0001429764 false --12-31 Q2 3 0001429764 2022-01-01 2022-06-30 0001429764 us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001429764 BLNK:CommonStockPurchaseWarrantsMember 2022-01-01 2022-06-30 0001429764 2022-08-05 0001429764 2022-06-30 0001429764 2021-12-31 0001429764 2022-04-01 2022-06-30 0001429764 2021-04-01 2021-06-30 0001429764 2021-01-01 2021-06-30 0001429764 BLNK:ProductSalesMember 2022-04-01 2022-06-30 0001429764 BLNK:ProductSalesMember 2021-04-01 2021-06-30 0001429764 BLNK:ProductSalesMember 2022-01-01 2022-06-30 0001429764 BLNK:ProductSalesMember 2021-01-01 2021-06-30 0001429764 BLNK:ChargingServiceRevenueMember 2022-04-01 2022-06-30 0001429764 BLNK:ChargingServiceRevenueMember 2021-04-01 2021-06-30 0001429764 BLNK:ChargingServiceRevenueMember 2022-01-01 2022-06-30 0001429764 BLNK:ChargingServiceRevenueMember 2021-01-01 2021-06-30 0001429764 BLNK:NetworkFeesMember 2022-04-01 2022-06-30 0001429764 BLNK:NetworkFeesMember 2021-04-01 2021-06-30 0001429764 BLNK:NetworkFeesMember 2022-01-01 2022-06-30 0001429764 BLNK:NetworkFeesMember 2021-01-01 2021-06-30 0001429764 BLNK:WarrantyMember 2022-04-01 2022-06-30 0001429764 BLNK:WarrantyMember 2021-04-01 2021-06-30 0001429764 BLNK:WarrantyMember 2022-01-01 2022-06-30 0001429764 BLNK:WarrantyMember 2021-01-01 2021-06-30 0001429764 BLNK:GrantAndRebateMember 2022-04-01 2022-06-30 0001429764 BLNK:GrantAndRebateMember 2021-04-01 2021-06-30 0001429764 BLNK:GrantAndRebateMember 2022-01-01 2022-06-30 0001429764 BLNK:GrantAndRebateMember 2021-01-01 2021-06-30 0001429764 BLNK:RideSharingServiesMember 2022-04-01 2022-06-30 0001429764 BLNK:RideSharingServiesMember 2021-04-01 2021-06-30 0001429764 BLNK:RideSharingServiesMember 2022-01-01 2022-06-30 0001429764 BLNK:RideSharingServiesMember 2021-01-01 2021-06-30 0001429764 BLNK:OtherMember 2022-04-01 2022-06-30 0001429764 BLNK:OtherMember 2021-04-01 2021-06-30 0001429764 BLNK:OtherMember 2022-01-01 2022-06-30 0001429764 BLNK:OtherMember 2021-01-01 2021-06-30 0001429764 BLNK:CostOfProductSalesMember 2022-04-01 2022-06-30 0001429764 BLNK:CostOfProductSalesMember 2021-04-01 2021-06-30 0001429764 BLNK:CostOfProductSalesMember 2022-01-01 2022-06-30 0001429764 BLNK:CostOfProductSalesMember 2021-01-01 2021-06-30 0001429764 BLNK:CostOfChargingServicesMember 2022-04-01 2022-06-30 0001429764 BLNK:CostOfChargingServicesMember 2021-04-01 2021-06-30 0001429764 BLNK:CostOfChargingServicesMember 2022-01-01 2022-06-30 0001429764 BLNK:CostOfChargingServicesMember 2021-01-01 2021-06-30 0001429764 BLNK:HostProviderFeesMember 2022-04-01 2022-06-30 0001429764 BLNK:HostProviderFeesMember 2021-04-01 2021-06-30 0001429764 BLNK:HostProviderFeesMember 2022-01-01 2022-06-30 0001429764 BLNK:HostProviderFeesMember 2021-01-01 2021-06-30 0001429764 BLNK:NetworkCostsMember 2022-04-01 2022-06-30 0001429764 BLNK:NetworkCostsMember 2021-04-01 2021-06-30 0001429764 BLNK:NetworkCostsMember 2022-01-01 2022-06-30 0001429764 BLNK:NetworkCostsMember 2021-01-01 2021-06-30 0001429764 BLNK:WarrantyAndRepairsAndMaintenanceMember 2022-04-01 2022-06-30 0001429764 BLNK:WarrantyAndRepairsAndMaintenanceMember 2021-04-01 2021-06-30 0001429764 BLNK:WarrantyAndRepairsAndMaintenanceMember 2022-01-01 2022-06-30 0001429764 BLNK:WarrantyAndRepairsAndMaintenanceMember 2021-01-01 2021-06-30 0001429764 BLNK:DepreciationAndAmortizationMember 2022-04-01 2022-06-30 0001429764 BLNK:DepreciationAndAmortizationMember 2021-04-01 2021-06-30 0001429764 BLNK:DepreciationAndAmortizationMember 2022-01-01 2022-06-30 0001429764 BLNK:DepreciationAndAmortizationMember 2021-01-01 2021-06-30 0001429764 us-gaap:CommonStockMember 2021-12-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001429764 us-gaap:RetainedEarningsMember 2021-12-31 0001429764 us-gaap:CommonStockMember 2022-03-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001429764 us-gaap:RetainedEarningsMember 2022-03-31 0001429764 2022-03-31 0001429764 us-gaap:CommonStockMember 2020-12-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001429764 us-gaap:RetainedEarningsMember 2020-12-31 0001429764 2020-12-31 0001429764 us-gaap:CommonStockMember 2021-03-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001429764 us-gaap:RetainedEarningsMember 2021-03-31 0001429764 2021-03-31 0001429764 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0001429764 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0001429764 2022-01-01 2022-03-31 0001429764 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001429764 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0001429764 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001429764 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001429764 