- Record Revenues in Q3 2021, up 607% over prior year period
- Service Revenues increased 425% year over year (1)
- 3,016 charging stations contracted or sold in Q3 2021, an increase of 351% compared to last year
Miami Beach, FL, November 11, 2021 — 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 ended September 30, 2021.
The following financial highlights are in thousands of dollars and unaudited.
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Service Revenues (1)||1,382||263||2,601||797|
(1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.
“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world,” said Michael D. Farkas, Blink’s Chairman and Chief Executive Officer. “During the quarter, we made great strides increasing our network of property partners, winning exclusive, multi-year agreements that we anticipate will result in additional charging station deployments and revenue generation. We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization. This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives. We are well-positioned to play a critical role in the establishment of convenient, reliable EV infrastructure and we’re energized by the opportunities and interest we’re seeing in the marketplace. We anticipate winning many more future grant awards, coupled with a robust pipeline of opportunities ahead, we look forward to finishing the year strong and carrying this momentum into 2022.”
Total Revenues for the third quarter of 2021 were $6.4 million, an increase of $5.5 million or 607% compared to the prior year period.
Product Sales were $4.8 million in the third quarter of 2021, up $4.3 million or 766% from the same period a year ago primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues generated through the Blue Corner acquisition.
Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues were $1.4 million in the third quarter of 2021, up $1.1 million or 425% from the third quarter last year 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.
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, were $0.2 million in the third quarter of 2021 compared to $0.1 million in the prior year period.
Operating Expenses for the third quarter of 2021 were $16.7 million compared to $4.3 million in the same period in 2020. The $12.4 million increase was primarily due to costs associated with investments in new hires within the sales, operations, and IT departments as part of the Company’s strategic domestic and global expansion initiative, as well as an increase in share-based compensation expense of $6.1 million, mostly related to a special performance option equity award. In addition, operating expenses for the third quarter of 2021 included a full quarter of operating costs from the three most recent acquisitions, whereas these expenses were predominantly absent in the prior year’s results.
Net Loss and Loss Per Share
Net Loss for the third quarter of 2021 was $15.3 million, or $0.36 per share, compared to a Net Loss of $3.9 million, or $0.12 per share in the third quarter of 2020.
Adjusted EBITDA (2)
Adjusted EBITDA for the third quarter of 2021 was a loss of $8.4 million compared to an Adjusted EBITDA loss of $3.7 million in the prior year period. Third quarter 2021 Adjusted EBITDA improved sequentially from the $9.1 million-dollar loss in the second quarter of 2021 as the Company continued to make progress towards scaling the business.
Balance Sheet and Cash Flow
As of September 30, 2021, Cash and Marketable Securities totaled $186.7 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.
During the third quarter of 2021, the Company achieved numerous strategic partnerships, agreements, and grant awards including:
- Received a $12.5 million grant from the Florida Department of Environmental Protection for the deployment of 52 DC Fast Chargers at 25 locations along Florida’s major interstate highways
- Partnered with the City of San Antonio to deploy 202 Blink-owned Level 2 charging stations and 3 DC Fast Chargers throughout the city
- Expanded Blink Mobility’s BlueLA car sharing program with the City of Los Angeles to deploy and operate 300 additional charging stations, bringing the total under this program to 500 stations across 100 locations throughout Los Angeles
- Company’s European subsidiary, Blue Corner, signed an exclusive four-year sales contract and 10-year service agreement with KU Leuven to deploy and operate up to 500 charging stations at KU Leuven campuses across Belgium
- Deployed the first 16 Level 2 charging ports at six hotels in Virginia, Maryland and Washington D.C. as part of a three-year program with the Mid-Atlantic Electrification Partnership to install a total of 200 networked charging ports throughout the region
- Entered into a five-year agreement with Greenlight Communities to deploy 58 Blink-owned charging stations within their multi-family residential communities across Arizona
- Partnered with Traverse City Light & Power to deploy 27 charging ports at six locations across Traverse City, Michigan funded in part by grant awards
- Expanded reseller distribution network with the inclusion of Traffic and Parking Control Co. (TAPCO), Sourcewell, and Rudy’s Performance Parts making Blink charging stations more accessible to individuals, businesses, government, education, and non-profit organizations
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss the third quarter 2021 results today,November 11, 2021 at 4:30 PM Eastern Time.
To access the live webcast and slide presentation, please click here or visit the Company’s investor relations website at ir.blinkcharging.com and click on the News & Events section and then the IR Calendar page to access the link.
To access the call by phone, participants in the U.S. should dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International participants should dial (973) 528-0011. Callers should use access code: 915307.
A replay of the teleconference will be available until December 11, 2021 and may be accessed by dialing (877) 481-4010 or (919) 882-2331 for international callers and using conference ID: 43322.
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 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 associatedcharging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 fromapproximately 2 million in 2019, the Company has established key strategic partnerships for rolling outadoption 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 visithttps://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. Theseforward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” orother 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 suchforward-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.