- Second quarter 2021 revenue increased 177% over second quarter 2020
- Commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 46% compared to the prior year period
- 572% increase in revenue from charging services over the second quarter of last year
- 3,264 commercial and residential EV charging stations were contracted, sold, or deployed during Second Quarter 2021, compared to 380 in the same period last year, an increase of 758%
Selected Second Quarter 2021 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 over 46% in the second quarter compared to the prior year period.
- Total revenue for the second quarter 2021 increased 177% to
$4.4 million compared to$1.6 million for the second quarter 2020.- Revenues from product sales increased 156% to
$3.3 million compared to$1.3 million in the second quarter of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers. - Revenues from charging services increased to
$0.6 million as compared to$90 thousand in the second quarter of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic. - Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 48% to
$0.3 million as compared to$0.2 in the second quarter of 2020, related to the increase in EV charging stations in the Company’s network.
- Revenues from product sales increased 156% to
- Net loss was
$13.5 million or a loss of$0.32 per basic and diluted share compared to net loss of$3 million or a loss of$0.11 per basic and diluted share in the second quarter of 2020. Second quarter 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.
Selected Year-To-Date 2021 Highlights:
- Total revenue for the first six months of 2021 increased 129% to
$6.6 million compared to$2.9 million for the first six months of 2020.- Revenues from product sales increased 140% to
$4.9 million compared to$2.1 million in the first six months of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers. - Revenues from charging services increased 89% to
$0.8 million as compared to$0.41 million in the first six months second of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic. - Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 412% to
$0.78 million as compared to$0.15 in the first six months of 2020, related to the increase in EV charging stations in the Company’s network.
- Revenues from product sales increased 140% to
- Net loss was
$20.8 million or a loss of$0.50 per basic and diluted share compared to net loss of$5.99 million or$0.22 per share for the first six months of 2020. Six-month 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.
On
On
“Blink experienced extraordinary growth in the quarter as we continue to aggressively scale our business and expand our presence around the world. We saw strong performance both in our hardware sales as well as our service revenues as more EV’s took to the road and utilized Blink’s expanding base of charging stations. This is an exciting and transformative time for Blink, and we believe that we have positioned ourselves to continue to lead the way in the booming global EV infrastructure market,” stated
“Over this past quarter, we have focused on enlisting the best talent available to continue to build a world class company,”
“As we enter into the latter half of 2021, we remain intently focused on scaling our business and continuing to expand our charging footprint both domestically and internationally,” continued
Business Updates and Highlights
During the second quarter of 2021, the Company:
- Named seasoned renewables and EV charging executive,
Harjinder Bhade , as Chief Technology Officer, who will focus on the aggressive development of the Company’s product line-up and technology infrastructure. - Named industry veteran
Miko de Haan as Managing Director for European subsidiaryBlink Holdings B.V. - Announced the first installation of Blink HQ 100 chargers by the municipality of
Pedro Aguirre Cerda inSantiago, Chile to support the municipality’s new fleet ofNissan Leaf vehicles. - Announced the deployment of 10 IQ 200 Level 2 EV charging stations at three
Atlanticare Integrated Healthcare System locations inSouthern New Jersey . - Announced the deployment of 42 charging ports at ten
Four Brothers Pizza Inn locations acrossNew York . The 21 Blink-owned dual port chargers were made possible through the Charge ready program from the NY State Energy research and Development Authority (NYSERDA) and Make Ready incentives offered byNew York utilities. - Named to the Russell 2000 Index.
- Upgraded 19 first-generation Blink EV charging stations in
Plano, Texas to the Company’s IQ 200 fast Level 2 charging stations. - Entered into a reseller agreement with ev Transportation Services (“evTS”) to distribute the Blink IQ 200-M Portable EV charger along with its Firefly ESV essential services vehicle.
