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 first quarter ended March 31, 2022.
The following financial highlights are in
thousands of dollars and unaudited.
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2022 |
|
2021 |
|
% Increase |
|
Product Sales |
$ |
8,052 |
|
|
$ |
1,671 |
|
|
382 |
% |
|
Service Revenues (1) |
|
1,507 |
|
|
|
338 |
|
|
346 |
% |
|
Other Revenues |
|
241 |
|
|
|
223 |
|
|
8 |
% |
|
Total Revenues |
$ |
9,800 |
|
|
$ |
2,232 |
|
|
339 |
% |
|
(1) Service Revenues consist of charging service
revenues, network fees, and ride-sharing service revenues.
“In the first quarter of 2022, Blink again
achieved record revenues with exponential year-over-year growth of
almost 340% driven by increased product sales and service
revenues,” commented Michael D. Farkas, Chairman and Chief
Executive Officer of Blink Charging. “We’re building off a solid
platform created by record 2021 results and expect continued
momentum in 2022 as partners and customers recognize Blink as a
leading provider of EV charging technology and services both
domestically and internationally.
Mr. Farkas continued, “Our strong growth in the
quarter stems primarily from our unique business model centered
around providing flexible and fully integrated charging solutions
to customers. As an owner-operator of many of our chargers, we’re
intimately involved in every step of the installation process and
can facilitate upgrades and other maintenance as needed to provide
the best technology for the location while also benefiting from
anticipated increased charging utilization. We have recently
expanded our product offerings to include next-generation charging
technology across the entire EV ecosystem including home, fleet,
multifamily, retail, and federal highway infrastructure, enhancing
our position as a technology innovator at the forefront of the EV
charging industry.”
Mr. Farkas added that “A key part of Blink’s
strategy continues to be making acquisitions and establishing
multi-year partnerships that increase charger deployments and our
market reach. Following the close of the first quarter, we
announced our acquisition of Electric Blue Ltd. (“EB Charging”), a
leading provider of integrated EV charging and sustainable energy
solutions in the United Kingdom. This is an exciting acquisition
for Blink as it both expands our European presence into the United
Kingdom and adds over 1,150 chargers, installed or committed to
delivery, to the Blink Charging footprint. With the acquisition of
EB Charging, we are now present in 19 countries including the U.S.,
Belgium, the UK, Greece, and nine countries in Latin America.
“Additionally, we continue to see success with
state and federal government programs that promote the adoption of
a reliable and convenient EV infrastructure. In March, we were
awarded grant funds towards the deployment of chargers across
Massachusetts in conjunction with the Massachusetts Electric
Vehicle Incentive Program, and we are currently deploying charging
ports throughout Virginia in partnership with Virginia Clean
Cities. We also received a grant for our European Subsidiary Blue
Corner to further develop its energy management services. Our
chargers are seeing excellent traction in the marketplace, and we
remain ready to capitalize on this growing demand for our
innovative portfolio of EV charging solutions.”
Mr. Farkas concluded, “Blink is increasingly
well positioned to capitalize on industry growth as we move through
the balance of the year, and we’re excited about the opportunities
we’re seeing both in the United States and abroad as individuals,
municipalities, and government entities prepare for the broader
transition to EV use.”
Financial Results
RevenuesTotal Revenues
increased 339% to $9.8 million for the first quarter of 2022
compared to the first quarter of 2021.
Product Sales increased 382% to $8.1 million in
the first quarter of 2022, an increase of $6.4 million from the
same period in 2021 primarily driven by increased sales of
commercial chargers, DC fast chargers, and residential chargers, as
well as revenues from Blue Corner, which was acquired in May
2021.
Service Revenues, which consist of charging
service revenues, network fees, and ride-sharing service revenues,
increased 346% to $1.5 million in the first quarter of 2022, up
$1.2 million from the first quarter of 2021, primarily driven by
greater utilization of chargers, an increased number of chargers on
the Blink network, revenues associated with the Blink Mobility
ride-sharing service program, and revenues from Blue Corner, which
was acquired in May 2021.
Other Revenues, which are comprised of warranty
fees, grants and rebates, and other revenues, remained consistent
at $0.2 million in the first quarter of 2022, as compared to the
first quarter of 2021.
Net Loss and
Loss Per ShareNet Loss for the
first quarter of 2022 was $15.1 million, or $(0.36) per share,
compared to a Net Loss of $7.4 million, or $(0.18) per share in the
first quarter of 2021.
