- 89% increase in 4Q23 revenues to
$42.7 million ; 130% increase in full year 2023 revenues to$140.6 million - 112% increase in 4Q23 product revenues to
$33.4 million ; 138% increase in full year product revenues to$109.4 million - 40% increase in 4Q23 service revenues to
$7.9 million ; 111% increase in full year service revenues to$26.4 million - 4Q23 gross profit of
$10.6 million or 25% of revenues; record full year 2023 gross profit of$40.2 million or 29% of revenues - Strengthened balance sheet and improved liquidity by raising
$113 million in gross proceeds via ATM and paid off$45.5 million in promissory notes and accrued interest - 5,100 charging stations contracted, deployed or sold in fourth quarter of 2023; 23,347 in full year 2023
The following top-line highlights are in thousands of dollars and preliminary.
Three Months Ended | Full Year Ended | |||||||||||||||||||||||
2023 | 2022 | Increase | 2023 | 2022 | Increase | |||||||||||||||||||
Product Sales | $ | 33,381 | $ | 15,780 | 112 | % | $ | 109,416 | $ | 46,018 | 138 | % | ||||||||||||
Service Revenues (1) | 7,938 | 5,673 | 40 | % | 26,429 | 12,504 | 111 | % | ||||||||||||||||
Other Revenues(2) | 1,392 | 1,153 | 21 | % | 4,753 | 2,617 | 82 | % | ||||||||||||||||
Total Revenues | $ | 42,711 | $ | 22,606 | 89 | % | $ | 140,598 | $ | 61,139 | 130 | % | ||||||||||||
(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.
“2023 was a historic year for Blink marked by significant achievements and remarkable growth. Total revenue grew 130% compared to 2022, and represents a 671% increase over 2021, fueled by strong demand and our ability to deliver operational excellence, with an intent focus on continuously improving and optimizing our products and services. This year we began to see the benefits of our new Blink network, which has a significantly improved user interface and experience, resulting in a more seamless charging ecosystem for our valued customers. Operationally, we achieved a significant milestone with the recent opening and start of production at our state-of-the-art manufacturing facility in the greater
“We are very optimistic about Blink's future and remain committed to our target of achieving a positive adjusted EBITDA run rate by
2024 Company Targets
For the full year 2024, the Company targets the generation of between
The Company targets gross margin for full year 2024 of approximately 33%.
Fourth Quarter and Year End 2023 Financial Results
Revenues
Total Revenues increased 89% to
Total Revenues for the full year of 2023 increased 130% to
Product Sales increased 112% to
Product Sales for the full year of 2023 increased 138% to
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 40% to
Service Revenues for the full year of 2023 increased 111% to
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 21% to
Other Revenues for the full year of 2023 increased 82% to
Gross Profit
Gross Profit increased 63% to
Gross profit for the full year of 2023 was
Operating Expenses
Operating expenses in the fourth quarter of 2023 decreased 16% to
Operating expenses for the full year of 2023 were
Net Loss and Loss Per Share
Net Loss for the fourth quarter of 2023 was
Net loss for the full year of 2023 was
Adjusted EBITDA andAdjusted EPS
Adjusted EBITDA for the fourth quarter of 2023 was a loss of
Adjusted EBITDA for the full year of 2023 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, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes 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 fourth quarter of 2023 was a loss of
Adjusted EPS for the full year of 2023 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 acquisition-related costs, amortization expense of intangible assets, additional stock-based compensation expense, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes 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
In total, between
Recent Quarter Highlights:
- Rebranded wholly owned subsidiary Blue Corner under
Blink Charging umbrella, bringing Blink’s global experience and EV charging expertise toBelgium - Launched advanced Vehicle-to-Grid (V2G) EQ 200 charger in the
United Kingdom andIreland to support accelerated EV adoption and boost development of an effective EV charging infrastructure - Selected as the full-service EV infrastructure provider for
Mack Trucks through Mack’s Vendor Direct Ship and Turnkey Solutions program for Blink’s reliable, scalable EV equipment and extensive fleet experience - Selected as the official electric vehicle charging provider to the
City of Miami Beach, Florida to electrify city fleets and provide charging solutions for employees, residents, and visitors - Named as the official EV charging provider for
Allegiant Stadium , home of the Las Vegas Raiders, providing much-needed reliable EV charging solutions for stadium attendees - Chosen by the
City of Frederick, Maryland to install chargers across four downtown parking garages to be utilized by residents and visitors - Collaborated with McArthurGlen, the leading owner, developer, and manager of designer outlets in
the Netherlands , to provide customers state-of-the-art EV charging solutions - Installed Blink electric vehicle chargers across multiple McDonald’s restaurant locations throughout
Puerto Rico - Continued to support Blink’s partner, AES, in efforts to provide EV drivers throughout country of
El Salvador with accessible and easy EV charging
Earnings Conference Call
https://www.webcaster4.com/Webcast/Page/2468/50001
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: 911397.
