BLINK CHARGING ANNOUNCES RECORD FOURTH QUARTER WITH 89% REVENUE GROWTH TO $42.7 MILLION AND 130% INCREASE IN FULL YEAR 2023 REVENUES TO $140.6 MILLION
- 130% increase in full-year 2023 revenues to $140.6 million
- 112% increase in 4Q23 product revenues to $33.4 million
- 40% increase in 4Q23 service revenues to $7.9 million
- Record gross profit of $40.2 million for 2023
- Strengthened balance sheet with $113 million in gross proceeds raised
- 5,100 charging stations deployed in 4Q23; 23,347 in full-year 2023
- None.
Insights
The reported 89% increase in Q4 revenues and 130% increase in full-year revenues for Blink Charging Co. reflects a significant growth trajectory, indicative of the burgeoning demand in the electric vehicle (EV) charging market. The company's strategic initiatives, such as the expansion of its manufacturing facility and the launch of a new network interface, appear to be paying off. This growth is further substantiated by the 112% and 138% increases in product revenues for the quarter and full year, respectively.
Investors should note the improved liquidity position due to capital raised, which stands in stark contrast to the repayment of promissory notes, suggesting a proactive approach to debt management. The gross profit margins, at 25% for Q4 and 29% for the full year, although solid, may be scrutinized for their scalability as the business expands. The growth in service revenues by 40% and 111% for Q4 and the full year, respectively, highlights the company's ability to monetize its services effectively alongside its hardware sales.
The EV charging sector is experiencing rapid growth, driven by global electrification efforts and increasing EV adoption. Blink Charging Co.'s substantial increase in contracted, deployed, or sold charging stations signals a strong market position and customer trust. The mention of prominent clients like the United States Postal Service and Mack Trucks validates the company's product portfolio diversity and its appeal in the fleet segment, a critical area for EV infrastructure expansion.
However, it's essential to consider market saturation and competitive dynamics. With more players entering the market, differentiation and maintaining growth rates will be challenging. The company's 'made in America' initiative may resonate well with domestic policy shifts and consumer sentiment, potentially offering a competitive edge in the US market.
The substantial revenue growth reported by Blink Charging Co. is a microcosm of the broader economic shift towards sustainable transportation. This shift is likely to continue receiving governmental support, as seen in various incentives for clean energy solutions. The company's strategic positioning near the nation's capital may facilitate better alignment with policy changes and potential governmental contracts.
Long-term, the company's investment in infrastructure and manufacturing capabilities could yield cost efficiencies and support domestic job creation. However, the capital-intensive nature of this industry requires continuous investment and the company must manage its capital allocation efficiently to sustain growth without overleveraging. The balance between aggressive expansion and financial prudence will be critical for the company's continued success and investor confidence.
89% increase in 4Q23 revenues to$42.7 million ;130% increase in full year 2023 revenues to$140.6 million 112% increase in 4Q23 product revenues to$33.4 million ;138% increase in full year product revenues to$109.4 million 40% increase in 4Q23 service revenues to$7.9 million ;111% increase in full year service revenues to$26.4 million - 4Q23 gross profit of
$10.6 million or25% of revenues; record full year 2023 gross profit of$40.2 million or29% of revenues - Strengthened balance sheet and improved liquidity by raising
$113 million in gross proceeds via ATM and paid off$45.5 million in promissory notes and accrued interest - 5,100 charging stations contracted, deployed or sold in fourth quarter of 2023; 23,347 in full year 2023
Bowie, MD, March 14, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading manufacturer, 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, 2023.
