BLINK CHARGING ANNOUNCES SECOND QUARTER 2024 RESULTS
Blink Charging announced its second quarter 2024 financial results with total revenues of $33.3 million, up from $32.8 million in Q2 2023. Year-to-date (YTD) 2024 total revenues reached $70.8 million, a 30% increase.
Service revenues grew 15% in Q2 2024 to $8.0 million, contributing 24% to total revenues. YTD service revenues rose 38% to $16.2 million. Meanwhile, product revenues saw a slight decline to $23.6 million in Q2 2024 but increased 25% YTD to $51.1 million.
Gross margin stood at 32% for Q2 and 34% YTD. Operating expenses dropped 41% in Q2 to $31.4 million and 28% YTD to $62.3 million. Net loss for Q2 was $(20.1) million, or $(0.20) per share, compared to $(41.5) million, or $(0.67) per share, in Q2 2023. Adjusted EBITDA showed a loss of $(14.7) million for Q2 2024.
Cash and equivalents were $73.9 million as of June 30, 2024. Blink also adjusted its full-year 2024 revenue target to between $145 million and $155 million, with a goal to achieve positive adjusted EBITDA by 2025.
Blink Charging ha annunciato i risultati finanziari del secondo trimestre 2024, con ricavi totali di 33,3 milioni di dollari, in aumento rispetto ai 32,8 milioni del Q2 2023. I ricavi totali da inizio anno (YTD) 2024 hanno raggiunto 70,8 milioni di dollari, con un incremento del 30%.
I ricavi da servizi sono aumentati del 15% nel Q2 2024, raggiungendo gli 8,0 milioni di dollari, contribuendo per il 24% ai ricavi totali. I ricavi da servizi YTD sono saliti del 38% a 16,2 milioni di dollari. Nel frattempo, i ricavi da prodotti hanno subito una leggera flessione a 23,6 milioni di dollari nel Q2 2024, ma sono aumentati del 25% YTD a 51,1 milioni di dollari.
Il margine lordo si è attestato al 32% per il Q2 e al 34% YTD. Le spese operative sono diminuite del 41% nel Q2 a 31,4 milioni di dollari e del 28% YTD a 62,3 milioni di dollari. La perdita netta per il Q2 è stata di $(20,1) milioni, corrispondente a $(0,20) per azione, rispetto a $(41,5) milioni, o $(0,67) per azione, nel Q2 2023. L'EBITDA rettificato ha registrato una perdita di $(14,7) milioni per il Q2 2024.
Le liquidità e equivalenti ammontavano a 73,9 milioni di dollari al 30 giugno 2024. Blink ha anche rivisto al ribasso il target di ricavi per l'intero anno 2024, fissandolo tra i 145 milioni e i 155 milioni di dollari, con l'obiettivo di raggiungere un EBITDA rettificato positivo entro il 2025.
Blink Charging anunció sus resultados financieros del segundo trimestre de 2024, con ingresos totales de 33,3 millones de dólares, un aumento respecto a los 32,8 millones del Q2 2023. Los ingresos totales acumulados hasta la fecha (YTD) 2024 alcanzaron los 70,8 millones de dólares, un aumento del 30%.
Los ingresos por servicios crecieron un 15% en el Q2 2024 a 8,0 millones de dólares, contribuyendo con el 24% a los ingresos totales. Los ingresos por servicios YTD aumentaron un 38% a 16,2 millones de dólares. Mientras tanto, los ingresos por productos vieron una ligera disminución a 23,6 millones de dólares en el Q2 2024, pero aumentaron un 25% YTD a 51,1 millones de dólares.
El margen bruto se mantuvo en el 32% para el Q2 y el 34% YTD. Los gastos operativos disminuyeron un 41% en el Q2 a 31,4 millones de dólares y un 28% YTD a 62,3 millones de dólares. La pérdida neta para el Q2 fue de $(20,1) millones, o $(0,20) por acción, en comparación con $(41,5) millones, o $(0,67) por acción, en el Q2 2023. El EBITDA ajustado mostró una pérdida de $(14,7) millones para el Q2 2024.
