What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-18 compared with 2025-05-12 · 506 added, 328 removed, 100 unchanged (89% of the section changed)

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Special Note Regarding Forward-Looking Information

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Note Regarding Forward-Looking Information

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

(together with its subsidiaries,

“Blink” or the “Company”) as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 should be

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

“Blink” or the “Company”) as of June 30, 2025 and for the six months ended June 30, 2025 and 2024 should be read

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

Report on Form 10-Q.

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

The words “may,” “will,” “expect,”

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

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

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

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

Factors that may affect our results

include, but are not limited to, the risks and uncertainties set forth under Part 1, Item 1A, “Risk Factors” in the Company’s

Annual Report on Form 10-K for the year ended December 31, 2024, and under a similar item in subsequent periodic reports, as discussed

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

The words “may,” “will,”

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

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

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

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

Factors that may

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

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and under a similar item in subsequent periodic

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

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

statements made by us ultimately prove to be accurate.

Our actual results, performance and achievements could differ materially from those

expressed or implied in these forward-looking statements.

Except as required by federal securities laws, we undertake no obligation to

publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.

Our actual results, performance and achievements could differ materially from

those expressed or implied in these forward-looking statements.

Except as required by federal securities laws, we undertake no obligation

to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.

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

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

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

and international markets for EVs.

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

to recharge at various locations.

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

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

The Blink Networks are a proprietary,

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

and payment processing.

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

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

The Blink Networks also provide EV drivers with vital station

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

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

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

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

and the percentage of revenue shared.

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

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

In this model, which favors recurring revenues, we incur most costs associated with the EV charging stations;

thus, we retain substantially all EV charging revenues after deducting network connectivity and processing fees.

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

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

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 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 costs.

We own and operate the EV charging

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

In this model, which favors recurring revenues, we

incur most costs associated with the EV charging stations;

thus, we retain substantially all EV charging revenues after deducting

network connectivity and processing fees.

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

can bring it to 27 years.

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

installation costs.

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

In this model, since the Property Partner 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.

In 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.

In this model, the Property Partner retains and keeps all the EV charging revenues after deducting Blink network connectivity and processing fees.

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

These programs allow customers

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

of March 31st 2025, there were 65,772 chargers connected to the Blink networks.

Of those, 64,175 were Level 2 commercial chargers and

1,597 DCFC were commercial chargers, Included on Blink networks are 7,091 chargers owned by us.

Another estimated 22,676 units were non-networked,

on other networks, international sales, or deployments.

In total, we have deployed, contracted or sold 112,186 units, which includes public

and private chargers, as designated by stations owners, and is net of swap-outs, replacement units, and decommissioned units.

In this model, since

the Property Partner typically 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

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

and optional maintenance services.

In this model, the Property Partner retains and keeps all the EV charging revenues after deducting

Blink network connectivity and processing fees.

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

These programs allow

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

As of June 30, 2025, we contracted, sold or deployed 110,828 chargers, of which 88,168 were on Blink Networks (comprised

of 63,312 Level 2 commercial chargers, 1,717 DCFC commercial chargers, 714 residential chargers, and 22,425 chargers pending to

be commissioned).

Included on Blink Networks are 7,917 chargers owned by us.

The remaining 22,660 were non-networked, on other networks,

international sales, or deployments (comprised of 4,810 Level 2 commercial chargers, 64 DC Fast Charging chargers, 12,639 residential

Level 2 Blink EV chargers, 3,122 sold to other U.S.

networks and, 2,025 sold internationally).

Blink networked chargers include public

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

commercial chargers include chargers installed in residential settings for commercial purposes.

All chargers, including at all international

All chargers, including all international

Blink locations, are categorized based on US Department of Energy guidelines.

in our condensed consolidated financial statements as of March 31, 2025, we had cash and cash equivalents of $42,024 working capital of

$65,720 and an accumulated deficit of $756,562 During the three months ended March 31, 2025, we incurred a net loss of $20,707 We have

not yet achieved profitability.

Recent Developments

Envoy Technologies,

Direct Listing

Envoy Technologies, Inc., the Company’s wholly

owned electric car share subsidiary, filed a registration statement on Form S-1 to go public via a proposed direct listing of its common

stock with the U.S.

reflected in our condensed consolidated financial statements as of June 30, 2025, we had cash and cash equivalents of $25,318, working

capital of $40,491 and an accumulated deficit of $788,521.

During the three and six months ended June 30, 2025, we incurred net losses

of $31,959 and $52,666, respectively.

We have not yet achieved profitability.

Technologies, Inc.

Technologies, Inc., the Company’s wholly owned electric car share subsidiary, filed a registration statement on Form S-1 to go

public via a proposed direct listing of its common stock with the U.S.

Securities and Exchange Commission on May 1, 2025.

Upon approval by the SEC and Nasdaq stock market, Envoy Technologies

is expected to be listed under the ticker symbol “EVOY” during the summer of 2025, subject to market and other conditions.

The Company had previously planned to go public through an underwritten initial public offering.

Product and Service

We offer a variety of EV

charging products and services to Property Partners and EV drivers.

On August 4, 2025, Envoy Technologies, Inc.

entered into the Fourth Amendment to the Merger Agreement to the by and among the Company, Envoy Mobility, Inc.

(formerly Blink

Mobility, LLC) (“Mobility”), Envoy Technologies and Fortis Advisors LLC, as equity holders’ agent.