- Deployed IQ 200 charging stations at the Native American Youth & Family Center in
Portland, Oregon . The deployment was made possible with funding from thePortland General Electric Drive Change Fund , through the Oregon Clean Fuels Program and an Electric Mobility Grant fromPacific Power Oregon Electric , also through the Oregon Clean Fuels Program. - Signed an agreement with General Motors to offer GM EV customers more seamless access to publicly available Blink EV charging sites across the
U.S. as part of GM’s Ultium Charge 360. - Announced a long-term agreement to deploy Blink EV charging stations at
Fattal Hotel Group locations inIsrael , Fattal is one of Israel’s leading hotel companies, with luxury hotels in 14 major tourist locations.
Subsequent to the second quarter of 2021, the Company:
- Entered into an exclusive contract with KU Leuven for Blue Corner to install up to 500 charging stations across
Belgium . - Named technology and infrastructure leader,
Carmen Perez-Carlton , to the Board of Directors. - Received
$12.5 million grant for the deployment of DC Fast Chargers at 25 locations by the state ofFlorida . - Partnered with
Traffic and Parking Control Co., Inc. for the distribution of the Company’s chargers.
Earnings Conference Call:
The Company will host a conference call and webcast to discuss the second quarter 2021 results today,
To access the live webcast, log onto the
To participate in the call by phone, dial (844) 369-8770 approximately five minutes prior to the scheduled start time. International callers please dial (862) 298-0840.
A replay of the teleconference will be available until
###
About
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 Media Contact
PR@BlinkCharging.com
Blink Investor Relations Contact
IR@BlinkCharging.com
855-313-8187
IMS Investor Relations
(203) 972-9200
jnesbett@institutionalms.com
Condensed Consolidated Balance Sheets
(unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash | $ | 142,052,894 | $ | 22,341,433 | ||||
Marketable securities | 53,564,600 | - | ||||||
Accounts receivable and other receivables, net | 4,423,094 | 347,967 | ||||||
Inventory, net | 5,547,312 | 1,816,135 | ||||||
Prepaid expenses and other current assets | 2,960,815 | 1,219,488 | ||||||
Total Current Assets | 208,548,715 | 25,725,023 | ||||||
Restricted cash | 76,588 | 76,399 | ||||||
Property and equipment, net | 12,632,851 | 5,636,063 | ||||||
Operating lease right-of-use asset | 1,859,301 | 615,825 | ||||||
Intangible assets, net | 3,982,198 | 46,035 | ||||||
19,264,670 | 1,500,573 | |||||||
Other assets | 251,000 | 387,617 | ||||||
Total Assets | $ | 246,615,323 | $ | 33,987,535 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 6,091,147 | $ | 3,358,852 | ||||
Accrued expenses and other current liabilities | 2,287,879 | 1,328,834 | ||||||
Current portion of notes payable | 570,662 | 574,161 | ||||||
Current portion of operating lease liabilities | 630,028 | 403,915 | ||||||
Current portion of deferred revenue | 1,189,758 | 479,486 | ||||||
Total Current Liabilities | 10,769,474 | 6,145,248 | ||||||
Operating lease liabilities, non-current portion | 1,430,497 | 285,501 | ||||||
Other liabilities | 90,000 | 90,000 | ||||||
Notes payable, non-current portion | 303,371 | 296,535 | ||||||
Deferred revenue, non-current portion | 20,603 | 6,654 | ||||||
Total Liabilities | 12,613,945 | 6,823,938 | ||||||
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of | | | - | | | | - | |