The following top-line highlights are in thousands of dollars and preliminary.
| Three Months Ended | Full Year Ended | |||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||
| 2023 | 2022 | Increase | 2023 | 2022 | Increase | |||||||||||||||||||
| Product Sales | $ | 33,381 | $ | 15,780 | 112 | % | $ | 109,416 | $ | 46,018 | 138 | % | ||||||||||||
| Service Revenues (1) | 7,938 | 5,673 | 40 | % | 26,429 | 12,504 | 111 | % | ||||||||||||||||
| Other Revenues(2) | 1,392 | 1,153 | 21 | % | 4,753 | 2,617 | 82 | % | ||||||||||||||||
| Total Revenues | $ | 42,711 | $ | 22,606 | 89 | % | $ | 140,598 | $ | 61,139 | 130 | % | ||||||||||||
(1) Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.
(2) Other Revenues consist of warranty fees, grants and rebates, and other revenues.
“2023 was a historic year for Blink marked by significant achievements and remarkable growth. Total revenue grew
“We are very optimistic about Blink's future and remain committed to our target of achieving a positive adjusted EBITDA run rate by December 2024. Since the third quarter 2023, we have raised
2024 Company Targets
For the full year 2024, the Company targets the generation of between
The Company targets gross margin for full year 2024 of approximately
Fourth Quarter and Year End 2023 Financial Results
Revenues
Total Revenues increased
Total Revenues for the full year of 2023 increased
Product Sales increased
Product Sales for the full year of 2023 increased
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased
Service Revenues for the full year of 2023 increased
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased
Other Revenues for the full year of 2023 increased
Gross Profit
Gross Profit increased
Gross profit for the full year of 2023 was
Operating Expenses
Operating expenses in the fourth quarter of 2023 decreased
Operating expenses for the full year of 2023 were
Net Loss and Loss Per Share
Net Loss for the fourth quarter of 2023 was
Net loss for the full year of 2023 was
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the fourth quarter of 2023 was a loss of (
Adjusted EBITDA for the full year of 2023 was a loss of (
Adjusted EBITDA (defined as earnings/loss before interest income/expense, provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes payable) 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.
Adjusted EPS for the fourth quarter of 2023 was a loss of
Adjusted EPS for the full year of 2023 was a loss of
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, amortization expense of intangible assets, additional stock-based compensation expense, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes payable. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.
Cash and Cash Equivalents
As of December 31, 2023, Cash and Cash Equivalents totaled
In total, between November 20, 2023 to February 12, 2024, the Company raised
Recent Quarter Highlights:
- Rebranded wholly owned subsidiary Blue Corner under Blink Charging umbrella, bringing Blink’s global experience and EV charging expertise to Belgium
- Launched advanced Vehicle-to-Grid (V2G) EQ 200 charger in the United Kingdom and Ireland to support accelerated EV adoption and boost development of an effective EV charging infrastructure
- Selected as the full-service EV infrastructure provider for Mack Trucks through Mack’s Vendor Direct Ship and Turnkey Solutions program for Blink’s reliable, scalable EV equipment and extensive fleet experience
- Selected as the official electric vehicle charging provider to the City of Miami Beach, Florida to electrify city fleets and provide charging solutions for employees, residents, and visitors
- Named as the official EV charging provider for Allegiant Stadium, home of the Las Vegas Raiders, providing much-needed reliable EV charging solutions for stadium attendees
- Chosen by the City of Frederick, Maryland to install chargers across four downtown parking garages to be utilized by residents and visitors
- Collaborated with McArthurGlen, the leading owner, developer, and manager of designer outlets in the Netherlands, to provide customers state-of-the-art EV charging solutions
- Installed Blink electric vehicle chargers across multiple McDonald’s restaurant locations throughout Puerto Rico
- Continued to support Blink’s partner, AES, in efforts to provide EV drivers throughout country of El Salvador with accessible and easy EV charging
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss fourth quarter and year end 2023 results today, March 14, 2024, at 4:30 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:
https://www.webcaster4.com/Webcast/Page/2468/50001
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: 911397.
A replay of the teleconference will be available until April 13, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 50001.
###
BLINK CHARGING CO.