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 | For the Years Ended | |||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenues: | ||||||||||||||||||
Product sales | $ | 33,381 | $ | 15,780 | $ | 109,416 | $ | 46,018 | ||||||||||
Charging service revenue - company-owned charging stations | 4,535 | 3,009 | 15,646 | 6,866 | ||||||||||||||
Network fees | 2,213 | 2,281 | 7,481 | 4,370 | ||||||||||||||
Warranty | 1,095 | 453 | 3,258 | 928 | ||||||||||||||
Grant and rebate | 185 | 13 | 469 | 296 | ||||||||||||||
Car-sharing services | 1,190 | 383 | 3,302 | 1,268 | ||||||||||||||
Other | 112 | 687 | 1,026 | 1,393 | ||||||||||||||
Total Revenues | 42,711 | 22,606 | 140,598 | 61,139 | ||||||||||||||
Cost of Revenues: | ||||||||||||||||||
Cost of product sales | 23,023 | 10,294 | 72,532 | 31,428 | ||||||||||||||
Cost of charging services - company-owned charging stations | 1,344 | 697 | 3,540 | 1,466 | ||||||||||||||
Host provider fees | 2,855 | 1,590 | 9,140 | 3,935 | ||||||||||||||
Network costs | 630 | 539 | 1,969 | 1,463 | ||||||||||||||
Warranty and repairs and maintenance | 1,681 | 1,358 | 4,605 | 2,795 | ||||||||||||||
Car-sharing services | 1,194 | 582 | 4,356 | 2,137 | ||||||||||||||
Depreciation and amortization | 1,397 | 1,068 | 4,250 | 3,113 | ||||||||||||||
Total Cost of Revenues | 32,124 | 16,128 | 100,392 | 46,337 | ||||||||||||||
Gross Profit | 10,587 | 6,478 | 40,206 | 14,802 | ||||||||||||||
Operating Expenses: | ||||||||||||||||||
Compensation | 16,702 | 22,959 | 92,669 | 60,602 | ||||||||||||||
General and administrative expenses | 8,704 | 7,803 | 35,170 | 27,826 | ||||||||||||||
Other operating expenses | 3,270 | 3,486 | 17,825 | 15,645 | ||||||||||||||
Impairment of goodwill | - | - | 89,087 | - | ||||||||||||||
Impairment of intangible assets | - | - | 5,143 | - | ||||||||||||||
Total Operating Expenses | 28,676 | 34,248 | 239,894 | 104,073 | ||||||||||||||
- | - | |||||||||||||||||
Loss From Operations | (18,089 | ) | (27,770 | ) | (199,688 | ) | (89,271 | ) | ||||||||||
Other (Expense) Income: | ||||||||||||||||||
Interest (expense) income | (1,173 | ) | (473 | ) | (3,546 | ) | (1,529 | ) | ||||||||||
Dividend income | 1,909 | 454 | 1,909 | 454 | ||||||||||||||
Gain (loss) on foreign exchange | (785 | ) | 236 | 140 | (600 | ) | ||||||||||||
Loss on extinguishment of notes payable | - | - | (1,000 | ) | - | |||||||||||||
Change in fair value of derivative and other accrued liabilities | (2 | ) | 31 | 8 | 66 | |||||||||||||
Other expense | (1,280 | ) | (319 | ) | (22 | ) | (372 | ) | ||||||||||
Total Other (Expense) Income | (1,331 | ) | (71 | ) | (2,511 | ) | (1,981 | ) | ||||||||||
- | - | |||||||||||||||||
Loss Before Income Taxes | $ | (19,420 | ) | $ | (27,841 | ) | $ | (202,199 | ) | $ | (91,252 | ) | ||||||
- | - | |||||||||||||||||
Provision for income taxes | (269 | ) | (308 | ) | (1,494 | ) | (308 | ) | ||||||||||
- | - | |||||||||||||||||
Net Loss | $ | (19,689 | ) | $ | (28,149 | ) | $ | (203,693 | ) | $ | (91,560 | ) | ||||||
Net Loss Per Share: | ||||||||||||||||||
Basic | $ | (0.31 | ) | $ | (0.60 | ) | $ | (3.21 | ) | $ | (1.95 | ) | ||||||
Diluted | $ | (0.31 | ) | $ | (0.60 | ) | $ | (3.21 | ) | $ | (1.95 | ) |
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 121,691 | $ | 36,562 | |||||||
Accounts receivable, net | 43,704 | 23,581 | |||||||||
Inventory, net | 49,342 | 34,740 | |||||||||
Prepaid expenses and other current assets | 5,254 | 4,399 | |||||||||
Total Current Assets | 219,991 | 99,282 | |||||||||
Restricted cash | 79 | 71 | |||||||||
Property and equipment, net | 35,127 | 25,862 | |||||||||
