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 ended June 30, 2021.
Selected
Second Quarter
2021
Highlights:
- The Company made continued progress
with its owner/operator strategy; the number of commercial
Blink-owned charging stations contracted or deployed during the
quarter grew by over 46% in the second quarter compared to the
prior year period.
- Total revenue
for the second quarter 2021 increased 177% to $4.4 million compared
to $1.6 million for the second quarter 2020.
- Revenues from
product sales increased 156% to $3.3 million compared to $1.3
million in the second quarter of 2020, related primarily to
increased sales of Generation 2 chargers, DC fast chargers and
residential chargers.
- Revenues from
charging services increased to $0.6 million as compared to $90
thousand in the second quarter of 2020, related to the increase in
driving as a result of the reopening of the economy which had been
constrained from the COVID-19 pandemic.
- Revenues from
network fees, warranty fees, grants/rebates, and other revenues
increased 48% to $0.3 million as compared to $0.2 in the second
quarter of 2020, related to the increase in EV charging stations in
the Company’s network.
- Net loss was
$13.5 million or a loss of $0.32 per basic and diluted share
compared to net loss of $3 million or a loss of $0.11 per basic and
diluted share in the second quarter of 2020. Second quarter 2021
net loss is primarily attributable to an increase in compensation
expense and general and administrative expenses.
Selected
Year-To-Date
2021
Highlights:
- Total revenue
for the first six months of 2021 increased 129% to $6.6 million
compared to $2.9 million for the first six months of 2020.
- Revenues from
product sales increased 140% to $4.9 million compared to $2.1
million in the first six months of 2020, related primarily to
increased sales of Generation 2 chargers, DC fast chargers and
residential chargers.
- Revenues from
charging services increased 89% to $0.8 million as compared to
$0.41 million in the first six months second of 2020, related to
the increase in driving as a result of the reopening of the economy
which had been constrained from the COVID-19 pandemic.
- Revenues from
network fees, warranty fees, grants/rebates, and other revenues
increased 412% to $0.78 million as compared to $0.15 in the first
six months of 2020, related to the increase in EV charging stations
in the Company’s network.
- Net loss was
$20.8 million or a loss of $0.50 per basic and diluted share
compared to net loss of $5.99 million or $0.22 per share for the
first six months of 2020. Six-month 2021 net loss is primarily
attributable to an increase in compensation expense and general and
administrative expenses.
On June 30, 2021, cash and marketable securities
were $195.6 million compared to $22.3 million at December 31,
2020.
On May 10, 2021, Blink closed its acquisition of
European EV charging operator, Blue Corner N.V., and its portfolio
of charging ports. As of August 4, 2021 since inception Blue Corner
sold or deployed 8,714 independent charge points, comprised of
3,816 Level 2 and 25 DC Fast Charging publicly accessible chargers
and 4,873 private residential chargers located across Belgium,
Luxembourg, the Netherlands and France. The acquisition is part of
Blink’s broader strategic international expansion plans and
provides the Company a significant infrastructure footprint on the
continent. To facilitate Blink’s European expansion, the Company
also announced the creation of Blink Holdings BV, a subsidiary
company located in Amsterdam, which is expected to drive the growth
of Blink’s European presence.
“Blink experienced extraordinary growth in the
quarter as we continue to aggressively scale our business and
expand our presence around the world. We saw strong performance
both in our hardware sales as well as our service revenues as more
EV’s took to the road and utilized Blink’s expanding base of
charging stations. This is an exciting and transformative time for
Blink, and we believe that we have positioned ourselves to continue
to lead the way in the booming global EV infrastructure market,”
stated Michael D. Farkas, CEO of Blink Charging.
“Over this past quarter, we have focused on
enlisting the best talent available to continue to build a world
class company,” Mr. Farkas continued. “As such, we’ve strengthened
our management team with several new additions, highlighted by EV
charging industry veteran, Harjinder Bhade coming on board as
Blink’s new Chief Technology Officer. Harjinder is a top mind in
the industry, and I am confident that his proven track record of
success as a software engineer and senior executive will be
instrumental to the growth of Blink Charging. We’ve also added Miko
de Haan as the managing director of our European subsidiary Blink
Holdings B.V and Carmen Perez Carlton, a technology and
infrastructure leader, to our board of directors.”
