Blink Charging Announces 2019 Year End Financial Results
April 02 2020 - 5:04PM
Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink” or the
“Company”), a leading owner, operator and provider of electric
vehicle (EV) charging station products and networked EV charging
services, today announced financial results for the year ended
December 31, 2019.
2019 Financial Highlights:
- Total revenue for the year ended December 31, 2019 increased 3%
to $2.8 million from $2.7 million for the year ended December 31,
2018.
- Charging service revenue for company-owned charging stations
increased 7% to $1.4 million from $1.3 million for the year ended
December 31, 2018.
- Revenues from product sales for the year ended December 31,
2019 increased 80% to $856,243 from $476,930 for the year ended
December 31, 2018.
- Network fee revenue for the year ended December 31, 2019
increased 25% to $301,627 as compared to $241,826 for the year
ended December 31, 2018.
- Net loss for the year ended December 31, 2019 was $9.6 million,
or $0.37 per share, as compared to a net loss of $3.4 million, or
$1.30 per share, for the year ended December 31, 2018. The increase
in net loss was primarily attributable to a decrease in
non-operating, other income of $7.4 million, offset by a reduction
of operating expenses of $1.7 million.
Michael D. Farkas, Chairman, and Chief Executive
Officer stated, “2019 was a year of focusing our resources on the
development, pilot, and launching of the IQ 200. As such, we
invested in the upgrade and large-scale improvements of our
proprietary Blink network to ensure scalability and reliability
with future demand surges. We continue to focus on sales and
marketing expansion, as reflected in increases in product sales and
network fees and will continue growing all revenue lines with our
unique business model that provides property hosts with a range of
solutions tailored to their specific needs. Our new equipment
offerings have been extremely well-received within the industry
with property partners and industry experts, further driving the
demand for our products and services. Despite the volatility of the
markets due to the COVID-19 crisis, we continue to create the
infrastructure necessary to support our customers, while taking
precautionary measures to protect our employees, staff, and
stakeholders. Over the next several months, we plan to maintain our
momentum as a major player in the exciting and growing EV market
through a disciplined approach.”
2019 and Recent Corporate Highlights:
- Unveiled the 80-amp Blink IQ 200, the fastest Level 2 EV
charging station in the industry.
- Expanded internationally through a joint venture with
InterEnergy Group to develop EV charging infrastructure throughout
the Dominican Republic and Panama with an objective to also expand
the business to other Latin American and Caribbean markets. In
early 2020, InterEnergy purchased $1.2 million in EV charging
equipment from the Company for deployment in the Dominican
Republic. InterEnergy will be enlisting Blink to provide nearly 500
units of DC fast and level 2 chargers for Panama in 2020.
- Increased footprint throughout the European market through a
joint venture with the Eunice Energy Group to develop EV charging
infrastructure, beginning in Greece with the deployment of 48
charging ports.
- Partnered with Carasso Motors, the world’s oldest Renault
importer and one of the largest in Israel, to deploy EV charging
equipment in Israel. Subsequent to this agreement the first 20, of
many Blink EV charging stations were deployed in Israel.
- Established an agreement with ElectroChile SpA to bring EV
charging stations to Chile.
- Announced first deployment of EV charging stations using local
load management, a configuration allowing up to 20 charging
stations to be deployed on a single circuit.
- Migrated the Blink Network to Microsoft Azure for improved
network performance, operability, and EV driver experience.
- Received a $900,000 grant from the BIRD Energy Program for the
development of a DC fast charging solution that can be deployed
anywhere and is independent of the location’s existing power grid
capabilities.
About Blink
Charging Blink Charging Co. (Nasdaq:
BLNK, BLNKW) is a leader in electric vehicle (EV) charging
equipment that has deployed over 23,000 charging stations, many of
which are networked EV charging stations, enabling EV drivers to
easily charge at any of its charging locations worldwide. The
Company’s principal line of products and services is its Blink EV
charging network (“Blink Network”), EV charging equipment, and EV
charging services. The Blink Network utilizes a 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 by 2025 from approximately 2 million in
2019 (Bloomberg.com, “China’s Hunger for Electric Vehicles Is
Driving Manufacturing, 2019), the Company has established key
strategic partnerships to rollout adoption across numerous location
types, including parking facilities, multi-family residences and
condos, workplace locations, healthcare/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.
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, and those described in Blink Charging’s
periodic reports filed with the SEC, and that actual results may
differ materially from those contemplated by such forward-looking
statements. Except as required by federal securities law, Blink
Charging undertakes no obligation to update or revise
forward-looking statements to reflect changed conditions.
Blink Media Contact
PR@BlinkCharging.com Blink Investor Relations
Contact IR@BlinkCharging.com855-313-8187
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