Blink Charging Co (BLNK) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Blink Charging first quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Blink Charging 2026 年第一季財報電話會議。（接線員指示）

It is now my pleasure to hand the floor over to your host, Vitalie Stelea, Vice President of Treasury and Finances. Sir, the floor is yours.

現在我很榮幸把會議交給本次主持人——資金與財務副總裁 Vitalie Stelea。先生，請開始。

Thank you, operator, and welcome to Blink's first-quarter 2026 earnings call. With us today, we have Mike Battaglia, our President and CEO; and Michael Bercovich, Chief Financial Officer. Today's discussions will include non-GAAP references. And 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 material.

謝謝接線員，並歡迎各位參加 Blink 2026 年第一季財報電話會議。今天與會的有我們的總裁暨執行長 Mike Battaglia，以及財務長 Michael Bercovich。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。您可以找到該簡報，以及我們其餘的財報資料。

Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated and the most significant factors that could. To be different are included on page 2 of the first quarter 2026 earnings deck.

今天的討論也可能包含關於我們預期的前瞻性陳述。實際結果可能與所述不同，而可能導致差異的最重要因素。已列於 2026 年第一季財報簡報第 2 頁。

Unless otherwise noted, all comparisons are year-over-year. For additional events and news, please follow our media releases in the Events section of Blink's Investor Relations website. I will now turn the call over to Mike Pitag.

除非另有說明，所有比較皆為年對年。如需更多活動與新聞，請在 Blink 投資人關係網站的「活動」專區追蹤我們的媒體新聞稿。現在我將把電話會議交給 Mike Pitag。

All right. Great. Thanks very much, Vitalie. And good afternoon, everyone. And thanks so much for being with us here today. So the first quarter of 2026 reflects our continued track record of execution. The restructuring work of 2025 is behind us. Capital was raised at the end of last year, and that capital is now being deployed.

好的。很好。非常感謝你，Vitalie。各位下午好。也非常感謝各位今天與我們一同參與。因此，2026 年第一季反映了我們持續的執行紀錄。2025 年的重整工作已告一段落。我們在去年年底完成募資，而這些資金目前正被投入運用。

What you're seeing in Q1 is Blink's new culture. Disciplined, focused, and billing toward profitability consistently, and I would even say relentlessly. I want to be direct about what Q1 represents. It came in largely as expected.

你們在第一季看到的是 Blink 的新文化。自律、聚焦，並持續朝獲利邁進，我甚至會說是毫不鬆懈地推進。我想直接說明第一季代表什麼。整體表現大致符合預期。

Revenue was approximately flat year-over-year, consistent with the typical seasonality we see in the first quarter. And what matters more than the top-line numbers are the fundamentals behind them. So let's unpack that together.

營收年對年大致持平，符合我們在第一季通常看到的季節性特徵。而比起營收表面數字更重要的，是其背後的基本面。所以我們一起來拆解。

Our recurring and repeatable service revenues grew 25% year-over-year to $13.3 million. This is the engine of our business, and it is running stronger every quarter. Our cost structure is significantly right-sized. Our cash firm remained controlled. For the third quarter in a row.

我們可重複且具經常性的服務收入年對年成長 25%，達到 1,330 萬美元。這是我們業務的引擎，而且每一季都運轉得更強勁。我們的成本結構已大幅調整至適當規模。我們的現金消耗仍維持受控。且已連續第三季如此。

And our DC fast-charging build-out, which is the central investment story for Blink, is moving forward with real momentum. Moving to slide 4, you'll see how we're characterizing the business today. The cost reset is complete. Repeatable and recurring revenue is scaling.

而我們的直流快充建置——這是 Blink 的核心投資主軸——正以實質動能向前推進。翻到第 4 頁投影片，你會看到我們如何描述目前的業務狀況。成本重置已完成。可重複與經常性收入正在擴張。

DC fast charger investment is accelerating, and we are positioned in a large and growing market at what we believe is a highly attractive entry point. These are not talking points. They are the results of decisions and actions we have been executing against for more than a year, and they are durable.

直流快充投資正在加速，我們也身處一個龐大且成長中的市場，並且我們相信目前是一個極具吸引力的切入點。這些不是口號。它們是我們一年多來持續推動的決策與行動所帶來的成果，而且具備持久性。

On slide 5, you can see the business model transformation that is driving margin expansion. In 2025, approximately 45% of our revenue was repeatable and recurring. Our target for 2028 is 80%. We get there with a deliberate and simple plan that moves from fundraising to DC fast charger site selection. To construction of high-performing DC fast charging sites, and finally, scaling utilization of those charging assets.

在第 5 頁投影片，你可以看到推動毛利率擴張的商業模式轉型。2025 年，我們約 45% 的營收屬於可重複且經常性收入。我們 2028 年的目標是 80%。我們將透過一個審慎且簡明的計畫達成：從募資到直流快充站點選址。再到建置高績效的直流快充站點，最後提升這些充電資產的使用率並擴大規模。

Every quarter that passes, the mix of repeatable and recurring revenue moves in the right direction. Higher service revenues as a percentage of total means higher margins, more predictability, and less dependence on transactional product sales. Once again. That transition is structural, and this quarter continues to validate the framework.

每過一季，可重複與經常性收入的占比都朝正確方向前進。服務收入占總收入比重越高，代表毛利率更高、可預測性更強，且對一次性產品銷售的依賴更低。再次強調。這項轉型是結構性的，而本季持續驗證了這個框架。

As you can see on slide 6, we have 27 sites encompassing 136 stalls in our near-term build-out plan. Of those, three sites with 11 stalls are already under construction. The additional 125 stalls are approved and in various stages of deployment. We look forward to moving them into the construction stage and then ultimately into the go-live stage.

