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 second quarter and six months ended June
30, 2020.
Selected Financial
Highlights:
- Total revenue of $2.9 million for
the first six months of 2020 exceeds full year 2019 total revenue
of $2.8 million.
- Total revenue for the three months
ended June 30, 2020 increased by 120%, or $0.9 million, to a
quarterly record of $1.6 million compared to $0.7 million in the
second quarter of 2019.
- Increase in total revenue for
second quarter 2020 was driven by a 352% increase in product sales
to $1.3 million as compared to product sales of $0.3 million in the
prior year quarter, related primarily to increased demand for the
Company’s products and services.
- Net loss was $3.0 million or
$(0.11) per basic and diluted share in the second quarter of 2020
compared to net loss of $2.2 million or $(0.09) in the second
quarter of 2019.
- During the second quarter of 2020,
the Company sold an aggregate of 1.7 million shares of common stock
under an “at-the-market” (ATM) program for aggregate gross proceeds
of $4 million. After June 30, 2020 and through August 10, 2020, the
Company sold an additional 1.7 million shares of common stock under
the ATM for aggregate gross proceeds of approximately $13.8
million. In total, under the ATM, the Company has raised
approximately $17.8 million. The Company’s cash balance on August
12, 2020 was approximately $16 million.
“We are pleased that revenue for the first half
of 2020 has already surpassed our revenue for all of 2019, driven
by the tremendous momentum being generated from marketplace
interest in our product and service offerings. We are seeing more
and larger opportunities across the business as host locations,
strategic partners, EV drivers, and investors recognize the value
of our portfolio of charging solutions. It is even further
testament to the strength of our business that these significant
performance indicators are occurring amid an economic slow-down due
to the Covid-19 pandemic. There is no doubt, the EV revolution is
happening,” said Michael D. Farkas, Founder and Chief Executive
Officer of Blink.
“This is an exciting time for our industry, as
electric vehicles become an increasingly accessible choice for
drivers and, in the U.S., as legislation is focusing on the
continued build-out and strengthening of the EV support
infrastructure. Additionally, we’ve entered into some significant
partnerships, including with leading global real estate firm
Cushman & Wakefield, for the marketing and potential deployment
of Blink charging stations and services across their client
locations throughout the U.S. We’re excited to work with Cushman
& Wakefield to enhance the EV driver experience by
significantly increasing the number of charging locations
convenient to their lives. With convenience in mind, we recently
signed an interoperability agreement with SemaConnect, which allows
Blink and SemaConnect members to operate charging stations on our
charging network and the SemaConnect network without additional
cards and accounts. As our industry evolves, we’re focused on
opportunities to grow the reach of our network while enhancing the
availability of our EV charging services and equipment.
“In the second quarter, we continued to expand
our international footprint making progress with our ongoing
deployment projects in the Dominican Republic and Israel, and our
joint venture with Eunice Energy in Greece. Blink charging stations
are now deployed across six countries and on three continents.
We’re intent on leveraging our strategic partnerships and advanced
charging solution technology to expand our worldwide presence
further. We are energized by the opportunities we’re realizing,
growing our charging network, and promoting
environmentally-friendly electric vehicles.”
Business Updates and
Highlights
During the second quarter of 2020, the
Company:
- Achieved a key milestone of 1,000
installations of its new fast 19.2kW IQ200 EV charging
stations
- Announced a joint venture with
Envoy Technologies to deploy Electric Vehicles and EV charging
stations; Potential deployment of 7,000 chargers within five years;
2,000 of which expected within 12 months
- Expanded deployment and contract
renewal of IQ 200 charging stations with the city of Portland
- Announced the inclusion of Blink
charging stations as part of Apple’s iOS14 maps app
- Continued to maintain safety
measures related to the COVID-19 pandemic, keeping in place
work-from-home practices for the majority of the staff and
implementing safety protocols in the manufacturing process
- Deployed 662 units during the
second quarter
- Appointed industry powerhouse
Brendan S. Jones as its new Chief Operating Officer (COO)
Subsequent to the close of the second quarter
ended June 30, 2020, the Company:
- Announced a strategic partnership
between its Blink Charging Hellas joint venture and Nissan
Nik.I.Theocharakis S.A., for the development of a charging
infrastructure at official Nik.I.Theocharakis S.A Group of
Companies locations and at authorized Nissan dealerships in
Greece
- Signed agreement with Cushman &
Wakefield for deployment of Blink EV charging stations through
marketing efforts to the firm’s U.S. clients
- Announced interoperability
agreement with SemaConnect, allowing customers of both companies to
roam between charging networks without needing additional accounts
or cards, establishing more accessible nationwide charging
options
- Appointed seasoned sales executive
and automotive industry-veteran, Michael C. Battaglia, as Vice
President of Sales
Earnings Conference Call:
The Company will host a conference call and
webcast to discuss the second quarter 2020 results today, August
13, 2020 at 4:30 P.M., 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/2468/36394.
To participate in the call by phone, dial (877)
407-9205 approximately five minutes prior to the scheduled start
time. International callers please dial (201) 689-8054.
A replay of the teleconference will be available
until September 13, 2020 and may be accessed by dialing (877)
481-4010. International callers may dial (919) 882-2331. Callers
should use conference ID: 36394.
###
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment and 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. Blink Charging’s
principal line of products and services include its Blink EV
charging network (“Blink Network”), EV charging equipment, and EV
charging services. 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 Media
Contact PR@BlinkCharging.com
Blink Investor Relations
Contact IR@BlinkCharging.com 855-313-8187John
Nesbett/Jennifer BelodeauIMS Investor Relations(203)
972-9200jnesbett@institutionalms.com
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