- 339% increase in total revenues to $9.8 million in Q1 2022 compared to $2.2 million in Q1 2021
- 346% increase in service revenues(1) to $1.5 million in Q1 2022 compared to $0.3 million in Q1 2021
- 99% increase in charging stations contracted or sold Q1 2022 over Q1 2021; 3,174 charging stations contracted or sold in Q1 2022
Miami Beach, FL, May 9, 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 first quarter ended March 31, 2022.
The following financial highlights are in thousands of dollars and unaudited.
|Three Months Ended|
|Service Revenues (1)||1,507||338||346%|
(1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.
“In the first quarter of 2022, Blink again achieved record revenues with exponential year-over-year growth of almost 340% driven by increased product sales and service revenues,” commented Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging. “We’re building off a solid platform created by record 2021 results and expect continued momentum in 2022 as partners and customers recognize Blink as a leading provider of EV charging technology and services both domestically and internationally.
Mr. Farkas continued, “Our strong growth in the quarter stems primarily from our unique business model centered around providing flexible and fully integrated charging solutions to customers. As an owner-operator of many of our chargers, we’re intimately involved in every step of the installation process and can facilitate upgrades and other maintenance as needed to provide the best technology for the location while also benefiting from anticipated increased charging utilization. We have recently expanded our product offerings to include next-generation charging technology across the entire EV ecosystem including home, fleet, multifamily, retail, and federal highway infrastructure, enhancing our position as a technology innovator at the forefront of the EV charging industry.”
Mr. Farkas added that “A key part of Blink’s strategy continues to be making acquisitions and establishing multi-year partnerships that increase charger deployments and our market reach. Following the close of the first quarter, we announced our acquisition of Electric Blue Ltd. (“EB Charging”), a leading provider of integrated EV charging and sustainable energy solutions in the United Kingdom. This is an exciting acquisition for Blink as it both expands our European presence into the United Kingdom and adds over 1,150 chargers, installed or committed to delivery, to the Blink Charging footprint. With the acquisition of EB Charging, we are now present in over 19 countries including the U.S., Belgium, the UK, Greece, and nine countries in Latin America.
“Additionally, we continue to see success with state and federal government programs that promote the adoption of a reliable and convenient EV infrastructure. In March, we were awarded grant funds towards the deployment of chargers across Massachusetts in conjunction with the Massachusetts Electric Vehicle Incentive Program, and we are currently deploying charging ports throughout Virginia in partnership with Virginia Clean Cities. We also received a grant for our European Subsidiary Blue Corner to further develop its energy management services. Our chargers are seeing excellent traction in the marketplace, and we remain ready to capitalize on this growing demand for our innovative portfolio of EV charging solutions.”
Mr. Farkas concluded, “Blink is increasingly well positioned to capitalize on industry growth as we move through the balance of the year, and we’re excited about the opportunities we’re seeing both in the United States and abroad as individuals, municipalities, and government entities prepare for the broader transition to EV use.”
Total Revenues increased 339% to $9.8 million for the first quarter of 2022 compared to the first quarter of 2021.
Product Sales increased 382% to $8.1 million in the first quarter of 2022, an increase of $6.4 million from the same period in 2021 primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues from Blue Corner in 2021 which was acquired in May 2021.
Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 346% to $1.5 million in the first quarter of 2022, up $1.2 million from the first quarter of 2021, 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 Blue Corner which was acquired in May 2021.
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, remained consistent at $0.2 million in the first quarter of 2022, as compared to the first quarter of 2021.
Net Loss and Loss Per Share
Net Loss for the first quarter of 2022 was $15.1 million, or $(0.36) per share, compared to a Net Loss of $7.4 million, or $(0.18) per share in the first quarter of 2021.
Adjusted EBITDA (2)
Adjusted EBITDA for the first quarter of 2022 was a loss of $12.4 million compared to an Adjusted EBITDA loss of $6.5 million in the prior year period. Adjusted EBITDA as a percentage of revenues for the first quarter of 2022 improved 162 basis points compared to the first quarter of 2021.
Balance Sheet and Cash Flow
As of March 31, 2022, Cash and Marketable Securities totaled $161.9 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.
- Subsequent to the close of the quarter, acquired UK electric vehicle infrastructure leader EB Charging, adding more than 1,150 chargers to the Blink Charging footprint
- Furthered international expansion through a variety of hardware and software upgrades and newly signed distribution agreements, adding more than 200 chargers in Greece to the Blink Network and expanding growth in 9 additional Latin American countries
- Awarded a €450,000 grant to develop Blue Corner energy management services from Flanders Innovation and Entrepreneurship, the Belgian government agency that finances strategic and industrial research
- Awarded grant funds from the Massachusetts Electric Vehicle Incentive Program towards the installation of 8 DC fast-charging stations across the state
- Continued the deployment of charging ports in partnership with the Virginia Clean Cities as part of the Mid-Atlantic Electrification Partnership
- Agreement with General Motors to deploy IQ 200 Level 2 chargers at selected dealerships across the United States and Canada, working with leading facility solutions provider ABM
- Agreement with Bridgestone Retail Operations for the deployment of 50 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
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss first quarter 2022 results today, May 9, 2022 at4:30 PM 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:
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 289308.
A replay of the teleconference will be available until June 8, 2022 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 45280.
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 18 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 the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including Blue Corner and BlueLA. 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/.
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 thefuture. 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-lookingstatements to reflect changed conditions.