如第 6 頁投影片所示，我們的短期建置計畫共有 27 個站點、合計 136 個車位（充電槍位）。其中 3 個站點、11 個車位已在施工中。另外 125 個車位已獲核准，並處於不同的部署階段。我們期待推進至施工階段，並最終進入正式上線階段。

And on Slide 7, we're showing the future of Blink. These exemplify the type of site layouts that are guiding us into the future. They are fast, they're modern, and most importantly, they represent technologies that we intend to deploy.

在第 7 頁投影片，我們展示 Blink 的未來。這些範例呈現了引導我們走向未來的站點配置類型。它們速度快、設計現代化，更重要的是，它們代表了我們計畫部署的技術。

Next, our unique go-to-market strategy. Operates along two complementary tracks as shown on slide 8. We engage in multi-vertical channel sales encompassing hardware and software that generates recurring network fees and carries healthy margins.

接著談我們獨特的市場進入策略。如第 8 頁投影片所示，該策略沿著兩條互補的路徑運作。我們進行跨多垂直領域的通路銷售，涵蓋硬體與軟體，帶來經常性的網路費收入，且具備健康的毛利率。

And our owned and operated infrastructure generates repeatable energy revenue with stability and predictability. Addressing both of these allows us to participate. In two very large addressable markets. In particular, as we scale the owned network, specifically DC fast charging, those repeatable energy revenues grow, the margins improve, and the business becomes increasingly self-sustaining.

而我們自有並營運的基礎設施，則產生可重複的能源收入，具備穩定性與可預測性。同時布局這兩者，使我們得以參與。兩個非常龐大的可服務市場。尤其當我們擴大自有網路規模、特別是直流快充時，這些可重複的能源收入會成長、毛利率會改善，業務也將愈來愈能自我支撐。

On slide 9, you will see how we're targeting several emerging opportunities to effectively leverage our size and scale. Electrified autonomous vehicle deployments are accelerating, and mobility providers need partners like Blink for charging infrastructure.

在第 9 頁投影片，你會看到我們如何鎖定數個新興機會，以有效運用我們的規模與量體優勢。電動化自動駕駛車的部署正在加速，移動服務供應商需要像 Blink 這樣的合作夥伴來提供充電基礎設施。

Secondly, we continue to pursue Blink network integrations with automotive OEMs. This immediately expands visibility of our public infrastructure and drives utilization. Once integrated with automakers, we become sticky. As drivers rely on our chargers.

第二，我們持續推動 Blink 網路與汽車 OEM 的整合。這能立即提升我們公共基礎設施的能見度並帶動使用率。一旦與車廠完成整合，我們就會形成黏著度。因為駕駛會依賴我們的充電器。

And this leads to Blink's philosophy of integrating our network via APIs into other charging ecosystems like fleet platform providers, charging app integrators, and others. In short, we want Blink everywhere companies and EV drivers are accessing charging.

而這也導向 Blink 的理念：透過 API 將我們的網路整合進其他充電生態系，例如車隊平台供應商、充電 App 整合商等。簡而言之，我們希望在企業與電動車駕駛取得充電服務的所有場景中，都能看到 Blink。

Finally, energy management services represent a real opportunity for us as we leverage our charging data sets, which are extensive, and AI tools to optimize pricing at point of sale, total cost of ownership for fleets, and deploy vehicle-to-grid and vehicle-to-building capabilities.

最後，能源管理服務對我們而言是一個真正的機會：我們將運用龐大的充電數據集與 AI 工具，來最佳化銷售端定價、車隊的總持有成本，並部署車輛到電網（V2G）與車輛到建築（V2B）的能力。

Now, let's turn to first quarter highlights on slide 11. So, total revenue in Q1 was $20.8 million, compared to $20.7 million in Q1 of 2025. Gross profit was $6.6 million, representing a GAAP gross margin of 32%. We will walk through the adjusted numbers in a moment, and those tell a cleaner and encouraging story.

現在，讓我們看第 11 頁投影片的第一季重點。第一季總營收為 2,080 萬美元，相較於 2025 年第一季的 2,070 萬美元。毛利為 660 萬美元，GAAP 毛利率為 32%。我們稍後會帶各位看調整後的數字，而那些數字呈現出更清晰且令人鼓舞的故事。

Slide 12, shows our revenue for the last five quarters. The growth was modest, so I don't want to overstate, but it is an encouraging sign of stabilization since the first quarter of last year. At the same time, our non-GAAP gross margin of 42.4% was in line with our expectations and over 200 basis points higher than Q1 of last year.

第12張投影片顯示我們過去五個季度的營收。成長幅度不大，因此我不想誇大，但這是自去年第一季以來趨於穩定的一個令人鼓舞的跡象。同時，我們42.4%的非GAAP毛利率符合預期，且較去年第一季高出超過200個基點。

Margin expansion remains our top priority. Supported by pricing optimization, cost reduction and more efficient execution impacting cost of goods. The opportunity from here is operational leverage. The business has previously supported quarterly revenue in the high $20 million range and even more than that.

毛利率擴張仍是我們的首要優先事項。這得益於價格最佳化、成本降低，以及更有效率的執行以影響銷貨成本。接下來的機會在於營運槓桿。過去本業曾支撐單季營收達到2,000多萬美元的高位，甚至更高。

And as volume improves. We believe there is an opportunity to capitalize on our refined organizational cost structure. The goal is not just revenue growth, but higher quality revenue growth that translates into profitability over time.

而隨著出貨量提升。我們相信有機會善用我們已精簡的組織成本結構。目標不僅是營收成長，更是更高品質的營收成長，並能隨時間轉化為獲利。

So, with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and then I'll go back at the end of the call with concluding remarks.

因此，接下來我把時間交給我們的財務長Michael Bercovich，請他更詳細地回顧財務表現，然後我會在電話會議結束前回來做結語。

So, Michael?

