Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a
leading manufacturer, owner, operator, and provider of electric
vehicle (EV) charging equipment and services, today announced
financial results for its first quarter ended March 31, 2023.
The following top-line highlights are in
thousands of dollars and unaudited.
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Increase |
|
Product Sales |
|
$ |
16,389 |
|
|
$ |
8,052 |
|
|
|
104 |
% |
Service Revenues (1) |
|
|
4,765 |
|
|
|
1,507 |
|
|
|
216 |
% |
Other Revenues(2) |
|
|
514 |
|
|
|
241 |
|
|
|
113 |
% |
Total Revenues |
|
$ |
21,668 |
|
|
$ |
9,800 |
|
|
|
121 |
% |
|
(1 |
) |
Service Revenues consist of charging service revenues, network
fees, and ride-sharing service revenues. |
|
(2 |
) |
Other Revenues consist of other revenues, warranties, and grants
and rebates. |
“Following a landmark year of incredible growth
and opportunity for Blink, our first quarter performance delivered
an exceptionally strong start to 2023, including total revenue
growth of 121%,” said Brendan Jones, President and Chief
Executive Officer.
“We have a world class team in place and as we
move through the year and beyond, our focus remains on continuing
to develop and bring to market our advanced and innovative
technology, products and services. Likewise, we are expanding our
manufacturing capabilities in the U.S. and internationally, to
enhance our ability to meet consumer demands and exceed customer
expectations as more and more drivers worldwide transition to EVs.
Blink is fundamentally changing the way the U.S. and the world
think about EV charging, and our robust pipeline reflects the
strength of our brand and the recognition of our technology and
capabilities in the marketplace.”
First Quarter Financial
Results
Revenues
Total Revenues increased 121% to $21.7 million for the first
quarter of 2023 compared to the first quarter of 2022.
Product Sales increased 104% to $16.4 million in
the first quarter of 2023, an increase of $8.3 million from the
same period in 2022 primarily driven by increased sales of
commercial chargers, DC fast chargers, and residential chargers, as
well as revenues from the 2022 acquisitions.
Service Revenues, which consist of charging
service revenues, network fees, and ride-sharing service revenues,
increased 216% to $4.8 million in the first quarter of 2023, up
$3.3 million from the first quarter of 2022, primarily driven by
greater utilization of chargers, an increased number of chargers on
the Blink networks, revenues associated with the Blink Mobility
ride-sharing service program, and revenues from the 2022
acquisitions.
Other Revenues, which are comprised of warranty
fees, grants and rebates, and other revenues, increased 113% to
$514 thousand in the first quarter of 2023, compared to $241
thousand in the first quarter of 2022.
Gross Profit
Gross Profit increased 186% to $4.5 million, or
21.0% of revenue, in the first quarter of 2023, compared to gross
profit of $1.6 million, or 16.2% of revenue, in the first quarter
of 2022. Gross margin declined in in first quarter of 2023, when
compared to fourth quarter of 2022, due primarily to significantly
more sales of contract manufactured chargers, which carry a lower
overall contribution margin compared to the units manufactured
in-house. As Blink continues its transition to in-house
manufacturing, the gross margin profile is expected to improve
throughout 2023 and into 2024.
Net Loss and Loss Per Share
Net Loss for the first quarter of 2023 was $29.8
million, or $(0.53) per share, compared to a Net Loss of $15.1
million, or $(0.36) per share in the first quarter of 2022.
Adjusted EBITDA
(3) and Adjusted EPS
(4)
Adjusted EBITDA for the first quarter of 2023
was a loss of $17.8 million compared to an Adjusted EBITDA loss of
$12.4 million in the prior year period. Adjusted EBITDA as a
percentage of revenues for the first quarter of 2023 improved over
4,400 basis points compared to the first quarter of 2022.
Adjusted EPS for the first quarter of 2023 was
$(0.49) compared to Adjusted EPS of $(0.34) in the first quarter of
2022 and compared to Adjusted EPS of $(0.41) in the fourth quarter
of 2022.
Cash and cash equivalents
As of March 31, 2023, Cash and Cash Equivalents
totaled $103.2 million.
Looking Forward
Mr. Jones continued, “With our visibility today,
for full year 2023, we continue to target revenues in the range of
$100 million to $110 million and gross margin in excess of
30%.”
