Press Releases

BLINK CHARGING ANNOUNCES SECOND QUARTER 2021 RESULTS

  • Second quarter 2021 revenue increased 177% over second quarter 2020 
  • Commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 46% compared to the prior year period 
  • 572% increase in revenue from charging services over the second quarter of last year
  • 3,264 commercial and residential EV charging stations were contracted, sold, or deployed during Second Quarter 2021, compared to 380 in the same period last year, an increase of 758%

Miami Beach, FL, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the second quarter ended June 30, 2021.

Selected Second Quarter 2021 Highlights:

  • The Company made continued progress with its owner/operator strategy; the number of commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 46% in the second quarter compared to the prior year period.
  • Total revenue for the second quarter 2021 increased 177% to $4.4 million compared to $1.6 million for the second quarter 2020.
    • Revenues from product sales increased 156% to $3.3 million compared to $1.3 million in the second quarter of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers.
    • Revenues from charging services increased to $0.6 million as compared to $90 thousand in the second quarter of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic.
    • Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 48% to $0.3 million as compared to $0.2 in the second quarter of 2020, related to the increase in EV charging stations in the Company’s network.
  • Net loss was $13.5 million or a loss of $0.32 per basic and diluted share compared to net loss of $3 million or a loss of $0.11 per basic and diluted share in the second quarter of 2020. Second quarter 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.

Selected Year-To-Date 2021 Highlights:

  • Total revenue for the first six months of 2021 increased 129% to $6.6 million compared to $2.9 million for the first six months of 2020.
    • Revenues from product sales increased 140% to $4.9 million compared to $2.1 million in the first six months of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers.
    • Revenues from charging services increased 89% to $0.8 million as compared to $0.41 million in the first six months second of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic.
    • Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 412% to $0.78 million as compared to $0.15 in the first six months of 2020, related to the increase in EV charging stations in the Company’s network.
  • Net loss was $20.8 million or a loss of $0.50 per basic and diluted share compared to net loss of $5.99 million or $0.22 per share for the first six months of 2020. Six-month 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.

On June 30, 2021, cash and marketable securities were $195.6 million compared to $22.3 million at December 31, 2020.

On May 10, 2021, Blink closed its acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of charging ports. As of August 4, 2021 since inception Blue Corner sold or deployed 8,714 independent charge points, comprised of 3,816 Level 2 and 25 DC Fast Charging publicly accessible chargers and 4,873 private residential chargers located across Belgium, Luxembourg, the Netherlands and France. The acquisition is part of Blink’s broader strategic international expansion plans and provides the Company a significant infrastructure footprint on the continent. To facilitate Blink’s European expansion, the Company also announced the creation of Blink Holdings BV, a subsidiary company located in Amsterdam, which is expected to drive the growth of Blink’s European presence.

“Blink experienced extraordinary growth in the quarter as we continue to aggressively scale our business and expand our presence around the world. We saw strong performance both in our hardware sales as well as our service revenues as more EV’s took to the road and utilized Blink’s expanding base of charging stations. This is an exciting and transformative time for Blink, and we believe that we have positioned ourselves to continue to lead the way in the booming global EV infrastructure market,” stated Michael D. Farkas, CEO of Blink Charging.

“Over this past quarter, we have focused on enlisting the best talent available to continue to build a world class company,” Mr. Farkas continued. “As such, we’ve strengthened our management team with several new additions, highlighted by EV charging industry veteran, Harjinder Bhade coming on board as Blink’s new Chief Technology Officer. Harjinder is a top mind in the industry, and I am confident that his proven track record of success as a software engineer and senior executive will be instrumental to the growth of Blink Charging. We’ve also added Miko de Haan as the managing director of our European subsidiary Blink Holdings B.V and Carmen Perez Carlton, a technology and infrastructure leader, to our board of directors.”

Brendan Jones, President of Blink Charging, commented, “We are encouraged by the continued revenue growth and particularly the momentum we are seeing in our owner/operator business model. Over this past quarter we began to see an increase in service revenue as the economy reopens and drivers increasingly utilize Blink owned and operated charging stations.   EV infrastructure is becoming a global priority as government entities, businesses, and local communities encourage the adoption of electric vehicles to promote sustainability and a greener, cleaner environment, and Blink is well positioned to be a leader in this transition.