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001429764 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001429764 2021-01-01 2021-03-31 0001429764 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001429764 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001429764 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001429764 us-gaap:CommonStockMember 2022-06-30 0001429764 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001429764 us-gaap:RetainedEarningsMember 2022-06-30 0001429764 us-gaap:CommonStockMember 2021-06-30 0001429764 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001429764 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001429764 us-gaap:RetainedEarningsMember 2021-06-30 0001429764 2021-06-30 0001429764 BLNK:EuroMember 2022-06-30 0001429764 BLNK:IndianRupeeMember 2022-06-30 0001429764 BLNK:PoundSterlingMember 2022-06-30 0001429764 BLNK:GrantAndRebateMember 2022-06-30 0001429764 BLNK:GrantAndRebateMember 2021-12-31 0001429764 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember BLNK:CustomerMember 2021-01-01 2021-12-31 0001429764 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember BLNK:CustomerMember 2022-04-01 2022-06-30 0001429764 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember BLNK:CustomerMember 2021-01-01 2021-06-30 0001429764 us-gaap:SalesRevenueNetMember us-gaap:SupplierConcentrationRiskMember BLNK:SupplierMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ProductSalesMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ProductSalesMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ProductSalesMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ProductSalesMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ChargingServiceRevenueMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ChargingServiceRevenueMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ChargingServiceRevenueMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:ChargingServiceRevenueMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:OthersMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:OthersMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:OthersMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember BLNK:OthersMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedAtAPointInTimeMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:RideSharingServicesMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:RideSharingServicesMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:RideSharingServicesMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:RideSharingServicesMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:NetworkAndOtherFeesMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:NetworkAndOtherFeesMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:NetworkAndOtherFeesMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember BLNK:NetworkAndOtherFeesMember 2021-01-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember 2022-04-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember 2021-04-01 2021-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember 2022-01-01 2022-06-30 0001429764 BLNK:RecognizedOverAPeriodOfTimeMember 2021-01-01 2021-06-30 0001429764 country:US 2022-04-01 2022-06-30 0001429764 country:US 2021-04-01 2021-06-30 0001429764 country:US 2022-01-01 2022-06-30 0001429764 country:US 2021-01-01 2021-06-30 0001429764 us-gaap:NonUsMember 2022-04-01 2022-06-30 0001429764 us-gaap:NonUsMember 2021-04-01 2021-06-30 0001429764 us-gaap:NonUsMember 2022-01-01 2022-06-30 0001429764 us-gaap:NonUsMember 2021-01-01 2021-06-30 0001429764 us-gaap:WarrantMember 2022-01-01 2022-06-30 0001429764 us-gaap:WarrantMember 2021-01-01 2021-06-30 0001429764 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-06-30 0001429764 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0001429764 BLNK:UnvestedRestrictedCommonStockMember 2022-01-01 2022-06-30 0001429764 BLNK:UnvestedRestrictedCommonStockMember 2021-01-01 2021-06-30 0001429764 BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember BLNK:TargetMember 2022-04-19 0001429764 BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember BLNK:TargetMember 2022-04-01 2022-06-30 0001429764 BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember BLNK:TargetMember us-gaap:SubsequentEventMember 2022-07-01 2022-07-31 0001429764 BLNK:ElectricBlueLimitedMember us-gaap:CommonStockMember 2022-04-22 0001429764 BLNK:ElectricBlueLimitedMember us-gaap:CommonStockMember 2022-04-21 2022-04-22 0001429764 BLNK:ElectricBlueLimitedMember 2022-04-22 0001429764 BLNK:ElectricBlueLimitedMember 2022-04-21 2022-06-30 0001429764 BLNK:ElectricBlueLimitedMember 