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
(unaudited)
| For The Three Months Ended | For the Years Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||
| Revenues: | ||||||||||||||||||
| Product sales | $ | 33,381 | $ | 15,780 | $ | 109,416 | $ | 46,018 | ||||||||||
| Charging service revenue - company-owned charging stations | 4,535 | 3,009 | 15,646 | 6,866 | ||||||||||||||
| Network fees | 2,213 | 2,281 | 7,481 | 4,370 | ||||||||||||||
| Warranty | 1,095 | 453 | 3,258 | 928 | ||||||||||||||
| Grant and rebate | 185 | 13 | 469 | 296 | ||||||||||||||
| Car-sharing services | 1,190 | 383 | 3,302 | 1,268 | ||||||||||||||
| Other | 112 | 687 | 1,026 | 1,393 | ||||||||||||||
| Total Revenues | 42,711 | 22,606 | 140,598 | 61,139 | ||||||||||||||
| Cost of Revenues: | ||||||||||||||||||
| Cost of product sales | 23,023 | 10,294 | 72,532 | 31,428 | ||||||||||||||
| Cost of charging services - company-owned charging stations | 1,344 | 697 | 3,540 | 1,466 | ||||||||||||||
| Host provider fees | 2,855 | 1,590 | 9,140 | 3,935 | ||||||||||||||
| Network costs | 630 | 539 | 1,969 | 1,463 | ||||||||||||||
| Warranty and repairs and maintenance | 1,681 | 1,358 | 4,605 | 2,795 | ||||||||||||||
| Car-sharing services | 1,194 | 582 | 4,356 | 2,137 | ||||||||||||||
| Depreciation and amortization | 1,397 | 1,068 | 4,250 | 3,113 | ||||||||||||||
| Total Cost of Revenues | 32,124 | 16,128 | 100,392 | 46,337 | ||||||||||||||
| Gross Profit | 10,587 | 6,478 | 40,206 | 14,802 | ||||||||||||||
| Operating Expenses: | ||||||||||||||||||
| Compensation | 16,702 | 22,959 | 92,669 | 60,602 | ||||||||||||||
| General and administrative expenses | 8,704 | 7,803 | 35,170 | 27,826 | ||||||||||||||
| Other operating expenses | 3,270 | 3,486 | 17,825 | 15,645 | ||||||||||||||
| Impairment of goodwill | - | - | 89,087 | - | ||||||||||||||
| Impairment of intangible assets | - | - | 5,143 | - | ||||||||||||||
| Total Operating Expenses | 28,676 | 34,248 | 239,894 | 104,073 | ||||||||||||||
| - | - | |||||||||||||||||
| Loss From Operations | (18,089 | ) | (27,770 | ) | (199,688 | ) | (89,271 | ) | ||||||||||
| Other (Expense) Income: | ||||||||||||||||||
| Interest (expense) income | (1,173 | ) | (473 | ) | (3,546 | ) | (1,529 | ) | ||||||||||
| Dividend income | 1,909 | 454 | 1,909 | 454 | ||||||||||||||
| Gain (loss) on foreign exchange | (785 | ) | 236 | 140 | (600 | ) | ||||||||||||
| Loss on extinguishment of notes payable | - | - | (1,000 | ) | - | |||||||||||||
| Change in fair value of derivative and other accrued liabilities | (2 | ) | 31 | 8 | 66 | |||||||||||||
| Other expense | (1,280 | ) | (319 | ) | (22 | ) | (372 | ) | ||||||||||
| Total Other (Expense) Income | (1,331 | ) | (71 | ) | (2,511 | ) | (1,981 | ) | ||||||||||
| - | - | |||||||||||||||||
| Loss Before Income Taxes | $ | (19,420 | ) | $ | (27,841 | ) | $ | (202,199 | ) | $ | (91,252 | ) | ||||||
| - | - | |||||||||||||||||
| Provision for income taxes | (269 | ) | (308 | ) | (1,494 | ) | (308 | ) | ||||||||||
| - | - | |||||||||||||||||
| Net Loss | $ | (19,689 | ) | $ | (28,149 | ) | $ | (203,693 | ) | $ | (91,560 | ) | ||||||
| Net Loss Per Share: | ||||||||||||||||||
| Basic | $ | (0.31 | ) | $ | (0.60 | ) | $ | (3.21 | ) | $ | (1.95 | ) | ||||||
| Diluted | $ | (0.31 | ) | $ | (0.60 | ) | $ | (3.21 | ) | $ | (1.95 | ) | ||||||
BLINK CHARGING CO.
