Blink(US:BLNK)2025-11-07 14:50Financial Performance - For the three months ended September 30, 2025, Blink incurred a net loss of $86, while the net loss for the nine months was $52,752 [165]. - The company has not yet achieved profitability, with total comprehensive income of $6,707 for the three months ended September 30, 2025, attributed to non-cash foreign currency translation adjustments [165]. - Total revenue for the nine months ended September 30, 2025 decreased by $19,566, or 20%, to $76,451 compared to $96,017 during the same period in 2024 [210]. - Net loss for the nine months ended September 30, 2025 decreased by $71,869, or 58%, to $52,752 compared to $124,621 for the same period in 2024 [229]. - Total comprehensive income for the three months ended September 30, 2025 was $6,707, compared to a total comprehensive loss of ($84,790) for the same period in 2024 [209]. Revenue and Sales - Total revenues for the three months ended September 30, 2025, increased by $1,843, or 7%, to $27,030 compared to $25,187 for the same period in 2024, primarily driven by increased network fees and charging service revenues [187]. - Charging service revenue from company-owned charging stations rose by $2,504, or 48%, to $7,758 for the three months ended September 30, 2025, due to an increased number of chargers on the Blink Networks [189]. - Revenue from product sales decreased by $28,614, or 44%, to $35,924 for the nine months ended September 30, 2025, attributed to decreased sales of commercial and residential chargers [211]. - Charging service revenue from Company-owned charging stations increased by $7,012, or 46%, to $22,229 for the nine months ended September 30, 2025 [212]. Expenses and Costs - Cost of revenues for the three months ended September 30, 2025, was $17,364, an increase of $1,296, or 8%, compared to $16,068 for the same period in 2024 [192]. - Cost of product sales decreased by $1,135, or 12%, to $7,987 for the three months ended September 30, 2025, due to a mix in business between DC fast chargers and L-2 chargers [193]. - Warranty and repairs and maintenance costs surged by $490, or 167%, to $784 during the three months ended September 30, 2025, due to outsourcing of warranty repairs [200]. - Warranty and repairs and maintenance costs increased by $1,035, or 55%, to $2,915 during the nine months ended September 30, 2025, due to efforts to reduce backlog in warranty cases [221]. - Compensation expense decreased by $3,631, or 24%, to $11,528 for the three months ended September 30, 2025, compared to $15,159 for the same period in 2024 [202]. - General and administrative expenses decreased by $2,517, or 32%, to $5,455 for the three months ended September 30, 2025, primarily due to a credit loss reserve reversal of $2,990 [203]. Cash and Liquidity - The company reported cash and cash equivalents of $23,110, working capital of $36,752, and an accumulated deficit of $788,607 as of September 30, 2025 [165]. - As of September 30, 2025, the company had cash and cash equivalents of $23,110, a decrease of $32,294 from $41,774 as of December 31, 2024, due to ongoing operating losses and limited cash inflows [182]. - The company expects that its current cash resources will be insufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern [183]. - Management is actively evaluating strategic alternatives, including cost-reduction initiatives and potential restructuring or fundraising opportunities, but there is no assurance these efforts will resolve current financial challenges [184]. - Management is evaluating strategic alternatives, including cost-reduction initiatives and potential restructuring, but there is no assurance these efforts will improve liquidity [238]. Business Operations and Strategy - Blink acquired 100% of Zemetric, Inc. on July 7, 2025, enhancing its charging infrastructure capabilities for fleet and high-utilization destinations [168]. - The company is subject to various federal, state, and international regulations that could impact its business operations and financial condition [180]. - Blink's growth is highly dependent on the adoption of electric vehicles (EVs), with market acceptance being a critical factor for future success [179]. - The Blink Networks, a cloud-based platform, manages EV chargers for remote monitoring, management, and payment processing [176]. Foreign Currency Risks - The company has foreign currency risks related to revenue and operating expenses in currencies other than the U.S. dollar, primarily the euro [246]. - A hypothetical 1% decrease in foreign currencies against the U.S. dollar would not result in a material loss on foreign-denominated balances as of September 30, 2025 [246].