2022-04-01 2022-06-30 0001429764 BLNK:ElectricBlueLimitedMember 2022-01-01 2022-06-30 0001429764 BLNK:SemaconnectMember 2022-06-14 2022-06-15 0001429764 BLNK:SemaconnectMember 2022-06-15 0001429764 BLNK:SemaconnectMember 2022-06-30 0001429764 BLNK:SemaconnectMember 2022-06-14 2022-06-30 0001429764 BLNK:SemaconnectMember 2022-04-01 2022-06-30 0001429764 BLNK:SemaconnectMember 2022-01-01 2022-06-30 0001429764 BLNK:SemaconnectMember 2020-11-19 0001429764 BLNK:ElectricBlueLimitedMember 2021-04-01 2021-06-30 0001429764 BLNK:ElectricBlueLimitedMember 2021-01-01 2021-06-30 0001429764 BLNK:SemaconnectMember 2021-04-01 2021-06-30 0001429764 BLNK:SemaconnectMember 2021-01-01 2021-06-30 0001429764 BLNK:InternalUseSoftwareMember 2022-06-30 0001429764 BLNK:InternalUseSoftwareMember 2021-12-31 0001429764 BLNK:InternalUseSoftwareMember 2022-01-01 2022-06-30 0001429764 BLNK:CapitalizedEngineeringCostsMember 2022-06-30 0001429764 BLNK:CapitalizedEngineeringCostsMember 2021-12-31 0001429764 BLNK:CapitalizedEngineeringCostsMember 2022-01-01 2022-06-30 0001429764 us-gaap:TradeNamesMember 2022-06-30 0001429764 us-gaap:TradeNamesMember 2021-12-31 0001429764 us-gaap:TradeNamesMember 2022-01-01 2022-06-30 0001429764 us-gaap:CustomerRelationshipsMember 2022-06-30 0001429764 us-gaap:CustomerRelationshipsMember 2021-12-31 0001429764 us-gaap:CustomerRelationshipsMember 2022-01-01 2022-06-30 0001429764 BLNK:FavorableLeasesMember 2022-06-30 0001429764 BLNK:FavorableLeasesMember 2021-12-31 0001429764 BLNK:FavorableLeasesMember 2022-01-01 2022-06-30 0001429764 BLNK:InternallyDevelopedTechnologyMember 2022-06-30 0001429764 BLNK:InternallyDevelopedTechnologyMember 2021-12-31 0001429764 BLNK:InternallyDevelopedTechnologyMember 2022-01-01 2022-06-30 0001429764 us-gaap:NoncompeteAgreementsMember 2022-06-30 0001429764 us-gaap:NoncompeteAgreementsMember 2021-12-31 0001429764 us-gaap:NoncompeteAgreementsMember 2022-01-01 2022-06-30 0001429764 us-gaap:WarrantMember 2022-06-30 0001429764 us-gaap:WarrantMember 2022-01-01 2022-06-30 0001429764 BLNK:WarrantOneMember 2022-06-30 0001429764 BLNK:WarrantOneMember 2022-01-01 2022-06-30 0001429764 us-gaap:CommonStockMember BLNK:EmployeesAndConsultantsMember 2022-01-01 2022-06-30 0001429764 BLNK:StockOptionsAndWarrantsMember 2022-04-01 2022-06-30 0001429764 BLNK:StockOptionsAndWarrantsMember 2022-01-01 2022-06-30 0001429764 BLNK:StockOptionsAndWarrantsMember 2021-04-01 2021-06-30 0001429764 BLNK:StockOptionsAndWarrantsMember 2021-01-01 2021-06-30 0001429764 BLNK:ShareholdersAgreementMember us-gaap:CorporateJointVentureMember country:CY 2019-02-10 2019-02-11 0001429764 BLNK:ShareholdersAgreementMember us-gaap:CorporateJointVentureMember country:CY BLNK:BlinkChargingHellasSAMember 2019-02-11 0001429764 BLNK:ShareholdersAgreementMember BLNK:ThreeEntitiesMember country:CY BLNK:BlinkChargingHellasSAMember 2019-02-11 0001429764 country:GR BLNK:BlinkChargingHellasSAMember 2019-02-11 0001429764 BLNK:BlinkChargingHellasSAMember 2022-04-01 2022-06-30 0001429764 BLNK:BlinkChargingHellasSAMember 2022-01-01 2022-06-30 0001429764 BLNK:BlinkChargingHellasSAMember 2021-04-01 2021-06-30 0001429764 BLNK:BlinkChargingHellasSAMember 2021-01-01 2021-06-30 0001429764 BLNK:BlinkChargingHellasSAMember 2022-06-30 0001429764 BLNK:BlinkChargingHellasSAMember 2021-12-31 0001429764 BLNK:BlueCornerMember 2022-01-01 2022-06-30 0001429764 BLNK:BlueCornerMember 2021-01-01 2021-12-31 0001429764 us-gaap:FairValueInputsLevel1Member 2022-06-30 0001429764 us-gaap:FairValueInputsLevel2Member 2022-06-30 0001429764 us-gaap:FairValueInputsLevel3Member 2022-06-30 0001429764 us-gaap:FairValueInputsLevel1Member 2021-12-31 0001429764 us-gaap:FairValueInputsLevel2Member 2021-12-31 0001429764 us-gaap:FairValueInputsLevel3Member 2021-12-31 0001429764 2022-04-16 2022-04-18 0001429764 2021-01-01 2021-12-31 0001429764 BLNK:EmploymentAgreementMember BLNK:MahiReddyMember 2022-06-14 2022-06-15 0001429764 BLNK:MichaelDFarkasMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 BLNK:MessrsFarkasMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 BLNK:BrendanSJonesMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 BLNK:MichaelPRamaMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 BLNK:AvivHilloMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 BLNK:HarjinderBhadeMember us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2022-07-28 2022-07-29 0001429764 us-gaap:SubsequentEventMember BLNK:SemaconnectMember 2022-07-28 2022-07-29 0001429764 us-gaap:SubsequentEventMember BLNK:SemaconnectMember 2022-07-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares iso4217:EUR xbrli:pure iso4217:EUR xbrli:shares iso4217:GBP BLNK:Integer

