Blink Charging Announces Third Quarter 2017 Financials
Largest Owner and Operator of Electric Vehicle Charging Equipment and Services Increases Charging Service Revenue and Gross Profit Ahead of the Company's Anticipated Expansion Plans
MIAMI BEACH, FL, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Blink Charging Co. (OTC: CCGI) (“Blink Charging”), the largest owner, operator, and provider of electric vehicle (EV) charging services and the owner and operator of the Blink network, announced its financial results for the third quarter of 2017.
Third Quarter 2017 Highlights* Include:
- Charging service revenue from company-owned charging stations increased 3% from $317,443 for the three months ended September 30, 2016 to $328,302 for the three months ended September 30, 2017.
- Network fee revenue increased 29% from $46,047 for the three months ended September 30, 2016 to $59,604 for the three months ended September 30, 2017.
- Total Operating expenses decreased by 34% from $2.33M for the three months ended September 30, 2016 to $1.53M for the quarter ended September 30, 2017.
- Gross Profit increased by more than 550% from $54,294 for the three months ended September 30, 2016 to $301,289 for the quarter ended September 30, 2017.
*The Company's unaudited financial results appear in the Company's Quarterly Report on Form 10-Q, which was filed with the SEC on November 20, 2017.
"We are pleased that revenues from charging station services continue to grow, which is a result of increased EV charger utilization, a key metric for both the Company and EV industry overall," stated Mike Calise, Blink Charging's Chief Executive Officer. "In addition, profit margins grew significantly, which is positive news ahead of the Company's plans to expand our business by raising additional capital through the anticipated public offering."
About Blink Charging Co.
Blink Charging Co. (OTC: CCGI) (“Blink Charging”) is a leader in nationwide public electric vehicle (EV) charging equipment and services, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging’s business is designed to accelerate EV adoption.
Blink Charging offers EV charging equipment and connectivity to the Blink network, a cloud-based software that operates, manages, and tracks the Blink® EV charging stations and all the associated data.
Blink Charging has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces.
For more information about Blink Charging, please visit BlinkCharging.com.
Forward-Looking Safe Harbor Statement:
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. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging Co., 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, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Investor Relations and Media Contacts: Blink Charging Media Contact: Suzanne Tamargo Suzanne@BlinkCharging.com (305) 521-0200 x 214
Released November 21, 2017