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
| December 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 121,691 | $ | 36,562 | |||||||
| Accounts receivable, net | 43,704 | 23,581 | |||||||||
| Inventory, net | 49,342 | 34,740 | |||||||||
| Prepaid expenses and other current assets | 5,254 | 4,399 | |||||||||
| Total Current Assets | 219,991 | 99,282 | |||||||||
| Restricted cash | 79 | 71 | |||||||||
| Property and equipment, net | 35,127 | 25,862 | |||||||||
| Operating lease right-of-use asset | 9,731 | 4,174 | |||||||||
| Intangible assets, net | 16,298 | 26,582 | |||||||||
| Goodwill | 144,881 | 203,710 | |||||||||
| Other assets | 669 | 2,861 | |||||||||
| Total Assets | $ | 426,776 | $ | 362,542 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 32,167 | $ | 24,585 | |||||||
| Accrued expenses and other current liabilities | 11,426 | 13,109 | |||||||||
| Notes payable | 6,792 | 10 | |||||||||
| Current portion of operating lease liabilities | 3,448 | 1,738 | |||||||||
| Current portion of financing lease liabilities | 512 | 306 | |||||||||
| Current portion of deferred revenue | 13,613 | 10,572 | |||||||||
| Total Current Liabilities | 67,958 | 50,320 | |||||||||
| Contingent consideration | - | 1,316 | |||||||||
| Consideration payable | 49,434 | 40,608 | |||||||||
| Operating lease liabilities, non-current portion | 7,025 | 3,030 | |||||||||
| Financing lease liabilities, non-current portion | 163 | 408 | |||||||||
| Deferred revenue, non-current portion | 12,462 | 5,258 | |||||||||
| Other liabilities | 337 | 645 | |||||||||
| Total Liabilities | 137,379 | 101,585 | |||||||||
| Commitments and contingencies (Note 14) | |||||||||||
| Stockholders' Equity: | |||||||||||
| Common stock, | |||||||||||
| shares issued and outstanding as of December 31, 2023 and 2022, respectively | 93 | 51 | |||||||||
| Additional paid-in capital | 829,563 | 597,982 | |||||||||
| Accumulated other comprehensive loss | (2,536 | ) | (3,046 | ) | |||||||
| Accumulated deficit | (537,723 | ) | (334,030 | ) | |||||||
| Total Stockholders' Equity | 289,397 | 260,957 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 426,776 | $ | 362,542 | |||||||
BLINK CHARGING CO. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| For the Years Ended | ||||||||||
| December 31, | ||||||||||
| 2023 | 2022 | |||||||||
| Cash Flows From Operating Activities: | ||||||||||
| Net loss | $ | (203,693 | ) | $ | (91,560 | ) | ||||
| Adjustments to reconcile net loss to net cash | ||||||||||
| used in operating activities: | ||||||||||
| Depreciation and amortization | 12,441 | 9,547 | ||||||||
| Non-cash lease expense | 2,128 | 997 | ||||||||
| Impairment of goodwill | 89,087 | - | ||||||||
| Impairment of intangible assets | 5,143 | - | ||||||||
| Change in fair value of contingent consideration | (1,375 | ) | (1,499 | ) | ||||||
| Change in fair value of derivative and other accrued liabilities | 8 | - | ||||||||
| Provision for bad debt | 2,555 | 1,336 | ||||||||
| Loss on extinguishment of notes payable | 1,000 | - | ||||||||
| (Gain) loss on disposal of fixed assets | (11 | ) | 113 | |||||||
| Provision for slow moving and obsolete inventory | 527 | 78 | ||||||||
| Gain on settlement of accounts payable, net | 24 | - | ||||||||
| Stock-based compensation: | ||||||||||
| Common stock | 12,893 | 11,224 | ||||||||
| Options | 4,064 | 4,689 | ||||||||
| Warrants | 5,082 | - | ||||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable and other receivables | (21,936 | ) | (11,869 | ) | ||||||
| Inventory | (16,773 | ) | (24,283 | ) | ||||||
| Prepaid expenses and other current assets | (724 | ) | (1,782 | ) | ||||||
| Other assets | 941 | 2 | ||||||||