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _____________

 

Commission File No. 001-38392

 

BLINK CHARGING CO.

(Exact name of registrant as specified in its charter)

 

Nevada   03-0608147

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

     
605 Lincoln Road, 5th Floor    
Miami Beach, Florida   33139-3024
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (305) 521-0200

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Common Stock   BLNK   The NASDAQ Stock Market LLC
Common Stock Purchase Warrants   BLNKW   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

 

As of August 5, 2022, the registrant had 50,843,466 shares of common stock outstanding.

 

 

 

 
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

 

TABLE OF CONTENTS

 

Page
PART I - FINANCIAL INFORMATION 1
   
Item 1. Financial Statements. 1
   
Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 1
   
Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 2
   
Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2022 3
   
Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2022 4
   
Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 5
   

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021

6
   
Notes to Unaudited Condensed Consolidated Financial Statements 8
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 23
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 35
   
Item 4. Controls and Procedures. 35
   
PART II - OTHER INFORMATION 36
   
Item 1. Legal Proceedings. 36
   
Item 1A. Risk Factors. 36
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 36
   
Item 3. Defaults Upon Senior Securities. 36
   
Item 4. Mine Safety Disclosures. 36
   
Item 5. Other Information. 36
   
Item 6. Exhibits. 37
   
SIGNATURES 38

 

i
 

 

PART 1 – FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS.