El efectivo y equivalentes eran 73,9 millones de dólares al 30 de junio de 2024. Blink también ajustó su metas de ingresos para todo el año 2024 a entre 145 millones y 155 millones de dólares, con el objetivo de lograr un EBITDA ajustado positivo para 2025.
Blink Charging는 2024년 2분기 재무 결과를 발표했으며, 총 수익이 3,330만 달러로 2023년 2분기의 3,280만 달러에서 증가했습니다. 2024년 기준 연간 수익(YTD)은 7,080만 달러에 도달하여 30% 증가했습니다.
서비스 수익은 2024년 2분기 800만 달러로 15% 성장했으며, 이는 총 수익의 24%를 차지했습니다. YTD 서비스 수익은 38% 증가하여 1,620만 달러에 달했습니다. 한편, 제품 수익은 2024년 2분기에 2,360만 달러로 약간 감소했지만, YTD로는 25% 증가하여 5,110만 달러에 이르렀습니다.
총 마진은 2분기에 32%, YTD로 34%로 유지되었습니다. 운영 비용은 2분기에 3,140만 달러로 41% 감소했으며, YTD는 6,230만 달러로 28% 줄어들었습니다. 2분기의 순 손실은 $(2010만) 달러 또는 주당 $(0.20)로, 2023년 2분기의 $(4150만) 달러 또는 $(0.67)와 비교됩니다. 조정된 EBITDA는 2024년 2분기에 $(1470만) 달러의 손실을 기록했습니다.
2024년 6월 30일 기준의 현금 및 현금성 자산은 7390만 달러였습니다. Blink는 또한 2024년 전체 연도 수익 목표를 1억 4500만 달러에서 1억 5500만 달러로 조정했으며, 2025년까지 긍정적인 조정 EBITDA를 달성할 것을 목표로 하고 있습니다.
Blink Charging a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec des revenus totaux de 33,3 millions de dollars, en hausse par rapport à 32,8 millions de dollars au Q2 2023. Les revenus totaux depuis le début de l’année (YTD) 2024 ont atteint 70,8 millions de dollars, soit une augmentation de 30%.
Les revenus de service ont augmenté de 15% au Q2 2024 pour atteindre 8,0 millions de dollars, contribuant à hauteur de 24% aux revenus totaux. Les revenus de service YTD ont augmenté de 38% pour atteindre 16,2 millions de dollars. Pendant ce temps, les revenus de produits ont légèrement diminué à 23,6 millions de dollars au Q2 2024, mais ont augmenté de 25% YTD pour atteindre 51,1 millions de dollars.
La marge brute s’est établie à 32% pour le Q2 et 34% YTD. Les dépenses d'exploitation ont diminué de 41% au Q2 à 31,4 millions de dollars et de 28% YTD à 62,3 millions de dollars. La perte nette pour le Q2 était de $(20,1) millions, soit $(0,20) par action, contre $(41,5) millions, soit $(0,67) par action, au Q2 2023. L’EBITDA ajusté a montré une perte de $(14,7) millions pour le Q2 2024.
Les liquidités et équivalents s'élevaient à 73,9 millions de dollars au 30 juin 2024. Blink a également révisé à la baisse son objectif de revenus pour l’ensemble de l’année 2024, le fixant entre 145 millions et 155 millions de dollars, avec pour objectif d’atteindre un EBITDA ajusté positif d’ici 2025.
Blink Charging hat seine finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben, mit Gesamterlösen von 33,3 Millionen Dollar, ein Anstieg gegenüber 32,8 Millionen Dollar im Q2 2023. Die Gesamterlöse seit Jahresbeginn (YTD) 2024 beliefen sich auf 70,8 Millionen Dollar, was einem Anstieg von 30% entspricht.