The Fourth Amendment provides that the sole

remaining payment obligation to the former equity holders of Envoy will be fully satisfied, and the Company and Envoy Mobility will

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

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

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

conditions based on specific stock price achievements.

All warrants granted per the agreement have expiration period of 20 months from the date of issuance.

All shares of Company common

stock initially issued or issued pursuant to the exercise of warrants will be subject to a 120-day leak-out period commencing on initial

issuance or exercise of warrant, as applicable, allowing sales limited to 2% per day, with a cap of 20% per month.

The former equity holders of Envoy

Technologies were granted registration rights for shares of Company common stock initially issued and those issued pursuant to the

exercise of warrants.

The Company will file a resale registration statement on Form S-1 with the SEC within 30 days of the amendment

date and use commercially reasonable efforts to have it declared effective within 90 days thereafter.

The amendment includes

indemnification provisions for both the Company and the former equity holders against claims related to the registration

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

(“Zemetric”), a Silicon

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

consideration for the acquisition includes cash, the Company’s restricted stock and a performance driven earn-out.

Shortly thereafter,

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

Tax Law Change

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

Act of 2025”).

The legislation includes numerous changes to U.S.

corporate income tax law, including but not limited to:

100% bonus depreciation for qualified property, immediate expensing of domestic research and experimental expenditures, modifications

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

limitations on the deductibility of executive compensation under IRC Section 162(m).

Most provisions are effective for tax years beginning

after December 31, 2024, with certain transition rules and exceptions.

The Company is currently evaluating the impact of the Tax Reform

Act of 2025 on its condensed consolidated financial statements.

The effects of the new law, including remeasurement of deferred tax assets and liabilities and changes to current and future tax expense,

will be reflected in the period of enactment and in future periods as the Company completes its analysis.

and Service Offerings

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

Charging Solutions

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

residential use, with the North American standard J1772 connector, the North American Charging Standard (NACS) connector, and the Type

2 connector compatible with electric vehicles in Europe and across Latin America.

● Our commercial Level 2 chargers consist of the EQ, HQ, MQ, and IQ 200 families and the Series 4, 6, 7,

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

The MQ and IQ 200, along with the Series 6,

7, and 8 chargers offer an optional cable management system.

We offer a wide range of Level 2 (AC) EV charging equipment, ideal for commercial and residential use, with the North

American standard J1772 connector, the North American Charging Standard (NACS) connector, and the Type 2 connector compatible with electric

vehicles in Europe and across Latin America.

Our commercial Level 2 chargers consist of the EQ, HQ, MQ, and IQ 200 families and the Series 4, 6, 7, and 8 families, which are available

in pedestal, wall mount, and pole mount configurations.

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

cable management system.

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

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

Our commercial and residential

chargers (except the non-networked HQ 150) can connect to the Blink Networks or a local network.

Level 2 charging stations typically provide

a full charge in two to eight hours.

Level 2 chargers are ideally suited for low-cost installations and frequently used parking locations,

such as workplaces, multifamily residential, retail, hospitality, and mixed-use, parking garages, municipalities, colleges/schools, hospitals

and airports.

the wall-mounted HQ 200, Series

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

Our commercial and residential chargers (except the non-networked

HQ 150) can connect to the Blink Networks or a local network.

Level 2 charging stations typically provide a full charge in two to eight

Level 2 chargers are ideally suited for low-cost installations and frequently used parking locations, such as workplaces, multifamily

residential, retail, hospitality, and mixed-use, parking garages, municipalities, colleges/schools, hospitals and airports.

International Products .

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

markets targeted at the residential, workplace, retail, parking garages, leasing companies, hospitality, and other locations.

These products

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

and the EQ 200.

We offer Level 2 AC and DC products for the rapidly expanding international markets targeted at the residential,

workplace, retail, parking garages, leasing companies, hospitality, and other locations.

These products are available with the Type 2,

GBT, and CCS 2 connectors and include the PQ 150, Series 3 (an ideal product for the 2/3-wheeled vehicles), and the EQ 200.

Mobile Charger .

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to be used for roadside or other use cases where a connection to the electricity grid is not available.

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

30kW to 360kW, supports the ‘CHAdeMo’ , CCS1, and NACS connectors, and typically provide an 80% charge in less than

Installation of DCFC stations and grid requirements are typically greater than Level 2 charging stations and are ideally suited

for transportation hubs and locations between travel destinations.

These include the Series 9 30kW DC Fast Charger that works ideally

for the fleet and auto dealership segments and is available in wall and pedestal mount configurations, the Blink 30kW DC Fast Charger

that boasts a small footprint providing up to 100 amps of output, and the Blink 60kW – 360kW DC Fast Charger that provides from

140 to 500 amps of power.

We offer a complete line of DC Fast Charging equipment (“DCFC”) that ranges from 30kW to 360kW, supports the

‘CHAdeMo’, CCS1, and NACS connectors, and typically provide an 80% charge in less than 30 minutes.

Installation of DCFC stations

and grid requirements are typically greater than Level 2 charging stations and are ideally suited for transportation hubs and locations

between travel destinations.

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

and is available in wall and pedestal mount configurations, the Blink 30kW DC Fast Charger that boasts a small footprint providing up

to 100 amps of output, and the Blink 60kW – 360kW DC Fast Charger that provides from 140 to 500 amps of power

Blink Network .

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

around the world for remote monitoring, management, payment processing, customer support, and other features required for operating the

Blink Networks of EV charging locations.

