Blink Charging Co.

What they do

Blink sells commercial and residential EV charging equipment (EVSE), operates the proprietary cloud-based Blink Networks that manage charging stations, and acts as an owner-operator of charging sites under three Property Partner business models. In its Blink-owned turnkey model Blink pays for equipment and installation and typically keeps substantially all charging revenue under agreements running about nine years (extendable to 27); in the Blink-owned hybrid model the Property Partner pays installation and shares revenue under typically seven-year agreements (extendable to 21); in the host-owned model the Property Partner owns the station and keeps charging revenue after Blink network and processing fees. As of June 30, 2026, approximately 48,015 chargers were connected to the Blink Network.

Revenue drivers

• Service revenues — Repeatable charging service revenue and recurring network fees; $11.5 million in Q2 2026, up 6.2% year-over-year, and about 53% of total revenue.
• Product revenues — Sales of Blink EV charging equipment (EVSE); $7.4 million in Q2 2026, up 20.1% sequentially but down 48.7% year-over-year, about 34% of total revenue.
• Other revenues — Warranty fees, grants and rebates, and other items; $1.9 million in Q2 2026, up 56.0% sequentially.
• Car-sharing revenues — Revenue from the Envoy Technologies car-sharing subsidiary; $0.8 million in Q2 2026, down 25.9% year-over-year. Envoy was sold on June 5, 2026.

Recent performance

Q2 2026 total revenue was approximately $21.7 million, up 4.3% sequentially from $20.8 million in Q1 2026 but down 24.5% from $28.7 million in Q2 2025. Service revenue rose 6.2% year-over-year to $11.5 million, while product revenue fell 48.7% year-over-year to $7.4 million. Gross margin expanded to 38.9%, up more than 2,200 basis points year-over-year, and operating expenses were reduced 57% year-over-year to $14.7 million. Adjusted EBITDA loss improved 72% year-over-year to $(2.2) million, and the quarter ended with approximately $34 million in cash.

Strategy

Management describes a shift toward revenue quality over volume, leaner operations and disciplined capital management. The company sold its wholly owned subsidiary Envoy Technologies to Blade Ranger Ltd. on June 5, 2026, and reported a contract manufacturing shift as a contributor to gross margin improvement. It states a long-term objective of generating approximately 80% of revenues from recurring and repeatable streams, and is expanding into energy management services. Management says it is targeting meaningful progress toward adjusted EBITDA breakeven by year-end.

Risks

• Revenue decline and product weakness — Total Q2 2026 revenue fell 24.5% year-over-year and product revenue fell 48.7% year-over-year to $7.4 million.
• Continued losses — Blink reported annual net losses each year from 2021 through 2025 ($55.1M, $91.6M, $203.7M, $198.1M and $83.4M) and an adjusted EBITDA loss of $(2.2) million in Q2 2026.
• Listing-rule failure — The company reported a delisting notice or listing-rule failure in an 8-K dated July 28, 2026.
• Cash consumption — Operating cash flow was negative in every year from 2021 through 2025, from $(30.9) million to $(97.6) million, with cash and equivalents of $34.0 million at June 30, 2026.

Outlook

CFO Michael Bercovich said the company continues to focus on making meaningful progress toward adjusted EBITDA breakeven by year-end 2026, citing expanding margins, improving revenue quality and controlled costs. Management said the approximately $34 million cash balance at quarter-end provides flexibility to invest in what it calls high-quality opportunities. CEO Mike Battaglia described the Blink Network and expansion into energy management services as creating a more durable foundation for long-term growth.