Die Serviceerlöse stiegen im Q2 2024 um 15% auf 8,0 Millionen Dollar, was 24% der Gesamterlöse ausmacht. Die YTD-Serviceerlöse stiegen um 38% auf 16,2 Millionen Dollar. Unterdessen verzeichneten die Produktpreise im Q2 2024 einen leichten Rückgang auf 23,6 Millionen Dollar, stiegen jedoch YTD um 25% auf 51,1 Millionen Dollar.
Die Bruttomarge lag im Q2 bei 32% und YTD bei 34%. Die Betriebskosten sanken im Q2 um 41% auf 31,4 Millionen Dollar und YTD um 28% auf 62,3 Millionen Dollar. Der Nettoverlust für das Q2 betrug $(20,1) Millionen, bzw. $(0,20) pro Aktie, im Vergleich zu $(41,5) Millionen, oder $(0,67) pro Aktie, im Q2 2023. Das bereinigte EBITDA wies für das Q2 2024 einen Verlust von $(14,7) Millionen auf.
Liquide Mittel und Äquivalente beliefen sich zum 30. Juni 2024 auf 73,9 Millionen Dollar. Blink hat auch das Umsatzziel für das gesamte Jahr 2024 auf zwischen 145 Millionen und 155 Millionen Dollar angepasst, mit dem Ziel, bis 2025 ein positives bereinigtes EBITDA zu erzielen.
- 30% increase in YTD total revenues to $70.8M.
- 15% increase in Q2 2024 service revenues to $8.0M.
- 38% increase in YTD service revenues to $16.2M.
- 25% increase in YTD product revenues to $51.1M.
- 41% decrease in Q2 2024 operating expenses to $31.4M.
- 28% decrease in YTD operating expenses to $62.3M.
- Gross margin decreased from 37% in Q2 2023 to 32% in Q2 2024.
- Net loss for Q2 2024 was $(20.1)M compared to $(41.5)M in Q2 2023.
- Adjusted EBITDA loss of $(14.7)M in Q2 2024.
- Cash and equivalents decreased to $73.9M from $121.7M at year-end 2023.
Insights
Blink Charging's Q2 2024 results show mixed performance. While total revenues increased slightly by
Positively, Blink significantly reduced operating expenses by
The company lowered its 2024 revenue guidance to
Blink's results reflect broader challenges in the EV market. The company noted a "general short-term softening of EV demand" impacting sales. However, Blink is adapting by diversifying its product mix towards more Level 2 chargers and expanding service offerings.
With 4,106 charging stations contracted, sold or deployed in Q2, Blink continues to grow its network. The company claims the third-largest charging network in the industry, positioning it well for long-term growth as EV adoption increases.
Key partnerships, like with Decathlon in Belgium and BYD dealerships in Mexico, demonstrate Blink's efforts to expand internationally. The company's selection for government contracts and partnerships with fleet operators also highlight potential growth avenues beyond consumer-focused charging.
Blink's vertical integration strategy and diverse product lineup are key differentiators in the competitive EV charging market. The company's focus on software solutions and grid integration could open new revenue streams and improve margins long-term.
The launch of Blink Care, a preventative maintenance program, addresses a critical issue in the industry - charger reliability. This could enhance customer satisfaction and potentially drive more recurring revenue.
Achieving "In Process" FedRAMP status is significant, as it opens doors to lucrative government contracts. The company's selection for various state and institutional purchasing agreements further solidifies its position in the public sector market.
While near-term challenges exist, Blink's strategic positioning and product development efforts align well with the long-term growth trajectory of the EV charging infrastructure market.
