8-K

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): February 28, 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 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<br> Stock	BLNK	The<br> Nasdaq Stock Market 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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement<br> communications 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.

February

28, 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 fourth quarter and year ended December 31, 2022.

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 February 28, 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:<br> February 28, 2023	By:	/s/ Michael P. Rama
	Name:	Michael<br> P. Rama
	Title:	Chief<br> Financial Officer

EXhibit99.1

BLINK CHARGING ANNOUNCES RECORD FOURTH QUARTER AND YEAR END 2022 RESULTS

Significanttopline growth driven both organically and via strategic acquisitions

●	Full Year 2022 total revenues increased 192% to $61.1 million compared to $20.9 million for full year 2021; Q4 2022 total revenues increased 184% to $22.6 million compared to $7.9 million in Q4 2021
●	213% increase in service revenues^(1)^to $5.7 million in Q4 2022 compared to $1.8 million in Q4 2021
●	827% increase in network fees to $2.3 million in Q4 2022 compared to $0.2 million in Q4 2021
●	370% increase in gross profit to $6.5 million in Q4 2022 compared to $1.4 million in Q4 2021
●	7,571 charging stations contracted, deployed or sold in Q4 2022; increase of 86% over Q4 2021
●	Integration of recently acquired SemaConnect and EB Charging progressing on track
●	Following the close of the quarter, Blink closed a public offering with gross proceeds of $100 million

Miami Beach, FL, February 28, 2023 — Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading 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, 2022.

The following financial highlights are in thousands of dollars and unaudited.

	Three Months Ended							Year Ended
	December 31,							December 31,
	2022		2021		Increase			2022		2021		Increase
Product Sales	$	15,780	$	5,718		176	%	$	46,018	$	15,480		197	%
Service Revenues ^(1)^		5,673		1,813		213	%		12,504		4,414		183	%
Other Revenues^(2)^		1,153		419		175	%		2,617		1,046		150	%
Total Revenues	$	22,606	$	7,950		184	%	$	61,139	$	20,940		192	%
^(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

“2022 was a milestone year for Blink, highlighted by revenue that nearly tripled, substantially improved gross margin performance, and the strategic acquisitions and integrations of SemaConnect and EB Charging, which significantly enhanced our global presence. The addition of SemaConnect, also provided us with vertically integrated manufacturing capabilities in the U.S., qualifying Blink for Buy American eligibility and incentives. Blink’s record topline performance throughout 2022 outpaced our industry and demonstrates our ability to drive organic growth for our EV charging products and services as well as the strength of the strategic acquisitions which have extended our recognition and reach worldwide,” commented Michael D. Farkas, Chairman and Chief Executive Officer. “EV adoption represented 10% of all vehicles sold globally in 2022, and the important data point to watch is the trendline – EV adoption grew by 65% for the year and continues to gain traction among car buyers. As more EVs take to the road, Blink has the high-tech network, suite of equipment for any deployment landscape, flexible ownership models and reputation as a reliable provider, which uniquely position us to capitalize on the accelerating transition to electrified transportation.

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“To highlight our competitive strength, we are the only fully vertically integrated EV charging provider in the U.S. It is common in the charging industry to provide either products or services, but Blink has a fully redesigned and upgraded network and we design, manufacture and deploy chargers while also offering flexible business models to best serve our customers and partners. Our business models range from simply providing the equipment and access to the network for a one-time installation fee; to our hybrid model where we provide hardware, software and maintenance services and share revenue with the site host; to our owner operator model, where we provide installation and equipment and are responsible for the ongoing operation of the chargers, creating long-term recurring revenue for Blink. Our ability to provide high quality equipment and a network featuring market-leading architecture, combined with our flexible business models, makes us attractive to new customers and allows us to effectively service our existing clients. We’ve built a strong foundation for growth and the expansion of our leadership in the EV charging industry, both domestically and internationally.”

Mr. Farkas concluded, “We are energized by the opportunities we’re seeing in the marketplace. As previously announced, we’re expanding and scaling our manufacturing capabilities in the U.S. to ensure we have the equipment to service the anticipated exponential growth in demand for charging infrastructure and we were especially pleased to have these efforts recognized earlier this month in the White House announcement of the New Standards and Major Progress for a Made-in-America National Network of Electric Vehicle Chargers. We remain focused on aggressively competing for a share of the $7.5 billion in government funding earmarked for EV infrastructure buildout, with the goal of continuing to increase our role in facilitating the transition to EVs by ensuring there are reliable charging solutions for every venue including retail, public and home location as well as fleets.

