8-K
Blink Charging Co. (BLNK)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2023
| BLINK CHARGING CO. | ||
|---|---|---|
| (Exact<br> name of registrant as specified in its charter) | ||
| Nevada | 001-38392 | 03-0608147 |
| --- | --- | --- |
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (IRS<br> Employer<br><br> <br>Identification<br> No.) |
| 605<br> Lincoln Road, 5th Floor<br><br> <br>Miami<br> Beach, Florida | 33139 | |
| --- | --- | |
| (Address<br> of Principal Executive Offices) | (Zip<br> Code) | |
| Registrant’s<br> telephone number, including area code: (305) 521-0200 | ||
| --- | ||
| N/A | ||
| --- | ||
| (Former<br> name or former address, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of Each Class | Trading<br> Symbol(s) | Name<br> of Each Exchange on Which Registered |
|---|---|---|
| Common Stock | BLNK | The Nasdaq Stock Market<br> LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant<br> to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CURRENT
REPORT ON FORM 8-K
Blink
Charging Co.
May
9, 2023
Item2.02. Results of Operations and Financial Condition.
Blink Charging Co. (Nasdaq: BLNK, BLNKW) (the “Company”), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced its financial results for the first quarter ended March 31, 2023.
A copy of the press release is furnished with this report as Exhibit 99.1. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item9.01. Financial Statements and Exhibits.
(a) Exhibits. The exhibit listed in the following Exhibit Index is filed as part of this current report.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release issued by Blink Charging Co. on May 9, 2023. |
| 104 | Cover<br>Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLINK CHARGING CO. | ||
|---|---|---|
| Dated: May 9, 2023 | By: | /s/ Michael P. Rama |
| Name: | Michael P. Rama | |
| Title: | Chief Financial Officer |
Exhibit99.1
BLINK CHARGING ANNOUNCES STRONG FIRST QUARTER 2023 RESULTS
| ● | First quarter 2023 total revenues increased 121% to $21.7 million compared to $9.8 million in first quarter of 2022 |
|---|---|
| ● | 216% increase in service revenues^(1)^to $4.8 million in first quarter of 2023 compared to $1.5 million in first quarter of 2022 |
| ● | 911% increase in network fees to $1.6 million in first quarter of 2023 compared to $0.2 million in first quarter of 2022 |
| ● | 186% increase in gross profit to $4.5 million in first quarter of 2023 compared to $1.6 million in first quarter of 2022 |
| ● | 6,461 charging stations contracted, deployed or sold in Q1 2023; 72,939 charging stations contracted, sold or deployed to date |
| ● | Following the close of the quarter, Blink subsidiary Blink Mobility acquires Envoy Technologies |
MiamiBeach, Fla., (May 9, 2023) -- 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 its first quarter ended March 31, 2023.
The following top-line highlights are in thousands of dollars and unaudited.
| Three<br> Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| March<br> 31, | |||||||
| 2023 | 2022 | Increase | |||||
| Product<br> Sales | $ | 16,389 | $ | 8,052 | 104 | % | |
| Service<br> Revenues ^(1)^ | 4,765 | 1,507 | 216 | % | |||
| Other<br> Revenues^(2)^ | 514 | 241 | 113 | % | |||
| Total<br> Revenues | $ | 21,668 | $ | 9,800 | 121 | % | |
| (1) | Service<br> Revenues consist of charging service revenues, network fees, and ride-sharing service revenues. | ||||||
| --- | --- | ||||||
| (2) | Other<br> Revenues consist of other revenues, warranties, and grants and rebates. |
“Following a landmark year of incredible growth and opportunity for Blink, our first quarter performance delivered an exceptionally strong start to 2023, including total revenue growth of 121%,” said Brendan Jones, President andChief Executive Officer.
“We have a world class team in place and as we move through the year and beyond, our focus remains on continuing to develop and bring to market our advanced and innovative technology, products and services. Likewise, we are expanding our manufacturing capabilities in the U.S. and internationally, to enhance our ability to meet consumer demands and exceed customer expectations as more and more drivers worldwide transition to EVs. Blink is fundamentally changing the way the U.S. and the world think about EV charging, and our robust pipeline reflects the strength of our brand and the recognition of our technology and capabilities in the marketplace.”
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FirstQuarter Financial Results
Revenues
Total Revenues increased 121% to $21.7 million for the first quarter of 2023 compared to the first quarter of 2022.
Product Sales increased 104% to $16.4 million in the first quarter of 2023, an increase of $8.3 million from the same period in 2022 primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues from the 2022 acquisitions.
Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 216% to $4.8 million in the first quarter of 2023, up $3.3 million from the first quarter of 2022, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink networks, revenues associated with the Blink Mobility ride-sharing service program, and revenues from the 2022 acquisitions.
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 113% to $514 thousand in the first quarter of 2023, compared to $241 thousand in the first quarter of 2022.
GrossProfit
Gross Profit increased 186% to $4.5 million, or 21.0% of revenue, in the first quarter of 2023, compared to gross profit of $1.6 million, or 16.2% of revenue, in the first quarter of 2022. Gross margin declined in in first quarter of 2023, when compared to fourth quarter of 2022, due primarily to significantly more sales of contract manufactured chargers, which carry a lower overall contribution margin compared to the units manufactured in-house. As Blink continues its transition to in-house manufacturing, the gross margin profile is expected to improve throughout 2023 and into 2024.
NetLoss and Loss Per Share
Net Loss for the first quarter of 2023 was $29.8 million, or $(0.53) per share, compared to a Net Loss of $15.1 million, or $(0.36) per share in the first quarter of 2022.
AdjustedEBITDA ^(3)^and Adjusted EPS ^(4)^
^^
Adjusted EBITDA for the first quarter of 2023 was a loss of $17.8 million compared to an Adjusted EBITDA loss of $12.4 million in the prior year period. Adjusted EBITDA as a percentage of revenues for the first quarter of 2023 improved over 4,400 basis points compared to the first quarter of 2022.
Adjusted EPS for the first quarter of 2023 was $(0.49) compared to Adjusted EPS of $(0.34) in the first quarter of 2022 and compared to Adjusted EPS of $(0.41) in the fourth quarter of 2022.
Cashand cash equivalents
As of March 31, 2023, Cash and Cash Equivalents totaled $103.2 million.
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LookingForward
Mr. Jones continued, “With our visibility today, for full year 2023, we continue to target revenues in the range of $100 million to $110 million and gross margin in excess of 30%.”
| (3) | Adjusted<br> EBITDA (defined as earnings (loss) before interest income (expense), provision for income taxes, depreciation and amortization, stock-based<br> compensation, and acquisition related costs) is a non-GAAP financial measure management uses as a proxy for net income (loss). See<br> “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release. |
|---|---|
| (4) | Adjusted<br> EPS (defined as earnings (loss) per diluted share) is a non-GAAP financial measure management uses to assess earnings per diluted share<br> excluding non-recurring items such as acquisition-related costs, amortization expense of intangible assets and additional stock-based<br> compensation expense. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included<br> at the end of this release. |
RecentHighlights:
| ● | On<br> March 16, Blink Charging announced an IDIQ contract with the United States Postal Service<br> to provide up to 41,500 EV charging stations and network services by Blink and others. |
|---|---|
| ● | Launched<br> five new products at the Consumer Electronics Show (CES) 2023, including the Vision, EQ 200,<br> Series 3, PQ 150, and 30kW DC Fast Charger, which are designed to serve the increasing demands<br> of the growing EV markets across the U.S., Europe, Asia and Latin America. |
| ● | Blue<br> Corner signed a 4-year agreement with APCOA to deploy and maintain EV chargers in parking<br> facilities in Belgium. APCOA manages 1.8 million parking spaces in 13 European countries<br> at approximately 12,000 locations. |
| ● | Signed<br> collaborative agreement with Citybest to provide needed EV chargers in Latin America and<br> advance the EV charging ecosystem in the region. |
| ● | Collaborated<br> with three local companies in Costa Rica to extend the Blink footprint and promote vehicle<br> electrification in the region. |
| ● | Entered<br> into an exclusive agreement with Mitsubishi Motors North America to make available Blink<br> chargers and turnkey install services for all 323 U.S. dealerships. |
| ● | Selected<br> as national supplier with Vizient for the marketing and potential deployment of Blink charging<br> stations and related services for Vizient members. |
| ● | Teamed<br> up with Hertz to provide EV charging during Superbowl weekend in the greater Phoenix area. |
| ● | Launched<br> the newly redesigned Blink mobile charger, directly addressing the needs of EV fleet operators,<br> roadside assistance providers, insurance companies, auto manufacturers, and public roadway<br> assistance programs. |
| ● | Successfully<br> completed an upsized public offering of approximately $100 million. |
| ● | Completed<br> the integration and rebranding of recently acquired SemaConnect India to Blink. |
| ● | Awarded<br> a Multiple Award Schedule (MAS) contract by the U.S. General Services Administration (GSA)<br> allowing government customers and federal agencies to easily purchase Blink EV equipment<br> and services. |
| ● | Rebranded<br> EB Charging to Blink Charging UK following its acquisition in April 2022 providing a significant<br> visible footprint of more than 1,225 chargers in the United Kingdom and Ireland. |
| ● | Announced<br> the acquisition of Envoy Technologies by its wholly owned subsidiary Blink Mobility. Blink<br> expects to realize synergies from combining Envoy with its car-sharing division, Blink Mobility. |
EarningsConference Call
Blink Charging will host a conference call and webcast to discuss first quarter 2023 results today, May 9, 2023 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/2468/48249
To participate in the call by phone, dial (877) 545-0523 approximately five minutes prior to the scheduled start time. International callers, please dial (973) 528-0016. Callers should use access code: 848920.