- Second quarter 2024 total revenues of
$33.3 million , an increase over total revenues of$32.8 million in second quarter of 2023;30% increase in year-to-date 2024 total revenues to$70.8 million - Second quarter 2024 product revenues of
$23.6 million compared to$24.6 million in second quarter of 2023;25% increase in year-to-date 2024 product revenues to$51.1 million 15% increase in service revenues to$8.0 million in second quarter of 2024 compared to$7.0 million in second quarter 2023;38% increase in year-to-date 2024 service revenues to$16.2 million - Service revenue contributed
24% of total revenue compared with21% in the same period last year - Industry leading gross margin of
32% in the second quarter of 2024(1);34% gross margin year-to-date - Second quarter 2024 operating expenses decreased
41% to$31.4 million compared to second quarter of 2023;28% decrease in year-to-date 2024 operating expenses to$62.3 million - 4,106 charging stations contracted, deployed or sold in second quarter of 2024
Bowie, MD, Aug. 07, 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 second quarter ended June 30, 2024.
The following top-line highlights are in thousands of dollars and preliminary.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||||
| Product Revenues | $ | 23,582 | $ | 24,587 | (4.1 | %) | $ | 51,090 | $ | 40,976 | 24.7 | % | ||||||||||||
| Service Revenues (2) | 8,045 | 6,991 | 15.1 | % | 16,234 | 11,756 | 38.1 | % | ||||||||||||||||
| Other Revenues (3) | 1,635 | 1,264 | 29.4 | % | 3,506 | 1,778 | 97.2 | % | ||||||||||||||||
| Total Revenues | $ | 33,262 | $ | 32,842 | 1.3 | % | $ | 70,830 | $ | 54,510 | 29.9 | % | ||||||||||||
| (1) | Among comparative full-service publicly traded charging providers in the U.S. | |
| (2) | Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues. | |
| (3) | Other Revenues consist of warranty fees, grants and rebates, and other revenues. | |
“During the quarter, we continued to gain market share and expand our charging footprint with 4,106 charging stations contracted, sold, or deployed, and nearly 33 gigawatt hours disbursed across the Blink charging networks. While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of a massive charging infrastructure build out that will be with us for many decades to come. With the third largest network in the industry, we are strategically positioned to benefit from this long-term trend.
“The breadth of Blink’s product lineup, combined with our flexible offerings for customers, differentiates us in the market and establishes the Company as a leading provider of EV charging solutions capable of meeting virtually any customer needs. In the second quarter, we continued to diversify our product sales to include more level 2 charging equipment. Moreover, we anticipate that our enhanced focus on services and software solutions and integrating our products into the broader grid will allow us to further expand our addressable market. We also significantly reduced our operating expenses by
“With our unique, vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders. We remain committed to expanding our global charging footprint and are leaning into our mission of advancing energy transition through innovative charging solutions,” said Brendan Jones, President and Chief Executive Officer of Blink Charging.
Company Targets
For the full year 2024, Blink is adjusting its target revenues to between
The Company targets gross margin for full year 2024 of approximately
Second Quarter and First Half Financial Results
Revenues
Total Revenues of
Total Revenues increased
Product Revenues of
Product Revenues increased
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased
Service Revenues increased
Other Revenues, which are comprised of warranty fees, grants and rebates, and additional sources, increased
Other Revenues increased
Gross Profit
Gross Profit was
Gross Profit was
Operating Expenses
Operating Expenses in the second quarter of 2024 decreased
Operating Expenses in the first six months of 2024 decreased
Net Loss and Loss Per Share
Net Loss for the second quarter of 2024 was
Net Loss for the first six months of 2024 was
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the second quarter of 2024 was a loss of
Adjusted EBITDA for the first six months of 2024 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, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense) 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 second quarter of 2024 was a loss of
Adjusted EPS for the first six months of 2024 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 amortization expense of intangible assets, acquisition related costs, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense. 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 June 30, 2024, Cash and Cash Equivalents totaled
Recent Quarter Highlights:
- Signed agreement in Belgium with Decathlon, the world’s largest sporting goods retailer, for Blink to own and operate L2 and DC chargers at certain retail locations.