(3 |
) |
Adjusted EBITDA (defined as earnings (loss) before interest income
(expense), provision for income taxes, depreciation and
amortization, stock-based compensation, and acquisition related
costs) 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. |
|
|
(4 |
) |
Adjusted EPS (defined as earnings (loss) per diluted share) is a
non-GAAP financial measure management uses to assess earnings per
diluted share excluding non-recurring items such as
acquisition-related costs, amortization expense of intangible
assets and additional stock-based compensation expense. See
“Non-GAAP Financial Measures” for a reconciliation of GAAP to
Non-GAAP financial measures included at the end of this
release. |
Recent Highlights:
|
● |
On March 16, Blink Charging announced an IDIQ contract with the
United States Postal Service to provide up to 41,500 EV charging
stations and network services by Blink and others. |
|
● |
Launched five new products at the Consumer Electronics Show (CES)
2023, including the Vision, EQ 200, Series 3, PQ 150, and 30kW DC
Fast Charger, which are designed to serve the increasing demands of
the growing EV markets across the U.S., Europe, Asia and Latin
America. |
|
● |
Blue Corner signed a 4-year agreement with APCOA to deploy and
maintain EV chargers in parking facilities in Belgium. APCOA
manages 1.8 million parking spaces in 13 European countries at
approximately 12,000 locations. |
|
● |
Signed collaborative agreement with Citybest to provide needed EV
chargers in Latin America and advance the EV charging ecosystem in
the region. |
|
● |
Collaborated with three local companies in Costa Rica to extend the
Blink footprint and promote vehicle electrification in the
region. |
|
● |
Entered into an exclusive agreement with Mitsubishi Motors North
America to make available Blink chargers and turnkey install
services for all 323 U.S. dealerships. |
|
● |
Selected as national supplier with Vizient for the marketing and
potential deployment of Blink charging stations and related
services for Vizient members. |
|
● |
Teamed up with Hertz to provide EV charging during Superbowl
weekend in the greater Phoenix area. |
|
● |
Launched the newly redesigned Blink mobile charger, directly
addressing the needs of EV fleet operators, roadside assistance
providers, insurance companies, auto manufacturers, and public
roadway assistance programs. |
|
● |
Successfully completed an upsized public offering of approximately
$100 million. |
|
● |
Completed the integration and rebranding of recently acquired
SemaConnect India to Blink. |
|
● |
Awarded a Multiple Award Schedule (MAS) contract by the U.S.
General Services Administration (GSA) allowing government customers
and federal agencies to easily purchase Blink EV equipment and
services. |
|
● |
Rebranded EB Charging to Blink Charging UK following its
acquisition in April 2022 providing a significant visible footprint
of more than 1,225 chargers in the United Kingdom and Ireland. |
|
● |
Announced the acquisition of Envoy Technologies by its wholly owned
subsidiary Blink Mobility. Blink expects to realize synergies from
combining Envoy with its car-sharing division, Blink Mobility. |
Earnings Conference Call
Blink Charging will host a conference call and
webcast to discuss first quarter 2023 results today, May 9, 2023 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/2468/48249
To participate in the call by phone, dial (877) 545-0523
approximately five minutes prior to the scheduled start time.
International callers, please dial (973) 528-0016. Callers should
use access code: 848920.
A replay of the teleconference will be available
until June 8, 2023, and may be accessed by dialing (877) 481-4010.
International callers may dial (919) 882-2331. Callers should use
conference ID: 48249.
