BLINK CHARGING ANNOUNCES THIRD QUARTER 2024 RESULTS
Blink Charging reported Q3 2024 total revenues of $25.2 million, down 41.9% from Q3 2023. Service revenues increased 30% to $8.8 million, while product revenues decreased 61.6% to $13.4 million. The company achieved an industry-leading gross margin of 36% in Q3 2024. Operating expenses decreased 21% to $97.3 million compared to Q3 2023. The company has revised its full-year 2024 revenue target to between $125-135 million and expects to achieve positive adjusted EBITDA in H2 2025. Blink surpassed 105,000 chargers contracted, deployed or sold globally since inception.
Blink Charging ha riportato ricavi totali per il terzo trimestre del 2024 pari a 25,2 milioni di dollari, segnando un calo del 41,9% rispetto al terzo trimestre del 2023. I ricavi dai servizi sono aumentati del 30% a 8,8 milioni di dollari, mentre i ricavi dai prodotti sono diminuiti del 61,6% a 13,4 milioni di dollari. L'azienda ha raggiunto un margine lordo leader nel settore del 36% nel terzo trimestre del 2024. Le spese operative sono diminuite del 21% a 97,3 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha rivisto il suo obiettivo di fatturato per l'intero anno 2024, fissandolo tra 125 e 135 milioni di dollari, e si aspetta di raggiungere un EBITDA rettificato positivo nel secondo semestre del 2025. Blink ha superato i 105.000 caricatori contrattati, installati o venduti a livello globale dalla sua nascita.
Blink Charging reportó ingresos totales de 25,2 millones de dólares en el tercer trimestre de 2024, lo que representa una disminución del 41,9% en comparación con el tercer trimestre de 2023. Los ingresos por servicios aumentaron un 30% a 8,8 millones de dólares, mientras que los ingresos por productos cayeron un 61,6% a 13,4 millones de dólares. La compañía logró un margen bruto líder en la industria del 36% en el tercer trimestre de 2024. Los gastos operativos disminuyeron un 21% a 97,3 millones de dólares en comparación con el tercer trimestre de 2023. La empresa ha revisado su objetivo de ingresos para todo el año 2024 a entre 125 y 135 millones de dólares y espera lograr un EBITDA ajustado positivo en la segunda mitad de 2025. Blink superó los 105,000 cargadores contratados, desplegados o vendidos a nivel mundial desde su inicio.
블링크 차징은 2024년 3분기 총 수익이 2520만 달러에 달했다고 보고했으며, 이는 2023년 3분기 대비 41.9% 감소한 수치입니다. 서비스 수익은 30% 증가하여 880만 달러에 이르렀고, 제품 수익은 61.6% 감소하여 1340만 달러로 줄었습니다. 회사는 2024년 3분기에 36%의 업계 최고 총 이익률을 달성했습니다. 운영 비용은 2023년 3분기와 비교하여 21% 감소한 9730만 달러로 집계되었습니다. 회사는 2024년 전체 연간 수익 목표를 1억2500만에서 1억3500만 달러 사이로 수정했으며, 2025년 하반기에 조정된 EBITDA가 긍정적으로 달성될 것으로 기대하고 있습니다. 블링크는 창립 이후 전 세계적으로 계약, 배치 또는 판매된 충전기가 10만5000대를 초과했습니다.
Blink Charging a annoncé un chiffre d'affaires total de 25,2 millions de dollars pour le troisième trimestre de 2024, en baisse de 41,9% par rapport au troisième trimestre de 2023. Les revenus de services ont augmenté de 30% pour atteindre 8,8 millions de dollars, tandis que les revenus de produits ont diminué de 61,6% pour s'établir à 13,4 millions de dollars. L'entreprise a atteint une marge brute de 36% en tête de l'industrie au troisième trimestre de 2024. Les frais d'exploitation ont diminué de 21% pour atteindre 97,3 millions de dollars par rapport au troisième trimestre de 2023. L'entreprise a révisé son objectif de chiffre d'affaires pour l'année 2024 entre 125 et 135 millions de dollars et prévoit d'atteindre un EBITDA ajusté positif au second semestre de 2025. Blink a dépassé les 105 000 chargeurs contractés, déployés ou vendus dans le monde depuis sa création.
