BLNK

Blink Charging Co.

NASDAQ · TECHNOLOGY · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES

0.38

−0.01 −3.29%

USD · close Oct 23

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MKT CAP $55.4MP/E —DIV YIELD —FCF YIELD -23.15%REV TTM $96.5M −7.9%NET INCOME −$50.4MNET CASH $33.6M52W 0.38 – 1.93SEC XBRL · TTM TO Invalid Date

How BLNK rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

46%

of sentences unchanged

Added

211

new sentences

Dropped

212

sentences removed

Length

−607

words, now 17,332

New in FY2025

The mark “Blink” is our registered trademark in the United States and, regarding the name of Ecotality, Inc.
(whose assets we acquired in October 2013), in Australia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Philippines, South Africa, Singapore, Switzerland, Taiwan, and is a trademark registered in the European Union under the Madrid Protocol.
Overview Blink Charging Co., through its consolidated subsidiaries, is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs.
Blink’s principal line of products and services is its Blink EV charging networks (the “Blink Network”) and Blink EV charging equipment and other EV-related services.
The Blink Network is a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing.
The Blink Network provides fleets, property owners, managers, parking companies, and state and municipal entities (“Property Partners”), among other types of commercial customers, with cloud-based services that enable the remote monitoring and management of EV charging stations.
The Blink Network also provides EV drivers with vital station information, including station location, availability, and fees (as applicable).
To capture more revenues derived from providing EV charging equipment and to help differentiate Blink in the EV infrastructure market, Blink offers a comprehensive range of solutions for EV charging equipment and services that generally fall into one of the business models below, differentiated by who owns the equipment and who bears the costs of installation, equipment, maintenance, and the percentage of revenue shared. ● In our Blink-owned turnkey business model , we incur the charging equipment and installation costs.
We own and operate the EV charging station and provide connectivity of the charging station to the Blink Network.
In this model, which favors recurring and repeat revenues, we incur most costs associated with the EV charging stations; thus, we retain substantially all EV charging revenues after deducting network connectivity and processing fees.
We own and operate the EV charging station and provide connectivity to the Blink Network.
In this model, since the Property Partner incurs the installation costs, we share more of the EV charging revenues with the Property Partner after deducting Blink network connectivity and processing fees.
We work with the Property Partner by providing site recommendations, connectivity to the Blink Network, payment processing, and optional maintenance services.
We also own and operate car-sharing programs through our wholly owned subsidiary, Envoy Mobility (formerly Blink Mobility).
These programs allow customers to share electric vehicles through subscription and on-demand services.
With the goal of being a leader in the build-out of EV charging infrastructure and maximizing our share of the EV charging market, we have established strategic commercial, municipal, and retail partnerships across industry verticals and encompassing numerous transit/destination locations, including shopping centers, airports, auto dealers, healthcare/medical, hotels, mixed-use facilities, municipal sites, multifamily residential, and condos, parks and recreation areas, parking lots, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations.
In May 2025, we announced the BlinkForward Initiative, a strategic restructuring plan, aimed at accelerating the Company’s path to profitability and enhancing operational efficiency.
Key pillars of the BlinkForward Initiative were designed to transform the Company into a more agile and lean organization.
This included a significant reduction in our global workforce from 513 to approximately 320 as of the filing of this Annual Report, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for our EV hardware, to reduce overhead expenses and focus on our intellectual property and customer experience efforts.
The transition to contract manufacturing was completed in January 2026, and Blink no longer maintains manufacturing facilities in-house.
Additionally, we focused on expansion of our DC Fast Charging (“DCFC”) network through deployment of high-speed chargers in strategic, high-utilization locations.
As a part of this focus, we launched a capital raise process and completed a $20 million funding round via the public markets in December 2025.
In July 2025, Blink acquired Zemetric Inc and its subsidiaries (“Zemetric”) which filled identified gaps in our product line related to software-driven fleet management and energy management services, and a lower-cost Level 2 charger hardware lineup.
Following the transaction, Harmeet Singh, Zemetric’s CEO, became Blink’s new Chief Technology Officer.
As of December 31, 2025, there were approximately 66,350 chargers connected to the Blink Network.
Of those, approximately 58,850 were Level 2 commercial chargers and approximately 1,920 DCFC were commercial chargers, Included on Blink Network is approximately 8,250 chargers owned by us.
Another estimated 23,450 units were non-networked, on other networks, international sales, or deployments, which includes public and private chargers, net of swap-outs, replacement units, and decommissioned units.
All chargers, including at all international Blink locations, are categorized based on U.S.
Upholding sustainable procurement, we are actively aligning with partners who share our vision for societal advancement and uphold ethical business standards.
Industry Overview Electric vehicle adoption continued to expand globally during 2025.
According to the Wedbush AutoTech Market Monitor (Q4 2025), approximately 25% of new vehicles sold globally in 2025 were electric, reflecting continued penetration across major automotive markets.
Public fast charging infrastructure expanded materially during 2025.
Paren, a specialized EV-charging data analytics platform that monitors approximately 95% of all U.S.
DC fast-charging infrastructure in real time, reported in The Paren State of the U.S.
Fast Charging Industry Report for Full Year 2025 that 18,041 new DC fast charging ports were added in the United States, representing approximately 30% year-over-year growth.
Deployment activity accelerated throughout the year, with 5,769 ports added in the fourth quarter, the highest quarterly total on record.
As of year-end 2025, the U.S. had 70,007 public DC fast charging ports.
The majority of new deployments were funded by private network operators, with NEVI-funded infrastructure representing approximately 3% of new ports added during 2025.
Average nationwide utilization remained stable, with utilization averaging 16.4% in the fourth quarter of 2025, indicating that additional capacity was absorbed without a material decline in utilization.
There is wide variation among states, and utilization remained highest in dense metropolitan areas and along major travel corridors.

