Quarterly report [Sections 13 or 15(d)]

LEASES

v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases  
LEASES

8. LEASES

 

OPERATING LEASES

 

Total operating lease expenses for the three and nine months ended September 30, 2025 were $555 and $1,785, respectively, and for the three and nine months ended September 30, 2024 were $540 and $1,675 respectively, which were recorded in other operating expenses on the condensed consolidated statements of operations. Operating lease expenses consist of rent expense, common area maintenance adjustments and other expenses.

 

As of September 30, 2025, the Company did not have additional operating and financing leases that have not yet commenced. As of September 30, 2025, the Company had $106 of right-of-use assets that were classified as financing leases for vehicles associated with the operations of Blink Mobility and are included as a component of property and equipment on the condensed consolidated balance sheet as of September 30, 2025.

 

In September 2025, the Company terminated its lease for its facility in Tempe, Arizona and paid a lease termination fee of $130. The Company derecognized the operating lease right-of-use asset and corresponding lease liabilities and recognized a loss on lease termination of $58 within other operating expenses during the three and nine months ended September 30, 2025.

 

During the three and nine months ended September 30, 2025, the Company recorded $1 and $5, respectively, of interest expense related to finance leases, which was recorded within interest expense on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded $6 and $29, respectively, of interest expense related to finance leases.

 

Supplemental cash flows information related to leases was as follows:

 

    For The Nine Months Ended  
    September 30,  
    2025     2024  
Cash paid for amounts included in the measurement of lease liabilities:                
                 
Operating cash flows from operating leases   $ 3,645     $ 1,289  
Financing cash flows from finance leases   $ 26     $ 582  
                 
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases   $ 1,015     $ 1,076  
Finance leases   $ -     $ 53  
                 
Weighted Average Remaining Lease Term                
Operating leases     2.33       2.71  
Finance leases     2.92       3.74  
                 
Weighted Average Discount Rate                
Operating leases     7.2 %     7.4 %
Finance leases     6.2 %     6.3 %

 

Future minimum payments under non-cancellable leases as of September 30, 2025 were as follows:

 

For the Twelve Months Ended September 30,     Operating Lease     Finance Lease  
2026     $ 3,914     $ 41  
2027       2,118       39  
2028       1,529       32  
2029       929       3  
2030       896       -  
Thereafter       772       -  
Total future minimum lease payments       10,158       115  
Less: imputed interest       (2,188 )     (9 )
Total     $ 7,970     $ 106  

 

 

BLINK CHARGING CO.

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except for share and per share amounts)