Blink Charging hat für das dritte Quartal 2024 einen Gesamtumsatz von 25,2 Millionen US-Dollar gemeldet, was einem Rückgang von 41,9% im Vergleich zum dritten Quartal 2023 entspricht. Die Service-Umsätze stiegen um 30% auf 8,8 Millionen US-Dollar, während die Produktumsätze um 61,6% auf 13,4 Millionen US-Dollar sanken. Das Unternehmen erzielte im dritten Quartal 2024 eine branchenführende Bruttomarge von 36%. Die Betriebskosten sind im Vergleich zum dritten Quartal 2023 um 21% auf 97,3 Millionen US-Dollar gesunken. Das Unternehmen hat sein Umsatzziel für das gesamte Jahr 2024 auf zwischen 125 und 135 Millionen US-Dollar angepasst und erwartet, in der zweiten Hälfte von 2025 ein positives bereinigtes EBITDA zu erreichen. Blink hat seit seiner Gründung über 105.000 Ladegeräte vertraglich vereinbart, installiert oder verkauft.
- 30% increase in service revenues to $8.8 million in Q3 2024
- Industry-leading gross margin of 36% in Q3 2024
- 21% reduction in operating expenses to $97.3 million
- 28% growth in owned and operated charging units compared to Q3 2023
- 61.6% decrease in product revenues to $13.4 million in Q3 2024
- 41.9% decrease in total revenues to $25.2 million in Q3 2024
- Net loss of $87.4 million in Q3 2024
- Downward revision of full-year 2024 revenue guidance to $125-135 million
Insights
Blink Charging's Q3 2024 results reveal concerning trends, with total revenues declining
Key concerns include reduced full-year revenue guidance to
The results highlight the challenging dynamics in the EV charging market. While Blink's strategic shift toward service revenues and network expansion shows promise, with
The launch of a
- Third quarter 2024 total revenues of
$25.2 million ; Year-to-date 2024 total revenues of$96.0 million - Third quarter 2024 product revenues of
$13.4 million ; Year-to-date 2024 product revenues of$64.5 million 30% increase in service revenues2 to$8.8 million in third quarter of 2024 compared to$6.7 million in third quarter 2023;35% increase in year-to-date 2024 service revenues to$25.0 million - Service revenue contributed
35% of total revenue in third quarter 2024 compared with16% in the same period last year - Industry leading gross margin of
36% in the third quarter of 2024;35% gross margin year-to-date(1) - Third quarter 2024 operating expenses decreased
21% to$97.3 million compared to third quarter of 2023;24% decrease in year-to-date 2024 operating expenses to$159.6 million - 6,978 charging stations contracted, deployed or sold in third quarter of 2024; Company has surpassed 105,000 chargers contracted, deployed or sold globally since inception
Bowie, MD, Nov. 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 third quarter ended September 30, 2024.
The following top-line highlights are in thousands of dollars and preliminary.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||||
| Product Revenues | $ | 13,448 | $ | 35,059 | (61.6 | )% | $ | 64,538 | $ | 76,035 | (15.1 | )% | ||||||||||||
| Service Revenues (2) | 8,754 | 6,735 | 30.0 | % | 24,988 | 18,491 | 35.1 | % | ||||||||||||||||
| Other Revenues (3) | 2,985 | 1,583 | 88.6 | % | 6,491 | 3,361 | 93.1 | % | ||||||||||||||||
| Total Revenues | $ | 25,187 | $ | 43,377 | (41.9 | )% | $ | 96,017 | $ | 97,887 | (1.9 | )% | ||||||||||||
(1) Among comparative full-service publicly traded charging providers headquartered 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.