- Launched Blink Care, a new preventative maintenance program designed to reduce charger downtime and enhance charging experience
- Achieved “In Process” FedRAMP status to provide cloud-based EV charging solutions across U.S. Government
- Selected as an official electric vehicle charger and network services provider for the state of New York
- Envoy Technologies, Blink’s subsidiary and a provider of EV car-sharing services and community-based EVs, entered an agreement with Indigo Neighborhood to provide turn-key, on-demand, Rivian EVs
- Selected by official BYD dealership Grupo Fame, one of the largest dealership groups in Mexico, to provide EV charging services at select locations
- Selected as an official supplier in NASPO ValuePoint’s new EV charging station portfolio
- Blink Charging UK teamed up with Evri, the UK’s largest dedicated parcel delivery company, to support fleet electrification initiatives
- Envoy Technologies entered an agreement with Prima at Paseo South Gulch to provide residents with on-site access to shared EVs
- Keystone Purchasing Network selected Blink as exclusive provider of EV charging services
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss second quarter 2024 results today, August 7, 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/2468/50950
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: 985434.
A replay of the teleconference will be available until September 6, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 50950.
###
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 Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 23,582 | $ | 24,587 | $ | 51,090 | $ | 40,976 | ||||||||
| Charging service revenue - company-owned charging stations | 4,936 | 4,367 | 9,963 | 7,252 | ||||||||||||
| Network fees | 1,907 | 1,667 | 3,972 | 3,295 | ||||||||||||
| Warranty | 1,340 | 921 | 2,293 | 1,314 | ||||||||||||
| Grant and rebate | 52 | 188 | 635 | 237 | ||||||||||||
| Car-sharing services | 1,202 | 957 | 2,299 | 1,209 | ||||||||||||
| Other | 243 | 155 | 578 | 227 | ||||||||||||
| Total Revenues | 33,262 | 32,842 | 70,830 | 54,510 | ||||||||||||
| Cost of Revenues: | ||||||||||||||||
| Cost of product sales | 14,241 | 13,159 | 30,843 | 24,890 | ||||||||||||
| Cost of charging services - company-owned charging stations | 495 | 743 | 1,200 | 1,630 | ||||||||||||
| Host provider fees | 3,282 | 2,239 | 6,324 | 3,886 | ||||||||||||
| Network costs | 650 | 495 | 1,239 | 932 | ||||||||||||
| Warranty and repairs and maintenance | 981 | 1,415 | 1,586 | 2,363 | ||||||||||||
| Car-sharing services | 1,284 | 1,594 | 2,146 | 2,231 | ||||||||||||
| Depreciation and amortization | 1,616 | 906 | 3,360 | 1,744 | ||||||||||||
| Total Cost of Revenues | 22,549 | 20,551 | 46,698 | 37,676 | ||||||||||||
| Gross Profit | 10,713 | 12,291 | 24,132 | 16,834 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Compensation | 17,654 | 37,990 | 32,611 | 60,699 | ||||||||||||
| General and administrative expenses | 8,003 | 10,475 | 15,810 | 17,146 | ||||||||||||
| Other operating expenses | 4,958 | 4,916 | 11,396 | 9,111 | ||||||||||||
| Change in fair value of consideration payable | 747 | - | 2,447 | - | ||||||||||||
| Total Operating Expenses | 31,362 | 53,381 | 62,264 | 86,956 | ||||||||||||
| Loss From Operations | (20,649 | ) | (41,090 | ) | (38,132 | ) | (70,122 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest expense | (46 | ) | (786 | ) | (473 | ) | (1,403 | ) | ||||||||
| Change in fair value of derivative and other accrued liabilities | (17 | ) | - | (15 | ) | 10 | ||||||||||
| Dividend and interest income | 817 | 600 | 1,580 | 650 | ||||||||||||
| Total Other Income (Expense) | 754 | (186 | ) | 1,092 | (743 | ) | ||||||||||
| Loss Before Income Taxes | $ | (19,895 | ) | $ | (41,276 | ) | $ | (37,040 | ) | $ | (70,865 | ) | ||||
| Provision for income taxes | (164 | ) | (206 | ) | (192 | ) | (418 | ) | ||||||||
| Net Loss | $ | (20,059 | ) | $ | (41,482 | ) | $ | (37,232 | ) | $ | (71,283 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.20 | ) | $ | (0.67 | ) | $ | (0.37 | ) | $ | (1.20 | ) | ||||
| Diluted | $ | (0.20 | ) | $ | (0.67 | ) | $ | (0.37 | ) | $ | (1.20 | ) | ||||
| Weighted Average Number of | ||||||||||||||||
| Common Shares Outstanding: | ||||||||||||||||
| Basic | 101,009,593 | 61,882,330 | 100,456,032 | 59,176,129 | ||||||||||||
| Diluted | 101,009,593 | 61,882,330 | 100,456,032 | 59,176,129 | ||||||||||||
BLINK CHARGING CO.
