Blink Charging Co (BLNK) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Blink Charging Company fourth quarter and full year 2025 earnings conference call. (Operator Instructions) And please note, this conference is being recorded.

各位好，歡迎參加 Blink Charging Company 2025 年第四季暨全年財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。

I will now turn the conference over to your host, Mr. Vitalie Stelea, VP of Treasury and Finance for Blink Charging. Sir, the floor is yours.

現在我將把會議交給本次主持人，Blink Charging 財務與資金部副總裁 Vitalie Stelea 先生。先生，請開始。

Thank you, Ali, and welcome to Blink's fourth quarter and full year 2025 earnings call. With us today, we have Mike Battaglia, President and Chief Executive Officer; and Michael Bercovich, Chief Financial Officer.

謝謝你，Ali，也歡迎各位參加 Blink 2025 年第四季暨全年財報電話會議。今天與會的有總裁兼執行長 Mike Battaglia，以及財務長 Michael Bercovich。

Today's discussions will include non-GAAP references. These are reconciled to the most comparable US GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website. Today's discussions may also include forward-looking statements about our expectations.

今天的討論將包含非 GAAP 指標的引用。這些指標已在我們財報簡報附錄中與最可比的美國 GAAP 指標進行調節。您可在 Blink 投資人關係網站上找到該簡報，以及我們其餘的財報資料與其他重要內容。今天的討論也可能包含關於我們預期的前瞻性陳述。

Actual results may differ from those stated, and the most significant factors that could cause actual results to be different are included on page 2 of the fourth quarter 2025 earnings deck. Unless otherwise noted, all comparisons are year over year. For additional events, please follow our media releases in the Events section of Blink Investor Relations website.

實際結果可能與所述不同；可能導致實際結果出現差異的最重要因素已列於 2025 年第四季財報簡報第 2 頁。除非另有說明，所有比較均為年對年。如需了解其他活動，請在 Blink 投資人關係網站的「活動」專區關注我們的媒體新聞稿。

And now I'll turn the call over to Mike Battaglia, President and CEO of Blink Charging. Mike, please go ahead.

接下來我將把電話會議交給 Blink Charging 總裁兼執行長 Mike Battaglia。Mike，請開始。

All right. Great. Thanks, Vitalie, and good afternoon, everyone, and thanks for joining us today. I'm proud to report that the fourth quarter of 2025 marks a pivotal moment for Blink Charging. The most significant transformation in this company's history, our BlinkForward initiative substantially met its 2025 objectives.

好的。很好。謝謝你，Vitalie，各位下午好，感謝今天加入我們。我很自豪地報告，2025 年第四季對 Blink Charging 而言是一個關鍵時刻。作為公司史上最重要的轉型，我們的 BlinkForward 計畫在很大程度上達成了 2025 年的目標。

This quarter represents a transition from rebuilding the foundation to preparing the business for its next phase of growth. We started the year with close to -- (technical difficulty)

本季代表我們從重建基礎，轉向為業務下一階段成長做準備。我們在年初時接近--（技術問題）

Apologies, ladies and gentlemen, we have lost our speaker temporarily, one moment, please, and we should get them back in the call.

各位女士先生，抱歉，我們暫時失去講者的連線，請稍候片刻，我們應該很快就能讓他回到通話中。

Sorry about that, everyone. I think I'm back. This quarter represents the transition from rebuilding the foundation to preparing the business for its next phase of growth. We started the year with close to 600 people globally, and today, we operate with fewer than 300 highly focused and skilled team members. We have fundamentally reshaped how this company operates, became leaner, disciplined and focused on financial excellence, and the results are showing.

各位抱歉。我想我回來了。本季代表我們從重建基礎，轉向為業務下一階段成長做準備。我們在年初時全球約有 600 名員工，而今天我們以不到 300 名高度專注且具備技能的團隊成員運作。我們從根本上重塑了公司的運作方式，變得更精實、更有紀律並聚焦於財務卓越，成果也正在顯現。

Let me walk you through what BlinkForward has accomplished. When I took over the role of President and CEO a year ago, it was apparent to me that Blink should operate as a financially focused business that we should fundamentally change our culture and advance with a different vision for Blink. That vision was centered on building a company that can stand on its own financially operate with discipline and scale profitably over time.

我來帶各位回顧 BlinkForward 已完成的成果。一年前我接任總裁兼執行長時，我很清楚 Blink 應該以財務為核心來經營；我們應該從根本改變企業文化，並以不同的願景推動 Blink 前進。該願景的核心是打造一家能在財務上自立、以紀律運作，並能隨時間推進而實現獲利性擴張的公司。

We launched the BlinkForward restructuring plan in May 2025, as we set out to accelerate our path to profitability and focus on what matters, including long-term sustainable growth. I'm pleased to say that we have accomplished nearly all of the objectives that we set out to achieve in several critical ways. Our shift to contract manufacturing is now fully complete and operational. We have exited in-house production and are leveraging third-party manufacturing partners in both the United States and India.

我們於 2025 年 5 月啟動 BlinkForward 重整計畫，旨在加速邁向獲利，並聚焦於真正重要的事項，包括長期且可持續的成長。我很高興地表示，我們已在數個關鍵面向幾乎完成了當初設定的所有目標。我們轉向委外代工的策略現已全面完成並投入運作。我們已退出自有生產，並在美國與印度運用第三方製造合作夥伴。

This gives us greater flexibility, optimizes working capital, lowers overhead and improved supply chain resilience, all while retaining full ownership of our proprietary intellectual property with hardware, firmware and software. Importantly, our inventory position has been dramatically improved, and we maintain a lean balance sheet that allows us to be agile and nimble to evolving market needs. We reassessed and subsequently wrote off approximately $6 million of legacy inventory at year-end as part of this realignment.

這讓我們擁有更高的彈性、最佳化營運資金、降低間接成本並提升供應鏈韌性，同時仍保有硬體、韌體與軟體等專有智慧財產權的完整所有權。重要的是，我們的庫存狀況已大幅改善，並維持精實的資產負債表，使我們能對不斷演變的市場需求保持敏捷與彈性。作為此一調整的一部分，我們在年末重新評估並沖銷約 600 萬美元的舊有庫存。

And our go-forward inventory levels will reflect rightsized and asset-light positions, targeting around $15 million on the balance sheet. Moving to slide 4. We took bold actions throughout 2025. First, our operating expense reductions have been significant. On an adjusted basis, fourth quarter operating expenses were approximately $17.1 million, a decrease of approximately 32% from the beginning of a 2025 adjusted level of $25.2 million. If we annualize our total Q4 adjusted operating expenses and compare against full year 2024 adjusted operating expenses, you would see a reduction of $39 million year over year.

而我們未來的庫存水位將反映經過合理化、輕資產的配置，目標是在資產負債表上約 1,500 萬美元。接著看第 4 張投影片。我們在 2025 年採取了果斷行動。首先，我們在營運費用的削減上成效顯著。以調整後口徑計算，第四季營運費用約為 1,710 萬美元，較 2025 年初調整後水準 2,520 萬美元下降約 32%。若將第四季調整後營運費用年化，並與 2024 年全年調整後營運費用相比，您會看到年對年減少 3,900 萬美元。

That is a 36% reduction and I'll emphasize that again, that's a 36% reduction. Importantly, these reductions were not about shrinking the company, they were about creating the operating leverage required to support sustainable growth and innovation going forward. Second, while some of our competitors are burdened by capital-intensive asset-heavy practices, our move to a more agile contract manufacturing model and better working capital discipline will serve as a key pillar in our pursuit of profitability.

這相當於下降 36%，我再強調一次，下降 36%。重要的是，這些削減並非為了縮小公司規模，而是為了建立未來支持可持續成長與創新的營運槓桿。第二，當部分競爭對手仍受資本密集、重資產作法所拖累時，我們轉向更敏捷的委外代工模式並強化營運資金紀律，將成為我們追求獲利的關鍵支柱。

This is foundational to our ability to deploy EV infrastructure at scale while maintaining financial flexibility and discipline. Third and perhaps most importantly, we have accelerated the shift in our revenue mix towards higher quality, repeatable and recurring service revenues. In Q4, our service revenues reached $14.7 million, up 62% year over year. Service revenues represented 54% of our total revenue, up from 32% in Q4 of last year. And for full year 2025, service revenues grew 45% year over year to $49.3 million.

