Blink Charging :Making EV Charging Accessible for All

Faster, lighter, quieter, and more cost effective than before, Blink’s new portable EV charger provides EV fleets with range confidence and creates new service offering for roadside assistance providers Miami Beach, FL: Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced the immediate availability of its redesigned Blink mobile charger. The freestanding charger is built to provide emergency charging for stranded electric vehicles, directly addressing the needs of EV fleet operators, roadside assistance providers, insurance companies, auto manufacturers, and public roadway assistance programs. The Blink mobile charger is rated at 32 amps and charges an EV with up to 0.5 to 1 mile of range per minute, allowing a stranded vehicle to receive adequate charge to drive to the nearest EV charging station and eliminates the need for the vehicle to be towed. The mobile charger is capable of Wi-Fi connectivity allowing roadside providers to charge EV drivers a flat fee or per usage during a roadside event. The unit is compatible with all electric vehicles and Level 2 fleet vehicles, including all Tesla models. “We are excited to introduce our all-new, innovative portable EV charger that is available now. This product creates confidence for EV drivers and fleet operators that there is a reliable and cost-effective solution for vehicle rescue and uptime,” said Michael D. Farkas, Founder and Chief Executive Officer of Blink Charging. “The Blink Portable Charger reaffirms to our members and customers that Blink is actively committed to providing freedom and flexibility for EV drivers while continuing to expand our charging station footprint globally, building the infrastructure needed to benefit the growing number of emerging EVs.” “The vehicle roadside assistance market continues to grow with projected estimates to reach nearly $35 billion globally by 2030. With the rapid adoption of electric vehicles, service providers require a solution that addresses EV owner’s needs,” continued Farkas. “We are pleased that demand for this product is already showing strength.” The traditional gas-powered EV charger delivers a significant reduction in weight, size, noise and cost, from its predecessor model, making it more compact, accessible, and transportable but with the same reliable experience as the previous generation unit.

Miami Beach, Fla., -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, announced today an agreement with AAA to become a preferred supplier. This strategic agreement enables Blink to offer leading EV charging products and services to affiliated AAA service providers, thereby expanding the range of EV charging solutions available to drivers and AAA members in need.

Over time, Blink and AAA have fostered a strong and mutually beneficial relationship. Blink has successfully installed on-site chargers at numerous AAA branch offices, AAA-owned repair facilities, and auto repair shops, ensuring convenient access to EV charging services for members with diverse EV charging needs. Notably, AAA was an early adopter of Blink’s first-generation Mobile Charger in 2019, which facilitated roadside charging in select cities. Now, Blink will extend its offerings to AAA service providers, supporting their efforts to adapt to the evolving demand for EVs.

Initially, this program will benefit 19 AAA clubs and affiliates at over 60,000 locations across the nation. These entities will enjoy significant cost savings, thanks to a streamlined ordering process and preferred pricing options. By introducing additional EV charging solutions to their facilities and fleets, AAA clubs can attract more drivers. Furthermore, the program equips roadside assistance providers with enhanced tools to serve EVs efficiently.

Michael Battaglia, Chief Revenue Officer for Blink Charging, expressed the importance of this collaboration, stating, “We are thrilled to cooperate with AAA, enabling clubs and service providers to build a robust EV charging infrastructure using Blink’s extensive line of products and solutions.” As EVs become increasingly commonplace, there is a growing demand for charging services along with roadside assistance. Teaming up with AAA presents a great solution, and Blink is excited to offer AAA’s EV members the same level of exceptional service and reliability that AAA has been synonymous with for over a century.”

Blink Charging Co. BLNK, +4.44% said Tuesday it has entered an agreement with Parkopedia to integrate more than 4,000 of its electric vehicle charging stations onto the Parkopedia platform in North America. The deal will give it the platform access to nearly 12,000 Blink chargers, including 129 DC Fast Chargers. Parkopedia is a connected car services provider used by car makers and drivers to find the closest available parking to their destination, pay for parking, and get information on charging statins, fuel and tolls across 90 countries. Blink’s stock was up 1.7% premarket but has fallen 73% in the year to date, while the S&P 500 SPX, +0.02% has gained 13%.

