UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File No. 001-38392

BLINK CHARGING CO.

(Exact name of registrant as specified in its charter)

Nevada		03-0608147
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

17301 Melford Blvd,
Bowie, Maryland		20715
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (305) 521-0200

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock		BLNK		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 8, 2026, the registrant had 143,682,259 shares of common stock outstanding.

BLINK CHARGING CO.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION	1

Item 1. Financial Statements.	1

Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1

Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	2

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025	3

Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026	4

Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025	5

Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	6

Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	25

Item 4. Controls and Procedures.	25

PART II - OTHER INFORMATION	26

Item 1. Legal Proceedings.	26

Item 1A. Risk Factors.	26

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	26

Item 3. Defaults Upon Senior Securities.	26

Item 4. Mine Safety Disclosures.	26

Item 5. Other Information.	26

Item 6. Exhibits.	27

SIGNATURES	28

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except for share and per share amounts)

	March 31,			December 31,
	2026			2025
Assets
Current Assets:
Cash and cash equivalents	$	37,991		$	39,568
Accounts receivable, net		19,113			29,532
Inventory, net		12,045			14,153
Prepaid expenses and other current assets		6,933			6,065
Total Current Assets		76,082			89,318
Restricted cash		613			89
Property and equipment, net		42,434			42,691
Operating lease right-of-use assets		5,805			6,331
Intangible assets, net		5,759			6,634
Goodwill		1,742			1,742
Other assets		729			648
Total Assets	$	133,164		$	147,453

Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities		46,376		$	47,242
Current portion of earn-out liabilities		1,005			1,005
Notes payable		265			265
Current portion of operating lease liabilities		2,498			2,781
Current portion of financing lease liabilities		42			42
Current portion of deferred revenue		11,686			12,137
Total Current Liabilities		61,872			63,472
Earn-out liabilities, non-current portion		981			981
Operating lease liabilities, non-current portion		4,537			4,804
Financing lease liabilities, non-current portion		53			64
Deferred revenue, non-current portion		2,545			5,145
Other liabilities		9,154			8,497

Total Liabilities		79,142			82,963

Commitments and contingencies (Note 7)		-			-

Stockholders’ Equity:

Preferred stock, $0.001 par value, 40,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025		-			-
Common stock, $0.001 par value, 500,000,000 shares authorized, 143,147,682 and 142,128,133 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		143			142
Additional paid-in capital		896,832			895,505
Accumulated other comprehensive loss		(8,964	)		(8,731	)
Accumulated deficit		(833,989	)		(822,426	)

Total Stockholders’ Equity		54,022			64,490

Total Liabilities and Stockholders’ Equity	$	133,164		$	147,453

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except for share and per share amounts)

	2026			2025
	For The Three Months Ended
	March 31,
	2026			2025

Revenues:
Product revenue	$	6,194		$	8,380
Service revenue		12,230			9,506
Other revenue		1,236			1,657
Car-sharing revenue		1,119			1,175
Total Revenues		20,779			20,718

Cost of Revenues:
Cost of product revenue		3,723			5,548
Cost of service revenue		7,379			5,281
Costs of other revenue		809			840
Cost of car-sharing revenue		1,034			685
Depreciation and amortization		1,195			1,295
Total Cost of Revenues		14,140			13,649
Gross Profit		6,639			7,069

Operating Expenses:
Compensation		10,163			13,554
General and administrative expenses		4,619			8,868
Other operating expenses		3,633			5,349
Change in fair value of consideration payable		-			679
Total Operating Expenses		18,415			28,450
Loss From Operations		(11,776	)		(21,381	)

Other Income:
Other income, net		242			401
Total Other Income, Net		242			401
Loss Before Income Taxes	$	(11,534	)	$	(20,980	)
Provision for income taxes		(29	)		(28	)

Net Loss	$	(11,563	)	$	(21,008	)

Net Loss Per Share:
Basic	$	(0.08	)	$	(0.21	)
Diluted	$	(0.08	)	$	(0.21	)

Weighted Average Number of Common Shares Outstanding:
Basic		143,160,628			102,466,507
Diluted		143,160,628			102,466,507

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

	2026			2025
	For the Three Months Ended
	March 31,
	2026			2025

Net Loss	$	(11,563	)	$	(21,008	)
Other Comprehensive (Loss) Income:
Foreign currency translation adjustments		(233	)		2,798

Total Comprehensive Loss	$	(11,796	)	$	(18,210	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three Months Ended March 31, 2026

(in thousands, except for share amounts)

	Shares		Amount		Shares		Amount		Capital		Loss			Deficit			Equity
									Additional		Accumulated						Total
	Preferred Stock				Common Stock				Paid-In		Other Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Loss			Deficit			Equity

Balance - January 1, 2026		-	$	-		142,128,133	$	142	$	895,505	$	(8,731	)	$	(822,426	)	$	64,490

Stock-based compensation		-		-		840,529		1		1,327		-			-			1,328

Common stock issued upon warrant exercise		-		-		179,020		-		-		-			-			-

Other comprehensive loss		-		-		-		-		-		(233	)		-			(233	)

