Exhibit 99.1

 

 

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 – August 11, 2021 – 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.