Adjusted EBITDA
(2)Adjusted
EBITDA for the first quarter of 2022 was a loss of $12.4 million
compared to an Adjusted EBITDA loss of $6.5 million in the prior
year period. Adjusted EBITDA as a percentage of revenues for the
first quarter of 2022 improved 162 basis points compared to the
first quarter of 2021.
Balance Sheet and Cash FlowAs
of March 31, 2022, Cash and Marketable Securities totaled $161.9
million.
(2) Adjusted EBITDA (defined as earnings (loss)
before interest income (expense), provision for income taxes,
depreciation and amortization, and stock-based compensation) is a
non-GAAP financial measure management uses as a proxy for net
income (loss). See “Non-GAAP Financial Measures” for a
reconciliation of GAAP to Non-GAAP financial measures included at
the end of this release.
Recent
Highlights
- Subsequent to
the close of the quarter, acquired UK electric vehicle
infrastructure leader EB Charging, adding more than 1,150 chargers
to the Blink Charging footprint
- Furthered
international expansion through a variety of hardware and software
upgrades and newly signed distribution agreements, adding more than
200 chargers in Greece to the Blink Network and expanding growth in
9 additional Latin American countries
- Awarded a
€450,000 grant to develop Blue Corner energy management services
from Flanders Innovation and Entrepreneurship, the Belgian
government agency that finances strategic and industrial
research
- Awarded grant
funds from the Massachusetts Electric Vehicle Incentive Program
towards the installation of 8 DC fast-charging stations across the
state
- Continued the
deployment of charging ports in partnership with the Virginia Clean
Cities as part of the Mid-Atlantic Electrification Partnership
- Agreement with
General Motors to deploy IQ 200 Level 2 chargers at selected
dealerships across the United States and Canada, working with
leading facility solutions provider ABM
- Agreement with
Bridgestone Retail Operations for the deployment of 50 Blink IQ 200
charging stations at select Firestone Complete Auto Care and Wheel
Works tire and automotive service centers throughout the United
States
- Launched seven
new charging products offering next-generation EV charging
technology across the EV ecosystem, including home, fleet,
multifamily, and retail; certain products include vehicle-to-grid
technology
Earnings Conference Call
Blink Charging will host a conference call and
webcast to discuss first quarter 2022 results today, May 9, 2022 at
4:30 PM 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/2468/45280
To participate in the call by phone, dial (888)
506-0062 approximately five minutes prior to the scheduled start
time. International callers please dial (973) 528-0011. Callers
should use access code: 289308.
A replay of the teleconference will be available
until June 8, 2022 and may be accessed by dialing (877) 481-4010.
International callers may dial (919) 882-2331. Callers should use
conference ID: 45280.
###
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 18 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 the Blink
EV charging network (“Blink Network”), EV charging equipment, EV
charging services, and the products and services of recent
acquisitions, including Blue Corner and BlueLA. 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 Investor Relations
ContactIR@BlinkCharging.com 855-313-8187John
Nesbett/Jennifer BelodeauIMS Investor Relations(203)
972-9200jnesbett@institutionalms.com
Blink Media
ContactPR@BlinkCharging.com
Blink Charging Co. and
SubsidiariesCondensed Consolidated Statements of
Operations(In thousands, except
for share and per share
amounts)(Unaudited)
|
|
Three Months EndedMarch 31, |
|
|
|
2022 |
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
Product sales |
|
$ |
8,052 |
|
|
$ |
1,671 |
|
Charging service revenue - company-owned charging stations |
|
|
1,107 |
|
|
|
182 |
|
Network fees |
|
|
161 |
|
|
|
110 |
|
Warranty |
|
|
67 |
|
|
|
13 |
|
Grant and rebate |
|
|
75 |
|
|
|
150 |
|
Ride-sharing services |
|
|
239 |
|
|
|
46 |
|
Other |
|
|
99 |
|
|
|
60 |
|
Total Revenues |
|
|
9,800 |
|
|
|
2,232 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Cost of product sales |
|
|
6,044 |
|
|
|
1,118 |
|
Cost of charging services – company-owned charging stations |
|
|
523 |
|
|
|
50 |
|
Host provider fees |
|
|
551 |
|
|
|
126 |
|
