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Posted 11/08/2022

Organic growth in hardware and network services and acquisitions drive third quarter results

  • 169% increase in total revenues to $17.2 million in Q3 2022 compared to $6.4 million in Q3 2021

  • 123% increase in service revenues(1) to $3.1 million in Q3 2022 compared to $1.4 million in Q3 2021

  • 436% increase in gross profit to $4.8 million in Q3 2022 compared to $892,000 in Q3 2021

  • 7,834 charging stations contracted, deployed or sold in Q3 2022; increase of 160% over Q3 2021

  • Integration of recently acquired SemaConnect and EB Charging progressing on track

  • Recently launched the completely redesigned Blink Network capable of serving wide variety of EV equipment, languages, currencies and applications and redesigned Blink Charging App creating seamless driver charging experience across the globe

Miami Beach, FL, November 8, 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 third quarter and nine months ended September 30, 2022.

The following financial highlights are in thousands of dollars and unaudited.

Three Months Ended     Nine Months Ended       September 30,     September 30,       2022 2021  Increase   2022 2021     Increase Product Sales $ 13,358 $ 4,824 177% $ 30,238 $ 9,762 210% Service Revenues (1) 3,079 1,383 123% 6,831 2,601 163% Other Revenues(2) 810 195 315% 1,464 627 133% Total Revenues  $ 17,247  $ 6,402 169%  $ 38,533  $ 12,990 197%

  • Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.

  • Other Revenues consist of other revenues, warranties, and grants and rebates

“We are seeing tremendous growth in our business, both organically and related to our recent strategic acquisitions, as we execute on our model to deploy Blink chargers in high density and high traffic locations around the world,” commented Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging. “To support our growing base of customers globally we are very excited to have recently launched our entirely redesigned Blink Network, featuring market-leading architecture and the responsiveness and flexibility to grow with us as we expand.  With the capability of serving a broad range of EV equipment, in a wide variety of countries, languages, and currencies, we anticipate that our all-new network will serve as a user-friendly roadmap to match our customers with the most reliable charging solutions to meet their needs today, tomorrow and into the future.  Simply put, Blink is providing a globally seamless EV charging experience that can lead the industry into the next generation of EV ownership.

“With our unique business model, which incorporates our next-level software technology with reliable, durable hardware offerings, we are mindful of ensuring that we are producing enough chargers to meet the exponentially growing demand.  We are also focused on ensuring that we’re positioned to efficiently manage the supply chain and aggressively compete for a share of the $7.5 billion in government funding that has been earmarked for EV infrastructure build-out.  When we acquired SemaConnect, we added U.S. manufacturing capabilities via their facility in Bowie, Maryland, and we recently announced our intent to increase our U.S. production by adding a new facility to produce Buy America compliant Level 2 (L2) and Direct Current (DCFC) chargers. As we expand our in-house production capacity, we expect continued improvement in our gross profit. Additionally, we have strategically invested in our inventory to ensure that we are able to satisfy increasing customer demand for our products, while others are struggling to find materials. Blink offers products across the entire EV ecosystem including home, fleet, multifamily, retail locations, and public DC fast charging. With our goal of increasing the capacity of our Bowie plant from 10,000 units today to 50,000 units by 2024, combined with the addition of a new facility, we believe we can increase our future U.S. charger production up to 100,000 chargers per year.”

Mr. Farkas concluded, “Blink is unique in our industry, because we are the only fully vertically integrated EV charging provider in the U.S. and with that flexibility, we’re able to tailor our offerings to meet our customers’ needs.  While our competitors typically offer products or charging services, Blink designs, manufactures and deploys equipment, offers a recently fully redesigned charging network and provides business models that best serve our customers. We have a solution for every type of location from the hardware perspective and deployment methodology. For example, if a property owner simply wants equipment, we’ll certainly do that, however, we prefer the value-added structure provided by our owner-operator model, creating a long-term recurring revenue model for our business.  With our redesigned high-tech network, portfolio of equipment offerings, flexible ownership models and strong reputation in the marketplace, we believe we are well positioned to continue to expand our global leadership role in the EV charging industry.”


Financial Results


Total Revenues increased 169% to $17.2 million for the third quarter of 2022, an increase of $10.8 million compared to the third quarter of 2021.

