Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the first quarter ended March 31, 2021.
Selected First Quarter 2020 Highlights:
| â— | The Company made continued progress with its owner/operator strategy; the number of commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 370% in the first quarter compared to the prior year period. | |
| â— | Total revenue for the first quarter 2021 increased 72% to $2.2 million compared to $1.3 million for the first quarter 2020. |
| â—‹ | Revenues from product sales increased 113% to $1.7 million compared to $0.8 million in the first quarter of 2020, related primarily to increased demand for the Company’s commercial and residential products. | |
| â—‹ | Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 100% to $0.4 million as compared to $0.2 million in the first quarter of 2020, related to the increase in EV charging stations in the Company’s network. | |
| â—‹ | Revenues from charging services decreased to $0.2 million as compared to $0.3 million in the first quarter of 2020, related primarily to a decrease in EV charging due to the COVID-19 pandemic. |
| â— | Net loss was $7.4 million or $(0.18) per basic and diluted share compared to net loss of $3.0 million or $(0.11) in the first quarter of 2020. First quarter 2021 net loss includes increases in operating expenses including increases in new personnel, specifically in the technology, sales and operations departments, in anticipation for accelerated growth of the Company. | |
| â— | On March 31, 2021, cash and marketable securities were $232.2 million compared to $22.3 million at December 31, 2020. |
Subsequent to the close of the quarter, on May 11, 2021, Blink announced the acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of 7,071 charging ports. The acquisition was made with a combination of cash and stock for €–20 million (or approximately $24 million) and gives Blink complete operational control of Blue Corner and its EV charging assets. The acquisition is part of Blink’s broader strategic international expansion plans and provides the Company a significant infrastructure footprint in the region. Blue Corner chargers are located at 3,813 locations across Belgium, Luxembourg, the Netherlands and France. To facilitate Blink’s European expansion, the Company also announced the creation of Blink Holdings BV, a new company headquartered in Amsterdam, which is expected to drive the growth of Blink’s European presence.
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About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink Charging’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, the Company 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.
CWEB Analyst’s have initiated a BUY Rating for Blink Charging Co. (Nasdaq: BLNK, BLNKW) and potential upside of $49 in 2021. The fundamentals of the company are to strong and Tesla, Nikola will use charging devices and Blink will profit the most.
