Q4 2025 Blink Charging Co Earnings Call

March 26, 2026

Speaker #1: At this time, all participants are on a listen-only mode. Any question-and-answer session will follow the formal presentation. If anyone should require Operator Assistance during the conference, please press *0 on your telephone keypad.

Speaker #1: And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Vitalie Stelea, VP of Treasury and Finance for Blink Charging.

Speaker #1: Sir? The floor is yours.

Speaker #2: Thank you, Ollie. And welcome to Blink's fourth quarter and full year 2025 earnings call. With us today, we have Mike Battaglia, President and Chief Executive Officer; and Michael Bercovich, Chief Financial Officer.

Speaker #2: Today's discussions will include non-GAAP references: Visa reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You may find the deck, along with the rest of our earnings materials and other important content, on Blink's Investor Relations website.

Speaker #2: Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated in the most significant factors that could cause actual results to be different or included on page 2 of the fourth quarter 2025 earnings deck.

Operator: Greetings, and welcome to the Blink Charging Co. Q4 and full year 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode, and a question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Vitalie Stelea, VP of Treasury and Finance for Blink Charging Co. Sir, the floor is yours.

Speaker #2: Unless otherwise noted, all comparisons are year-over-year. For additional events, please follow our immediate releases in the Events section of Blink's Investor Relations website. And now, I'll turn the call over to Mike Battaglia, President and CEO of Blink Charging.

Speaker #2: If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Vitalie Stelea, VP of Treasury and Finance for Blink Charging.

Speaker #2: Mike, please go ahead.

Speaker #3: All right. Great. Thanks, Vitalie. And good afternoon, everyone, and thanks for joining us today. I'm proud to report that the fourth quarter of 2025 marks a pivotal moment for Blink Charging.

Speaker #3: The most significant transformation this company's history are Blink's forward initiative substantially met its 2025 objectives. This quarter represents the transition from rebuilding the foundation to preparing the business for its next phase of growth.

Vitalie Stelea: Thank you, Ali, and welcome to Blink's Q4 and full year 2025 earnings call. With us today we have Mike Battaglia, President and Chief Executive Officer, and Michael Bercovich, Chief Financial Officer. Today's discussions will include non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's investor relations website. Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors that could cause actual results to be different are included on page 2 of the Q4 2025 earnings deck. Unless otherwise noted, all comparisons are year over year. For additional events, please follow our media releases in the events section of Blink's investor relations website.

Vitalie Stelea: Thank you, Ali, and welcome to Blink's Q4 and full year 2025 earnings call. With us today we have Mike Battaglia, President and Chief Executive Officer, and Michael Bercovich, Chief Financial Officer. Today's discussions will include non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's investor relations website. Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors that could cause actual results to be different are included on page two of the Q4 2025 earnings deck. Unless otherwise noted, all comparisons are year over year. For additional events, please follow our media releases in the events section of Blink's investor relations website.

Speaker #3: We started the year with close to.

With us today we have Michael Battaglia, President and Chief Executive Officer, and Michael Bercovich, Chief Financial Officer.

Today's discussion is will include non-gaap references.

Speaker #4: Our product is, ladies and gentlemen, we have lost our speaker temporarily. One moment, please. And we shall get him back in the call.

These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck.

You may find the deck, along with the rest of our earnings materials and other important content, on Blink's investor relations website.

Today's discussion may also include forward-looking statements about our expectations.

Actual results may differ from those stated. The most significant factors that could cause actual results to be different are included on page 2 of the fourth quarter 2025 earnings deck.

Unless otherwise noted, all comparisons are year-over-year.

Vitalie Stelea: Now I'll turn the call over to Mike Battaglia, President and CEO of Blink Charging. Mike, please go ahead.

For additional events, please follow our media releases and the Events section of Blink's Investor Relations website.

Vitalie Stelea: Now I'll turn the call over to Mike Battaglia, President and CEO of Blink Charging. Mike, please go ahead.

And now I'll turn the call over to Mike Battaglia, President and CEO of Blink Charging. Mike, please go ahead.

Michael C. Battaglia: All right, great. Thanks, Vitalie. Good afternoon, everyone, and thanks for joining us today. I'm proud to report that Q4 2025 marks a pivotal moment for Blink Charging. The most significant transformation in this company's history, our Blink Forward initiative, substantially met its 2025 objectives. This quarter represents the transition from rebuilding the foundation to preparing the business for its next phase of growth.

All right, great, thanks, Natalie, and good afternoon, everyone, and thanks for joining us today.

Speaker #3: Sorry about that, everyone. I think I'm back. this quarter represents the transition from rebuilding the foundation to preparing the business for its next phase of growth.

I'm proud to report that the fourth quarter of 2025 marks a pivotal moment for Blink Charging.

Speaker #3: We started the year with close to 600 people globally, and today we operate with fewer than 300 highly focused and skilled team members. We have fundamentally reshaped how this company operates, became leaner, disciplined, and focused on financial excellence.

The most significant transformation in this company's history. Our Blink Forward initiative substantially met its 2025 objectives.

This quarter represents the transition from rebuilding the foundation, to preparing the business for its next phase of growth.

We started the year with close to 6.

Speaker #3: And the results are showing. Let me walk you through what Blink Forward has accomplished. When I took over the role of President and CEO a year ago, it was apparent to me that Blink should operate as a financially focused business, that we should fundamentally change our culture and advance with a different vision for Blink.

Apologies, ladies and gentlemen. We have lost our speaker temporarily. Please hold one moment and we will get them back on the call.

Speaker #3: That vision was centered on building a company that can stand on its own financially, operate with discipline, and scale profitably over time. We launched the Blink Forward Restructuring Plan in May 2025 as we set out to accelerate our path to profitability and focus on what matters: including long-term sustainable growth.

Speaker #3: I'm pleased to say that we have accomplished nearly all of the objectives that we set out to achieve in several critical ways. Our shift to contract manufacturing is now fully complete and operational.

Speaker #3: We have exited in-house production and are leveraging third-party manufacturing partners in both the United States and India. This gives us greater flexibility, optimizes working capital, lowers overhead, and improves supply chain resilience.

Sorry about that, everyone. I think I'm back.

Michael C. Battaglia: We started the year with close to 600 people globally, and today we operate with fewer than 300 highly focused and skilled team members. We have fundamentally reshaped how this company operates, became leaner, disciplined, and focused on financial excellence, and the results are showing. Let me walk you through what Blink Forward has accomplished. When I took over the role of President and CEO a year ago, it was apparent to me that Blink should operate as a financially focused business, that we should fundamentally change our culture and advance with a different vision for Blink. That vision was centered on building a company that can stand on its own financially, operate with discipline, and scale profitably over time.

Uh, this quarter represents the transition from rebuilding the foundation to preparing the business for its next phase of growth.

Speaker #3: All while retaining full ownership of our proprietary intellectual property with hardware, firmware, and software. Importantly, our inventory position has been dramatically improved. And we maintain a lean balance sheet that allows us to be agile and nimble to evolving market needs.

We started the year with close to 600 people globally, and today we operate with fewer than 300 highly focused and skilled team members.

We have fundamentally reshaped how this company operates.

Became leaner, disciplined, and focused on financial excellence, and the results are showing.

let me walk you through what blink forward has accomplished.

Speaker #3: We reassessed and subsequently wrote off approximately $6 million of legacy inventory at year-end as part of this realignment. And our go-forward inventory levels will reflect right-sized and asset-like positions, targeting around $15 million on the balance sheet.

When I took over the role of President and CEO a year ago, it was apparent to me that Blink should operate as a financially focused business.

That we should fundamentally change our culture and advance with a different vision for Blink.

Speaker #3: Moving to slide 4, we took bold actions throughout 2025. First, our operating expense reductions have been significant. On an adjusted basis, fourth-quarter operating expenses were approximately $17.1 million—a decrease of approximately 32% from the beginning of a 2025 adjusted level of $25.2 million.

That vision was centered on building a company that can stand on its own financial aid, operate with discipline, and scale profitably over time.

Michael C. Battaglia: We launched the Blink Forward restructuring plan in May 2025 as we set out to accelerate our path to profitability and focus on what matters, including long-term sustainable growth. I'm pleased to say that we have accomplished nearly all of the objectives that we set out to achieve in several critical ways. Our shift to contract manufacturing is now fully complete and operational. We have exited in-house production and are leveraging third-party manufacturing partners in both the United States and India. This gives us greater flexibility, optimizes working capital, lowers overhead, and improves supply chain resilience, all while retaining full ownership of our proprietary intellectual property with hardware, firmware, and software. Importantly, our inventory position has been dramatically improved, and we maintain a lean balance sheet that allows us to be agile and nimble to evolving market needs.

We launched the Blink Forward Restructuring Plan in May 2025 as we set out to accelerate our path to profitability and focus on what matters, including long-term sustainable growth.

I'm pleased to say that we have accomplished nearly all of the objectives that we set out to achieve in several critical ways.

Speaker #3: If we annualize our total Q4 adjusted operating expenses, and compare against full-year 2024 adjusted operating expenses, you would see a reduction of $39 million year over year.

Our shift to contract manufacturing is now fully complete and operational.

We have exited in-house production and are leveraging third-party manufacturing Partners in both the United States and India.

Speaker #3: That is a 36% reduction. And I'll emphasize that again. That's a 36% reduction. Importantly, these reductions were not about shrinking the company. They were about creating the operating leverage required to support sustainable growth and innovation going forward.

This gives us greater flexibility, optimizes working capital, lowers overhead, and improves supply chain resilience.

All while retaining full ownership of our proprietary intellectual property with Hardware firmware and software.

Speaker #3: Second, while some of our competitors are burdened by capital-intensive asset-heavy practices, our move to a more agile, contract-manufacturing model and better working capital discipline will serve as a key pillar in our pursuit of profitability.

Michael C. Battaglia: We reassessed and subsequently wrote off approximately $6 million of legacy inventory at year-end as part of this realignment. Our go-forward inventory levels will reflect right-sized and asset-light positions, targeting around $15 million on the balance sheet. Moving to slide four, we took bold actions throughout 2025. First, our operating expense reductions have been significant. On an adjusted basis, Q4 operating expenses were approximately $17.1 million, a decrease of approximately 32% from the beginning of a 2025 adjusted level of $25.2 million. If we annualize our total Q4 adjusted operating expenses and compare against full year 2024 adjusted operating expenses, you would see a reduction of $39 million year over year. That is a 36% reduction. I'll emphasize that again, that's a 36% reduction. Importantly, these reductions were not about shrinking the company.

Importantly, our inventory position has been dramatically improved, and we maintain a lean balance sheet that allows us to be agile and nimble to evolving market needs.

Speaker #3: This is foundational to our ability to deploy EV infrastructure at scale while maintaining financial flexibility and discipline. Third, and perhaps most importantly, we have accelerated the shift in our revenue mix towards higher-quality, repeatable, and recurring service revenues.

We reassessed and subsequently wrote off approximately $6 million of legacy inventory at year-end, as part of this realignment,

And our go-forward inventory levels will reflect right-sized and asset-light positions.

Targeting around $15 million on the balance sheet.

Moving to slide 4, we took bold actions throughout 2025.

Speaker #3: In Q4, our service revenues reached $14.7 million. Up 62% year over year. Service revenues represented 54% of our total revenue, up from 32% in Q4 of last year.

First our operating expense reductions have been significant.

On an adjusted basis, fourth quarter operating expenses were approximately $17.1 million.

Speaker #3: And for full-year 2025, service revenues grew 45% year over year, to 49.3 million. And as we've said before, this is the future of Blink.

A decrease of approximately 302% from the beginning of a 2025 adjusted level of 25.2 million.

Speaker #3: Our strategy was further validated by our successful follow-on equity raise in December. We achieved our target of $20 million with a clean, no-warrant raise, with the majority of proceeds directed toward expanding our DC fast-charging network, which we expect will provide repeatable, high-quality revenue streams.

If we annualize our total Q4 adjusted operating expenses and compare against full-year 2024 adjusted operating expenses.

You would see a reduction of 39 million year-over-year.

That is a 36% reduction, and I'll emphasize that again—that's a 36% reduction.

Michael C. Battaglia: They were about creating the operating leverage required to support sustainable growth and innovation going forward. Second, while some of our competitors are burdened by capital-intensive, asset-heavy practices, our move to a more agile contract manufacturing model and better working capital discipline will serve as a key pillar in our pursuit of profitability. This is foundational to our ability to deploy EV infrastructure at scale while maintaining financial flexibility and discipline. Third, and perhaps most importantly, we have accelerated the shift in our revenue mix towards higher quality, repeatable, and recurring service revenues. In Q4, our service revenues reached $14.7 million, up 62% year over year. Service revenues represented 54% of our total revenue, up from 32% in Q4 of last year. For full year 2025, service revenues grew 45% year over year to $49.3 million.

Speaker #3: This is central to our strategy of building a durable, profitable business. Our Blink Forward strategy has been built on six pillars. Customer-driven market leadership, sustainable profitability, expanding charging solutions, capturing market share, developing recurring revenue, and securing cost-efficient capital.

Importantly, these reductions were not about shrinking the company; they were about creating the operating leverage required to support sustainable growth and innovation going forward.

Second, while some of our competitors are burdened by capital-intensive, asset-heavy practices,

Our move to a more agile contract manufacturing model and better working capital discipline will serve as a key pillar in our pursuit of profitability.