Network costs |
|
|
234 |
|
|
|
79 |
|
Warranty and repairs and maintenance |
|
|
111 |
|
|
|
262 |
|
Ride-sharing services |
|
|
426 |
|
|
|
246 |
|
Depreciation and amortization |
|
|
325 |
|
|
|
255 |
|
Total Cost of Revenues |
|
|
8,214 |
|
|
|
2,136 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
1,586 |
|
|
|
96 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
|
9,259 |
|
|
|
4,748 |
|
General and administrative expenses |
|
|
4,427 |
|
|
|
1,585 |
|
Other operating expenses |
|
|
2,942 |
|
|
|
1,149 |
|
Total Operating Expenses |
|
|
16,628 |
|
|
|
7,482 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(15,042 |
) |
|
|
(7,386 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
- |
|
|
|
14 |
|
Foreign transaction gain |
|
|
3 |
|
|
|
- |
|
Change in fair value of derivative and other accrued
liabilities |
|
|
- |
|
|
|
7 |
|
Other expense |
|
|
(104 |
) |
|
|
- |
|
Total Other (Expense) Income |
|
|
(101 |
) |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(15,143 |
) |
|
|
(7,365 |
) |
Net Loss Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.18 |
) |
Diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.18 |
) |
Weighted Average Number of Common Shares
Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
42,437,823 |
|
|
|
41,138,095 |
|
Diluted |
|
|
42,437,823 |
|
|
|
41,138,095 |
|
Blink Charging Co. and
SubsidiariesCondensed Consolidated Balance
Sheets(In thousands, except for share
amounts)
|
|
March
31, |
|
December
31, |
|
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
161,984 |
|
|
$ |
174,795 |
|
Accounts receivable and other receivables, net |
|
|
7,472 |
|
|
|
6,346 |
|
Inventory, net |
|
|
10,051 |
|
|
|
10,369 |
|
Prepaid expenses and other current assets |
|
|
576 |
|
|
|
1,020 |
|
Total current assets |
|
|
180,083 |
|
|
|
192,530 |
|
Restricted cash |
|
|
79 |
|
|
|
81 |
|
Property and equipment, net |
|
|
16,219 |
|
|
|
14,563 |
|
Operating lease right-of-use asset |
|
|
1,607 |
|
|
|
1,664 |
|
Intangible assets, net |
|
|
3,707 |
|
|
|
3,455 |
|
Goodwill |
|
|
19,054 |
|
|
|
19,390 |
|
Other assets |
|
|
517 |
|
|
|
230 |
|
Total assets |
|
$ |
221,266 |
|
|
$ |
231,913 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
8,125 |
|
|
$ |
7,134 |
|
Accrued expenses and other current liabilities |
|
|
6,906 |
|
|
|
5,678 |
|
Current portion of notes payable |
|
|
10 |
|
|
|
10 |
|
Current portion of operating lease liabilities |
|
|
884 |
|
|
|
547 |
|
Current portion of deferred revenue |
|
|
2,741 |
|
|
|
2,858 |
|
Total current liabilities |
|
|
18,666 |
|
|
|
16,227 |
|
Operating lease liabilities, non-current portion |
|
|
1,125 |
|
|
|
1,531 |
|
Other liabilities |
|
|
727 |
|
|
|
193 |
|
Deferred revenue, non-current portion |
|
|
661 |
|
|
|
128 |
|
Total liabilities |
|
|
21,179 |
|
|
|
18,079 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 500,000,000 shares authorized,
42,581,819 and 42,423,514 shares issued and outstanding as of March
31, 2022 and December 31, 2021, respectively |
|
|
43 |
|
|
|
42 |
|
Additional paid-in capital |
|
|
460,047 |
|
|
|
458,046 |
|
Accumulated other comprehensive loss |
|
|
(2,390 |
) |
|
|
(1,784 |
) |
Accumulated deficit |
|
|
(257,613 |
) |
|
|
(242,470 |
) |
Total stockholders’ equity |
|
|
200,087 |
|
|
|
213,834 |
|
Total liabilities and stockholders’ equity |
|
$ |
221,266 |
|
|
$ |
231,913 |
|
Blink Charging
Co.Condensed Consolidated Statements of Cash
Flows(In
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,143 |
) |
|
$ |
(7,365 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
758 |
|
|
|
514 |
|
Non-cash lease expense |
|
|
55 |
|
|
|
- |
|
Change in fair value of derivative and other accrued
liabilities |
|
|
- |
|
|
|
7 |
|
Provision for bad debt |
|
|
502 |
|
|
|
201 |
|
Provision for slow moving and obsolete inventory |
|
|
295 |
|
|
|
(82 |
) |
Stock-based compensation: |
|
|
|
|
|
|
|
|
Common stock |
|
|
507 |
|
|
|
29 |
|
Options |
|
|
1,455 |
|
|
|
386 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and other receivables |
|
|
(1,722 |
) |
|
|
(857 |
) |
Inventory |
|
|
(698 |
) |
|
|
(1,965 |
) |
Prepaid expenses and other current assets |
|
|
297 |
|
|
|
51 |
|
Other assets |
|
|
(288 |
) |
|
|
212 |
|
Accounts payable and accrued expenses |
|
|
2,120 |
|
|
|
305 |
|
Other liabilities |
|
|
101 |
|
|
|
— |
|
Lease liabilities |
|
|
(66 |
) |
|
|
(75 |
) |
