● | First quarter 2024 total revenues increased 73% to | |
● | 68% increase in product revenues to | |
● | 72% increase in service revenues to | |
● | 195% increase in gross profit to | |
● | 36% gross margin in first quarter of 2024 compared to 21% gross margin in first quarter of 2023 | |
● | 4,555 charging stations contracted, deployed or sold in first quarter of 2024 |
The following top-line highlights are in thousands of dollars and preliminary.
Three Months Ended | ||||||||||||
2024 | 2023 | Increase | ||||||||||
Product Sales | $ | 27,508 | $ | 16,389 | 68 | % | ||||||
Service Revenues (1) | 8,189 | 4,765 | 72 | % | ||||||||
Other Revenues(2) | 1,871 | 514 | 264 | % | ||||||||
Total Revenues | $ | 37,568 | $ | 21,668 | 73 | % |
(1 | ) | Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues. |
(2 | ) | Other Revenues consist of warranty fees, grants and rebates, and other revenues. |
“Blink achieved record first quarter revenues of
“We have been focused on structurally adjusting our operations to position Blink to continue winning business and also to adjust our ongoing operating expenses so that, if needed, we can respond effectively to longer-than-anticipated changes in market conditions. It is encouraging to see that our vertical integration strategy is yielding results and making Blink more resilient, with production of our ‘Buy-American’ chargers well underway at our
“As previously mentioned, we are continuing to consolidate several facilities within the
2024 Company Targets
For the full year 2024, the Company maintains its target of revenues between
The Company targets gross margin for full year 2024 of approximately 33%.
First Quarter Financial Results
Revenues
Total Revenues increased 73% to
Product Sales increased 68% to
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 72% to
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 264% to
Gross Profit
Gross Profit increased 195% to
Operating Expenses
Operating expenses in the first quarter of 2024 decreased 13% to
Net Loss and Loss Per Share
Net Loss for the first quarter of 2024 was
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the first quarter 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 underperforming assets of subsidiary, and change in fair value related to consideration payable) 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 first quarter 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 underperforming assets of subsidiary, and change in fair value related to consideration payable. 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
Recent Quarter Highlights:
● | Selected as one of the official EV charger and network services providers for the | |
● | Collaborated with Evri, the UK’s largest dedicated parcel delivery company, to install one of Evri’s first EV charging hubs in | |
● | Partnered with Keystone Purchasing Network, a cooperative purchasing program, to become its exclusive provider of EV charging services | |
● | Promoted | |
● | Established global corporate headquarters and announced expansion of manufacturing facility in | |
● | Chosen by the | |
● | Named as the official EV charging provider for | |
● | Collaborated with McArthurGlen, the leading owner, developer, and manager of designer outlets in | |
● | Continued to support Blink’s partner, AES, in efforts to provide EV drivers throughout the country of |
Earnings Conference Call
To access the live webcast, log onto the
https://www.webcaster4.com/Webcast/Page/2468/50520
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: 189266.