Net loss		-		-		-		-		-		-			(11,563	)		(11,563	)
Balance - March 31, 2026		-	$	-		143,147,682	$	143	$	896,832	$	(8,964	)	$	(833,989	)	$	54,022

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three Months Ended March 31, 2025

(in thousands, except for share amounts)

											Accumulated
									Additional		Other						Total
	Preferred Stock				Common Stock				Paid-In		Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Loss			Deficit			Equity

Balance - January 1, 2025		-	$	-		101,970,907	$	102	$	860,300	$	(5,845	)	$	(735,855	)	$	118,702
Balance		-	$	-		101,970,907	$	102	$	860,300	$	(5,845	)	$	(735,855	)	$	118,702

Common stock issued in public offering, net of issuance costs [1]		-		-		681,330		1		890		-			-			891

Stock-based compensation		-		-		70,681		-		966		-			-			966

Other comprehensive loss		-		-		-		-		-		2,798			-			2,798

Net loss		-		-		-		-		-		-			(21,008	)		(21,008	)

Balance - March 31, 2025		-	$	-		102,722,918	$	103	$	862,156	$	(3,047	)	$	(756,863	)	$	102,349
Balance		-	$	-		102,722,918	$	103	$	862,156	$	(3,047	)	$	(756,863	)	$	102,349

[1]

Includes gross proceeds of $909, less issuance costs of $18.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	2026			2025
	For the Three Months Ended
	March 31,
	2026			2025
Cash Flows From Operating Activities:
Net loss	$	(11,563	)	$	(21,008	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,262			2,950
Non-cash lease expense		821			931
Change in fair value of derivative and other accrued liabilities		-			2
Provision (benefit) for credit losses		217			(86	)
(Gain) loss on disposal of property and equipment		(209	)		174
Provision for slow moving and obsolete inventory		-			29
Change in fair value of consideration payable		-			679
Stock-based compensation		1,328			966
Changes in operating assets and liabilities:
Accounts receivable		10,054			4,337
Inventory		1,743			(373	)
Prepaid expenses and other current assets		(203	)		(237	)
Other assets		(98	)		17
Accounts payable, accrued expenses, and other current liabilities		116			(915	)
Other liabilities		8			(300	)
Operating lease liabilities		(845	)		(821	)
Deferred revenue		(2,960	)		629

Total Adjustments		12,234			7,982

Net Cash Provided By (Used In) Operating Activities		671			(13,026	)

Cash Flows From Investing Activities:
Proceeds from sale of marketable securities		-			13,630
Capitalization of engineering costs		(29	)		(173	)
Purchases of property and equipment		(1,632	)		(1,087	)

Net Cash (Used In) Provided By Investing Activities		(1,661	)		12,370

Cash Flows From Financing Activities:
Proceeds from sale of common stock in public offering [1]		-			891
Repayment of financing liability in connection with finance lease		(10	)		(8	)

Net Cash (Used In) Provided By Financing Activities		(10	)		883

Effect of Exchange Rate Changes on Cash and Cash Equivalents		(53	)		138

Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash		(1,053	)		365

Cash and Cash Equivalents and Restricted Cash - Beginning of Period		39,657			41,852

Cash and Cash Equivalents and Restricted Cash - End of Period	$	38,604		$	42,217

Cash and cash equivalents and restricted cash consisted of the following:
Cash and cash equivalents	$	37,991		$	42,140
Restricted cash		613			77
	$	38,604		$	42,217

[1]

For the three months ended March 31, 2025, includes gross proceeds of $909, less issuance costs of $18.

The accompanying notes are an integral part of these condensed consolidated financial statements.

BLINK CHARGING CO.

Unaudited Condensed Consolidated Statements of Cash Flows — Continued

(in thousands)

	2026			2025
	For The Three Months Ended
	March 31,
	2026			2025
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	19		$	71
Income taxes	$	10		$	28
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations	$	330		$	321
Transfer of inventory to property and equipment	$	(271	)	$	(400	)
Proceeds to be received from government grants	$	764		$	-

The accompanying notes are an integral part of these condensed consolidated financial statements.

BLINK CHARGING CO.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except for share and per share amounts)

1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Organization and Operations

Blink Charging Co., through its consolidated subsidiaries (collectively, the “Company” or “Blink”), is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers EV charging equipment and services, enabling EV drivers to recharge at various locations. Blink’s principal line of products and services is its Blink EV charging networks (the “Blink Network”) and Blink EV charging equipment and other EV-related services. The Blink Network is a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing. The Blink Network provides fleets, property owners, managers, parking companies, and state and municipal entities (“Property Partners”), among other types of commercial customers, with cloud-based services that enable the remote monitoring and management of EV charging stations. The Blink Network also provides EV drivers with vital station information, including station location, availability, and fees (as applicable).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of March 31, 2026 and for the three months then ended. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 as part of the Company’s Annual Report on Form 10-K.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Since the Annual Report for the year ended December 31, 2025, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note.