Operating lease right-of-use asset | 9,731 | 4,174 | |||||||||
Intangible assets, net | 16,298 | 26,582 | |||||||||
144,881 | 203,710 | ||||||||||
Other assets | 669 | 2,861 | |||||||||
Total Assets | $ | 426,776 | $ | 362,542 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 32,167 | $ | 24,585 | |||||||
Accrued expenses and other current liabilities | 11,426 | 13,109 | |||||||||
Notes payable | 6,792 | 10 | |||||||||
Current portion of operating lease liabilities | 3,448 | 1,738 | |||||||||
Current portion of financing lease liabilities | 512 | 306 | |||||||||
Current portion of deferred revenue | 13,613 | 10,572 | |||||||||
Total Current Liabilities | 67,958 | 50,320 | |||||||||
Contingent consideration | - | 1,316 | |||||||||
Consideration payable | 49,434 | 40,608 | |||||||||
Operating lease liabilities, non-current portion | 7,025 | 3,030 | |||||||||
Financing lease liabilities, non-current portion | 163 | 408 | |||||||||
Deferred revenue, non-current portion | 12,462 | 5,258 | |||||||||
Other liabilities | 337 | 645 | |||||||||
Total Liabilities | 137,379 | 101,585 | |||||||||
Commitments and contingencies (Note 14) | |||||||||||
Stockholders' Equity: | |||||||||||
Common stock, | |||||||||||
shares issued and outstanding as of | 93 | 51 | |||||||||
Additional paid-in capital | 829,563 | 597,982 | |||||||||
Accumulated other comprehensive loss | (2,536 | ) | (3,046 | ) | |||||||
Accumulated deficit | (537,723 | ) | (334,030 | ) | |||||||
Total Stockholders' Equity | 289,397 | 260,957 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 426,776 | $ | 362,542 |
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the Years Ended | ||||||||||
2023 | 2022 | |||||||||
Cash Flows From Operating Activities: | ||||||||||
Net loss | $ | (203,693 | ) | $ | (91,560 | ) | ||||
Adjustments to reconcile net loss to net cash | ||||||||||
used in operating activities: | ||||||||||
Depreciation and amortization | 12,441 | 9,547 | ||||||||
Non-cash lease expense | 2,128 | 997 | ||||||||
Impairment of goodwill | 89,087 | - | ||||||||
Impairment of intangible assets | 5,143 | - | ||||||||
Change in fair value of contingent consideration | (1,375 | ) | (1,499 | ) | ||||||
Change in fair value of derivative and other accrued liabilities | 8 | - | ||||||||
Provision for bad debt | 2,555 | 1,336 | ||||||||
Loss on extinguishment of notes payable | 1,000 | - | ||||||||
(Gain) loss on disposal of fixed assets | (11 | ) | 113 | |||||||
Provision for slow moving and obsolete inventory | 527 | 78 | ||||||||
Gain on settlement of accounts payable, net | 24 | - | ||||||||
Stock-based compensation: | ||||||||||
Common stock | 12,893 | 11,224 | ||||||||
Options | 4,064 | 4,689 | ||||||||
Warrants | 5,082 | - | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable and other receivables | (21,936 | ) | (11,869 | ) | ||||||
Inventory | (16,773 | ) | (24,283 | ) | ||||||
Prepaid expenses and other current assets | (724 | ) | (1,782 | ) | ||||||
Other assets | 941 | 2 | ||||||||
Accounts payable and accrued expenses | 7,952 | 16,309 | ||||||||
Other liabilities | (307 | ) | 18 | |||||||
Lease liabilities | (3,595 | ) | (825 | ) | ||||||
Deferred revenue | 9,714 | 5,140 | ||||||||
Total Adjustments | 108,838 | 9,195 | ||||||||
(94,855 | ) | (82,365 | ) | |||||||
Cash Flows From Investing Activities: | ||||||||||
Note receivable | - | (2,200 | ) | |||||||
Purchase consideration of SemaConnect, net of cash acquired | - | (38,338 | ) | |||||||
Purchase consideration of Envoy, net of cash acquired | (4,660 | ) | - | |||||||