Brendan Jones, President of Blink Charging,
commented, “We are encouraged by the continued revenue growth and
particularly the momentum we are seeing in our owner/operator
business model. Over this past quarter we began to see an increase
in service revenue as the economy reopens and drivers increasingly
utilize Blink owned and operated charging stations. EV
infrastructure is becoming a global priority as government
entities, businesses, and local communities encourage the adoption
of electric vehicles to promote sustainability and a greener,
cleaner environment, and Blink is well positioned to be a leader in
this transition.
“As we enter into the latter half of 2021, we
remain intently focused on scaling our business and continuing to
expand our charging footprint both domestically and
internationally,” continued Mr. Farkas. “Through our unique
owner/operator business model, we target high-density, high-volume
locations such as hotels, multi-family residences and healthcare
centers. These agreements utilize long-term, renewable contracts
with a revenue sharing model in which we receive payment each time
a vehicle is charged at a Blink-owned unit, creating the potential
to generate a valuable recurring revenue stream as utilization
increases.”
Business Updates and
Highlights
During the second quarter of 2021, the
Company:
- Named seasoned
renewables and EV charging executive, Harjinder Bhade, as Chief
Technology Officer, who will focus on the aggressive development of
the Company’s product line-up and technology
infrastructure.
- Named industry
veteran Miko de Haan as Managing Director for European subsidiary
Blink Holdings B.V.
- Announced the
first installation of Blink HQ 100 chargers by the municipality of
Pedro Aguirre Cerda in Santiago, Chile to support the
municipality’s new fleet of Nissan Leaf vehicles.
- Announced the
deployment of 10 IQ 200 Level 2 EV charging stations at three
Atlanticare Integrated Healthcare System locations in Southern New
Jersey.
- Announced the
deployment of 42 charging ports at ten Four Brothers Pizza Inn
locations across New York. The 21 Blink-owned dual port chargers
were made possible through the Charge ready program from the NY
State Energy research and Development Authority (NYSERDA) and Make
Ready incentives offered by New York utilities.
- Named to the
Russell 2000 Index.
- Upgraded 19
first-generation Blink EV charging stations in Plano, Texas to the
Company’s IQ 200 fast Level 2 charging stations.
- Entered into a
reseller agreement with ev Transportation Services (“evTS”) to
distribute the Blink IQ 200-M Portable EV charger along with its
Firefly ESV essential services vehicle.
- Deployed IQ 200
charging stations at the Native American Youth & Family Center
in Portland, Oregon. The deployment was made possible with funding
from the Portland General Electric Drive Change Fund, through the
Oregon Clean Fuels Program and an Electric Mobility Grant from
Pacific Power Oregon Electric, also through the Oregon Clean Fuels
Program.
- Signed an
agreement with General Motors to offer GM EV customers more
seamless access to publicly available Blink EV charging sites
across the U.S. as part of GM’s Ultium Charge 360.
- Announced a
long-term agreement to deploy Blink EV charging stations at Fattal
Hotel Group locations in Israel, Fattal is one of Israel’s leading
hotel companies, with luxury hotels in 14 major tourist
locations.
Subsequent to the second quarter of 2021, the
Company:
- Entered into an
exclusive contract with KU Leuven for Blue Corner to install up to
500 charging stations across Belgium.
- Named technology
and infrastructure leader, Carmen Perez-Carlton, to the Board of
Directors.
- Received $12.5
million grant for the deployment of DC Fast Chargers at 25
locations by the state of Florida.
- Partnered with
Traffic and Parking Control Co., Inc. for the distribution of the
Company’s chargers.
Earnings Conference Call:
The Company will host a conference call and
webcast to discuss the second quarter 2021 results today, August
11, 2021 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/2468/41878
To participate in the call by phone, dial (844)
369-8770 approximately five minutes prior to the scheduled start
time. International callers please dial (862) 298-0840.
A replay of the teleconference will be available
until September 11, 2021 and may be accessed by dialing (877)
481-4010. International callers may dial (919) 882-2331. Callers
should use conference ID: 41878.
###
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment and has deployed
over 30,000 charging ports across 13 countries, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of the Company’s charging locations worldwide.
