Blink Charging Co. (Nasdaq: BLNK), a leading 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, 2020.
- Fourth Quarter Revenue Grew 250%; Full Year 2020 Revenue Grew 121%
- 1,136 Commercial and Residential EV Charging Stations were Contracted, Sold, Deployed, or Acquired During Fourth Quarter 2020
- $221.5 Million Capital Raise in January 2021 Provides Significant Resources To Drive Long-Term Growth Plan
Selected Fourth Quarter 2020 Highlights:
- 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 51% in the fourth quarter compared to the prior year period.
- Total revenue for the fourth quarter 2020 increased 250% to $2.5 million compared to $0.7 million for the fourth quarter 2019.
- Revenues from product sales increased significantly to $1.8 million compared to $0.2 million in the fourth quarter of 2019, related primarily to increased demand for the Company’s commercial and residential products.
- Revenues from network fees, warranty fees, grants/rebates, and other revenues increased to $0.4 million as compared to $0.1 million in the fourth quarter of 2019, related to the increase in EV charging stations in the Company’s network.
- Revenues from charging services decreased to $0.2 million as compared to $0.4 million in the fourth quarter of 2019, related primarily to a decrease in EV charging due to the COVID-19 pandemic.
- Net loss was $7.9 million or $(0.24) per basic and diluted share compared to net loss of $2.9 million or $(0.11) in the fourth quarter of 2019. Fourth quarter 2020 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.
Selected Full Year 2020 Highlights:
- Total revenue grew 121% to $6.2 million compared to $2.8 million in 2019.
- Revenues from product sales increased significantly to $4.4 million compared to $0.9 million in 2019, related primarily to increased demand for the Company’s commercial and residential products.
- Revenues from network fees, warranty, grant/rebates and other revenues increased to $1.0 million compared to $0.5 million last year, related to the increase in EV chargers in the Company’s network
- Revenues from charging services decreased to $0.8 million as compared to $1.4 million for full year 2019, related primarily to the decrease in EV charging due to the COVID-19 pandemic.
- Net loss was $17.8 million or $(0.59) per basic and diluted share compared to net loss of $9.7 million or $(0.37) per basic and diluted share for full year 2019. The higher net loss in 2020 reflected increased expenses related to the Company’s anticipated growth, as detailed above.
- On December 31, 2020, cash and marketable securities were $22.3 million compared to $7.1 million at December 31, 2019.
- Shortly following the close of fiscal 2020, the Company completed a successful equity offering resulting in net proceeds of $221.5 million.
“Blink’s fourth quarter 2020 results delivered a strong close to 2020, continuing the momentum we built during the second and third quarters, and characterized by significantly increased revenue driven by substantial growth in product sales. Despite the many public health and economic challenges presented by the COVID-19 pandemic, we’ve continued the aggressive deployment of our owned and operated EV charging stations for a wide variety of partners and locations, including healthcare networks, hotels, multi-family residences, and municipalities. Specifically, during the fourth quarter, 66% of commercial deployments were Blink-owned units. As we have previously outlined, Blink’s unique owner/operator model is a key differentiator in our industry. With this model, we realize an economic benefit each time a vehicle is charged at a Blink-owned unit. As EV adoption continues to grow and utilization of chargers increases, we expect Blink-owned units will represent a valuable recurring revenue stream for many years to come,” stated Michael D. Farkas, Founder and Chief Executive Officer of Blink.
“We ended 2020 strong and have positioned us for continued success at the beginning of 2021. In January, we completed a successful equity raise, significantly strengthening our balance sheet, which will enable us to continue our growth at a systematic and accelerated pace. Our growth will continue both organically and through targeted acquisitions as we look to grow our footprint of EV chargers,” commented Michael Rama, Chief Financial Officer of Blink. “
“Blink is a longtime leader in the EV charging industry, and we have been methodically and strategically expanding our geographic footprint and building our brand recognition to capture opportunities as the world transitions to EVs. We are energized by our industry’s momentum, which continues to benefit from the adoption of clean energy and clean transportation initiatives. We’ve begun 2021 in a solid position, and we plan to capitalize on the many opportunities we see to provide the accessible, fast, and reliable EV infrastructure that makes EV travel both attractive and viable,” commented Brendan Jones, President of Blink.
