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 third quarter and nine months ended
September 30, 2020. The Company reported strong quarterly earnings,
notwithstanding business shutdowns during the third quarter due to
the ongoing global pandemic.
Selected Highlights:
- Total revenue for the first nine months of 2020 grew 84% to
$3.8 million, during Covid-19 economy; exceeds full year 2019 total
revenue of $2.8 million
- Total revenue for Q3 increased by 18% to $0.9 million compared
to Q3 2019 despite business interruptions due to the COVID-19
pandemic
- 668 EV charging stations were sold, deployed, or acquired
across 25 states
- Product sales in Q3 2020 grew 74%
to $0.6 million as compared to the prior year quarter, related
primarily to increased demand for the Company's commercial and
residential products
- Company made significant progress with its owner/operator
strategy; Blink owned chargers deployed during the quarter
increased 87% compared to 3Q 2019
- Net loss was $3.9 million or $(0.12) per basic and diluted
share in Q3 2020 compared to net loss of $2.6 million or $(0.10) in
the third quarter of 2019
- During Q3 2020, the Company completed its acquisition of BlueLA
Carsharing, the EV carsharing contractor for the city of Los
Angeles
- From April 17, 2020 through September 30, 2020, the Company
sold 3,521,971 shares of common stock for aggregate gross proceeds
of $19 million
- Cash was $14.9 million on September 30, 2020
"The accelerating adoption of electric vehicles
represents an enormous opportunity for EV infrastructure providers,
and Blink in particular, as more and more drivers seek fast,
convenient and reliable charging options. One of the key
differentiators of our model is that we are the owner and operator
of many of our chargers and realize an economic benefit each time a
vehicle is charged at one of our owned units. We are confident that
as EV adoption grows and utilization of chargers increases, we will
see substantial economic returns from our owned chargers. As a
leader in the EV charging space, we have been systematically
expanding our footprint and growing our brand recognition by
capturing premium locations and establishing strategic partnerships
that promote the adoption of EV use. Importantly, these initiatives
position Blink for continued growth as the EV revolution takes
hold," commented Michael D. Farkas, Founder and Chief Executive
Officer of Blink.
"Our momentum continued during the third quarter
of 2020 despite the ongoing pandemic, which included challenges
with logistics, shipping delays, and a decrease in driving patterns
impacting utilization. Our continued growth was demonstrated by
increased revenue driven by significant increases in product sales.
However, the quarter's revenue was impacted by the timing of
certain orders that we now expect to be completed in the fourth
quarter of 2020. We sold, deployed, or acquired 668 EV charging
stations across 25 states during the quarter. Eighty-nine of these
deployments were upgrades as part of our aggressive initiative to
replace first-generation equipment with our state-of-the-art IQ 200
chargers, 88 of which are Blink-owned. While upgrades are optional
in our host-owned model, where we can control it, we want to ensure
that our best equipment is made available to drivers.”
"In a key development during the quarter, we
announced our acquisition of BlueLA Carsharing, the EV carsharing
contractor serving the City of Los Angeles. With the acquisition,
we doubled the number of Blink stations in Los Angeles, a city
widely acknowledged as the epicenter for EV adoption. Not only does
this acquisition position us to help drive the buildout of LA's EV
infrastructure, but the BlueLA carsharing program is also
groundbreaking in its focus on making EV use attainable in
low-income neighborhoods, and we look forward to advancing that
mission. There is a significant market opportunity for this type of
solution as urban centers throughout the U.S. transition to more
sustainable transportation models. We believe LA can serve as our
prototype for replicating EV carsharing and infrastructure programs
in other cities.”
"We are energized by the fast-developing
worldwide EV infrastructure market and by the opportunities we're
seeing for our portfolio of charging solutions. We continued to
make solid progress during the third quarter, expanding and
upgrading our network, developing innovative technology, and
growing our customer base and partnerships. With our visibility
today, we believe Blink is well positioned to grow our global
position as a leading provider of charging stations as worldwide
demand continues to increase for effective and convenient EV
infrastructure."
Business Updates and
Highlights
During the third quarter of 2020, the
Company:
- Acquired BlueLA Carsharing with 200 EV charging stations
centrally located in downtown Los Angeles, CA
- Signed agreement with Cushman & Wakefield for marketing of
Blink EV charging stations to that 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
- Launched an upgrade program for
existing host-owned Blink EV charging stations to transition from
their first-generation equipment to Blink's fast level 2 IQ 200
charging stations
- Announced a follow-on order from InterEnergy of 150
fast-charging stations, including its IQ 200 and DCFC units, for
deployment in the Dominican Republic
- 668 EV charging stations were sold, deployed, or acquired
across 25 states
- Joined with Sustainable Westchester in a partnership to promote
EV charging infrastructure in the suburbs of New York
Subsequent to the close of the third quarter
ended September 30, 2020, the Company:
- Announced the deployment of 14 IQ 200 charging stations in five
locations in the city of Richmond, CA
- Announced an agreement with The
Elysian residential building in downtown Los Angeles for the
deployment of 44 level 2 EV charging stations in support of the
building's all-electric parking areas
- Entered into a strategic master
development and production agreement with SG Blocks, a leading
designer, innovator and fabricator of container-based structures,
to bring solar, off-grid, modular EV charging solutions to
market
- Installed six Level 2 IQ 200 EV charging stations at the
Trail's Bend and Cambium Apartments in Springfield, MO
Earnings Conference Call:
The Company will host a conference call and
webcast to discuss the third quarter 2020 results today, November
12, 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/2468/38458.
To participate in the call by phone, dial (877)
876-9173 approximately five minutes prior to the scheduled start
time. International callers please dial (785) 424-1667.
A replay of the teleconference will be available
until December 12, 2020 and may be accessed by dialing (877)
481-4010. International callers may dial (919) 882-2331. Callers
should use conference ID: 38458.
###
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.com855-313-8187
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