Following its acquisition in 2021, Blue Corner is now operating as Blink Charging, positioning the Company for further expansion in Europe.

MIAMI BEACH, Fla. & ANTWERP, Belgium– Blink Charging Co. (Nasdaq: BLNK) (“Company”), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, today announced that its wholly-owned subsidiary, Blue Corner, is now Blink Charging, bringing the Company’s global experience and EV charging expertise to Belgium.

Blue Corner, first established in 2011 as a Belgian pioneering start-up in the freshly minted EV industry, grew into the leading platform for EV charging devices in Belgium. In 2021, the company was acquired by Blink Charging as part of Blink’s broader strategic international expansion plans that allowed the Company a significant infrastructure footprint in the region. The acquisition builds on the multi-lingual expertise of the Blue Corner team and the unique know-how of its European R&D team. Belgium is officially tri-lingual (Dutch, French and German) with English as a fourth adopted language of business.

“As the EV market continues to grow throughout Europe, the acquisition and rebranding of Blue Corner was a strategic move to build a stronger and more rapid presence in the region, tapping into the strong global experience and assets while also making EV charging more accessible,” said Brendan Jones, President and CEO for Blink Charging. “Blink Charging is focused on developing the market and providing the needed infrastructure to meet the demands of businesses and drivers with advanced state-of-the-art EV charging solutions.”

Now operating as Blink Charging, customers and clients will benefit from the vast experience of Blink Charging along with its sizable team to support the scale of the business. Blink has well established and proven systems along with an advanced network capability, refined over a long period with a substantial volume of transactions, delivering the certainty and reliability that customers and clients need.

Miko de Haan, President Blink Europe and Emerging Markets commented, “the decision to bring Blue Corner and its branded products into the Blink Charging brand, reflects our international strategy to acquire a strong market presence in Europe. This move, along with the acquisition and rebrand of EB Charging earlier this year, positions Blink Charging as a leading powerhouse in the European EV charging industry.”

This system’s capability extends beyond the network into financial and other operational areas. As an original equipment manufacturer, Blink Charging can offer R&D-refined, specialist equipment that perfectly meets the requirements different charging situations demand. This helps overcome shortfalls of being entirely dependent on third party equipment supply and allows for wider margins and pricing flexibility while creating opportunities for further R&D in response to market demands

“We are proud and excited to be part of the Blink Charging family and look forward to the benefits of being part of an established, proven system and network that have been refined over its many years leading the industry,” said Olivier Van Schap, Managing Director for Blink Charging Belgium. “As we migrate our customers to a new integrated global catalogue of EV products and services, we are confident they will benefit from being part of a global industry leader with a strong local footprint. Serving our customers with smart and sustainable EV products and services is our daily focus wherever they are.”

Mr. Van Schap will continue to lead the management team in Belgium as they continue under the Blink Charging corporate brand.

Miami Beach, Fla., -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, will announce its third quarter 2023 results on Thursday, November 9, 2023, following the close of the financial markets. The Company will host a conference call and webcast that day at 4:30 p.m. Eastern Time to discuss the Company’s results for the third quarter ended September 30, 2023.

To access the live webcast, you can visit the Blink Charging website at www.blinkcharging.com and navigate to the News/Events section on the Investor Relations page. Alternatively, you can also access the webcast by following this link: https://www.webcaster4.com/Webcast/Page/2468/49331.

If you wish to join the call via phone, please dial (877) 545-0320 approximately five minutes before the scheduled start time. For international callers, please use the number (973) 528-0002. Be sure to enter the access code: 526841.

A replay of the teleconference will be accessible until December 9, 2023. To access the replay, dial (877) 481-4010. International callers can use (919) 882-2331. The conference ID for the replay is 49331.

