting

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and evaluating our reported financial results are described below.

following is not intended to be a comprehensive list of all of our accounting policies or estimates.

Our accounting policies are more

fully described in Note 2 – Summary of Significant Accounting Policies, in our Consolidated Financial Statements included at the

end of this Annual Report.

recognize revenue primarily from four different types of contracts:

sales – 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 revenue – company-owned charging stations - Revenue is recognized at the point when a particular charging session

is completed.

fees and other – 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.

fees are billed annually.

– Other revenues primarily comprises of revenues generated from alternative fuel

timing of our revenue recognition may differ from the timing of payment by its customers.

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.

rebates and alternative fuel credits, which are not within the scope of ASC 606, pertaining to revenues and periodic expenses are recognized

as income when the related revenue and/or periodic expense are recorded.

Grants and rebates related to EV charging stations and their

installation are deferred and amortized in a manner consistent with the related depreciation expense of the related asset over their

useful lives over the useful life of the charging station.

services, is accounted for under ASC Topic 842, Leases and pertains to revenues and expenses related to a car-sharing services

agreement with the City of Los Angeles which allows customers the ability to rent electric vehicles through a subscription service.

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 equipment at the end of the lease.

Company is unsure of when the customer will return rented equipment.

As such, the Company does not know how much the customer will owe

it upon return of the equipment and, therefore, cannot provide a maturity analysis of future lease payments.

The Company’s equipment

is generally rented for short periods of time (generally a few minutes to a few hours).

Lessees do not provide residual value guarantees

on rented equipment.

Company expects to derive significant future benefits from its equipment following the end of the rental term.

The Company’s equipment

is typically rented for the majority of the time that the Company owns it.

The Company recognizes

revenue over the contractual period of performance of the subscription which are short term in nature.

measure the cost of services received in exchange for an award of equity instruments based on the fair value of the award on the date

The fair value amount of the shares expected to ultimately vest is then recognized over the period for which services are required

to be provided in exchange for the award, usually the vesting period.

The estimation of stock-based awards that will ultimately vest

requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as

a cumulative adjustment in the period that the estimates are revised.

We account for forfeitures as they occur.

assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not

be recoverable.

We assess the recoverability of our long-lived assets by monitoring current selling prices of EV charging units in the

open market, the adoption rate of various auto manufacturers in the EV market and projected EV charging utilization at various public

EV charging stations throughout our network in determining fair value.

An impairment loss would be recognized when estimated future cash

flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount.

account for income taxes pursuant to the asset and liability method of accounting for income taxes pursuant to FASB ASC 740, “Income

Taxes.” Deferred tax assets and liabilities are recognized for taxable temporary differences and operating loss carry forwards.

Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.

Deferred tax assets

are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred

tax assets will not be realized.

tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

determine if an arrangement is a lease at inception.

Operating leases are included in operating lease right-of-use (“ROU”)

assets and operating lease liabilities in our consolidated balance sheets.

assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease

payments arising from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present

value of lease payments over the lease term.

As most of our leases do not provide an implicit rate, we use an incremental borrowing rate

based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

The operating lease ROU asset also includes any lease payments made and excludes lease incentives.

Our lease terms may include options

to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Lease expense for lease payments is

recognized on a straight-line basis over the lease term.

consider an accounting estimate to be critical if:

(i) the accounting estimate requires us to make assumptions about matters that were

highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from

period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact

on our financial condition or results of operations.

has identified certain critical accounting estimates which are outlined below.

In addition, there are other items within our financial

statements that require estimation but are not deemed critical, as defined above.

Changes in estimates used in these and other items

could have a material impact on our financial statements.

Combination s

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

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

Identifiable intangible assets from business combinations

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

and trade names.

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

The fair value of intangible

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

earnings method for the acquired customer relationships.

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

flow approach.

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

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

intangible assets and remaining useful lives.

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

determine the probability of achieving certain milestones.

In order to perform the fair value calculations the following estimates

are considered:

probability of a public offering and discount rates.

Goodwill Impairment

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

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tangible and identifiable intangible assets and liabilities.

is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be

An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances

leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

qualitative factors include:

is evaluated for impairment on November 1 of each year or whenever events or changes in circumstances indicate the asset may be impaired.

An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a

determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

These qualitative

factors include:

macroeconomic and industry conditions, cost factors, overall financial performance and other relevant entity-specific

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of goodwill allocated to the reporting unit.

The company determines fair value through multiple valuation techniques and weights the

results accordingly.

The company is required to make certain subjective and complex judgments in assessing whether an event of impairment

of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units.

The company has

elected to perform its annual goodwill impairment review on November 1 of each year.

Company tests goodwill for impairment at the reporting unit level.

The Company identifies the Company’s reporting units by assessing

whether the components of the Company constitute businesses for which discrete financial information is available and segment management

regularly reviews the operating results of those components.

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

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

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

third-party independent appraisals and weighs the results accordingly.

The Company is required to make certain subjective and complex

judgments in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine

the fair value of its reporting units.

Reporting unit fair value estimates include significant assumptions such as:

revenue growth rates,

operating margins, estimated royalty rates, company-specific risk premiums used in the weighted-average cost of capital, and certain

multiples, which are affected by expectations about future market or economic conditions.

The Company performs sensitivity analyses on

significant assumptions to evaluate how changes in the estimated fair values of reporting units respond to changes in assumptions, specifically

the revenue growth rates and the weighted-average cost of capital.

The process of evaluating the potential impairment of goodwill

is highly subjective and requires significant judgment.

Material changes in these estimates, such as our weighted average cost of capital,

could occur and result in additional impairment in future periods.

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

the estimated fair value as of September 30, 2024.

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

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

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

Consequently, the Company recognized an additional goodwill impairment charge of $57,873 during the year ended December

Issued Accounting Standards

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

What changed 10-K

Item 7. Management’s Discussion and Analysis