A replay of the teleconference will be available until June 8, 2023, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 48249.
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BLINKCHARGING CO. AND SUBSIDIARIES
CondensedConsolidated Statements of Operations
(inthousands, except for share and per share amounts)
(unaudited)
| For The Three Months Ended | **** | |||||
|---|---|---|---|---|---|---|
| **** | **** | March 31, | **** | |||
| **** | **** | 2023 | **** | **** | 2022 | |
| Revenues: | ||||||
| Product<br> sales | $ | 16,389 | $ | 8,052 | ||
| Charging<br> service revenue - company-owned charging stations | 2,885 | 1,107 | ||||
| Network<br> fees | 1,628 | 161 | ||||
| Warranty | 393 | 67 | ||||
| Grant<br> and rebate | 49 | 75 | ||||
| Ride-sharing<br> services | 252 | 239 | ||||
| Other | 72 | 99 | ||||
| Total<br> Revenues | 21,668 | 9,800 | ||||
| Cost<br> of Revenues: | ||||||
| Cost<br> of product sales | 11,731 | 6,044 | ||||
| Cost<br> of charging services - company-owned charging stations | 887 | 523 | ||||
| Host<br> provider fees | 1,647 | 551 | ||||
| Network<br> costs | 437 | 234 | ||||
| Warranty<br> and repairs and maintenance | 948 | 111 | ||||
| Ride-sharing<br> services | 637 | 426 | ||||
| Depreciation<br> and amortization | 838 | 325 | ||||
| Total<br> Cost of Revenues | 17,125 | 8,214 | ||||
| Gross<br> Profit | 4,543 | 1,586 | ||||
| Operating<br> Expenses: | ||||||
| Compensation | 22,709 | 9,259 | ||||
| General<br> and administrative expenses | 8,478 | 4,427 | ||||
| Other<br> operating expenses | 4,195 | 2,942 | ||||
| Total<br> Operating Expenses | 35,382 | 16,628 | ||||
| Loss<br> From Operations | (30,839 | ) | (15,042 | ) | ||
| Other<br> Income (Expense): | ||||||
| Interest<br> income | (617 | ) | - | |||
| Foreign<br> transaction gain | 1,807 | 3 | ||||
| Change<br> in fair value of derivative and other accrued liabilities | 10 | - | ||||
| Other<br> income (expense), net | 50 | (104 | ) | |||
| Total<br> Other (Expense) Income | 1,250 | (101 | ) | |||
| Loss<br> Before Income Taxes | $ | (29,589 | ) | $ | (15,143 | ) |
| Provision<br> for income taxes | (212 | ) | - | |||
| Net<br> Loss | $ | (29,801 | ) | $ | (15,143 | ) |
| Net<br> Loss Per Share: | ||||||
| Basic | $ | (0.53 | ) | $ | (0.36 | ) |
| Diluted | $ | (0.53 | ) | $ | (0.36 | ) |
| Weighted<br> Average Number of | ||||||
| Common<br> Shares Outstanding: | ||||||
| Basic | 56,469,928 | 42,437,823 | ||||
| Diluted | 56,469,928 | 42,437,823 |
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BLINKCHARGING CO. AND SUBSIDIARIES
CondensedConsolidated Balance Sheets
(inthousands, except for share amounts)
| March 31, 2023 | **** | **** | December 31, 2022 | ||
|---|---|---|---|---|---|
| unaudited | **** | **** | **** | ||
| Assets | |||||
| Current<br> Assets: | |||||
| Cash<br> and cash equivalents | 103,202 | $ | 36,562 | ||
| Accounts<br> receivable, net | 27,883 | 23,581 | |||
| Inventory,<br> net | 39,524 | 34,740 | |||
| Prepaid<br> expenses and other current assets | 5,211 | 4,399 | |||
| Total<br> Current Assets | 175,820 | 99,282 | |||
| Restricted<br> cash | 78 | 71 | |||
| Property<br> and equipment, net | 27,666 | 25,862 | |||
| Operating<br> lease right-of-use asset | 5,095 | 4,174 | |||
| Intangible<br> assets, net | 25,072 | 26,582 | |||
| Goodwill | 204,244 | 203,710 | |||
| Other<br> assets | 3,025 | 2,861 | |||
| Total<br> Assets | 441,000 | $ | 362,542 | ||
| Liabilities<br> and Stockholders’ Equity | |||||
| Current<br> Liabilities: | |||||
| Accounts<br> payable | 28,621 | $ | 24,585 | ||
| Accrued<br> expenses and other current liabilities | 12,808 | 13,109 | |||
| Notes<br> payable | 10 | 10 | |||
| Current<br> portion of operating lease liabilities | 2,037 | 1,738 | |||
| Current<br> portion of financing lease liabilities | 301 | 306 | |||
| Current<br> portion of deferred revenue | 11,496 | 10,572 | |||
| Total<br> Current Liabilities | 55,273 | 50,320 | |||
| Contingent<br> consideration | 1,323 | 1,316 | |||