Speaker #3: Each of these pillars has guided our transformation, and we will continue to execute against them into 2026 as we balance growth, innovation, and profitability in the years ahead.

This is foundational to our ability to deploy EV infrastructure at scale, while maintaining financial flexibility and discipline.

Speaker #3: On slide 5, you can see the trajectory of our quarterly performance throughout 2025. Revenue has stabilized in the 27 million range across Q2, Q3, and Q4, while we have fundamentally improved the quality and mix of revenue.

Third. And perhaps most importantly, we have accelerated, the shift in our Revenue, mix towards higher quality repeatable and recurring service revenues.

In Q4 our service revenues reached 14.7 million up. 62% year-over-year.

Speaker #3: The story here is clear. We have right-sized the business, shifted our focus toward repeatable and recurring revenue streams, higher margin product sales, and dramatically reduced our cost structure.

Revenue represented 54% of our total revenue up from 32% in Q4 of last year.

Speaker #3: With the business now right-sized and stabilized, our focus is shifting from restructuring to scaling what works. Now, let's turn to fourth-quarter highlights on slide 7.

Michael C. Battaglia: As we've said before, this is the future of Blink. Our strategy was further validated by our successful follow-on equity raise in December. We achieved our target of $20 million with a clean, no warrant raise, with the majority of proceeds directed toward expanding our DC fast charging network, which we expect will provide repeatable, high-quality revenue streams. This is central to our strategy of building a durable, profitable business. Our Blink Forward strategy has been built on six pillars: customer-driven market leadership, sustainable profitability, expanding charging solutions, capturing market share, developing recurring revenue, and securing cost-efficient capital. Each of these pillars has guided our transformation and we will continue to execute against them into 2026 as we balance growth, innovation, and profitability in the years ahead. On slide 5, you can see the trajectory of our quarterly performance throughout 2025.

And for the full year 2025, service revenues grew 45% year-over-year to $49.3 million. And as we've said before, this is the future of Blink.

Our strategy was further validated by our successful follow-on equity raise in December.

Speaker #3: Total revenue in Q4 was $27 million, compared to $28 million in Q4 of 2024. While top-line revenue was relatively flat, this was a deliberate outcome of our strategic pivot to a lean, asset-like Blink that is more agile and adaptive to changing market realities.

fast charging Network, which we expect will provide repeatable, high-quality revenue streams,

This is Central to our strategy of building a durable profitable business.

Speaker #3: We are being selective about product sales. Focusing on high-margin, accretive opportunities while investing in growing our repeatable and recurring service revenue base. This disciplined approach positions us to pursue growth opportunities that are accretive and aligned with long-term value creation.

Our blink forward strategy has been built on 6 pillars.

Customer-driven market leadership is sustainable. Profitability is expanding with charging solutions, capturing market share, developing recurring revenue, and securing cost-efficient capital.

Speaker #3: Gap gross margin in Q4 was $15.8%. This was primarily impacted by $5.9 million in non-cash inventory adjustments, related to our transition to contract manufacturing, and our general direction of becoming an asset-like company with a robust and lean balance sheet.

Each of these pillars has guided our transformation, and we will continue to execute against them into 2026 as we balance growth, innovation, and profitability in the years ahead.

Michael C. Battaglia: Revenue has stabilized in the $27 million range across Q2, Q3, and Q4, while we have fundamentally improved the quality and mix of revenue. The story here is clear. We have right-sized the business, shifted our focus toward repeatable and recurring revenue streams, higher margin product sales, and dramatically reduced our cost structure. With the business now right-sized and stabilized, our focus is shifting from restructuring to scaling what works. Now, let's turn to Q4 highlights on slide 7. Total revenue in Q4 was $27 million compared to $28 million in Q4 2024. While top-line revenue was relatively flat, this was a deliberate outcome of our strategic pivot to a lean asset-light Blink that is more agile and adaptive to changing market realities.

On slide 5, you can see the trajectory of our quarterly performance throughout 2025.

Speaker #3: Excluding these one-time items, our adjusted gross margin was 37.8%, much improved from our Q3 2025 adjusted gross margin of 34.5%. We are highly competitive within our industry and expect gross margins to improve as we move through 2026.

Revenue has stabilized in the $27 million range across Q2, Q3, and Q4, while we have fundamentally improved the quality and mix of revenue.

The story here is clear.

We have right-sized the business, shifted our focus toward repeatable and recurring revenue streams, higher-margin products and sales, and dramatically reduced our cost structure.

Speaker #3: With a target of approximately 35% on a full-year basis. The quality of our revenue tells the real story. Charging service revenue grew 49% year over year to $9.3 million, driven by our expanding Blink-owned charging network and strong performance from our European markets during Q4.

With the business now right-sided and stabilized, our focus is shifting from restructuring to scaling what works.

Now, let's turn to fourth quarter highlights on Slide 7.

total revenue in Q4, was 27 million compared to 28 million in Q4 of 2024,

Speaker #3: For full-year 2025, network fees grew 53% year over year to $12.2 million. Driven by an increase in chargers added across our network, notably DC chargers which carry higher network fees.

Michael C. Battaglia: We are being selective about product sales, focusing on high-margin, accretive opportunities while investing in growing our repeatable and recurring service revenue base. This disciplined approach positions us to pursue growth opportunities that are accretive and aligned with long-term value creation. GAAP gross margin in Q4 was 15.8%. This was primarily impacted by $5.9 million in non-cash inventory adjustments related to our transition to contract manufacturing and our general direction of becoming an asset-light company with a robust and lean balance sheet. Excluding these one-time items, our adjusted gross margin was 37.8%, much improved from our Q3 2025 adjusted gross margin of 34.5%. We are highly competitive within our industry and expect gross margins to improve as we move through 2026, with a target of approximately 35% on a full year basis.

While topline revenue was relatively flat, this was a deliberate outcome of our strategic pivot to a lean, asset-light Blink that is more agile and adaptive to changing market realities.

We are being selective about product sales.

Speaker #3: On slide 8, I want to reiterate that our Blink-owned charger portfolio continues to be a powerful growth engine. Charging revenue from Blink-owned sites grew substantially year over year, and our DC fast-charging revenue from Blink-owned locations in the United States grew over 200% in 2025.

Focusing on high-margin, accretive opportunities while investing in growing our repeatable and recurring service revenue base.

This disciplined approach positions us to pursue growth opportunities that are accretive and aligned with long-term value creation.

Speaker #3: As a result of our successful capital raise in December, we have approximately 30 DC fast-charging sites representing about 150 ports in various stages of review and construction.

Gap growth margin in Q4 was 15.8%. This was primarily impacted by $5.9 million in non-cash inventory adjustments related to our transition to contract manufacturing and our general direction of becoming an asset-light company with a robust and lean balance sheet.

Speaker #3: And as these come online, they will represent a significant source of future repeatable and recurring revenue. I'd also like to highlight some of our recent DC fast-charging installations.

Excluding these one-time items, our adjusted gross margin was 37.8%, much improved from our Q3 2025 adjusted gross margin of 34.5%.

Speaker #3: Including our portfolio of DC chargers with Royal Farms. Revenue in 2025 was up over 300% to nearly $950,000. In 2024, those locations delivered $225,000 in revenue, on nearly the same number of chargers.

We are highly competitive within our industry and expect gross margins to improve as we move through 2026.

With a target of approximately 35% on a full-year basis.

Michael C. Battaglia: The quality of our revenue tells the real story. Charging service revenue grew 49% year over year to $9.3 million, driven by our expanding Blink-owned charging network and strong performance from our European markets during Q4. For full year 2025, network fees grew 53% year over year to $12.2 million, driven by an increase in chargers added across our network, notably DC chargers, which carry higher network fees. On slide 8, I want to reiterate that our Blink-owned charger portfolio continues to be a powerful growth engine. Charging revenue from Blink-owned sites grew substantially year over year, and our DC fast charging revenue from Blink-owned locations in the United States grew over 200% in 2025.

The quality of our revenue tells the real story.

Speaker #3: Most of this growth was driven by higher utilization as drivers increasingly recognized Blink as a growing provider of DC fast-charging services. And we recently activated a new Denver area site featuring Blink's most powerful DC fast chargers to date, delivering up to 600 kilowatts.

Charging service revenue grew 49% year-over-year to $9.3 million, driven by our expanding Blink-owned charging network and strong performance from our European markets during Q4.

For full year, 2025 Network fees grew 53% year-over-year to 12.2 million driven by an increase in Chargers added across our Network, notably DC Chargers which carry higher Network fees.

Speaker #3: Early utilization is trending upward, reflecting strong demand for ultra-fast charging. This deployment demonstrates the type of high-power, fast-charging sites that support predictable dwell times and represent compelling long-term growth and value creation opportunities.

On slide 8, I want to reiterate that our Blink-owned charger portfolio continues to be a powerful growth engine.

charging revenue from blink on sites, grew substantially year-over-year and our DC fast charging revenue from blink on locations in the United States, grew over 200% in 2025

Michael C. Battaglia: As a result of our successful capital raise in December, we have approximately 30 DC fast charging sites representing about 150 ports in various stages of review and construction. As these come online, they will represent a significant source of future repeatable and recurring revenue. I'd also like to highlight some of our recent DC fast charging installations, including our portfolio of DC chargers with Royal Farms. Revenue in 2025 was up over 300% to nearly $950,000. In 2024, those locations delivered $225,000 in revenue on nearly the same number of chargers. Most of this growth was driven by higher utilization as drivers increasingly recognize Blink as a growing provider of DC fast charging services.

Speaker #3: Turning to slide 10, our expense discipline continued to improve in Q4. Excluding non-cash charges for Goodwill and intangibles impairment for our mobility segment, and expenses eliminated on a go-forward basis, operating expenses came in at approximately $17.1 million.

As a result of our successful capital raise in December, we have approximately 30 DC fast charging sites, representing about 150 ports, in various stages of reviewing construction.

Speaker #3: That is down from $25.2 million in Q1 2025. We have reduced our adjusted operating expense run rate by over 30% over the course of the year.

And as these come online, they will represent a significant source of footable future repeat repeatable and recurring Revenue.

I'd also like to highlight some of our recent DC fast charging installations.

Including our portfolio of DC chargers with Royal Farms.

Speaker #3: Reducing annualized expenses by over 32 million dollars from the run rate at the beginning of 2025. Cash management also remains strong. Our cash burn for the quarter was approximately $2 million, comparable to Q3's $2.2 million and a fraction of the levels we experienced in the first half of 2025.

Revenue in 2025 was up over 300% to nearly $950,000.

In 2024, those locations delivered $225,000 in revenue, on nearly the same number of chargers.

Speaker #3: This continued discipline in working capital and cost management is building a foundation for sustainable operations. And remember, Blink has no debt on the balance sheet.

Most of this growth was driven by higher utilization, as drivers increasingly recognized Blink as a growing provider of DC fast charging services.

Michael C. Battaglia: We recently activated a new Denver area site featuring Blink's most powerful DC fast chargers to date, delivering up to 600kW. Early utilization is trending upward, reflecting strong demand for ultra-fast charging. This deployment demonstrates the type of high-power fast charging sites that support predictable dwell times and represent compelling long-term growth and value creation opportunities. Turning to slide 10, our expense discipline continued to improve in Q4. Excluding non-cash charges for goodwill and intangibles impairment for our mobility segment and expenses eliminated on a go-forward basis, operating expenses came in at approximately $17.1 million. That is down from $25.2 million in Q1 2025.

Speaker #3: This level of financial discipline gives us flexibility and a strong foundation. So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail.

And we recently activated a new Denver area site featuring blink's most powerful DC fast Chargers to date delivering up to 600. Kilowatts

Early utilization is trending upward, reflecting strong demand for ultrafast charging.

Speaker #3: And I will circle back at the end of the call with our outlook. Michael?

Speaker #2: Thank you, Mike. And good afternoon, everyone. 2025 was monumental year in the history of Blink charging. And I'm so proud to be a part of it.

The type of high power fast charging sites that support support predictable, dwell times and represent compelling long-term growth, and value creation opportunities.

Speaker #2: This was a year defined by building a stronger financial foundation and positioning the business for sustainable operations going forward. Let's turn to slide 12 for our selected financials.

Speaker #2: Q4 2025 revenues were $27 million, compared to $28 million in the fourth quarter of 2024. For the full year, total revenues were $103.5 million, compared to $124 million in 2024.

Turning to slide 10 our expense discipline continued to approve in Q4, excluding non-cash charges for Goodwill and intangibles impairment for our Mobility segment and expenses eliminated on a go forward basis. Operating expenses came in at approximately 17.1 million.

Michael C. Battaglia: We have reduced our adjusted operating expense run rate by over 30% over the course of the year, reducing annualized expenses by over $32 million from the run rate at the beginning of 2025. Cash management also remains strong. Our cash burn for the quarter was approximately $2 million. Comparable to Q3's $2.2 million and a fraction of the levels we experienced in H1 2025. This continued discipline in working capital and cost management is building a foundation for sustainable operations. Remember, Blink has no debt on the balance sheet. This level of financial discipline gives us flexibility and a strong foundation. With that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and I will circle back at the end of the call with our outlook. Michael.

That is down from 25.2 million in Q1 2025.