“Blink delivered service revenue growth of
“As we move through the balance of the year, we’re focused on continuing the momentum we’ve built around our service offerings and on increasing our reach as the third largest charging network in the U.S. and a leading charging provider in Europe. We have continued to expand our Blink-owned network, with
“We remain focused on our strategic priorities and have restructured our operations and optimized our processes to ensure that Blink is resilient in challenging market conditions. During the quarter, as previously communicated, we took additional improvement actions that will be completed by first quarter of 2025.
“The EV charging industry is still in its early stages, and with our product and service offerings, our network and our flexible business models designed to meet the unique needs of our customers, we’re energized by the opportunities in our pipeline. As EV adoption continues to expand, we remain committed to building the global infrastructure to enable a seamless transition to electric transportation alternatives.” said Brendan Jones, President and Chief Executive Officer of Blink Charging.
Company Targets
For the full year 2024, Blink is revising its target revenues to between
The Company targets gross margin for full year 2024 of approximately
Third Quarter and First Nine Months Financial Results
Revenues
Total Revenues of
Total Revenues of
Product Revenues of
Product Revenues of
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 to
Other Revenues increased
Gross Profit
Gross Profit was
Gross Profit was
Operating Expenses
Operating expenses in the third quarter of 2024 decreased
Operating expenses in the first nine months of 2024 decreased
Operating expense in the third quarter and the first nine months of 2024 include non-cash goodwill and intangible assets impairment charges of
Net Loss and Loss Per Share
Net Loss for the third quarter of 2024 was
Net Loss for the first nine months of 2024 was
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the third quarter of 2024 was a loss of
Adjusted EBITDA for the first nine 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, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, loss on extinguishment of notes 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 third quarter of 2024 was a loss of
Adjusted EPS for the first nine 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, impairment of goodwill and intangible assets, loss on extinguishment of notes 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 September 30, 2024, Cash and Cash Equivalents totaled
Third Quarter 2024 Highlights:
- Surpassed 100,000 chargers sold, deployed, or contracted globally
- Announced planned operational cost reductions designed to position Blink for short and long-term success
- Collaborated with WEX to enhance the integration of EV charging into mixed energy fleets
- Formed a strategic alliance with Create Energy to revolutionize energy management with a ‘one-stop-shop’ for next-generation EV and renewable solutions
- Announced the retirement of President and CEO Brendan Jones and the appointment of Michael Battaglia as successor
Subsequent to the Close of Third Quarter 2024:
- Announced launching a
£100 million Special Purpose Vehicle (SPV) to deploy charging assets and infrastructure in United Kingdom - Awarded a
$2 million grant to own and operate EV chargers for the state of Illinois - Envoy Technologies, Blink’s subsidiary and a provider of electric vehicle car-sharing services and community-based electric vehicles, teamed with UNLMTED Real Estate Group to introduce car sharing at FIAT House, a brand-new collection of luxury residences in New Jersey
- Announced a strategic agreement with Stable Auto to deploy advanced AI modeling in order to increase site utilization and efficiency
- Envoy Technologies introduced award-winning Lucid Air EVs as part of its car share programs
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss third quarter 2024 results today, November 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/2468/51507
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: 315699.
A replay of the teleconference will be available until December 7, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 51507.
###
BLINK CHARGING CO.