The Blink Network is a cloud-based platform that manages our network of EV chargers around the world for remote

monitoring, management, payment processing, customer support, and other features required for operating the Blink Networks of EV charging

Blink Charging Mobile App.

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

drivers control by giving them improved search capabilities which allows them to search for nearby amenities, as well as chargers by zip-codes,

city, business, category, or address, and expanded keyword search.

The app also includes payment functionality, eliminating the need for

a credit card.

We offer Blink Charging Mobile Apps (iOS and Android) that provide EV drivers control by giving them

improved search capabilities which allows them to search for nearby amenities, as well as chargers by zip-codes, city, business, category,

or address, and expanded keyword search.

The app also includes payment functionality, eliminating the need for a credit card.

Fleet Management.

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

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

Our Fleet Management applications can

be used as standalone tools or integrated into existing fleet management solutions, which allows Blink to be a flexible and value-added

solution within existing software stacks.

Key Factors Affecting

Operating Results

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

We offer Fleet Management applications, targeted at commercial, municipal, and federal fleets for planning,

managing, and optimizing their departure schedules and energy costs.

Our Fleet Management applications can be used as standalone tools

or integrated into existing fleet management solutions, which allows Blink to be a flexible and value-added solution within existing

software stacks.

Factors Affecting Operating Results

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

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

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

If our market

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

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

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

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

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

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

Factors that may influence the purchase and

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

chemistries), design, performance and cost;

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

running out of power while in use;

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

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

Factors that may influence the

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

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

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

and concerns about running out of power while in use;

improvements in the fuel economy of the internal combustion engine;

consumers’ desire and ability

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

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

the environmental consciousness of consumers;

volatility in the

cost of oil and gasoline;

consumers’ perceptions of the dependency of the United States on oil from unstable or hostile countries

and the impact of international conflicts;

government regulations and economic incentives promoting fuel efficiency and alternate forms

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

cost to charge an EV;

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

increased use of nonpolluting vehicles.

If the market for EVs does not gain broad market acceptance or develops slower than we expect,

our business, prospects, financial condition and operating results may be adversely affected.

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

incentives promoting fuel efficiency and alternate forms of energy, electric vehicles and others.

These laws and regulations, and the

interpretation or application of these laws and regulations, could change.

Any reduction, elimination or discriminatory application of

government subsidies and economic incentives because of policy changes, fiscal tightening or other reasons may result in diminished revenues

from government sources and diminished demand for our products.

In addition, new laws or regulations affecting our business could be enacted.

These laws and regulations are frequently costly to comply with and may divert a significant portion of management’s attention.

Changes to these applicable laws or regulations could affect business and/or harm our customers, thereby adversely affecting our business,

financial condition and results of operations.

volatility in the cost of oil and gasoline;

consumers’ perceptions of the dependency of the United States on oil from unstable

or hostile countries and the impact of international conflicts;

government regulations and economic incentives promoting fuel efficiency

and alternate forms of energy;

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

convenience and cost to charge an EV;

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

regulation requiring increased use of nonpolluting vehicles.

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

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

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

government incentives promoting fuel efficiency and alternate forms of energy, electric vehicles and others.

These laws and regulations,

and the interpretation or application of these laws and regulations, could change.

Any reduction, elimination or discriminatory application

of government subsidies and economic incentives because of policy changes, fiscal tightening or other reasons may result in diminished

revenues from government sources and diminished demand for our products.

In addition, new laws or regulations affecting our business

could be enacted.

These laws and regulations are frequently costly to comply with and may divert a significant portion of management’s

Changes to these applicable laws or regulations could affect business and/or harm our customers, thereby adversely affecting

our business, financial condition and results of operations.

through Acquisitions - We may pursue strategic domestic and international acquisitions to expand our operations.

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transactions include difficulties in the integration of acquired businesses into our operations and control environment, difficulties

in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities, assumed

or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any obligations

to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively impact

our growth expectations for the acquired businesses.

Fully integrating an acquired company or business into our operations may take a

significant amount of time.

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

would be negatively impacted.

Results of Operations

Three Months Ended

March 31, 2025 Compared With Three Months Ended March 31, 2024

in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities,

assumed or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any

obligations to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively

impact our growth expectations for the acquired businesses.

Fully integrating an acquired company or business into our operations may

take a significant amount of time.

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

of operations would be negatively impacted.

Capital Resources, and Going Concern

of June 30, 2025, the Company had cash and cash equivalents of $25,318, compared to $41,774 in cash and cash equivalents and $13,630 in

marketable securities as of December 31, 2024, representing a decrease of $30,086 in available liquidity due to ongoing

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

a near-term capital infusion or significant improvement in cash flow from operations, the Company expects that its current cash resources

will be insufficient to fund operations for the next twelve months.

As such, management has concluded that substantial doubt exists about

the Company’s ability to continue as a going concern within one year from the date of issuance of these financial statements.

is actively evaluating strategic alternatives, including additional cost-reduction initiatives, asset sales, and potential restructuring

or fundraising opportunities.

However, there can be no assurance that any of these efforts will result in additional liquidity or resolve

the Company’s current financial challenges.