A replay of the teleconference will be available until
###
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
(unaudited)
For The Three Months Ended | ||||||||
2024 | 2023 | |||||||
Revenues: | ||||||||
Product sales | $ | 27,508 | $ | 16,389 | ||||
Charging service revenue - company-owned charging stations | 5,027 | 2,885 | ||||||
Network fees | 2,065 | 1,628 | ||||||
Warranty | 953 | 393 | ||||||
Grant and rebate | 583 | 49 | ||||||
Car-sharing services | 1,097 | 252 | ||||||
Other | 335 | 72 | ||||||
Total Revenues | 37,568 | 21,668 | ||||||
Cost of Revenues: | ||||||||
Cost of product sales | 16,602 | 11,731 | ||||||
Cost of charging services - company-owned charging stations | 705 | 887 | ||||||
Host provider fees | 3,042 | 1,647 | ||||||
Network costs | 589 | 437 | ||||||
Warranty and repairs and maintenance | 605 | 948 | ||||||
Car-sharing services | 862 | 637 | ||||||
Depreciation and amortization | 1,744 | 838 | ||||||
Total Cost of Revenues | 24,149 | 17,125 | ||||||
Gross Profit | 13,419 | 4,543 | ||||||
Operating Expenses: | ||||||||
Compensation | 14,957 | 22,709 | ||||||
General and administrative expenses | 7,777 | 8,478 | ||||||
Other operating expenses | 6,438 | 4,195 | ||||||
Change in fair value of consideration payable | 1,700 | - | ||||||
Total Operating Expenses | 30,872 | 35,382 | ||||||
Loss From Operations | (17,453 | ) | (30,839 | ) | ||||
Other Income: | ||||||||
Interest expense | (427 | ) | (617 | ) | ||||
Foreign transaction (loss) gain | (30 | ) | 1,807 | |||||
Change in fair value of derivative and other accrued liabilities | 2 | 10 | ||||||
Dividend and interest income | 763 | 50 | ||||||
Total Other Income | 308 | 1,250 | ||||||
Loss Before Income Taxes | $ | (17,145 | ) | $ | (29,589 | ) | ||
Provision for income taxes | (28 | ) | (212 | ) | ||||
Net Loss | $ | (17,173 | ) | $ | (29,801 | ) | ||
Net Loss Per Share: | ||||||||
Basic | $ | (0.17 | ) | $ | (0.53 | ) | ||
Diluted | $ | (0.17 | ) | $ | (0.53 | ) | ||
Weighted Average Number of Common Shares Outstanding: | ||||||||
Basic | 99,902,470 | 56,469,928 | ||||||
Diluted | 99,902,470 | 56,469,928 |
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
2024 | 2023 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 93,458 | $ | 121,691 | ||||
Accounts receivable, net | 53,608 | 45,447 | ||||||
Inventory, net | 44,679 | 47,942 | ||||||
Prepaid expenses and other current assets | 5,990 | 6,654 | ||||||
Total Current Assets | 197,735 | 221,734 | ||||||
Restricted cash | 77 | 79 | ||||||
Property and equipment, net | 37,205 | 35,127 | ||||||
Operating lease right-of-use asset | 9,616 | 9,731 | ||||||
Intangible assets, net | 13,857 | 16,298 | ||||||
144,881 | 144,881 | |||||||
Other assets | 1,124 | 669 | ||||||
Total Assets | $ | 404,495 | $ | 428,519 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 26,300 | $ | 31,193 | ||||
Accrued expenses and other current liabilities | 15,477 | 14,143 | ||||||
Notes payable | 6,792 | 6,792 | ||||||
Current portion of operating lease liabilities | 3,794 | 3,448 | ||||||
Current portion of financing lease liabilities | 436 | 512 | ||||||
Current portion of deferred revenue | 14,430 | 13,613 | ||||||
Total Current Liabilities | 67,229 | 69,701 | ||||||
Consideration payable | 19,818 | 49,434 | ||||||
Operating lease liabilities, non-current portion | 6,714 | 7,025 | ||||||
Financing lease liabilities, non-current portion | 123 | 163 | ||||||
Other liabilities | 337 | 337 | ||||||
Deferred revenue, non-current portion | 13,536 | 12,462 | ||||||
Total Liabilities | 107,757 | 139,122 | ||||||
Stockholders’ Equity: | ||||||||
Common stock, | 101 | 93 | ||||||
Additional paid-in capital | 855,306 | 829,563 | ||||||
Accumulated other comprehensive loss | (3,773 | ) | (2,536 | ) | ||||
Accumulated deficit | (554,896 | ) | (537,723 | ) | ||||
Total Stockholders’ Equity | 296,738 | 289,397 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 404,495 | $ | 428,519 |
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For The Three Months Ended | ||||||||