LIQUIDITY

As of March 31, 2026, the Company had cash and cash equivalents of $37,991 and working capital of $14,210. During the three months ended March 31, 2026, the Company incurred a net loss of $11,563 and generated cash in operating activities of $671.

The Company has not yet achieved profitability and expects to continue to incur operating losses. While the BlinkForward Initiative (as defined elsewhere) has substantially decreased operating expenses and cash burn, in the near future the Company needs to generate significant additional revenues to achieve profitability. Historically, the Company has been able to raise funds to support business operations, although there can be no assurance that the Company will be successful in raising significant additional funds in the future. The Company expects that cash and cash equivalents, and future cash flows from operations, will fund operations for at least 12 months after the issuance date of the financial statements included in this Quarterly Report.

The Company’s operations have primarily been funded through proceeds from equity and debt financings, and the Company continues to evaluate additional financing opportunities. The Company’s at-the-market (“ATM”) equity offering program, under which the Company may publicly issue and sell shares of its common stock, was reactivated upon the timely filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There can be no assurance that the Company will be able to obtain additional funds on commercially acceptable terms, if at all, or that any funds raised will be sufficient to complete the Company’s EV development initiatives or attain profitable operations.

NASDAQ Listing Compliance

On January 26, 2026, the Company received a deficiency letter (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the preceding 30 consecutive trading days, the closing bid price of its common stock had been below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”).

The Notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days from the date of the Notice, or until July 27, 2026, to regain compliance with the Minimum Bid Requirement. Compliance may be regained if the closing bid price of the Company’s common stock meets or exceeds $1.00 per share for a minimum of 10 consecutive trading days during the compliance period.

If the Company does not regain compliance by July 27, 2026, it may be eligible for an additional 180-calendar-day compliance period, provided it meets all other applicable initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Requirement. There can be no assurance that the Company will regain compliance during the initial or any additional compliance period.

BlinkForward Initiative

In May 2025, the Company announced the BlinkForward Initiative (the “Initiative”) as part of a broader strategic restructuring plan aimed at accelerating the Company’s path to profitability and enhancing operational efficiency. Key pillars of the Initiative were designed to transform the Company into a more agile and lean organization. This included a significant reduction in our global workforce, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for EV hardware to reduce overhead expenses and focus on intellectual property and customer support efforts. The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.

BLINK CHARGING CO.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except for share and per share amounts)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED

INVENTORY

As of March 31, 2026, the Company’s inventory was comprised of $3,607 of finished goods that were available for sale and $8,438 of raw material and work in process. As of December 31, 2025, the Company’s inventory was comprised of $5,532 of finished goods that were available for sale and $8,621 of raw material and work in process.

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION

Transaction gains (losses) attributable to foreign exchange were $14 and ($259) during the three months ended March 31, 2026 and 2025, respectively. Transaction gains and losses attributable to foreign exchange are included within general and administrative expenses on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025.

Foreign currency translation adjustments related to the translation of the financial statements of the Company’s foreign subsidiaries from their functional currency to the US dollar were ($233) and $2,798 for the three months ended March 31, 2026 and 2025, respectively.

REVENUE RECOGNITION

The Company recognizes revenue primarily from the following different types of contracts:

	●	Product revenues – Revenue is recognized at the point where the customer obtains control of the goods and the Company satisfies its performance obligation, which generally is at the time it ships the product to the customer or installation of the product.

	●	Service revenues are comprised of the following:

	○	Charging services revenues – The Company generates charging service revenue from fees charged to users for the use of charging stations, including per-session connection fees and usage-based charges. Revenue is recognized at the point in time when a particular charging session is completed.

	○	Network fees – Represents a stand-ready obligation whereby the Company is obligated to perform over a period of time and, as a result, revenue is recognized on a straight-line basis over the contract term. Network fees are billed annually.

●

Other revenues are comprised of the following:

	○	Warranty – Extended warranties represent a stand-ready obligation whereby the Company is obligated to perform over a period of time and, as a result, revenue is recognized on a gross basis on a straight-line basis over the contract term. The Company also facilitates the sale of third-party warranties for which it acts as an agent; accordingly, revenue from third-party warranties is recognized on a net basis at the point in time of sale. Further, standard warranties are generally not accounted for as separate performance obligations as warranties do not provide a service in addition to the assurance that the charging stations will function as expected.

	○	Other- Primarily related to transaction fees recognized at a point in time. Other revenues are also comprised of sales related to alternative fuel credits. Other is included within Other revenues on the condensed consolidated statements of operations.

	○	Grant and fees rebate – Grants and rebates related to EV charging stations and associated installation costs are accounted for by analogy to IAS 20. Grant proceeds are initially deferred and recognized in revenue in a manner consistent with the terms of the grant.

●

Car-sharing revenue – Relate to revenues and expenses from electric vehicle-sharing and electric vehicle charging services provided to apartments, offices and hotels for use by their residents and guests and are recognized in accordance with ASC 842. Revenue is recognized over the duration of the rental agreements which are short term in nature.

SEC Form 10-Q filed by Blink Charging Co.