這是我們在維持財務彈性與紀律的同時，能夠規模化部署電動車基礎設施的根本基礎。第三，也許最重要的是，我們已加速將營收組合轉向更高品質、可複製且可重複發生的服務型經常性收入。第四季服務營收達到 1,470 萬美元，年對年成長 62%。服務營收占總營收比重為 54%，高於去年第四季的 32%。而在 2025 年全年，服務營收年對年成長 45% 至 4,930 萬美元。

And as we've said before, this is the future of Blink. Our strategy was further validated by our successful follow-on equity raise in December. We achieved our target of $20 million with a clean, no warrant raise with the majority of proceeds directed toward expanding our DC fast charging network, which we expect will provide repeatable, high-quality revenue streams. This is central to our strategy of building a durable, profitable business. Our Blink forward strategy has been built on 6 pillars: customer-driven market leadership; sustainable profitability; expanding charging solutions; capturing market share; developing recurring revenue; and securing cost-efficient capital.

正如我們先前所說，這就是 Blink 的未來。我們在 12 月成功進行後續股權募資，進一步驗證了我們的策略。我們以乾淨的方式達成 2,000 萬美元目標，未附認股權證，且大部分資金將用於擴大我們的直流快速充電網路；我們預期這將帶來可重複、具高品質的收入來源。這是我們打造具韌性且可獲利企業策略的核心。我們的 BlinkForward 策略建立在六大支柱之上：以客戶驅動的市場領導地位；可持續獲利；擴大充電解決方案；取得市場份額；發展經常性收入；以及取得具成本效率的資本。

Each of these pillars has guided our transformation, and we will continue to execute against them into 2026 as we balance growth, innovation and profitability in the years ahead. On slide 5, you can see the trajectory of our quarterly performance throughout 2025. Revenue has stabilized in the $27 million range across Q2, Q3 and Q4, and while we have fundamentally improved the quality and mix of revenue.

上述每一項支柱都引導了我們的轉型；在邁入 2026 年之際，我們將持續依此執行，在未來幾年於成長、創新與獲利之間取得平衡。在第 5 張投影片中，您可以看到我們 2025 年各季表現的走勢。營收在第二季、第三季與第四季均穩定在約 2,700 萬美元區間，同時我們也從根本上改善了營收的品質與組合。

The story here is clear. We have rightsized the business, shifted our focus toward repeatable and recurring revenue streams, higher margin product sales and dramatically reduced our cost structure. With the business now rightsized and stabilized, our focus is shifting from restructuring to scaling what works. Now let's turn to fourth quarter highlights on slide 7. Total revenue in Q4 was $27 million compared to $28 million in Q4 of 2024. While top line revenue was relatively flat, this was a deliberate outcome of our strategic pivot to a lean asset-light blank that is more agile and adaptive to changing market realities.

這裡的脈絡很清楚。我們已將業務規模調整至適當水準，把重點轉向可複製且可重複、經常性收入來源、更高毛利的產品銷售，並大幅降低成本結構。在業務如今已完成規模調整並趨於穩定之後，我們的重點正從重整轉向擴大那些行之有效的做法。現在讓我們看第 7 頁投影片的第四季重點。第四季總營收為 2,700 萬美元，對比 2024 年第四季的 2,800 萬美元。雖然營收表現大致持平，但這是我們策略性轉向更精實、輕資產的模式所刻意達成的結果，使我們能更敏捷並適應不斷變化的市場現實。

We are being selective about product sales, focusing on high-margin accretive opportunities while investing in growing our repeatable and recurring service revenue base. This disciplined approach positions us to pursue growth opportunities that are accretive and aligned with long-term value creation. GAAP gross margin in Q4 was 15.8%. This was primarily impacted by $5.9 million in noncash inventory adjustments related to our transition to contract manufacturing and our general direction of becoming an asset-light company with a robust and lean balance sheet.

我們在產品銷售上採取更審慎的選擇，聚焦於高毛利、具增益（accretive）的機會，同時投資擴大可複製且可重複、經常性的服務收入基礎。這種自律的作法，使我們能追求具增益且與長期價值創造一致的成長機會。第四季 GAAP 毛利率為 15.8%。這主要受到 590 萬美元的非現金存貨調整影響，該調整與我們轉向委外代工（contract manufacturing）以及整體朝向輕資產公司、打造強健且精實的資產負債表的方向有關。

Excluding these onetime items, our adjusted gross margin was 37.8%, much improved from our Q3 2025 adjusted gross margin of 34.5%. We are highly competitive in our industry and expect gross margins to improve as we move through 2026, with a target of approximately 35% on a full year basis. The quality of our revenue tells the real story. Charging service revenue grew 49% year over year to $9.3 million driven by our expanding Blink-owned Charging network and strong performance from our European markets during Q4. For full year 2025, network fees grew 53% year over year to $12.2 million driven by an increase in charges added across our network, notably DC chargers, which carry higher network fees.

排除這些一次性項目後，我們的調整後毛利率為 37.8%，較 2025 年第三季調整後毛利率 34.5% 明顯改善。我們在產業中具高度競爭力，並預期毛利率將在 2026 年逐步改善，全年目標約為 35%。營收品質才是真正的關鍵。充電服務收入年增 49% 至 930 萬美元，主要受惠於我們擴張中的 Blink 自有充電網路，以及第四季歐洲市場的強勁表現。2025 全年，網路費用年增 53% 至 1,220 萬美元，主要由於我們網路上的充電次數增加所帶動，尤其是直流（DC）充電器，因其網路費用較高。

On slide 8, I want to reiterate that our Blink-owned charger portfolio continues to be a powerful growth engine. Charging revenue from Blink-owned sites grew substantially year over year and our DC fast charging revenue from Blink-owned locations in the United States, grew over 200% in 2025. As a result of our successful capital raise in December, we have approximately 30 DC fast-charging sites, representing about 150 ports in various stages of review and construction. And as these come online, they will represent a significant source of future repeatable and recurring revenue.

在第 8 頁投影片，我想再次強調，我們的 Blink 自有充電器資產組合持續是強勁的成長引擎。來自 Blink 自有站點的充電收入年增大幅提升，而 2025 年我們在美國 Blink 自有據點的 DC 快充收入成長超過 200%。由於我們在 12 月成功募資，目前約有 30 個 DC 快充站點、約 150 個充電埠正處於不同的審查與施工階段。隨著這些站點陸續上線，將成為未來可複製且可重複、經常性收入的重要來源。

I'd also like to highlight some of our recent DC fast charging installations, including our portfolio of DC chargers with Royal Farms. Revenue in 2025 was up over 300% to nearly $950,000. In 2024, those locations delivered $225,000 in revenue on nearly the same number of chargers. Most of this growth was driven by higher utilization as drivers increasingly recognize Blink as a growing provider of DC fast charging services. And we recently activated a new Denver area site featuring Blink's most powerful DC fast chargers to date, delivering up to 600 kilowatts. Early utilization is trending upward reflecting strong demand for ultra-fast charging.

我也想強調我們近期的一些 DC 快充安裝案，包括我們與 Royal Farms 合作的 DC 充電器組合。2025 年相關收入成長超過 300%，接近 95 萬美元。2024 年，在充電器數量幾乎相同的情況下，這些據點帶來 22.5 萬美元收入。這些成長多數來自更高的使用率，因為駕駛人日益認知 Blink 是日漸壯大的 DC 快充服務供應商。我們最近也啟用丹佛地區一個新站點，配置迄今為止 Blink 最強大的 DC 快充設備，最高可提供 600 千瓦。早期使用率呈上升趨勢，反映市場對超高速充電的強勁需求。

This deployment demonstrates the type of high-power, fast-charging sites that support predictable dwell times and represent compelling long-term growth and value creation opportunities. Turning to Slide 10. Our expense discipline continued to improve in Q4, excluding noncash charges for goodwill and intangibles impairment for our Mobility segment and expenses eliminated on a go-forward basis.

這項部署展示了高功率、快速充電站點的類型，可支援可預測的停留時間（dwell times），並代表具吸引力的長期成長與價值創造機會。接著看第 10 頁投影片。我們在第四季的費用自律持續改善（不含我們 Mobility 事業部商譽與無形資產減損的非現金費用，以及未來不再發生的已剔除費用）。

Operating expenses came in at approximately $17.1 million. That is down from $25.2 million in Q1 2025. We have reduced our adjusted operating expense run rate by over 30% over the course of the year, reducing annualized expenses by over $32 million from the run rate at the beginning of 2025. Cash management also remained strong. Our cash burn for the quarter was approximately $2 million comparable to Q3's $2.2 million and a fraction of the levels we experienced in the first half of 2025.

