Miami Beach, FL, March 25, 2021 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2020.
Selected Fourth Quarter 2020 Highlights:
Selected Full Year 2020 Highlights:
"Blink's fourth quarter 2020 results delivered a strong close to 2020, continuing the momentum we built during the second and third quarters, and characterized by significantly increased revenue driven by substantial growth in product sales. Despite the many public health and economic challenges presented by the COVID-19 pandemic, we've continued the aggressive deployment of our owned and operated EV charging stations for a wide variety of partners and locations, including healthcare networks, hotels, multi-family residences, and municipalities. Specifically, during the fourth quarter, 66% of commercial deployments were Blink-owned units. As we have previously outlined, Blink's unique owner/operator model is a key differentiator in our industry. With this model, we realize an economic benefit each time a vehicle is charged at a Blink-owned unit. As EV adoption continues to grow and utilization of chargers increases, we expect Blink-owned units will represent a valuable recurring revenue stream for many years to come," stated Michael D. Farkas, Founder and Chief Executive Officer of Blink.
"We ended 2020 strong and have positioned us for continued success at the beginning of 2021. In January, we completed a successful equity raise, significantly strengthening our balance sheet, which will enable us to continue our growth at a systematic and accelerated pace. Our growth will continue both organically and through targeted acquisitions as we look to grow our footprint of EV chargers," commented Michael Rama, Chief Financial Officer of Blink. "
"Blink is a longtime leader in the EV charging industry, and we have been methodically and strategically expanding our geographic footprint and building our brand recognition to capture opportunities as the world transitions to EVs. We are energized by our industry's momentum, which continues to benefit from the adoption of clean energy and clean transportation initiatives. We've begun 2021 in a solid position, and we plan to capitalize on the many opportunities we see to provide the accessible, fast, and reliable EV infrastructure that makes EV travel both attractive and viable," commented Brendan Jones, President of Blink.
Business Updates and Highlights
During the fourth quarter of 2020, the Company:
Earnings Conference Call:
The Company will host a conference call and webcast to discuss the fourth quarter and year end 2020 results today, March 25, 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/2468/40433
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 April 25, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 40433.
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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
855-313-8187
John Nesbett/Jennifer BelodeauIMS Investor Relations(203) 972-9200jnesbett@institutionalms.com
BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Balance SheetsUnaudited
December 31, | ||||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash | $ | 22,341,433 | $ | 4,168,837 | ||||
Marketable securities | - | 2,956,989 | ||||||
Accounts receivable and other receivables, net | 909,499 | 206,770 | ||||||
Inventory, net | 1,816,135 | 2,157,295 | ||||||
Prepaid expenses and other current assets | 1,219,488 | 671,033 | ||||||
Total Current Assets | 26,286,555 | 10,160,924 | ||||||
Restricted cash | 76,399 | - | ||||||
Property and equipment, net | 5,636,063 | 1,347,309 | ||||||
Operating lease right-of-use asset | 615,825 | 258,102 | ||||||
Intangible assets, net | 46,035 | 107,415 | ||||||
Goodwill | 1,500,573 | - | ||||||
Other assets | 387,617 | 73,743 | ||||||
Total Assets | $ | 34,549,067 | $ | 11,947,493 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 3,920,384 | $ | 2,372,212 | ||||