| Accounts payable and accrued expenses | 7,952 | 16,309 | ||||||||
| Other liabilities | (307 | ) | 18 | |||||||
| Lease liabilities | (3,595 | ) | (825 | ) | ||||||
| Deferred revenue | 9,714 | 5,140 | ||||||||
| Total Adjustments | 108,838 | 9,195 | ||||||||
| Net Cash Used In Operating Activities | (94,855 | ) | (82,365 | ) | ||||||
| Cash Flows From Investing Activities: | ||||||||||
| Note receivable | - | (2,200 | ) | |||||||
| Purchase consideration of SemaConnect, net of cash acquired | - | (38,338 | ) | |||||||
| Purchase consideration of Envoy, net of cash acquired | (4,660 | ) | - | |||||||
| Capitalization of engineering costs | (1,028 | ) | (294 | ) | ||||||
| Purchase consideration of Electric Blue, net of cash acquired | - | (11,360 | ) | |||||||
| Purchases of property and equipment | (7,552 | ) | (5,249 | ) | ||||||
| Net Cash Used In Investing Activities | (13,240 | ) | (57,441 | ) | ||||||
| Cash Flows From Financing Activities: | ||||||||||
| Proceeds from sale of common stock in public offering [1] | 208,865 | 7,386 | ||||||||
| Proceeds from exercise of options and warrants | 835 | 220 | ||||||||
| Repayment of financing liability in connection with finance lease | (2,837 | ) | (217 | ) | ||||||
| Repayment of notes payable | (9,292 | ) | (681 | ) | ||||||
| Payment of financing liability in connection with internal use software | (256 | ) | (315 | ) | ||||||
| Net Cash Provided By Financing Activities | 197,315 | 6,393 | ||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (4,083 | ) | (4,830 | ) | ||||||
| Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash | 85,137 | (138,243 | ) | |||||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Year | 36,633 | 174,876 | ||||||||
| Cash and Cash Equivalents and Restricted Cash - End of Year | $ | 121,770 | $ | 36,633 | ||||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||||
| Cash and cash equivalents | $ | 121,691 | $ | 36,562 | ||||||
| Restricted cash | 79 | 71 | ||||||||
| $ | 121,770 | $ | 36,633 | |||||||
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to Blink Charging to EBITDA and Adjusted EBITDA for the periods shown:
| For The Three Months Ended | For The Years Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| Net Loss | $ | (19,689 | ) | $ | (28,149 | ) | $ | (203,693 | ) | $ | (91,560 | ) | |||||||
| Add: | |||||||||||||||||||
| Interest Expense | 1,173 | 473 | 3,546 | 1,529 | |||||||||||||||
| Provision for Income Taxes | 269 | 308 | 1,494 | 308 | |||||||||||||||
| Depreciation and amortization | 2,743 | 4,372 | 12,437 | 9,547 | |||||||||||||||
| EBITDA | (15,504 | ) | (22,996 | ) | (186,216 | ) | (80,176 | ) | |||||||||||
| Add: | |||||||||||||||||||
| Stock-based compensation | 1,496 | 8,092 | 22,039 | 15,913 | |||||||||||||||
| Acquisition-related costs | 23 | 150 | 356 | 3,933 | |||||||||||||||
| Impairment of goodwill and intangible assets | - | - | 94,230 | - | |||||||||||||||
| Loss on extinguishment of notes payable | - | - | 1,000 | - | |||||||||||||||
| One-time non-recurring expense | - | - | 11,632 | - | |||||||||||||||
| Adjusted EBITDA | $ | (13,985 | ) | $ | (14,754 | ) | $ | (56,959 | ) | $ | (60,330 | ) | |||||||
The following table reconciles EPS attributable to Blink Charging to Adjusted EPS for the periods shown:
| For The Three Months Ended | For The Years Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| Net Income - per diluted share | $ | (0.28 | ) | $ | (0.55 | ) | $ | (3.21 | ) | $ | (1.95 | ) | |||||||
| Per diluted share adjustments: | |||||||||||||||||||
| Add: | Amortization expense of intangible assets | - | 0.04 | 0.10 | 0.12 | ||||||||||||||
| Acquisition-related costs | - | - | 0.01 | 0.08 | |||||||||||||||