Deferred revenue |
|
|
444 |
|
|
|
139 |
|
Total adjustments |
|
|
3,760 |
|
|
|
(1,135 |
) |
Net Cash Used in Operating Activities |
|
|
(11,383 |
) |
|
|
(8,500 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of marketable securities |
|
|
- |
|
|
|
(36,562 |
) |
Purchases of property and equipment |
|
|
(1,368 |
) |
|
|
(4,021 |
) |
Net Cash Used In Investing Activities |
|
|
(1,368 |
) |
|
|
(40,583 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of common stock in public offering |
|
|
- |
|
|
|
221,406 |
|
Proceeds from exercise of options and warrants |
|
|
69 |
|
|
|
1;000 |
|
Payment of financing liability in connection with internal use
software |
|
|
(146 |
) |
|
|
(20 |
) |
Net Cash (Used In) Provided by Financing Activities |
|
|
(77 |
) |
|
|
222,386 |
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash |
|
|
(158 |
) |
|
|
— |
|
Net Increase in Cash |
|
|
(12,986 |
) |
|
|
173,303 |
|
Cash and Restricted Cash - Beginning of Period |
|
|
175,049 |
|
|
|
22,418 |
|
Cash and Restricted Cash - End of Period |
|
$ |
162,063 |
|
|
$ |
195,721 |
|
Cash and restricted cash consisted of the
following: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
161,984 |
|
|
$ |
195,646 |
|
Restricted cash |
|
|
79 |
|
|
|
75 |
|
|
|
$ |
162,063 |
|
|
$ |
195,721 |
|
Non-GAAP Financial Measures
The following table reconciles Net Loss Attributable to Blink
Charging Co. to EBITDA and Adjusted EBITDA for the periods
shown:
|
|
Q1 |
|
Q1 |
(In thousands and unaudited) |
|
2022 |
|
2021 |
Net loss attributable to Blink Charging
Co. |
|
$ |
(15,143 |
) |
|
$ |
(7,365 |
) |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
- |
|
|
|
(14 |
) |
Depreciation and amortization |
|
|
758 |
|
|
|
514 |
|
EBITDA |
|
$ |
(14,385 |
) |
|
$ |
(6,865 |
) |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,962 |
|
|
|
415 |
|
Adjusted EBITDA |
|
$ |
(12,423 |
) |
|
$ |
(6,450 |
) |
Adjusted EBITDA as a percentage of revenues |
|
|
(127 |
%) |
|
$ |
(289 |
%) |
Blink Charging Co. publicly reports its
financial information in accordance with accounting principles
generally accepted in the United States of America (“US GAAP”). To
facilitate external analysis of the Company’s operating
performance, Blink Charging also presents financial information
that are considered “non-GAAP financial measures” under Regulation
G and related reporting requirements promulgated by the U.S.
Securities and Exchange Commission. Non-GAAP measures should be
considered in addition to, and not as a substitute for, or superior
to, Net Income or other measures of financial performance prepared
in accordance with GAAP and may be different than those presented
by other companies, including Blink Charging’s competitors. EBITDA
and Adjusted EBITDA are not performance measures calculated in
accordance with GAAP and are therefore considered non-GAAP
measures. Reconciliation tables are presented above.
EBITDA is defined as earnings (loss)
attributable to Blink Charging Co. before interest income
(expense), provision for income taxes, and depreciation and
amortization. Blink Charging believes EBITDA is useful to its
management, securities analysts, and investors in evaluating
operating performance because it is one of the primary measures
used to evaluate the economic productivity of the Company’s
operations, including its ability to obtain and maintain its
customers, its ability to operate its business effectively, the
efficiency of its employees and the profitability associated with
their performance. It also helps Blink Charging’s management,
securities analysts, and investors to meaningfully evaluate and
compare the results of the Company’s operations from period to
period on a consistent basis by removing the impact of its merger
and acquisition expenses, financing transactions, and the
depreciation and amortization impact of capital investments from
its operating results.
The Company also believes that Adjusted EBITDA,
defined as EBITDA adjusted for stock-based compensation expense, is
useful to securities analysts and investors to evaluate the
Company’s core operating results and financial performance because
it excludes items that are significant non-cash or non-recurring
expenses reflected in the Condensed Consolidated Statements of
Operations.
Blink Charging (NASDAQ:BLNK)
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