Blink Charging Q1 Earnings Call Highlights

Key Points

• Blink Charging’s Q1 revenue was essentially flat at $20.8 million, but the company’s higher-margin service revenue rose 25% year over year to $13.3 million, which management says is the key driver of future growth and better margins.
• Costs and losses improved sharply as operating expenses fell 35% year over year and adjusted EBITDA loss narrowed to $5.1 million from $14.3 million. The company ended the quarter with about $38 million in cash and no debt.
• The company is accelerating its DC fast-charging build-out with 27 sites and 136 stalls in its near-term pipeline, and it reaffirmed full-year 2026 revenue guidance of $105 million to $115 million as it targets more recurring revenue and profitability.

Blink Charging NASDAQ: BLNK executives said the company’s first-quarter 2026 results showed progress in its push toward recurring revenue, lower costs and a larger owned DC fast-charging network, while total revenue remained essentially flat from a year earlier.

President and CEO Mike Battaglia said the quarter “came in largely as expected,” citing typical first-quarter seasonality. He said the company’s restructuring work in 2025 is now behind it and that capital raised late last year is being deployed into its fast-charging build-out.

“What matters more than the top-line numbers are the fundamentals behind them,” Battaglia said. “Our recurring and repeatable service revenues grew 25% year-over-year to $13.3 million. This is the engine of our business, and it is running stronger every quarter.”

Revenue Flat, Service Revenue Rises

Blink reported first-quarter total revenue of $20.8 million, compared with $20.7 million in the first quarter of 2025. Product revenue was $6.2 million, which Chief Financial Officer Michael Bercovich said reflected the company’s decision to focus on higher-margin opportunities rather than volume.

Service revenue, which includes repeatable charging revenue, recurring network fees and car-sharing revenue, rose 25% year-over-year to $13.3 million from $10.7 million. Bercovich said every meaningful component of service revenue grew by double digits, with network fees up 21% and charging revenue up 23%.

Battaglia said Blink is targeting a significant shift in its revenue mix over the next several years. In 2025, approximately 45% of revenue was repeatable and recurring, and the company’s target for 2028 is 80%.

“Higher service revenues as a percentage of total means higher margins, more predictability, and less dependence on transactional product sales,” Battaglia said.

Margins and Cost Cuts Remain Central Focus

GAAP gross profit for the quarter was $6.6 million, or 32% of revenue, compared with $7.1 million, or 34.1% of revenue, in the prior-year period. Bercovich attributed the year-over-year decline to revenue mix, including higher costs tied to car-sharing service revenue and energy costs.

On a non-GAAP basis, adjusted gross margin was 42.4%, up from 40% in the first quarter of 2025 on the same basis. Bercovich said the company remains on track for full-year gross margin guidance of approximately 35% on a GAAP basis.

Operating expenses declined sharply. Total operating expenses were $18.4 million, compared with $28.5 million in the first quarter of 2025, a 35% reduction. Non-GAAP operating expenses fell to approximately $13.9 million from $22.6 million, a reduction of more than 38%.

Bercovich said the reductions were the result of the company’s BlinkForward initiative and were structural rather than temporary. Compensation expense fell 25% to $10.2 million, reflecting what he described as the full run-rate benefit of headcount reductions.

During the question-and-answer session, Battaglia said Blink believes it can scale revenue without adding significant operating expense.

“We have largely right-sized this company so that it can scale the revenue and get to profitability with similar OpEx,” he said.

Losses Narrow and Cash Position Improves

Blink reported a GAAP net loss of $11.6 million, or $0.08 per diluted share, compared with a net loss of $21 million, or $0.21 per diluted share, in the first quarter of 2025. Non-GAAP net loss was $7.8 million, or $0.06 per share, compared with $17.4 million, or $0.17 per share, a year earlier.

Adjusted EBITDA was a loss of $5.1 million, compared with an adjusted EBITDA loss of $14.3 million in the prior-year period. Bercovich described the 64% year-over-year reduction as “a meaningful achievement.”

The company ended the quarter with approximately $38 million in cash and cash equivalents and no debt. Cash burn was approximately $1.7 million, including capital investment in the DC fast-charging network. Bercovich said the quarter benefited from working capital timing and that cash burn would increase as the company scales infrastructure investment.

Net cash provided by operating activities was positive $0.7 million, compared with negative $13 million in the first quarter of 2025.

DC Fast-Charging Build-Out Advances

Blink said it has 27 sites encompassing 136 stalls in its near-term build-out plan. Of those, three sites with 11 stalls are under construction, while the remaining 125 stalls are approved and in various stages of deployment.

In response to a question from B. Riley Securities analyst Ryan Pfingst, Battaglia said two sites had already gone live, with several more expected to go live in May and activity ramping in June and July. He said most of the 27 sites are expected to be live, or nearly live, by the end of the year, though a few could spill into 2027.

Bercovich said the company’s December capital raise, which netted $18.5 million, was sized to fund its DC build-out program through the year and the initial deployment phase. He said the majority of the funds are expected to go toward DC fast-charging infrastructure.

Asked about site selection, Battaglia said Blink is focusing on metro areas, dense populations and destinations where drivers spend time in their daily lives, rather than prioritizing rural highway placement.

“Blink is looking for population, high-density destinations where people wanna go, where they’re going in their everyday lives, and where they want to and can spend time,” he said.

Guidance Reaffirmed

Blink reaffirmed its full-year 2026 revenue guidance of $105 million to $115 million. Bercovich said revenue momentum is expected to build through the remainder of the year as DC fast-charging sites come online, service revenue continues to grow and product sales remain disciplined.

The company also reiterated full-year GAAP gross margin guidance of approximately 35%. Bercovich said the drivers include contract manufacturing efficiency, improvement in revenue mix and higher utilization of DC assets.

Battaglia also highlighted integration opportunities with automotive OEMs and other charging ecosystems. He cited Blink’s recently announced partnership with Emobi after the quarter ended, saying it could allow Blink to connect with multiple automaker platforms through an aggregator rather than integrating individually with each OEM.

“We wanna be at every single one of them that’ll have us, and we’re just gonna keep pressing on that to get it done,” Battaglia said.

Closing the call, Battaglia said Blink’s priorities for 2026 are deploying capital, scaling its DC fast-charging network and building a business with durable recurring revenue that operates near cash breakeven.

About Blink Charging NASDAQ: BLNK

Blink Charging Co is a provider of electric vehicle (EV) charging solutions, offering a nationwide network of charging stations and related software services. The company designs, develops and markets Level 2 AC and DC fast charging equipment, as well as a cloud-based management platform that enables real-time monitoring, analytics and payment processing. Its integrated approach addresses the needs of commercial, residential and fleet customers looking to deploy EV infrastructure.

Blink's product portfolio includes a suite of charging stations suitable for parking garages, retail locations, hospitality venues and multiunit dwellings.

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