Blink Charging (NASDAQ:BLNK) reported its first quarter of positive adjusted earnings before interest, taxes, depreciation and amortization, reaching the milestone ahead of its target even as revenue fell and the company lowered its full-year sales forecast.
The electric vehicle charging company posted approximately $200,000 in adjusted EBITDA for the third quarter of 2026, compared with a $7.3 million loss a year earlier. CEO Mike Battaglia said the result came one quarter ahead of the timetable set at the start of the year.
Blink also outlined its transition to Blink Energy, a business that will combine EV charging with energy management software and battery storage. Battaglia said the company’s immediate priorities include sustaining positive adjusted EBITDA and converting the strategy into profitable growth.
Revenue Falls as Blink Exits Contracts
Third-quarter revenue fell to $18.4 million from $27.1 million a year earlier. CFO Michael Bercovich said the quarter was the first without car-sharing revenue following the June 5 divestiture of Envoy Technologies, and the first without several European contracts that Blink chose not to renew because of unfavorable economics.
Revenue also fell short of internal projections because some customer projects were not completed during the quarter, Bercovich said. He said Blink expects those projects to be delivered in the fourth quarter, subject to customer schedules and execution.
Product revenue declined to $6.4 million from $13 million, while service revenue fell to $10 million from $10.8 million. Within service revenue, recurring network fees rose 6.3% to approximately $2.9 million, but charging service revenue declined 11.5%. Bercovich attributed the charging revenue decrease to Blink’s exit from less profitable contracts.
The company reported a GAAP net loss of $6.7 million, or $0.05 per diluted share, compared with a $300,000 loss a year earlier. Bercovich said the prior-year result was significantly affected by an $11.7 million non-cash gain related to a change in the fair value of consideration payable for the Envoy deal.
Margins and Costs Improve
GAAP gross margin declined to 26.3% from 34.5%, partly reflecting an approximately $3 million non-cash charge for legacy manufacturing inventory that could not be economically used or recovered. Excluding that charge, gross margin would have been approximately 41.7%, Bercovich said.
Non-GAAP gross margin rose to 55% from 40.9% a year earlier, while non-GAAP operating expenses fell 46% to $10 million. Bercovich cited the exit from low-margin contracts, contract manufacturing efficiencies and a higher proportion of repeat, recurring and higher-margin revenue. He noted that Blink redefined its non-GAAP metrics beginning in fiscal 2026.
Blink ended the quarter with approximately $30.5 million in cash and no debt, down from $34 million in cash at the end of June. The quarterly decline included capital spending on the expansion of its DC fast-charging network.
Guidance Cut and Energy Expansion
Blink lowered its 2026 revenue guidance to $78 million–$81 million from $83 million–$90 million, citing customer-project timing and its focus on revenue quality. It maintained its expectation for full-year gross margin of approximately 38%, excluding non-cash inventory charges, and said its goal is to remain positive on an adjusted EBITDA basis through the fourth quarter.
As part of its Blink Energy strategy, the company plans to offer charging equipment, energy management and battery storage as an integrated solution. Battaglia said its EnergyConnect platform was deployed at 52 Blink-owned DC fast-charging sites in the United States and more than 30 Blink-owned sites in Europe.
Of the 52 U.S. sites, 47 were actively using load management. Blink had enough data from nine sites to measure a 21% reduction in electricity demand fees, with one high-capacity site recording a 38% reduction, Battaglia said.
Blink plans to make EnergyConnect available to customers in the United States and Europe through software subscriptions and deploy battery storage where local conditions and electricity rates support the investment. Battaglia said the company plans to finance battery projects rather than buy and install the batteries outright.
Asked about the revenue mix in 2027, Battaglia said Blink would provide more detail early next year. He said the newer energy management and storage business would be relatively small in 2027, with growth in the second half.
Battaglia also announced that he had been elected chairman effective immediately, in addition to his CEO role. Ritsaart van Montfrans, who had served as chairman since 2023, will remain on the board as lead independent director.
About Blink Charging (NASDAQ:BLNK)
Blink Charging Co is an electric vehicle (EV) charging company that develops, manufactures, sells and operates charging equipment and related services. The company serves commercial, residential, fleet and public-sector customers seeking to install and manage EV charging infrastructure.
Blink’s product portfolio includes Level 2 AC charging stations and DC fast-charging equipment, along with associated hardware, installation services and cloud-based software. Through the Blink Network, charging-station owners and users can access tools for station management, payment processing, usage monitoring and locating available chargers.