Blink’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
855-313-8187
John Nesbett/Jennifer BelodeauIMS Investor Relations(203)
972-9200jnesbett@institutionalms.com
BLINK CHARGING CO. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
142,052,894 |
|
|
$ |
22,341,433 |
|
Marketable securities |
|
|
53,564,600 |
|
|
|
- |
|
Accounts receivable and other receivables, net |
|
|
4,423,094 |
|
|
|
347,967 |
|
Inventory, net |
|
|
5,547,312 |
|
|
|
1,816,135 |
|
Prepaid expenses and other current assets |
|
|
2,960,815 |
|
|
|
1,219,488 |
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
208,548,715 |
|
|
|
25,725,023 |
|
Restricted cash |
|
|
76,588 |
|
|
|
76,399 |
|
Property and equipment,
net |
|
|
12,632,851 |
|
|
|
5,636,063 |
|
Operating lease right-of-use
asset |
|
|
1,859,301 |
|
|
|
615,825 |
|
Intangible assets, net |
|
|
3,982,198 |
|
|
|
46,035 |
|
Goodwill |
|
|
19,264,670 |
|
|
|
1,500,573 |
|
Other assets |
|
|
251,000 |
|
|
|
387,617 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
246,615,323 |
|
|
$ |
33,987,535 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,091,147 |
|
|
$ |
3,358,852 |
|
Accrued expenses and other current liabilities |
|
|
2,287,879 |
|
|
|
1,328,834 |
|
Current portion of notes payable |
|
|
570,662 |
|
|
|
574,161 |
|
Current portion of operating lease liabilities |
|
|
630,028 |
|
|
|
403,915 |
|
Current portion of deferred revenue |
|
|
1,189,758 |
|
|
|
479,486 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
10,769,474 |
|
|
|
6,145,248 |
|
Operating lease liabilities,
non-current portion |
|
|
1,430,497 |
|
|
|
285,501 |
|
Other liabilities |
|
|
90,000 |
|
|
|
90,000 |
|
Notes payable, non-current
portion |
|
|
303,371 |
|
|
|
296,535 |
|
Deferred revenue, non-current
portion |
|
|
20,603 |
|
|
|
6,654 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
12,613,945 |
|
|
|
6,823,938 |
|
|
|
|
|
|
|
|
|
|
Series B Convertible Preferred
Stock, 10,000 shares designated, 0 issued and outstanding as of
June 30, 2021 and December 31, 2020 |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 40,000,000 shares
authorized;Series A Convertible Preferred Stock, 20,000,000 shares
designated,0 shares issued and outstanding as of June 30, 2021 and
December 31, 2020 |
|
|
- |
|
|
|
- |
|
Series C Convertible Preferred Stock, 250,000 shares designated,0
shares issued and outstanding as of June 30, 2021 and December 31,
2020 |
|
|
- |
|
|
|
- |
|
Series D Convertible Preferred Stock, 13,000 shares designated, 0
shares issued and outstanding as of June 30, 2021 and December 31,
2020 |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, 500,000,000 shares authorized,
42,140,145 and 35,951,097 shares issued and outstanding as of June
30, 2021 and December 31, 2020, respectively |
|
|
42,140 |
|
|
|
35,951 |
|
Additional paid-in
capital |
|
|
442,565,107 |
|
|
|
214,479,094 |
|
Accumulated other
comprehensive income |
|
|
(431,341 |
) |
|
|
- |
|
Accumulated deficit |
|
|
(208,174,528 |
) |
|
|
(187,351,448 |
) |
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity |
|
|
234,001,378 |
|
|
|
27,163,597 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
246,615,323 |
|
|
$ |
33,987,535 |
|
BLINK CHARGING CO. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Operations
(unaudited)
|
|
For The Three Months Ended |
|
|
For The Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
|
$ |
3,267,143 |
|
|