• 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
Bowie, MD,-- Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading manufacturer, 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, 2023.
The following top-line highlights are in thousands of dollars and preliminary.
(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 Washington D.C. area. This facility is a cornerstone of our ‘made in America’ initiative, and is expected to bolster production capacity, enhance profitability, and reduce operating costs as demand for our products continues to grow. Additionally, we established our corporate global headquarters near our nation’s capital to better align with our operational activities, consolidate facilities and reduce corporate overhead. We have developed and continue to expand a diverse and robust product portfolio, which continues to attract prominent clients such as the United States Postal Service and Mack Trucks, illustrating the appeal of our charging solutions for fleet applications,” commented Brendan S. Jones, President and Chief Executive Officer of Blink Charging.
“We are very optimistic about Blink's future and remain committed to our target of achieving a positive adjusted EBITDA run rate by December 2024. Since the third quarter 2023, we have raised $113 million in gross proceeds via our ATM under favorable market conditions. As a result, we paid off promissory notes and accrued interest of $45.5 million, strengthening our balance sheet and enhancing our trajectory toward reaching a positive adjusted EBITDA run rate. Blink is the only fully vertically integrated U.S.-based EV charging company and a well-recognized provider of charging hardware, software, and services on a global scale. Our distinctive owner/operator model positions us to generate revenue from the sale of charging equipment and to benefit from increased charging utilization, both in the U.S. and Europe. As the adoption of electric vehicles continues to gain momentum, we are confident in our ability to capitalize on the anticipated expansion of the EV charging infrastructure, both domestically and internationally.”
2024 Company Targets
For the full year 2024, the Company targets the generation of between $165 million to $175 million in revenues and reiterates its target of achieving a positive adjusted EBITDA run rate by December 2024. See “Non-GAAP Financial Measures” below for further information.
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 $42.7 million for the fourth quarter of 2023 compared to the fourth quarter of 2022, an increase of $20.1 million.
Total Revenues for the full year of 2023 increased 130% to $140.6 million, an increase of $79.5 million compared to the full year of 2022.
Product Sales increased 112% to $33.4 million in the fourth quarter of 2023, an increase of $17.6 million from the same period in 2022, primarily driven by strong demand for our charging equipment and services and our ability to satisfy demand.
Product Sales for the full year of 2023 increased 138% to $109.4 million, an increase of $63.4 million compared to the full year of 2022.
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 40% to $7.9 million in the fourth quarter of 2023, an increase of $2.3 million from the fourth quarter of 2022, primarily driven by greater utilization of chargers in the U.S. and internationally, an increased number of chargers on the Blink networks, and revenues associated with the Blink Mobility car-sharing service program.
Service Revenues for the full year of 2023 increased 111% to $26.4 million, an increase of $13.9 million compared to the full year of 2022.
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 21% to $1.4 million in the fourth quarter of 2023, an increase of $239,000.
Other Revenues for the full year of 2023 increased 82% to $4.8 million, an increase of $2.1 million compared to the full year of 2022.
Gross Profit
Gross Profit increased 63% to $10.6 million, or 25% of revenues, in the fourth quarter of 2023, compared to gross profit of $6.5 million, or 29% of revenues, in the fourth quarter of 2022. Gross margin decreased in the fourth quarter of 2023 primarily due to increased warranty and maintenance expenditures as well as adjustments related to discontinued components.
Gross profit for the full year of 2023 was $40.2 million, or 29% of revenues, compared to gross profit of $14.8 million, or 24% of revenues in the full year of 2022.
Operating Expenses
Operating expenses in the fourth quarter of 2023 decreased 16% to $28.7 million compared to $34.2 million in the fourth quarter of 2022.
Operating expenses for the full year of 2023 were $239.9 million compared to $104.1 million in the full year of 2022. The increase in operating expenses for the full year is primarily driven by $105.9 million related to a non-cash goodwill and intangible assets impairment charge as well as the impact of a one-time, non-recurring payment to our former CEO and a non-recurring bonus expense related to the performance milestone achieved by our CTO relating to the design and launch of Blink’s recently implemented new network.
Net Loss and Loss Per Share
Net Loss for the fourth quarter of 2023 was $19.7 million, or $(0.28) per share, compared to a net loss of $28.1 million, or $(0.55) per share in the fourth quarter of 2022.
Net loss for the full year of 2023 was $203.7 million, or $(3.21) per share, compared to a net loss of $91.6 million, or $(1.95) per share in the full year of 2022. The increase of $1.67 in loss per share was primarily attributable to the non-cash goodwill and intangible assets impairment charge and the impact of a one-time non-recurring payment to our former CEO, as well as a non-recurring bonus expense related to the performance milestone achieved by our CTO relating to the design and launch of Blink’s recently implemented new network.
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the fourth quarter of 2023 was a loss of ($14.0) million compared to an adjusted EBITDA loss of $14.8 million in the prior year period.
Adjusted EBITDA for the full year of 2023 was a loss of ($57.0) million compared to an adjusted EBITDA loss of $60.3 million in the full year of 2022.
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 $(0.28) compared to an adjusted EPS loss of $(0.41) in the fourth quarter of 2022.
Adjusted EPS for the full year of 2023 was a loss of $(1.42) compared to an adjusted EPS loss of $(1.65) in the full year of 2022.
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 December 31, 2023, Cash and Cash Equivalents totaled $121.7 million, an increase of $85.1 million compared to $36.6 million at December 31, 2022. During fourth quarter 2023, the Company raised $88 million in gross proceeds via the existing ATM.
In total, between November 20, 2023 to February 12, 2024, the Company raised $113 million in cost-effective gross proceeds via ATM stock sales and paid off the outstanding principal balance of promissory notes and accrued interest of $45.5 million.
Recent Quarter Highlights:
• Rebranded wholly owned subsidiary Blue Corner under Blink Charging umbrella, bringing Blink’s global experience and EV charging expertise to Belgium
• Launched advanced Vehicle-to-Grid (V2G) EQ 200 charger in the United Kingdom and Ireland 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
Blink Charging will host a conference call and webcast to discuss fourth quarter and year end 2023 results today, March 14, 2024, at 4:30 PM, Eastern Time. To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:
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 April 13, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 50001.

