• 339% increase in total revenues to $9.8 million in Q1 2022 compared to $2.2 million in Q1 2021
  • 346% increase in service revenues(1) to $1.5 million in Q1 2022 compared to $0.3 million in Q1 2021
  • 99% increase in charging stations contracted or sold Q1 2022 over Q1 2021; 3,174 charging stations contracted or sold in Q1 2022

Miami Beach, FL, May 09, 2022 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), 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, 2022.

The following financial highlights are in thousands of dollars and unaudited.

 Three Months Ended    
 March 31,    
 2022 2021 % Increase 
Product Sales$8,052  $1,671  382% 
Service Revenues (1) 1,507   338  346% 
Other Revenues 241   223  8% 
Total Revenues $9,800   $2,232  339% 

(1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.

“In the first quarter of 2022, Blink again achieved record revenues with exponential year-over-year growth of almost 340% driven by increased product sales and service revenues,” commented Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging. “We’re building off a solid platform created by record 2021 results and expect continued momentum in 2022 as partners and customers recognize Blink as a leading provider of EV charging technology and services both domestically and internationally.

Mr. Farkas continued, “Our strong growth in the quarter stems primarily from our unique business model centered around providing flexible and fully integrated charging solutions to customers. As an owner-operator of many of our chargers, we’re intimately involved in every step of the installation process and can facilitate upgrades and other maintenance as needed to provide the best technology for the location while also benefiting from anticipated increased charging utilization. We have recently expanded our product offerings to include next-generation charging technology across the entire EV ecosystem including home, fleet, multifamily, retail, and federal highway infrastructure, enhancing our position as a technology innovator at the forefront of the EV charging industry.”

Mr. Farkas added that “A key part of Blink’s strategy continues to be making acquisitions and establishing multi-year partnerships that increase charger deployments and our market reach. Following the close of the first quarter, we announced our acquisition of Electric Blue Ltd. (“EB Charging”), a leading provider of integrated EV charging and sustainable energy solutions in the United Kingdom. This is an exciting acquisition for Blink as it both expands our European presence into the United Kingdom and adds over 1,150 chargers, installed or committed to delivery, to the Blink Charging footprint. With the acquisition of EB Charging, we are now present in 19 countries including the U.S., Belgium, the UK, Greece, and nine countries in Latin America.

“Additionally, we continue to see success with state and federal government programs that promote the adoption of a reliable and convenient EV infrastructure. In March, we were awarded grant funds towards the deployment of chargers across Massachusetts in conjunction with the Massachusetts Electric Vehicle Incentive Program, and we are currently deploying charging ports throughout Virginia in partnership with Virginia Clean Cities. We also received a grant for our European Subsidiary Blue Corner to further develop its energy management services. Our chargers are seeing excellent traction in the marketplace, and we remain ready to capitalize on this growing demand for our innovative portfolio of EV charging solutions.”

Mr. Farkas concluded, “Blink is increasingly well positioned to capitalize on industry growth as we move through the balance of the year, and we’re excited about the opportunities we’re seeing both in the United States and abroad as individuals, municipalities, and government entities prepare for the broader transition to EV use.”

Financial Results

Total Revenues increased 339% to $9.8 million for the first quarter of 2022 compared to the first quarter of 2021.

Product Sales increased 382% to $8.1 million in the first quarter of 2022, an increase of $6.4 million from the same period in 2021 primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues from Blue Corner, which was acquired in May 2021.

Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 346% to $1.5 million in the first quarter of 2022, up $1.2 million from the first quarter of 2021, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink network, revenues associated with the Blink Mobility ride-sharing service program, and revenues from Blue Corner, which was acquired in May 2021.

Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, remained consistent at $0.2 million in the first quarter of 2022, as compared to the first quarter of 2021.

Net Loss and Loss Per Share
Net Loss for the first quarter of 2022 was $15.1 million, or $(0.36) per share, compared to a Net Loss of $7.4 million, or $(0.18) per share in the first quarter of 2021.