Unaudited Condensed Consolidated Statements of Operations
(in thousands except for share and per share amounts)
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 13,448 | $ | 35,059 | $ | 64,538 | $ | 76,035 | ||||||||
| Charging service revenue - company-owned charging stations | 5,254 | 3,859 | 15,217 | 11,111 | ||||||||||||
| Network fees | 2,332 | 1,973 | 6,304 | 5,268 | ||||||||||||
| Warranty | 1,405 | 849 | 3,698 | 2,163 | ||||||||||||
| Grant and rebate | 982 | 47 | 1,617 | 284 | ||||||||||||
| Car-sharing services | 1,168 | 903 | 3,467 | 2,112 | ||||||||||||
| Other | 598 | 687 | 1,176 | 914 | ||||||||||||
| Total Revenues | 25,187 | 43,377 | 96,017 | 97,887 | ||||||||||||
| Cost of Revenues: | ||||||||||||||||
| Cost of product sales | 9,122 | 24,619 | 39,965 | 49,509 | ||||||||||||
| Cost of charging services - company-owned charging stations | 724 | 566 | 1,924 | 2,196 | ||||||||||||
| Host provider fees | 2,982 | 2,399 | 9,306 | 6,285 | ||||||||||||
| Network costs | 577 | 407 | 1,816 | 1,339 | ||||||||||||
| Warranty and repairs and maintenance | 294 | 561 | 1,880 | 2,924 | ||||||||||||
| Car-sharing services | 1,156 | 931 | 3,302 | 3,162 | ||||||||||||
| Depreciation and amortization | 1,213 | 1,109 | 4,573 | 2,853 | ||||||||||||
| — | ||||||||||||||||
| Total Cost of Revenues | 16,068 | 30,592 | 62,766 | 68,268 | ||||||||||||
| Gross Profit | 9,119 | 12,785 | 33,251 | 29,619 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Compensation | 15,159 | 15,268 | 47,770 | 75,967 | ||||||||||||
| General and administrative expenses | 7,972 | 8,539 | 23,782 | 26,466 | ||||||||||||
| Other operating expenses | 4,739 | 5,300 | 16,135 | 13,630 | ||||||||||||
| Change in fair value of consideration payable | 364 | — | 2,811 | — | ||||||||||||
| Impairment of intangible assets | — | 5,143 | — | 5,143 | ||||||||||||
| Impairment of goodwill | 69,111 | 89,087 | 69,111 | 89,087 | ||||||||||||
| Total Operating Expenses | 97,345 | 123,337 | 159,609 | 210,293 | ||||||||||||
| Loss From Operations | (88,226 | ) | (110,552 | ) | (126,358 | ) | (180,674 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest expense | (2 | ) | (970 | ) | (475 | ) | (2,373 | ) | ||||||||
| Gain (loss) on extinguishment of notes payable | 36 | (1,000 | ) | 36 | (1,000 | ) | ||||||||||
| Change in fair value of derivative and other accrued liabilities | 4 | — | (11 | ) | 10 | |||||||||||
| Other expense | (2 | ) | (112 | ) | (2 | ) | (62 | ) | ||||||||
| Dividend and interest income | 783 | 720 | 2,363 | 1,320 | ||||||||||||
| Total Other Income (Expense) | 819 | (1,362 | ) | 1,911 | (2,105 | ) | ||||||||||
| Loss Before Income Taxes | $ | (87,407 | ) | $ | (111,914 | ) | $ | (124,447 | ) | $ | (182,779 | ) | ||||
| Benefit (provision) for income taxes | 18 | (807 | ) | (174 | ) | (1,225 | ) | |||||||||
| Net Loss | $ | (87,389 | ) | $ | (112,721 | ) | $ | (124,621 | ) | $ | (184,004 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.86 | ) | $ | (1.74 | ) | $ | (1.24 | ) | $ | (3.02 | ) | ||||
| Diluted | $ | (0.86 | ) | $ | (1.74 | ) | $ | (1.24 | ) | $ | (3.02 | ) | ||||
| Weighted Average Number of | ||||||||||||||||
| Common Shares Outstanding: | ||||||||||||||||
| Basic | 101,113,655 | 64,626,681 | 100,676,840 | 61,006,242 | ||||||||||||
| Diluted | 101,113,655 | 64,626,681 | 100,676,840 | 61,006,242 | ||||||||||||
BLINK CHARGING CO.