Business Updates and Highlights
During the fourth quarter of 2020, the Company:
- Entered into a reseller agreement with The Lion Electric Company, a leading manufacturer of zero-emission buses and trucks, which will now offer Blink’s full line of charging stations to the school systems and bus fleets they serve.
- Acquired U-Go Stations, Inc. and its portfolio of 44 DCFC charging locations as well as multiple grants awarded to U-Go for the deployment of up to an additional 45 new charging stations.
- Announced the sale of 45 dual-port Blink charging stations by Blink Charging Hellas, a joint venture between Blink Charging and Eunice Energy Group, to the Public Power Company (PPC S.A.) for deployment across Greece.
- Signed exclusive seven-year agreement with two seven-year renewal options with Lehigh Valley Health Network to own and operate charging stations across the health network’s extensive portfolio of locations in Pennsylvania.
- Announced additional deployments of Blink-owned EV charging stations at St. Luke’s University Healthcare Facilities in Pennsylvania, building upon the Company’s initial contract and deployment with St. Luke’s in January 2019.
- Signed an exclusive five-year contract with two five-year renewal options for Blink-owned IQ 200 units at multiple Blessing Health System locations in Quincy, Illinois.
- Introduced an innovative pole mounting kit for the Company’s IQ 200 EV charging stations that allows streetlights or utility poles to function as charging destinations.
- Entered into a unique collaboration with Connecticut Green Bank and other EV charging partners, to register the first validated multi-partner carbon offset credit project.
- Signed an agreement with JSC Management Group, a large Burger King franchisee, to deploy numerous EV charging stations at key locations across the northeastern U.S.
- Subsequent to the fourth quarter and year ended December 31, 2020, the Company:
- Received a grant from the state of Ohio Environmental Protection Agency to deploy 144 Blink-owned and operated high-speed Level 2 charging stations at 32 sites across the state, at locations such as healthcare centers, hotels, municipal parking lots, and others.
- Announced the promotion of Brendan S. Jones to President of Blink Charging and his election to the Company’s Board of Directors.
- Received a follow-on order from InterEnergy for an additional 150 fast-charging stations, including 100 Blink IQ 200 and 50 DCFC units to be deployed across the Dominican Republic.
- Announced a collaboration with the state of Vermont to deploy 22 DCFCs and 22 Level 2 chargers across 11 sites in the state during the next two years.
- Entered into a U.S. reseller agreement with Ingram Micro Inc., a leading global distributor of information technology, cloud and mobility products, for the sale of Blink’s residential EV charging stations.
- Won the competitive bid process to provide the EV charging infrastructure for the city of San Antonio’s EVSA program, which initially enlists the Company to deploy up to 140 Blink-owned level 2 charging ports and 3 DCFCs throughout the city.
- Announced the Company’s first deployment in the state of New Hampshire in the resort town of Waterville Valley; the Blink-owned units are the only EV charging stations available for nearly 30 miles.
- Announced an initial order for 50 charging stations from InterEnergy, to further expand the Evergo network in Panama, which is expected to bring nearly 200 new EV charging stations to the country by the end of 2021.
- Named to Forbes’ list of America’s Best Small Companies.
- Signed a reseller agreement with Ballantyne Strong to offer Blink’s full line of charging stations to the broad base of cinema operators, theme parks and other entertainment and leisure-related locations that work with that company’s entertainment division.
- Purchased a 10,000+ square foot office condominium in Miami Beach to house the Blink corporate headquarters and support the Company’s ongoing growth.