Speaker #2: Product revenues for the fourth quarter were $11 million, compared to $17.2 million in Q4 of last year. As Mike described earlier, this reflects our deliberate strategic decision to prioritize quality of revenue over quantity.

We have reduced our adjusted operating expense run rate by over 30% over the course of the Year reducing annualized expenses by over 32 million dollars from the Run rate at the beginning of 2025.

Speaker #2: We are focused on higher margin product opportunities and are being disciplined in the deals we pursue. With our focused approach for valuating sales, and our transition to contract manufacturing, we expect product margins to improve as we move through 2026.

Cash management. Also remains strong, our cash burn for the quarter was approximately $2 million comparable to q3's 2.2 million and a fraction of the levels. We experienced in the first half of 2025,

this continued discipline in working capital and cost management is building a foundation for sustainable operations. And remember blink has no debt on the balance sheet.

Speaker #2: This reflects a more disciplined, scalable approach to product revenue that supports long-term profitability. Service revenue increased 62% to $14.7 million in Q4 2025, up from $9 million in the fourth quarter of last year.

This level of financial discipline gives us flexibility and a strong foundation.

So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail. And I will circle back at the end of the call with our outlook. Michael.

Michael Bercovich: Thank you, Mike, and good afternoon, everyone. 2025 was a monumental year in the history of Blink Charging, and I'm so proud to be a part of it. This was a year defined by building a stronger financial foundation and positioning the business for sustainable operations going forward. Let's turn to slide 12 for our selected financials. Q4 2025 revenues were $27 million compared to $28 million in Q4 2024. For the full year, total revenues were $103.5 million compared to $124 million in 2024. Product revenues for the fourth quarter were $11 million compared to $17.2 million in Q4 last year. As Mike described earlier, this reflects our deliberate strategic decision to prioritize quality of revenue over quantity.

Thank you, Mike, and good afternoon, everyone.

Speaker #2: For the full year, service revenue grew 45% to $49.3 million. This gross validates our strategy of investing in Blink-owned and operated infrastructure and network services.

2025 was a monumental year in the history of Blink Charging, and I'm so proud to be a part of it.

This was a year defined by building a stronger financial foundation and positioning the business for sustainable operations going forward.

Speaker #2: This service revenue is repeatable and recurring in nature, contributing to improved revenue quality and productivity. Other revenues which consist of warranty fees, grants, and rebates, and other revenue items were $1.3 million in the fourth quarter, compared to $1.8 million in the Q4 of last year.

Let's turn to slide 12 for us, selected financials.

Q4 2025 revenues were $27 million compared to $28 million in the fourth quarter of 2024,

For the full year, total revenues were 103.5 million compared to 124 million in 2024.

Speaker #2: The decrease was primarily due to the shift of procuring third-party extended warranty contracts resulting in modifications to the way our warranty revenue was recognized previously, from a gross revenue basis to a net revenue basis.

Product revenue from the fourth quarter was $11 million, compared to $17.2 million in Q4 last year.

Speaker #2: GAAP gross profit in Q4 was $4.3 million, or $15.8% of revenue. This compares to gross profit of $4.4 million, or $15.7% of revenue in Q4 of 2024.

Michael Bercovich: We are focused on higher margin product opportunities and being disciplined in the deals we pursue. With our focused approach for valuating sales and our transition to contract manufacturing, we expect product margins to improve as we move through 2026. This reflects a more disciplined, scalable approach to product revenue that supports long-term profitability. Service revenue increased 62% to $14.7 million in Q4 2025, up from $9 million in Q4 of last year. For the full year, service revenue grew 45% to $49.3 million. This growth validates our strategy of investing in Blink-owned and operated infrastructure and network services. These service revenue are repeatable and recurring in nature, contributing to improved revenue quality and predictability.

And Mike, as discussed earlier, this reflects our deliberate strategic decision to prioritize quality of revenue over quantity.

Well, I focused on higher-margin product opportunities, as being disciplined—that deals with pursuit.

Speaker #2: I want to call out that Q4 included approximately $5.9 million in non-cash adjustments made in inventory, related to our manufacturing transition, and a year-end inventory rationalization.

With our focused approach for evaluating sales and our transition to contract manufacturing, we expect product margins to improve as we move through 2026.

This reflects a more disciplined, scalable approach to product Revenue, that supports long-term profitability.

Speaker #2: Excluding these items, gross margin was approximately 37.8%, significantly above the 34.5% as we reported in Q3 of this year, and year-over-year gross margin improvement of 1,100 basis points.

Service revenue increased 62% to $14.7 million in Q4 2025, up from $9 million in the fourth quarter of last year.

For the full year service Revenue, Google, 45% to 49.3 million.

Speaker #2: And I want to repeat, 1,100 basis points. For the full year 2025, gross margin was 24.6% on a reported basis, impacted by various non-cash inventory charges throughout the year.

This growth validates, our strategy of investing in blink, owned and operated infrastructure and Network Services.

These service revenues are repeatable and recurring in nature, contributing to improved revenue, quality, and productivity.

Michael Bercovich: Other revenues, which consist of warranty fees, grants, and rebates, and other revenue items, were $1.3 million in Q4, compared to $1.8 million in the Q4 of last year. The decrease was primarily due to the shift of procuring third-party extended warranty contracts, resulting in modifications to the way our warranty revenue was recognized previously from a gross revenue basis to a net revenue basis. GAAP gross margin in Q4 was $4.3 million or 15.8% of revenue. This compares to gross profit of $4.4 million or 15.7% of revenue in Q4 of 2024. I want to call out that Q4 included approximately $5.9 million in non-cash adjustments made in inventory related to our manufacturing transition and a year-end inventory rationalization.

Speaker #2: Excluding those charges, full-year gross margin was approximately 36% even. Turning to operating expenses. Total operating expenses reported in Q4 were $37 million, which included $17.9 million related to impairment of Goodwill and $800,000 in intangible assets for our mobility segment.

Other revenues, which consist of warranty, fees, grants, and rebates and other revenue items, were $1.3 million in the first quarter, compared to $1.8 million in Q4 of last year.

Speaker #2: Excluding these non-cash items, stand-out operating expenses were $18.7 million. And when we further exclude approximately $1.2 million of expenses that have been eliminated on a go-forward basis and are not expected to recur, adjusted operating expenses were approximately $17.1 million.

The decree was primarily due to the shift of procuring third-party extended warranty contracts resulting in modifications to the way our warranty Revenue was recognized previously, from a growth Revenue basis to a net revenue basis.

GAAP gross profit in Q4 was $4.3 million, or 15.8% of revenue.

This compares to gross profit of 4.4 million or 15.7% of Revenue in Q4 of 2024.

Speaker #2: This compares to adjusted operating expenses of 25.2 million in Q1 of 2025, representing a 32% reduction over the course of the year. This reduction reflects structural changes to our cost base rather than temporary measures.

Michael Bercovich: Excluding these items, gross margin was approximately 37.8%, significantly above the 34.5% as we reported in Q3 of this year and year over year gross margin improvement of 1,100 basis points. I want to repeat, 1,100 basis points. For the full year, 2025, gross margin was 24.6% on a reported basis, impacted by various non-cash inventory charges throughout the year. Excluding those charges, full year gross margin was approximately 36% even. Turning to operating expenses. Total operating expenses reported in Q4 were $37 million, which included $17.9 million related to impairment of goodwill and $800,000 in intangible assets for our mobility segment. Excluding these non-cash items, standalone operating expenses were $18.2 million.

I want to call out the Q4 included approximately 5.9 million in non-cash adjustments, mainly in inventory related to our manufacturing transition and a year-end inventory rationalization.

Speaker #2: Compensation expenses decreased to $10.5 million from $11.7 million in Q3, sequential improvement of 10% and reflecting the full benefit of our headcount reductions. G&A expenses came down to $3.4 million, from $5.3 million in Q3, a 36% sequential reduction.

Excluding this items gross margin was approximately 37.8% significantly above the 34.5%, as we reported in Q3 of this year and year over year gross margin Improvement of 1100 basis points. And I want to repeat 1100 basis points.

For the full year, 2025 gross margin was 24.6% on a reported basis.

Speaker #2: Driven by continued cost optimization across the organization. The G&A for fourth quarter was $3.4 million, which includes a $1.3 million reversal of bad debt provisions following successful recovery efforts.

Excluding those charges full year. Gross margin was approximately 36% even

Speaker #2: Without this reversal, our G&A expenses would have been $4.7 million, in Q4. Net loss for Q4 was $32.7 million on a reported basis, primarily driven by the non-cash charges I mentioned.

Turning to operating expenses, total operating expenses reported in Q4 were $37 million, which included $17.9 million related to impairment of goodwill and $800,000 in intangible assets for our Mobility segment.

Speaker #2: Adjusted net loss was approximately $6.9 million. Full-year net loss was $83.4 million, on a reporting basis, compared to $201.3 million in prior year. Full-year loss per diluted share was $76 cents, compared to $2 loss in fiscal 2024.

Michael Bercovich: When we further exclude approximately $1.2 million of expenses that have been eliminated on a go-forward basis and are not expected to recur, adjusted operating expenses were approximately $17.1 million. This compares to adjusted operating expenses of $25.2 million in Q1 of 2025, representing a 32% reduction over the course of the year. These reductions reflect structural changes to our cost base rather than temporary measures. Compensation expenses decreased to $10.5 million from $11.7 million in Q3, sequential improvement of 10% and reflecting the full benefit of our headcount reductions. G&A expenses came down to $3.4 million from $5.3 million in Q3, a 36% sequential reduction driven by continued cost optimization across the organization.

Excluding these non-cash items, stand-up operating expenses were $18.7 million.

And we further exclude the approximately $1.2 million of expenses that have been eliminated on a go-forward basis and are not expected to recur. Adjusted operating expenses were approximately $17.1 million,

Speaker #2: Total adjusted EPS in 2025 was a loss of $63 cents, compared to a total adjusted EPS loss of $64 cents in the same period of 2024.

This compares to adjusted operating expenses of $25.2 million in Q1 of 2025, representing a 32% reduction over the course of the year.

This reductions reflect structural changes to our cost base rather than temporary measures.

Speaker #2: Adjusted EBITDA for the fourth quarter of 2025 was a loss of $10.3 million, compared to an adjusted EBITDA loss of $14.8 million in the same period of 2024.

Compensation expenses decreased to 10.5 million from 11.7 million in Q3 sequential Improvement of 10% and reflecting the full benefit of our headphone reductions.

Speaker #2: Normalizing for $6.6 million in recurring headwinds, specifically to a 5.9 million in inventory rationalization and $1.4 million in Blink Forward restructuring compensation costs, and adjusting for $700,000 G&A benefit, our adjusted EBITDA loss narrowed to only $3.7 million.

Michael Bercovich: The G&A for Q4 was $3.4 million, which includes a $1.3 million reversal of bad debt provisions following successful recovery efforts. Without this reversal, our G&A expenses would have been $4.7 million in Q4. Net loss for Q4 was $32.7 million on a reported basis, primarily driven by the non-cash charges I mentioned. Adjusted net loss was approximately $6.9 million. Full year net loss was $83.4 million on a reported basis compared to $201.3 million in prior year. Full year loss per diluted share was $0.76 compared to $2 loss in fiscal 2024. Total adjusted EPS in 2025 was a loss of $0.63 compared to a total adjusted EPS loss of $0.64 in the same period of 2024.

Get a expenses, came down to 3.4 million from 5.3 million in Q3. A, 36% sequential reduction driven by continued cost, optimization across the organization.

The G&A for the fourth quarter was $3.4 million, which includes a $1.3 million reversal of bad debt provisions, following successful recovery efforts.

Speaker #2: The result represents a substantial multi-quarter improvement in financial performance. Total adjusted EBITDA for 2025 was a loss of $58.1 million, compared to a total adjusted EBITDA loss of $52.7 million, in 2024.

Without this reversal, our GNA expenses. We have been 4.7 million in Q4.

Net loss for Q4 was $32.7 million on a reported basis, primarily driven by the non-cash charges. I mentioned

Adjusted. Net loss was approximately 6.9 million.

Speaker #2: Regarding our balance sheet and liquidity. As we previously announced, we successfully raised capital during the fourth quarter, strengthening our financial position to fund our DC fast charging investment program.

Full year is not loss, was 83.4 million dollars on reporting basis, compared to 2013 million dollars in Prior year.

Speaker #2: Cash burn for the quarter was $2 million, comparable to Q3's $2.2 million. This consistency demonstrates that our working capital and cost discipline is durable and not a one-time in nature.

Full year lost per diluted share was 76 cents compared to 2 dollars lost in fiscal 2024.

Speaker #2: Looking at our business outlook, I would like to provide guidance across four key areas. Number one, revenue growth. For fiscal year 2026, we are targeting total revenue in a range of $105 to $115 million, representing 1% to 11% growth over 2025.

Total adjusted EPS in 2025 was a loss of 63 cents. Compared to a total adjusted, EPS, loss 64 cents in the same period of 2024.

Michael Bercovich: Adjusted EBITDA for Q4 2025 was a loss of $10.3 million compared to an adjusted EBITDA loss of $14.8 million in the same period of 2024. Normalizing for $6.6 million in recurring headwinds, specifically $5.9 million in inventory rationalization and $1.4 million in Blink Forward restructuring compensation costs, and adjusting for $700,000 G&A benefit, our adjusted EBITDA loss narrowed to only $3.7 million. The result represents a substantial multi-quarter improvement in financial performance. Total adjusted EBITDA for 2025 was a loss of $58.1 million compared to a total adjusted EBITDA loss of $52.7 million in 2024.