“As we enter into the latter half of 2021, we remain intently focused on scaling our business and continuing to expand our charging footprint both domestically and internationally,” continued Mr. Farkas. “Through our unique owner/operator business model, we target high-density, high-volume locations such as hotels, multi-family residences and healthcare centers. These agreements utilize long-term, renewable contracts with a revenue sharing model in which we receive payment each time a vehicle is charged at a Blink-owned unit, creating the potential to generate a valuable recurring revenue stream as utilization increases.”

Business Updates and Highlights

During the second quarter of 2021, the Company:

  • Named seasoned renewables and EV charging executive, Harjinder Bhade, as Chief Technology Officer, who will focus on the aggressive development of the Company’s product line-up and technology infrastructure.  
  • Named industry veteran Miko de Haan as Managing Director for European subsidiary Blink Holdings B.V.
  • Announced the first installation of Blink HQ 100 chargers by the municipality of Pedro Aguirre Cerda in Santiago, Chile to support the municipality’s new fleet of Nissan Leaf vehicles.
  • Announced the deployment of 10 IQ 200 Level 2 EV charging stations at three Atlanticare Integrated Healthcare System locations in Southern New Jersey.
  • Announced the deployment of 42 charging ports at ten Four Brothers Pizza Inn locations across New York. The 21 Blink-owned dual port chargers were made possible through the Charge ready program from the NY State Energy research and Development Authority (NYSERDA) and Make Ready incentives offered by New York utilities.
  • Named to the Russell 2000 Index.
  • Upgraded 19 first-generation Blink EV charging stations in Plano, Texas to the Company’s IQ 200 fast Level 2 charging stations.
  • Entered into a reseller agreement with ev Transportation Services (“evTS”) to distribute the Blink IQ 200-M Portable EV charger along with its Firefly ESV essential services vehicle.
  • Deployed IQ 200 charging stations at the Native American Youth & Family Center in Portland, Oregon. The deployment was made possible with funding from the Portland General Electric Drive Change Fund, through the Oregon Clean Fuels Program and an Electric Mobility Grant from Pacific Power Oregon Electric, also through the Oregon Clean Fuels Program.
  • Signed an agreement with General Motors to offer GM EV customers more seamless access to publicly available Blink EV charging sites across the U.S. as part of GM’s Ultium Charge 360.
  • Announced a long-term agreement to deploy Blink EV charging stations at Fattal Hotel Group locations in Israel, Fattal is one of Israel’s leading hotel companies, with luxury hotels in 14 major tourist locations.

Subsequent to the second quarter of 2021, the Company:

  • Entered into an exclusive contract with KU Leuven for Blue Corner to install up to 500 charging stations across Belgium.
  • Named technology and infrastructure leader, Carmen Perez-Carlton, to the Board of Directors.
  • Received $12.5 million grant for the deployment of DC Fast Chargers at 25 locations by the state of Florida.
  • Partnered with Traffic and Parking Control Co., Inc. for the distribution of the Company’s chargers.

Earnings Conference Call:

The Company will host a conference call and webcast to discuss the second quarter 2021 results today, August 11, 2021 at 4:30 P.M. Eastern Time.

To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com , and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link: https://www.webcaster4.com/Webcast/Page/2468/41878

To participate in the call by phone, dial (844) 369-8770 approximately five minutes prior to the scheduled start time. International callers please dial (862) 298-0840.

A replay of the teleconference will be available until September 11, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 41878.

###

About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 30,000 charging ports across 13 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets and transportation hubs. For more information, please visit https://www.blinkcharging.com/.