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
(unaudited)
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 73,885 | $ | 121,691 | ||||
| Accounts receivable, net | 49,609 | 45,447 | ||||||
| Inventory, net | 44,454 | 47,942 | ||||||
| Prepaid expenses and other current assets | 5,227 | 6,654 | ||||||
| Total Current Assets | 173,175 | 221,734 | ||||||
| Restricted cash | 75 | 79 | ||||||
| Property and equipment, net | 40,317 | 35,127 | ||||||
| Operating lease right-of-use asset | 8,185 | 9,731 | ||||||
| Intangible assets, net | 13,001 | 16,298 | ||||||
| Goodwill | 144,881 | 144,881 | ||||||
| Other assets | 638 | 669 | ||||||
| Total Assets | $ | 380,272 | $ | 428,519 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 29,623 | $ | 31,193 | ||||
| Accrued expenses and other current liabilities | 14,238 | 14,143 | ||||||
| Notes payable | 265 | 6,792 | ||||||
| Current portion of operating lease liabilities | 3,311 | 3,448 | ||||||
| Current portion of financing lease liabilities | 238 | 512 | ||||||
| Current portion of deferred revenue | 15,192 | 13,613 | ||||||
| Total Current Liabilities | 62,867 | 69,701 | ||||||
| Consideration payable | 20,565 | 49,434 | ||||||
| Operating lease liabilities, non-current portion | 5,993 | 7,025 | ||||||
| Financing lease liabilities, non-current portion | 115 | 163 | ||||||
| Other liabilities | 337 | 337 | ||||||
| Deferred revenue, non-current portion | 13,515 | 12,462 | ||||||
| Total Liabilities | 103,392 | 139,122 | ||||||
| Stockholders’ Equity: | ||||||||
| Common stock, | 101 | 93 | ||||||
| Additional paid-in capital | 855,907 | 829,563 | ||||||
| Accumulated other comprehensive loss | (4,173 | ) | (2,536 | ) | ||||
| Accumulated deficit | (574,955 | ) | (537,723 | ) | ||||
| Total Stockholders’ Equity | 276,880 | 289,397 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 380,272 | $ | 428,519 | ||||
BLINK CHARGING CO. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| For The Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (37,232 | ) | $ | (71,283 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 6,579 | 6,825 | ||||||
| Non-cash lease expense | 2,438 | 833 | ||||||
| Change in fair value of contingent consideration | - | 41 | ||||||
| (Gain) loss on disposal of fixed assets | 39 | 33 | ||||||
| Change in fair value of derivative and other accrued liabilities | (15 | ) | 10 | |||||
| Change in fair value of consideration payable | 2,447 | - | ||||||
| Provision for slow moving and obsolete inventory | 822 | 65 | ||||||
| Provision for bad debt | 903 | 1,318 | ||||||
| Stock-based compensation: | ||||||||
| Common stock | 1,636 | 10,500 | ||||||
| Options | 315 | 3,857 | ||||||
| Warrants | - | 5,082 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable and other receivables | (6,990 | ) | (20,630 | ) | ||||
| Inventory | 2,239 | (11,855 | ) | |||||
| Prepaid expenses and other current assets | 1,349 | (1,073 | ) | |||||
| Other assets | 26 | 898 | ||||||
| Accounts payable and accrued expenses | (1,099 | ) | 7,379 | |||||
| Other liabilities | - | (258 | ) | |||||
| Lease liabilities | (2,052 | ) | (2,232 | ) | ||||
| Deferred revenue | 2,861 | 5,450 | ||||||
| Total Adjustments | 11,497 | 6,243 | ||||||
| Net Cash Used In Operating Activities | (25,735 | ) | (65,040 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Purchase consideration of Envoy, net of cash acquired | - | (4,660 | ) | |||||