營業費用約為 1,710 萬美元。較 2025 年第一季的 2,520 萬美元下降。在一年期間，我們將調整後營業費用的執行率（run rate）降低超過 30%，相較於 2025 年初的執行率，年化費用減少超過 3,200 萬美元。現金管理也維持強勁。本季現金消耗（cash burn）約 200 萬美元，與第三季的 220 萬美元相近，且僅為 2025 年上半年我們所經歷水準的一小部分。

This continued discipline in working capital and cost management is building a foundation for sustainable operations. And remember, Blink has no debt on the balance sheet. This level of financial discipline gives us flexibility and a strong foundation.

這種在營運資金與成本管理上的持續自律，正在為可持續的營運奠定基礎。並且請記得，Blink 的資產負債表上沒有負債。這樣的財務自律程度，賦予我們彈性與堅實的基礎。

So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and I will circle back at the end of the call with our outlook. Michael?

接下來，我把時間交給我們的財務長 Michael Bercovich，更詳細地說明財務狀況；我會在電話會議結尾再回來談我們的展望。Michael？

Thank you, Mike, and good afternoon, everyone. 2025 was a monumental year in the history of being charging, and I'm so proud to be a part of it. This was a year defined by building a stronger financial foundation and positioning the business for sustainable operations going forward.

謝謝你，Mike，各位下午好。2025 年是 Blink Charging 歷史上具有里程碑意義的一年，我很自豪能參與其中。這一年以建立更強健的財務基礎、並讓公司在未來具備可持續營運的定位為主軸。

Let's turn to slide 12 for our selected financials. Q4 2025 revenues were $27 million compared to $28 million in the fourth quarter of 2024. For the full year, total revenues were $103.5 million compared to $124 million in 2024. Product revenues for the fourth quarter were $11 million compared to $17.2 million in Q4 of last year. As Mike described earlier, this reflects our deliberate strategic decision to prioritize quality of revenue or quality.

讓我們看第 12 頁投影片的重點財務數據。2025 年第四季營收為 2,700 萬美元，對比 2024 年第四季的 2,800 萬美元。全年總營收為 1.035 億美元，對比 2024 年的 1.24 億美元。第四季產品營收為 1,100 萬美元，對比去年第四季的 1,720 萬美元。如 Mike 先前所述，這反映我們刻意的策略決策：優先重視營收品質。

We are focused on higher-margin product opportunities and being disciplined in the deals we pursue. With our focused approach for evaluating sales and our transition to contract manufacturing, we expect product margins to improve as we move through 2026. This reflects a more disciplined scalable approach to product revenue that supports long-term profitability. Service revenue increased 62% to $14.7 million in Q4 2025, up from $9 million in the fourth quarter of last year. For the full year, service revenue grew 45% to $49.3 million.

我們聚焦於更高毛利的產品機會，並在所追求的交易上保持自律。隨著我們更聚焦的銷售評估方式，以及轉向委外代工，我們預期產品毛利率將在 2026 年逐步改善。這反映出一種更自律、可擴展的產品營收策略，以支持長期獲利能力。2025 年第四季服務營收成長 62% 至 1,470 萬美元，高於去年第四季的 900 萬美元。全年服務營收成長 45% 至 4,930 萬美元。

This growth validates our strategy of investing in Blink-owned and operated infrastructure and network services. This service revenue are repeatable and recurring in nature, contributing to improve revenue quality and productibility.

這樣的成長驗證了我們投資於 Blink 自有並營運的基礎設施與網路服務的策略。這些服務營收具有可複製且可重複、經常性的特性，有助於提升營收品質並改善獲利能力。

Other revenues, which consist of warranty fees, grants and rebates and other revenue items were $1.3 million in the first quarter compared to $1.8 million in Q4 of last year. The decrease was primarily due to the shift of procuring third-party extended warranty contracts resulting in modifications to the way our warranty revenue was record as previously from a gross revenue basis to a net revenue basis. GAAP gross profit in Q4 was $4.3 million or 15.8% of revenue. This compares to gross profit of $4.4 million or 15.7% of revenue in Q4 of 2024.

其他營收（包含保固費、補助與回饋，以及其他營收項目）為 130 萬美元，對比去年第四季的 180 萬美元。下降主要是因為改為採購第三方延長保固合約，導致我們保固營收的認列方式調整：由先前以總額（gross）基礎認列改為以淨額（net）基礎認列。第四季 GAAP 毛利為 430 萬美元，占營收 15.8%。相較之下，2024 年第四季毛利為 440 萬美元，占營收 15.7%。

I want to call out that Q4 included approximately $5.9 million in noncash adjustments, mainly in inventory related to our manufacturing transition and a year-end inventory utilization. Excluding these items, gross margin was approximately 37.8%, significantly above the 34.5% as we reported in Q3 of this year, and year over year gross margin improvement of 1,100 basis points. And I want to repeat, 1,100 basis points.

我想特別指出，第四季包含約590萬美元的非現金調整，主要與我們製造轉移相關的庫存，以及年末庫存利用有關。排除這些項目後，毛利率約為37.8%，顯著高於我們今年第三季所報告的34.5%，且年對年毛利率改善1,100個基點。我想再重申一次，1,100個基點。

For the full year 2025, gross margin was 24.6% on a reported basis, impacted by various noncash inventory charges throughout the year. Excluding those charges, full year gross margin was approximately 36% even. Turning to operating expenses. Total operating expense reported in Q4 were $37 million, which included $17.9 million related to impairment of goodwill and $800,000 in intangible assets for our mobility segment. .

就2025全年而言，按報告基礎計算的毛利率為24.6%，受到全年各項非現金庫存費用的影響。排除這些費用後，全年毛利率約為36%。接著談營業費用。第四季報告的總營業費用為3,700萬美元，其中包含與我們移動出行（mobility）部門相關的1,790萬美元商譽減損，以及80萬美元無形資產減損。.

Excluding these noncash items, standout operating expenses were $18.3 million. And when we further exclude approximately $1.2 million of expenses that have been eliminated on a go-forward basis, and are not expected to recur, adjusted operating expenses were approximately $17.1 million. This compares to adjusted operating expenses of $25.2 million in Q1 of 2025, representing a 32% reduction over the course of the year. These reductions reflect structural changes to our cost base rather than temporary measures. Compensation expenses decreased to $10.5 million from $11.7 million in Q3, sequential improvement of 10% and reflecting the full benefit of our head count reductions.

排除這些非現金項目後，突出的營業費用為1,830萬美元。若再進一步排除約120萬美元已在未來期間被取消、且預期不會再發生的費用，調整後營業費用約為1,710萬美元。相較之下，2025年第一季的調整後營業費用為2,520萬美元，代表全年期間下降32%。這些下降反映的是我們成本基礎的結構性變化，而非暫時性措施。薪酬費用由第三季的1,170萬美元降至1,050萬美元，季對季改善10%，並反映我們人力縮減的完整效益。

G&A expenses came down to $3.4 million from $5.3 million in Q3, a 36% sequential reduction driven by continued cost optimization across the organization. The G&A for fourth quarter were $3.4 million, which includes a $1.3 million reversal of bad debt provisions following successful recovery efforts. Without this reversal, our G&A expenses would have been $4.7 million in Q4. Net loss for Q4 was $32.7 million on a reported basis, primarily driven by the noncash charges I mentioned.

一般及行政（G&A）費用由第三季的530萬美元降至340萬美元，季對季下降36%，主要由全組織持續的成本優化所帶動。第四季的G&A為340萬美元，其中包含因成功回收而回轉的130萬美元呆帳準備。若不計入此回轉，我們第四季的G&A費用將為470萬美元。第四季按報告基礎計算的淨損為3,270萬美元，主要由我提到的非現金費用所致。

Adjusted net loss was approximately $6.9 million. Full year net loss was $83.4 million on a reporting basis compared to $201.3 million in the prior year. Full year loss per diluted share was $0.76 compared to $2 loss in fiscal 2024. Total adjusted EPS in 2025 was a loss of $0.63 compared to a total adjusted EPS loss of $0.64 in the same period of 2024. Adjusted EBITDA for the fourth quarter of 2025 was a loss of $10.3 million compared to an adjusted EBITDA loss of $14.8 million in the same period of 2024.