###
BLINK CHARGING CO. AND
SUBSIDIARIESCondensed Consolidated Statements of
Operations(in thousands, except for share and per
share amounts)(unaudited)
|
|
|
For The Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
Product sales |
|
$ |
16,389 |
|
|
$ |
8,052 |
|
Charging service revenue - company-owned charging stations |
|
|
2,885 |
|
|
|
1,107 |
|
Network fees |
|
|
1,628 |
|
|
|
161 |
|
Warranty |
|
|
393 |
|
|
|
67 |
|
Grant and rebate |
|
|
49 |
|
|
|
75 |
|
Ride-sharing services |
|
|
252 |
|
|
|
239 |
|
Other |
|
|
72 |
|
|
|
99 |
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
|
21,668 |
|
|
|
9,800 |
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues: |
|
|
|
|
|
|
|
|
Cost of product sales |
|
|
11,731 |
|
|
|
6,044 |
|
Cost of charging services - company-owned charging stations |
|
|
887 |
|
|
|
523 |
|
Host provider fees |
|
|
1,647 |
|
|
|
551 |
|
Network costs |
|
|
437 |
|
|
|
234 |
|
Warranty and repairs and maintenance |
|
|
948 |
|
|
|
111 |
|
Ride-sharing services |
|
|
637 |
|
|
|
426 |
|
Depreciation and amortization |
|
|
838 |
|
|
|
325 |
|
|
|
|
|
|
|
|
|
|
Total Cost of Revenues |
|
|
17,125 |
|
|
|
8,214 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
4,543 |
|
|
|
1,586 |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
|
22,709 |
|
|
|
9,259 |
|
General and administrative expenses |
|
|
8,478 |
|
|
|
4,427 |
|
Other operating expenses |
|
|
4,195 |
|
|
|
2,942 |
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
35,382 |
|
|
|
16,628 |
|
|
|
|
|
|
|
|
|
|
Loss From Operations |
|
|
(30,839 |
) |
|
|
(15,042 |
) |
|
|
|
|
|
|
|
|
|
Other Income
(Expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
(617 |
) |
|
|
- |
|
Foreign transaction gain |
|
|
1,807 |
|
|
|
3 |
|
Change in fair value of derivative and other accrued
liabilities |
|
|
10 |
|
|
|
- |
|
Other income (expense), net |
|
|
50 |
|
|
|
(104 |
) |
|
|
|
|
|
|
|
|
|
Total Other (Expense) Income |
|
|
1,250 |
|
|
|
(101 |
) |
|
|
|
|
|
|
|
|
|
Loss Before Income Taxes |
|
$ |
(29,589 |
) |
|
$ |
(15,143 |
) |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
(212 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(29,801 |
) |
|
$ |
(15,143 |
) |
|
|
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.53 |
) |
|
$ |
(0.36 |
) |
Diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Number of |
|
|
|
|
|
|
|
|
Common Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
56,469,928 |
|
|
|
42,437,823 |
|
Diluted |
|
|
56,469,928 |
|
|
|
42,437,823 |
|
BLINK CHARGING CO. AND
SUBSIDIARIESCondensed Consolidated Balance
Sheets(in thousands, except for share
amounts)
|
|
|
March 31, 2023 |
|
|
|
December 31, 2022 |
|
|
|
|
unaudited |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
103,202 |
|
|
$ |
36,562 |
|
Accounts receivable, net |
|
|
27,883 |
|
|
|
23,581 |
|
Inventory, net |
|
|
39,524 |
|
|
|
34,740 |
|
Prepaid expenses and other current assets |
|
|
5,211 |
|
|
|
4,399 |
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
175,820 |
|
|
|
99,282 |
|
Restricted cash |
|
|
78 |
|
|
|
71 |
|
Property and equipment,
net |
|
|
27,666 |
|
|
|
25,862 |
|
Operating lease right-of-use
asset |
|
|
5,095 |
|
|
|
4,174 |
|
Intangible assets, net |
|
|
25,072 |
|
|
|
26,582 |
|
Goodwill |
|
|
204,244 |
|
|
|
203,710 |
|
Other assets |
|
|
3,025 |
|
|
|
2,861 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
441,000 |
|
|
$ |
362,542 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
28,621 |
|
|
$ |
24,585 |
|
Accrued expenses and other current liabilities |
|
|
12,808 |
|
|
|
13,109 |
|
Notes payable |
|
|
10 |
|
|
|
10 |
|
Current portion of operating lease liabilities |
|
|
2,037 |
|
|
|
1,738 |
|
Current portion of financing lease liabilities |
|
|
301 |
|
|
|
306 |
|
Current portion of deferred revenue |
|
|
11,496 |
|
|
|
10,572 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
55,273 |
|
|
|
50,320 |
|
Contingent consideration |
|
|
1,323 |
|
|
|
1,316 |
|
Consideration payable |
|
|
40,620 |
|
|
|
40,608 |
|