那麼，Michael？

Thank you, Mike, and good afternoon, everyone. Q1 2026 is a quarter where the numbers validate exactly what we've been saying. Cost are reset and low controlled, service revenues scaling and the balance sheet gives us the flexibility to invest in DC fast charging for a position of strength, not necessity.

謝謝你，Mike，各位下午好。2026會計年度第一季的數字，正好驗證了我們一直以來所說的。成本已重設並受到良好控制，服務營收正在擴張，而資產負債表也讓我們有彈性在「優勢地位」而非「迫於需要」的情況下投資直流快充。

Let me walk through the details and turn to Slide 14 for our selected financials. Q1 2026 total revenues were $20.8 million, essentially flat year-over-year.

我先帶各位看細節，請翻到第14張投影片，這裡是我們選取的財務數據。2026會計年度第一季總營收為2,080萬美元，年增率基本持平。

The first quarter has historically been our lightest quarter, and this year there is no exception. We expect revenue growth as we move through the year, driven by DC fast charging site activations and continued service revenue growth. Product revenues were $6.2 million.

第一季歷來都是我們最淡的一季，今年也不例外。我們預期隨著年度推進，營收將成長，動能來自直流快充站點啟用，以及服務營收持續成長。產品營收為620萬美元。

This continues to reflect our deliberate strategic decision to prioritize quality of revenue over quantity. We are focused on higher margin product opportunities and are being disciplined in the deals we pursue. Service revenue, which includes repeatable charging revenues, recurring network fees and car sharing revenues grew 25% year-over-year to $13.3 million, compared to $10.7 million in Q1 of 2025.

這仍反映我們有意識的策略決策：優先追求營收品質而非數量。我們聚焦於毛利率更高的產品機會，並在所追求的交易上保持紀律。服務營收（包含可重複的充電營收、經常性網路費以及共享汽車營收）年增25%至1,330萬美元，相較於2025會計年度第一季的1,070萬美元。

Every meaningful component of service revenue grew double-digits year-over-year. This is the growth engine of Blank and it's performing. Network fees grew 21% year-over-year. Charging revenue grew 23% year-over-year.

服務營收中每個重要組成項目皆呈現年增雙位數成長。這是Blink的成長引擎，而且正在發揮作用。網路費年增21%。充電營收年增23%。

The compounding effect of a growing own network is beginning to show up clearly in our numbers. Other revenues, which consist of warranty fees, grants and rebates and other revenue items were $1.2 million in the first quarter of 2025.

自有網路持續擴張所帶來的複利效應，已開始在我們的數字中清楚呈現。其他營收（包含保固費、補助與回饋，以及其他營收項目）在2025會計年度第一季為120萬美元。

It is worth mentioning that starting the fiscal year 2026, we have redefined our non-GAAP metrics to align them with peers and industry practices. You can see the exact definitions of these metrics in our earnings press release, as well as in the appendix section of this presentation.

值得一提的是，自2026會計年度起，我們已重新定義非GAAP衡量指標，使其與同業及產業慣例一致。您可在我們的財報新聞稿以及本簡報附錄部分看到這些指標的精確定義。

The main difference is that we are now excluding non-cash share-based compensation, other non-recurring items, as well as depreciation and amortization to better present the fundamental potential of our business. So let's get to it.

主要差異在於：我們現在排除非現金的股份基礎給付、其他非經常性項目，以及折舊與攤銷，以更好地呈現本業的基本潛力。那我們就開始。

GAAP gross profit of Q1 was $6.6 million or 32% of revenues compared to gross profit of $7.1 million or 34.1% of revenues in Q1 of 2025. The year-over-year delta is largely driven by the composition of revenue, specifically higher cost of car sharing service revenue and energy costs.

第一季GAAP毛利為660萬美元，占營收32%；相較之下，2025會計年度第一季毛利為710萬美元，占營收34.1%。年對年差異主要來自營收組合，特別是共享汽車服務營收成本較高以及能源成本。

As we deploy and operate more on DC fast charging assets, this is an expected and acceptable short-term trade-off as we scale the own infrastructure that drives our high-quality repeatable revenues. On a non-GAAP basis, excluding depreciation of fixed assets and a small cash sharing segment adjustment, adjusted gross margin was 42.4% in Q1 2026.

隨著我們部署並營運更多直流快充資產，這是可預期且可接受的短期取捨，因為我們正在擴大自有基礎設施，而這將驅動高品質、可重複的營收。以非GAAP基礎計算，排除固定資產折舊以及共享汽車部門的一項小幅調整後，2026會計年度第一季調整後毛利率為42.4%。

That is ahead of the prior year quarter of 40% on the same basis and is consistent with what we were expecting. Margin levers remain fully in place. Contract manufacturing optimization, network fee pricing, and improved utilization on owned assets will continue to drive improvement over time.

在相同基礎下，這高於去年同期的40%，也符合我們的預期。毛利率的驅動槓桿仍然完全到位。委外製造最佳化、網路費定價，以及自有資產使用率提升，將持續推動毛利率隨時間改善。

We remain on track for our full-year gross margin guidance of approximately 35% on a GAAP-reported basis. Turning to operating expenses. Total operating expenses in Q1 were $18.4 million, compared to $28.5 million in Q1 of last year, a 35% reduction year-over-year.

我們仍按計畫達成全年毛利率指引：以GAAP報表基礎約為35%。接著看營業費用。第一季總營業費用為1,840萬美元，相較去年第一季的2,850萬美元，年減35%。

This is a structural cost reset in action resulting from our Blink Forward initiative. These are not temporary savings. Headcounts on the right side, G&A is disciplined. And compensation expense reflects the leaner, more focused organization we have built.