2024 | 2023 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net loss | $ | (17,173 | ) | $ | (29,801 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 3,343 | 3,166 | ||||||
Non-cash lease expense | 497 | 438 | ||||||
Change in fair value of contingent consideration | - | 8 | ||||||
Gain on disposal of fixed assets | (32 | ) | (37 | ) | ||||
Change in fair value of derivative and other accrued liabilities | 2 | 10 | ||||||
Change in fair value of consideration payable | 1,700 | - | ||||||
Provision for slow moving and obsolete inventory | 762 | - | ||||||
Provision for bad debt | 548 | 555 | ||||||
Stock-based compensation: | ||||||||
Common stock | 635 | 3,685 | ||||||
Options | 282 | 4,090 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable and other receivables | (10,629 | ) | (4,377 | ) | ||||
Inventory | 1,981 | (4,903 | ) | |||||
Prepaid expenses and other current assets | 615 | (590 | ) | |||||
Other assets | (459 | ) | (181 | ) | ||||
Accounts payable and accrued expenses | (5,271 | ) | 3,876 | |||||
Other liabilities | - | 4 | ||||||
Lease liabilities | (339 | ) | (346 | ) | ||||
Deferred revenue | 2,062 | 226 | ||||||
Total Adjustments | (4,303 | ) | 5,624 | |||||
(21,476 | ) | (24,177 | ) | |||||
Cash Flows From Investing Activities: | ||||||||
Capitalization of engineering costs | - | (550 | ) | |||||
Purchases of property and equipment | (2,830 | ) | (1,665 | ) | ||||
(2,830 | ) | (2,215 | ) | |||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from sale of common stock in public offering, net [1] | 25,070 | 94,766 | ||||||
Repayment of note payable | (31,354 | ) | - | |||||
Proceeds from exercise of options and warrants | - | 835 | ||||||
Repayment of financing liability in connection with finance lease | (169 | ) | (92 | ) | ||||
Payment of financing liability in connection with internal use software | (250 | ) | (149 | ) | ||||
(6,703 | ) | 95,360 | ||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 2,774 | (2,321 | ) | |||||
Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | (28,235 | ) | 66,647 | |||||
Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 121,770 | 36,633 | ||||||
Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 93,535 | $ | 103,280 | ||||
Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
Cash and cash equivalents | $ | 93,458 | $ | 103,202 | ||||
Restricted cash | 77 | 78 | ||||||
$ | 93,535 | $ | 103,280 |
[1] Includes gross proceeds of
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to
For The Three Months Ended | ||||||||
2024 | 2023 | |||||||
Net Loss | $ | (17,173 | ) | $ | (29,800 | ) | ||
Add: | ||||||||
Interest Expense | 427 | 617 | ||||||
Provision for Income Taxes | 28 | 207 | ||||||
Depreciation and amortization | 3,343 | 3,186 | ||||||
EBITDA | (13,375 | ) | (25,790 | ) | ||||
Add: | ||||||||
Stock-based compensation | 917 | 7,776 | ||||||
Acquisition-related costs | 14 | 232 | ||||||
Estimated loss related to underperforming assets of subsidiary | 564 | - | ||||||
Change in fair value related to consideration payable | 1,700 | - | ||||||
Adjusted EBITDA | $ | (10,180 | ) | $ | (17,782 | ) |
The following table reconciles EPS attributable to
For The Three Months Ended | ||||||||
2024 | 2023 | |||||||
Net Income - per diluted share | $ | (0.17 | ) | $ | (0.53 | ) | ||
Per diluted share adjustments: | ||||||||
Add: Amortization expense of intangible assets | 0.01 | 0.04 | ||||||
Acquisition-related costs | 0.00 | 0.00 | ||||||
Estimated loss related to underperforming assets of subsidiary | 0.01 | - | ||||||
Change in fair value related to consideration payable | 0.02 | - | ||||||
Adjusted EPS | $ | (0.13 | ) | $ | (0.49 | ) |
EBITDA is defined as earnings (loss) attributable to
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 underperforming assets of subsidiary, and change in fair value related to consideration payable, 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
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 the risk factors described in Blink’s periodic reports filed with the
Blink Investor Relations Contact
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
Source:
2024 GlobeNewswire, Inc., source