BLNK

• Strategic Transformation & Profitability Progress

• The company's 2026 business transformation plan is delivering results: adjusted EBITDA loss narrowed 72% year-over-year to $2.2 million, from a $7.9 million loss in Q2 2025
• GAAP gross margin improved 2200 basis points to 38.9% from 16.8% in Q2 2025, exceeding management expectations driven by portfolio optimization, contract manufacturing shifts, and improved revenue mix
• All major structural restructuring is complete; the company is now leaner, more focused, and prioritizes high-quality revenue over unprofitable top-line growth
• The divestiture of non-core Envoy Technologies was completed in June 2026, refocusing capital and resources on the core EV charging business

• Market Fundamentals & Long-Term Business Model

• U.S. EV market conditions are strengthening: used EV sales are robust, new battery EV sales grew sequentially from Q1, and European EV penetration holds at 17.5%, supporting Blink's European operations
• Infrastructure access perception remains the top barrier to EV adoption, creating core growth opportunity for Blink's owned and operated charging network
• By 2028, management targets 80% of total revenue from recurring revenue streams, with hardware sales comprising the remaining 20% to drive structural margin expansion and predictable cash flow

• Capital Deployment & Network Growth

• The 25-site, 118-stall DC fast charging build-out, funded by the December 2025 $20 million equity raise, is on track to be nearly fully completed by the end of 2026
• This build-out will bring Blink's total DC fast charging footprint to approximately 169 sites and 519 stalls by year-end 2026

• Product & Innovation Launch

• Blink launched Energy Connect, an AI-driven energy management platform that will eventually operate across the entire DC fast charging and Level 2 charging network
• Key Energy Connect capabilities include real-time load monitoring, automated phase-by-phase load balancing, demand charge mitigation, and support for adding new chargers without underlying infrastructure upgrades, reducing future CapEx and OpEx
• Battery storage integration is planned for H1 2027, unlocking peak shaving and electricity arbitrage, and creating a foundation for future virtual power plant aggregation and grid services monetization, transforming Blink from a pure charging company to a broader energy company

• Financial Operational Improvements

• Total operating expenses fell 57% year-over-year to $14.7 million, a permanent structural improvement from prior restructuring; compensation expense is down 39% to $8.4 million following headcount reductions
• Q2 2026 GAAP net loss improved to $6 million ($0.04 per diluted share) from a $29.3 million loss ($0.28 per diluted share) in Q2 2025
• End-of-Q2 cash and cash equivalents totaled $34 million, with no debt; days sales outstanding is below 80 days; H1 2026 net cash burn fell to $5.6 million from $30.1 million in H1 2025

• Full-year 2026 revenue guidance was revised downward to $83 million to $90 million, from the prior guidance range of $105 million to $115 million. The downward revision reflects intentional strategic choices to prioritize profitability over top-line growth, including the Envoy divestiture and walking away from unprofitable contract renewals, and does not reflect reduced confidence in long-term opportunities. • Full-year 2026 GAAP gross margin guidance was revised upward to approximately 38%, from the prior guidance of approximately 35%, driven by portfolio optimization, contract manufacturing efficiencies, improved revenue mix, and increased utilization of owned charging assets. • Management expects the adjusted EBITDA loss to further narrow in H2 2026, and targets reaching approximately break-even adjusted EBITDA by the end of Q4 2026. • Management expects Blink to return to revenue growth in 2027, with full-year positive adjusted EBITDA driven by growth in charging and energy services and an increased mix of recurring revenue. Formal 2027 guidance will be released alongside 2026 full-year results.

In Q2 2026, Blink Charging reported total revenue of $21.7 million, down 24.4% year-over-year, a 4.3% sequential increase from Q1 2026. 1. Product Revenue: $7.4 million, accounting for 34.1% of total Q2 2026 revenue. This represents a 49% year-over-year decrease from $14.5 million in Q2 2025, driven by deliberate strategic prioritization of profitable growth over top-line expansion. 2. Service Revenue: $11.5 million, accounting for 53.0% of total Q2 2026 revenue. This grew 6.2% year-over-year from $10.8 million in Q2 2025, and is the company's core growth engine for revenue and margin expansion. 3. Other Revenue: $1.9 million, accounting for 8.8% of total Q2 2026 revenue, down from $2.3 million in Q2 2025. 4. Car Sharing Revenue: $0.9 million, accounting for 4.1% of total Q2 2026 revenue, down 25.9% year-over-year due to the June 5, 2026 divestiture of Envoy Technologies; Envoy's full-year 2026 revenue will not recur after divestiture.

Actual results may differ materially from forward-looking statements, with key risks including evolving EV market volatility, unpredictable energy price fluctuations and changes to utility rate structures that impact charging profitability, competitive pressure in the EV charging industry that may pressure margins, and the potential for execution challenges related to DC fast charging build-out and Energy Connect platform expansion that could delay profitability targets.

Q: How should investors model operating expenses going forward, and what is the outlook for network utilization? / A: Management states that nearly all structural operating expense reductions are complete, and the current operating expense run rate is representative of steady-state business going forward. Expenses will remain broadly stable with minor quarterly fluctuations from growth investments, and the company will leverage the existing reset cost base as revenue grows, rather than expanding expenses alongside top-line growth. Overall network utilization is increasing, with the strongest growth among assets installed in the last 18 months, and management is confident in utilization projections for the new DC fast charging sites launching by year-end.

Q: What specific decisions drove the downward revenue guidance and upward gross margin guidance? / A: The strategic changes fall into three categories: first, optimizing pricing and energy procurement for owned and operated charging sites to improve profitability; second, walking away from unprofitable customer contract renewals that did not meet contribution margin requirements, which reduced near-term revenue but lifted overall margin; third, only pursuing hardware sales that have attached long-term value-add opportunities like network subscriptions or extended warranties, rather than chasing low-margin one-off hardware sales.

Q: What opportunities does Energy Connect and battery storage integration create for Blink, and can existing DC fast charging sites be retrofitted? / A: Energy Connect will first improve profitability at Blink's owned sites, then will be offered as a SaaS product to external customers, creating an additional recurring revenue stream. Battery integration will enable peak shaving, demand charge mitigation, and future grid services participation, a large untapped opportunity. Retrofitting existing installed DC fast chargers is fully possible, and Blink sees particular retrofit opportunity among the 1,500 DC fast chargers already sold to U.S. automotive dealers that face high demand charge costs.

Q: What strategic options does the current balance sheet provide, beyond funding internal build-out? / A: Blink has $34 million in cash and no debt, a strong liquidity position relative to peers. Achieving profitability will open new financing and strategic options that are not currently available to unprofitable firms, including accessing lower-cost capital for faster growth from investors focused on profitable energy infrastructure. Management's goal is to have strategic choice from a position of strength, rather than being forced to raise capital out of necessity.