• Record Revenues in Q3 2021, up 607% over prior year period
  • Service Revenues increased 425% year over year (1)
  • 3,016 charging stations contracted or sold in Q3 2021, an increase of 351% compared to last year

Miami Beach, FL, Nov. 11, 2021 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2021.

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

 Three Months Ended  Nine Months Ended
 September 30,  September 30, 
 2021 2020 2021 2020
Product Sales$4,824  $557  $9,762  $2,609  
Service Revenues (1) 1,382   263   2,601   797  
Other Revenues 196   86   627   371  
Total Revenues $6,402   $906   $12,990   $3,777  

(1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.

“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world,” said Michael D. Farkas, Blink’s Chairman and Chief Executive Officer. “During the quarter, we made great strides increasing our network of property partners, winning exclusive, multi-year agreements that we anticipate will result in additional charging station deployments and revenue generation. We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization. This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives. We are well-positioned to play a critical role in the establishment of convenient, reliable EV infrastructure and we’re energized by the opportunities and interest we’re seeing in the marketplace. We anticipate winning many more future grant awards, coupled with a robust pipeline of opportunities ahead, we look forward to finishing the year strong and carrying this momentum into 2022.”
Financial Results


Total Revenues for the third quarter of 2021 were $6.4 million, an increase of $5.5 million or 607% compared to the prior year period.

Product Sales were $4.8 million in the third quarter of 2021, up $4.3 million or 766% from the same period a year ago primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues generated through the Blue Corner acquisition.

Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues were $1.4 million in the third quarter of 2021, up $1.1 million or 425% from the third quarter last year primarily driven by greater utilization of chargers, an increased number of chargers on the Blink network, revenues associated with the Blink Mobility ride-sharing service program, and revenues from the Blue Corner acquisition.

Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, were $0.2 million in the third quarter of 2021 compared to $0.1 million in the prior year period.

Operating Expenses

Operating Expenses for the third quarter of 2021 were $16.7 million compared to $4.3 million in the same period in 2020. The $12.4 million increase was primarily due to costs associated with investments in new hires within the sales, operations, and IT departments as part of the Company’s strategic domestic and global expansion initiative, as well as an increase in share-based compensation expense of $6.1 million, mostly related to a special performance option equity award. In addition, operating expenses for the third quarter of 2021 included a full quarter of operating costs from the three most recent acquisitions, whereas these expenses were predominantly absent in the prior year’s results.

Net Loss and Loss Per Share

Net Loss for the third quarter of 2021 was $15.3 million, or $0.36 per share, compared to a Net Loss of $3.9 million, or $0.12 per share in the third quarter of 2020.

Adjusted EBITDA (2)

Adjusted EBITDA for the third quarter of 2021 was a loss of $8.4 million compared to an Adjusted EBITDA loss of $3.7 million in the prior year period. Third quarter 2021 Adjusted EBITDA improved sequentially from the $9.1 million-dollar loss in the second quarter of 2021 as the Company continued to make progress towards scaling the business.

Balance Sheet and Cash Flow

As of September 30, 2021, Cash and Marketable Securities totaled $186.7 million.

(2) Adjusted EBITDA (defined as earnings (loss) before interest income (expense), provision for income taxes, depreciation and amortization, and stock-based compensation) 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.

Business Highlights

During the third quarter of 2021, the Company achieved numerous strategic partnerships, agreements, and grant awards including:

  • Received a $12.5 million grant from the Florida Department of Environmental Protection for the deployment of 52 DC Fast Chargers at 25 locations along Florida’s major interstate highways
  • Partnered with the City of San Antonio to deploy 202 Blink-owned Level 2 charging stations and 3 DC Fast Chargers throughout the city
  • Expanded Blink Mobility’s BlueLA car sharing program with the City of Los Angeles to deploy and operate 300 additional charging stations, bringing the total under this program to 500 stations across 100 locations throughout Los Angeles
  • Company’s European subsidiary, Blue Corner, signed an exclusive four-year sales contract and 10-year service agreement with KU Leuven to deploy and operate up to 500 charging stations at KU Leuven campuses across Belgium
  • Deployed the first 16 Level 2 charging ports at six hotels in Virginia, Maryland and Washington D.C. as part of a three-year program with the Mid-Atlantic Electrification Partnership to install a total of 200 networked charging ports throughout the region
  • Entered into a five-year agreement with Greenlight Communities to deploy 58 Blink-owned charging stations within their multi-family residential communities across Arizona
  • Partnered with Traverse City Light & Power to deploy 27 charging ports at six locations across Traverse City, Michigan funded in part by grant awards
  • Expanded reseller distribution network with the inclusion of Traffic and Parking Control Co. (TAPCO), Sourcewell, and Rudy’s Performance Parts making Blink charging stations more accessible to individuals, businesses, government, education, and non-profit organizations

Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss the third quarter 2021 results today, November 11, 2021 at 4:30 PM Eastern Time.

To access the live webcast and slide presentation, please click here or visit the Company’s investor relations website at and click on the News & Events section and then the IR Calendar page to access the link.

To access the call by phone, participants in the U.S. should dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International participants should dial (973) 528-0011. Callers should use access code: 915307.

A replay of the teleconference will be available until December 11, 2021 and may be accessed by dialing (877) 481-4010 or (919) 882-2331 for international callers and using conference ID: 43322.

About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 30,000 charging ports across 13 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. 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, the Company 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

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink 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.

Blink Investor Relations Contact
Aly Bonilla
Vice President, Investor Relations

Blink Media Contact

Blink Charging Co. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except for share and per share amounts)

 Three Months Ended
September 30,
 Nine Months Ended
September 30,
 2021 2020 2021 2020
Product sales$4,824  $557  $9,762  $2,609 
Charging service revenue - company-owned charging stations 908   163   1,676   570 
Network fees 205   100   421   227 
Warranty 87   14   119   30 
Grant and rebate 56   3   280   11 
Ride-sharing services 269      504    
Other 53   69   228   330 
Total Revenues 6,402   906   12,990   3,777 
Cost of revenues:               
Cost of product sales 3,632   35   7,115   1,427 
Cost of charging services – company-owned charging stations 200   120   310   186 
Host provider fees 463   37   842   150 
Network costs 115   106   307   464 
Warranty and repairs and maintenance 258   105   743   237 
Ride-sharing services 422      1,092    
Depreciation and amortization 420   136   1,118   224 
Total Cost of Revenues 5,510   539   11,527   2,688 
Gross Profit 892   367   1,463   1,089 
Operating expenses:               
Compensation 11,745   2,544   25,663   6,964 
General and administrative expenses 3,067   1,144   7,110   2,460 
Other operating expenses 1,903   592   4,246   1,619 
Total Operating Expenses 16,715   4,280   37,019   11,043 
Loss from operations (15,823)  (3,913)  (35,556)  (9,954)
Other (Expense) Income:               
Interest (expense) income (3)  (3)  6   18 
Loss on settlement       (1,000)   
Dividend and interest income 100      162    
Loss on foreign exchange (16)     (124)   
Gain on forgiveness of PPP loan 379      379    
Gain on settlement of accounts payable, net    4      23 
Change in fair value of derivative and other accrued liabilities 53   (52)  60   (68)
Other (expense) income, net (11)  50   (72)  76 
Total Other Income (Expense) 502   (1)  (589)  49 
Net loss (15,321)  (3,914)  (36,145)  (9,905)
Net Loss Per Share:               
Basic$(0.36) $(0.12) $(0.87) $(0.34)
Diluted        $(0.36) $(0.12) $(0.87) $(0.34)
Weighted Average Number of Common Shares Outstanding:               
Basic 42,162,228   31,379,636   41,780,669   28,859,057 
Diluted 42,162,228   31,379,636   41,780,669   28,859,057 

Blink Charging Co. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except for share amounts)