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Blink Media Contact 
PR@BlinkCharging.com

Blink Investor Relations Contact 
IR@BlinkCharging.com

855-313-8187

John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200
jnesbett@institutionalms.com


BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

    June 30, 2021     December 31, 2020  
    (unaudited)        
Assets                
                 
Current Assets:                
Cash   $ 142,052,894     $ 22,341,433  
Marketable securities     53,564,600       -  
Accounts receivable and other receivables, net     4,423,094       347,967  
Inventory, net     5,547,312       1,816,135  
Prepaid expenses and other current assets     2,960,815       1,219,488  
                 
Total Current Assets     208,548,715       25,725,023  
Restricted cash     76,588       76,399  
Property and equipment, net     12,632,851       5,636,063  
Operating lease right-of-use asset     1,859,301       615,825  
Intangible assets, net     3,982,198       46,035  
Goodwill     19,264,670       1,500,573  
Other assets     251,000       387,617  
                 
Total Assets   $ 246,615,323     $ 33,987,535  
                 
Liabilities and Stockholders’ Equity                
                 
Current Liabilities:                
Accounts payable   $ 6,091,147     $ 3,358,852  
Accrued expenses and other current liabilities     2,287,879       1,328,834  
Current portion of notes payable     570,662       574,161  
Current portion of operating lease liabilities     630,028       403,915  
Current portion of deferred revenue     1,189,758       479,486  
                 
Total Current Liabilities     10,769,474       6,145,248  
Operating lease liabilities, non-current portion     1,430,497       285,501  
Other liabilities     90,000       90,000  
Notes payable, non-current portion     303,371       296,535  
Deferred revenue, non-current portion     20,603       6,654  
                 
Total Liabilities     12,613,945       6,823,938  
                 
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of June 30, 2021 and December 31, 2020  
 
 
 
 
-
 
 
 
 
 
 
 
-
 
 
                 
Commitments and contingencies (Note 8)                
                 
Stockholders’ Equity:                
Preferred stock, $0.001 par value, 40,000,000 shares authorized;
Series A Convertible Preferred Stock, 20,000,000 shares designated,
0 shares issued and outstanding as of June 30, 2021 and December 31, 2020
 
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
-
 
 
 
Series C Convertible Preferred Stock, 250,000 shares designated,
0 shares issued and outstanding as of June 30, 2021 and December 31, 2020
 
 
 
 
 
-
 
 
 
 
 
 
 
-
 
 
Series D Convertible Preferred Stock, 13,000 shares designated, 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020  
 
 
 
 
-
 
 
 
 
 
 
 
-
 
 
Common stock, $0.001 par value, 500,000,000 shares authorized, 42,140,145 and 35,951,097 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively  
 
 
 
 
42,140
 
 
 
 
 
 
 
35,951
 
 
Additional paid-in capital     442,565,107       214,479,094  
Accumulated other comprehensive income     (431,341 )     -  
Accumulated deficit     (208,174,528 )     (187,351,448 )
                 
Total Stockholders’ Equity     234,001,378       27,163,597  
                 
Total Liabilities and Stockholders’ Equity   $ 246,615,323     $ 33,987,535  


BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

    For The Three Months Ended     For The Six Months Ended  
    June 30,     June 30,  
    2021     2020     2021     2020  
                         
Revenues:                                
Product sales   $ 3,267,143     $ 1,274,354     $ 4,937,737     $ 2,051,777  
Charging service revenue - company-owned charging stations     586,173       87,250       767,771       406,874  
Network fees     105,964       71,271       215,820       126,830  
Warranty     18,587       8,419       31,804       16,479  
Grant and rebate     74,067       3,912       224,302       8,491  
Ride-sharing services     189,219       -       234,731       -  
Other     113,999       127,404       175,049       261,023  
                                 
Total Revenues     4,355,152       1,572,610       6,587,214       2,871,474  
                                 
Cost of Revenues:                                
Cost of product sales     2,364,952       922,808       3,482,867       1,391,876  
Cost of charging services - company-owned charging stations     60,395       35,874       110,167       65,488  
Host provider fees     140,286       28,086       266,707       113,515  
Network costs     93,748       147,290       173,141       357,622  
Warranty and repairs and maintenance     196,118       17,734       457,269       132,643  
Ride-sharing services     423,960       -       670,077       -  
Depreciation and amortization     431,605       6,938       686,519       87,728  
Total Cost of Revenues     3,711,064       1,158,730       5,846,747       2,148,872  
                                 
Gross Profit     644,088       413,880       740,467       722,602  
                                 
Operating Expenses:                                
Compensation     9,170,320       2,305,735       13,918,471       4,420,205  
General and administrative expenses     2,532,458       670,635       4,117,445       1,316,536  
Other operating expenses     1,286,575       459,418       2,436,281       1,026,618  
                                 