調整後淨損約為690萬美元。全年按報告基礎計算的淨損為8,340萬美元，較前一年的2.013億美元大幅改善。全年稀釋後每股虧損為0.76美元，相較於2024財年的每股虧損2美元。2025年全年調整後每股盈餘（EPS）為虧損0.63美元，與2024年同期調整後EPS虧損0.64美元相比。2025年第四季調整後EBITDA為虧損1,030萬美元，相較於2024年同期調整後EBITDA虧損1,480萬美元。

Normalizing for $6.6 million follows in recurring headwinds, specifically to a $5.9 million in inventory rationalization and $1.4 million in BlinkForward restructuring compensation costs and adjusting for $700,000 G&A benefit.

若將660萬美元的經常性逆風因素進行常態化調整，具體包括590萬美元的庫存合理化，以及BlinkForward重組薪酬成本140萬美元，並調整70萬美元的G&A利益。

Our adjusted EBITDA loss narrowed to only $3.7 million. The result represents a substantial multiquarter improvement in financial performance. Total adjusted EBITDA for 2025 was a loss of $58.1 million compared to a total adjusted EBITDA loss of $52.7 million in 2024. Regarding our balance sheet and liquidity. As we previously announced, we successfully raised capital during the fourth quarter, strengthening our financial position to fund our DC fast charging investment program. Cash burn for the quarter was $2 million comparable to Q3 is $2.2 million.

我們的調整後EBITDA虧損收斂至僅370萬美元。此結果代表財務表現連續多季的顯著改善。2025年全年調整後EBITDA為虧損5,810萬美元，相較於2024年全年調整後EBITDA虧損5,270萬美元。關於我們的資產負債表與流動性。如我們先前宣布，我們在第四季成功募資，強化了財務狀況，以支持我們的直流（DC）快速充電投資計畫。本季現金消耗為200萬美元，與第三季的220萬美元相近。

This consistency demonstrates that our working capital and cost discipline is durable and not a onetime in nature. Looking at our business outlook, I would like to provide guidance across four key areas: number one, revenue growth for fiscal year 2026, we are targeting total revenue in the range of $105 million to $150 million, representing 1% to 11% growth over 2025.

這種一致性顯示，我們的營運資金管理與成本紀律具有持久性，而非一次性。就業務展望而言，我想就四個關鍵領域提供指引：第一，2026財年的營收成長，我們目標總營收介於1.05億至1.5億美元，較2025年成長1%至11%。

This is driven by continued expansion in repeatable and recurring service revenues, selective margin accretive strategic product sales and the contribution from our growing DC fast-charging footprint, as Mike covered earlier on this call. This revenue target range is particularly encouraging as it represents the clean growth coming out of our restructuring plan last year. Following more, we are continuing to lean into our DC fast charging network strategy.

這主要由可複製且經常性的服務收入持續擴張、選擇性且可提升毛利的策略性產品銷售，以及我們不斷擴大的DC快速充電佈建所貢獻，正如Mike在本次電話會議稍早所說明。這個營收目標區間尤其令人鼓舞，因為它代表我們去年重組計畫之後的「乾淨成長」。此外，我們將持續加碼推進我們的DC快速充電網路策略。

While we are investing heavily in the sites today, we expect to see the initial revenue contribution from these investments in late 2026 with 2027 serving the first full year of scale revenue from the DC network expansion and our transition to a more robust recurring and repairing revenue model.

雖然我們目前正大力投資站點，但我們預期這些投資的初步營收貢獻將在2026年末出現，而2027年將成為DC網路擴張規模化營收的第一個完整年度，並支撐我們轉型至更強健的經常性與維修型收入模式。

This growth is driven by the core operating framework we have established rather than a balance sheet expansion or elevated cost structures, patterns that we see with some of our competitors. Number two, gross margin. We are targeting gross margins of approximately 34% -- 35% for fiscal 2026. The specific level will depend on product revenue mix between L2 and DC chargers, market conditions and the impact of tariffs on our supply chain. We see an opportunity for 100 to 300 basis points of gross margin improvement as we realize the full benefit of contract manufacturing and favorable revenue mix shift.

這項成長是由我們已建立的核心營運框架所驅動，而非透過擴張資產負債表或提高成本結構——這些是我們在部分競爭對手身上看到的模式。第二，毛利率。我們目標2026財年的毛利率約為34%—35%。具體水準將取決於L2與DC充電器之間的產品營收組合、市場狀況，以及關稅對我們供應鏈的影響。隨著我們充分實現委外製造（contract manufacturing）的效益，以及有利的營收組合轉移，我們看到毛利率有機會改善100至300個基點。

Number three, cash flow and liquidity. Operational discipline has directly translated to our bottom line and cash preservation goals. For the second consecutive quarter, our total cash burn, including essential capital investment, has stabilized at approximately $2 million per quarter, and we can see the same pattern in Q1 of 2026.

第三，現金流與流動性。營運紀律已直接轉化為我們的損益表表現與現金保全目標。連續第二個季度，我們的總現金消耗（包含必要的資本投資）已穩定在每季約200萬美元，我們也在2026年第一季看到相同的趨勢。

Through the successful execution of our working capital and liquidity management programs, we have extended our runway, allowing us to find our DC fast charging growth initiatives from a position of strength. Lastly, number four, path to profitability. With operating expenses down approximately 30% year over year, a significantly leaner operations, we are aggressively working to our operational cash flow breakeven. We anticipate significantly reduced adjusted EBITDA loss compared to prior periods.

透過成功執行營運資金與流動性管理計畫，我們已延長資金續航期，使我們能在更有利的條件下為DC快速充電成長計畫提供資金。最後，第四，通往獲利的路徑。在營業費用年對年下降約30%、營運顯著精實化的情況下，我們正積極推進營運現金流損益兩平。我們預期調整後EBITDA虧損將較先前期間顯著降低。

This improvement is supported by the operating leverage created through our cost reductions and revenue mix shifts. We also expect continued operational improvements to position the company for profitability. This is a target for us, an internal measure and KPI, and we will continue to pull levers across both revenue growth and expense optimization to achieve it. And with the few levers that we are targeting is our revenue growth and product sales that are focused and disciplined in various tactical opportunities to shed significant costs that are not related to headcount, but operational excellence. We believe that with successful execution that we have already exhibited during this last year, we will see additional increases in our margins.

這項改善由我們透過成本削減與營收組合轉移所創造的營運槓桿所支撐。我們也預期持續的營運改善將使公司更接近獲利。這是我們的目標、內部衡量指標與KPI；我們將持續在營收成長與費用優化兩方面採取措施以達成。而我們鎖定的少數槓桿包括：營收成長與產品銷售——在各種戰術性機會上保持聚焦與紀律——以及透過營運卓越來削減與人力無關的重大成本。我們相信，憑藉過去一年已展現的成功執行力，我們將看到毛利率進一步提升。

The things for improvement include optimizing charging demand fees, simplifying our payment processing and SIM card fee structures and rationalizing charger assets. We have concluded an internal review and with a unified effort, this items with progress tracked and reported accordingly. Some of our peers continue to struggle with legacy debt and high cash burn. Our no debt lean balance sheet position allows us for aggressive capital-efficient DC fast infrastructure deployment, a significant difference as we move towards profitability while maintaining financial flexibility and discipline.

有待改善的事項包括：優化充電需求費用、簡化我們的付款處理與 SIM 卡費用結構，以及合理化充電樁資產。我們已完成內部檢討，並在一致的努力下，針對這些事項追蹤進度並據此回報。我們的一些同業仍持續受困於歷史債務與高額現金消耗。我們無負債、精實的資產負債表，使我們能以更具資本效率且更積極的方式部署直流快充基礎設施；在邁向獲利的同時，仍能維持財務彈性與紀律，這是一項顯著差異。

I will now turn it back over to Mike to wrap it up. Go ahead, Mike.

我現在把時間交回給 Mike 來做總結。Mike，請。

All right. Thanks, Michael, and the call didn't drop, which is nice. So the fourth quarter full year 2025 represents a defining chapter for Blink Charging. As we continue to BlinkForward into 2026, our focus is on building a business that can stand and grow on its own. We have transformed this company from the ground up and accomplished several notable milestones, including reducing our head count and operating expenses significantly, transitioning to contract manufacturing and improving working capital, reducing quarterly cash burn from $15 million to $2 million, improving our repeatable and recurring revenue mix, raising $20 million with favorable terms and beginning deployment of our high-speed DC charging footprint.