這是我們「Blink Forward」計畫所帶來的結構性成本重設正在發揮作用。這些並非暫時性的節省。人力編制已調整到位，管理費用（G&A）也維持紀律。而薪酬費用反映出我們所打造的更精實、更聚焦的組織。

Non-GAAP operating expenses, excluding share-based compensation, depreciation and amortization and one-time recurring items non-recurring items were approximately $13.9 million in Q1 2026, compared to $22.6 million in Q1 of last year.

2026會計年度第一季非GAAP營業費用（排除股份基礎給付、折舊與攤銷，以及一次性與非經常性項目）約為1,390萬美元，相較去年第一季的2,260萬美元。

That is a reduction of over 38% on an adjusted basis year-over-year. Compensation expenses were $10.2 million, down 25% from $13.6 million in Q1 2025, reflecting the full run rate benefit of our headcount reductions.

以調整後基礎計算，年對年降幅超過38%。薪酬費用為1,020萬美元，較2025會計年度第一季的1,360萬美元下降25%，反映我們裁減人力所帶來的完整年度化效益。

Excluding the impact of one-time non-recurring and non-cash items, the non-GAAP compensation expense was $6.9 million during the quarter. G&A and other operating expenses also declined meaningfully as our cost optimization efforts continue to compound across the organization.

排除一次性非經常性與非現金項目的影響後，本季非GAAP薪酬費用為690萬美元。隨著成本最佳化措施在整個組織持續累積效益，管理費用（G&A）及其他營業費用也明顯下降。

GAAP net loss for Q1 was $11.6 million or $0.08 loss per diluted share, compared to a net loss of $21 million or $0.21 loss per diluted share in Q1 of last year. That's an improvement of nearly $10 million in reduced net loss year-over-year.

第一季GAAP淨損為1,160萬美元，或稀釋後每股虧損0.08美元；相較去年第一季淨損2,100萬美元，或稀釋後每股虧損0.21美元。年對年淨損減少近1,000萬美元，顯著改善。

Non-GAAP net loss for the first quarter of 2026 was $7.8 million or $0.06 loss per share in the first quarter, compared to non-GAAP net loss of $17.4 million or $0.17 loss per share in the first quarter of 2025, an improvement of 55% year-over-year.

2026會計年度第一季非GAAP淨損為780萬美元，或每股虧損0.06美元；相較2025會計年度第一季非GAAP淨損1,740萬美元，或每股虧損0.17美元，年對年改善55%。

Adjusted EBITDA for the first quarter of 2026 was a loss of $5.1 million, compared to an adjusted EBITDA loss of $14.3 million in Q1 of last year. That is a 64% improvement year-over-year. I want to let the number stand of its own for a moment, 64% reduction in adjusted EBITDA loss in 12 months is a meaningful achievement.

2026會計年度第一季調整後EBITDA為虧損510萬美元，相較去年第一季調整後EBITDA虧損1,430萬美元。年對年改善64%。我想讓這個數字先自己說話：在12個月內將調整後EBITDA虧損縮減64%，是一項重要的成果。

Turning to our balance sheet and cash position. We ended Q1 with cash and cash equivalents of approximately $38 million. We have no debt on the balance sheet. The combination, a clean balance sheet, controlled burn over the last three quarters and growing repeatable and recurring revenue gives us the financial flexibility to invest in DC fast charging from a position of strength.

接著談談我們的資產負債表與現金部位。我們在第一季結束時，現金及約當現金約為3,800萬美元。我們的資產負債表上沒有負債。乾淨的資產負債表、過去三個季度受控的現金消耗，以及可重複且經常性收入的成長，讓我們具備財務彈性，能以更有利的基礎投資於直流（DC）快速充電。

Cash burn for the quarter was approximately $1.7 million, increases of capital investment in our DC fast charging network. I want to address this transparently. Q1 cash burn reflects some timing-related working capital movement, in particular, a higher payable runoff in the quarter that are not representative of our steady-state burn rate.

本季現金消耗約為170萬美元，主要因我們在DC快速充電網路上的資本投資增加。我想以透明的方式說明這點。第一季的現金消耗反映了一些與時點相關的營運資金變動，特別是本季應付帳款的流出較高，這並不代表我們穩態的消耗率。

This is not a reversal of the trends we established over the past several quarters, but as we scale our DC fast charging infrastructure investments, the cash burn will increase. The difference is that it's the money invested in expected return and not temporary working capital adjustments.

這並非我們過去幾個季度所建立趨勢的逆轉，但隨著我們擴大DC快速充電基礎設施投資，現金消耗將會增加。不同之處在於，這些是投入於預期報酬的資金，而非暫時性的營運資金調整。

However, what is really significant this quarter is that our net cash provided by operating activities was positive $0.7 million in Q1 2026, representing an improvement of approximately $13.7 million year-over-year, pivoting from negative $13 million in Q1 of last year.

然而，本季真正重要的是：我們在2026年第一季由營運活動提供的淨現金流為正的70萬美元，較去年同期改善約1,370萬美元，從去年第一季的負1,300萬美元轉為正值。

On Slide 15, you can see the trajectory across four key metrics. Non-GAAP operating expenses, non-GAAP compensation, G&A and cash burn. In every case, the direction is down and the improvement is consistent. Operating expenses of $13.9 million on an adjusted basis in Q1 2026, compared to $22.6 million in Q1 of 2025, an $8.7 million reduction.

在第15頁投影片中，您可以看到四項關鍵指標的走勢。非GAAP營運費用、非GAAP薪酬、一般及行政（G&A）以及現金消耗。每一項的方向都在下降，且改善幅度一致。2026年第一季調整後營運費用為1,390萬美元，相較2025年第一季的2,260萬美元，減少了870萬美元。

Looking at our business outlook, I'd like to provide an update across four key areas. Number 1, revenue growth. Our full-year 2026 revenue guidance of $105 million to $115 million remains intact. There was seasonality in Q1, but we expect revenue momentum to build through the remainder of the year as DC fast charging sites come online, service revenue continues to compound and product sales reflect our disciplined margin accretive approach.