Elevation of proven trailblazer heralds new era of innovation and leadership during women’s history month
Bowie, Md., - Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, has promoted Jenifer Yokley to the position of Chief Marketing Officer (CMO).
Having previously served as Blink’s Sr. Vice President of Marketing and Head of Governmental Affairs, Yokley's elevation to CMO comes on the heels of the Company’s recent record fourth-quarter earnings announcement and the opening of its new global headquarters.
Since joining Blink, Yokley has been a driving force behind the Company’s remarkable success, contributing her calculated vision, dedication, and exceptional leadership to advance Blink to new heights.
"It’s no coincidence that Jen’s promotion to CMO coincides with a truly exciting time for Blink -- a new chapter of growth, innovation, and strategic direction," said Brendan Jones, President and Chief Executive Officer. "She has already proven herself to be an adept leader and skilled team builder. With her elevated role, I'm confident she will be a key leader in advancing Blink to the next level of evolution and success while further championing our global mission."
With over two decades of leadership experience and a proven track record of driving demand through innovative marketing strategies, Yokley is well-positioned to lead Blink’s global marketing efforts. Her strategic approach will leverage the collective expertise of Blink’s teams to develop tailored products and services that address the evolving needs of businesses and drivers, steering the Company toward its overarching goals.
"I am deeply honored to assume the role of Chief Marketing Officer at Blink, especially at such a transformative juncture in the Company's journey," expressed Yokley. "Blink has established itself as a trailblazer in the EV charging industry, and I am genuinely excited about the opportunity to further amplify our brand presence on a global scale. Together with an exceptional team, we are committed to harnessing the power of creativity, innovation, and strategic thinking to propel Blink toward continued success. It’s not lost on me that I’ve been entrusted with this esteemed role when we are also celebrating the contributions of so many great women leaders during Women's History Month. I’m humbled, inspired, and excited to be able to contribute to a Company that is making a genuine difference in the world today and for the future…one EV charger at a time."
Before joining Blink, Yokley served as Sr. Vice President of Marketing at a property technology provider, Allbridge, where she spearheaded marketing efforts with a strong focus on demonstrating a robust return on investment. Yokley’s distinguished professional background also features her role as Head of Global Marketing at Trilliant Networks and positions at Blue Cross Blue Shield of North Carolina and Schneider Electric.

