Blink Charging Announces First Quarter 2018 Financials
May 16 2018 - 8:30AM
Leading Owner, Operator, and Provider of
Electric Vehicle Charging Equipment and Networked Charging Services
Announces Increased Net Income and Assets Following Public
Offering
Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink Charging” or the
“Company”) announced increased net income and assets following its
restructuring and recapitalization in the first quarter of 2018.
First Quarter 2018 Highlights*
Include:
- Total assets increased 335.4% from $2.7 million to $11.7
million
- Net income increased from a loss of $3.1 million to income of
$2.2 million
- Liabilities decreased 76.7% from $38.8 million to $9
million
- Charging service revenues increased 14.1% from $267,874 to
$305,747
- Network fee revenues increased 16.3% from $49,238 to
$57,251
“2018 is already turning out to be a transformative year for
Blink Charging Co. as we have launched into a new stage of growth
following our $18.5 million public offering on Nasdaq in February,”
said Michael D. Farkas, founder and executive chairman of Blink
Charging Co. “Our financials are showing the result of coordinated
and strategic deployment of charging stations and an increased
revenue from our charging service. We are focused on the nationwide
growth of charging stations at commercial and residential
properties so that we will be present and accessible as millions of
EV drivers begin pouring into cities across the country. We believe
investment in technology will further drive property owners to
adopt our various business model offerings so that they can take
part in what is the beginning of a mass market EV adoption by the
public.”
About Blink Charging
Co.:
Blink Charging (NASDAQ: BLNK,
BLNKW) is one of the leaders in nationwide public electric
vehicle (EV) charging equipment and services, enabling EV drivers
to easily charge at locations throughout the United States.
Headquartered in Florida with offices in Arizona and California,
Blink Charging’s business is designed to accelerate EV
adoption.
Blink Charging offers EV charging equipment and
connectivity to the Blink Network, a cloud-based software that
operates, manages, and tracks the Blink EV charging stations and
all the associated data. Blink Charging also owns and operates EV
charging equipment predominantly under the Blink brand, as well as
using a number of other charging station equipment manufacturers
such as ChargePoint, General Electric (GE) and SemaConnect. Blink
Charging has strategic property partners across multiple business
sectors including multifamily residential and commercial
properties, airports, colleges, municipalities, parking garages,
shopping malls, retail parking, schools, and workplaces.
For more information about Blink Charging,
please visit BlinkCharging.com
Forward-Looking StatementsThis
press release contains forward-looking statements as defined within
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. By their
nature, forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those
statements include statements regarding the intent, belief or
current expectations of Blink Charging Co., and members of its
management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
*The Company’s audited financial results appear
in the Company’s Quarterly Report on Form 10-Q which was filed with
the SEC on May 15, 2018.
Blink Charging Media Contact:
Stephanie Goldman
Mark Havenner
The Pollack PR Marketing Group
sgoldman@ppmgcorp.com
mhavenner@ppmgcorp.com
(212) 601-9341
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