Blink Charging Announces Record Quarterly Revenue with First Quarter 2020 Financial Results
May 13 2020 - 4:05PM
Blink Charging Co. (Nasdaq: BLNK, BLNKW) ("Blink" or the
"Company"), a leading owner and operator of electric vehicle (EV)
charging equipment and services, today announced financial results
for the quarter ended March 31, 2020.
First Quarter 2020
Highlights:
- Total revenue for the three months
ended March 31, 2020, increased by $721,474, or 125%, to a
quarterly record of $1,298,864 as compared to $577,390 during the
three months ended March 31, 2019.
- The increased total revenue was
driven by revenue from product sales of $777,423 for the three
months ended March 31, 2020 as compared to $103,204 during the
three months ended March 31, 2019, an increase of $674,219, or
653%. The increase from the same period in 2019 was due to greater
sales of IQ 200 chargers and DC fast chargers that were rolled out
during 2019.
- International EV charger deployment
exceeded expectations with 28 new deployments in Israel, the
fulfillment of 96 Level 2 and 5 DCFC chargers in the Dominican
Republic, and 4 DCFC chargers in Greece.
- Gross margins improved to 23.8% in
the three months ended March 31, 2020, compared to 9.3% in the same
prior-year period, driven primarily by favorable economies of scale
in generating the Company's product sales as well as a reserve for
excess and obsolete inventory of $123,808 recorded during the three
months ended March 31, 2019.
- A net loss of $2,961,100, or
($0.11) per share, occurred in the three months ended March 31,
2020, as compared to a net loss of $1,893,627, or ($0.07) per
share, in the same prior-year period. The higher net loss in the
current-year period was primarily due to a higher net operating
loss of $3,018,828 (compared to a net operating loss of $2,315,488
in the same prior-year period), along with the absence in the
current-year period of a favorable $362,500 net gain on the
settlements of notes payable and account payable (as occurred in
the three-month period ending March 31, 2019), offset by a rise in
gross profit from $53,958 in the three months ended March 31, 2019,
to $308,722 in the three months ended March 31, 2020.
"During the first quarter, we enjoyed solid
growth and, most notably, strong product sales of EV charging
equipment and services. This has led to record quarterly revenue,"
said Michael D. Farkas, Founder and Chief Executive Officer of
Blink. "Despite the tragic global COVID-19 pandemic, we were able
to quickly and proactively switch to working remotely, as much as
possible, to preserve our employees. As an essential business, the
Blink network of EV chargers is continuously available to help
drivers charge their vehicles."
"Blink's international expansion continues with
a number of new charging station deployments in the Dominican
Republic and more to come over the remainder of 2020. Israel also
continues to grow as an international market. Q1 has brought 28 new
deployments in the country. An additional 200-250 charging ports
are expected in Israel by the end of 2020. Blink's joint venture
with Eunice Energy in Greece also continues to expand Greece's
charging network with the addition of 48 charging ports in the
first quarter. We are also actively working with Eunice to develop
a European-specific dual-port charging station."
“We are encouraged to see the results of our
investments in the Company in 2019. Corporate investments include
the development of additional EV charging products, nationwide
equipment deployments, Blink network enhancements, and corporate
resources that have accelerated the growth in early 2020.”
Business Updates and
HighlightsDuring the first quarter of 2020, the
Company:
- Reacted quickly to the COVID-19
pandemic, instituting work-from-home measures for the majority of
the staff and implementing safety protocols in its manufacturing
process.
- Deployed 582 units during the first
quarter of 2020, compared to 74 units during the first quarter of
2019. Installations spanned several industries with education, new
construction, multifamily residential, retail, and automotive
dealers, seeing the largest number of deployments thus far.
- Expanded internationally with the
InterEnergy Group to develop EV charging infrastructure throughout
the Dominican Republic and Panama to also expand the business into
other Latin American and Caribbean markets. In early 2020, Blink
began to deliver on the $1.2 million purchase of EV charging
equipment from InterEnergy, for deployment in the Dominican
Republic.
- Unveiled local load management
capabilities for the IQ 200, allowing for up to 20 charging
stations to be deployed on a single circuit, significantly lowering
installation costs.
- Obtained certification and approval
for its Blink Network from the OpenADR Alliance under OpenADR 2.0
open standards to facilitate two-way communication with utility
suppliers to enable load management control using demand response
programs.
- Appointed experienced corporate
veteran, Michael Rama, as the new Chief Financial Officer.
Subsequent to the quarter ended March 31, 2020,
the Company:
- Continued to expand its
international footprint (now in six countries across three
continents) by deploying EV charging stations across buildings
owned by Migdal Insurance and Financial Holdings Ltd. in
Israel.
- Appointed Brendan Jones, a 25-year
automotive and EV charging industry veteran, as Chief Operating
Officer, rounding out its executive leadership team.
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 the Company's
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 proprietary cloud-based software that
operates, maintains, and tracks the EV charging stations connected
to the network, along with the associated charging data. With
global EV purchases forecasted to rise to 10 million by 2025 from
approximately 2 million in 2019, the Company has established key
strategic partnerships to roll 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," and 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 Media
Contact PR@BlinkCharging.com
Blink Investor Relations
Contact IR@BlinkCharging.com855-313-8187
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