• Second quarter 2024 total revenues of $33.3 million, an increase over total revenues of $32.8 million in second quarter of 2023; 30% increase in year-to-date 2024 total revenues to $70.8 million
• Second quarter 2024 product revenues of $23.6 million compared to $24.6 million in second quarter of 2023; 25% increase in year-to-date 2024 product revenues to $51.1 million
• 15% increase in service revenues to $8.0 million in second quarter of 2024 compared to $7.0 million in second quarter 2023; 38% increase in year-to-date 2024 service revenues to $16.2 million
• Service revenue contributed 24% of total revenue compared with 21% in the same period last year
• Industry leading gross margin of 32% in the second quarter of 2024(1); 34% gross margin year-to-date
• Second quarter 2024 operating expenses decreased 41% to $31.4 million compared to second quarter of 2023; 28% decrease in year-to-date 2024 operating expenses to $62.3 million
• 4,106 charging stations contracted, deployed or sold in second quarter of 2024
Bowie, MD, -- Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the second quarter ended June 30, 2024.
The following top-line highlights are in thousands of dollars and preliminary.
1. Among comparative full-service publicly traded charging providers in the U.S.
2. Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.
3. Other Revenues consist of warranty fees, grants and rebates, and other revenues.
“During the quarter, we continued to gain market share and expand our charging footprint with 4,106 charging stations contracted, sold, or deployed, and nearly 33 gigawatt hours disbursed across the Blink charging networks. While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of a massive charging infrastructure build out that will be with us for many decades to come. With the third largest network in the industry, we are strategically positioned to benefit from this long-term trend.
“The breadth of Blink’s product lineup, combined with our flexible offerings for customers, differentiates us in the market and establishes the Company as a leading provider of EV charging solutions capable of meeting virtually any customer needs. In the second quarter, we continued to diversify our product sales to include more level 2 charging equipment. Moreover, we anticipate that our enhanced focus on services and software solutions and integrating our products into the broader grid will allow us to further expand our addressable market. We also significantly reduced our operating expenses by 41% compared to the second quarter of 2023 as we continue to drive efficiencies, scale our business, and focus on reaching sustained positive adjusted EBITDA profitability.
“With our unique, vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders. We remain committed to expanding our global charging footprint and are leaning into our mission of advancing energy transition through innovative charging solutions,” said Brendan Jones, President and Chief Executive Officer of Blink Charging.
Company Targets
For the full year 2024, Blink is adjusting its target revenues to between $145 million and $155 million. The Company is also updating its timeline to achieve positive adjusted EBITDA during 2025.
The Company targets gross margin for full year 2024 of approximately 33%.
Second Quarter and First Half Financial Results
Revenues
Total Revenues of $33.3 million for the second quarter of 2024, an increase over revenues of $32.8 million in the second quarter of 2023.
Total Revenues increased 30% to $70.8 million for the first six months of 2024, an increase of $16.3 million compared to the first six months of 2023.
Product Revenues of $23.6 million in the second quarter of 2024, compared to $24.6 million in the second quarter of 2023.
Product Revenues increased 25% to $51.1 million in the first six months of 2024, an increase of $10.1 million from the same period in 2023.
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 15% to $8.0 million in the second quarter of 2024, an increase of $1.1 million from the second quarter of 2023, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink networks, and revenues associated with car-sharing programs.
Service Revenues increased 38% to $16.2 million in the first six months of 2024, an increase of $4.5 million over the same period in 2023.
Other Revenues, which are comprised of warranty fees, grants and rebates, and additional sources, increased 29% to $1.6 million in the second quarter of 2024, an increase of $0.4 million from the second quarter of 2023. The increase was primarily driven by higher warranty revenue.