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

(in thousands, except for share amounts)

 

           
   June 30, 2022   December 31, 2021 
    (unaudited)      
           
Assets          
Current Assets:          
Cash and cash equivalents  $85,136   $174,795 
Current portion of restricted cash   4,058    - 
Accounts receivable, net   14,894    6,346 
Inventory, net   17,527    10,369 
Prepaid expenses and other current assets   2,560    1,020 
           
Total Current Assets   124,175    192,530 
Restricted cash, non-current portion   72    81 
Property and equipment, net   22,950    14,563 
Operating lease right-of-use asset   2,809    1,664 
Intangible assets, net   75,412    3,455 
Goodwill   156,092    19,390 
Other assets   1,997    230 
Total Assets  $383,507   $231,913 
           
Liabilities and Stockholders’ Equity          
           
Current Liabilities:          
Accounts payable  $16,364   $7,134 
Accrued expenses and other current liabilities   8,953    5,678 
Current portion of consideration payable   4,058    - 
Current portion of operating lease liabilities   1,430    547 
Current portion of deferred revenue   7,794    2,858 
Notes payable   775    10 
           
Total Current Liabilities   39,374    16,227 
Contingent consideration   3,514    - 
Consideration payable, non-current portion   40,600    - 
Operating lease liabilities, non-current portion   1,875    1,531 
Deferred revenue, non-current portion   4,236    128 
Other liabilities   1,316    193 
           
Total Liabilities   90,915    18,079 
           
Commitments and contingencies (Note 11)   -     -  
           
Stockholders’ Equity:          
Common stock, $0.001 par value, 500,000,000 shares authorized, 50,201,686 and 42,423,514          
shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively   50    42 
Additional paid-in capital   577,438    458,046 
Accumulated other comprehensive loss   (4,662)   (1,784)
Accumulated deficit   (280,234)   (242,470)
           
Total Stockholders’ Equity   292,592    213,834 
           
Total Liabilities and Stockholders’ Equity  $383,507   $231,913 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

1
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Operations

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

(unaudited)

 

                     
   For The Three Months Ended   For The Six Months Ended 
   June 30,   June 30, 
   2022   2021   2022   2021 
                 
Revenues:                    
Product sales  $8,828   $3,267   $16,880   $4,938 
Charging service revenue - company-owned charging stations   1,494    586    2,601    768 
Network fees   472    106    633    216 
Warranty   99    19    166    31 
Grant and rebate   125    74    200    224 
Ride-sharing services   279    189    518    235 
Other   189    114    288    175 
                     
Total Revenues   11,486    4,355    21,286    6,587 
                     
Cost of Revenues:                    
Cost of product sales   6,369    2,365    12,471    3,483 
Cost of charging services - company-owned charging stations   351    60    534    110 
Host provider fees   821    140    1,372    267 
Network costs   182    94    416    173 
Warranty and repairs and maintenance   523    196    634    457 
Ride-sharing services   659    424    1,085    670 
Depreciation and amortization   624    432    1,231    687 
                     
Total Cost of Revenues   9,529    3,711    17,743    5,847 
                     
Gross Profit   1,957    644    3,543    740 
                     
Operating Expenses:                    
Compensation   10,779    9,170    20,038    13,918 
General and administrative expenses   9,002    2,532    13,429    4,117 
Other operating expenses   4,138    1,287    7,080    2,437 
                    
Total Operating Expenses   23,919    12,989    40,547    20,472 
                     
Loss From Operations   (21,962)   (12,345)   (37,004)   (19,732)
                     
Other (Expense) Income:                    
Interest (expense) income   (139)   (6)   (139)   9 
Loss on settlement   -    (1,000)   -    (1,000)
Loss on foreign exchange   (244)   (108)   (241)   (108)
Change in fair value of derivative and other liabilities   (73)   (1)   (73)   7 
Other (expense) income   (203)   1    (307)   1 
                     
Total Other Expense   (659)   (1,114)   (760)   (1,091)
                     
Net Loss  $(22,621)  $(13,459)  $(37,764)  $(20,823)
Net Loss Per Share:                    
Basic  $(0.52)  $(0.32)  $(0.88)  $(0.50)
Diluted  $(0.52)  $(0.32)  $(0.88)  $(0.50)
                     
