third quarter 2026
Filed Nov 5, 2026Blink Charging reported third-quarter revenue of $18.4 million, positive Adjusted EBITDA of $0.2 million, and reduced its full-year 2026 revenue guidance to $78 million to $81 million.
Positive quarterly Adjusted EBITDA and a 55.0% non-GAAP gross margin reflected cost discipline, but total revenue fell 15.1% sequentially and 32.0% year-over-year, GAAP gross margin was affected by an approximately $3 million non-cash inventory adjustment, and full-year revenue guidance was reduced.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $18.40M | (15.1 )% | (32.0 )% |
| Gross profit, three months ended September 30, 2026GAAP | $4.84M | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 26.3% | – | – |
| Non-GAAP gross profit, three months ended September 30, 2026non-GAAP | $10,127 | – | – |
| Non-GAAP gross margin, three months ended September 30, 2026non-GAAP | 55.0% | – | an expansion of over 1,400 basis points year-over-year |
| Total operating expenses, three months ended September 30, 2026GAAP | $11.79M | – | – |
| Non-GAAP operating expenses, three months ended September 30, 2026non-GAAP | $9.95B | – | 46% year-over-year reduction |
| Loss from operations, three months ended September 30, 2026GAAP | −$6.94M | – | – |
| Net loss, three months ended September 30, 2026GAAP | $(6,701 ) | – | – |
| Diluted net loss per share, three months ended September 30, 2026GAAP | $(0.05 ) | – | – |
| Adjusted Non-GAAP Net Earnings (Loss) per Share, three months ended September 30, 2026non-GAAP | $0.00 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $175M | – | an improvement of $7.5 million |
| Total revenue, nine months ended September 30, 2026GAAP | $60,850 | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$24.30M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | −$7.08B | – | improved 76% year-over-year |
| Net cash used in operating activities, nine months ended September 30, 2026GAAP | −$6.65M | – | – |
| Net cash used in investing activities, nine months ended September 30, 2026GAAP | $(1,244 ) | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $30.50M | a decrease of approximately $3.5 million in the quarter | – |
| Total assets, September 30, 2026GAAP | $102,914 | – | – |
| Total liabilities, September 30, 2026GAAP | $60,571 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product revenuesProduct revenues were $6.4 million in the third quarter, a decrease of 51% year-over-year, and representing approximately 35% of total revenue. | $6,413 | (13.8 )% | (50.8 )% |
| Service revenuesService revenue was approximately $10.0 million, compared with $10.8 million in the third quarter of 2025, a 6.9% year-over-year decrease, entirely driven by deliberate non-renewal of a large contract in Europe. | $10.04M | (12.6 )% | (6.9 )% |
| Other revenuesOther revenues, including warranty fees, grants and rebates, and other revenues, were approximately $1.9 million, up 1.1% sequentially. | $1,949 | 1.1 % | (2.9 )% |
| Car-sharing revenuesCar-sharing revenues have been divested after the sale of Envoy Technologies on June 5, 2026. | - | (100.0 )% | (100.0 )% |
full-year 2026 outlook
- Revenue$78 million to $81 million
- Gross marginapproximately 38%, excluding non-cash inventory adjustment
- NoteBlink expects these projects to be delivered in the fourth quarter of 2026, subject to customer schedules and project execution.
- NoteBlink expects to maintain positive adjusted EBITDA through the fourth quarter of 2026.
- NoteBlink intends to provide formal 2027 financial guidance in conjunction with its full-year 2026 financial results.
What drove it
- Revenue was below Blink's internal projections, primarily reflecting the timing of certain customer projects that were not completed and recognized during the quarter.
- Network fee revenue, a recurring component of service revenue, increased 6.3% year-over-year to approximately $2.9 million.
- Charging service revenue decreased 11.5% year-over-year, reflecting Blink's continued focus on contracts with attractive margin profiles.
- Recurring and repeatable revenue streams represented approximately 55% of total revenue in the third quarter.
- Third-quarter gross profit included an approximately $3 million non-cash inventory adjustment, comprising a $2.2 million excess and obsolete inventory provision and approximately $0.8 million in additional charges related to dated and obsolete inventory parts.
- Compensation expenses declined 41.9% from $11.7 million in the third quarter of 2025 to $6.8 million in the third quarter of 2026.
- EnergyConnect deployment expanded to 52 Blink-owned sites, with an initial reduction of 21% in demand fees across high-capacity sites.
Concerns
- Total revenue decreased 15.1% sequentially and 32.0% year-over-year.
- Product revenue decreased (50.8 )% year-over-year and service revenue decreased (6.9 )% year-over-year.
- GAAP gross margin was 26.3%, including an approximately $3 million non-cash inventory adjustment.
- GAAP operating loss was $(6,941 ), compared with $(451 ) in the third quarter of 2025.
- Net loss was $(6,701 ), compared with $(332 ) in the third quarter of 2025.
- The Company updated full-year 2026 revenue guidance to $78 million to $81 million from previously guided $83 million to $90 million.
- Cash and cash equivalents decreased approximately $3.5 million from June 30, 2026 to September 30, 2026.
What to watch
- Delivery and revenue recognition of customer projects expected in the fourth quarter of 2026, subject to customer schedules and project execution.
- Whether Blink maintains positive adjusted EBITDA through the fourth quarter of 2026.