“We enter 2023 in a strong position, thanks to our operational success in 2022 and the recent offering which generated gross proceeds of approximately $100 million. With our financial flexibility we are confident in our strategy to drive organic growth through the deployment of chargers in high density, highly trafficked locations worldwide, as well as through acquisitions or investment in businesses, products and technology that complement our offerings and can enhance our growth strategy. We look forward to continuing to expand and elevate our leadership role in the EV revolution.”

FinancialResults

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Revenues

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Total Revenues increased 184% to $22.6 million for the fourth quarter of 2022, an increase of $14.7 million compared to the fourth quarter of 2021.

Product Sales increased 176% to $15.8 million in the fourth quarter of 2022, an increase of $10.1 million compared to the same period in 2021, primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.

Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 213% to $5.7 million in the fourth quarter of 2022, up $3.9 million from the fourth quarter of 2021, primarily driven by an increased number and greater utilization of chargers in Blink’s portfolio, significant increase in network fees, warranty and other, as well as increased revenues associated with the Blink Mobility ride-sharing service program.

Network fees grew 827% to $2.3 million compared to network fees of $0.2 million in the same period of 2021.

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GrossProfit

Gross Profit increased 370% to $6.5 million, or 29% of revenue, in the fourth quarter of 2022, compared to gross profit of $1.4 million, or 17% of revenue, in the fourth quarter of 2021.

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NetLoss and Loss Per Share

Net Loss for the fourth quarter of 2022 was $28.1 million, or $(0.55) per share, compared to net loss of $19.0 million, or $(0.45) per share, in the fourth quarter of 2021.

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AdjustedEBITDA ^(3)^and Adjusted EPS ^(4)^

Adjusted EBITDA for the fourth quarter of 2022 was a loss of $14.8 million compared to an Adjusted EBITDA loss of $9.1 million in the prior year period. Sequentially, fourth quarter Adjusted EBITDA improved by nearly $3 million over third quarter of 2022.

Adjusted EPS for the fourth quarter of 2022 improved to ($0.41) compared to Adjusted EPS of ($0.44) in the fourth quarter of 2021 and compared to Adjusted EPS of ($0.47) in third quarter of 2022.

Cashand cash equivalents

^^

●	As<br> of December 31, 2022, Cash and Cash Equivalents totaled $36.6 million. Following the close of the quarter, Blink closed a public<br> offering with gross proceeds of $100 million.

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LookingForward

Mr. Farkas commented, “We drove strong results in 2022. With our visibility today, and our optimism around the opportunities we’re seeing in the marketplace, we are targeting revenues in the range of $100 million to $110 million and targeting gross profit in excess of 30% for full year 2023. With continued solid operational execution, we believe we are well-positioned to generate continued growth and improved margin performance.”

^(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 “Non-GAAP<br>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

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●

Blink<br> was included in the Biden-Harris Administration Announcement of the New Standards and Major Progress for a Made-In-America National<br> Network of Electric Vehicle Chargers. Blink was recognized for its announced plans to expand its Bowie, Maryland facility by 30,000<br> square feet, investing $49 million over 10 years and creating 60 new jobs for the production of L2 chargers. Additionally, the announcement<br> highlighted Blink’s plan for a new, state-of-the-art manufacturing facility in the U.S. that will provide up to 200,000 square<br> feet of space to manufacture both DCFC and Level 2 chargers.