Weighted Average Number of                    
Common Shares Outstanding:                    
Basic   43,509,693    42,037,492    42,973,758    41,587,793 
Diluted   43,509,693    42,037,492    42,973,758    41,587,793 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

2
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

                     
   For the Three Months Ended   For the Six Months Ended 
   June 30,   June 30, 
   2022   2021   2022   2021 
                 
Net Loss  $(22,621)  $(13,459)  $(37,764)  $(20,823)
Other Comprehensive (Loss) Income:                    
Cumulative translation adjustments   (2,272)   (388)   (2,878)   (388)
Change in fair value of marketable securities   -    13    -    (43)
                     
Total Comprehensive Loss  $(24,893)  $(13,834)  $(40,642)  $(21,254)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

3
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity

For the Three and Six Months Ended June 30, 2022

(in thousands, except for share amounts)

 

(unaudited)

 

                               
               Accumulated         
           Additional   Other       Total 
   Common Stock   Paid-In   Comprehensive   Accumulated   Stockholders’ 
   Shares   Amount   Capital   Loss   Deficit   Equity 
                         
Balance - January 1, 2022   42,423,514   $42   $458,046   $(1,784)  $(242,470)  $213,834 
                               
Common stock issued upon exercises of warrants   16,811    -    69    -    -    69 
                               
Stock-based compensation   144,497    1    1,932    -    -    1,933 
                               
Other comprehensive loss   -    -    -    (606)   -    (606)
                               
Net loss   -    -    -    -    (15,143)   (15,143)
                               
Balance - March 31, 2022   42,584,822    43    460,047    (2,390)   (257,613)   200,087 
                               
Stock-based compensation   -    -    686    -    -    686 
                               
Common stock issued as purchase consideration of SemaConnect   7,454,975    7    113,830    -    -    113,837 
                               
Common stock issued as purchase consideration of Electric Blue   152,803    -    2,852    -    -    2,852 
                               
Common stock issued upon exercise of warrants   3,131    -    13    -    -    13 
                               
Common stock issued upon exercise of options   5,955    -    10    -    -    10 
                               
Other comprehensive loss   -    -    -    (2,272)   -    (2,272)
                               
Net loss   -    -    -    -    (22,621)   (22,621)
                               
Balance - June 30, 2022   50,201,686   $50   $577,438   $(4,662)  $(280,234)  $292,592 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity

For the Three and Six Months Ended June 30, 2021

(in thousands, except for share amounts)

 

(unaudited)

 

               Accumulated         
           Additional   Other       Total 
   Common Stock   Paid-In   Comprehensive   Accumulated   Stockholders’ 
   Shares   Amount   Capital   Loss   Deficit   Equity 
                         
Balance - January 1, 2021   35,951,097   $36   $214,479   $-   $(187,351)  $27,164 
                               
Common stock issued in public offering, net of issuance costs [1]   5,660,000    6    221,400    -    -    221,406 
                               
Common stock issued upon exercise of warrants   239,202    -    999    -    -    999 
                               
Common stock issued upon cashless option exercise   15,522    -    -    -    -    - 
                               
Common stock issued upon cashless warrant exercise   66,000    -    -    -    -    - 
                               
Common stock issued as consideration for property and equipment   13,123    -    600    -    -    600 
                               
Stock-based compensation   470    -    419    -    -    419 
                               
Other comprehensive loss   -    -    -    (56)   -    (56)
                               
Net loss   -    -    -    -    (7,365)   (7,365)
                               
Balance - March 31, 2021   41,945,414   $42   $437,897   $(56)  $(194,716)  $243,167 
                               
Issuance costs related to common stock issued in public offering   -    -    (73)   -    -    (73)
                               
Common stock issued pursuant to cashless option exercise   22,974    -    -    -    -    - 
                               
Common stock issued upon exercise of warrants   102,684    -    428    -    -    428 
                               
Common stock issued as purchase consideration of Blue Corner   32,382    -    790    -    -    790 
                               
Stock-based compensation   36,691    -    3,523    -    -    3,523 
                               
Other comprehensive loss   -    -    -    (375)   -    (375)
                               
Net loss   -    -    -    -    (13,459)   (13,459)
                               