就我們的業務展望而言，我想就四個關鍵領域提供更新。第一，營收成長。我們2026年全年營收指引維持在1.05億至1.15億美元不變。第一季存在季節性因素，但我們預期隨著DC快速充電站點上線、服務收入持續複利成長，以及產品銷售反映我們嚴謹的增厚毛利策略，營收動能將在今年剩餘期間逐步增強。

Number 2, gross margins. Full-year gross margin guidance of approximately 35% on a GAAP-reported basis is unchanged. As the GAAP margin moves toward our target throughout the year, the drivers are well understood. Contract manufacturing efficiency, revenue mix improvement, and utilization growth on our DC assets.

第二，毛利率。全年GAAP口徑約35%的毛利率指引維持不變。隨著GAAP毛利率在全年逐步朝我們的目標靠攏，其驅動因素相當明確。包括委外製造效率、營收組合改善，以及我們DC資產的使用率提升。

Number 3, cash flow and liquidity. Operational discipline has directly translated to our cash preservation goals. Cash burn in Q1 was slightly better than recent quarters due to working capital timing, remained well controlled and is not indicative of a new run rate.

第三，現金流與流動性。營運紀律已直接轉化為我們的現金保全目標。第一季的現金消耗因營運資金時點因素而略優於近期季度，仍維持良好控制，並不代表新的常態消耗水準。

We continue to expect quarterly cash burn to increase as we continue investing into DC infrastructure build-out. And with $38 million on the balance sheet and no debt. We have the flexibility to execute our fast-charging investment program as planned.

我們仍預期，隨著持續投資於DC基礎設施建置，季度現金消耗將會上升。而在資產負債表上有3,800萬美元現金且沒有負債的情況下，我們有彈性按計畫執行快速充電投資方案。

Lastly, number four, path to profitability, with operating expenses down approximately 35% year-over-year and line of sight to a breakeven position, we are aggressively working toward the goal to anticipate a significantly reduced adjusted EBITDA loss compared to prior years.

最後，第四，通往獲利之路。由於營運費用年減約35%，且已可望達到損益兩平，我們正積極推進目標，預期調整後EBITDA虧損將較過去年度顯著縮小。

Deliveries are known and well controlled, continued service revenue scaling. Disciplined product sales, PC fast charging utilization ramp, and ongoing cost optimization in payments processing, SIM card fees, and demand charge management. We have concluded internal reviews on each of these items, and progress is being tracked and reported accordingly.

交付情況明確且控制良好，服務收入持續擴張。嚴謹的產品銷售、PC快速充電使用率爬坡，以及在支付處理、SIM卡費用與需量電費管理方面持續進行成本優化。我們已完成對上述各項的內部檢視，並正依計畫追蹤與回報進度。

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

我現在把時間交回給Mike做結語。請繼續，Mike。

Great. Thanks, Michael. I wouldn't mind listening to your section again. That's all good stuff. So the first quarter of 2026 was about execution, and the results clearly reflect that. As we move through 2026, our focus is on deploying capital, scaling the DC fast charging network and building a business that generates durable recurring revenue and operates near cash breakeven.

很好。謝謝你，Michael。我不介意再聽一次你那段內容。那都是很好的資訊。因此，2026年第一季重點在於執行，而結果也清楚反映了這點。隨著我們走過2026年，我們的重點是部署資本、擴大DC快速充電網路，並打造一個能產生穩健經常性收入、且營運接近現金損益兩平的企業。

We have accomplished the hard structural adjustments. Now we are scaling what works. So I want to close by highlighting just a few milestones and notable achievements in Q1. Service revenues grew 25% year-over-year to $13.3 million.

我們已完成艱難的結構性調整。現在我們正在擴大有效的做法。因此我想在結尾強調第一季幾個里程碑與重要成果。服務收入年增25%至1,330萬美元。

Our recurring revenue and profit engine is running. Adjusted EBITDA loss improved 64% year-over-year. The cost structure is right. Our cash burn. Of approximately $1.7 million. The financial discipline is intact. And $38 million in cash with no debt.

我們的經常性收入與獲利引擎正在運轉。調整後EBITDA虧損年減64%。成本結構已到位。我們的現金消耗，約為170萬美元。財務紀律依然健全。而且我們有3,800萬美元現金且沒有負債。

Our balance sheet gives us options. But overall, since I became CEO, I've been clear about what Blink will do. Build a company that can stand on its own financially. Operate with discipline, and scale profitably over time. Every quarter, the results move in that direction.

我們的資產負債表讓我們有多種選擇。但總體而言，自從我擔任CEO以來，我一直清楚說明Blink會做什麼。打造一家能在財務上自立的公司。以紀律營運，並隨時間推進實現獲利性擴張。每一季的結果都朝這個方向前進。

That same disciplined approach continues to guide how we operate as we move through 2026 and beyond. So I would like to thank the Blink team for their continued focus and execution. And I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every single day.

同樣的紀律方法，將持續引導我們在2026年及其後的營運方式。因此，我要感謝Blink團隊持續專注並落實執行。也要感謝每天仰賴Blink為其車輛提供能源的客戶與駕駛。

So with that, we can move on to Q&A. Operator.

那麼，接下來我們進入問答。接線員。

(Operator Instructions)

（接線員指示）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Hey guys, thanks for the details and congrats on all the recent progress. For the 727 sites that you talked about on slide 6, how should we think about the cadence of these sites coming online? And is there anything you'd like to highlight in terms of challenges or potential positives, regarding project development more broadly?

各位好，謝謝你們提供的細節，也恭喜近期的進展。針對你們在第6頁投影片提到的727個站點，我們應該如何看待這些站點上線的節奏？另外，就更廣泛的專案開發而言，有沒有什麼挑戰或潛在利多是你們想特別強調的？

Yeah. So, absolutely. Thanks, Ryan. So, there's a couple interesting aspects to this.