好的。謝謝你，Michael，而且這通電話沒有斷線，這很好。因此，2025 年第四季與全年對 Blink Charging 而言，是一個具指標性的篇章。當我們持續以 BlinkForward 邁向 2026 年時，我們的重點是打造一個能夠自立並自行成長的企業。我們已從根本改造這家公司，並達成多項重要里程碑，包括大幅縮減人力與營運費用、轉向委外代工並改善營運資金、將單季現金消耗從 1,500 萬美元降至 200 萬美元、提升可複製且經常性收入的組合、以有利條件籌得 2,000 萬美元，以及開始部署我們的高速直流充電版圖。

Since my time as CEO, I've been clear about what we set out to do, and we've executed against it. We said it, we did it and the results are visible in the business day. That same disciplined approach continues to guide how we operate as we move into 2026 and beyond. So I would like to extend a thank you to the Blink team for its resilience and focus throughout this past year of transformation. And I would like to thank our customers and drivers who rely on Blink to provide energy to the vehicles every day.

自我擔任 CEO 以來，我一直清楚我們要達成的目標，而我們也確實依此執行。我們說到做到，成果在日常營運中清晰可見。同樣的紀律化方法，將持續引導我們在邁入 2026 年及其後的營運方式。因此，我要向 Blink 團隊在過去這一年轉型期間展現的韌性與專注致謝。我也要感謝每天仰賴 Blink 為車輛提供能源的客戶與駕駛。

So with that, let's move on to Q&A. Operator?

那麼，接下來我們進入問答環節。接線員？

(Operator Instructions)

(接線員指示)

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Congratulations on strong execution in this environment. So Michael, I wanted to start by asking about the impact of your restructuring, right, the way you've repositioned the business for better profitability in '26. The big item, I guess, is the repositioning of your manufacturing and the change in strategy around the way you're managing working capital.

恭喜你們在這樣的環境下仍展現強勁的執行力。Michael，我想先請教重整措施的影響，也就是你們如何重新定位業務，以在 26 年達到更好的獲利能力。我想最大的項目，是你們對製造端的重新定位，以及在營運資金管理策略上的改變。

That's generated a lot of improvement for you, it's like a great significant -- very significant reduction in cash needs. But the overall benefit is still cutting in, at least as far as I understand. Can you help us unpack how this continues to benefit you over the course of this year? You got to burn down to -- was it $2 million a quarter, which is incredible. I mean --

這為你們帶來了很大的改善，現金需求大幅——非常顯著地下降。但整體效益似乎仍在逐步顯現，至少就我的理解是如此。你能否協助我們拆解一下，這些作法在今年接下來的時間裡，會如何持續讓你們受益？你們把現金消耗降到——是每季 200 萬美元嗎？這非常驚人。我的意思是——

Yeah.

是的。

Better than last quarter. I mean, again, but how does this continue to benefit the organization over the course of this year? Does this bring down OpEx for it? Does it improve overall cash needs? And can you talk about the facility footprint? Is other likely changes that you made the key changes at the company?

比上一季更好。我的意思是，再次請教，這在今年接下來的時間裡會如何持續讓組織受益？這會降低營運費用（OpEx）嗎？會改善整體現金需求嗎？也請談談據點／設施版圖。你們是否還做了其他可能的調整，或那些就是公司最關鍵的變革？

I'll start, and then I'm sure Michael is going to jump in on this. So one of the things that we introduced into Blink this year is -- and we talk about it all the time, is a notion of radical simplicity. So we use that against everything we're doing at the company. So how can we reduce complexity throughout every facet of this organization in order to enable focused execution on the core parts of the business. So let me unpack that a little bit. So when you look at this major shift that you referenced from in-house production to contract manufacturing, what's the benefit?

我先回答，然後我相信 Michael 也會補充。我們今年在 Blink 導入的一件事——而且我們一直在談——是一種「徹底簡化」的理念。我們用這個理念來檢視公司正在做的每一件事。也就是說，我們如何在組織的每個面向降低複雜度，以便能聚焦在業務核心部分並有效執行。我稍微拆解一下。當你提到這個重大轉變：從自製轉為委外代工，它的好處是什麼？

Well, first of all, and I'm going to start with the bottom line and then work back. The bottom line, our cost per unit did not change. So think about that. We were building units ourselves. We outsource them to contract manufacturers and the cost per unit stay the same. So what's the implication of that? The implication of that is that we don't have to manage the entire supply chain. We don't have to stock parts. We don't have to forecast individual components. We have significantly reduced revenue -- inventory risk on our balance sheet.

首先，我會先從最終結果講起，再往回推。最終結果是，我們的單位成本沒有改變。想想看這代表什麼。我們原本自己生產設備。我們把生產外包給代工廠，而單位成本仍然相同。那這代表什麼含意？含意是我們不必管理整條供應鏈。我們不必囤積零件。我們不必預測各個零組件。我們已大幅降低資產負債表上的——庫存風險。

And so then it brings us to a point where we can simply plan for demand. So we can forecast out 1 SKU, 2 SKUs, 5 SKUs rather than 500 SKUs associated with components and manufacturing. It also allows us to carry less inventory, so to be far more efficient from a working capital standpoint and to think of the business more in a just-in-time inventory type environment. So we've never built DC fast chargers. If you think about it, we've always sourced them. And now we're just simply extending that and doing that the same on the O2 side.

因此，我們就能走到一個點：只需要針對需求做規劃。也就是說，我們可以預測 1 個 SKU、2 個 SKU、5 個 SKU，而不是與零組件與製造相關的 500 個 SKU。這也讓我們能持有更少庫存，從營運資金角度更有效率，並讓業務更接近即時（just-in-time）庫存的運作環境。另外，我們從來沒有自己生產直流快充設備。如果你仔細想，我們一直都是採購取得。現在我們只是把同樣的做法延伸到 O2 端。

So Michael, I think you probably have some perspective on this as well.

Michael，我想你對這點應該也有一些看法。

Yeah, absolutely, Craig. This is a great question. And really one of the most maybe important shifts in the business over the past few quarters. The improvement is really driven by a combination of factors that Mike was mentioning. First, will become significantly more disciplined, everything we do, cash burn on collections, right? We're collecting faster and more consistently than at any point historically, which will had a meaningful impact on our working capital. Two quarters in a row as you said, and already provided hint into the Q1 2026.

是的，當然，Craig。這是個很好的問題。而且確實是過去幾季業務上最重要的轉變之一。改善主要來自 Mike 剛提到的多項因素的組合。第一，我們在所有事情上都變得更有紀律，包含現金消耗與應收款回收，對吧？我們的回款速度與一致性都比過去任何時候更好，這對我們的營運資金帶來了實質影響。如你所說已連續兩季如此，而且我們也已對 2026 年第一季提供了一些提示。

Second, we structurally reduced operating expenses through the actions we have taken under the BlinkForward initiative, the onetime benefit. This is not a onetime benefit, this is a reset, complete reset of the cost base. And as Mike talked about, reducing inventory levels, that is all part of our transition to contract manufacturing and really becoming more disciplined and focused and freed up cash and reduce balance sheet intensity, which is, again, if you're comparing companies. . Our balance sheet is very light, and it will allow us to be nimble, allow it to be agile. So when we put all this together, you're seeing a much more efficient operating model, and we expect to continue managing cash burn and our business at this reduced levels going forward.

第二，我們透過 BlinkForward 計畫下所採取的行動，在結構性上降低了營運費用；這不是一次性的效益。這不是一次性效益，而是對成本基礎的重置——徹底重置。此外，如 Mike 所談，降低庫存水位也是我們轉向委外代工的一部分；這讓我們更有紀律、更聚焦，釋放現金並降低資產負債表的資本密集度——如果你在比較公司時，這點很重要。.我們的資產負債表非常輕盈，這將使我們能夠靈活應變、保持敏捷。綜合以上，你會看到一個更有效率的營運模式；我們預期未來將持續在這樣較低的水準下管理現金消耗與經營業務。

Excellent. Excellent. Well, that's big progress. And it actually segues nicely into my next question. So the investment community is very realistic about the EV and charging demand environment right now. So I don't think anyone is going to not understand your revenue guidance for this year. The one area, though, that I think is a nice surprise is the gross margin line. So this doesn't benefit directly from the working capital and manufacturing strategy changes, that you've implemented if the cost per unit is unchanged.