Balance - June 30, 2021   42,140,145   $42   $442,565   $(431)  $(208,175)  $234,001 

 

[1]Includes gross proceeds of $232,060, less issuance costs of $10,654.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

           
   For The Six Months Ended 
   June 30, 
   2022   2021 
Cash Flows From Operating Activities:          
Net loss  $(37,764)  $(20,823)
Adjustments to reconcile net loss to net cash  used in operating activities:          
Depreciation and amortization   3,393    1,945 
Non-cash lease expense   215    - 
Dividend and interest income   -    (62)
Change in fair value of derivative and other liabilities   73    7 
Provision for bad debt   798    253 
Provision for slow moving and obsolete inventory   161    - 
Stock-based compensation:          
Common stock   962    1,139 
Options   2,027    2,945 
Changes in operating assets and liabilities:          
Accounts receivable   (2,728)   (1,803)
Inventory   (8,105)   (3,373)
Prepaid expenses and other current assets   4,270    (1,220)
Other assets   (1,339)   245 
Accounts payable, accrued expenses and other current liabilities   4,491    (283)
Other liabilities   50    - 
Lease liabilities   (146)   (177)
Deferred revenue   2,656    262 
           
Total Adjustments   6,778    (122)
           
Net Cash Used In Operating Activities   (30,986)   (20,945)
           
Cash Flows From Investing Activities:          
Proceeds from sale of marketable securities   -    4,553 
Purchase consideration of SemaConnect, net of cash and restricted cash acquired   (38,338)   - 
Purchase consideration of Electric Blue, net of cash acquired   (11,360)   - 
Purchase of marketable securities   -    (58,013)
Capitalization of engineering costs paid   (288)    (237)
Cash acquired in the purchase of Blue Corner   -    243 
Purchase consideration of Blue Corner   -    (22,985)
Purchases of property and equipment   (2,247)   (5,019)
           
Net Cash Used In Investing Activities   (52,233)   (81,458)
           
Cash Flows From Financing Activities:          
Proceeds from sale of common stock in public offering [1]   -    221,333 
Proceeds from exercise of options and warrants   92    1,427 
Repayment of financing liability in connection with finance lease   (71)   - 
Repayment of financing liability in connection with internal use software   (235)   (39)
           
Net Cash (Used In) Provided By Financing Activities   (214)   222,721 
           
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash   (2,350)   (606)
           
Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash   (85,783)   119,712 
           
Cash and Cash Equivalents and Restricted Cash - Beginning of Period   175,049    22,418 
           
Cash and Cash Equivalents and Restricted Cash - End of Period  $89,266   $142,130 
           
Cash and cash equivalents and restricted cash consisted of the following:          
Cash and cash equivalents  $85,136   $142,053 
Restricted cash   4,130    77 
Total Cash and cash equivalents and restricted cash  $89,266   $142,130 

 

[1]Includes gross proceeds of $232,060, less issuance costs of $10,727.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows — Continued

(in thousands)

(unaudited)

 

   For The Six Months Ended 
   June 30, 
   2022   2021 
Supplemental Disclosures of Cash Flow Information:        
Cash paid during the period for:        
Interest  $ -   $ - 
Income taxes  $20   $- 
Non-cash investing and financing activities:          
Common stock issued as consideration for property and equipment  $-   $600 
Common stock issued as purchase consideration of SemaConnect  $113,837   $- 
Common stock issued as purchase consideration of Electric Blue  $2,852   $- 
Common stock issued as purchase consideration of Blue Corner  $-   $790 
Interest expense converted into principal  $-   $2 
Right of use assets obtained in exchange for operating lease liabilities  $258   $1,358 
Assets obtained in exchange for lease obligations  $931   $- 
Change in fair value of marketable securities  $-   $(43)
Intangible assets obtained in exchange for financing liability  $660   $- 
Transfer of inventory to property and equipment  $(2,024)  $(868)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

7
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Notes to Unaudited Condensed Consolidated Financial Statements

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

 

1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RISKS AND UNCERTAINTIES

 

Organization and Operations

 