是的。當然。謝謝你，Ryan。這裡有幾個有趣的面向。

Number 1, is before we conducted the equity raise in December, we had actually greenlighted a few projects even before that because we were confident that we'd be able to raise and continue with what we set out to do.

第一，在我們12月進行股權募資之前，因為我們有信心能夠募到資金並持續推進既定計畫，所以其實在那之前就已核准了幾個專案。

So some of those projects were already in flight and they're actually coming online this month and into the coming months. So when we look at the equity raise in December, we netted $18.5 million. And as we've said in the past, the vast majority of that fund of those funds are going towards CapEx. So we are a couple of sites have already gone live.

因此其中一些專案已在進行中，並且會在本月以及接下來幾個月陸續上線。因此當我們回頭看12月的股權募資，我們淨募得1,850萬美元。而且如同我們過去所說，其中絕大部分資金將用於資本支出（CapEx）。因此我們已有幾個站點已經正式啟用。

We have a few going live in May, and then it starts to actually ramp a bit in June, July. Et cetera. So we anticipate most of the 27 sites to be live by the end of the year or near live. A few may spill into 27, but most of them should be complete or near completion by the end of the year.

我們有幾個會在 5 月上線，接著在 6 月、7 月開始實際加速推進。等等。因此，我們預期 27 個站點中的大多數會在年底前上線或接近上線。少數可能會延到 2027 年，但大部分應在年底前完成或接近完成。

Appreciate that color. And then maybe to tie it into capital deployment. Looks like CapEx was about $1.6 million in one queue. With these sites coming online over the next 6- to 12-months, how should we think about CapEx?

感謝提供這些細節。接著也許把它和資本部署連結起來。看起來資本支出（CapEx）在某一季大約是 160 萬美元。隨著這些站點在未來 6 到 12 個月陸續上線，我們應該如何看待 CapEx？

Progressing through the rest of this year and into '26? Yeah, Michael, you want to jump on that?

在今年剩餘時間一路到 2026 年？對，Michael，你要回答一下嗎？

Yeah, absolutely. So in December, we raised the money that was sized to fund our DC buildup program through this year and the initial deployment phase. Combined with the quarterly burn that we presented in the last couple of quarters and first positive operating cash flow of $700,000 in Q1, we have sufficient runway to fund our plan.

對，當然。所以在 12 月，我們募到的資金規模足以支應我們的直流（DC）建置計畫到今年，以及初期部署階段。再加上我們在過去幾季所呈現的季度現金消耗，以及第一季 70 萬美元的正向營運現金流，我們有足夠的資金跑道來支應計畫。

When we were raising money, we said that the majority of that $20 million, $18.5 million net that we raised will continue going to the DC fast charging infrastructure build-up and we are now in the beginning or as Mike said, those coming.

在募資時我們提到，那 2,000 萬美元中大部分、也就是我們募到的淨額 1,850 萬美元，將持續投入 DC 快速充電基礎設施的建置，而我們現在正處於起步階段，或如 Mike 所說，那些站點正在陸續……

Online and we start spending that money because we truly believe that this is going to be a great investment as we continue to evolve and scale the service revenue. So that money will be spent as we go from quarter to quarter. We anticipate to finish the build by the end of the year. Maybe some will spill into Q1 of 2027.

上線，我們也開始花這筆錢，因為我們確實相信，隨著服務營收持續演進與擴張，這會是一項很好的投資。因此，這筆資金會隨著每一季推進而逐季投入。我們預期在年底前完成建置。可能有一部分會延到 2027 年第一季。

Got it. Appreciate that. And then maybe one more on OpEx, which is down meaningfully. Compared to last year, as we've talked about. Can you talk about now the operating leverage that you expect to have on the side as as revenues expected to scale through this year?

了解。謝謝。另外再問一個關於營運費用（OpEx）的問題，OpEx 明顯下降。如同我們先前談到的，相較去年。你們能談談隨著今年營收預期擴張，你們預期在這方面會有怎樣的營運槓桿嗎？

Yeah.

對。

So we have. Yeah.

所以我們……對。

Yeah, go ahead.

對，你先說。

Yeah, I'll start and please jump in. So just a general comment. We have we have built this company in such a way that. We can scale our revenue without adding any significant OpEx.

對，我先開始，你也請隨時補充。先做個一般性的說明。我們打造這家公司時的方式是……我們可以在不增加任何顯著 OpEx 的情況下擴大營收。

So, it doesn't make sense in our minds to have done all this work over the last 12 months, see revenue start to grow and then just keep adding OpEx to it just to support that. So we believe that we have largely right-sized this company so that it can scale the revenue and get to profitability with similar OpEx.

所以，在我們看來，過去 12 個月做了這麼多工作、看到營收開始成長之後，卻又為了支撐成長而持續增加 OpEx，這並不合理。因此我們相信，公司規模基本上已經調整到合適水位，使其能在相近的 OpEx 下擴大營收並達到獲利。

So, Michael, do you have any color on that?

所以，Michael，你有什麼補充嗎？

Yeah, Mike, this is a perfect answer. Ryan, this is about capital allocation. As we continue to grow and scale, there is no need in a significant OpEx increase. We right-size the organization in a way that we can also leverage technology and not only people, we're changing systems and platform and consolidating, and this starts creating a lot of leverage and a lot of value.

對，Mike，這回答得很到位。Ryan，這其實關乎資本配置。隨著我們持續成長與擴張，沒有必要大幅增加 OpEx。我們把組織規模調整到合適水位，同時也能運用科技而不只是人力；我們正在更換系統與平台並進行整併，這開始創造很大的槓桿與價值。

Thank you. Craig Irwin, Roth Capital.