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

Any equity issuance would be dilutive

to stockholders.

of Operations

and Six Months Ended June 30, 2025 Compared With Three and Six Months Ended June 30, 2024

For The Three Months Ended

For The Six Months Ended

Product sales

Charging service revenue

Charging service revenue - company-owned charging stations

Grant and rebate

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Cost of product sales

Cost of charging services

Cost of charging services - company-owned charging stations

Host provider fees

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Loss From Operations

Other Income:

Interest expense

Other Income (Expense):

Interest income (expense)

Change in fair value of derivative and other accrued liabilities

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Provision for income taxes

Total revenue

for the three months ended March 31, 2025 decreased by $16,814 or 45%, to $20,754 compared to $37,568 during the three months ended

March 31, 2024.

Revenue from product sales was

$8,381 for the three months ended March 31, 2025 as compared to $27,508 during the three months ended March 31, 2024, a decrease of $19,127

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

Months Ended June 30, 2025 Compared With Three Months Ended June 30, 2024

revenue for the three months ended June 30, 2025 decreased by $4,595, or 14%, to $28,667 compared to $33,262 during the three months

ended June 30, 2024.

from product sales was $14,508 for the three months ended June 30, 2025 as compared to $23,582 during the three months ended June 30,

2024, a decrease of $9,074, or 38%.

This decrease was attributable to decreased sales of commercial chargers, DC fast chargers and residential

chargers when compared to the same period in 2024.

service revenue was $6,780 for the three months ended March 31, 2025 as compared to $5,027 for the three months ended March 31, 2024,

an increase of $1,753, or 35%.

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

Blink Networks.

fee revenues were $2,626 for the three months ended March 31, 2025 as compared to $2,065 for the three months ended March 31, 2024, an

service revenue from Company-owned charging stations was $7,691 for the three months ended June 30, 2025 as compared to $4,936 for the

three months ended June 30, 2024, an increase of $2,755 or 56%.

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

increased number of chargers on the Blink Networks.

fee revenues were $2,954 for the three months ended June 30, 2025 as compared to $1,907 for the three months ended June 30, 2024, an

increase of $1,047, or 55%.

The increase was attributable to increases in host owned units during the three months ended March 31, 2025,

as compared to the three months ended March 31, 2024.

revenues were $955 for the three months ended March 31, 2025 as compared to $953 for the three months ended March 31, 2024, an increase

The increase was primarily attributable to an increase in warranty contracts sold for the three months ended March 31, 2025

as compared to the three months ended March 31, 2024.

During the three months ended March 31, 2025, the Company recognized net revenues for the sale of Blink warranty

programs to a third party of ($19).

and rebate revenues were $160 during the three months ended March 31, 2025 as compared to $583 during the three months ended March 31,

The increase was attributable to increases in host owned units during the three months ended June 30, 2025,

as compared to the three months ended June 30, 2024.

revenues were $1,582 for the three months ended June 30, 2025 as compared to $1,340 for the three months ended June 30, 2024, an increase

of $242, or 18%.

The increase was primarily attributable to an increase in warranty contracts sold for the three months ended June 30,

2025 as compared to the three months ended June 30, 2024.

As of June 30, 2025, we recorded a liability of $553 which represents the estimated

cost of existing backlog of warranty cases.

and rebate revenues were $32 during the three months ended June 30, 2025 as compared to $52 during the three months ended June 30, 2024,

a decrease of $20, or 38%.

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.

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 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

three months March 31, 2025 and 2024.

services revenues were $1,175 during the three months ended March 31, 2025 as compared to $1,097 during the three months ended March 31,

2024, an increase of $78, or 7%.

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

revenue increased by $342 or 102% to $677 for the three months ended March 31, 2025 as compared to $335 for the three months ended March

The increase was primarily attributable to increases in transaction fees and Low Carbon Fuel Standard (LCFS) credits generated

during the three months March 31, 2025 compared to the same period in 2024.

Cost of Revenues

three months ended June 30, 2025 and 2024.

services revenues were $1,111 during the three months ended June 30, 2025 as compared to $1,202 during the three months ended June 30,

2024, a decrease of $91, or 8%.

These revenues are derived from car-sharing subscription services that tend to fluctuate from time to

revenue increased by $546 or 225% to $789 for the three months ended June 30, 2025 as compared to $243 for the three months ended June

The increase was primarily attributable to higher Low Carbon Fuel Standard (LCFS) credits generated during the three months

ended June 30, 2025 compared to the same period in 2024.

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

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

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

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

charging stations.

Cost of revenues for the three months ended March 31, 2025 were $13,385 as compared to $24,149 for the three months

ended March 31, 2024, a decrease of $10,764 or 45%.

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

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

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

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

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

provisions for excess and obsolete inventory;

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

of product sales decreased by $11,054, or 67%, from $16,602 for the three months ended March 31, 2024, as compared to $5,548 for the three

months ended March 31, 2025.

The decrease was primarily due to the decrease in product sales of

commercial chargers, DC fast chargers and home residential chargers during the three months ended March 31, 2025, compared to the same

period in 2024.

of charging services (electricity reimbursements) increased by $199, or 28%, to $904 for the three months ended March 31, 2025 as compared

to $705 for the three months ended March 31, 2024.

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

service revenues subject to electricity reimbursement.

provider fees increased by $610, or 20%, to $3,652 during the three months ended March 31, 2025, as compared to $3,042 during the three

months ended March 31, 2024.

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

percentage payments to Property Partner hosts pursuant to their agreements.

costs decreased by $126 or 21%, to $463 during the three months ended March 31, 2025 as compared to $589 during the three months ended

March 31, 2024.