| Consideration<br> payable | 40,620 | 40,608 | |||
| Operating<br> lease liabilities, non-current portion | 3,744 | 3,030 | |||
| Financing<br> lease liabilities, non-current portion | 321 | 408 | |||
| Other<br> liabilities | 649 | 645 | |||
| Deferred<br> revenue, non-current portion | 5,406 | 5,258 | |||
| Total<br> Liabilities | 107,336 | 101,585 | |||
| Commitments<br> and contingencies (Note 7) | |||||
| Stockholders’<br> Equity: | |||||
| Common<br> stock, 0.001 par value, 500,000,000 shares authorized, 60,370,374 and 51,476,445 shares issued<br> and outstanding as of March 31, 2023 and December 31, 2022, respectively | 60 | 51 | |||
| Additional<br> paid-in capital | 701,331 | 597,982 | |||
| Accumulated<br> other comprehensive loss | (3,896 | ) | (3,046 | ) | |
| Accumulated<br> deficit | (363,831 | ) | (334,030 | ) | |
| Total<br> Stockholders’ Equity | 333,664 | 260,957 | |||
| Total<br> Liabilities and Stockholders’ Equity | 441,000 | $ | 362,542 |
All values are in US Dollars.
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BLINKCHARGING CO. AND SUBSIDIARIES
ConsolidatedStatements of Cash Flows
(Inthousands)
(unaudited)
| For The Three<br> Months Ended | ||||||
|---|---|---|---|---|---|---|
| March<br> 31, | ||||||
| 2023 | 2022 | |||||
| Cash Flows From Operating<br> Activities: | ||||||
| Net loss | $ | (29,801 | ) | $ | (15,143 | ) |
| Adjustments to reconcile<br> net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 3,166 | 758 | ||||
| Non-cash lease expense | 438 | 55 | ||||
| Change in fair value of<br> contingent consideration | 8 | - | ||||
| Loss on disposal of fixed<br> assets | (37 | ) | - | |||
| Change in fair value of<br> derivative and other accrued liabilities | 10 | - | ||||
| Provision for bad debt | 555 | 502 | ||||
| Provision for slow moving<br> and obsolete inventory | (1,701 | ) | 295 | |||
| Stock-based compensation: | ||||||
| Common stock | 3,685 | 507 | ||||
| Options | 4,090 | 1,455 | ||||
| Changes in operating assets<br> and liabilities: | ||||||
| Accounts receivable and<br> other receivables | (4,377 | ) | (1,722 | ) | ||
| Inventory | (3,202 | ) | (698 | ) | ||
| Prepaid expenses and other<br> current assets | (590 | ) | 297 | |||
| Interco | - | - | ||||
| Other assets | (181 | ) | (288 | ) | ||
| Accounts payable and accrued<br> expenses | 3,876 | 2,120 | ||||
| Other liabilities | 4 | 101 | ||||
| Lease liabilities | (346 | ) | (66 | ) | ||
| Deferred<br> revenue | 226 | 444 | ||||
| Total<br> Adjustments | 5,624 | 3,760 | ||||
| Net<br> Cash Used In Operating Activities | (24,177 | ) | (11,383 | ) | ||
| Cash Flows From Investing<br> Activities: | ||||||
| Purchases of intangible<br> assets | (550 | ) | - | |||
| Purchases<br> of property and equipment | (1,665 | ) | (1,368 | ) | ||
| Net<br> Cash Used In Investing Activities | (2,215 | ) | (1,368 | ) | ||
| Cash Flows From Financing<br> Activities: | ||||||
| Proceeds from sale of common<br> stock in public offering [1] | 94,766 | - | ||||
| Proceeds from exercise<br> of options and warrants | 835 | 69 | ||||
| Repayment of financing<br> liability in connection with finance lease | (92 | ) | - | |||
| Payment<br> of financing liability in connection with internal use software | (149 | ) | (146 | ) | ||
| Net<br> Cash (Used In) Provided By Financing Activities | 95,360 | (77 | ) | |||
| Effect<br> of Exchange Rate Changes on Cash and Cash Equivalents | (2,321 | ) | (158 | ) | ||
| Net<br> (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | 66,647 | (12,986 | ) | |||
| Cash<br> and Cash Equivalents and Restricted Cash - Beginning of Period | 36,633 | 175,049 | ||||
| Cash<br> and Cash Equivalents and Restricted Cash - End of Period | $ | 103,280 | $ | 162,063 | ||
| Cash and cash equivalents and restricted cash<br> consisted of the following: | ||||||
| Cash and cash equivalents | $ | 103,202 | $ | 161,984 | ||
| Restricted cash | 78 | 79 | ||||
| $ | 103,280 | $ | 162,063 |
[1] Includes gross proceeds of $100,000, less issuance costs of $5,654.