謝謝。Roth Capital 的 Craig Irwin。

Hey, guys. It's Andrew on for Craig. Thank you for taking my questions. The first one, kind of in the same vein as the last question, the cost improvements are obvious. And we even saw some improvements and adjusted to gross margins. So as you guys kind of scale the business and we see a mix shift to kind of more recurring revenues, what can we kind of think of here as the potential in gross margin increasing moving forward?

嗨，各位好。我是 Andrew，代 Craig 提問。謝謝你們回答我的問題。第一個問題，和上一題有點類似，成本改善很明顯。我們也看到調整後毛利率有一些改善。所以當你們擴大業務規模、且營收組合轉向更多經常性收入時，未來毛利率提升的潛力大概可以怎麼看？

Yeah, so again, I'll start. I'm sure Michael will jump in. As we noted in our comments, the really tough restructuring work was done over the last, year or so. We've moved from that to something that we call it Blink through. It's kind of almost a derivative of Blink forward, which is radical simplicity.

對，所以我再先說。我相信 Michael 也會補充。如同我們在評論中提到的，真正艱難的重整工作在過去一年左右已經完成。我們已經從那個階段轉向我們稱之為 Blink through 的做法。它有點像 Blink forward 的衍生概念，也就是「徹底的簡化」。

So we are trying to structure this company. And everything we do through the lens of radical simplicity. The stuff we did last year was the big stuff that's, in many ways obvious. It's the comp expense reductions, it's software subscriptions, it's everything that you go after in a situation like this. Now what we're doing is we're targeting what we call. Expenses that are hidden below the surface.

所以我們正嘗試以「徹底的簡化」的視角來重塑這家公司。以及我們所做的每一件事。我們去年做的是那些大的項目，在很多方面都很明顯。包括薪酬費用的削減、軟體訂閱費，以及在這種情況下你會去處理的所有項目。現在我們在做的是鎖定我們所稱的……隱藏在水面下的費用。

And these are expenses that are not immediately obvious. They take a little bit of work to uncover, but they also are accretive or directly impact margins. So we believe that we still have some more room to go in margin expansion through specific actions and programs that we have at the company to specifically address these.

而這些費用並不是立刻就看得出來的。需要花一些功夫去挖掘，但它們也具有增益性，或會直接影響毛利率。因此我們相信，透過公司內部針對這些項目所採取的具體行動與計畫，我們在毛利率擴張方面仍有進一步空間。

Great. Awesome. I really appreciate the color there. And the second one for me, kind of as you guys focus on the build out of owned and operated DCFC stalls, can you guys just kind of remind us your overall philosophy behind, site selection and then kind of, walk us through the timeline of, site selection to build to deployment? Any color there would be great.

很好。太棒了。非常感謝你們提供的說明。第二個問題，當你們聚焦於自有並自營的 DCFC 充電車位（stalls）建置時，能否請你們再提醒一下你們在站點選址背後的整體理念，並且帶我們走一遍從選址到建置再到部署的時間軸？如果能提供一些細節就太好了。

Yeah. So when when when we think about site selection, it's actually a reflection of how we think about the EV industry overall. And let me talk about what I mean by that. So if you look at where EV and EV sales have been over the last few years, the industry just got ahead of itself in 2020, 2021, two, et cetera.

對。所以當我們思考站點選址時，其實反映了我們如何看待整個電動車（EV）產業。我來說明一下我的意思。如果你回顧過去幾年 EV 與 EV 銷售的走勢，這個產業在 2020、2021、2022 等年份其實有點走得太快了。

The industry got ahead of itself. The rhetoric was, EVs are going to take over the world. Everybody's going to be driving an EV. And we need to build all this infrastructure from Buffalo to Albany and everywhere in between so that people can drive really long distances.

產業走得太快了。當時的論述是：EV 會接管全世界。每個人都會開 EV。因此我們需要從 Buffalo 到 Albany 以及中間所有地方都建置這些基礎設施，讓人們可以開很長的距離。

And while that's not incorrect, it's not what we really believe is going to be where EV sales momentum happens in the years ahead, which is. There's 127 million households in the United States that have two or more vehicles in the household.

而這並不是不正確，但這不是我們真正相信未來幾年 EV 銷售動能會發生的主要地方，也就是……美國有 1.27 億個家庭擁有兩輛或以上的車。

One of those vehicles can easily be an EV, and that EV is used for your local commuting to and from work. It's used to go to the mall and back, to the grocery store and back. Everything that is within your local community, and that is the primary use case.

其中一種車輛很容易就是電動車（EV），而那輛電動車用於您在本地通勤往返工作。它用來去購物中心再回來、去雜貨店再回來。凡是在您當地社區範圍內的一切，這就是主要的使用情境。

For electric vehicles right now until range, battery range extends substantially or this infrastructure gets built out, from point to point. But my point is simply, if you believe that, then it guides your site selection towards metro areas, high density populations.

就目前的電動車而言，在續航里程、電池續航大幅延長，或這些基礎設施建置完善之前，更多是點對點的使用。但我的重點很簡單：如果你相信這一點，那麼你的選址就會偏向都會區、高人口密度地帶。

And not necessarily rural, let's say, highway placement. So Blink is looking for population, high-density destinations where people want to go, where they're going in their everyday lives, and where they want to and can spend time.

而不一定是鄉村地區，例如高速公路沿線的設點。因此，Blink 正在尋找人口多、高密度的目的地：人們想去的地方、他們日常生活會去的地方，以及他們願意且能夠停留一段時間的地方。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Sameer Joshi, HC Wainwright.

Sameer Joshi，HC Wainwright。

Hey, Michael. Thanks for taking my questions. Congratulations on the progress and on the results. Just a few things, clarifications. It seems that you have had a very good recovery on the accounts receivables front this quarter related to December quarter. Was there something that allowed this to happen or like how should we look at it, the accounts receivables recurring?