Unaudited Condensed Consolidated Balance Sheets
(in thousands except for share amounts)
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 64,584 | $ | 121,691 | ||||
| Accounts receivable, net | 48,697 | 45,447 | ||||||
| Inventory, net | 42,312 | 47,942 | ||||||
| Prepaid expenses and other current assets | 4,666 | 6,654 | ||||||
| Total Current Assets | 160,259 | 221,734 | ||||||
| Restricted cash | 77 | 79 | ||||||
| Property and equipment, net | 44,045 | 35,127 | ||||||
| Operating lease right-of-use assets | 10,190 | 9,731 | ||||||
| Intangible assets, net | 12,055 | 16,298 | ||||||
| Goodwill | 75,770 | 144,881 | ||||||
| Other assets | 2,942 | 669 | ||||||
| Total Assets | $ | 305,338 | $ | 428,519 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 32,458 | $ | 31,193 | ||||
| Accrued expenses and other current liabilities | 13,401 | 14,143 | ||||||
| Current portion of consideration payable | 265 | 6,792 | ||||||
| Current portion of operating lease liabilities | 3,571 | 3,448 | ||||||
| Current portion of financing lease liabilities | 40 | 512 | ||||||
| Current portion of deferred revenue | 16,330 | 13,613 | ||||||
| Total Current Liabilities | 66,065 | 69,701 | ||||||
| Consideration payable, non-current portion | 20,891 | 49,434 | ||||||
| Operating lease liabilities, non-current portion | 7,561 | 7,025 | ||||||
| Financing lease liabilities, non-current portion | 106 | 163 | ||||||
| Other liabilities | 337 | 337 | ||||||
| Deferred revenue, non-current portion | 15,955 | 12,462 | ||||||
| Total Liabilities | 110,915 | 139,122 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders’ Equity: | ||||||||
| Common stock, | 101 | 93 | ||||||
| Additional paid-in capital | 858,240 | 829,563 | ||||||
| Accumulated other comprehensive loss | (1,574 | ) | (2,536 | ) | ||||
| Accumulated deficit | (662,344 | ) | (537,723 | ) | ||||
| Total Stockholders’ Equity | 194,423 | 289,397 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 305,338 | $ | 428,519 | ||||
BLINK CHARGING CO.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
| For The Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (124,621 | ) | $ | (184,004 | ) | ||
| Adjustments to reconcile net loss to net cash | ||||||||
| used in operating activities: | ||||||||
| Depreciation and amortization | 9,566 | 9,694 | ||||||
| Non-cash lease expense | 1,473 | 1,695 | ||||||
| Change in fair value of contingent consideration | — | 28 | ||||||
| Loss (gain) on disposal of fixed assets | 598 | (99 | ) | |||||
| Change in fair value of derivative and other accrued liabilities | 11 | 10 | ||||||
| Change in fair value of consideration payable | 2,811 | — | ||||||
| Provision for slow moving and obsolete inventory | 1,306 | 376 | ||||||
| Provision for credit losses | 1,895 | 1,776 | ||||||
| (Gain) loss on extinguishment of notes payable | (36 | ) | 1,000 | |||||
| Impairment of goodwill | 69,111 | 89,087 | ||||||
| Impairment of intangible assets | — | 5,143 | ||||||
| Stock-based compensation | 2,877 | 20,543 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (4,970 | ) | (19,655 | ) | ||||
| Inventory | (651 | ) | (14,844 | ) | ||||
| Prepaid expenses and other current assets | 2,024 | (631 | ) | |||||
| Other assets | (2,270 | ) | 947 | |||||
| Accounts payable and accrued expenses | 1,229 | 9,101 | ||||||
| Other liabilities | — | (295 | ) | |||||
| Lease liabilities | (1,289 | ) | (3,014 | ) | ||||
| Deferred revenue | 6,106 | 5,980 | ||||||
| Total Adjustments | 89,791 | 106,842 | ||||||
| Net Cash Used In Operating Activities | (34,830 | ) | (77,162 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Purchase consideration of Envoy, net of cash acquired | — | (4,660 | ) | |||||