Speaker #2: This is driven by continued expansion and repeatable and recurring service revenues, selective margin accretive strategic product sales, and the contribution from our growing DC fast charging footprint as Mike covered earlier on this call.

Adjusted a bit of for the fourth quarter of 2025 was a loss of 10.3 million compared to an adjusted, a loss of 14.8 million in the same period of 2024 normalizing for 6.6 million dollars. In recurring headwinds specifically to a 5.9 million in inventory, Russian realization and 1.4 million in blink for restructuring compensation costs.

And adjusting for 700,000 GA benefits.

Speaker #2: This revenue target range is particularly encouraging as it represents the clean growth coming out of our restructuring plan last year. Furthermore, we are continuing to lean into our DC fast charging network strategy.

Our adjusted e Los narrowed to only 3.7 million dollars.

The result represents a substantial multi-quarter improvement in financial performance.

Speaker #2: While we are investing heavily in these sites today, we expect to see the initial revenue contribution from this investment in late 2026, with 2027 serving as the first full year of scale revenue from the DC network expansion and our transition to a more robust recurring and repeated revenue model.

Total adjusted EBITDA for 2025 was a loss of $58.1 million, compared to a total adjusted EBITDA loss of $52.7 million in 2024.

Michael Bercovich: Regarding our balance sheet and liquidity, as we previously announced, we successfully raised capital during Q4, strengthening our financial position to fund our DC fast charging investment program. Cash burn for the quarter was $2 million, comparable to Q3's $2.2 million. This consistency demonstrates that our working capital and cost discipline is durable and not a one-time in nature. Looking at our business outlook, I would like to provide guidance across four key areas. Number one, revenue growth. For fiscal year 2026, we are targeting total revenue in the range of $105 to 160 million, representing 1% to 11% growth over 2025.

Speaker #2: This growth is driven by the core operating framework we have established, rather than a balance sheet expansion or elevated cost structures. Patterns that we see with some of our competitors.

Regarding our balance sheet and liquidity. As we previously announced, we successfully raised capital during the fourth quarter, strengthening our financial position to fund our DC fast charging investment program.

Custom for the quarter was million dollars comparable to Q3 is 2.2 million.

Speaker #2: Number two, gross margins. We are targeting gross margins of approximately 34%, 35% for fiscal 2026. The specific level will depend on product revenue mix between L2 and DC chargers, market conditions, and the impact of tariffs on our supply chain.

This consistency demonstrated our working capital and cost discipline is durable and not one-time in nature.

Speaker #2: We see an opportunity for $100 to $300 basis points of gross margin improvement as we realize the full benefits of contract manufacturing and favorable revenue mix shift.

Michael Bercovich: This is driven by continued expansion in repeatable and recurring service revenues, selective margin accretive strategic product sales, and the contribution from our growing DC fast charging footprint as Mike covered earlier on this call. This revenue target range is particularly encouraging as it represents the clean growth coming out of our restructuring plan last year. Furthermore, we are continuing to lean into our DC fast charging network strategy. While we are investing heavily in these sites today, we expect to see the initial revenue contribution from this investment in late 2026, with 2027 serving as the first full year of scale revenue from the DC network expansion and our transition to a more robust recurring and repeating revenue model.

Looking at our business outlook, I would like to provide guidance across four key areas. Number one, revenue growth for fiscal year 2026—we are targeting total revenue in the range of $105 to $150 million, representing 1 to 112.5.

This is driven by continued expansion and repeatable, recurring service revenues.

Speaker #2: Number three, cash flow and liquidity. Operational discipline has directly translated to our bottom line and cash preservation goals. For the second consecutive quarter, our total cash burns, including essential capital investments, have stabilized at approximately $2 million per quarter, and we can see the same pattern in Q1 of 2026.

Selective margin of creative. Strategic product sales.

And the contribution from our growing DC fast charging footprint, as I covered earlier on this call.

This revenue target range is particularly encouraging, as it represents the clean growth coming out of our restructuring plan last year.

Following more, we are continuing to lean into our DC fast charging network strategy.

Speaker #2: Through the successful execution of our working capital and liquidity management programs, we have extended our runway, allowing us to find our DC fast charging growth initiatives from a position of strength.

Speaker #2: Lastly, number four, path to profitability. With operating expenses down approximately 30% year over year, and significantly leaner operations, we are aggressively working toward operational cash flow breakeven.

Serving the first full year of scaled revenue from the DC network expansion and our transition to a more robust recurring and repairing revenue model.

Michael Bercovich: This growth is driven by the core operating framework we have established rather than a balance sheet expansion or elevated cost structures, patterns that we see with some of our competitors. Number two, gross margins. We are targeting gross margins of approximately 34% to 35% for fiscal 2026. The specific level will depend on product revenue mix between L2 and DC chargers, market conditions, and the impact of tariffs on our supply chain. We see an opportunity for 100 to 300 basis points of gross margin improvement as we realize the full benefits of contract manufacturing and favorable revenue mix shift. Number three, cash flow and liquidity. Operational discipline has directly translated to our bottom line and cash preservation goals.

Speaker #2: We anticipate significantly reduced adjusted EBITDA loss compared to prior periods. This improvement is supported by the operating leverage, created through our cost reductions, and revenue mix shift.

This growth is driven by the core operating framework we have established, rather than a balance sheet extension or elevated cost structure patterns that we see with some of our competitors.

Number 2 cross margins.

We are targeting gross margins of approximately 34% to 35% for fiscal 2026.

Speaker #2: We also expect continued operational improvements to position the company for profitability. This is a target for us, an internal measure, and KPI, and we will continue to pull levers across both revenue growth and expense optimization to achieve it.

The specific level will depend on product revenue, the mix between L2 and DC chargers, market conditions, and the impact of terrorists on our supply chain.

Speaker #2: And with the few levers that we are targeting is our revenue growth and product sales that are focused and disciplined in various tactical opportunities to shed significant costs that are not related to headcount, but operational excellence.

We see an approx, we see an opportunity for 100 to 300 basis, points of gross margin Improvement. As we realize the full benefits of contract manufacturing, and favorable Revenue, mix shift,

Number 3, cash flow and liquidity.

Michael Bercovich: For the second consecutive quarter, our total cash burn, including essential capital investments, has stabilized at approximately $2 million per quarter, and we can see the same pattern in Q1 of 2026. Through the successful execution of our working capital and liquidity management programs, we have extended our runway, allowing us to fund our DC fast charging growth initiative from a position of strength. Lastly, number four, path to profitability. With operating expenses down approximately 30% year over year and significantly leaner operations, we are aggressively working toward operational cash flow breakevens. We anticipate significantly reduced adjusted EBITDA loss compared to prior periods. This improvement is supported by the operating leverage created through our cost reductions and revenue mix shifts. We also expect continued operational improvements to position the company for profitability.

Speaker #2: We believe that with successful execution that we have already exhibited during this last year, we will see additional increases in our margins. This seems for improvement include optimizing charging demand fees, simplifying our payment processing and SIM card fee structures, and rationalizing charger assets.

Speaker #2: We have concluded an internal review and, with a unified effort, these items with progress tracked and reported accordingly. Some of our peers continue to struggle with legacy debt and high cash burn.

Operational discipline has directly translated to our bottom line and cash preservation goals for the second consecutive quarter. Our total cash Burns including essential Capital Investments has stabilized at approximately 2 million dollars per quarter and we can see the same pattern in q1 of 2026 through the successful execution of our working capital and liquidity Management Programs. We have extended our Runway allowing us to find our DC fast charging growth initiative.

From a positional strength.

Lastly, number four, pass to profitability.

Speaker #2: Our no-debt lean balance sheet position allows us for aggressive capital-efficient DC fast infrastructure deployment, a significant difference as we move towards profitability while maintaining financial flexibility and discipline.

with operating expenses down approximately 30% year-over-year and significantly linear operations, we are aggressively working toward operational, cash flow break even

They anticipate a significantly reduced, just added loss compared to prior periods.

Speaker #2: I will now turn back over to Mike to wrap it up. Go ahead, Mike.

Speaker #1: All right. Thanks, Michael. And the call didn't drop, which is nice. So the fourth quarter and full year 2025 represents a defining chapter for Blink Charging.

This Improvement is supported by the operating leverage, created through our cost reductions and revenue, mix shift.

Michael Bercovich: This is a target for us, an internal measure and KPI, and we will continue to pull levers across both revenue growth and expense optimization to achieve it. With the few levers that we are targeting is our revenue growth and product sales that are focused and disciplined in various tactical opportunities to shed significant costs that are not related to headcount, but operational excellence. We believe that with successful execution that we have already exhibited during this last year, we will see additional increases in our margins. The themes for improvement include optimizing charging demand fees, simplifying our payment processing and SIM card fee structures, and rationalizing charger assets. We have concluded an internal review and with a unified effort, these items, with progress tracked and reported accordingly. Some of our peers continue to struggle with legacy debt and high cash burn.

Speaker #1: As we continue Blink forward into 2026, our focus is on building a business that can stand and grow on its own. We have transformed this company from the ground up and accomplished several notable milestones including reducing our headcount and operating expenses significantly.

We also expect continued operational improvements to position the company for profitability. This is the target for us and an internal measure and KPI. And we will continue to pull levers across both revenue growth and expense optimization to achieve it.

Speaker #1: Transitioning to contract manufacturing and improving working capital. Reducing quarterly cash burn from $15 million to $2 million. Improving our repeatable and recurring revenue mix raising $20 million with favorable terms and beginning deployment of our high-speed DC charging footprint.

And with the fuel levels that we are targeting, is our revenue growth in product sales that are focused and disciplined in various tactical opportunities to shed significant costs that are not related to headcount, but operational excellence.

That we believe that with the successful execution that we have already exhibited during this last year, we will see additional increases now. Margins,

The things for improvement include optimizing charging, demand fees simplifying, our payment processing and SIM card fee structures and rationalizing, charger assets.

Speaker #1: Since my time as CEO, I've been clear about what we set out to do, and we've executed against it. We set it, we did it, and the results are visible in the business today.

We have concluded an internal review, and with a unified effort, these items have had progress tracked and reported accordingly.

Speaker #1: That same disciplined approach continues to guide how we operate as we move into 2026 and beyond. So I would like to extend a thank you to the Blink team for its resilience and focus throughout this past year of transformation.

Michael Bercovich: Our no-debt and balance sheet position allows for aggressive, capital-efficient DC fast infrastructure deployment, a significant difference as we move toward profitability while maintaining financial flexibility and discipline. I will now turn back over to Mike to wrap it up. Go ahead, Mike.

Some of our peers continue to struggle with Legacy debt and high cash burn.

Speaker #1: And I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every day. So with that, let's move on to Q&A.

We know that the imbalance repositioned allows us for aggressive capital, efficient DC, fast infrastructure deployment—a significant difference as we move towards profitability while maintaining financial flexibility and discipline.

Speaker #1: Operator?

I will now turn back over to Mike to wrap it up. Go ahead, Mike.

Michael C. Battaglia: All right. Thanks, Michael. The call didn't drop, which is nice. The fourth quarter and full year 2025 represents a defining chapter for Blink Charging. As we continue Blink Forward into 2026, our focus is on building a business that can stand and grow on its own. We have transformed this company from the ground up and accomplished several notable milestones, including reducing our headcount and operating expenses significantly, transitioning to contract manufacturing and improving working capital, reducing quarterly cash burn from $15 million to $2 million, improving our repeatable and recurring revenue mix, raising $20 million with favorable terms, and beginning deployment of our high-speed DC charging footprint. Since my time as CEO, I've been clear about what we set out to do, and we've executed against it.

Speaker #2: Thank you. Ladies and gentlemen, at this time, we will be conducting our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

All right, thanks, Michael, and the call didn't drop, which is nice.

so the fourth quarter and full year 2025 represents a defining chapter for Blink charging

Speaker #2: A confirmation tone will indicate your line is in the question queue. And you may press star two if you wish to remove your question from the queue.

As we continue to blink forward into 2026.

Our focus is on building a business that can stand and grow on its own.

Speaker #2: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions.

We have transformed this company from the ground up and accomplished several notable milestones.

Including reducing our headcount and operating expenses significantly.

Transitioning to contract manufacturing and improving working capital.

Speaker #2: Thank you. Our first question is coming from Craig Irwin with Roth Capital Partners. Your line is live.

Reducing quarterly cash burn from $15 million to $2 million.

Improving our repeatable and recurring revenue mix.

Speaker #3: Hi, good evening, gentlemen. Congratulations on strong execution in this environment. So Michael, I wanted to start by asking about the impact of your restructuring, right?

Raising 20 million with favorable terms and beginning deployment of our high-speed DC charging footprint.

Speaker #3: The way you've repositioned the business for better profitability in '26. The big item, I guess, is the repositioning of your manufacturing and the change in strategy around the way you're managing working capital.

Michael C. Battaglia: We said it, we did it, and the results are visible in the business today. That same disciplined approach continues to guide how we operate as we move into 2026 and beyond. I would like to extend a thank you to the Blink team for its resilience and focus throughout this past year of transformation. I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every day. With that, let's move on to Q&A. Operator.