The decrease was a result of the decrease in expenses associated with charging stations on our network.

and repairs and maintenance costs increased by $235, or 39%, to $840 during the three months ended March 31, 2025, from $605 during

the three months ended March 31, 2024.

The increase in 2025 was attributable to an increase in warranty contracts sold for the three months

March 31, 2025, as compared to the three months March 31, 2024.

of car-sharing services was $685 during the three months ended March 31, 2025 as compared to $862 during the 2024 period, a decrease of $177 or 21%.

was due to a decrease in vehicles used in this operation during the period.

and amortization expense decreased by $451, or 26%, to $1,293 for the three months ended March 31, 2025, as compared to $1,744 for the

three months ended March 31, 2024.

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

offset by the amortization of grant funding related to the reimbursement associated with charging station capital expenditures.

Operating Expenses

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

of our installed charging stations.

Cost of revenues for the three months ended June 30, 2025 were $26,573 as compared to $22,549 for

the three months ended June 30, 2024, an increase of $4,024 or 18%.

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

our revenues from period to period, primarily due to:

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

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

applicable chargers;

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

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

for excess and obsolete inventory;

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

of product sales increased by $2,795 or 20%, from $14,241 for the three months ended June 30, 2024 as compared to $17,036 for the

three months ended June 30, 2025.

The increase was primarily due the adjustment for

excess and obsolete inventory in the amount of

$6,427 during the three months ended June 30, 2025 compared to the same period in 2024 , the

adjustment for excess and obsolete inventory was comprised of inventory write-offs of $4,571 and $1,856 related to the write-off of

older, incomplete charger deployment proposals .

Furthermore, the Company recorded a

loss on disposal of non-performing chargers of $3,856 during the three months ended June 30, 2025.

Absent the impact of the

provision for excess and obsolete inventory , the cost of product during the three

months ended June 30, 2025 would have been $10,609, a decrease of $3,632 as a result of the decrease in product sales compared to

the same period in 2024.

of charging services (electricity reimbursements) increased by $567, or 115%, to $1,062 for the three months ended June 30, 2025 as

compared to $495 for the three months ended June 30, 2024.

The increase in 2025 was attributable to the increased number and mix of

charging stations generating charging service revenues subject to electricity reimbursement.

provider fees increased by $993, or 30%, to $4,275 during the three months ended June 30, 2025 as compared to $3,282 during the

three months ended June 30, 2024.

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

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

costs decreased by $14 or 2%, to $636 during the three months ended June 30, 2025 as compared to $650 during the three months ended June

costs remained relatively consistent for the three months ended June 30, 2025, despite the increase in revenue.

The additions of the

new chargers do not drive proportionally the increase in network costs, and this performance is aligned with our long-term strategy

to improve margins and move toward profitability as we grow network fees revenue.

and repairs and maintenance costs increased by $310, or 32%, to $1,291 during the three months ended June 30, 2025 from $981 during

the three months ended June 30, 2024.

The increase in three months ended June 30, 2025 is attributable to higher rate of charger

failures in the field and backlog of services issues related to the components.

The Company is actively working with the suppliers

to address the part quality concerns and implement corrective actions to reduce future failure rates.

of car-sharing services was $1,066 during the three months ended June 30, 2025 as compared to $1,284 during the 2024 period.

was due to a reduction in costs related to vehicles used in this operation during the period.

and amortization expense decreased by $409 or 25%, to $1,207 for the three months ended June 30, 2025 as compared to $1,616 for the three

months ended June 30, 2024.

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

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

expense decreased by $3,882 or 22%, to $13,772 (consisting of approximately $13.0 million of cash compensation and benefits and approximately

$1.0 million of non-cash compensation) for the three months ended March 31, 2025.

$0.8 million of non-cash compensation) for the three months ended June 30, 2025.

Compensation expense was $17,654 (consisting of approximately

$14.1 million of cash compensation and benefits and approximately $0.9 million of non-cash compensation) for the three months ended March

The decrease in compensation expense for the three months ended March 31, 2025 compared

$16.7 million of cash compensation and benefits and approximately $1.0 million of non-cash compensation) for the three months ended June

The decrease in compensation expense for the three months ended June 30, 2025 compared

to the same period in 2024 was primarily related to decreases in personnel and compensation in executive, marketing, sales and operations

administrative expenses increased by $1,065, or 14%, to $8,872 for the three months ended March 31, 2025 as compared to $7,807 for

the three months ended March 31, 2024.

The increase was

primarily attributable to increases in accounting/auditing, credit cards fees, provision for expected credit losses and currency

exchange losses of $1,958 partially offset by decreases in legal, consulting/other professional services, marketing, software

licensing, recruiting, and investor/public relations of $1,110.

operating expenses decreased by $1,089 or 17%, to $5,349 for the three months ended March 31, 2025 from $6,438 for the three months ended

March 31, 2024.

The decrease was primarily attributable to decreases in loss on disposal of assets,

travel expenses, website expenses, rent, and hardware and software development costs of $2, 202 , partially offset by increases in insurance,

software licensing and property/use tax expenditures of $1,251.

recorded a loss on the change in fair value of consideration payable related to the Envoy acquisition of $679 during the three

months ended March 31, 2025 and $1,700 for the three months ended March 31, 2024, a decrease of $1,021 or 60%.