嗨，Michael。謝謝你回答我的問題。恭喜你們的進展與成果。我有幾點想釐清。看起來你們本季在應收帳款方面、相較於 12 月那一季有非常好的回收。是有什麼因素促成這件事嗎？或者我們應該如何看待應收帳款的經常性（recurring）？

Yeah, Michael, go ahead.

好的，Michael，你來回答。

Yeah, absolutely. It's a great question. So we were talking quarter over quarter on our earnings calls about not only radical simplicity that Mike mentioned, but also the changes that we made. In our working capital structure, process and program.

好的，當然。這是個很好的問題。所以我們在法說會上一直在談季度對季度的變化，不僅是 Mike 提到的「極致簡化」，也包括我們所做的調整。在我們的營運資金結構、流程與方案上。

And now you actually see how this is all working out. We have some aged receivables, and during this quarter, we were able to recover those. But what we also did really well, we also changed the process so we don't get to the same situation we were in the past when the receivables aged. So we were able to recover a lot of receivables, and our AR, as you can see, had got down tremendously.

現在你其實可以看到這一切如何發揮效果。我們有一些逾期的應收帳款，而在本季我們得以回收。但我們也做得很好的一點是：我們也改變了流程，避免再次回到過去那種應收帳款老化的情況。因此我們回收了大量應收帳款，而你也可以看到，我們的 AR 已大幅下降。

Sounds really good. Good effort on that part. On the, I think Michael, Mike, you may have mentioned your efforts on integration with automotive OEMs. Can you give us a little bit more insight into how that plan is going, what the strategy is there a target number of OEMs by the end of 2026? Any detail would we help you?

聽起來非常好。這部分做得很不錯。另外，我想 Michael、Mike，你可能提到你們與汽車 OEM 的整合努力。你能否再多分享一些這個計畫的進展、策略是什麼？到 2026 年底是否有目標要整合多少家 OEM？任何細節都會對我們有幫助。

Yeah. So, yeah, thanks, Samir. It's a good question. So we are already integrated directly with a couple of OEMs. And I think, though, that maybe the best example of executing against that is subsequent to the end of the quarter, but.

好的。所以，謝謝你，Samir。這是個好問題。我們已經直接與幾家 OEM 完成整合。不過我想，最能代表我們在這方面執行力的例子，可能是在季度結束之後發生的，但……

I think it was just in the last few days we press released our partnership with Amobi, and Amobi is a company that effectively aggregates EV charging network providers and integrates them into automaker platforms so that the automakers don't have to go to every single --

我想就在最近幾天，我們發布新聞稿宣布與 Amobi 的合作夥伴關係；Amobi 是一家能有效彙整電動車充電網路供應商並將其整合進車廠平台的公司，讓車廠不必逐一去每一個--

EV charging network and do these integrations individually. What happens is we integrate with Amobi and Amobi integrates into OEMs. And where that is powerful for us is the fact that they already have those integrations with multiple OEMs.

電動車充電網路，並分別進行這些整合。實際運作方式是：我們與 Amobi 整合，而 Amobi 再整合到 OEM。這對我們的強大之處在於，他們已經與多家 OEM 完成整合。

So instead of, from an efficiency standpoint, instead of us having to go directly to each of those OEMs and do separate integrations with each of them, we now go to Amobi and, potentially others in the future that are already. That are already there.

因此，從效率角度來看，我們不必直接逐一拜訪每一家 OEM，並與每一家分別做整合；現在我們改為與 Amobi 合作，未來也可能與其他已經已經具備這些整合的夥伴合作。

So, I've said this, I said it in the comments, I'm just going to say it again. We don't have a specific target. We want to be at all of them. We want to be at every single one of them that will have us. And we're just going to keep pressing on that to get it done.

所以，我之前說過，我在評論中也說過，我再說一次。我們沒有特定的目標數字。我們希望能在所有平台上。我們希望能在每一家願意接納我們的 OEM 上線。我們會持續推進，直到完成。

Understood. And actually, maybe just one last one. I know both previous callers asked you about gross margins, but to get to the 35% full year gap gross margin target, would volume play a role or would these efforts that you talked about, you have already identified some savings in the gross margin area, what will drive.

了解。另外，最後再問一個。我知道前面兩位來電者都問過毛利率，但若要達到全年 GAAP 毛利率 35% 的目標，出貨量是否會扮演角色？或者是你提到的那些努力——你們已在毛利率方面找出一些節省——將由什麼來驅動。

The year-end gross margin of 35%.

年底 35% 的毛利率。

Well, Mike, do you want jump or I can go ahead.

Mike，你要先回答嗎？不然我也可以來回答。

Yeah, absolutely. So, Samir, what you see from last year, we already were doing 35% and even 36%. It's a combination of, first of all, disciplined product sales that we already exhibited over the last couple of quarters. And we'll continue doubling down, and we see a lot of opportunity for that in the marketplace.

好的，當然。所以，Samir，你從去年可以看到，我們已經做到 35%，甚至 36%。這是多項因素的組合：首先，是我們在過去幾個季度已展現的、對產品銷售的紀律性。我們會持續加倍投入，而且我們在市場上看到很多機會。

But it's also continuously growing our repeatable and recurring service revenues. And we identified in previous calls several opportunities for optimization and. Improvements and those plans in place, and we continue working through it. And we are expecting the 35% for the year.

但同時也包括持續成長我們可複製、可重複且經常性的服務營收。我們在先前的電話會議中也指出了幾個優化與改善的機會，相關計畫已就位，我們也持續推進。我們預期全年可達到 35%。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day.

謝謝。問答環節到此結束。各位，今天的活動到此結束。您現在可以中斷連線，祝您有美好的一天。

Thank you for your participation.

感謝您的參與。