and 171 more.

Gone since FY2024

The mark “Blink” is our registered trademark in the United States and the other countries in which we are active.
Overview Blink Charging Co., through its consolidated subsidiaries, is a leading owner, operator, provider, and manufacturer of electric vehicle (“EV”) charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs.
Blink’s principal line of products and services is its Blink EV charging networks (the “Blink Networks”) and Blink EV charging equipment, also known as electric vehicle supply equipment (“EVSE”), and other EV-related services.
The Blink Networks are a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the associated charging data, back-end operations, and payment processing.
The Blink Networks provide fleets, property owners, managers, parking companies, and state and municipal entities (“Property Partners”), among other types of commercial customers, with cloud-based services that enable the remote monitoring and management of EV charging stations.
The Blink Networks also provide EV drivers with vital station information, including station location, availability, and fees (as applicable).
To capture more revenues derived from providing EV charging equipment to commercial customers and to help differentiate Blink in the EV infrastructure market, Blink offers Property Partners a comprehensive range of solutions for EV charging equipment and services that generally fall into one of the business models below, differentiated by who owns the equipment and who bears the costs of installation, equipment, maintenance, and the percentage of revenue shared. ● In our Blink-owned turnkey business model , we incur the charging equipment and installation costs.
We own and operate the EV charging station and provide connectivity of the charging station to the Blink Networks.
In this model, which favors recurring revenues, we incur most costs associated with the EV charging stations; thus, we retain substantially all EV charging revenues after deducting network connectivity and processing fees.
We own and operate the EV charging station and provide connectivity to the Blink Networks.
In this model, since the Property Partner incurs the installation costs; we share a more generous portion of the EV charging revenues with the Property Partner after deducting Blink network connectivity and processing fees.
We work with the Property Partner by providing site recommendations, connectivity to the Blink Networks, payment processing, and optional maintenance services.
We also own and operate car-sharing and ride-sharing programs through our wholly owned subsidiary, Envoy Mobility (formerly Blink Mobility).
These programs allow customers to share electric vehicles through subscription services and charge those cars through our charging stations.
Blink’s wholly owned subsidiary, Envoy, filed a registration statement on Form S-1 dated February 11, 2025 to register shares in connection with its contemplated initial public offering as well as the issuance of shares to its former shareholders in connection with Blink’s acquisition of Envoy.
In pursuit of our commitment to fostering the widespread adoption of electric vehicles (EVs) through the establishment and management of EV charging infrastructure on a global scale, we remain steadfast in our dedication to mitigating climate change.
This dedication is evidenced by our efforts to diminish greenhouse gas emissions stemming from gasoline-powered vehicles.
With the goal of being a leader in the build-out of EV charging infrastructure and maximizing our share of the EV charging market, we have established strategic commercial, municipal, and retail partnerships across industry verticals and encompassing numerous transit/destination locations, including airports, auto dealers, healthcare/medical, hotels, mixed-use facilities, municipal sites, multifamily residential and condos, parks and recreation areas, parking lots, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations.