Operating lease liabilities,
non-current portion |
|
|
3,744 |
|
|
|
3,030 |
|
Financing lease liabilities,
non-current portion |
|
|
321 |
|
|
|
408 |
|
Other liabilities |
|
|
649 |
|
|
|
645 |
|
Deferred revenue, non-current
portion |
|
|
5,406 |
|
|
|
5,258 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
107,336 |
|
|
|
101,585 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 500,000,000 shares authorized,
60,370,374 and 51,476,445 shares issued and outstanding as of March
31, 2023 and December 31, 2022, respectively |
|
|
60 |
|
|
|
51 |
|
Additional paid-in capital |
|
|
701,331 |
|
|
|
597,982 |
|
Accumulated other comprehensive loss |
|
|
(3,896 |
) |
|
|
(3,046 |
) |
Accumulated deficit |
|
|
(363,831 |
) |
|
|
(334,030 |
) |
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity |
|
|
333,664 |
|
|
|
260,957 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
441,000 |
|
|
$ |
362,542 |
|
BLINK CHARGING CO. AND
SUBSIDIARIESConsolidated Statements of Cash
Flows(In
thousands)(unaudited)
|
|
For The Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash Flows From
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(29,801 |
) |
|
$ |
(15,143 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,166 |
|
|
|
758 |
|
Non-cash lease expense |
|
|
438 |
|
|
|
55 |
|
Change in fair value of contingent consideration |
|
|
8 |
|
|
|
- |
|
Loss on disposal of fixed assets |
|
|
(37 |
) |
|
|
- |
|
Change in fair value of derivative and other accrued
liabilities |
|
|
10 |
|
|
|
- |
|
Provision for bad debt |
|
|
555 |
|
|
|
502 |
|
Provision for slow moving and obsolete inventory |
|
|
(1,701 |
) |
|
|
295 |
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
Common stock |
|
|
3,685 |
|
|
|
507 |
|
Options |
|
|
4,090 |
|
|
|
1,455 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and other receivables |
|
|
(4,377 |
) |
|
|
(1,722 |
) |
Inventory |
|
|
(3,202 |
) |
|
|
(698 |
) |
Prepaid expenses and other current assets |
|
|
(590 |
) |
|
|
297 |
|
Interco |
|
|
- |
|
|
|
- |
|
Other assets |
|
|
(181 |
) |
|
|
(288 |
) |
Accounts payable and accrued expenses |
|
|
3,876 |
|
|
|
2,120 |
|
Other liabilities |
|
|
4 |
|
|
|
101 |
|
Lease liabilities |
|
|
(346 |
) |
|
|
(66 |
) |
Deferred revenue |
|
|
226 |
|
|
|
444 |
|
|
|
|
|
|
|
|
|
|
Total Adjustments |
|
|
5,624 |
|
|
|
3,760 |
|
|
|
|
|
|
|
|
|
|
Net Cash Used In Operating Activities |
|
|
(24,177 |
) |
|
|
(11,383 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
Purchases of intangible assets |
|
|
(550 |
) |
|
|
- |
|
Purchases of property and equipment |
|
|
(1,665 |
) |
|
|
(1,368 |
) |
|
|
|
|
|
|
|
|
|
Net Cash Used In Investing Activities |
|
|
(2,215 |
) |
|
|
(1,368 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of common stock in public offering [1] |
|
|
94,766 |
|
|
|
- |
|
Proceeds from exercise of options and warrants |
|
|
835 |
|
|
|
69 |
|
Repayment of financing liability in connection with finance
lease |
|
|
(92 |
) |
|
|
- |
|
Payment of financing liability in connection with internal use
software |
|
|
(149 |
) |
|
|
(146 |
) |
|
|
|
|
|
|
|
|
|
Net Cash (Used In) Provided By Financing
Activities |
|
|
95,360 |
|
|
|
(77 |
) |
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash
Equivalents |
|
|
(2,321 |
) |
|
|
(158 |
) |
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase In Cash and Cash Equivalents and
Restricted Cash |
|
|
66,647 |
|
|
|
(12,986 |
) |
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents and Restricted Cash - Beginning of Period |
|
|
36,633 |
|
|
|
175,049 |
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents and Restricted Cash - End of Period |
|
$ |
103,280 |
|
|
$ |
162,063 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and
restricted cash consisted of the following: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
103,202 |
|
|
$ |
161,984 |
|
Restricted cash |
|
|
78 |
|
|
|
79 |
|
|
|
$ |
103,280 |
|
|
$ |
162,063 |
|
[1] Includes gross proceeds of $100,000, less issuance costs of
$5,654.