Blink Charging Co., through its wholly-owned subsidiaries (collectively, the “Company” or “Blink”), is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services. Blink offers residential and commercial EV charging equipment, enabling EV drivers to recharge at various location types. Blink’s principal line of products and services is its Blink EV charging network (the “Blink Network”) and Blink EV charging equipment, also known as electric vehicle supply equipment (“EVSE”) and other EV-related services. The Blink Network provides property owners, managers, parking companies, and state and municipal entities (“Property Partners”) with cloud-based services that enable the remote monitoring and management of EV charging stations. The Blink Network also provides EV drivers with vital station information, including station location, availability and fees. Blink also operates a ride-sharing program through the Company’s wholly owned subsidiary, BlueLA Rideshare, LLC and the City of Los Angeles which allows customers the ability to rent EVs through a subscription service.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2022 and for the six months then ended. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year ending December 31, 2022 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2021 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on March 16, 2022 as part of the Company’s Annual Report on Form 10-K.

 

Risks and Uncertainties

 

The Covid-19 pandemic has impacted global stock markets and economies. The Company closely monitors the impact of the continuing presence of Covid-19 and multiple Covid-19 variants. The Company has taken and continues to take precautions to ensure the safety of its employees, customers and business partners, while assuring business continuity and reliable service and support to its customers. The Company continues to receive orders for its products, although some shipments of equipment have been temporarily delayed. The global chip shortage and supply chain disruption has caused some delays in equipment orders from its contract manufacturer. As federal, state and local economies begin to return to pre-pandemic levels, the Company expects demand for charging station usage to increase, however, the Company is unable to predict the extent of such recovery due to the uncertainty of Covid-19. As a result, the Company is unable to predict the ultimate impact of equipment order delays, chip shortage and continuous presence of Covid-19 will have on its business, future results of operations, financial position, or cash flows.

 

8
 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Notes to Unaudited Condensed Consolidated Financial Statements

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

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Since the Annual Report for the year ended December 31, 2021, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note.

 

FOREIGN CURRENCY TRANSLATION

 

The Company’s reporting currency is the United States dollar. The functional currency of certain subsidiaries is the Euro and the Indian Rupee. Assets and liabilities are translated based on the exchange rates at the balance sheet date (1.043 for the Euro, 0.0127 for the Indian Rupee, and 1.214 for the Pound Sterling as of June 30, 2022), while expense accounts are translated at the weighted average exchange rate for the period (1.0554 for the Euro, 0.0127 for the Indian Rupee, and 1.2281 for the Pound Sterling for the six months ended June 30, 2022). Equity accounts are translated at historical exchange rates. The resulting translation adjustments are recognized in stockholders’ equity as a component of accumulated other comprehensive income. Comprehensive income (loss) is defined as the change in equity of an entity from all sources other than investments by owners or distributions to owners and includes foreign currency translation adjustments as described above. Transaction gains and losses are charged to the statement of operations as incurred. Transaction losses attributable to foreign exchange were $244 and $241 during the three and six months ended June 30, 2022, respectively. Transaction losses attributable to foreign exchange were $108 during the three and six months ended June 30, 2021.

 

REVENUE RECOGNITION

 

The Company recognizes revenue primarily from five different types of contracts:

 

Product sales – Revenue is recognized at the point where the customer obtains control of the goods and the Company satisfies its performance obligation, which generally is at the time it ships the product to the customer or upon installation of chargers for which the Company is contracted to perform.
Charging service revenue – company-owned charging stations - Revenue is recognized at the point when a particular charging session is completed.
Network fees and other – Represents a stand-ready obligation whereby the Company is obligated to perform over a period of time and, as a result, revenue is recognized on a straight-line basis over the contract term. Network fees are billed annually.
Ride-sharing services – Primarily related to ride-sharing services agreement with the City of Los Angeles which allows customers the ability to rent electric vehicles through a subscription service. The Company recognizes revenue over the contractual period of performance of the subscription.
Other – Primarily related to charging service revenue from non-company-owned charging stations. Revenue is recognized from non-company-owned charging stations at the point when a particular charging session is completed in accordance with a contractual relationship between the Company and the owner of the station. Other revenues also comprises of revenues generated from alternative fuel credits.

 

The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations:

 

                     
   For The Three Months Ended   For The Six Months Ended 
   June 30,   June 30, 
   2022   2021   2022   2021 
                 
Revenues - Recognized at a Point in Time:                    
Product sales  $8,828   $3,267   $16,880   $4,938 
Charging service revenue - company-owned charging stations   1,494    586