Capitalization of engineering costs | (1,028 | ) | (294 | ) | ||||||
Purchase consideration of Electric Blue, net of cash acquired | - | (11,360 | ) | |||||||
Purchases of property and equipment | (7,552 | ) | (5,249 | ) | ||||||
(13,240 | ) | (57,441 | ) | |||||||
Cash Flows From Financing Activities: | ||||||||||
Proceeds from sale of common stock in public offering [1] | 208,865 | 7,386 | ||||||||
Proceeds from exercise of options and warrants | 835 | 220 | ||||||||
Repayment of financing liability in connection with finance lease | (2,837 | ) | (217 | ) | ||||||
Repayment of notes payable | (9,292 | ) | (681 | ) | ||||||
Payment of financing liability in connection with internal use software | (256 | ) | (315 | ) | ||||||
Net Cash Provided By Financing Activities | 197,315 | 6,393 | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (4,083 | ) | (4,830 | ) | ||||||
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash | 85,137 | (138,243 | ) | |||||||
Cash and Cash Equivalents and Restricted Cash - Beginning of Year | 36,633 | 174,876 | ||||||||
Cash and Cash Equivalents and Restricted Cash - End of Year | $ | 121,770 | $ | 36,633 | ||||||
Cash and cash equivalents and restricted cash consisted of the following: | ||||||||||
Cash and cash equivalents | $ | 121,691 | $ | 36,562 | ||||||
Restricted cash | 79 | 71 | ||||||||
$ | 121,770 | $ | 36,633 |
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to
For The Three Months Ended | For The Years Ended | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Loss | $ | (19,689 | ) | $ | (28,149 | ) | $ | (203,693 | ) | $ | (91,560 | ) | |||||||
Add: | |||||||||||||||||||
Interest Expense | 1,173 | 473 | 3,546 | 1,529 | |||||||||||||||
Provision for Income Taxes | 269 | 308 | 1,494 | 308 | |||||||||||||||
Depreciation and amortization | 2,743 | 4,372 | 12,437 | 9,547 | |||||||||||||||
EBITDA | (15,504 | ) | (22,996 | ) | (186,216 | ) | (80,176 | ) | |||||||||||
Add: | |||||||||||||||||||
Stock-based compensation | 1,496 | 8,092 | 22,039 | 15,913 | |||||||||||||||
Acquisition-related costs | 23 | 150 | 356 | 3,933 | |||||||||||||||
Impairment of goodwill and intangible assets | - | - | 94,230 | - | |||||||||||||||
Loss on extinguishment of notes payable | - | - | 1,000 | - | |||||||||||||||
One-time non-recurring expense | - | - | 11,632 | - | |||||||||||||||
Adjusted EBITDA | $ | (13,985 | ) | $ | (14,754 | ) | $ | (56,959 | ) | $ | (60,330 | ) |
The following table reconciles EPS attributable to
For The Three Months Ended | For The Years Ended | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Income - per diluted share | $ | (0.28 | ) | $ | (0.55 | ) | $ | (3.21 | ) | $ | (1.95 | ) | |||||||
Per diluted share adjustments: | |||||||||||||||||||
Add: | Amortization expense of intangible assets | - | 0.04 | 0.10 | 0.12 | ||||||||||||||
Acquisition-related costs | - | - | 0.01 | 0.08 | |||||||||||||||
Additional stock-based compensation | - | 0.10 | - | 0.10 | |||||||||||||||
Impairment of goodwill and intangible assets | - | - | 1.49 | - | |||||||||||||||
Loss on extinguishment of notes payable | - | - | 0.02 | - | |||||||||||||||
One-time non-recurring expense | - | - | 0.18 | - | |||||||||||||||
Adjusted EPS | $ | (0.28 | ) | $ | (0.41 | ) | $ | (1.42 | ) | $ | (1.65 | ) |
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 acquisition-related costs, amortization expense of intangible assets, additional stock-based compensation expense, one-time non-recurring expenses, non-cash impairment charges, and non-cash loss on extinguishment of notes 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