太好了。太好了。嗯，這是很大的進展。而且這也很自然地銜接到我的下一個問題。所以投資界目前對電動車（EV）與充電需求環境的看法非常務實。所以我不認為有人會不理解你們今年的營收指引。不過有一個面向我覺得是個不錯的驚喜，就是毛利率這一條。所以如果單位成本沒有改變，這並不會直接受惠於你們已經實施的營運資金與製造策略調整。

So clearly, mix and the internal initiatives, it's your control, right? This is your initiative that's driving this gross margin execution better or execution outlook better than what we've been seeing and what we've been expecting. Can you maybe just talk a little bit more about the opportunity on the margin side how this has come together for you, how long you've been working on this and your confidence in the trajectory because it clearly is something that's been under your control, you've made changes and is delivering.

所以很明顯，產品組合與內部措施是在你們可控範圍內，對吧？這是你們的主動作為，讓毛利率的執行表現或執行展望優於我們看到的、也優於我們原先預期的。你能否再多談一點毛利端的機會：這是如何整合起來的、你們投入多久了，以及你們對這個走勢的信心？因為這顯然是你們可控的事情，你們做了改變，而且正在產生成效。

Yeah. It's actually a great question. And again, I'll start and I'll let Michael -- this is -- I think we're excited to answer this question. So first of all, when you look at the progress we made during 2025, we restructured the business with really big levers. We reduced head count nearly 50%. We looked at software subscriptions and all of the normal places that you would go in order to try to cut costs. We rationalized facilities.

是的。這其實是個很好的問題。同樣地，我先開頭，然後我會讓 Michael——這個——我想我們很期待回答這個問題。首先，回顧我們在 2025 年取得的進展，我們用非常大的槓桿重整了業務。我們把人力縮減了將近 50%。我們檢視了軟體訂閱，以及所有你通常會去著手以削減成本的地方。我們也精簡了據點/設施。

So we exited some of our facilities in order to save cost. I mean we did many, many things, but they were big and visible. Now what we're doing going into 2026, is exactly the question you asked. What we're seeing -- the way we look at the business is we said, okay, those things were visible. What are the underlying costs that are below the surface that are not immediately visible that affect our margins. And so Michael mentioned them a bit in his comments. There are things like warranty costs, shipping costs, SIM card fees, so a SIM card like a cell phone SIM card that they also go into chargers.

所以我們退出了部分據點/設施以節省成本。我的意思是，我們做了非常非常多事情，但那些都是大刀闊斧且很顯眼的。而我們在邁入 2026 年時要做的，正是你問的這個問題。我們看到的是——我們看待這門生意的方式是：好，這些事情很顯眼。那麼有哪些在水面下、不那麼立刻可見、但會影響我們毛利率的底層成本？所以 Michael 在他的發言中也稍微提到一些。像是保固成本、運輸成本、SIM 卡費用——也就是像手機 SIM 卡那樣的 SIM 卡，也會裝在充電樁裡。

So how much are we paying for those? Payment service transaction fees so that we are incurring on our network. Energy management in terms of things like demand fees and how can we better procure energy so that we don't get hit by demand fees on DC fast chargers. So there's multiple things that we're looking at that will directly affect margins.

那我們為這些付了多少？還有我們在網路上承擔的支付服務交易手續費。以及能源管理，例如需量費（demand fees）之類的費用；我們如何能更好地採購電力，讓直流快充（DC fast chargers）不會被需量費打到。所以我們正在檢視多個會直接影響毛利率的項目。

And Mike, that's exactly right. Yes, that's exactly right. And the improvements are very different from what we did in 2025. And I'm not going to, again, call out the levers themselves that we talked about. But in a nutshell, '25, we focused on larger structural levers, as you said, reduced exposure to low-margin activities, restructure operations, resets the cost base '26.

而且，Mike，你說得完全正確。是的，完全正確。而這些改善與我們在 2025 年做的非常不同。我也不打算再把我們談過的那些槓桿逐一點名。但簡而言之，2025 年我們聚焦在較大的結構性槓桿：如你所說，降低對低毛利活動的曝險、重整營運，並在 2026 年重設成本基礎。

As you said, below the service improvement, it's all about operational optimization. And that's what's exciting about it because we're coming out of the restructuring is so strong. And individually, those are smaller levers, but collectively, they can drive meaningful margin expansion, and we believe that this will help us as we continue moving forward with our multiyear strategy.

如你所說，水面下的改善，重點全在營運最佳化。而這正是令人振奮之處，因為我們在重整之後的狀態非常強。單看每一項都是較小的槓桿，但合在一起可以推動有意義的毛利率擴張；我們相信，這將在我們持續推進多年期策略的過程中提供助力。

That makes a lot of sense. That makes a whole lot of sense. So then a multiyear strategy, right, again, dovetails perfectly into my last question, if I may. So we all know that you guys have been working so hard this last year to develop a strategy to get to EBITDA positive, right? I know you guys want to make money, not just grow fast and grow at the best rate you can given the overall demand environment, but I know you want to that while making money. Are there any major items you can call out for us as external observers of the company that might facilitate that.

這很有道理。非常非常有道理。那麼，多年期策略——對吧——如果可以的話，也剛好完美銜接到我最後一個問題。我們都知道你們去年非常努力在制定一個達到 EBITDA 轉正的策略，對吧？我知道你們想賺錢，不只是快速成長、在整體需求環境允許下以最佳速度成長，而是希望在賺錢的同時成長。作為公司外部觀察者，你能否指出任何可能促成這件事的重大項目？

Clearly, revenue is one that's environment-driven. Are there other things like changes in the portfolio or gaps that you'd like to close that can get you there? And is there something we can maybe consider as a time line or a loose goal given that I guess the Board has to improve disclosure of targets, but if we just talk aspirations, that may be a loophole. You know what I'm saying.

很明顯，營收是一個受環境驅動的因素。還有沒有其他事情，例如產品組合的調整，或你們想補齊的缺口，能幫助你們達成？另外，是否有一個我們可以參考的時間表或較寬鬆的目標？我想董事會必須改進目標揭露，但如果我們只談願景/期望，或許就是個漏洞。你懂我的意思。

Yeah. Craig, again, I'll start. So first of all, we are hell bent at this company on getting to profitability, and we're not going to wait for the market to take us there. And I want to say that again. We are not going to wait for the market to take us there.

是的。Craig，我再一次先開頭。首先，我們公司對達成獲利是志在必得（不惜一切代價），我們不會等市場把我們帶到那裡。我想再說一次。我們不會等市場把我們帶到那裡。

So we want to continue this theme that we set out last year and into right now, which is, look, we're going to tell you what we feel comfortable telling you in terms of the operating environment of the business, and then we want to deliver on that and then hopefully surpass that. So we're not giving guidance right now, but we're going to continue to optimize on the expense side.

所以我們想延續去年到現在所建立的主軸：我們會告訴你們，在業務營運環境方面，我們覺得可以放心對外說的內容，然後我們要做到，並希望能超越。所以我們現在不提供指引，但我們會持續在費用端做最佳化。

And then Craig, it's interesting. I mean if you look at -- for me, personally, as CEO of the company, last year was all inward focused. It was cutting expenses. It was restructuring. It was making sure that we rightsize the business.

然後 Craig，這很有意思。我的意思是，如果你看——對我來說，作為公司的 CEO，去年完全是向內聚焦。是在砍費用。是在重整。是在確保我們把公司規模調整到合適的大小。

This year, I'm going to leave that to my compatriot, Michael Bercovich and my whole focus is working with the sales team on growing top line revenue because that's what we need to do. And within growing top line revenue, we need to really understand and really go after and really stay focused on the product sales segments that are moving in the industry, not phantom segments that people keep hoping for but where is the actual activity happening?

今年，我會把這部分交給我的夥伴 Michael Bercovich，而我全部的重心是與銷售團隊一起推動營收成長，因為這是我們必須做的。而在推動營收成長的過程中，我們需要真正理解、真正鎖定並保持專注：產業裡哪些產品銷售區隔正在動起來，而不是那些大家一直期待、但其實是虛幻的區隔——真正的活動到底發生在哪裡？

And how can Blink maximize its position within those particular verticals. So we're not going to run after everything. We're going to run after the stuff that makes sense to run after where we see a market. So Michael, I don't know if you have anything to add to that.