Other Revenues increased 97% to $3.5 million in the first six months of 2024, an increase of $1.7 million over the same period in 2023. The increase was primarily driven by higher warranty revenue.
Gross Profit
Gross Profit was $10.7 million, or 32% of revenues, in the second quarter of 2024, compared to gross profit of $12.3 million, or 37% of revenues, in the second quarter of 2023. Gross margin decreased in the second quarter of 2024 primarily due to shift in sales mix towards third party manufactured products.
Gross Profit was $24.1 million, or 34% of revenues, in the first six months of 2024, compared to gross profit of $16.8 million, or 31% of revenues, in the same period in 2023.
Operating Expenses
Operating Expenses in the second quarter of 2024 decreased 41% to $31.4 million compared to $53.4 million in the second quarter of 2023, primarily driven by a 54% decline in compensation expenses and 24% decline in G&A expenses.
Operating Expenses in the first six months of 2024 decreased 28% to $62.3 million compared to $87.0 million in the same period of 2023.
Net Loss and Loss Per Share
Net Loss for the second quarter of 2024 was $(20.1) million, or $(0.20) per share, compared to a net loss of $(41.5) million, or $(0.67) per share in the second quarter of 2023. For the three months ending on June 30, 2024, the weighted average number of shares outstanding was 101.0 million. For the three months ending on June 30, 2023, the weighted average number of shares outstanding was 61.9 million.
Net Loss for the first six months of 2024 was $(37.2) million, or $(0.37) per share, compared to a net loss of $(71.3) million, or $(1.20) per share in the first six months of 2023.
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the second quarter of 2024 was a loss of $(14.7) million compared to an adjusted EBITDA loss of $(13.5) million in the second quarter of 2023.
Adjusted EBITDA for the first six months of 2024 was a loss of $(24.9) million compared to an adjusted EBITDA loss of $(31.3) million in the same period in 2023, an improvement of 20%.
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 sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense) 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 second quarter of 2024 was a loss of $(0.18) compared to an adjusted EPS loss of $(0.44) in the second quarter of 2023.
Adjusted EPS for the first six months of 2024 was a loss of $(0.31) compared to an adjusted EPS loss of $(0.92) in the same period in 2023.
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 sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense. 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 June 30, 2024, Cash and Cash Equivalents totaled $73.9 million compared to $121.7 million at December 31, 2023.
Recent Quarter Highlights:
• Signed agreement in Belgium with Decathlon, the world’s largest sporting goods retailer, for Blink to own and operate L2 and DC chargers at certain retail locations.
• Launched Blink Care, a new preventative maintenance program designed to reduce charger downtime and enhance charging experience
• Achieved “In Process” FedRAMP status to provide cloud-based EV charging solutions across U.S. Government
• Selected as an official electric vehicle charger and network services provider for the state of New York
• Envoy Technologies, Blink’s subsidiary and a provider of EV car-sharing services and community-based EVs, entered an agreement with Indigo Neighborhood to provide turn-key, on-demand, Rivian EVs
• Selected by official BYD dealership Grupo Fame, one of the largest dealership groups in Mexico, to provide EV charging services at select locations
• Selected as an official supplier in NASPO ValuePoint’s new EV charging station portfolio
• Blink Charging UK teamed up with Evri, the UK’s largest dedicated parcel delivery company, to support fleet electrification initiatives
• Envoy Technologies entered an agreement with Prima at Paseo South Gulch to provide residents with on-site access to shared EVs
• Keystone Purchasing Network selected Blink as exclusive provider of EV charging services
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss second quarter 2024 results today, August 7, 2024, at 4:30 PM, Eastern Time.
To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link: https://www.webcaster4.com/Webcast/Page/2468/50950
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: 985434.
A replay of the teleconference will be available until September 6, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 50950.