In 2024, we entered into agreements with significant new customers, including the City of South Lake Tahoe, Alameda City, the City of Porterville, the Fresno Unified School District, Imperial Center, the City of Fresno, New Castle County, Maryland Department of General Services, Sonepar, and CED.
Similarly, in 2023, we entered into agreements with significant new customers, including the United States Postal Service (USPS), Mack Trucks, McArthurGlen, BluePoint, Mike Albert Fleet Solutions, Royal Farms, John Henry General Store, Moberly Motor Company, Arcos Dorados (McDonald’s Puerto Rico), AAA, Allegiant Stadium (Las Vegas), Village of Tuckahoe (NY), Miami Beach (FL), Metropolitan Government of Nashville-Davidson County, and Salt Lake City International Airport, that expand our potential for unit sales and deployments.
In 2022, we expanded our presence through the acquisitions of SemaConnect and Electric Blue, establishing new offices in Bowie, Maryland, and St.
Additionally, we opened manufacturing facilities in Bowie, Maryland, and Bangalore, India.
These additions enhance our capacity in the U.S. and internationally, enabling us to develop and manufacture hardware and innovate new software capabilities to address the evolving EV charging landscape.
They also serve as crucial hubs for operations in the United States, Europe, Asia Pacific, and the Middle East.
This expansion aligns with our strategic goal of growing our global engineering teams and establishing operational hubs to support our international expansion into new regions.
As of December 31, 2024, we contracted, sold or deployed 109,596 chargers, of which 87,500 were on Blink Networks (comprised of 61,625 Level 2 commercial chargers, 1,392 DCFC commercial chargers, 691 residential chargers, and 23,792 chargers pending to be commissioned).
Included on Blink Networks are 6,867 chargers owned by us.
The remaining 22,096 not on Blink networks were on other networks, international sales, or deployments (comprised of 5,155 Level 2 commercial chargers, 75 DC Fast Charging chargers, 12,298 residential Level 2 Blink EV chargers, 2,861 sold to other U.S. networks and, 1,707 sold internationally).
Blink networked chargers include public and private chargers, as designated by stations owners, and are net of swap-outs, replacement units, and decommissioned units.
All chargers, including at all international Blink locations, are categorized based on US Department of Energy guidelines.
Upholding sustainable procurement, we intend to persist in aligning with partners who share our vision for societal advancement and uphold ethical business standards.
Industry Overview Despite changes in the regulatory and incentive environments, the U.S.
EV market continues to progress maintaining momentum in new car sales and adding vehicles to the overall installed base.
According to Cox Automotive’s Kelley Blue Book, sales of electric vehicles in U.S., increased 15.2% in the fourth quarter of 2024 to 365,824 units, becoming the new quarterly record.
Momentum in the new EV sales market is also supported by the significant investments by auto Original Equipment Manufacturers (“OEMs”).
The Environmental Defense Fund reported on January 8, 2025, that by the end of 2024, auto manufacturers announced $197.6 billion in investment in US EV battery manufacturing facilities of the last decade.
The announced funding is for 229 distinct manufacturing investments at 208 different facilities.
Production has begun at 57 of those projects, which are supporting more than 50,000 jobs.
More than 100 projects were under construction, which makes it a total of 69% of all projects are now showing of-the-ground results.
Another contributing factor to charging demand for EVs are sales of used vehicles.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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