Since my time as CEO, I've been clear about what we set out to do, and we've executed against it.

We set it. We did it. And the results are visible in the business today.

That same disciplined approach continues to guide how we operate as we move into 2026 and beyond.

Speaker #3: That's generated a lot of improvement for you, like a great significant very significant reduction in cash needs. But the overall benefit is still cutting in, at least as far as I understand.

So I would like to extend a thank you to the blink team for its resilience and focus throughout this past year of transformation.

And I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every day.

Speaker #3: Can you help us unpack how this continues to benefit you over the course of this year? You got your burn down to was it $2 million a quarter, which is incredible.

So, with that, let's move on to Q&A, operator.

Operator: Thank you. Ladies and gentlemen, at this time, we will be conducting our question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, and you may press star two if you wish to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question is coming from Craig Irwin with Roth Capital Partners. Your line is live.

Ladies and gentlemen, at this time we will be conducting our question and answer session.

Speaker #3: I mean, yeah, better than last quarter. I mean, again, but how does this continue to benefit the organization over the course of this year?

If you would like to ask a question, please press *1 on your telephone keypad.

A confirmation tone will indicate your line is in the question queue.

Speaker #3: Does this bring down OPEX further? Does it improve overall cash needs? And can you talk about the facility footprint? Are there likely changes now that you've made the key changes at the company?

And you may press star 2. If you wish to remove your question from the queue,

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

One moment, please, while we pull up the questions.

Thank you.

Speaker #1: Craig, let me I'll start, and then I'm sure Michael's going to jump in on this. So one of the things that we introduced into Blink this year is and we talk about it all the time.

Our first question is coming from Craig Irwin with Roth Capital Partners. Your line is live.

Craig Irwin: Good evening, gentlemen. Congratulations on strong execution in this environment. Michael, I wanted to start by asking about the impact of your restructuring, right? The way you've repositioned the business for better profitability in 2026. The big item, I guess, is the repositioning of your manufacturing and the change in strategy around the way you're managing working capital. That's generated a lot of improvement for you, like a very significant reduction in cash needs. But the overall benefit is still kicking in, at least as far as I understand. Can you help us unpack how this continues to benefit you over the course of this year? You got your burn down to, was it $2 million a quarter, which is incredible.

Uh, good evening, gentlemen. Um, congratulations on strong execution in this environment.

Speaker #1: Is a notion of radical simplicity. So we use that against everything we're doing at the company. So how can we reduce complexity throughout every facet of this organization in order to enable focused execution on the core parts of the business?

So, Michael, I wanted to start by asking, um,

About the impact of your restructuring, right? The way you've repositioned the business for better profitability, um, in '26.

Speaker #1: So let me unpack that a little bit. So when you look at this major shift that you referenced from in-house production to contract manufacturing, what's the benefit?

Um, the the big item I guess is the, um, the repositioning of your manufacturing and, um, the change in in strategy around the way you're managing working capital. And that's that's generated a lot of, um,

Speaker #1: Well, first of all, and I'm going to start with the bottom line, and then work back. The bottom line are cost per unit did not change.

Uh, improvement for you like a great, significant—very significant—reduction in cash needs. Um,

Speaker #1: So think about that. We were building units ourself. We outsourced them to contract manufacturers. And the cost per unit stayed the same. So what's the implication of that?

Michael C. Battaglia: Two.

Craig Irwin: I mean.

Michael C. Battaglia: Yes.

Craig Irwin: Yeah, better than last quarter. I mean, again, but how does this continue to benefit the organization over the course of this year? You know, does this bring down OpEx further? Does it improve overall cash needs? You know, can you talk about the facility footprint? Are there likely changes now that you've made the key changes at the company?

Speaker #1: The implication of that is that we don't have to manage the entire supply chain. We don't have to stock parts. We don't have to forecast individual components.

Speaker #1: We have significantly reduced inventory risk on our balance sheet. And so then it brings us to a point where we can simply plan for demand.

But the overall benefit is still cutting in at least, as far as I understand. Can you help us unpack? How this continues to benefit you over the course of this year? You got your burndown to uh was it 2 million a quarter? Which is incredible. I mean, it's yeah better than last quarter. I mean again. Um but how does how does this continue to be to benefit the organization over the course of this year? You know, does this does this bring down Opex further? Does it, does it improve overall cash needs. Um, and you know

Michael C. Battaglia: You know, Craig, let me. I'll start, and then I'm sure Michael's gonna jump in on this. You know, one of the things that we introduced into Blink this year is, and we talk about it all the time, is a notion of radical simplicity. We use that against everything we're doing at the company. How can we reduce complexity throughout every facet of this organization in order to enable focused execution on the core parts of the business? Let me unpack that a little bit. When you look at this major shift that you referenced from in-house production to contract manufacturing, what's the benefit? Well, first of all, and I'm gonna start with the bottom line and then work back. The bottom line, our cost per unit did not change. Think about that.

Can you talk about the facility footprint? Um, are there likely changes now that you've made the, uh, the key changes at the company?

Speaker #1: So we can forecast out one SKU, two SKUs, five SKUs. Rather than 500 SKUs associated with components and manufacturing. It also allows us to carry less inventory.

You know, I think Craig, let me just I'll start and then I'm sure Michael's going to going to jump in on this.

so,

you know, 1 of the things that we introduced into blink this year.

Is.

And we talk about it all the time is a notion of radical simplicity.

so, we

Speaker #1: So to be far more efficient from a working capital standpoint and to think of the business more in a just-in-time inventory-type environment. So we've never built DC fast chargers, if you think about it.

Use that against everything we're doing at the company.

So, how can we reduce complexity throughout every facet of this organization?

In order to enable.

Speaker #1: We've always sourced them. And now we're just simply extending that and doing that the same on the L2 side. So Michael, I think you probably have some perspective on this as well.

Focused execution on the core parts of the business. So let me unpack that a little bit. So, when you look at this major shift that you referenced, from in-house production to contract manufacturing.

Speaker #3: Yeah, absolutely, Craig. This is a great question. And really one of the most maybe important shifts in the business over the past few quarters.

What's the benefit?

Well, first of all.

Speaker #3: The improvement is really driven by a combination of factors that Mike was mentioning. First, we've become significantly more disciplined. In everything we do, cash burn on collections, right?

And I'm going to start with the bottom line and then work back. The bottom line, our cost per unit did not change.

Michael C. Battaglia: We were building units ourselves. We outsourced them to contract manufacturers, and the cost per unit stayed the same. What's the implication of that? The implication of that is that we don't have to manage the entire supply chain. We don't have to stock parts. We don't have to forecast individual components. We have significantly reduced inventory risk on our balance sheet. It brings us to a point where we can simply plan for demand. We can forecast out 1 SKU, 2 SKUs, 5 SKUs, rather than 500 SKUs associated with components and manufacturing. It also allows us to carry less inventory, so to be far more efficient from a working capital standpoint and to think of the business more in a just-in-time inventory type environment.

So, think about that, we were building this. We were building units ourselves.

We Outsource them to contract manufacturers.

And the cost per unit stay the same.

Speaker #3: We're collecting faster and more consistently than at any point historically, which we would have had a meaningful impact on our working capital. Two quarters in a row, as you said, and I already provided a hint in the Q1 2026.

So, what's the implication of that? The implication of that, is, that we don't have to manage the entire supply chain. We don't have to stock parts. We don't have to forecast individual components.

Speaker #3: Second, we structured and reduced operating expenses. So the actions we have taken under the Blink 4 initiative. Then one-time benefit. This is not a one-time benefit.

We have significantly reduced revenue and inventory risk on our balance sheet.

and so, then it, it brings us to a point where we can simply plan for demand, so we can forecast out

Speaker #3: This is a reset. Complete reset of the cost base. And as Mike talked about reducing inventory levels, this is all part of our transition to contract manufacturing and really becoming more disciplined and focused.

1 SKU 2 skus 5 skus rather than 500 skus associated with components and Manufacturing.

Speaker #3: And it freed up cash and reduced balance sheet intensity, which is, again, if you're comparing companies, our balance sheet is very light. And it will allow us to be nimble, allow us to be agile, so when we put all this together, you're seeing a much more efficient operating model.

Michael C. Battaglia: We've never built DC fast chargers, if you think about it. We've always sourced them. Now we're just simply extending that and doing that the same, on the L2 side. Michael, I think you probably have some perspective on this as well.

It also allows us to carry less inventory, so to be far more efficient from a working capital standpoint, and to think of the business more in a just-in-time inventory type environment.

So, we've never built DC fast chargers. If you think about it, we've always sourced them.

Speaker #3: And we expect to continue managing cash burn and our business at this reduced level going forward.

And now we're just simply extending that and doing the same, uh, on the L2 side.

So Michael, I think you you probably have some perspective on this as well.

Michael Bercovich: Yeah, absolutely. Craig, this is a great question, and really one of the most maybe important shifts in the business over the past few quarters. The improvement is really driven by a combination of factors that Mike was mentioning. First, we've become significantly more disciplined in everything we do, cash burn on collections, right? We're collecting faster and more consistently than at any point historically, which will have a meaningful impact on our working capital. Two quarters in a row, as you said, and I already provided a hint in the Q1 2026. Second, we structurally reduced operating expenses through the actions we have taken under the Blink Forward initiative. The one-time benefit, this is not a one-time benefit. This is a reset, complete reset of the cost base.

Speaker #4: Excellent. Excellent. Well, that's big progress. And it actually segues nicely into my next question. So the investment community is very realistic about the EV and charging demand environment right now.

Yeah, absolutely. Craig, this is a great question. I really 1 of the most maybe important shifts in the business, although the past few quarters.

Speaker #4: So I don't think anyone's going to not understand your revenue guidance for this year. The one area, though, that I think is a nice surprise is the gross margin line.

Speaker #4: So this doesn't benefit directly from the working capital and manufacturing strategy changes that you've implemented. If the cost per unit's unchanged, so clearly mixed.

The Improvement is really driven by a combination of factors that Mike was mentioning first would become significantly more disciplined in everything. We do cash burn on collections, right? We're collecting faster and more consistently that at any point historically, which you will have a meaningful impact on our working capital.

2 quarters and they're always said, can I already provided him to the q1 2026?

Speaker #4: And the internal initiatives it's your control, right? This is your initiative that's driving this gross margin execution better or execution outlook better. Than what we've been seeing and what we've been expecting.

Taken.

Michael Bercovich: As Mike talked about reducing inventory levels, that this is all part of our transition to contract manufacturing and really becoming more disciplined and focused. It freed up cash and reduced balance sheet intensity, which is again, if you're comparing companies, our balance sheet is very light, and it will allow us to be nimble, allow us to be agile. When we put all this together, you're seeing a much more efficient operating model, and we expect to continue managing cash burn and our business at this reduced level going forward.

Speaker #4: Can you maybe just talk a little bit more about the opportunity on the margin side? How does this come together for you? How long you've been working on this?

Speaker #4: And your confidence in this trajectory because it clearly is something that's been under your control. You've made changes. And it's delivering.

Speaker #1: Yeah. Yeah. It's actually a great question. And again, I'll start and I'll let Michael I think we're excited to answer this question. So first of all, when you look at when you look at the progress we made during 2025, we restructured the business with really big levers.

Uh, under the blink for of initiative. Then, one-time benefit. This is not a one-time benefit. This is a reset—complete reset of the cost base. And, as Mike talked about, reducing inventory levels, this is all part of our transition to contract manufacturing and really becoming more disciplined and focused—which has freed up cash and reduced balance sheet intensity. Which is, again, if you're comparing companies, our balance sheet is very light, and it will allow us to be nimble, allow us to be agile. So, when we put all this together, you're seeing a much more efficient operating model, and we expect to continue managing cash burn and our business at these reduced levels going forward.

Craig Irwin: Excellent. Well, that's big progress. It actually segues nicely into my next question. You know, the investment community is very realistic about the EV and charging demand environment right now. I don't think anyone's gonna not understand your revenue guidance for this year. The one area, though, that I think is a nice surprise is the gross margin line. This doesn't benefit-

Excellent. Excellent. Well, that's big progress, and it actually segues nicely into my next question.

Speaker #1: We reduced headcount nearly 50%. We looked at software subscriptions and all of the normal places that you would go in order to try to cut costs.

Speaker #1: We rationalized facilities. So we exited some of our facilities in order to save costs. I mean, we did many, many things, but they were big and visible.

Michael Bercovich: Mm-hmm.

Craig Irwin: directly from the working capital and manufacturing strategy changes that you've implemented, you know, if the cost per unit is unchanged. Clearly mix and the internal initiatives, you know, it's your control, right? This is your initiative that's driving this gross margin execution better or execution outlook better, than what we've been seeing and what we've been expecting. Can you maybe just, you know, talk a little bit more about, you know, the opportunity on the margin side, you know, how this has come together for you, how long you've been working-

Speaker #1: Now what we're doing going into 2026 is exactly the question you asked. What we're saying the way we look at the business is we said, "Okay, those things were visible.

Speaker #1: What are the underlying costs that are below the surface that are not immediately visible that affect our margins?" And so Michael mentioned them a bit in his comments.

