Blink Charging — Third Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for the quarter ended September 30, 2026, 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; Other revenue was $1.9 million, down 2.9% year-over-year.
• 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 ($0.05 per diluted share), compared to a $0.3 million net loss ($0.00 per diluted share) in the prior-year period.
• GAAP gross margin was 26.3%, impacted by a $3.0 million non-cash inventory charge; excluding this charge, gross margin was 41.7%.
• Non-GAAP gross margin was 55.0%, an expansion of over 1,400 basis points year-over-year compared to 40.9% in Q3 2025.
• Non-GAAP operating expenses were $10.0 million, a 46% decrease year-over-year.
• Adjusted EBITDA was positive $0.2 million, the first positive quarterly result in company history, compared to a $7.3 million loss in Q3 2025.
• Cash and cash equivalents ended the quarter at approximately $30.5 million; the company reported no debt.

Guidance and Future Outlook

• Full-year 2026 revenue guidance was updated to $78 million–$81 million, down from the previous $83 million–$90 million range, reflecting a focus on revenue quality and project timing.
• Full-year 2026 gross margin is expected to be approximately 38%, excluding non-cash inventory adjustments.
• Management expects to maintain positive adjusted EBITDA through the fourth quarter of 2026.
• The company anticipates a return to revenue growth in 2027, driven by recurring revenue opportunities and the strategic evolution into energy management solutions.
• Formal 2027 financial guidance will be provided alongside full-year 2026 results.

Business Segments and Product Lines

• The company divested Envoy Technologies on June 5, 2026, resulting in zero car-sharing revenue for the quarter compared to $1.2 million in the prior-year period.
• Service revenue decline was driven by the deliberate non-renewal of a large contract in Europe; however, network fee revenue (a recurring component) increased 6.3% year-over-year to $2.9 million.
• EnergyConnect deployment expanded to 52 Blink-owned sites, with an initial 21% reduction in demand fees observed at high-capacity sites.
• Recurring and repeatable revenue streams represented approximately 55% of total revenue, moving toward a long-term objective of 80%.
• The company completed its transition to contract manufacturing in January 2026 and substantially completed the assessment of legacy manufacturing inventory during the quarter.

Market and Competitive Landscape

• Revenue timing issues related to customer project completions caused the quarter's revenue to fall below internal projections; these projects are expected to be recognized in Q4 2026.
• The company continues to focus on contracts with attractive margin profiles, specifically within the charging service revenue segment.

Risks and Challenges

• Revenue recognition is subject to customer schedules and project execution delays.
• The company incurred a $3.0 million non-cash inventory charge due to excess, obsolete, and dated inventory parts that could not be economically utilized or recovered.
• The deliberate non-renewal of a large European contract impacted service revenue growth.

Management Commentary and Tone

• CEO Mike Battaglia stated that achieving positive adjusted EBITDA a quarter ahead of target is a "monumental milestone" reflecting 18 months of discipline, and emphasized a focus on accelerating revenue growth in 2027.
• CFO Michael Bercovich highlighted the historical milestone of positive adjusted EBITDA and noted that cost discipline and revenue quality focus enabled the result.
• Management expressed confidence in maintaining positive adjusted EBITDA through Q4 2026 and returning to revenue growth in 2027.

Other Key Points

• Mike Battaglia was appointed Chairman of the Board on November 3, 2026, while continuing as CEO; he previously held the title of President.
• Ritsaart van Montfrans succeeded as Chairman and was appointed Lead Independent Director.
• The company reported a $11.7 million non-cash gain from the change in fair value of consideration payable and earn-out liabilities in Q3 2025, which is excluded from current year comparisons.
• Weighted average shares outstanding increased to 145.4 million in Q3 2026 from 109.1 million in Q3 2025.
• A conference call and webcast were scheduled for November 5, 2026, at 4:30 p.m. Eastern Time.