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| --- | | ● | Blue<br> Corner signed a 10-year agreement with BluePoint, a leading venue and workspace provider and subsidiary of Belgium’s Technology<br> Trade Federation AGORIA, to deploy 280 EV charging points to support more than 2,000 member companies at BluePoint’s business<br> and network centers throughout Belgium. | | --- | --- | | ● | The<br> Company announced an agreement with three local companies in Costa Rica, GBT (a Grupo CAPRIS company) RQL and SBS to extend its footprint<br> and promote electromobility in the region. The agreement involves the installation of a public<br> network of Blink charging stations across the country, as well as the retail selling of Blink’s home charging unit, the HQ<br> 150 and HQ 200. The first 14 EV charging points will include Blink’s IQ 200 dual and single port chargers in strategic locations,<br> which will be available for all EV drivers. | | ● | Blink<br> entered a national supplier agreement with Vizient, the largest member-driven healthcare performance<br> improvement company, for the marketing and potential deployment of Blink charging stations and related services for Vizient members.<br> The membership represents more than $130 billion in annual purchasing volume. | | ● | Blink<br> announced an exclusive agreement with Mitsubishi Motors North America to make Blink chargers<br> and turnkey install services available for all 323 U.S. dealerships. Blink will supply its MQ 200 and IQ 200 Level 2 chargers and<br> will offer Blink DC Fast Chargers to all participating Mitsubishi dealerships across North America. | | ● | The<br> Company announced a collaboration with Citybest, a sustainable transport mobility App that<br> connects passengers with sustainable taxis, drivers and ride sharing services, to provide EV chargers in Latin America. Blink will<br> install 50 Blink MQ 200 chargers at hotel chains in Mexico with another 20 Blink EQ 200 chargers deployed in Chile. During the initial<br> launch, Citybest will provide free charging to Citybest drivers and look to open access to public charging in the future. | | ● | Blink<br> unveiled five new products at the Consumer Electronics Show (CES) in January 2023. The new<br> products include the Vision, EQ 200, 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. | | ● | The<br> Company announced a collaborative agreement with Bosch to become the official EV charger provider for General Motors dealerships<br> in Mexico to deploy the Blink IQ 200 family of charging products and services. | | ● | Blink<br> will provide downtown Rockford, Illinois with EV charging stations through a procurement program established through the Region 1<br> Planning Council in 2022, that helps local governments in Northern Illinois purchase Electric Vehicle Charging Stations at pre-negotiated<br> prices. Rockford has installed two Blink IQ 200 EV Charging Stations at a municipal parking lot and each L2 charging station allows<br> two electric vehicles to charge simultaneously. | | ● | Blink<br> signed a distribution agreement with ZOOZ Power (TASE: ZOOZ), a leading supplier of flywheel-based Power Boosting EV charging solutions,<br> for the distribution, sale, and deployment of ZOOZ’s Kinetic Power Booster, the ZOOZTER™-100, that utilizes advanced<br> technology for storing kinetic energy in flywheels to power EV DC fast chargers, reducing dependency on the electrical grid. | | ● | The<br> Company, through its SemaConnect subsidiary, installed 50 EV charging stations at the Granite Properties development, Midtown Union<br> in Atlanta, Georgia, a new, transformative, mixed-use development serving offices, retail and multifamily residences. |

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EarningsConference Call

Blink Charging will host a conference call and webcast to discuss fourth quarter and year-end 2022 results today, February 28, 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/2468/47588.

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: 674206.

A replay of the teleconference will be available until March 30, 2023, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 47588

AboutBlink Charging

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Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leader in electric vehicle (EV) charging equipment, has deployed over 66,000 charging ports across 25 countries, 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, Blue Corner and BlueLA. 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 rise to 10 million vehicles by 2025 from approximately 2 million in 2019, 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/.

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Forward-LookingStatements

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 Charging 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 those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

BlinkInvestor Relations Contact

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IR@BlinkCharging.com

855-313-8187

BlinkMedia Contact

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PR@BlinkCharging.com

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BLINKCHARGING CO. AND SUBSIDIARIES

CondensedConsolidated Statements of Operations

(inthousands, except for share and per share amounts)

(unaudited)