So uh, you know, the investment Community is very realistic about the um, the EV and charging, uh, demand environment right now. So I don't think anyone's going to not understand your Revenue guidance for this year. Um, the, the 1 area is though that, um, I think is a, is a nice surprise, uh, is the, uh, gross margin lines. So this this doesn't benefit, um, directly from the, uh, the working capital and uh, and and Manufacturing strategy changes that you've implemented. You know, if if if the cost per unit is unchanged. So clearly mixed and the internal initiatives.

Speaker #1: They're things like warranty costs, shipping costs, SIM card fees. So a SIM card like a cell phone SIM card that they also go into chargers.

Speaker #1: So how much are we paying for those? Payment service transaction fees. So that we are incurring on our network. Energy management in terms of things like demand fees and how can we better procure energy so that we don't get hit by demand fees on DC fast chargers.

Michael Bercovich: Yep.

Craig Irwin: On this?

Michael Bercovich: Yep. Yep.

Craig Irwin: You know, your confidence in this trajectory because it clearly is something that's been under your control, you've made changes, and it's delivering.

Michael C. Battaglia: Yeah. It's actually a great question, and I'll start again, and I'll let Michael. I think we're excited to answer this question.

You know it's your control right? This is your initiative, that's driving this gross margin execution, better or execution, Outlook better, um than than what we've been seeing and what we've been expecting. Um, Can can you maybe just, you know, talk a little bit more about, you know, the the opportunity on the margin side, you know, how this has come together for you, how long you've been, you've been working on this and um, you know, your confidence in the trajectory because it clearly is something that's been under your control, you've made changes and it's delivering

Speaker #1: So there's multiple things that we're looking at that will directly affect margins.

Craig Irwin: Yeah.

Michael C. Battaglia: First of all, when you look at the progress we made during 2025, we restructured the business with really big levers. You know, we reduced headcount, you know, nearly 50%. We looked at software subscriptions and all of the normal places that you would go in order to try to cut costs. We rationalized facilities. You know, we exited some of our facilities in order to save costs. I mean, we did many things, but they were big and visible. Now what we're doing going into 2026 is exactly the question you asked. The way we look at the business is we said, okay, those things were visible.

Yeah, yeah, it's actually a great question. And again, I'll start and then I'll let Michael—this is, I think, we're excited to answer this question. Yeah. So, first of all, when you look at, when you look at the progress we've made,

Speaker #2: And Mike, that's exactly right.

Speaker #3: Yeah. That's exactly right. And the improvements are very different from what we did in 2025. And I'm not going to, again, call out the levers themselves that we talked about.

Speaker #3: But in a nutshell, 2025, we focused on larger structural levers, as you said, reduced exposure to low margin activity, structured operation, reset the cost base.

During 2025, we restructured the business with really big levers, you know, we, we, we reduced headcount, you know, nearly 50%, we uh, uh, uh, looked at software subscriptions and all of the normal places that you would go in order to try to cut cost.

Speaker #3: 2026, as you said, below the service improvements, it's all about operational optimization. And that's what's exciting about it because we're coming out of the restructuring so strong.

Michael C. Battaglia: What are the underlying costs that are below the surface that are not immediately visible that affect our margins?" Michael mentioned them a bit in his comments. They're things like warranty costs, shipping costs, SIM card fees. A SIM card, like a cell phone SIM card that they also go into chargers. How much are we paying for those? Payment service transaction fees so that we are incurring on our network. Energy management in terms of things like demand fees and how can we better procure energy so that we don't get hit by demand fees on DC fast chargers. There's multiple things that we're looking at that will directly affect margins.

Speaker #3: And individually, those are smaller levels, but collectively, they can drive meaningful margin expansion. And we believe that this will help us as we continue moving forward with our multi-year strategy.

We rationalized facilities. So, you know, we exited some of our facilities in order to save cost. I mean, we did many, many things, but they were big and visible. Now, what we're doing going into 2026 is exactly the question you asked. What we're saying, the way we look at the business is, we said, okay, those things were visible—what are the underlying costs?

Speaker #4: That makes a lot of sense. That makes a whole lot of sense. So then multi-year strategy, right? Again, dovetails perfectly into my last question, if I may.

That are below the surface that are not immediately visible that affect our margins. And so Michael mentioned them a bit. In his, in his comments, there are things like warranty costs shipping costs,

Speaker #4: So we all know that you guys have been working so hard this last year to develop a strategy to get to EBITDA positive, right?

Speaker #4: I know you guys want to make money, not just grow fast and grow at the best rate you can, given the overall demand environment.

Speaker #4: But I know you want to do that while making money. Are there any major items you can call out for us as external observers of the company that might facilitate that?

SIM card fees. So a SIM card like a cell phone SIM card that they also go into Chargers. So how much are we paying for those, uh, payment Service, uh, uh, transaction fees? So that we are incurring on our Network Energy Management in terms of things like demand fees and how can we better? Procure energy, so that we don't get hit by demand fees on DC fast Chargers.

So, there are multiple things that we're looking at.

That will directly affect margins.

Craig Irwin: Mike.

Michael C. Battaglia: Mike.

Craig Irwin: That's exactly right.

Michael C. Battaglia: Yeah, go ahead.

Michael Bercovich: Yeah, that's exactly right. You know, the improvements are very different from what we did in 2025. I'm not gonna, again, call out the levers and results that we talked about. In a nutshell, 2025, we focused on larger structural levers, as you said, reduced exposure to low-margin activities, restructuring operations. Reset the cost base. 2026, as you said, below the service improvements, it's all about operational optimization. That's what's exciting about it because we're coming out of the restructuring so strong. Individually, those are smaller levers, but collectively, they can drive meaningful margin expansion, and we believe that this will help us as we continue.

Speaker #4: Clearly, revenue is one. That's environment-driven. But are there other things like changes in the portfolio or gaps that you'd like to close that can get you there?

Speaker #4: And is there something we can maybe consider as a timeline or a loose goal given that, I guess, the board has to approve disclosure of targets?

Speaker #4: But if we just talk aspirations. That might be a loophole. You know what I'm saying?

Speaker #1: Yeah. Hey, Craig, again, I'll start. So first of all, we are hell-bent at this company on getting a profitability. And we're not going to wait for the market to take us there.

Yeah, that's exactly right. And uh, you know, the improvements are very different from what we did in 2025 and I'm not going to again, call out the the levers themselves that we talked about. But in in, in a nutshell, 25 we focused on larger structural. Levers, as you said, reduced exposure to low margin activities, structure of operations, reset, the cost made 26. As you said below the service improvements. It's all about operational, optimization. And that's what's exciting about it because we're coming out of the restructuring. So strong and individually. Those are smaller levels, levers, but collectively.

Craig Irwin: Yeah.

Michael Bercovich: Moving forward with our multi-year strategy.

Speaker #1: And I want to say that again. We are not going to wait for the market to take us there. So we want to continue this theme that we set out last year into right now, which is, "Look, we're going to tell you what we feel comfortable telling you in terms of the operating environment of the business.

They can drive meaningful margin expansion, and we believe that this will help us as we continue moving forward with our multi-year strategy.

Craig Irwin: That makes a lot of sense. That makes a whole lot of sense. You know, multi-year strategy, right? Again, dovetails perfectly into my last question, if I may. You know, we all know that you guys have been working so hard this last year to develop a strategy to get to EBITDA positive, right? I know you guys wanna make money, not just grow fast, and grow at the best rate you can, given the overall demand environment. I know you wanna do that while making money. You know, are there any major items you can call out for us, you know, as external observers of the company, that might facilitate that?

Speaker #1: And then we want to deliver on that. And then hopefully, surpass that." So we're not giving guidance right now. But we're going to continue to optimize on the expense side and then Craig, it's interesting.

You guys want to make money, not just grow fast, uh, and, and grow at the, at the best rate you can, um, given the overall demand environment, but I know you want to do that while making money.

Speaker #1: I mean, if you look at for me personally, as CEO of the company, last year was all inward-focused. It was cutting expenses. It was restructuring.

Craig Irwin: You know, clearly revenue is one that's environment driven, but are there other things like changes in the portfolio or gaps that you'd like to close that can get you there? You know, is there something we can maybe consider as a timeline or a loose goal, given that, you know-

Speaker #1: It was making sure that we right-sized the business. This year, I'm going to leave that to my compatriot, Michael Berkovich, and my whole focus is working with the sales team on growing top-line revenue because that's what we need to do.

Um, you know are there any major items you can call out for us? Um, you know as external observers of the company. Um, that might facilitate that. You know, clearly revenue is 1, that's environment driven. But are there are there other things like changes in the portfolio or gaps that you'd like to close. Um that can get you there. Um and you know,

Speaker #1: And within growing top-line revenue, we need to really understand and really go after and really stay focused on the product sales segments that are moving in the industry, not phantom segments that people keep hoping for.

Craig Irwin: I guess the board has to improve disclosure of targets, but if we just talk, you know, aspirations that might be a loophole. You know what I'm saying?

Is there something we can? We can we can maybe consider, uh, as a, as a timeline or a, um, you know, a loose goal. Um, given that, you know, I guess the board has to approve, uh, disclosure of targets. But, if we just talk, you know, aspirations that, that might be a loophole, you know what I'm saying?

Michael C. Battaglia: Yeah. Hey, Craig, again, I'll start. First of all, we are hell-bent at this company on getting to profitability. We're not gonna wait for the market to take us there. I wanna say that again. We are not gonna wait for the market to take us there. We want to continue this theme that we set out last year and into right now, which is, look, we're gonna tell you what we feel comfortable telling you in terms of the operating environment of the business, and then we wanna deliver on that, and then hopefully surpass that. We're not giving guidance right now, but we're gonna continue to optimize on the expense side. You know, Craig, it's interesting.

Speaker #1: But where's the actual activity happening? And how can Blink maximize its position within those particular verticals? So we're not going to run after everything.

Yeah. Hey Craig, again, I... I'll start. So

Speaker #1: We're going to run after the stuff that makes sense to run after where we see a market. So Michael, I don't know if you have anything to add to that.

First of all, we are hellbent at this company on getting to profitability, and we're not going to wait for the market to take us there. And I want to say that again: we are not going to wait for the market to take us there.

So,

Speaker #3: Yeah. Mike, thank you for that. And for me, it's all about two things that you mentioned: operational excellence. Last year, we hit a lot of balls and a lot of things worked out for us.

We want to continue this theme.

that we set out last year and into into right now, which is look, we're going to tell you

Speaker #3: This year, it's going to be operational excellence, going and turning every stone that we already turned and turning it again. Sales, smart sales, with higher gross margin, and complete the shift of the repeatable and recurring revenue that we already talked about.

what we feel comfortable telling you in terms of the, the operating environment of the business and then we want to deliver on that and then hopefully, surpass that

So, we're not giving guidance right now.

Uh, but we're going to continue to optimize on the expense side.

Michael C. Battaglia: I mean, if you look at, you know, for me personally, as CEO of the company, last year was all inward-focused. It was cutting expenses, it was restructuring, it was making sure that we right-sized the business. This year, I'm gonna leave that to my compatriot, Michael Bercovich, and my whole focus is working with the sales team on growing top-line revenue, because that's what we need to do. Within growing top line revenue, we need to really understand and really go after and really stay focused on the product sales segments that are moving in the industry, not phantom segments that people keep hoping for. Where's the actual activity happening, and how can Blink maximize its position within those particular verticals? We're not gonna run after everything. We're gonna run after the stuff that makes sense to run after where we see a market.

And then, you know, Craig, it's a, it's a, it's interesting. I mean, if you look at, you know, for me, personally, as CEO of the company,

Speaker #3: We have inspiration. So our DC fast charging network to produce more higher margin, repeatable sales. That will help us to get to profitability. We do provide guidance that this year, we anticipate a significantly lower loss on our adjusted EBITDA.

Last year was all inward focused; it was cutting expenses, it was restructuring. It was making sure that we rightsize the business. This year, I'm going to leave that to my compatriot Michael Bercovich.

Speaker #3: And we're seeing that even from Q4, the number that we got to under $4 million and we continue driving it down. From here, we need to continue investing the business, continue doing what we did.

Speaker #3: And we'll get there. This is something that I know we all as a team working on, Craig. And there's a lot of opportunities, as I said, for 100 to 300 basis points on the gross margin and then also an operating expenses will continue doing that.

Michael C. Battaglia: Michael, I don't know if you have anything to add to that.

And my whole focus is working with the sales team on growing Topline Revenue because that's what we need to do. And within growing Topline Revenue, we need to really understand and really go after and really stay focused on the product sales segments that are moving in the industry. Not Phantom, uh, segments. That people keep hoping for, but where's the actual activity happening? And how can blink maximize its position within those particular verticals. So we're not going to run after everything, we're going to run after the stuff that makes sense to run after where we see a market. So Michael, I don't know if you have anything to add to that.

Michael Bercovich: Yeah. Mike, thank you for that. For me, it's all about two things that you mentioned: operational excellence. Last year, we hit a lot of balls and a lot of, you know, things worked out for us. This year it's gonna be operational excellence, going and turning every stone that we already turned and turning it again. Sales, smart sales with a higher gross margin and complete the shift of the repeatable and recurring revenue that we already talked about. We have inspiration through our DC fast charging network to produce more higher margin, repeatable sales that will help us to get to profitability.

Speaker #3: But we're very, very focused on what matters. And the business and profitability are incredibly important to us.