以及 Blink 要如何在那些特定的垂直領域中把自身的定位發揮到最大。所以我們不會什麼都追。我們會追那些值得追、而且我們看得到市場的事情。所以 Michael，我不知道你是否要補充。

Yeah, Mike, thank you for that. And for me, it's all about two things that you mentioned, operational excellence. Last year, we hit a lot of balls and a lot of things work out for us. This year, it's going to be operational excellence going and turning every stone that we already turn and turning it again. Sales, smart sales with higher gross margin and complete the shift of the repeatable and recurring revenue that we already talked about. We have inspiration to a DC fast charging network to produce more higher margin, repeatable sales that will help us to get to profitability.

是的，Mike，謝謝你。對我來說，重點就是你提到的兩件事：營運卓越。去年我們做了很多嘗試，很多事情對我們奏效。今年會是營運卓越：把我們已經翻過的每一塊石頭再翻一次。銷售——更聰明的銷售，帶來更高的毛利率，並完成我們先前談到的、可重複且經常性收入的轉型。我們的願景是打造一個直流快充網路，產生更多高毛利、可重複的銷售，幫助我們達到獲利。

We do provide guidance that this year, we anticipate a significantly lower loss on our adjusted EBITDA, and we're seeing that even from Q4, the number that we got to under $4 million and we continue driving it down. From here, we need to continue to invest in the business. continue doing what we did, and we'll get there. This is something that I know we all as a team working on, right? And there's a lot of opportunities, as I said, for 100 to 300 basis points on the gross margin. And then also on operating expenses, we'll continue doing that, but we're very, very focused on what matters. And the business and profitability are incredibly important to us.

我們確實提供了指引：今年我們預期調整後 EBITDA 的虧損將顯著降低；從第四季就已經看得出來，我們把數字降到 400 萬美元以下，並且持續把它往下壓。從這裡開始，我們需要持續投資於業務，延續我們一直在做的事情，我們就能達成目標。這是我知道我們整個團隊都在努力推進的事情，對吧？而且如我所說，在毛利率方面有很多機會可以提升 100 到 300 個基點。另外在營運費用方面，我們也會持續推進，但我們非常、非常聚焦在真正重要的事情上。業務與獲利能力對我們而言極其重要。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

I guess just on the first one, the revenue range for 2026. Could you talk about the cadence a little bit for the year? And then maybe what are some of the drivers that could get you towards the higher end of the range versus the --

我想先問第一個，關於 2026 年的營收區間。你能談談全年節奏大概會是怎樣嗎？然後，哪些驅動因素可能讓你們更接近區間上緣，而不是--

Yeah. So cadence-wise -- if you look at our business historically, 2024 was, I think, a little bit of an anomaly. But if you look back, at least since I joined in 2020, the revenue pattern kind of stays the same, which is -- the first quarter typically experiences some seasonality, and then it starts to march up from Q4 -- from Q1 throughout the year.

好的。就節奏而言——如果你看我們過去的業務表現，2024 年我認為有點像是例外。但如果往回看，至少自從我在 2020 年加入以來，營收模式大致相同，也就是——第一季通常會有一些季節性因素，之後就會從第一季一路往上走，貫穿全年。

So I think we're going to see some of the same. If you look at how we get to the higher end of our range, some of it is going to be market activity in terms of EV sales. So if you look at the predictions of EV sales or the forecast of EV sales, it's following exactly what we expected, which is after expiration of the EV tax credit, EV sales fell dramatically, now they're starting to inch back up again. The question is what does the second half of the year look like? And ultimately, where is the market share. I think it's going to be somewhere in the 7% to 8% range. and I'm not alone in that.

所以我認為我們會看到一些相同的情況。如果你看我們如何達到指引區間的上緣，其中一部分將取決於市場活動，也就是電動車（EV）銷售。因此，如果你看 EV 銷售的預測或展望，它的走勢完全符合我們的預期：在 EV 稅收抵免到期後，EV 銷售大幅下滑，現在又開始逐步回升。問題在於今年下半年會是什麼樣子？以及最終市占率會落在哪裡。我認為大概會在 7% 到 8% 的區間，而且不只我這麼看。

So by definition, it means that the second half is going to be quite a bit stronger than the first half, and you're going to see automakers releasing new products during that time. So that's one. Another one is us successfully installing the 30 DC fast charging projects that we have in the pipeline. . So we have a nice cadence of new sites coming online.

所以按定義來說，這意味著下半年會比上半年強勁得多，而且你會看到車廠在那段期間推出新產品。這是一點。另一點是我們能成功安裝目前管線中的 30 個直流（DC）快速充電專案。.因此，我們有一個不錯的新站點上線節奏。

We highlighted some of that in our comments. And we actually front-loaded a lot of projects, even prior to our capital raise. We greenlighted several projects such that we have them coming online in actually a pretty good flow this month, meaning April and then May into June and throughout the year. So that's another one. And then a final one is simply market consolidation favoring Blink.

我們在評論中也強調了其中一些。而且我們其實在資本募集之前就把很多專案前置了。我們核准了數個專案，使其能在本月（也就是 4 月）以及 5 月到 6 月、並在全年以相當不錯的節奏陸續上線。所以這也是一個因素。最後一個因素則很單純：市場整併將有利於 Blink。

And I've said this before, but right now, I see -- we have many opportunities that come across our desk every single week right now for M&A. And we're not touching those right now. And a lot of those companies are not going to make it, and we think we're going to benefit from the consolidation that we've been talking about quarter after quarter and that no question is happening at the moment.

我之前也說過，但目前我看到——我們現在每週都有很多併購（M&A）機會送到我們桌上。但我們現在不會去碰那些。而其中很多公司撐不下去，我們認為我們會從我們一季又一季談到的整併中受益，而且毫無疑問，這件事此刻正在發生。

Appreciate that. And you kind of just answered my follow-up here. But the next question was going to be about the competitive landscape as the EV market, evolved here in the US and what kind of opportunities that could present to you either in the form of M&A or market share gains? .

感謝說明。而你其實也算回答了我接下來的追問。我下一個問題本來是想問：隨著美國 EV 市場在這裡演變，競爭格局如何？以及這可能為你們帶來哪些機會——不論是以併購（M&A）的形式，或是市占率提升？.

Yeah. I'll start. Michael may jump in on this, too. But I've said in the past, I mean, I like M&A, I like it as -- but it's got to be -- one of the things that we are not going to do at Blink is after all the work we've done is take our eye off the ball and do something that will jeopardize the operational leverage we've created. So again, we've seen a lot of stuff come across our respective desks, but most of it is asset sales.

好的。我先說。Michael 也可能會補充。但我過去說過，我的確喜歡併購（M&A），我喜歡它作為——但前提是——Blink 在我們做了這麼多工作之後，絕對不會把注意力從核心上移開，去做任何可能危及我們已建立之營運槓桿的事情。所以再說一次，我們各自的桌上確實看過很多案子，但大多是資產出售。

And when you get into asset sales, the only way you're going to pick something up is if it's highly accretive to what we're doing. And anything that is not highly accretive, we're dismissing immediately anything that could potentially be accretive. We're looking at here and there. But as of now, we haven't seen anything that's really caught our eye. So Michael, I don't know if you have anything to add.

而當你談到資產出售時，你唯一會出手的情況是它對我們正在做的事情具有高度增益（highly accretive）。任何不是高度增益的，我們會立刻排除；至於可能具有增益的，我們會不時看一下。我們偶爾會評估。但截至目前，我們還沒看到真正讓我們眼睛一亮的。所以 Michael，我不知道你是否要補充。

Yeah, Mike, one thing to add to what you said. What we created is an asset-light less capital-intense balance sheet that will help us with the execution of our plan as we see some of the competitors out there that still live in the past, they're still burdening debt, continued burning an amazing amount of money. And in this environment, this is going to be very detrimental to the survival and detrimental to their business. And that's one of the things that we took care of this year by going through the bring-forward initiative and rolling out a completely different strategy. So we open for small opportunities, but we're also operationally focused on our plan and aim to deliver exactly what we planned.