	For<br> The Three Months Ended						For<br> The Years Ended
	December<br> 31,						December<br> 31,
	2022			2021			2022			2021
Revenues:
Product sales	$	15,780		$	5,718		$	46,018		$	15,480
Charging service revenue - company-owned charging stations		3,009			1,302			6,866			2,978
Network fees		2,281			246			4,370			667
Warranty		453			101			928			220
Grant and rebate		13			120			296			400
Ride-sharing services		383			265			1,268			769
Other		687			198			1,393			426
	$	-
Total Revenues		22,606			7,950			61,139			20,940
Cost of Revenues:
Cost of product sales		10,294			4,555			31,428			11,670
Cost of charging services - company-owned charging stations		697			397			1,466			707
Host provider fees		1,590			544			3,935			1,386
Network costs		539			147			1,463			454
Warranty and repairs and maintenance		1,358			149			2,795			892
Ride-sharing services		582			366			2,137			1,458
Depreciation and amortization		1,068			413			3,113			1,531
Total Cost of Revenues		16,128			6,571			46,337			18,098
Gross Profit		6,478			1,379			14,802			2,842
Operating<br> Expenses:
Compensation		22,959			12,726			60,602			38,389
General and administrative expenses		7,803			3,406			27,826			10,516
Other operating expenses		3,486			4,360			15,645			9,606
Total Operating Expenses		34,248			20,492			104,073			58,511
Loss From Operations		(27,770	)		(19,113	)		(89,271	)		(55,669	)
Other Income<br> (Expense):
Interest (expense) income		(473	)		3			(1,529	)		9
Dividend and interest income		221			132			454			294
Foreign transaction loss		236			-			(600	)		(124	)
Gain on forgiveness of PPP loan		-			477			-			856
Change in fair value of derivative and other accrued liabilities		31			9			66			69
Other (expense) income, net		(86	)		(482	)		(372	)		(554	)
Total Other Expense		(71	)		139			(1,981	)		550
Loss Before Income Taxes	$	(27,841	)	$	(18,974	)	$	(91,252	)	$	(55,119	)
Provision for income taxes		(308	)		-			(308	)		-
Net Loss	$	(28,149	)	$	(18,974	)	$	(91,560	)	$	(55,119	)
Net Loss Per Share:
Basic	$	(0.55	)	$	(0.45	)	$	(1.95	)	$	(1.32	)
Diluted	$	(0.55	)	$	(0.45	)	$	(1.95	)	$	(1.32	)
Weighted Average Number of
Common Shares Outstanding:
Basic		42,276,643			33,577,425			46,922,434			41,905,340
Diluted		42,276,643			33,577,425			46,922,434			41,905,340

The accompanying notes are an integral part of these consolidated financial statements.

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BLINKCHARGING CO. AND SUBSIDIARIES

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CondensedConsolidated Balance Sheets

(inthousands, except for share amounts)

			2021
Assets
Current<br> Assets:
Cash<br> and cash equivalents	36,562		$	174,795
Accounts<br> receivable, net	23,581			6,346
Inventory,<br> net	34,740			10,369
Prepaid<br> expenses and other current assets	4,399			1,020
Total<br> Current Assets	99,282			192,530
Restricted<br> cash	71			81
Property<br> and equipment, net	25,862			14,563
Operating<br> lease right-of-use asset	4,174			1,664
Intangible<br> assets, net	26,582			3,455
Goodwill	203,710			19,390
Other<br> assets	2,861			230
Total<br> Assets	362,542		$	231,913
Liabilities<br> and Stockholders’ Equity
Current<br> Liabilities:
Accounts<br> payable	24,585		$	7,134
Accrued<br> expenses and other current liabilities	13,109			5,678
Notes<br> payable	10			10
Current<br> portion of operating lease liabilities	1,738			547
Current<br> portion of financing lease liabilities	306			-
Current<br> portion of deferred revenue	10,572			2,858
Total<br> Current Liabilities	50,320			16,227
Contingent<br> consideration	1,316			-
Consideration<br> payable	40,608			-
Operating<br> lease liabilities, non-current portion	3,030			1,531
Financing<br> lease liabilities, non-current portion	408			-
Other<br> liabilities	645			193
Deferred<br> revenue, non-current portion	5,258			128
Total<br> Liabilities	101,585			18,079
Commitments<br> and contingencies (Note 16)
Stockholders’<br> Equity:
Common<br> stock, 0.001 par value, 500,000,000 shares authorized, 51,476,445 and 42,423,514, shares issued and outstanding as of December 31,<br> 2022 and 2021, respectively	51			42
Additional<br> paid-in capital	597,982			458,046
Accumulated<br> other comprehensive loss	(3,046	)		(1,784	)
Accumulated<br> deficit	(334,030	)		(242,470	)
Total<br> Stockholders’ Equity	260,957			213,834
Total<br> Liabilities and Stockholders’ Equity	362,542		$	231,913

All values are in US Dollars.

The accompanying notes are an integral part of these consolidated financial statements.

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BlinkCharging Co.