Product Sales increased 177% to $13.4 million in the third quarter of 2022, an increase of $8.5 million compared to the same period in 2021, primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.

Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 123% to $3.1 million in the third quarter of 2022, up $1.7 million from the third quarter of 2021, primarily driven by an increased number and greater utilization of chargers in Blink’s portfolio, significant increase in network fees, and increased revenues associated with the Blink Mobility ride-sharing service program.

Gross Profit

Gross Profit increased 436% to $4.8 million, or 28% of revenue, in the third quarter of 2022, compared to gross profit of $0.9 million, or 14% of revenue, in the third quarter of 2021.

Net Loss and Loss Per Share

Net Loss for the third quarter of 2022 was $25.6 million, or $(0.51) per share, compared to a Net Loss of $15.3 million, or $(0.36) per share, in the third quarter of 2021.

Adjusted EBITDA (3) and Adjusted EPS (4)

Adjusted EBITDA for the third quarter of 2022 was a loss of $17.6 million compared to an Adjusted EBITDA loss of $8.4 million in the prior year period.

Adjusted EPS for the third quarter of 2022 was a loss of $0.47 compared to an Adjusted EPS loss of $0.36 in the prior year period.

Cash and cash equivalents

As of September 30, 2022, Cash and Cash Equivalents totaled $57.0 million.

(3) Adjusted EBITDA (defined as earnings (loss) before interest income (expense), depreciation and amortization, stock-based compensation, and acquisition related costs) 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.

(4) Adjusted EPS (defined as earnings (loss) per diluted share) is a non-GAAP financial measure management uses to assess earnings per diluted share excluding non-recurring items such as acquisition-related costs and amortization expense of intangible assets. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.


Recent Highlights

  • Blink announced the launch of its entirely rebuilt Blink Network with market-leading architecture and responsiveness capable of meeting the needs of the Company as it continues to expand globally. Furthermore, the Company announced the launch of its new Blink Charging Mobile App, completely redesigned to provide a user-centric design and experience, providing more information to EV drivers in real time.

  • The Company announced plans to increase U.S. manufacturing capabilities following a visit with U.S. Secretary of Labor Marty Walsh. The Company launched a search to locate a state-of-the-art manufacturing facility in the U.S. that will provide up to 200,000 square feet of space and utilize the latest technology to manufacture both DCFC and Level 2 chargers. The facility will have an initial production capacity of 10,000 DCFC chargers and 20,000 to 40,000 Level 2 (AC) chargers.

  • The Company announced the election of former senior advisor to President Biden and former Congressman, Cedric Richmond, to the Blink Board of Directors, adding decades of public policy knowledge and insights to the Blink board. Additionally, Mahi Reddy, founder of SemaConnect, was elected to Blink’s Board of Directors, adding valuable experience and strategic counsel.

  • The Company announced an agreement with AES El Salvador to deploy 50 IQ 200 fast Level 2 chargers in various regions of El Salvador over the next few years. The agreement will accelerate El Salvador’s transition towards cleaner and more sustainable transportation.

  • The Company announced an agreement with the City of Chula Vista, California to install 31 Blink IQ 200 fast Level 2 charging stations in various locations throughout the city.

  • Blink announced a preferred supplier agreement with Cushman and Wakefield for the marketing and potential deployment of Blink charging stations and related services to Cushman and Wakefield clients throughout the United States.

  • The Company announced a mutual service agreement with UBS Asset Management’s Real Estate and Private Markets business for the deployment of Blink charging stations and related services to UBS-owned properties throughout the United States.

  • Blink announced the deployment of 24 of Blink’s EV charging ports at Veris Residential’s newly-built, sustainability-focused, luxury apartment high-rise Haus25, in Jersey City, NJ


Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss third quarter 2022 results today, November 8,2022 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: 366793.

A replay of the teleconference will be available until December 8, 2022, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331.  Callers should use conference ID: 46913.


About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leader in electric vehicle (EV) charging equipment, has deployed over 58,000 charging ports across 25 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations worldwide. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, 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, Blink 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

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 our estimate of U.S. charger production and those described in Blink Charging’s Q3 2022 Form 10-Q and other 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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