Accrued expenses | 1,085,028 | 897,548 | ||||||
Accrued issuable equity | 184,234 | 257,686 | ||||||
Current portion of notes payable | 574,161 | 10,000 | ||||||
Current portion of operating lease liabilities | 403,915 | 190,823 | ||||||
Other current liabilities | 59,572 | 73,598 | ||||||
Current portion of deferred revenue | 479,486 | 567,613 | ||||||
Total Current Liabilities | 6,706,780 | 4,369,480 | ||||||
Operating lease liabilities, non-current portion | 285,501 | 84,838 | ||||||
Other liabilities | 90,000 | 58,164 | ||||||
Notes payable - non-current portion | 296,535 | - | ||||||
Deferred revenue, non-current portion | 6,654 | 565 | ||||||
Total Liabilities | 7,385,470 | 4,513,047 | ||||||
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued | ||||||||
and outstanding as of December 31, 2020 and 2019, respectively | - | - | ||||||
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 December 31, 2020 and 2019 | - | - | ||||||
Series C Convertible Preferred Stock, 250,000 shares designated, 0 issued and outstanding as of December 31, 2020 and 2019 | - | - | ||||||
Series D Convertible Preferred Stock, 13,000 shares designated, 0 and 5,125 shares issued and outstanding as of December 31, 2020 and 2019, respectively | - | 5 | ||||||
Common stock, $0.001 par value,500,000,000 shares authorized, 35,951,097 and 26,322,583 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 35,951 | 26,323 | ||||||
Additional paid-in capital | 214,479,094 | 176,729,926 | ||||||
Accumulated other comprehensive income | - | 183,173 | ||||||
Accumulated deficit | (187,351,448 | ) | (169,504,981 | ) | ||||
Total Stockholders’ Equity | 27,163,597 | 7,434,446 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 34,549,067 | $ | 11,947,493 |
BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Statements of OperationsUnaudited
For The Three Months Ended | For The Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Charging service revenue - company-owned charging stations | $ | 203,012 | $ | 421,348 | $ | 772,540 | $ | 1,359,218 | ||||||||
Product sales | 1,823,787 | 151,771 | 4,432,423 | 856,243 | ||||||||||||
Network fees | 117,691 | 70,682 | 344,819 | 301,627 | ||||||||||||
Warranty | 98,680 | 8,804 | 129,109 | 52,996 | ||||||||||||
Grant and rebate | 10,487 | 4,579 | 21,558 | 22,396 | ||||||||||||
Other | 199,640 | 44,302 | 529,782 | 166,710 | ||||||||||||
Total Revenues | 2,453,297 | 701,486 | 6,230,231 | 2,759,190 | ||||||||||||
Cost of Revenues: | ||||||||||||||||
Cost of charging services - company-owned charging stations | 211,609 | 37,040 | 397,377 | 151,479 | ||||||||||||
Host provider fees | 114,905 | 146,371 | 265,272 | 420,075 | ||||||||||||
Cost of product sales | 1,432,758 | 414,001 | 2,859,559 | 961,192 | ||||||||||||
Network costs | 51,944 | 43,716 | 515,953 | 255,339 | ||||||||||||
Warranty and repairs and maintenance | 93,409 | 126,132 | 330,742 | 450,765 | ||||||||||||
Depreciation and amortization | 121,599 | 31,564 | 345,018 | 127,929 | ||||||||||||
Total Cost of Revenues | 2,026,224 | 798,824 | 4,713,921 | 2,366,779 | ||||||||||||
Gross Profit (Loss) | 427,073 | (97,338 | ) | 1,516,310 | 392,411 | |||||||||||
Operating Expenses: | ||||||||||||||||
Compensation | 5,754,324 | 1,745,739 | 12,718,284 | 6,750,753 | ||||||||||||
General and administrative expenses | 1,587,113 | 718,747 | 4,047,125 | 1,916,817 | ||||||||||||
Other operating expenses | 946,628 | 423,158 | 2,565,525 | 2,196,784 | ||||||||||||
Total Operating Expenses | 8,288,065 | 2,887,644 | 19,330,934 | 10,864,354 | ||||||||||||
Loss From Operations | (7,860,992 | ) | (2,984,982 | ) | (17,814,624 | ) | (10,471,943 | ) | ||||||||
Other (Expense) Income: | ||||||||||||||||
Interest (expense) income, net | (1,743 | ) | 19,044 | 16,442 | 73,158 | |||||||||||
Gain on settlement of debt | - | - | - | 310,000 | ||||||||||||
Gain on settlement of accounts payable, net | (312 | ) | 20,060 | 22,266 | 273,667 | |||||||||||