Adjusted EBITDA (2)
Adjusted EBITDA for the first quarter of 2022 was a loss of $12.4 million compared to an Adjusted EBITDA loss of $6.5 million in the prior year period. Adjusted EBITDA as a percentage of revenues for the first quarter of 2022 improved 162 basis points compared to the first quarter of 2021.

Balance Sheet and Cash Flow
As of March 31, 2022, Cash and Marketable Securities totaled $161.9 million.

(2) Adjusted EBITDA (defined as earnings (loss) before interest income (expense), provision for income taxes, depreciation and amortization, and stock-based compensation) 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.

Recent Highlights

  • Subsequent to the close of the quarter, acquired UK electric vehicle infrastructure leader EB Charging, adding more than 1,150 chargers to the Blink Charging footprint
  • Furthered international expansion through a variety of hardware and software upgrades and newly signed distribution agreements, adding more than 200 chargers in Greece to the Blink Network and expanding growth in 9 additional Latin American countries
  • Awarded a €450,000 grant to develop Blue Corner energy management services from Flanders Innovation and Entrepreneurship, the Belgian government agency that finances strategic and industrial research
  • Awarded grant funds from the Massachusetts Electric Vehicle Incentive Program towards the installation of 8 DC fast-charging stations across the state
  • Continued the deployment of charging ports in partnership with the Virginia Clean Cities as part of the Mid-Atlantic Electrification Partnership
  • Agreement with General Motors to deploy IQ 200 Level 2 chargers at selected dealerships across the United States and Canada, working with leading facility solutions provider ABM
  • Agreement with Bridgestone Retail Operations for the deployment of 50 Blink IQ 200 charging stations at select Firestone Complete Auto Care and Wheel Works tire and automotive service centers throughout the United States
  • Launched seven new charging products offering next-generation EV charging technology across the EV ecosystem, including home, fleet, multifamily, and retail; certain products include vehicle-to-grid technology

Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss first quarter 2022 results today, May 9, 2022 at 4:30 PM Eastern Time.

To access the live webcast, log onto the Blink Charging website at , and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:

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: 289308.

A replay of the teleconference will be available until June 8, 2022 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 45280.


About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 30,000 charging ports across 18 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink’s principal line of products and services include the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including Blue Corner and BlueLA. 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. For more information, please visit

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 Charging 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 those described in Blink Charging’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
[email protected]
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200
[email protected]

Blink Media Contact
[email protected]

Blink Charging Co. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except for share and per share amounts)

  Three Months Ended
March 31,
  2022  2021 
Product sales $8,052  $1,671 
Charging service revenue - company-owned charging stations  1,107   182 
Network fees  161   110 
Warranty  67   13 
Grant and rebate  75   150 
Ride-sharing services  239   46 
Other  99   60 
Total Revenues  9,800   2,232 
Cost of revenues:        
Cost of product sales  6,044   1,118 
Cost of charging services – company-owned charging stations  523   50 
Host provider fees  551   126 
Network costs  234   79 
Warranty and repairs and maintenance  111   262 
Ride-sharing services  426   246 
Depreciation and amortization  325   255 
Total Cost of Revenues  8,214   2,136 
Gross Profit  1,586   96 
Operating expenses:        
Compensation  9,259   4,748 
General and administrative expenses  4,427   1,585 
Other operating expenses  2,942   1,149 
Total Operating Expenses  16,628   7,482 
Loss from operations  (15,042)  (7,386)
Other Income (Expense):        
Interest income  -   14 
Foreign transaction gain  3   - 
Change in fair value of derivative and other accrued liabilities  -   7 
Other expense  (104)  - 
Total Other (Expense) Income  (101)  21 
Net loss  (15,143)  (7,365)
Net Loss Per Share:        
Basic $(0.36) $(0.18)
Diluted $(0.36) $(0.18)
Weighted Average Number of Common Shares Outstanding:        
Basic  42,437,823   41,138,095 
Diluted  42,437,823   41,138,095 

Blink Charging Co. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except for share amounts)