Speaker #2: Thank you. Our next question is coming from Ryan Pfingst. With B. Riley, your line is live.

Speaker #5: Hey, guys. Thanks for taking my questions. I guess just on the first one, the revenue range for 2026, could you talk about the cadence a little bit for the year?

Speaker #5: And then maybe what are some of the drivers that could get you towards the higher end of the range, versus the lower end?

Speaker #1: Yeah. So cadence-wise, if you look at our business historically, 2024 was, I think, a little bit of an anomaly. But if you look back, at least since I joined in 2020, the revenue pattern kind of stays the same, which is the first quarter typically experiences some seasonality.

Michael Bercovich: We do provide guidance that this year we anticipate a significantly lower loss on our adjusted EBITDA, and we're seeing that even from Q4, the number that we got to under $4 million, and we continue driving it down. From here, we need to continue to invest in the business, continue doing what we did and we'll get there. This is something that I know we all, as a team, are working on, Craig, and there's a lot of opportunities, as I said, for 100 to 300 basis points on the gross margin, and then also on operating expenses. We'll continue doing that, but we're very, very focused on what matters. The business and profitability are incredibly important to us.

Yeah, Mike. Come on, thank you for that. And um for me, it's all about 2 things that you mentioned operational excellence. Last year, we hit a lot of balls and a lot of, uh, you know, things worked out for us. This year, it's going to be operational, excellence going, and turning every stone that we already turned and turning it again, uh, sales smart sales with the higher gross margin and complete the shift of the uh, repeatable and recorded Revenue that we already talked about. We have inspiration, so our DC fast charging Network to produce more higher, uh, margin repeatable sales, that will help us to get to profitability. We do, uh, provide guidance that this year, we anticipate a significantly lower lower lower loss on our adjusted evida and we seeing that even from Q4 uh, the

The number that we got to, under $4 million, and we continued driving it down.

Speaker #1: And then it starts to march up from Q4 or from Q1 throughout the year. So I think we're going to see some of the same.

Speaker #1: If you look at how we get to the higher end of our range, some of it is going to be market activity in terms of EV sales.

Uh, from here, we need to continue investing the business continued, uh, doing what we did and, uh, we'll get there. Uh, this is something that I know we all as a team, working on correct and, uh, there's a lot of opportunities, as I said for, uh, 100 to 300 basis points on the gross margin. And then also an operating expenses will continue

Speaker #1: So if you look at the predictions of EV sales or the forecasts of EV sales, it's following exactly what we expected. Which is, after expiration of the EV tax credit, EV sales fell dramatically.

But we are very, very focused on what matters, and the business and profitability are incredibly important to us.

[Analyst]: Thank you. Our next question is coming from Ryan Pfingst with B. Riley. Your line is live.

Operator: Thank you. Our next question is coming from Ryan Pfingst with B. Riley. Your line is live.

Thank you.

Speaker #1: Now they're starting to inch back up again. The question is, what does the second half of the year look like? And ultimately, where's the market share?

Our next question is coming from Ryan finst with B, Riley, your line is live.

Ryan Pfingst: Hey, guys. Thanks for taking my questions. I guess just on the first one, the revenue range for 2026. Could you talk about the cadence a little bit for the year? Then maybe what are some of the drivers that could get you towards the higher end of the range, you know, versus the lower?

Speaker #1: I think it's going to be somewhere in the 7 to 8 percent range. And I'm not alone in that. So by definition, it means that the second half is going to be quite a bit stronger than the first half.

Speaker #1: And you're going to see automakers releasing new products during that time. So that's one. Another one is us successfully installing the 30 DC fast charging projects that we have in the pipeline.

Michael C. Battaglia: Cadence-wise, you know, if you look at our business historically, 2024 was, I think, a little bit of an anomaly. If you look back, at least since I joined in 2020, the revenue pattern kind of stays the same, which is, Q1 typically experiences some seasonality, and then it starts to march up from Q4 or from Q1 throughout the year. I think we're gonna see some of the same. If you look at how we get to the higher end of our range, some of it is gonna be market activity in terms of EV sales.

Hey guys, thanks for taking my questions. Um, I guess just on the first one, the revenue range for 2026. Could you talk about the cadence a little bit, um, for the year? And then maybe what are some of the drivers that could get you towards the higher end of the range, uh, you know, versus the level?

Speaker #1: So we have a nice cadence of new sites coming online. We highlighted some of that in our comments. And we actually front-loaded a lot of projects, even prior to our capital raise.

um, you know, if you look at our business, historically 2024 was a a I think a little bit of an anomaly, but if you look back, at least since I joined in 2020,

Speaker #1: We greenlighted several projects, such that we have them coming online in actually a pretty good flow this month, meaning April, and then May into June and throughout the year.

The revenue pattern kind of stays the same, which is, uh, the the first quarter typically experiences, some seasonality. And then it starts to March up from Q4 or from q1, uh, throughout the year. So I think we're going to see, uh, some of the same

Speaker #1: So that's another one. And then a final one is simply market consolidation favoring Blink. And I've said this before, but right now, I see we have many opportunities that come across our desk every single week right now for M&A.

uh, if you

look at how we get to the higher end of

Uh, our range—some of it is going to be

Michael C. Battaglia: If you look at the predictions of EV sales or the forecasts of EV sales, it's following exactly what we expected, which is after expiration of the EV tax credit, EV sales fell dramatically. Now they're starting to inch back up again. The question is, you know, what does H2 of the year look like? And ultimately, where's the market share? You know, I think it's gonna be somewhere in the 7% to 8% range, and I'm not alone in that. By definition, it means that H2 is gonna be quite a bit stronger than H1, and you're gonna see automakers releasing new products during that time. That's one. Another one is us successfully installing the 30 DC fast charging projects that we have in the pipeline.

Uh, Market activity in terms of EV sales. So if you look at the predictions of EV sales or the forecasts of EV sales

Speaker #1: And we're not touching those right now. And a lot of those companies are not going to make it. And we think we're going to benefit from the consolidation that we've been talking about quarter after quarter and that, no question, is happening at the moment.

Speaker #5: I appreciate that. And you kind of just answered my follow-up here. But the next question was going to be about the competitive landscape, as the EV market evolves here in the US, and what kind of opportunities that could present to you either in the form of M&A or market share gains.

It's following exactly what we expected, which is after expiration to the EV tax credit. EV sales fell dramatically. Uh, now they're starting to inch back up again. The question is, you know, what does the second half of the year look like and ultimately, where's the market share? You know I think it's going to be somewhere in the 7 to 8% range and I'm I'm not alone in that.

Speaker #1: Yeah. I'll start. Michael may jump in on this too. But I've said in the past, I mean, I like M&A. I like it as but it's got to be one of the things that we are not going to do at Blink is, after all the work we've done, is take our eye off the ball and do something that will jeopardize the operational leverage we've created.

So by definition, it means that the second half is going to be quite a bit stronger uh, than the than the first half and you're going to see automakers releasing new products during that time. So that that that's 1 another 1 is uh us successfully.

Michael C. Battaglia: We have a nice cadence of new sites coming online. We highlighted some of that in our comments. We actually front-loaded a lot of projects even prior to our capital raise. We greenlighted several projects such that we have them coming online in actually a pretty good flow this month, meaning April and then May into June and throughout the year. That's another one. A final one is simply, you know, market consolidation favoring Blink. I've said this before, but right now I see, you know, we have many opportunities that come across our desk every single week right now for M&A. You know, we're not touching those right now. A lot of those companies are not gonna make it.

Speaker #1: So again, we've seen a lot of stuff come across our respective desks. But most of it is asset sales. And when you get into asset sales, the only way you're going to pick something up is if it's highly accretive to what we're doing.

Speaker #1: And anything that is not highly accretive, we're dismissing immediately. Anything that could potentially be accretive, we're looking at here and there. But as of now, we haven't seen anything that's really caught our eye.

Speaker #1: So Michael, I don't know if you have anything to add.

Speaker #3: Yeah, Mike. One thing to add to what you said, what we created is an asset-light less capital-intense balance sheet that will help us raise the execution of our plan.

Michael C. Battaglia: We think we're gonna benefit from the consolidation that we've been talking about quarter after quarter, and that no question is happening at the moment.

Installing the 30 DC fast charging projects that we have in the pipeline. So we have a nice Cadence of new sites coming online. We highlighted some of that in our comments and we we actually front loaded a lot of projects, even prior to our our Capital raise, we greenlighted several projects, such that we have them coming online. Uh in actually a a pretty good flow this month, uh meaning uh, meaning meaning April, and then may into June and throughout the year. So that's another 1. And then a final 1 is simply, you know, Market consolidation, favoring blink. And I've said this before, but right now, I see, you know, we have many opportunities that come across our desk, uh, every single week right now, for m&a. And, you know, we're not, we're not touching those right now and a lot of those companies are not going to make it and we think we're going to benefit from the consolidation that we've been talking about quarter after.

A quarter, and that no question is happening at the moment.

Ryan Pfingst: Appreciate that. You kinda just answered my follow-up here, but the next question was gonna be about the competitive landscape as the EV market evolves here in the US and what kind of opportunities that could present to you know, either in the form of M&A or market share gains.

Speaker #3: As we see some of the competitors out there, they're still living the past. They're still burdening debt continued burning in an amazing amount of money.

Speaker #3: And in this environment, this is going to be very detrimental to their survival and detrimental to their business. And that's one of the things that we took care of this year by going through the big forward initiative and rolling out a completely different strategy.

Michael C. Battaglia: Yeah. You know, I'll start. Michael may jump in on this too, but you know, I've said in the past. I mean, I like M&A. I like it. But it's gotta be. You know, one of the things that we are not gonna do at Blink is, after all the work we've done, take our eye off the ball and do something that will jeopardize the operational leverage we've created. Again, we've seen a lot of stuff come across our respective desks, but most of it is asset sales. When you get into asset sales, the only way you're gonna pick something up is if it's highly accretive to what we're doing. Anything that is not highly accretive, we're dismissing immediately.

Appreciate that. And and and you kind of just answered uh, my follow up here. But the the next question was going to be about the competitive landscape as the EV Market evolved here in the US and what kind of opportunities that could present to you, uh, you know, either in the form of m&a or market share gains,

Speaker #3: So we're open for small M&A opportunities, but we're also operationally focused on our plan and aim to deliver exactly what we planned.

Yeah, I I, you know, I, I'll start Michael May jump in on this too. But, um, you know, I've said in the past, I mean, I like, I like m&a. I like it as, uh, but, but it's got to be, you know, 1 of the things that we are not going to do at blink. Is after all the work we've done is take our Eye Off the Ball.

Speaker #5: I appreciate it, guys.

Speaker #3: Thanks.

Speaker #2: Thank you. As a reminder, ladies and gentlemen, if you have any questions, please press star one on your telephone keypad. Thank you. Our final question today will be coming from Sameer Joshi, with HC Wainwright.

Michael C. Battaglia: Anything that could potentially be accretive, you know, we're looking at here and there, but as of now, you know, we haven't seen anything that's really caught our eye. Michael, I don't know if you have anything to add.

Speaker #2: Your line is live.

Speaker #4: Hey, good afternoon, Michael. Congrats on the progress. This is good tightening of the belts. I know it could be hard, but congratulations on the execution on that front.

And do something that will jeopardize, uh, the operational leverage we've created. So, again, we've seen a lot of stuff come across, uh, our respective desks, but most of it is asset sales, and when you get into asset sales, the only way you're going to pick something up is if it's highly accretive to what we're doing. And anything that is not highly accretive, we're dismissing immediately. Anything that could potentially be accretive, um, you know, we're looking at here and there. But as of now, you know, we haven't—we haven't seen anything that that's really caught our eye. So, Michael, I don't know if you have any of that.

Michael Bercovich: Yeah, Mike. You know, one thing to add to what you said, what we created is an asset-light, less capital-intensive balance sheet that will help us with the execution of our plan. As we see some of the competitors out there, they still live in the past, they still burdened with debt, continue burning an amazing amount of money. In this environment, this is gonna be very detrimental to their survival and detrimental to their business. That's one of the things that we took care of this year by going through the Blink Forward initiative and rolling out a completely different strategy. So we're open for small M&A opportunities, but we're also operationally focused on our plan and aim to deliver exactly what we plan.

Speaker #1: Thank you, Sameer.

Speaker #4: So on the sort of you have touched on many of those things that I wanted to talk about. But if you are looking at 2026 and beyond, what are the areas of growth?

Speaker #4: Is it more of own and operate? Is it increasing the service revenues from installed base? Or as you just talked about some M&A problem that is on the back burner, but could that be coming to play in 2027 and beyond?

Speaker #1: Yeah. Yeah. Great question. So one of the things we mentioned, and it was subtle in our comments, is rationalization of our network. And what does that mean?

Yeah, Mike, uh, you know, one thing to add to what you said, uh, what we created is an asset-like, uh, less capital-intense balance sheet that will help us with the execution of our plan. As we see some of the competitors out there, they still live in the past, they still, uh, pertinent—that continued burning in the amazing amount of money—and in this environment, this is going to be very detrimental to their survival and detrimental to their business. And that's one of the things that we took care of this year by, by, by, by going through the Build Forward initiative and rolling out a completely different strategy. Uh, so we are open for small M&A opportunities, but we also operationally focused on our plan and, and, and aim to deliver exactly what we plan.