Change in fair value of derivative and other accrued liabilities | (104,861 | ) | 26,499 | (173,132 | ) | (65,104 | ) | |||||||||
Other income | 26,403 | 24,715 | 102,581 | 231,722 | ||||||||||||
Total Other (Expense) Income | (80,513 | ) | 90,318 | (31,843 | ) | 823,443 | ||||||||||
Net Loss | $ | (7,941,505 | ) | $ | (2,894,664 | ) | $ | (17,846,467 | ) | $ | (9,648,500 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic | $ | (0.24 | ) | $ | (0.11 | ) | $ | (0.59 | ) | $ | (0.37 | ) | ||||
Diluted | $ | (0.24 | ) | $ | (0.11 | ) | $ | (0.59 | ) | $ | (0.37 | ) | ||||
Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||
Basic | 33,577,425 | 26,300,451 | 30,045,095 | 26,237,486 | ||||||||||||
Diluted | 33,577,425 | 26,300,451 | 30,045,095 | 26,237,486 |
BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Statements of Cash FlowsUnaudited
For The Years Ended | ||||||||
December 31, | ||||||||
2020 | 2019 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net loss | $ | (17,846,467 | ) | $ | (9,648,500 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 679,911 | 417,061 | ||||||
Change in fair value of derivative and other accrued liabilities | (173,132 | ) | (65,104 | ) | ||||
Dividend and interest income | - | 104,848 | ||||||
Provision for bad debt | 270,365 | 102,940 | ||||||
Gain on settlement of debt | - | (310,000 | ) | |||||
Provision for slow moving and obsolete inventory | (392,191 | ) | 437,068 | |||||
Gain on settlement of accounts payable, net | (22,266 | ) | (273,667 | ) | ||||
Loss on disposal of fixed assets | 278,698 | 65,488 | ||||||
Loss on impairment of intangible assets | - | 83,135 | ||||||
Non-cash compensation: | ||||||||
Common stock | 233,382 | 547,782 | ||||||
Options | 714,888 | 180,757 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable and other receivables | (897,496 | ) | (141,541 | ) | ||||
Inventory | (1,246,837 | ) | (2,022,653 | ) | ||||
Prepaid expenses and other current assets | (580,803 | ) | 168,487 | |||||
Other assets | (225,995 | ) | (2,545 | ) | ||||
Accounts payable and accrued expenses | 1,404,084 | (470,354 | ) | |||||
Lease liabilities | (184,057 | ) | (135,267 | ) | ||||
Deferred revenue | (82,038 | ) | 197,252 | |||||
Total Adjustments | (223,487 | ) | (1,116,313 | ) | ||||
Net Cash Used in Operating Activities | (18,069,954 | ) | (10,764,813 | ) | ||||
Cash Flows From Investing Activities: | ||||||||
Purchase consideration for BlueLA Carsharing, LLC acquisition | (1 | ) | - | |||||
Cash acquired in the purchase of BlueLA Carsharing, LLC | 3,379 | - | ||||||
Cash acquired in the purchase of U-Go Stations, Inc. | 30,266 | - | ||||||
Proceeds from sale of marketable securities | 2,773,816 | - | ||||||
Purchases of property and equipment | (2,547,220 | ) | (552,820 | ) | ||||
Net Cash Provided By (Used In) Investing Activities | 260,240 | (552,820 | ) | |||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from sale of common stock in public offering [1] | 19,175,546 | - | ||||||
Payment of financing liability in connection with internal use software | (72,190 | ) | (52,379 | ) | ||||
Proceeds from exercise of warrants | 16,264,687 | - | ||||||
Proceeds from issuance of notes payable | 855,666 | - | ||||||
Repayment of notes payable | (165,000 | ) | - | |||||
Net Cash Provided By (Used in) Financing Activities | 36,058,709 | (52,379 | ) | |||||
Net Increase (Decrease) In Cash | 18,248,995 | (11,370,012 | ) | |||||
Cash and Restricted Cash - Beginning of Year | 4,168,837 | 15,538,849 | ||||||
Cash and Restricted Cash - End of Year | $ | 22,417,832 | $ | 4,168,837 | ||||
Cash and restricted cash consisted of the following: | ||||||||
Cash | $ | 22,341,433 | $ | 4,168,837 | ||||
Restricted cash | 76,399 | - | ||||||
$ | 22,417,832 | $ | 4,168,837 |
[1] Includes gross proceeds of $19,999,984, less issuance costs of $824,438 deducted directly from the offering proceeds.
Source: Blink Charging Co.