The decrease was due to the change in the

inputs to the probability-weighted discounted cash flow model.

increased by $63 or 19% from $338 for the three months ended March 31, 2024 to $401 for the three months ended March 31, 2025.

increase in other income (expense) was primarily attributable to a decrease in interest expense of $371 and dividend and interest

income of $308.

loss for the three months ended March 31, 2025, increased by $3,534, or 21%, to $20,707 as compared to $17,173 the three months ended

March 31, 2024.

The increase was primarily attributable to an decrease in operating expenses, and partially offset by a decrease in gross profit.

Total Comprehensive Loss

comprehensive loss for the three months ended March 31, 2025, was $17,956 whereas our total comprehensive loss for the three months ended

March 31, 2024, was $18,410, a decrease of $454 or 2%.

Liquidity and Capital Resources

We measure our liquidity in a

number of ways, including the following:

and Cash Equivalents

the three months ended March 31, 2025, we financed our activities from proceeds derived from equity financings occurring in prior periods.

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

expenses and various consulting and professional fees.

three months ended March 31, 2025 and 2024, we used cash of $11,855 and $21,476, respectively, in operations.

Our cash use for the three

months ended March 31, 2025 was primarily attributable to our net loss of $20,707 adjusted for net non-cash expenses in the aggregate

amount of $7,785, plus $1,067 of net cash used in changes in the levels of operating assets and liabilities.

Our cash use for the three

months ended March 31, 2024 was primarily attributable to our net loss of $17,173, adjusted for net non-cash expenses in the aggregate

amount of $7,737, and $12,040 of net cash used to fund changes in the levels of operating assets and liabilities.

During the three

months ended March 31, 2025, net cash provided by investing activities was $11,091 of which $13,630 was provided by the sale of

marketable securities, offset by $173 of capitalized engineering costs and $2,366 of which was used to purchase charging stations

and other fixed assets.

During the three months ended March 31, 2024, net cash used in investing activities was $171, of which

$2,830 was used to purchase charging stations and other fixed assets , $341 was used in the purchase of marketable securities, offset by $3,000 provided by the sale of marketable securities.

the three months ended March 31, 2025, cash provided by financing activities was $883, of which, $8 was used to pay down our liability

departments as a result of cost savings and synergies realized.

and administrative expenses increased by $3,805, or 48%, to $11,808 for the three months ended June 30, 2025 as compared to $8,003 for

the three months ended June 30, 2024.

The increase was primarily attributable to the difference in the credit loss reserve of $5,387,

offset primarily by the decrease in professional services of $1,569 as we ceased certain research and consulting activities in prior

operating expenses increased by $1,981, or 40%, to $6,939 for the three months ended June 30, 2025 from $4,958 for the three months

ended June 30, 2024.

The increase was attributable to the assets impairment in the amount of $1,732, and $282 for the rent of the

new US facilities.

Company recorded a loss on change in fair value of consideration payable related to the Envoy acquisition of $1,784 for the three months

ended June 30, 2025 as compared to $747 for the three months ended June 30, 2024 due to the change in the inputs to the probability-weighted

discounted cash flow model.

Income (Expense)

recorded other income of $345 during the three months ended June 30, 2025 as compared to other income of $754 for the three months ended

June 30, 2024.

The decrease in other income was primarily related to a decrease in dividend and interest income of $534 during

the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

net loss for the three months ended June 30, 2025 increased by $11,900, or 59%, to $31,959 as compared to $20,059 for the three months

ended June 30, 2024.

The increase was primarily attributable to an increase in operating expenses, partially offset by a decrease in

gross profit, and a decline in revenues.

Comprehensive Loss

total comprehensive loss for the three months ended June 30, 2025 was $32,638 whereas our total comprehensive loss for the three months

ended June 30, 2024 was $20,459.

Months Ended June 30, 2025 Compared With Six Months Ended June 30, 2024

revenue for the six months ended June 30, 2025 decreased by $21,409, or 30%, to $49,421 compared to $70,830 during the six months

ended June 30, 2024.

from product sales was $22,889 for the six months ended June 30, 2025 as compared to $51,090 during the six months ended June 30, 2024,

a decrease of $28,201, or 55%.

This decrease was attributable to decreased sales of commercial chargers, DC fast chargers and residential

chargers when compared to the same period in 2024.

service revenue from Company-owned charging stations was $14,471 for the six months ended June 30, 2025 as compared to $9,963 for the

six months ended June 30, 2024, an increase of $4,508, or 45%.

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

increased number of chargers on the Blink Networks.

fee revenues were $5,580 for the six months ended June 30, 2025 as compared to $3,972 for the six months ended June 30, 2024, an increase

of $1,608, or 40%.

The increase was attributable to increases in host owned units during the six months ended June 30, 2025, as compared

to the six months ended June 30, 2024.

revenues were $2,537 for the six months ended June 30, 2025 as compared to $2,293 for the six months ended June 30, 2024, an increase

of $244, or 11%.

The increase was primarily attributable to an increase in warranty contracts sold for the six months ended June 30,

2025 as compared to the six months ended June 30, 2024.

As of June 30, 2025, we recorded a liability of $553 which represents the estimated

cost of existing backlog of warranty cases.

and rebate revenues were $192 during the six months ended June 30, 2025 as compared to $635 during the six months ended June 30, 2024,

a decrease of $443, or 70%.

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 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

six months ended June 30, 2025 and 2024.

services revenues were $2,286 during the six months ended June 30, 2025 as compared to $2,299 during the six months ended June 30, 2024,

a decrease of $13, or 1%.