$ |
1,274,354 |
|
|
$ |
4,937,737 |
|
|
$ |
2,051,777 |
|
Charging service revenue - company-owned charging stations |
|
|
586,173 |
|
|
|
87,250 |
|
|
|
767,771 |
|
|
|
406,874 |
|
Network fees |
|
|
105,964 |
|
|
|
71,271 |
|
|
|
215,820 |
|
|
|
126,830 |
|
Warranty |
|
|
18,587 |
|
|
|
8,419 |
|
|
|
31,804 |
|
|
|
16,479 |
|
Grant and rebate |
|
|
74,067 |
|
|
|
3,912 |
|
|
|
224,302 |
|
|
|
8,491 |
|
Ride-sharing services |
|
|
189,219 |
|
|
|
- |
|
|
|
234,731 |
|
|
|
- |
|
Other |
|
|
113,999 |
|
|
|
127,404 |
|
|
|
175,049 |
|
|
|
261,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
|
4,355,152 |
|
|
|
1,572,610 |
|
|
|
6,587,214 |
|
|
|
2,871,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales |
|
|
2,364,952 |
|
|
|
922,808 |
|
|
|
3,482,867 |
|
|
|
1,391,876 |
|
Cost of charging services - company-owned charging stations |
|
|
60,395 |
|
|
|
35,874 |
|
|
|
110,167 |
|
|
|
65,488 |
|
Host provider fees |
|
|
140,286 |
|
|
|
28,086 |
|
|
|
266,707 |
|
|
|
113,515 |
|
Network costs |
|
|
93,748 |
|
|
|
147,290 |
|
|
|
173,141 |
|
|
|
357,622 |
|
Warranty and repairs and maintenance |
|
|
196,118 |
|
|
|
17,734 |
|
|
|
457,269 |
|
|
|
132,643 |
|
Ride-sharing services |
|
|
423,960 |
|
|
|
- |
|
|
|
670,077 |
|
|
|
- |
|
Depreciation and amortization |
|
|
431,605 |
|
|
|
6,938 |
|
|
|
686,519 |
|
|
|
87,728 |
|
Total Cost of Revenues |
|
|
3,711,064 |
|
|
|
1,158,730 |
|
|
|
5,846,747 |
|
|
|
2,148,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
644,088 |
|
|
|
413,880 |
|
|
|
740,467 |
|
|
|
722,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
9,170,320 |
|
|
|
2,305,735 |
|
|
|
13,918,471 |
|
|
|
4,420,205 |
|
General and administrative expenses |
|
|
2,532,458 |
|
|
|
670,635 |
|
|
|
4,117,445 |
|
|
|
1,316,536 |
|
Other operating expenses |
|
|
1,286,575 |
|
|
|
459,418 |
|
|
|
2,436,281 |
|
|
|
1,026,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
12,989,353 |
|
|
|
3,435,788 |
|
|
|
20,472,197 |
|
|
|
6,763,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss From Operations |
|
|
(12,345,265 |
) |
|
|
(3,021,908 |
) |
|
|
(19,731,730 |
) |
|
|
(6,040,757 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income |
|
|
(5,993 |
) |
|
|
5,257 |
|
|
|
9,004 |
|
|
|
21,110 |
|
Loss on settlement |
|
|
(1,000,000 |
) |
|
|
- |
|
|
|
(1,000,000 |
) |
|
|
- |
|
Loss on foreign exchange |
|
|
(107,669 |
) |
|
|
- |
|
|
|
(107,669 |
) |
|
|
- |
|
Gain on settlement of accounts payable, net |
|
|
- |
|
|
|
19,086 |
|
|
|
- |
|
|
|
19,086 |
|
Change in fair value of derivative and other accrued
liabilities |
|
|
(289 |
) |
|
|
(16,560 |
) |
|
|
6,704 |
|
|
|
(16,039 |
) |
Other income (loss) |
|
|
611 |
|
|
|
(15,367 |
) |
|
|
611 |
|
|
|
25,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other (Expense) Income |
|
|
(1,113,340 |
) |
|
|
(7,584 |
) |
|
|
(1,091,350 |
) |
|
|
50,144 |
|
Net Loss |
|
$ |
(13,458,605 |
) |
|
$ |
(3,029,492 |
) |
|
$ |
(20,823,080 |
) |
|
$ |
(5,990,613 |
) |
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.32 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.22 |
) |
Diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number ofCommon Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
42,037,492 |
|
|
|
28,327,701 |
|
|
|
41,587,793 |
|
|
|
27,584,918 |
|
Diluted |
|
|
42,037,492 |
|
|
|
28,327,701 |
|
|
|
41,587,793 |
|
|
|
27,584,918 |
|
BLINK CHARGING CO. AND
SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flows
(unaudited)
|
|
For The Six Months Ended |
|
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
Cash Flows From
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(20,823,080 |
) |
|
$ |
(5,990,613 |
) |
Adjustments to reconcile net loss to net cashused in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,944,683 |
|
|
|
195,622 |
|
Dividend and interest income |
|
|
(61,784 |
) |
|
|
(77,309 |
) |
Change in fair value of derivative and other accrued
liabilities |
|
|
6,704 |
|
|
|
(16,039 |
) |
Provision for bad debt |
|
|
253,274 |
|
|
|
33,894 |
|
(Benefit) provision for slow moving and obsolete inventory |
|
|
- |
|
|
|
7,646 |
|
Gain on settlement of accounts payable, net |
|
|
- |
|
|
|
19,086 |
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
Common stock |
|
|
1,138,909 |
|
|
|
(56,993 |
) |
Options |
|
|
2,944,601 |
|
|
|
388,388 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and other receivables |
|
|
(1,802,826 |
) |
|
|
(195,130 |
) |
Inventory |
|
|
(3,372,703 |
) |
|
|
(1,393,376 |
) |
Prepaid expenses and other current assets |
|
|
(1,219,985 |
) |
|
|
177,427 |
|
Interco |
|
|
- |
|
|
|
- |
|
Other assets |
|
|
244,522 |
|
|
|
- |
|
Accounts payable and accrued expenses |
|
|
(282,107 |
) |
|
|
612,840 |
|
Lease liabilities |
|
|
(177,328 |
) |
|
|
(93,225 |
) |
Deferred revenue |
|
|
261,885 |
|
|
|
(287,800 |
) |
|
|
|
|
|
|
|
|
|
Total Adjustments |
|
|
(122,155 |
) |
|
|
(684,969 |
) |
|
|
|
|
|
|
|
|
|
Net Cash Used In Operating Activities |
|
|
(20,945,235 |
) |
|
|
(6,675,582 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of marketable securities |
|
|
4,553,384 |
|
|
|
2,755,134 |
|
Purchase of marketable securities |
|
|
(58,012,701 |
) |
|
|
- |
|
Capitalization of engineering costs paid |
|
|
(237,127 |
) |
|
|
- |
|
Cash acquired in the purchase of Blue Corner |
|
|
242,868 |
|
|
|
- |
|
Purchase consideration of Blue Corner |
|
|
(24,266,458 |
) |
|
|
- |
|
Purchases of property and equipment |
|
|
(5,019,549 |
) |
|
|
(445,479 |
) |
|
|
|
|
|
|
|
|
|
Net Cash (Used In) Provided By Investing
Activities |
|
|
(82,739,583 |
) |
|
|
2,309,655 |
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of common stock in public offering [1] |
|
|
221,333,095 |
|
|
|
3,195,968 |
|
Proceeds from issuance of notes payable |
|
|
- |
|
|
|
855,666 |
|
Proceeds from exercise of warrants |
|
|
1,427,647 |
|
|
|
- |
|
Payment of financing liability in connection with internal use
software |
|
|
(39,318 |
) |
|
|
(32,821 |
) |
|
|
|
|
|
|
|
|
|
Net Cash Provided By Financing Activities |
|
|
222,721,424 |
|
|
|
4,018,813 |
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash |
|
|
675,044 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) In Cash |
|
|
119,711,650 |
|
|
|
(347,114 |
) |
|
|
|
|
|
|
|
|
|
Cash and Restricted
Cash - Beginning of Period |
|
|
22,417,832 |
|
|
|
4,168,837 |
|
|
|
|
|
|
|
|
|
|
Cash and Restricted
Cash - End of Period |
|
$ |
142,129,482 |
|
|
$ |
3,821,723 |
|
|
|
|
|
|
|
|
|
|
Cash and restricted cash
consisted of the following: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
142,052,894 |
|
|
$ |
3,821,723 |
|
Restricted cash |
|
|
76,588 |
|
|
|
- |
|
|
|
$ |
142,129,482 |
|
|
$ |
3,821,723 |
|
[1] Includes gross proceeds of $232,060,000, less issuance costs
of $10,726,905.
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