Ryan Pfingst: I appreciate it, guys.

I appreciate it, guys.

Michael Bercovich: Thank you.

Thank.

Speaker #1: It means the days of the EV infrastructure business planting flags and build a charger, and they will come, are over. And what we are intently focused on is the production of our portfolio, the profitability of our portfolio, the unit economics, so we are looking at assets that are unproductive.

Operator: Thank you. As a reminder, ladies and gentlemen, if you have any questions, please press star one on your telephone keypad. Thank you. Our final question today will be coming from Sameer Joshi with H.C. Wainwright. Your line is live.

Thank you. And as a reminder, ladies and gentlemen,

If you have any questions, please press star 1 on your telephone keypad.

Thank you.

Our final question today will be coming from Samir Joshi with HC, Wayne Rice. Your line is live.

Sameer Joshi: Hey. Good afternoon, Michael. Congrats on the progress. This is good tightening of the belts. I know it could be hard, but congratulations on the execution on that front.

Speaker #1: Quite frankly, at this stage in the game, I don't care about how many chargers necessarily are connected to the network from a Blink own standpoint.

Michael C. Battaglia: Thank you, Sameer.

Hey, good afternoon. Uh, Michael, uh, congrats on the progress. Uh, this is good. Tightening of the belts—I know it could be hard, but, uh, uh, congratulations on the, uh, execution on that front.

Sameer Joshi: You have touched on many of the things that I wanted to talk about, but if you are looking at 2026 and beyond, what are the areas of growth? Is it more of own and operate? Is it increasing the service revenues from installed base? Or as you just talked about some M&A, probably that is on the back burner, but could that be coming to play in 2027 and beyond?

Speaker #1: I want to know and I want to retain only the very best ones. So it's absolutely going to come from optimizing the sites that are proving themselves to be productive and profitable.

Thank you, sir. So

Speaker #1: It is about utilizing deep analytics that we have at our disposal now in order to accurately cite DC fast charging sites and then it is obviously opportunistically to take advantage of all of the product sales opportunities that present themselves through our distribution channels.

Speaker #4: Understood. Sort of maybe a follow-up on the previous one. You did speak about the 30 sites with the 150 ports. Michael mentioned heavy investment in the installed base.

So on the, uh, uh, like, sort of, uh, you have touched on many of the things that I wanted to talk about. But if you are looking at, uh, 2026, uh, and Beyond, uh, what are the areas of growth, uh, is it, uh, more of own, uh, and operate, is it, uh, increasing the service revenues from installed base? Uh, or uh, as as you, uh, just talked about some m&a problems. That is on the back burner, but could that be come into play in 2027 and Beyond?

Michael C. Battaglia: Yeah. Yeah. Great question. You know, one of the things we mentioned, and it was subtle in our comments, is rationalization of our network. What does that mean? It means, you know, the days of the EV infrastructure business planting flags and, you know, build a charger and they will come are over. What we are intently focused on is the production of our portfolio, the profitability of our portfolio, the unit economics. We are looking at assets that are unproductive. Quite frankly, at this stage in the game, I don't care about how many chargers necessarily are connected to the network, from a Blink-owned standpoint. I wanna know and I wanna retain only the very best ones. It's absolutely gonna come from optimizing the sites that are proving themselves to be productive and profitable.

Yeah yeah. Great question.

so, um,

You know, one of the things we mentioned, and it was subtle in our comments, is

Rationalization of our Network.

Speaker #4: What could make this 30-site number grow to, say, 40 or 50? And what are the sort of scouting activities that you're doing to find such locations that could yield you high service revenues?

Speaker #1: Yeah. Michael, you want to take the first part of that from the financial angle and then I can answer the second.

And what does that mean? It means you know the days of the EV infrastructure, business planting flags and you know, build a charger and they will come are are over and what we are. Intently focused on is the production of our portfolio. The profitability of our portfolio, the unity economics.

Speaker #3: Yeah. Absolutely. So part of our race, Sameer, if you remember, we talked about that the majority of the investment, the majority of the cash that we raise was supposed to go to building a very strong profitable DC fast charging network.

So, we are, uh, looking at assets that are unproductive, quite frankly. I, I—at this stage in the game,

Speaker #3: And we already had the backlog that I know Mike will talk about. So from a perspective of execution, we really needed the capital. And as Mike already earlier said today, we started with front-loaded that.

Michael C. Battaglia: It is about utilizing deep analytics that we have at our disposal now in order to accurately site DC fast charging sites. It is obviously opportunistically to take advantage of all of the product sales opportunities that present themselves through our distribution channels.

Speaker #3: We already started activities of procuring, for constructing, because we were confident in our capital-raised efforts. Mike, back to you because I know you want to talk about the backlog and the delivery.

I don't care about how many charges necessarily are connected to the network from a blink own standpoint. I want to, I want to know and I want to retain only the very best ones. So it's it's absolutely going to come from optimizing, the sites that are proving themselves to be productive and profitable. It is about utilizing deep analytics that we have at our disposal. Now in order to accurately, cite DC, fast charging sites and then it is obviously opportunistically to take advantage of all of the product sales opportunities that present themselves uh, through our, through our distribution channels.

Sameer Joshi: Understood. Sort of, maybe a follow-up on the previous one. You did speak about the 30 sites with the 150 ports. Michael mentioned heavy investment in the installed base. What could make this 30-site number grow to, say, 40 or 50? And like, what are the sort of scouting activities that you're doing to find such locations that could yield you high service revenues?

Speaker #1: Yeah. Yeah. So a couple of things. One is we have somewhere in the neighborhood, Sameer, of a 100 million dollar backlog of projects that we could install if we had the capital.

Speaker #1: So then the next question is, well, what are you going to do to get the capital? As we mentioned time and again, the company has no debt.

Understood, uh, sort of maybe a follow-up on the previous one. Uh, you did speak about the 30s with the 150 ports. Uh, Michael mentioned heavy investment in the installed base. Uh,

Speaker #1: It gives us flexibility. But what we want to make sure of is that any debt that we incur is not debt for the sake of, but it can be serviced by the cash flows of the projects that we put in the ground.

Michael C. Battaglia: Yeah. Michael, you wanna take the first part of that from the financial angle, and then I can answer the second?

What could make this 30-site number grow to, say, 40 or 50? Uh, uh, and like, what are the sort of, uh, scouting, uh, uh, activities that you're doing to find such locations that could yield you, hi, uh, uh, service revenue.

Speaker #1: So that we need to prove that out to financial partners in order to get a quantum that is not just what you mentioned, Sameer.

Yeah. Michael, you want to take the first part of that from the financial angle, and then I can answer the second.

Michael Bercovich: Yeah, absolutely. Part of our raise, Sameer, if you remember, we talked about that the majority of the investment, the majority of the cash that we raised was supposed to go to building a very strong, profitable DC fast charging network. We already had the backlog that I know Mike will talk about. From a perspective of execution, we really needed the capital. As Mike already earlier said today, we started with front-loaded that. We already started activities of procuring for constructing because we were confident in our capital raise efforts. Mike, back to you 'cause I know you wanna talk about the backlog and the delivery.

Speaker #1: Actually, our ambitions are quite beyond that. So we have to prove out the unit economics. How do we prove out the unit economics? We put chargers in the right sites.

Speaker #1: How do we select the right sites? We look at metro areas and what we're interested in is density. We want to participate in dense metro areas both urban and suburban that have high EV sales penetration that have with existing charger footprints that are in that market are demonstrating high utilization and that have gaps in the geography.

Michael C. Battaglia: Yeah. A couple things. One is, you know, we have somewhere in the neighborhood, Sameer, of a $100 million backlog of projects that we could install if we had the capital.

Yeah, absolutely. So, uh, part of our race in there, if you, uh, remember we talked about that, the majority of the investment, the majority of the cash that we raise, was supposed to go to a building, a very strong, uh, profitable DC fast charging Network and, uh, we already had the backlog that I know Mike will talk about. So, from a perspective of execution, we really needed the capital. And as Michael already earlier said, today we started with front loaded that we already started activities of, uh, procuring for for constructing because we were confident in our capital is efforts uh Mike back to you because I know you want to talk about the backlog and then the delivery. Yeah, yeah.

So, a couple things. One is, you know, we have—

Speaker #1: And then we're going after those gaps. So I'm not going to name specific markets because I don't want to disclose that. But we have multiple metros throughout the US that we're targeting.

Michael Bercovich: Mm-hmm.

Somewhere in the neighborhood, Samir, of a $100 million backlog of projects that we could install if we had the capital.

Michael C. Battaglia: You know, the next question is, well, what are you gonna do to get the capital? We, as we mentioned time and again, the company has no debt. It gives us flexibility. But what we wanna make sure of is that any debt that we incur is not debt for the sake of, but it can be serviced by the cash flows of the projects that we put in the ground. We need to prove that out to financial partners in order to get a quantum that is not just what you mentioned, Sameer. Actually, our ambitions are quite beyond that. So you know, we have to prove out the unit economics. How do we prove out the unit economics? We put chargers in the right sites. How do we select the right sites?

Speaker #1: And we're going to go after putting sites there.

So then, you know, the next question is, well, what are you going to do to get the capital?

Speaker #4: Understood. Perfectly a good answer. Just one last one and sort of it is cash flow management or working capital management. The inventory you're targeting at around 15 million and that's expecting that is for sales, right?

We, as we have mentioned time and again, the company has no debt.

It gives us flexibility.

But what we want to make sure of is that any debt that we incur is not debt for the sake of it, but that it can be serviced by the cash flows of the projects that we put in the ground.

so that

Speaker #4: That is for product sales.

Speaker #1: It's for sales.

Speaker #4: Got it. Understood. Thanks. Thanks for good luck for 2026.

We need to prove that out to financial partners in order to get a quantum that—

Speaker #3: Thank you so much.

It's not just what you mentioned. Samir, actually, our ambitions are quite beyond that.

Speaker #1: Thank you. Ladies and gentlemen, we have reached the end of our question and answer session. So I would like to turn the call back over to Mr. Vitalie Stelea for any closing remarks.

Michael C. Battaglia: We look at metro areas, and what we're interested in is density. We wanna participate in dense metro areas, both urban and suburban, that have high EV sales penetration, that have existing charger footprints that are in that market are demonstrating high utilization, and that have gaps in the geography. Then we're going after those gaps. I'm not gonna name specific markets 'cause I don't wanna-

Sites. We look at

Speaker #4: Well, thank you all for joining on the phone or online. If there are any additional questions, feel free to drop us a note at ir@blinkcharging.com.

Uh, we look at Metro areas and what we're interested in is density. We want to participate in dense Metro areas.

Both Urban and Suburban.

Speaker #4: And we look forward to interacting with you in the future. This is the end of the call.

that have high EV sales penetration.

Speaker #1: Thank you, ladies and gentlemen. This does conclude today's conference. And you may disconnect your lines at this time. And we thank you for your participation.

That have with existing charger footprints that are in that market are demonstrating High utilization.

And that have gaps.

In, in the geography.

And then we're going after those gaps.

Michael Bercovich: Yeah.

Michael C. Battaglia: We don't disclose that. We have multiple metros throughout the US that we're targeting, and we're gonna go after putting sites there.

So, I'm not going to name specific markets because I don't want to disclose that, but we have multiple metros throughout the US that we're targeting.

And we're going to go after, uh, putting sites there.

Michael Bercovich: Understood. Perfectly and good answer. Just one last one and sort of it is cash flow management or working capital management. The inventory you're targeting at around $15 million. I'm expecting that is for sales, right? That is for product sales.

Sameer Joshi: Understood. Perfectly and good answer. Just one last one and sort of it is cash flow management or working capital management. The inventory you're targeting at around $15 million. I'm expecting that is for sales, right? That is for product sales.

Michael C. Battaglia: It's for sales.

Michael Bercovich: Got it. Understood. Thanks. Thanks.

Sameer Joshi: Got it. Understood. Thanks. Thanks.

Understood perfectly and good answer. Uh, just 1 last 1 and sort of it is cash flow management or or working Capital Management. Uh, but the inventory you're targeting at around 15 million. Uh, and that's expecting that that is slow sales, right? That that is what privacy is for sales.

Michael C. Battaglia: Yeah.

Michael Bercovich: Good luck for 2026.

Sameer Joshi: Good luck for 2026.

Got it, honestly. Thanks—uh, thanks for the good luck for 2026.

Michael C. Battaglia: Thank you so much.

Thank you so much.

Operator: Thank you. Ladies and gentlemen, we have reached the end of our question and answer session, so I would like to turn the call back over to Mr. Vitalie Stelea for any closing remarks.

Thank you.

Ladies and gentlemen, we have reached the end of our question and answer session, so I would like to turn the call back over to Mr. Vitalie Stelea for any closing remarks.

Michael C. Battaglia: Well, thank you all for joining on the phone or online. If there are any additional questions, feel free to drop us a note at ir@blinkcharging.com, and we look forward to interacting with you in the future. This is the end of the call.

Well, thank you all for joining on the phone or online. If, uh, there are any additional questions, feel free to drop us a note at, or blinkcharging.com. And we look forward to, uh, interacting with you in the future. This is the end of the call.

Operator: Thank you. Ladies and gentlemen, this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.

Thank you, ladies and gentlemen. This does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.

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