Liquidity remains under pressure as evidenced by a negative free cash flow margin of -69.9% in 2025Q1 and capital expenditures consuming 20.3% of revenue by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -18.33M | -30.86M | -47.16M | -97.57M | -82.36M | -40.57M | -18.07M | -10.96M | -13.57M | -2.55M | -2.75M | -5.94M | -7.04M | -3.79M | -2.35M | -2M | -1.5M | -364.21K | -27.24K | 0 |
| Operating CF Margin % | - | -29.9% | -38.35% | -69.63% | -135.37% | -197.52% | -291.03% | -400.37% | -519.56% | -107.11% | -91.84% | -212.91% | -382.14% | -1008.91% | -931.46% | -3211.63% | - | - | -1671.35% | - |
| Operating CF Growth % | -13.35% | 34.57% | 51.66% | -18.46% | -103.02% | -124.52% | -64.9% | 19.24% | -432.37% | 7.29% | 53.7% | 15.62% | -85.68% | -61.14% | -17.55% | -33.05% | -312.81% | -1236.9% | - | - |
| Net Income | -74.24M | -83.39M | -198.13M | -203.69M | -91.56M | -55.12M | -17.85M | -9.65M | -3.42M | -75.36M | -7.7M | -8.24M | -23.23M | -24.14M | -5.29M | -1.14M | -5.71M | -6.8M | -30.69K | -20.88K |
| Depreciation & Amortization | 8.36M | 9.6M | 13.41M | 12.44M | 9.55M | 2.73M | 679.91K | 417.06K | 360.76K | 412.59K | 861.83K | 935.36K | 2.99M | 2.69M | 268.5K | 133.37K | 16.17K | 441 | 0 | 0 |
| Stock-Based Compensation | 1.36M | 2.76M | 3.52M | 22.04M | 15.91M | 19.11M | 0 | 0 | 3.81M | 3.14M | 784.46K | 4.07M | 4.24M | 10.8M | 2.41M | 1.87M | 7.46M | 0 | 0 | 13K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 26.6M | 27.33M | 138.28M | 99.09M | 1.02M | 1.27M | 909.74K | 679.9K | -8.12M | 54.58M | 385.25K | -3.41M | 8.47M | 4.61M | 103.44K | -2.97M | -3.18M | 6.46M | 0 | 0 |
| Working Capital Changes | 19.58M | 12.83M | -4.25M | -27.44M | -17.29M | -8.56M | -1.81M | -2.41M | -6.2M | 14.68M | 2.92M | 720.42K | 494.52K | 2.25M | 156.5K | 100.64K | -84.41K | -24.39K | 3.45K | 7.88K |
| Change in Receivables | 17.47M | 9.89M | -2.04M | -23.68M | -11.87M | -5.21M | -335.96K | -141.54K | -7.95K | -134.6K | 324.25K | -285.93K | -162.74K | -195.08K | 0 | 0 | -49.71K | 0 | 0 | 0 |
| Change in Inventory | 17.3M | 14.84M | 500K | -15.36M | -24.28M | -9.23M | -1.25M | -2.02M | -1.14M | 147.36K | 289.62K | 288.52K | -1.26M | 279.84K | 0 | 0 | 0 | -72.77K | 0 | 0 |
| Change in Payables | 12.38M | 7.69M | -4.93M | 6.98M | 16.31M | 3.72M | 842.55K | -470.35K | 0 | 0 | 0 | 0 | 0 | 1.48M | 182.83K | 285.68K | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.21M | 8.54M | 4.15M | -36.21M | -57.44M | -30.45M | 260.24K | -552.82K | -2.77M | -23.17K | -80.46K | -102.26K | -830.11K | -4.63M | -712.35K | -466.51K | -173.83K | -17.63K | 0 | 0 |
| Capital Expenditures | -8.97M | -9.71M | -8.62M | -7.55M | -5.25M | -7.07M | -2.55M | -552.82K | -37.71K | -23.17K | -80.46K | -210.97K | -830.11K | -1.14M | -712.35K | -466.51K | -173.83K | -17.63K | 0 | 0 |
| CapEx % of Revenue | 8.68% | 9.41% | 7.01% | 5.39% | 8.63% | 34.4% | 41.02% | 20.2% | 1.44% | 0.97% | 2.69% | 7.57% | 45.08% | 303.8% | 282.15% | 748.95% | - | - | - | - |
| Acquisitions | -207K | 0 | 3.42M | -4.66M | -49.7M | -22.74M | 33.64K | 0 | 0 | 0 | 0 | 0 | 0 | -3.33M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.97M | 4.4M | 0 | -1.03M | -2.49M | -237K | 0 | 0 | 0 | 0 | 0 | 108.7K | 0 | -163.29K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 18.37M | 19.27M | -12.42M | 197.31M | 6.39M | 223.27M | 36.06M | -52.38K | 31.69M | 2.75M | 2.65M | 4.6M | 1.66M | 16.24M | 2.67M | 2.5M | 1.45M | 985K | 22.74K | 27.27K |
| Debt Issued (Net) | -152K | -150K | -38.48M | -12.13M | -898K | 0 | 690.67K | 0 | -755K | 2.74M | 1.47M | -328.33K | 186.16K | -1.02M | 288.25K | 0 | 0 | 100K | 0 | 0 |
| Equity Issued (Net) | 18.53M | 19.42M | 26.4M | 208.87M | 7.39M | 221.33M | 35.44M | 0 | 16.24M | 0 | 1.37M | 4.93M | 1.47M | 17.27M | 2.38M | 2.5M | 1.45M | 885K | 22.74K | 27.15K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -338K | 579K | -95K | 1.94M | -72.19K | -52.38K | 16.2M | 12.54K | -193.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125 |
| Net Change in Cash | -4.02M | -2.19M | -56.95M | 62.17M | -138.24M | 152.46M | 18.37M | -14.44M | 15.35M | 179.25K | -183.33K | -1.44M | -6.21M | 7.82M | -393.44K | 32.99K | -229.29K | 603.16K | -4.5K | 27.27K |
