Blink Charging — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $18.4 million, a 15.1% sequential decrease from $21.7 million in Q2 2026 and a 32.0% year-over-year decrease from $27.1 million in Q3 2025.
• Product revenue was $6.4 million, down 50.8% year-over-year.
• Service revenue was $10.0 million, down 6.9% year-over-year, driven by the deliberate non-renewal of a large European contract.
• Other revenue was $1.9 million, up 1.1% sequentially.
• Car-sharing revenue was $0, following the divestiture of Envoy Technologies in June 2026.
• GAAP operating loss was $6.9 million, compared to a $6.2 million loss in the prior quarter.
• GAAP net loss was $6.7 million, or $(0.05) per diluted share, compared to a net loss of $0.3 million in Q3 2025.
• GAAP gross margin was 26.3%, impacted by a $3 million non-cash inventory charge; Non-GAAP gross margin was 55.0%, an expansion of over 1,400 basis points year-over-year.
• Non-GAAP operating expenses decreased 46% year-over-year to $10.0 million.
• Adjusted EBITDA was $0.2 million, the first positive quarterly result in the company's history, compared to a $(7.3) million loss in Q3 2025.
• Cash and cash equivalents ended the quarter at approximately $30.5 million, with no debt.

Guidance and Future Outlook:

• Updated full-year 2026 revenue guidance to $78 million–$81 million, down from the previous range of $83 million–$90 million.
• Expects full-year 2026 gross margin of approximately 38%, excluding non-cash inventory adjustments.
• Anticipates maintaining positive adjusted EBITDA through the fourth quarter of 2026.
• Expects to return to revenue growth in 2027, driven by an evolving business model, expanding recurring revenue opportunities, and strategic evolution into energy management solutions.
• Plans to provide formal 2027 financial guidance alongside full-year 2026 results.
• Revenue timing for certain customer projects missed in Q3 is expected to be recognized in Q4 2026.

Business Segments and Product Lines:

• EnergyConnect deployment expanded to 52 Blink-owned sites, achieving an initial 21% reduction in demand fees at high-capacity sites.
• Network fee revenue, a recurring component of service revenue, increased 6.3% year-over-year to approximately $2.9 million.
• Charging service revenue decreased 11.5% year-over-year as the company focused on contracts with attractive margin profiles.
• Approximately 55% of total revenue was derived from recurring and repeatable revenue streams, moving toward a long-term objective of 80%.
• Completed transition to contract manufacturing in January 2026 and substantially completed the assessment of legacy manufacturing inventory.

Market and Competitive Landscape:

• No specific market share data or direct competitor comparisons were provided in the press release.
• The company continues to focus on revenue quality and portfolio rationalization.

Risks and Challenges:

• Revenue missed internal projections due to the timing of customer project completions and execution.
• Gross margin was negatively impacted by a $3 million non-cash inventory adjustment comprising excess/obsolete inventory provisions and charges for dated parts.
• Deliberate non-renewal of a large European contract contributed to the decline in service revenue.
• Forward-looking statements are subject to risks and uncertainties described in the company's SEC filings.

Management Commentary and Tone:

• Mike Battaglia, Chairman and CEO, described achieving positive adjusted EBITDA a quarter ahead of target as a "monumental milestone" reflecting 18 months of discipline.
• Management expressed confidence in building momentum on positive adjusted EBITDA and accelerating revenue growth in 2027.
• CFO Michael Bercovich highlighted the historical significance of the financial transformation and the ability to generate positive adjusted EBITDA through cost discipline and revenue quality focus.

Other Key Points:

• Mike Battaglia was appointed Chairman of the Board on November 3, 2026, while continuing as CEO; he no longer holds the title of President.
• Ritsaart van Montfrans succeeded Battaglia as Chairman and was appointed Lead Independent Director.
• Envoy Technologies was divested on June 5, 2026, resulting in the elimination of car-sharing revenues.
• The company generated a gain of $802,000 on the sale of Envoy Technologies during the nine months ended September 30, 2026.
• Compensation expenses declined 41.9% year-over-year to $6.8 million.
• General and administrative expenses declined to approximately $1.2 million from $3.7 million in the prior-year period.