- Progress toward full-year 2026 revenue of $78 million to $81 million and gross margin of approximately 38%, excluding non-cash inventory adjustment.
- Execution on the objective to generate approximately 80% of revenues from recurring and repeatable revenue streams.
- Revenue-growth return expected in 2027 and formal 2027 financial guidance to be provided with full-year 2026 financial results.
- The effect of EnergyConnect deployment on demand fees and energy management opportunities.
Balance sheet and cash flow
- Cash and cash equivalents were $30,499 as of September 30, 2026, compared with $39,568 as of December 31, 2025.
- Cash and cash equivalents were approximately $30.5 million, compared with $34.0 million as of June 30, 2026.
- The Company ended the quarter with no debt.
- Accounts receivable, net was $13,322 as of September 30, 2026, compared with $29,532 as of December 31, 2025.
- Inventory, net was $7,144 as of September 30, 2026, compared with $14,153 as of December 31, 2025.
- Net cash used in operating activities was $(6,646 ) for the nine months ended September 30, 2026, compared with $(31,754 ) in the prior-year period.
- Purchases of property and equipment were $(2,122 ) for the nine months ended September 30, 2026, compared with $(4,225 ) in the prior-year period.
- Net cash used in investing activities was $(1,244 ) for the nine months ended September 30, 2026, compared with net cash provided by investing activities of $11,168 in the prior-year period.
- Cash and cash equivalents and restricted cash at the end of the period was $30,944, compared with $23,216 in the prior-year period.
Analysis
Blink reported a softer third quarter on the top line. Total revenue was $18,397, down from $21,674 in the prior quarter and $27,055 in the third quarter of 2025. The Company said revenue was below its internal projections because certain customer projects were not completed and recognized during the quarter, with delivery expected in the fourth quarter of 2026 subject to customer schedules and project execution. Product revenue of $6,413 declined (50.8 )% year-over-year, while service revenue of $10,035 declined (6.9 )%, entirely driven by the deliberate non-renewal of a large contract in Europe.
The revenue mix continues to shift toward recurring and repeatable activity, which represented approximately 55% of third-quarter revenue. Network fee revenue increased 6.3% year-over-year to approximately $2.9 million, although charging service revenue decreased 11.5% year-over-year. Car-sharing revenue was eliminated following the June 5, 2026 Envoy Technologies divestiture. Blink also reported that no revenue adjustments were required in the third quarter, such that GAAP revenue now fully reflects the core business after portfolio realignments.
Profitability showed meaningful underlying improvement but also a material GAAP inventory impact. GAAP gross profit was $4,845 and GAAP gross margin was 26.3%, compared with $9,328 and 34.5% in the prior-year quarter. The result included an approximately $3 million non-cash inventory adjustment. Non-GAAP gross profit was $10,127 and non-GAAP gross margin was 55.0%, compared with $11,079 and 40.9% in the prior-year quarter. Cost discipline was also evident in non-GAAP operating expenses of $9,951 versus $18,413 a year earlier, while compensation expense declined from $11,691 to $6,787.
Adjusted EBITDA was $175, marking the Company's first positive quarter, versus $(7,334 ) in the third quarter of 2025. GAAP profitability remained negative, with a loss from operations of $(6,941 ) and net loss of $(6,701 ). Liquidity included cash and cash equivalents of $30,499 at September 30, 2026 and no debt, while net cash used in operating activities for the nine-month period was $(6,646 ).
Management reduced full-year 2026 revenue guidance to $78 million to $81 million from $83 million to $90 million, citing its focus on revenue quality. It continues to expect full-year gross margin of approximately 38%, excluding the non-cash inventory adjustment, and expects to maintain positive adjusted EBITDA through the fourth quarter of 2026. Execution on delayed projects, service and network-fee growth, margin delivery excluding inventory charges, and the planned return to revenue growth in 2027 are the key reported milestones.
Management, verbatim
Achieving positive adjusted EBITDA a quarter ahead of our target is a monumental milestone and it reflects the discipline we have built across Blink over the past eighteen months. As we become Blink Energy, we see exciting opportunities to manage energy more intelligently across our charging network, which benefits Blink, electricity grid resources, our hosts and our drivers. We intend to build on this momentum and continue our trajectory of positive adjusted EBITDA. We are also bringing the same level of focus, discipline, and accountability to accelerate revenue growth in 2027.
Mike Battaglia, Chairman and CEO of Blink Charging
Delivering positive adjusted EBITDA of $0.2 million in the third quarter, compared with a $(7.3) million loss a year ago, represents a historical milestone in our financial transformation and reflects continued progress toward sustainable profitability. Our quarterly non-GAAP operating expenses declined 46% year-over-year, and that cost discipline and quality of revenue focus allowed us to generate positive adjusted EBITDA. We expect to maintain positive adjusted EBITDA through the fourth quarter of 2026. We ended the quarter with approximately $30.5 million in cash and cash equivalents and no debt, giving us the flexibility to keep investing selectively in high-quality opportunities.
Michael Bercovich, Chief Financial Officer of Blink Charging
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of actual results with prior guidance was made.
- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- A numerical debt balance was not reported.
- Quarterly capital expenditures were not reported.
- Full-year 2026 operating expense guidance was not reported.
- Full-year 2026 tax-rate guidance was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.