  March 31, December 31,
  2022 2021
Current assets:        
Cash $161,984  $174,795 
Accounts receivable and other receivables, net  7,472   6,346 
Inventory, net  10,051   10,369 
Prepaid expenses and other current assets  576   1,020 
Total current assets  180,083   192,530 
Restricted cash  79   81 
Property and equipment, net  16,219   14,563 
Operating lease right-of-use asset  1,607   1,664 
Intangible assets, net  3,707   3,455 
Goodwill  19,054   19,390 
Other assets  517   230 
Total assets $221,266  $231,913 
Current liabilities:        
Accounts payable $8,125  $7,134 
Accrued expenses and other current liabilities  6,906   5,678 
Current portion of notes payable  10   10 
Current portion of operating lease liabilities  884   547 
Current portion of deferred revenue  2,741   2,858 
Total current liabilities  18,666   16,227 
Operating lease liabilities, non-current portion  1,125   1,531 
Other liabilities  727   193 
Deferred revenue, non-current portion  661   128 
Total liabilities  21,179   18,079 
Commitments and contingencies        
Stockholders’ Equity:        
Common stock, $0.001 par value, 500,000,000 shares authorized, 42,581,819 and 42,423,514 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively  43   42 
Additional paid-in capital  460,047   458,046 
Accumulated other comprehensive loss  (2,390)  (1,784)
Accumulated deficit  (257,613)  (242,470)
Total stockholders’ equity  200,087   213,834 
Total liabilities and stockholders’ equity $221,266  $231,913 

Blink Charging Co.
Condensed Consolidated Statements of Cash Flows
(In thousands)

  Three Months Ended March 31,
  2022 2021
Cash Flows from Operating Activities:        
Net loss $(15,143) $(7,365)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  758   514 
Non-cash lease expense  55   - 
Change in fair value of derivative and other accrued liabilities  -   7 
Provision for bad debt  502   201 
Provision for slow moving and obsolete inventory  295   (82)
Stock-based compensation:        
Common stock  507   29 
Options  1,455   386 
Changes in operating assets and liabilities:        
Accounts receivable and other receivables  (1,722)  (857)
Inventory  (698)  (1,965)
Prepaid expenses and other current assets  297   51 
Other assets  (288)  212 
Accounts payable and accrued expenses  2,120   305 
Other liabilities  101    
Lease liabilities  (66)  (75)
Deferred revenue  444   139 
Total adjustments  3,760   (1,135)
Net Cash Used in Operating Activities  (11,383)  (8,500)
Cash Flows from Investing Activities:        
Purchase of marketable securities  -   (36,562)
Purchases of property and equipment  (1,368)  (4,021)
Net Cash Used In Investing Activities  (1,368)  (40,583)
Cash Flows from Financing Activities:        
Proceeds from sale of common stock in public offering  -   221,406 
Proceeds from exercise of options and warrants  69   1;000 
Payment of financing liability in connection with internal use software  (146)  (20)
Net Cash (Used In) Provided by Financing Activities  (77)  222,386 
Effect of Exchange Rate Changes on Cash  (158)   
Net Increase in Cash  (12,986)  173,303 
Cash and Restricted Cash - Beginning of Period  175,049   22,418 
Cash and Restricted Cash - End of Period $162,063  $195,721 
Cash and restricted cash consisted of the following:        
Cash $161,984  $195,646 
Restricted cash  79   75 
  $162,063  $195,721 

Non-GAAP Financial Measures

The following table reconciles Net Loss Attributable to Blink Charging Co. to EBITDA and Adjusted EBITDA for the periods shown:

  Q1 Q1
(In thousands and unaudited) 2022 2021
Net loss attributable to Blink Charging Co. $(15,143) $(7,365)
Interest income  -   (14)
Depreciation and amortization  758   514 
EBITDA $(14,385) $(6,865)
Stock-based compensation  1,962   415 
Adjusted EBITDA $(12,423) $(6,450)
Adjusted EBITDA as a percentage of revenues  (127%) $(289%)

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 are 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 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 Co. before interest income (expense), provision for income taxes, and 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 stock-based compensation 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.