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to Blink
Charging Co. to EBITDA and Adjusted EBITDA for the periods
shown:
|
|
|
For The Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Net Loss |
|
$ |
(29,800 |
) |
|
$ |
(15,143 |
) |
Add: |
|
|
|
|
|
|
|
|
Interest Expense |
|
|
617 |
|
|
|
- |
|
Provision for Income Taxes |
|
|
207 |
|
|
|
- |
|
Depreciation and amortization |
|
|
3,186 |
|
|
|
758 |
|
EBITDA |
|
|
(25,790 |
) |
|
|
(14,385 |
) |
Add: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
7,776 |
|
|
|
1,962 |
|
Acquisition-related costs |
|
|
232 |
|
|
|
58 |
|
Adjusted EBITDA |
|
$ |
(17,782 |
) |
|
$ |
(12,365 |
) |
The following table reconciles EPS attributable to Blink
Charging Co. to Adjusted EPS for the periods shown:
|
|
|
For The Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Net Income - per diluted
share |
|
$ |
(0.53 |
) |
|
$ |
(0.36 |
) |
Per diluted share
adjustments: |
|
|
|
|
|
|
|
|
Add: Amortization expense of
intangible assets |
|
|
0.04 |
|
|
|
0.02 |
|
Adjusted EPS |
|
$ |
(0.49 |
) |
|
$ |
(0.34 |
) |
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 is 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 (Loss) 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.
Our definition of Adjusted EBITDA and Adjusted
EPS may differ from other companies reporting similarly named
measures. These measures should be considered in addition to, and
not as a substitute for, or superior to, other measures of
financial performance prepared in accordance with GAAP, such as Net
Loss, and Diluted Earnings per Share.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a leader in
electric vehicle (EV) charging equipment, has contracted, sold, or
deployed nearly 73,000 charging ports worldwide, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of Blink’s charging locations worldwide. Blink’s
principal line of products and services includes the Blink EV
charging network (“Blink Network”), EV charging equipment, EV
charging services, and the products and services of recent
acquisitions, including SemaConnect, Blink Charging UK, Blue
Corner, BlueLA and Envoy. 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 half of
passenger cars sold in the US by 2030, Blink 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 presentation contains statements that are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, or the Exchange Act,
that are based on management’s current expectations and assumptions
and are subject to risks and uncertainties. Such statements
include, but are not limited to, statements about (i) delays in
product development and deployment, (ii) market acceptance of our
EV charging products and related services, (iii) technological
change in the EV charging equipment industry, (iv) competition in
EV markets generally in the United States and abroad, (v) results
and costs associated with governmental investigations and
litigation, (vi) intellectual property issues, and (vii) other
aspects of our business identified in this press release, as well
as in our periodic reports that we file from time to time with the
SEC. In some cases, you can identify forward-looking statements by
terminology such as “may,” “will,” “could,” “would,” “should,”
“expect,” “plan,” “anticipate,” “intend,” “tends,” “believe,”
“estimate,” “predict,” “potential,” “project” or “continue” or the
negative of those terms or other comparable terminology. These
statements are only predictions. Actual events or results may
differ materially from those expressed or implied by these
forward-looking statements because of market conditions in our
industries or other factors that are in some cases beyond our
control. All of the forward-looking statements are subject to risks
and uncertainties. Various factors, including but not limited to
the risks described from time to time in Blink Charging Co.’s
periodic reports with the SEC, including, without limitation, the
risks described in Blink Charging Co.’s Annual Report on Form 10-K
for the year ended December 31, 2022 under the captions “Risk
Factors” and “Management's Discussion and Analysis of Financial
Condition and Results of Operations,” could cause actual results to
differ from those implied by the forward-looking statements. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. All information is
current as of the date this press release is issued, and except as
required by law, Blink Charging Co. does not undertake, and
specifically declines, any obligation to update any of these
statements or to publicly announce the results of any revisions to
these statements to reflect future events or developments.
Non-GAAP Disclosure
The information provided herein includes certain
non-GAAP financial measures. These non-GAAP financial measures are
intended to supplement the GAAP financial information by providing
additional insight regarding the results of operations of the
Company. The non-GAAP Adjusted EBITDA financial measure used by the
Company is intended to provide an enhanced understanding of our
underlying operational measures to manage the Company’s business,
to evaluate performance compared to prior periods and the
marketplace, and to establish operational goals. Certain items are
excluded from this non-GAAP financial measure to provide additional
comparability measures from period to period. These non-GAAP
financial measures will not be defined in the same manner by all
companies and may not be comparable to other companies. Non-GAAP
financial measures are reconciled in the accompanying tables to the
most directly comparable measures as reported in accordance with
GAAP, and should be viewed in addition to, and not in lieu of, such
comparable financial measures.
Blink Investor Relations ContactVitalie
SteleaIR@BlinkCharging.com305-521-0200 ext. 446
Blink Media ContactJon
MyersPR@BlinkCharging.com 305-521-0200 ext. 266
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