| Additional stock-based compensation | - | 0.10 | - | 0.10 | |||||||||||||||
| Impairment of goodwill and intangible assets | - | - | 1.49 | - | |||||||||||||||
| Loss on extinguishment of notes payable | - | - | 0.02 | - | |||||||||||||||
| One-time non-recurring expense | - | - | 0.18 | - | |||||||||||||||
| Adjusted EPS | $ | (0.28 | ) | $ | (0.41 | ) | $ | (1.42 | ) | $ | (1.65 | ) | |||||||
Blink Charging Co. publicly reports its financial information in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). To facilitate external analysis of the Company’s operating performance, Blink Charging also presents financial information that is considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the U.S. Securities and Exchange Commission. Non-GAAP measures should be considered in addition to, and not as a substitute for, or superior to, Net Income (Loss) or other measures of financial performance prepared in accordance with GAAP and may be different than those presented by other companies, including Blink Charging’s competitors. EBITDA and Adjusted EBITDA are not performance measures calculated in accordance with GAAP and are therefore considered non-GAAP measures. Reconciliation tables are presented above.
EBITDA is defined as earnings (loss) attributable to Blink Charging before interest income (expense), provision for income taxes, depreciation and amortization. Blink Charging believes EBITDA is useful to its management, securities analysts, and investors in evaluating operating performance because it is one of the primary measures used to evaluate the economic productivity of the Company’s operations, including its ability to obtain and maintain its customers, its ability to operate its business effectively, the efficiency of its employees and the profitability associated with their performance. It also helps Blink Charging’s management, securities analysts, and investors to meaningfully evaluate and compare the results of the Company’s operations from period to period on a consistent basis by removing the impact of its merger and acquisition expenses, financing transactions, and the depreciation and amortization impact of capital investments from its operating results.
The Company also believes that Adjusted EBITDA, defined as EBITDA adjusted for non-recurring items such as acquisition-related costs, amortization expense of intangible assets, additional stock-based compensation expense, one-time non-recurring expenses, non-cash impairment charges, and non-cash loss on extinguishment of notes payable, is useful to securities analysts and investors to evaluate the Company’s core operating results and financial performance because it excludes items that are significant non-cash or non-recurring expenses reflected in the Condensed Consolidated Statements of Operations.
Our definition of Adjusted EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Loss, and Diluted Earnings per Share.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. 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 https://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 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 achieving its 2024 revenue and gross margin targets and its projected 2024 adjusted EBITDA run rate, and the risk factors described in Blink’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 Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
FAQ
What was Blink Charging's (BLNK) full-year 2023 revenue increase?
How much were the 4Q23 product revenues for Blink Charging?
What was the percentage increase in service revenues for Blink Charging in 4Q23?
How much was Blink Charging's gross profit for the full year of 2023?
How many charging stations did Blink Charging deploy in 4Q23?