Commitments and contingencies (Note 8) | ||||||||
Stockholders’ Equity: | ||||||||
Preferred stock, Series A Convertible Preferred Stock, 20,000,000 shares designated, 0 shares issued and outstanding as of | | | - | | | | - | |
Series C Convertible Preferred Stock, 250,000 shares designated, 0 shares issued and outstanding as of | | | - | | | | - | |
Series D Convertible Preferred Stock, 13,000 shares designated, 0 shares issued and outstanding as of | | | - | | | | - | |
Common stock, | | | 42,140 | | | | 35,951 | |
Additional paid-in capital | 442,565,107 | 214,479,094 | ||||||
Accumulated other comprehensive income | (431,341 | ) | - | |||||
Accumulated deficit | (208,174,528 | ) | (187,351,448 | ) | ||||
Total Stockholders’ Equity | 234,001,378 | 27,163,597 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 246,615,323 | $ | 33,987,535 |
Condensed Consolidated Statements of Operations
(unaudited)
For The Three Months Ended | For The Six Months Ended | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 3,267,143 | $ | 1,274,354 | $ | 4,937,737 | $ | 2,051,777 | ||||||||
Charging service revenue - company-owned charging stations | 586,173 | 87,250 | 767,771 | 406,874 | ||||||||||||
Network fees | 105,964 | 71,271 | 215,820 | 126,830 | ||||||||||||
Warranty | 18,587 | 8,419 | 31,804 | 16,479 | ||||||||||||
Grant and rebate | 74,067 | 3,912 | 224,302 | 8,491 | ||||||||||||
Ride-sharing services | 189,219 | - | 234,731 | - | ||||||||||||
Other | 113,999 | 127,404 | 175,049 | 261,023 | ||||||||||||
Total Revenues | 4,355,152 | 1,572,610 | 6,587,214 | 2,871,474 | ||||||||||||
Cost of Revenues: | ||||||||||||||||
Cost of product sales | 2,364,952 | 922,808 | 3,482,867 | 1,391,876 | ||||||||||||
Cost of charging services - company-owned charging stations | 60,395 | 35,874 | 110,167 | 65,488 | ||||||||||||
Host provider fees | 140,286 | 28,086 | 266,707 | 113,515 | ||||||||||||
Network costs | 93,748 | 147,290 | 173,141 | 357,622 | ||||||||||||
Warranty and repairs and maintenance | 196,118 | 17,734 | 457,269 | 132,643 | ||||||||||||
Ride-sharing services | 423,960 | - | 670,077 | - | ||||||||||||
Depreciation and amortization | 431,605 | 6,938 | 686,519 | 87,728 | ||||||||||||
Total Cost of Revenues | 3,711,064 | 1,158,730 | 5,846,747 | 2,148,872 | ||||||||||||
Gross Profit | 644,088 | 413,880 | 740,467 | 722,602 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Compensation | 9,170,320 | 2,305,735 | 13,918,471 | 4,420,205 | ||||||||||||
General and administrative expenses | 2,532,458 | 670,635 | 4,117,445 | 1,316,536 | ||||||||||||
Other operating expenses | 1,286,575 | 459,418 | 2,436,281 | 1,026,618 | ||||||||||||
Total Operating Expenses | 12,989,353 | 3,435,788 | 20,472,197 | 6,763,359 | ||||||||||||
Loss From Operations | (12,345,265 | ) | (3,021,908 | ) | (19,731,730 | ) | (6,040,757 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest (expense) income | (5,993 | ) | 5,257 | 9,004 | 21,110 | |||||||||||
Loss on settlement | (1,000,000 | ) | - | (1,000,000 | ) | - | ||||||||||
Loss on foreign exchange | (107,669 | ) | - | (107,669 | ) | - | ||||||||||
Gain on settlement of accounts payable, net | - | 19,086 | - | 19,086 | ||||||||||||
Change in fair value of derivative and other accrued liabilities | (289 | ) | (16,560 | ) | 6,704 | (16,039 | ) | |||||||||
Other income (loss) | 611 | (15,367 | ) | 611 | 25,987 | |||||||||||