CondensedConsolidated Statements of Cash Flows

(Inthousands)

(Unaudited)

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	For<br> the Years Ended
	December<br> 31,
	2022			2021
Cash<br> Flows From Operating Activities:
Net<br> loss	$	(91,560	)	$	(55,119	)
Adjustments<br> to reconcile net loss to net cash used in operating activities:
Depreciation<br> and amortization		9,547			2,731
Non-cash<br> lease expense		997			1,246
Dividend<br> and interest income		-			(62	)
Change<br> in fair value of contingent consideration		(1,499	)		-
Change<br> in fair value of derivative and other accrued liabilities		66			69
Provision<br> for bad debt		1,336			908
Loss<br> on disposal of fixed assets		113			156
Provision<br> for slow moving and obsolete inventory		78			(187	)
Gain<br> on forgiveness of PPP loan		-			(856	)
Gain<br> on settlement of accounts payable, net		-			-
Stock-based<br> compensation:
Common<br> stock		5,664			4,391
Options		10,249			14,717
Changes<br> in operating assets and liabilities:
Accounts<br> receivable and other receivables		(11,869	)		(5,212	)
Inventory		(24,283	)		(9,227	)
Prepaid<br> expenses and other current assets		(1,782	)		710
Other<br> assets		2			262
Accounts<br> payable and accrued expenses		16,243			3,723
Other<br> liabilities		18			103
Lease<br> liabilities		(825	)		(1,021	)
Deferred<br> revenue		5,140			2,098
Total Adjustments		9,195			14,549
Net Cash Used In Operating Activities		(82,365	)		(40,570	)
Cash<br> Flows From Investing Activities:
Proceeds<br> from sale of marketable securities		-			6,804
Note<br> receivable		(2,200	)		-
Purchase<br> consideration of SemaConnect, net of cash acquired		(38,338	)		-
Purchase<br> of marketable securities		-			(7,209	)
Capitalization<br> of engineering costs		(294	)		(237	)
Purchase<br> consideration of Blue Corner, net of cash acquired		-			(22,742	)
Purchase<br> consideration of Electric Blue, net of cash acquired		(11,360	)		-
Purchases<br> of property and equipment		(5,249	)		(7,065	)
Net Cash (Used In) Provided By Investing Activities		(57,441	)		(30,449	)
Cash<br> Flows From Financing Activities:
Proceeds<br> from sale of common stock in public offering [1]		7,386			221,333
Proceeds<br> from exercise of options and warrants		220			2,000
Repayment<br> of financing liability in connection with finance lease		(217	)		-
Repayment<br> of notes payable		(681	)		-
Payment<br> of financing liability in connection with internal use software		(315	)		(62	)
Net Cash Provided By Financing Activities		6,393			223,271
Effect of Exchange Rate Changes on Cash and Cash Equivalents		(4,830	)		206
Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash		(138,243	)		152,458
Cash<br> and Cash Equivalents and Restricted Cash - Beginning of Year		174,876			22,418
Cash<br> and Cash Equivalents and Restricted Cash - End of Year	$	36,633		$	174,876
Cash<br> and cash equivalents and restricted cash consisted of the following:
Cash<br> and cash equivalents	$	36,562		$	174,795
Restricted<br> cash		71			81
	$	36,633		$	174,876

^1^For the year ended December 31, 2022, includes gross proceeds of $7,697, less issuance costs of $311 deducted directly from the offering proceeds. For the year ended December 31, 2021, includes gross proceeds of $232,060, less issuance costs of $10,727 deducted directly from the offering proceeds.

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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						For The Year Ended
	December 31,						December 31,
	2022			2021			2022			2021
Net Loss	$	(28,149	)	$	(18,974	)	$	(91,560	)	$	(55,119	)
Add:
Interest Expense		473			(3	)		1,529			(9	)
Provision for Income Taxes		308			-			308			-
Depreciation and amortization		4,372			1,045			9,547			2,731
EBITDA		(22,996	)		(17,932	)		(80,176	)		(52,397	)
Add:
Stock-based compensation		8,092			8,800			15,913			19,108
Acquisition-related costs		150			-			3,933			320
Adjusted EBITDA	$	(14,754	)	$	(9,132	)	$	(60,330	)	$	(32,969	)

The following table reconciles EPS attributable to Blink Charging Co. to Adjusted EPS for the periods shown:

	For The Three Months Ended						For The Year Ended
	December 31,						December 31,
	2022			2021			2022			2021
Net Income - per diluted share	$	(0.55	)	$	(0.45	)	$	(1.95	)	$	(1.32	)
Per diluted share adjustments:
Add: Amortization expense of intangible assets		0.04			0.01			0.12			0.02
Acquisition-related costs		-			-			0.08			0.01
Additional stock-based compensation		0.10			-			0.10			-
Adjusted EPS	$	(0.41	)	$	(0.44	)	$	(1.65	)	$	(1.29	)

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 are 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 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.

Adjusted earnings per diluted share (“Adjusted EPS”) is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, acquisition-related costs and additional stock-based compensation expense.

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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