| Capitalization of engineering costs | (161 | ) | (526 | ) | ||||
| Purchases of property and equipment | (9,577 | ) | (7,265 | ) | ||||
| Net Cash Used In Investing Activities | (9,738 | ) | (12,451 | ) | ||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from sale of common stock in public offering, net [1] | 25,070 | 122,379 | ||||||
| Repayment of note payable | (37,881 | ) | — | |||||
| Proceeds from exercise of options and warrants | — | 835 | ||||||
| Repayment of financing liability in connection with finance lease | (582 | ) | (2,103 | ) | ||||
| Payment of financing liability in connection with internal use software | (338 | ) | (220 | ) | ||||
| Net Cash (Used In) Provided By Financing Activities | (13,731 | ) | 120,891 | |||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,190 | (1,159 | ) | |||||
| Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | (57,109 | ) | 30,119 | |||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 121,770 | 36,633 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 64,661 | $ | 66,752 | ||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
| Cash and cash equivalents | $ | 64,584 | $ | 66,678 | ||||
| Restricted cash | 77 | 74 | ||||||
| $ | 64,661 | $ | 66,752 | |||||
[1] Includes gross proceeds of
BLINK CHARGING CO.
Reconciliation of Non-GAAP Financial Measures to Comparable Financial Measures (Unaudited and in thousands)
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Loss | $ | (87,389 | ) | $ | (112,721 | ) | $ | (124,621 | ) | $ | (184,004 | ) | ||||
| Add: | ||||||||||||||||
| Interest Expense | 2 | 970 | 475 | 2,373 | ||||||||||||
| Provision for Income Taxes | (18 | ) | 807 | 174 | 1,225 | |||||||||||
| Depreciation and amortization | 2,987 | 2,869 | 9,566 | 9,694 | ||||||||||||
| EBITDA | (84,418 | ) | (108,075 | ) | (114,406 | ) | (170,712 | ) | ||||||||
| Add: | ||||||||||||||||
| Stock-based compensation | 926 | 1,105 | 2,877 | 20,543 | ||||||||||||
| Acquisition-related costs | — | 50 | 26 | 333 | ||||||||||||
| Impairment of goodwill and intangible assets | 69,111 | 94,230 | 69,111 | 94,230 | ||||||||||||
| Estimated loss related to disposal of Blink Israel | — | — | 676 | — | ||||||||||||
| Change in fair value related to consideration payable | 364 | — | 2,811 | — | ||||||||||||
| Loss on extinguishment of notes payable | — | 1,000 | — | 1,000 | ||||||||||||
| One-time non-recurring expense | — | — | — | 11,632 | ||||||||||||
| Adjusted Adjusted EBITDA | $ | (14,017 | ) | $ | (11,690 | ) | $ | (38,905 | ) | $ | (42,974 | ) | ||||
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income - per diluted share | $ | (0.86 | ) | $ | (1.74 | ) | $ | (1.24 | ) | $ | (3.02 | ) | ||||
| Per diluted share adjustments: | ||||||||||||||||
| Add: Amortization expense of intangible assets | 0.02 | 0.02 | 0.05 | 0.10 | ||||||||||||
| Acquisition-related costs | — | 0.00 | 0.00 | 0.01 | ||||||||||||
| Estimated loss related to disposal of Blink Israel | — | — | 0.01 | — | ||||||||||||
| Change in fair value related to consideration payable | 0.01 | — | 0.03 | — | ||||||||||||
| Impairment of goodwill and intangible assets | 0.68 | 1.54 | 0.68 | 1.54 | ||||||||||||
| Loss on extinguishment of notes payable | — | 0.02 | — | 0.02 | ||||||||||||
| One-time non-recurring expense | — | — | — | 0.19 | ||||||||||||
| Adjusted EPS | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.47 | ) | $ | (1.15 | ) | ||||
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, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, loss on extinguishment of notes 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 2025 positive adjusted EBITDA 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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