These revenues are derived from car-sharing subscription services.

revenue increased by $888 or 154% to $1,466 for the six months ended June 30, 2025 as compared to $578 for the six months ended June

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

June 30, 2025 compared to the same period in 2024.

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

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

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

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

of our installed charging stations.

Cost of revenues for the six months ended June 30, 2025 were $39,958 as compared to $46,698 for the

six months ended June 30, 2024, a decrease of $6,740 or 14%.

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

from period to period, primarily due to:

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

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

applicable chargers;

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

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

for excess and obsolete inventory;

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

of product sales decreased by $8,259, or 27%, from $30,843 for the six months ended June 30, 2024 as compared to $22,584 for the six

months ended June 30, 2025.

The decrease was primarily due to the decrease in product sales,

and coupled with t he increase for the adjustment for excess and obsolete inventory in the amount of $6,427 during the six

months ended June 30, 2025, the adjustment for excess and obsolete inventory was comprised of

inventory write-offs of $4,571 and $1,856 related to the write-off of older, incomplete proposed charger deployments .

the Company recorded a loss on disposal of non-performing chargers of $4,030 during the six months ended June 30, 2025.

Compared to the same period in 2024, the total cost of product sales was $16,157 for the six months ended June 30, 2025.

represents a decrease of $14,686, or 48% compared to the same period in 2024, absent the impact of the adjustment for excess and

obsolete inventory.

of charging services (electricity reimbursements) increased by $766, or 64%, to $1,966 for the six months ended June 30, 2025 as

compared to $1,200 for the six months ended June 30, 2024.

The increase in 2025 was attributable to the increased number and mix of

charging stations generating charging service revenues subject to electricity reimbursement.

provider fees increased by $1,603, or 25%, to $7,927 during the six months ended June 30, 2025 as compared to $6,324 during the six

months ended June 30, 2024.

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

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

costs decreased by $140 or 11%, to $1,099 during the six months ended June 30, 2025 as compared to $1,239 during the six months

ended June 30, 2024.

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

and repairs and maintenance costs increased by $545, or 34%, to $2,131 during the six months ended June 30, 2025 from $1,586 during

the six months ended June 30, 2024.

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

and repairs and maintenance cases in the field.

of car-sharing services was $1,751 during the six months ended June 30, 2025 as compared to $2,146 during the 2024 period.

was due to a reduction in costs related to vehicles used in this operation during the period.

and amortization expense decreased by $860, or 26%, to $2,500 for the six months ended June 30, 2025 as compared to $3,360 for the six

months ended June 30, 2024.

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

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

Compensation expense decreased by $5,290, or 16%, to $27,321 (consisting

of approximately $25.5 million of cash compensation and benefits and approximately $1.8 million of non-cash compensation) for the six

months ended June 30, 2025.

Compensation expense was $32,611 (consisting of approximately $30.6.0 million of cash compensation and benefits

and approximately $2.0 million of non-cash compensation) for the six months ended June 30, 2024.

decrease in compensation expense for the six months ended June 30, 2024 compared to the same period in 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.

and administrative expenses increased by $4,870, or 31%, to $20,680 for the six months ended June 30, 2025 as compared to $15,810 for

the six months ended June 30, 2024.

The increase was primarily attributable to the difference in the credit loss reserve of $6,219,

offset primarily by decreases in legal expenses of $912 and marketing expenditure of $325.

Other operating

expenses increased by $893, or 8%, to $12,289 for the six months ended June 30, 2025 from $11,396 for the six months ended June 30,

The increase was primarily attributable to the assets impairment in the amount of $1,732, offset by the decrease in $731

attributable to website, and various employee-related engagement expenditures .

Company recorded a loss on change in fair value of consideration payable related to the Envoy acquisition of $2,463 for the six months

ended June 30, 2025 as compared to $2,447 for the six months ended June 30, 2024 due to the change in the inputs to the probability-weighted

discounted cash flow model.

Income (Expense)

recorded other income of $746 during the six months ended June 30, 2025 as compared

to $1,092 for the six months ended June 30, 2024.

The decrease in other income was primarily related to a decrease of $842 in dividend

and interest income, partially offset by a change in interest income of $488.

net loss for the six months ended June 30, 2025 increased by $15,434 or 41%, to $52,666

as compared to $37,232 for the six months ended June 30, 2024.

The increase was primarily due to the decline in revenues and gross profits.

Comprehensive Loss

total comprehensive loss for the six months ended June 30, 2025 was $50,594 whereas our total comprehensive loss for the six months ended

June 30, 2024 was $38,869.

and Capital Resources

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

June 30, 2025

December 31, 2024

Cash and Cash Equivalents

Marketable Securities

Working Capital

Notes Payable

the six months ended June 30, 2025, we financed our activities from proceeds derived from equity financings occurring in prior periods.

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

office expenses and various consulting and professional fees.

the six months ended June 30, 2025 and 2024, we used cash of $28,524 and $25,735, respectively, in operations.