Total Operating Expenses     12,989,353       3,435,788       20,472,197       6,763,359  
                                 
Loss From Operations     (12,345,265 )     (3,021,908 )     (19,731,730 )     (6,040,757 )
                                 
Other Income (Expense):                                
Interest (expense) income     (5,993 )     5,257       9,004       21,110  
Loss on settlement     (1,000,000 )     -       (1,000,000 )     -  
Loss on foreign exchange     (107,669 )     -       (107,669 )     -  
Gain on settlement of accounts payable, net     -       19,086       -       19,086  
Change in fair value of derivative and other accrued liabilities     (289 )     (16,560 )     6,704       (16,039 )
Other income (loss)     611       (15,367 )     611       25,987  
                                 
Total Other (Expense) Income     (1,113,340 )     (7,584 )     (1,091,350 )     50,144  
Net Loss   $ (13,458,605 )   $ (3,029,492 )   $ (20,823,080 )   $ (5,990,613 )
Net Loss Per Share:                                
Basic   $ (0.32 )   $ (0.11 )   $ (0.50 )   $ (0.22 )
Diluted   $ (0.32 )   $ (0.11 )   $ (0.50 )   $ (0.22 )
                                 
Weighted Average Number of
Common Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic     42,037,492       28,327,701       41,587,793       27,584,918  
Diluted     42,037,492       28,327,701       41,587,793       27,584,918  


BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

    For The Six Months Ended  
    June 30,  
    2021     2020  
Cash Flows From Operating Activities:                
Net loss   $ (20,823,080 )   $ (5,990,613 )
Adjustments to reconcile net loss to net cash
used in operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization     1,944,683       195,622  
Dividend and interest income     (61,784 )     (77,309 )
Change in fair value of derivative and other accrued liabilities     6,704       (16,039 )
Provision for bad debt     253,274       33,894  
(Benefit) provision for slow moving and obsolete inventory     -       7,646  
Gain on settlement of accounts payable, net     -       19,086  
Stock-based compensation:                
Common stock     1,138,909       (56,993 )
Options     2,944,601       388,388  
Changes in operating assets and liabilities:                
Accounts receivable and other receivables     (1,802,826 )     (195,130 )
Inventory     (3,372,703 )     (1,393,376 )
Prepaid expenses and other current assets     (1,219,985 )     177,427  
Interco     -       -  
Other assets     244,522       -  
Accounts payable and accrued expenses     (282,107 )     612,840  
Lease liabilities     (177,328 )     (93,225 )
Deferred revenue     261,885       (287,800 )
                 
Total Adjustments     (122,155 )     (684,969 )
                 
Net Cash Used In Operating Activities     (20,945,235 )     (6,675,582 )
                 
Cash Flows From Investing Activities:                
Proceeds from sale of marketable securities     4,553,384       2,755,134  
Purchase of marketable securities     (58,012,701 )     -  
Capitalization of engineering costs paid     (237,127 )     -  
Cash acquired in the purchase of Blue Corner     242,868       -  
Purchase consideration of Blue Corner     (24,266,458 )     -  
Purchases of property and equipment     (5,019,549 )     (445,479 )
                 
Net Cash (Used In) Provided By Investing Activities     (82,739,583 )     2,309,655  
                 
Cash Flows From Financing Activities:                
Proceeds from sale of common stock in public offering [1]     221,333,095       3,195,968  
Proceeds from issuance of notes payable     -       855,666  
Proceeds from exercise of warrants     1,427,647       -  
Payment of financing liability in connection with internal use software     (39,318 )     (32,821 )
                 
Net Cash Provided By Financing Activities     222,721,424       4,018,813  
                 
Effect of Exchange Rate Changes on Cash     675,044       -  
                 
Net Increase (Decrease) In Cash     119,711,650       (347,114 )
                 
Cash and Restricted Cash - Beginning of Period     22,417,832       4,168,837  
                 
Cash and Restricted Cash - End of Period   $ 142,129,482     $ 3,821,723  
                 
Cash and restricted cash consisted of the following:                
Cash   $ 142,052,894     $ 3,821,723  
Restricted cash     76,588       -  
    $ 142,129,482     $ 3,821,723  

[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,726,905.


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Source: Blink Charging Co.