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Posted 03/10/2022

  • Record revenues in Q4 2021, up 224% over prior year period and an increase of 24% sequentially compared to Q3 2021

  • Full year 2021 revenue grew 236% to $20.9 million compared to full-year 2020 revenue of $6.2 million

  • Q4 2021 service revenues increased 471% year over year (1)

  • 3,733 charging stations contracted or sold in Q4 2021, an increase of 253% compared to Q4 2020

Miami Beach, FL, March 10, 2022 -- 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, 2021. The following financial highlights are in thousands of dollars and unaudited.

Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Product Sales $ 5,718 $ 1,823 $ 15,480 $ 4,432 Service Revenues (1) 1,813 489 4,414 1,286 Other Revenues 419 142 1,046 513 Total Revenues  $ 7,950  $ 2,454  $ 20,940  $ 6,231

  (1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues. “Blink closed 2021 with record fourth quarter and full year revenue, driven by strong product sales and service revenues,” commented Michael D. Farkas, Blink’s Chairman and Chief Executive Officer.  “We have seen strong momentum throughout the year, which reflects not only the growing market recognition for our EV charging technology, but also the increasing commitment from the business community as well as state and federal entities, to promote the establishment of reliable, convenient EV infrastructure nationwide. “The foundation of our business model is our ability to provide state-of-the art charging solutions, ideally in high-density areas.  In an industry where our peers primarily offer either equipment sales or networking, Blink is positioned as a vertically integrated charging provider, with proven success in the development of cutting-edge charging technology and innovative equipment, as well as providing a robust charging network that operates not just our hardware, but also hardware manufactured by others.  While we offer a flexible portfolio of charging solutions designed to best meet the needs of our customers, we focus on our owner-operator model, in which we identify the best technology for a location, install and maintain the charging equipment, and benefit from its ongoing utilization.  Our exclusive, long-term contracts also enable us to continuously evaluate usage levels and add chargers when needed.  We believe our holistic approach to full-service charging, along with our ability to customize our contracts dependent on customer needs, is a competitive advantage as we expand our footprint in the marketplace. “We have continued to make tremendous progress establishing multi-year partnerships structured with the goal of securing additional deployments and increased revenue generation.  With our Blue Corner acquisition and establishment of our Amsterdam-based subsidiary, we are significantly expanding our capabilities and presence in Europe and we are likewise focused on continuing to grow our network in Latin America.  Of note, in North America, we recently announced an agreement with General Motors to deploy chargers at dealerships in the U.S. and Canada, as well as a partnership with Bridgestone Retail Operations to deploy Blink chargers at a select group of their Firestone Complete Auto Care and Wheel Works service centers.  Our ability to develop innovative technology has always been integral to our success and, in early January, we launched seven new products offering next-generation EV charging technology across the EV ecosystem, including home, fleet, multifamily, and retail.  We believe our new products illustrate our innovative excellence and leadership role at the forefront of EV technology, and also further enhance our vertical integration capabilities.  With our new and existing portfolio of products, we believe Blink is ideally positioned to capitalize on the growing market demand for EV charging as the transition to EVs progresses. “As we move through 2022, we are excited about the opportunities we’re seeing to bring our industry-leading charging technology to a broader audience, both in the U.S. and internationally.  With more than a decade of proven success in the EV charging industry, we look forward to growing our leadership role in the development of robust and consistent EV charging infrastructure,” Mr. Farkas concluded. Financial Results Revenues Total Revenues for the fourth quarter of 2021 were $7.9 million, an increase of $5.5 million or 224% compared to the fourth quarter of 2020. Product Sales were $5.7 million in the fourth quarter of 2021, up $3.9 million or 214% from the same period in 2020 primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues generated through the Blue Corner acquisition in 2021. Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues were $1.8 million in the fourth quarter of 2021, up $1.3 million or 271% from the fourth quarter of 2020 primarily driven by greater utilization of chargers, an increased number of chargers on the Blink network, revenues associated with the Blink Mobility ride-sharing service program, and revenues from the Blue Corner acquisition in 2021. Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, were $0.4 million in the fourth quarter of 2021, up $0.3 million or 195% from the fourth quarter of 2020. Net Loss and Loss Per Share Net Loss for the fourth quarter of 2021 was $19.0 million, or $0.45 per share, compared to a Net Loss of $7.9 million, or $0.24 per share in the fourth quarter of 2020. Adjusted EBITDA (2) Adjusted EBITDA for the fourth quarter of 2021 was a loss of $9.1 million compared to an Adjusted EBITDA loss of $7.1 million in the prior year period. Adjusted EBITDA as a percentage of revenues for the fourth quarter of 2021 improved 16 basis points compared to the third quarter of 2021 and 174 basis points compared to the fourth quarter of 2020. Balance Sheet and Cash Flow As of December 31, 2021, Cash and Marketable Securities totaled $174.8 million. (2) Adjusted EBITDA (defined as earnings (loss) before interest income (expense), provision for income taxes, depreciation and amortization, and stock-based compensation) is a non-GAAP financial measure management uses as a proxy for net income (loss). See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release. Recent Highlights

  • Agreement with General Motors to deploy IQ 200 Level 2 chargers at select dealerships across the United States and Canada, working with leading facility solutions provider ABM

  • Agreement with Bridgestone Retail Operations for the deployment of Blink IQ 200 charging stations at select Firestone Complete Auto Care and Wheel Works tire and automotive service centers throughout the United States

  • Launched seven new charging products offering next-generation EV charging technology across the EV ecosystem, including home, fleet, multifamily, and retail; certain products include vehicle-to-grid technology

  • Entered into an expanded master development and production agreement with SG Blocks, a leading designer, innovator and fabricator of modular structures, for the deployment of Blink charging stations at all SGB properties

  • Awarded grant funds from Michigan Consumers Energy and the Michigan Department of Environments, Great Lakes and Energy for the installation of DC fast charging stations across the state of Michigan

  • Opened a new office in Noida, India, adjacent to New Delhi, to expand the Company’s capacity to develop and innovate new software capabilities

  • Appointed accomplished transportation executive Amy Dobrikova as Vice President of Fleet Solutions to lead the Company’s go-to-market strategy to expand its product line and services to further penetrate public and private fleets

Earnings Conference Call Blink Charging will host a conference call and webcast to discuss the fourth quarter and year end 2021 resultstoday, March 10, 2022 at 4:30 PM Eastern Time. To access the live webcast, log onto the Blink Charging website at , and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link: To participate in the call by phone, dial (877) 545-0523 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0016.  Callers should use access code: 335642. A replay of the teleconference will be available until April 9, 2022 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331.  Callers should use conference ID: 44622. ### 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 EVcharging 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 hasestablished 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 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.

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