Our cash use for the six

months ended June 30, 2025 was primarily attributable to our net loss of $52,666 adjusted for net non-cash expenses in the aggregate

amount of $29,629, partially offset by $5,487 of net cash provided by changes in the levels of operating assets and liabilities.

cash use for the six months ended June 30, 2024, was primarily attributable to our net loss of $37,232, adjusted for net non-cash expenses

in the aggregate amount of $15,163, partially offset by $3,666 of net cash provided by changes in the levels of operating assets and

the six months ended June 30, 2025, net cash provided by investing activities was $10,106 of which $13,630 was provided by the sale of

marketable securities and $223 was provided by the sale of an equity method investment, offset by $205 of capitalized engineering costs

and $3,542 of which was used to purchase charging stations and other fixed assets.

During the six months ended June 30, 2024, net cash

used in investing activities was $3,873, of which $8,584 was used to purchase charging stations and other fixed assets, offset by $155

of capitalized engineering costs $634 was used in the purchase of marketable securities, offset by $5,500 provided by the sale of marketable

the six months ended June 30, 2025, cash provided by financing activities was $874, of which, $17 was used to pay down our liability

in connection with a finance lease and offset by $891 provided by offering proceeds related to the sale of common stock.

During the three

months ended March 31, 2024, cash used in financing activities was $6,703, of which, $31,354

was used to pay down notes payable, $169 was used to pay down our liability in connection with a finance lease and $250 was used

to pay down our liability in connection with internal use software, partially offset by $25,070 provided by offering proceeds related

to the sale of common stock.

As of March 31, 2025,

we had cash and cash equivalents, marketable securities, working capital and an accumulated deficit of $42,024, $0, $65,720 and $756,562,

respectively.

During the three months ended March 31, 2025, we had a net loss of $20,707 and used

$11,855 of cash in operating activities.

The Company has not yet achieved profitability and expects to continue to incur cash

outflows from operations.

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

required to fund working capital and capital expenditures.

of the uncertainty of the timing to achieving profitability and cash flows provided by operating activities to support the Company’s

future operating needs, the above conditions raise substantial doubt about the Company’s ability to continue as a going concern

for a period of at least one year from the time the condensed consolidated financial statements are issued.

Management is undertaking,

or has undertaken, several initiatives to mitigate the conditions or events that raise substantial doubt about our ability to continue

as a going concern, which include the following:

with third parties to raise debt or equity capital;

the Company’s existing arrangements to minimize current and future obligations;

● Successfully

optimizing its products and services and entering into collaborations with other companies;

initiatives to reduce operating expenses, including fully recognizing the synergies of prior

acquisitions.

During the six

months ended June 30, 2024, cash used in financing activities was $13,472, of which, $37,881 was used to pay down notes payable, $375

was used to pay down our liability in connection with a finance lease and $286 was used to pay down our liability in connection with

internal use software, partially offset by $25,070 provided by offering proceeds related to the sale of common stock.

of June 30, 2025, we had cash and cash equivalents, working capital and an accumulated deficit of $25,318, $40,491 and $788,521, respectively.

During the three and six months ended June 30, 2025, we had a net loss of $31,959 and $52,666, respectively.

Historically,

the Company has been able to raise funds to support its business operations.

During the three months ended March 31, 2025, the Company

sold an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering program for aggregate gross

During the six months ended June 30, 2025, the Company sold

an aggregate of 681,330 shares of common stock under an “at-the-market” equity offering program for aggregate gross

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

1 unchanged sentence

to file a Form S-1 to issue new equity and raise proceeds in the future.

There is no assurance that the Company will be able to obtain

funds on commercially acceptable terms, if at all.

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

the Company to complete its development initiatives or attain profitable operations.

is actively evaluating strategic alternatives, including additional cost-reduction initiatives, asset sales, and potential restructuring

or fundraising opportunities.

However, there can be no assurance that any of these efforts will result in additional liquidity or resolve

the Company’s current financial challenges.

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

Company to complete its development initiatives or attain profitable operations.

Lastly, there can be no assurances that these other

initiatives will be achieved.

However, based on its considerations, management believes these initiatives can be effectively implemented

and will be sufficient to mitigate the circumstances resulting in substantial doubt for a period not less than one year from the date

the condensed consolidated financial statements are issued.

Contractual Obligations

and Commitments

operating and finance lease obligations over the next five years of approximately $10,071.

These operating lease and financing lease obligations

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

Critical Accounting Estimates

Obligations and Commitments

have operating and finance lease obligations over the next five years of approximately $9,301.

These operating lease and financing lease

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

Accounting Estimates

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,

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.

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and evaluating our reported financial results are described below.

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.

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.

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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.

Changes in estimates used in these and other items

could have a material impact on our financial statements.

accounting policies are more fully described in Note 2 – Summary of Significant Accounting Policies, in our financial statements

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to our critical accounting policies and estimates since the filing of our Annual Report on Form 10-K for the year ended December 31,

2024 except as described below.

Expected Credit Losses

receivable has been reduced by an allowance that reflects the current expected credit losses associated with the receivables.

This estimated allowance is based on historical write-offs, current macroeconomic conditions, reasonable and supportable forecasts of

future economic conditions and management’s evaluation of the financial condition of the customer.

The Company generally considers

an account past due or delinquent when a student or customer misses a scheduled payment.

The Company writes off accounts receivable balances

deemed uncollectible against the allowance for credit losses following the passage of a certain period of time.

Management believes that the allowances

are appropriate to cover anticipated losses under current conditions.

However, due to the amount and timing of aged receivables, monitoring

of specific customers, and collection efforts by the Company, unexpected changes in the aforementioned or deterioration in economic conditions

could have a material impact on Company’s results of operations.

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-Q

Item 2. Management’s Discussion and Analysis