Total Other (Expense) Income | (1,113,340 | ) | (7,584 | ) | (1,091,350 | ) | 50,144 | |||||||||
Net Loss | $ | (13,458,605 | ) | $ | (3,029,492 | ) | $ | (20,823,080 | ) | $ | (5,990,613 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic | $ | (0.32 | ) | $ | (0.11 | ) | $ | (0.50 | ) | $ | (0.22 | ) | ||||
Diluted | $ | (0.32 | ) | $ | (0.11 | ) | $ | (0.50 | ) | $ | (0.22 | ) | ||||
Weighted Average Number of Common Shares Outstanding: | | | | | | | | | | | | | | | | |
Basic | 42,037,492 | 28,327,701 | 41,587,793 | 27,584,918 | ||||||||||||
Diluted | 42,037,492 | 28,327,701 | 41,587,793 | 27,584,918 |
Condensed Consolidated Statements of Cash Flows
(unaudited)
For The Six Months Ended | ||||||||
2021 | 2020 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net loss | $ | (20,823,080 | ) | $ | (5,990,613 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Depreciation and amortization | 1,944,683 | 195,622 | ||||||
Dividend and interest income | (61,784 | ) | (77,309 | ) | ||||
Change in fair value of derivative and other accrued liabilities | 6,704 | (16,039 | ) | |||||
Provision for bad debt | 253,274 | 33,894 | ||||||
(Benefit) provision for slow moving and obsolete inventory | - | 7,646 | ||||||
Gain on settlement of accounts payable, net | - | 19,086 | ||||||
Stock-based compensation: | ||||||||
Common stock | 1,138,909 | (56,993 | ) | |||||
Options | 2,944,601 | 388,388 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable and other receivables | (1,802,826 | ) | (195,130 | ) | ||||
Inventory | (3,372,703 | ) | (1,393,376 | ) | ||||
Prepaid expenses and other current assets | (1,219,985 | ) | 177,427 | |||||
Interco | - | - | ||||||
Other assets | 244,522 | - | ||||||
Accounts payable and accrued expenses | (282,107 | ) | 612,840 | |||||
Lease liabilities | (177,328 | ) | (93,225 | ) | ||||
Deferred revenue | 261,885 | (287,800 | ) | |||||
Total Adjustments | (122,155 | ) | (684,969 | ) | ||||
(20,945,235 | ) | (6,675,582 | ) | |||||
Cash Flows From Investing Activities: | ||||||||
Proceeds from sale of marketable securities | 4,553,384 | 2,755,134 | ||||||
Purchase of marketable securities | (58,012,701 | ) | - | |||||
Capitalization of engineering costs paid | (237,127 | ) | - | |||||
Cash acquired in the purchase of Blue Corner | 242,868 | - | ||||||
Purchase consideration of Blue Corner | (24,266,458 | ) | - | |||||
Purchases of property and equipment | (5,019,549 | ) | (445,479 | ) | ||||
(82,739,583 | ) | 2,309,655 | ||||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from sale of common stock in public offering [1] | 221,333,095 | 3,195,968 | ||||||
Proceeds from issuance of notes payable | - | 855,666 | ||||||
Proceeds from exercise of warrants | 1,427,647 | - | ||||||
Payment of financing liability in connection with internal use software | (39,318 | ) | (32,821 | ) | ||||
Net Cash Provided By Financing Activities | 222,721,424 | 4,018,813 | ||||||
Effect of Exchange Rate Changes on Cash | 675,044 | - | ||||||
Net Increase (Decrease) In Cash | 119,711,650 | (347,114 | ) | |||||
Cash and Restricted Cash - Beginning of Period | 22,417,832 | 4,168,837 | ||||||
Cash and Restricted Cash - End of Period | $ | 142,129,482 | $ | 3,821,723 | ||||
Cash and restricted cash consisted of the following: | ||||||||
Cash | $ | 142,052,894 | $ | 3,821,723 | ||||
Restricted cash | 76,588 | - | ||||||
$ | 142,129,482 | $ | 3,821,723 |
[1] Includes gross proceeds of
Source:
2021 GlobeNewswire, Inc., source