是的，Mike，我補充你剛才說的一點。我們打造的是一個輕資產、資本投入較低的資產負債表，這將幫助我們執行計畫；同時我們看到一些競爭對手仍停留在過去，他們仍背負債務，持續燒掉驚人的資金。在這樣的環境下，這會對其生存非常不利，也會對他們的業務造成傷害。而這正是我們今年透過 bring-forward 計畫並推出一套完全不同的策略所處理好的事情之一。因此，我們對小型機會保持開放，但同時在營運上仍聚焦於我們的計畫，並力求交付我們所規劃的內容。

(Operator Instructions)

(接線員指示)

Sameer Joshi, H.C. Wainright.

Sameer Joshi，H.C. Wainright。

Michael, congrats on the progress. This is good tightening of the belt, I know it could be hard but congratulations on the execution on that front. So on the like sort of -- you have touched on many of those things that I wanted to talk about. But if you are looking at 2026 and beyond, what are the areas of growth? Is it more of own and operate? Is it increasing the service revenues from installed base or as you just talked about some M&A problems that you're on the back burner, but could that be come into play in 2027 and beyond?

Michael，恭喜你們的進展。這是很好的成本控管與縮減開支，我知道這可能很難，但在執行方面恭喜你們。所以就——你已經提到很多我想談的事情。但如果你看 2026 年及以後，成長的領域會在哪裡？會更偏向自有並營運（own and operate）嗎？會是從既有裝機基礎提升服務收入嗎？或者如你剛才提到的一些併購（M&A）問題目前先擱置，但是否可能在 2027 年及以後派上用場？

Yeah. Yeah. Great question. So One of the things we mentioned, and it was subtle in our comments is rationalization of our network. And what does that mean? It means the days of the EV infrastructure business planting flags and build a charger and they will come are over. And what we are intently focused on is the production of our portfolio, the profitability of our portfolio, the unit economics.

是的。是的。好問題。所以我們提到的一件事——而且在我們的評論中其實是比較含蓄地提到——是我們網路的合理化（rationalization）。那是什麼意思？意思是：電動車基礎設施業那種「插旗」式做法——蓋一個充電樁就等人來——的日子已經結束了。而我們高度聚焦的是我們資產組合的產出、資產組合的獲利能力，以及單位經濟效益（unit economics）。

So we are looking at assets that are unproductive. Quite frankly, at this stage in the game, I don't care about how many charges necessarily are connected to the network from a Blink-owned standpoint, I want to know, and I want to retain only the very best ones. So it's absolutely going to come from optimizing the sites that are proving themselves to be productive and profitable. It is about utilizing deep analytics that we have at our disposal now in order to accurately site DC fast charging sites. And then it is obviously opportunistically to take advantage of all the product sales opportunities that present themselves through our distribution channels.

所以我們正在看的是一些沒有產出的資產。坦白說，在目前這個階段，從 Blink 自有的角度來看，我不一定在乎有多少充電樁連接到網路上；我想知道的是，並且我只想保留最好的那些。因此，這絕對會來自於優化那些已證明具有效率、且能帶來產出與獲利的站點。這是關於運用我們現在可用的深度分析，以便精準選址 DC 快充站點。然後，顯然也會把握機會，透過我們的通路來利用所有出現的產品銷售機會。

Understood. Sort of maybe a follow-up on the previous one. You did speak about the 30 sites with the 150 ports. Michael mentioned heavy investment in the installed base. What could make this 30 site number grow to, say, 40 or 50? And like what are the sort of scouting activities that you are doing to find such locations that could yield you high service revenue?

了解。算是對前一題的追問。你確實提到那 30 個站點、150 個充電埠。Michael 提到對既有裝機基礎的大量投資。什麼因素可能讓這 30 個站點的數字成長到，例如 40 或 50？以及你們在尋找這類能帶來高服務營收的地點時，正在做哪些勘點／尋址活動？

Yeah. Michael, do you want to take the first part of that from the financial angle and then I can answer the second?

是的。Michael，你要不要先從財務角度回答第一部分，然後我再回答第二部分？

Yeah, absolutely. So part of our -- Sameer, if you remember, we talked about the majority of the investment, the majority of the cash that we raised was supposed to go to building a very strong profitable DC fast charging network. And we already had the backlog that I know Mike will talk about. So from a perspective of execution, we really needed the capital. And as Mike already earlier said today, we started with front-loaded that we already started activities of procuring for constructing because we were confident in our capital raise efforts. Mike, back to you because I know you want to talk about the backlog and delivery.

好，當然。所以我們的一部分——Sameer，如果你還記得，我們談過，我們募得的大部分投資、大部分現金，原本就應該用來打造一個非常強健且具獲利能力的 DC 快充網路。而且我們已經有待執行的訂單積壓（backlog），我知道 Mike 會談到。所以從執行的角度來看，我們確實需要資本。而正如 Mike 今天稍早所說，我們採取前置投入（front-loaded），因為我們對募資工作有信心，所以我們已經開始採購與施工建置的相關活動。Mike，交回給你，因為我知道你想談 backlog 和交付。

Yeah. Yeah. So a couple of things. One is we have somewhere in the neighborhood, Sameer, of a $100 million backlog of projects that we could install if we had the capital. So then the next question is, well, what are you going to do to get the capital? We -- as we mentioned time and again, the company has no debt. It gives us flexibility, but what we want to make sure of is that any debt that we incur is not debt for the sake of, but it can be serviced by the cash flows of the projects that we put in the ground.

是的。是的。所以有幾點。第一，Sameer，我們大概有接近 1 億美元的專案 backlog——如果我們有資本，就可以把這些專案安裝落地。接下來的問題就是：那你們要怎麼取得資本？我們——正如我們一再提到的，公司沒有負債。這給了我們彈性，但我們要確保的是，我們承擔的任何負債都不是為了負債而負債，而是能夠由我們落地的專案現金流來償付。

So that we need to prove that out to financial partners in order to get a quantum that is not just what you mentioned, Sameer, actually, our ambitions are quite behind that. So we have to prove out the unit economics, how do we prove out the unit economics? We put chargers in the right size, how do we select the right sites? We look at metro areas. And what we're interested in is density.

因此，我們需要向金融合作夥伴證明這一點，才能取得一個規模（quantum）——不只是你提到的那個程度，Sameer，實際上我們的企圖心遠不止於此。所以我們必須證明單位經濟效益（unit economics）；那要怎麼證明單位經濟效益？我們要以合適的規模部署充電樁；那要怎麼選對站點？我們看都會區。而我們關注的是密度。

We want to participate in dense metro areas, both urban and suburban that have high EV sales penetration that have with existing charger footprints that are in that market are demonstrating high utilization and that have gaps in the geography. And then we're going after those gaps. So I'm not going to name specific markets because I don't want to disclose that, but we have multiple metros throughout the US that we're targeting and we're going to go after putting sites there.

我們希望參與高密度的都會區，包含城市與郊區；這些地區電動車銷售滲透率高，且該市場既有充電樁佈建已展現高使用率，同時在地理分布上仍存在缺口。然後我們就去補上那些缺口。所以我不會點名特定市場，因為我不想揭露這些資訊，但我們在美國各地鎖定了多個都會區，並且會在那裡設置站點。

Understood. Perfectly good answer. Just one last one and sort of it is cash flow management or working capital management. The inventory you're targeting at around $15 million. And that's -- I'm expecting that is for sales, right? That is what I would say, for sales --

了解。回答得很好。最後一個問題，算是關於現金流管理或營運資金管理。你們的庫存目標大約是 1,500 萬美元。而那——我預期那是用於銷售，對吧？也就是我會說，是用於銷售--

For sales.

用於銷售。

Got it. Understood. Thanks. Good luck for 2026.

明白了。了解。謝謝。祝 2026 年順利。

Thank you. Ladies and gentlemen, we have reached the end of our question-and-answer session. So I would like to turn the call back over to Mr. Vitalie Stelea for any closing remarks.

謝謝。各位女士、先生，我們的問答環節到此結束。接下來我想把電話會議交回給 Vitalie Stelea 先生，請他做任何結語。

Well, thank you all for joining on the phone or on line. If there are any additional questions, feel free to drop us a note at ir@blinkcharging.com, and we look forward to interacting with you in the future. This is the end of the call.

好的，感謝各位透過電話或線上加入。如果還有任何其他問題，歡迎寄信到 ir@blinkcharging.com 與我們聯繫，我們也期待未來能與各位互動。本次電話會議到此結束。

Thank you, ladies and gentlemen. This does conclude today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝各位女士、先生。今天的會議到此結束，您現在可以掛斷電話線，並感謝您的參與。