| Capitalization of engineering costs | (155 | ) | (526 | ) | ||||
| Purchases of property and equipment | (8,584 | ) | (5,647 | ) | ||||
| Net Cash Used In Investing Activities | (8,739 | ) | (10,833 | ) | ||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from sale of common stock in public offering, net [1] | 25,070 | 113,254 | ||||||
| Repayment of note payable | (37,881 | ) | - | |||||
| Proceeds from exercise of options and warrants | - | 835 | ||||||
| Repayment of financing liability in connection with finance lease | (375 | ) | (1,443 | ) | ||||
| Payment of financing liability in connection with internal use software | (286 | ) | (220 | ) | ||||
| Net Cash (Used In) Provided By Financing Activities | (13,472 | ) | 112,426 | |||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 136 | 1,354 | ||||||
| Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | (47,810 | ) | 37,907 | |||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 121,770 | 36,633 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 73,960 | $ | 74,540 | ||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
| Cash and cash equivalents | $ | 73,885 | $ | 74,464 | ||||
| Restricted cash | 75 | 76 | ||||||
| $ | 73,960 | $ | 74,540 | |||||
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 Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Loss | $ | (20,059 | ) | $ | (41,482 | ) | $ | (37,232 | ) | $ | (71,283 | ) | ||||
| Add: | ||||||||||||||||
| Interest Expense | 46 | 786 | 473 | 1,403 | ||||||||||||
| Provision for Income Taxes | 164 | 206 | 192 | 418 | ||||||||||||
| Depreciation and amortization | 3,236 | 3,659 | 6,579 | 6,825 | ||||||||||||
| EBITDA | (16,613 | ) | (36,831 | ) | (29,988 | ) | (62,637 | ) | ||||||||
| Add: | ||||||||||||||||
| Stock-based compensation | 1,034 | 11,663 | 1,951 | 19,438 | ||||||||||||
| Acquisition-related costs | 12 | 51 | 26 | 283 | ||||||||||||
| Estimated loss related to underperforming assets of subsidiary | 112 | - | 676 | - | ||||||||||||
| Change in fair value related to consideration payable | 747 | - | 2,447 | - | ||||||||||||
| One-time non-recurring expense | - | 11,632 | - | 11,632 | ||||||||||||
| Adjusted EBITDA | $ | (14,708 | ) | $ | (13,485 | ) | $ | (24,888 | ) | $ | (31,284 | ) | ||||
The following table reconciles EPS attributable to Blink Charging to Adjusted EPS for the periods shown:
| For The Three Months Ended | For The Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income - per diluted share | $ | (0.20 | ) | $ | (0.67 | ) | $ | (0.37 | ) | $ | (1.20 | ) | ||||
| Per diluted share adjustments: | ||||||||||||||||
| Add: Amortization expense of intangible assets | 0.01 | 0.04 | 0.03 | 0.08 | ||||||||||||
| Acquisition-related costs | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
| Estimated loss related to underperforming assets of subsidiary | 0.00 | - | 0.01 | - | ||||||||||||
| Change in fair value related to consideration payable | 0.01 | - | 0.02 | - | ||||||||||||
| One-time non-recurring expense | - | 0.19 | - | 0.20 | ||||||||||||
| Adjusted EPS | $ | (0.18 | ) | $ | (0.44 | ) | $ | (0.31 | ) | $ | (0.92 | ) | ||||
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 stock-based compensation, acquisition related costs, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense, 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 timeline, 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
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