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Non-GAAPFinancial Measures
The following table reconciles Net Loss attributable to Blink Charging Co. to EBITDA and Adjusted EBITDA for the periods shown:
| For The Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| March 31, | ||||||
| **** | **** | 2023 | **** | **** | 2022 | **** |
| Net<br> Loss | $ | (29,800 | ) | $ | (15,143 | ) |
| Add: | ||||||
| Interest<br> Expense | 617 | - | ||||
| Provision<br> for Income Taxes | 207 | - | ||||
| Depreciation<br> and amortization | 3,186 | 758 | ||||
| EBITDA | (25,790 | ) | (14,385 | ) | ||
| Add: | ||||||
| Stock-based<br> compensation | 7,776 | 1,962 | ||||
| Acquisition-related<br> costs | 232 | 58 | ||||
| Adjusted<br> EBITDA | $ | (17,782 | ) | $ | (12,365 | ) |
The following table reconciles EPS attributable to Blink Charging Co. to Adjusted EPS for the periods shown:
| For The Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| March 31, | ||||||
| **** | **** | 2023 | **** | **** | 2022 | **** |
| Net<br> Income - per diluted share | $ | (0.53 | ) | $ | (0.36 | ) |
| Per<br> diluted share adjustments: | ||||||
| Add:<br> Amortization expense of intangible assets | 0.04 | 0.02 | ||||
| Adjusted<br> EPS | $ | (0.49 | ) | $ | (0.34 | ) |
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 is 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 (Loss) 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.
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.
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AboutBlink Charging
Blink Charging Co. (Nasdaq: BLNK), a leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed nearly 73,000 charging ports worldwide, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations worldwide. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blink Charging UK, Blue Corner, BlueLA and Envoy. 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 half of passenger cars sold in the US by 2030, Blink 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 https://www.blinkcharging.com/.
Forward-LookingStatements
This presentation contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. Such statements include, but are not limited to, statements about (i) delays in product development and deployment, (ii) market acceptance of our EV charging products and related services, (iii) technological change in the EV charging equipment industry, (iv) competition in EV markets generally in the United States and abroad, (v) results and costs associated with governmental investigations and litigation, (vi) intellectual property issues, and (vii) other aspects of our business identified in this press release, as well as in our periodic reports that we file from time to time with the SEC. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “tends,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of those terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those expressed or implied by these forward-looking statements because of market conditions in our industries or other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties. Various factors, including but not limited to the risks described from time to time in Blink Charging Co.’s periodic reports with the SEC, including, without limitation, the risks described in Blink Charging Co.’s Annual Report on Form 10-K for the year ended December 31, 2022 under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations,” could cause actual results to differ from those implied by the forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. All information is current as of the date this press release is issued, and except as required by law, Blink Charging Co. does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to these statements to reflect future events or developments.
Non-GAAPDisclosure
The information provided herein includes certain non-GAAP financial measures. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding the results of operations of the Company. The non-GAAP Adjusted EBITDA financial measure used by the Company is intended to provide an enhanced understanding of our underlying operational measures to manage the Company’s business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals. Certain items are excluded from this non-GAAP financial measure to provide additional comparability measures from period to period. These non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Non-GAAP financial measures are reconciled in the accompanying tables to the most directly comparable measures as reported in accordance with GAAP, and should be viewed in addition to, and not in lieu of, such comparable financial measures.
BlinkInvestor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
BlinkMedia Contact
Jon Myers
PR@BlinkCharging.com
305-521-0200 ext. 266
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