Blink Charging Announces First Quarter 2019 Financial Results
May 15 2019 - 5:35PM
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 unaudited financial results for the
quarter ended March 31, 2019.
First Quarter 2019
Highlights:
- Net loss attributable to common shareholders for the quarter
ended March 31, 2019 was $1.9 million, or $0.07 per share, versus a
loss of $21.9 million, or $2.58 per share, for the quarter ended
March 31, 2018. Our Net Loss Attributable to Common
Shareholders improved by $20 million dollars, or 91%, between 2019
and 2018 primarily due to lower operating expenses, lower other
expenses and no deemed dividend for the quarter ended March 31,
2019 versus the quarter ended March 31, 2018.
- Total liabilities were $4.8 million at March 31, 2019 versus
$5.6 million at December 31, 2018 reflecting a decrease of $0.8
million or an 14% reduction in total liabilities during the first
quarter of 2019, primarily as a result of lower accounts payable
and accrued expenses in the current period.
- Blink’s electric vehicle charging network had approximately
146,567 registered members as of March 31, 2019 as compared to
approximately 141,165 registered members as of March 31, 2018,
representing a 4% increase year over year in registered network
members.
Michael D. Farkas, our Chairman and Chief
Executive Officer stated “We are very confident in our performance
metrics from the first quarter indicating continued improvement in
our financial position, increase in charging members and strategic
initiatives to lead us into the next several quarters!”
During the first quarter of 2019, Blink
successfully accomplished the following:
- Completed our pilot program for the Blink IQ200 family of
next-generation, 80Amps, Level 2 Fast AC charging stations
utilizing dozens of units and more than six months of testing in
every major region of the United States. The
Blink IQ200 is now in full production and commercially available to
customers.
- Entered into a memorandum of understanding with
InterEnergy Systems, the technology focused wholly owned
subsidiary of InterEnergy Group (“InterEnergy”),
to form a joint venture entity to develop EV
charging infrastructure throughout the Dominican Republic
and Panama, with the objective of expanding the
business to other Latin American and Caribbean markets in
the near future. Blink will provide the joint venture with its
EV charging stations, the Blink Network and expertise, while
InterEnergy will provide operational support, local resources
and power sector expertise in the markets where the joint venture
will operate.
- Signed an agreement with the Eunice Energy Group (“EEG”) to
establish a joint venture, Blink Charging Europe Ltd. (“Blink
Europe”), to leverage Blink’s EV products, network, technology and
experience within the EV charging space alongside EEG’s position
and financial abilities to expand the charging infrastructure in
Greece and other European countries.
About Blink
Charging:
Blink Charging Co. (NASDAQ: BLNK, BLNKW) is one
of the leaders in nationwide public electric vehicle (EV) charging
equipment and services.
Blink Charging designs, owns, operates and sells
EV charging equipment under the Blink brand, as well as a number of
other charging station equipment manufacturers including
Chargepoint, General Electric (GE) and SemaConnect. Blink Charging
also offers connectivity to the Blink Network, a cloud-based
platform that operates, manages and tracks Blink’s EV charging
stations and all associated data.
For more information about Blink, please visit
www.BlinkCharging.com.
Forward-Looking Statements
This press release contains forward-looking
statements as defined in 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 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’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 undertakes no obligation to update or revise
forward-looking statements to reflect changed conditions.
Blink Investor Relations
Contact:InvestorRelations@BlinkCharging.com
Blink Media Contact:PR@BlinkCharging.com
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