| Free Cash Flow | -27.34M | -40.56M | -55.78M | -106.15M | -87.91M | -47.87M | -20.62M | -11.51M | -13.61M | -2.57M | -2.83M | -6.15M | -7.87M | -4.93M | -3.06M | -2.47M | -1.68M | -381.84K | -27.24K | 0 |
| FCF Margin % | -26.44% | -39.3% | -45.35% | -75.75% | -144.48% | -233.07% | -332.05% | -420.57% | -521.01% | -108.09% | -94.53% | -220.47% | -427.22% | -1312.71% | -1213.61% | -3960.58% | - | - | -1671.35% | - |
| FCF Growth % | 40.61% | 27.28% | 47.45% | -20.75% | -83.63% | -132.19% | -79.11% | 15.4% | -429.04% | 9.11% | 53.98% | 21.84% | -59.54% | -60.92% | -24.2% | -47.08% | -339.27% | -1301.62% | - | - |
| FCF per Share | -0.19 | -0.37 | -0.55 | -1.67 | -1.87 | -1.14 | -0.69 | -0.44 | -0.66 | -0.84 | -1.77 | -3.89 | -5.06 | -4.49 | -3.80 | -5.16 | -50.93 | -5.03 | -0.23 | - |
| FCF Conversion (FCF/Net Income) | 0.37x | 0.37x | 0.23x | 0.48x | 0.90x | 0.74x | 1.01x | 1.14x | 3.97x | 0.03x | 0.36x | 0.69x | 0.31x | 0.16x | 0.44x | 1.75x | 0.26x | 0.05x | 0.89x | - |
| Interest Paid | 0 | 0 | 1.52M | 3.6M | 0 | 0 | 0 | 0 | 44.41K | 44 | 2.41K | 34.41K | 2.85K | 42.78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 218K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital intensity
According to recent financial disclosures, the persistent gap between net losses and operating cash flow suggests that Blink's reported earnings do not capture the full extent of its cash burn, with OCF/NI ratios frequently oscillating in ways that complicate traditional quality of earnings assessments for investors.
The lack of a consistent relationship between net income and operating cash flow indicates that non-cash adjustments and working capital swings are masking the underlying cash-generative capacity of the business. Investors should monitor whether this divergence persists, as it may imply that the company's operational model is not yet producing the high-quality cash flows necessary to support its capital-intensive infrastructure strategy.
As reported in financial statements, Blink's free cash flow trajectory remains deeply negative, with FCF margins reaching as low as -69.9% in 2025Q1, highlighting the significant cash requirements needed to sustain the company's current owner-operator network model in a challenging macroeconomic environment.
The consistent inability to generate positive free cash flow suggests that the company is currently reliant on external financing to fund its ongoing operations and network expansion. This trend warrants further investigation into whether the company can achieve self-sustaining cash flow before its current liquidity reserves are fully depleted.
Based on Blink's reported figures, capital expenditures have remained a significant drain on liquidity, with CapEx/Revenue ratios peaking at 20.3% in 2025Q4, which underscores the heavy financial burden of maintaining and expanding a physical network of charging assets in a competitive industry.
The high level of capital intensity relative to revenue suggests that the company is prioritizing asset footprint growth over immediate cash preservation. This strategy appears to be a double-edged sword, as it builds long-term network value while simultaneously accelerating the depletion of the company's limited cash runway.
Data from recent filings indicates that working capital changes have been highly erratic, swinging from a $11.2 million inflow in 2025Q4 to a $12.0 million outflow in 2024Q1, which suggests that the company's cash cycle is heavily influenced by the timing of project-based hardware deployments.
This volatility in working capital management may indicate challenges in aligning inventory procurement with actual installation timelines. Investors should monitor these fluctuations closely, as they appear to be a primary driver of the company's inconsistent quarterly cash flow performance.
Quick answers to the most common questions about buying BLNK stock.
Blink Charging Co. (BLNK) generated $-30.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blink Charging Co. (BLNK) reported negative free cash flow of $40.6M in 2025, indicating capital requirements exceeded cash from operations.
Blink Charging Co. (BLNK) spent $9.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.