  September 30,  December 31, 
  2021  2020 
Current assets:        
Cash $133,153  $22,341 
Marketable securities  53,577    
Accounts receivable and other receivables, net  5,054   348 
Inventory, net  4,686   1,816 
Prepaid expenses and other current assets  3,498   1,220 
Total current assets  199,968   25,725 
Restricted cash  77   76 
Property and equipment, net  13,662   5,636 
Operating lease right-of-use asset  1,883   616 
Intangible assets, net  3,694   46 
Goodwill  19,255   1,501 
Other assets  233   388 
Total assets $238,772  $33,988 
Current liabilities:        
Accounts payable $6,092  $3,359 
Accrued expenses and other current liabilities  3,798   1,329 
Current portion of notes payable  493   574 
Current portion of operating lease liabilities  696   404 
Current portion of deferred revenue  1,720   479 
Total current liabilities  12,799   6,145 
Operating lease liabilities, non-current portion  1,448   285 
Other liabilities  129   90 
Notes payable, non-current portion     297 
Deferred revenue, non-current portion  30   7 
Total liabilities  14,406   6,824 
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of September 30, 2021 and December 31, 2020      
Commitments and contingencies        
Stockholders’ Equity:        
Preferred stock, $0.001 par value, 40,000,000 shares authorized;        
Series A Convertible Preferred Stock, 20,000,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020      
Series C Convertible Preferred Stock, 250,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020      
Series D Convertible Preferred Stock, 13,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020      
Common stock, $0.001 par value, 500,000,000 shares authorized, 42,199,744 and 35,951,097 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively  42   36 
Additional paid-in capital  448,807   214,479 
Accumulated other comprehensive loss  (987)   
Accumulated deficit  (223,496)  (187,351)
Total stockholders’ equity  224,366   27,164 
Total liabilities and stockholders’ equity $238,772  $33,988 

Blink Charging Co.
Condensed Consolidated Statements of Cash Flows
(In thousands)

 Nine Months Ended September 30,
 2021 2020
Cash Flows from Operating Activities:       
Net loss$(36,145) $(9,905)
Adjustments to reconcile net loss to net cash used in operating activities:       
Depreciation and amortization 1,686   300 
Non-cash lease expense 690   137 
Dividend and interest income (162)   
Change in fair value of derivative and other accrued liabilities 60   (68)
Provision for bad debt 730   98 
Loss on disposal of fixed assets    98 
Accrued interest converted to notes payable    3 
Provision for slow moving and obsolete inventory 149   (276)
Gain on settlement of debt (379)   
Gain on settlement of accounts payable, net    (23)
Stock-based compensation:       
Common stock 1,532   182 
Options 8,776   298 
Changes in operating assets and liabilities:       
Accounts receivable and other receivables (2,986)  (57)
Inventory (3,575)  (1,713)
Prepaid expenses and other current assets (2,240)  125 
Other assets 240   (54)
Accounts payable and accrued expenses 1,151   1,042 
Other liabilities 39    
Lease liabilities (505)  (141)
Deferred revenue 986   (203)
Total adjustments 6,192   (252)
Net Cash Used in Operating Activities (29,953)  (10,157)
Cash Flows from Investing Activities:       
Proceeds from sale of marketable securities 6,804   2,774 
Purchase of marketable securities (60,267)   
Capitalization of engineering costs paid (237)   
Cash acquired in the purchase of Blue Corner 243    
Purchase consideration of Blue Corner (22,985)   
Cash acquired in the purchase of BlueLA Carsharing, LLC    4 
Purchases of property and equipment (5,540)  (681)
Net Cash (Used In) Provided by Investing Activities (81,982)  2,097 
Cash Flows from Financing Activities:       
Proceeds from sale of common stock in public offering 221,333   17,836 
Proceeds from issuance of notes payable    856 
Proceeds from exercise of warrants 1,619   144 
Payment of financing liability in connection with internal use software (39)  (53)
Net Cash Provided by Financing Activities 222,913   18,783 
Effect of Exchange Rate Changes on Cash (165)   
Net Increase in Cash 110,813   10,723 
Cash and Restricted Cash - Beginning of Period 22,417   4,169 
Cash and Restricted Cash - End of Period$133,230  $14,892 
Cash and restricted cash consisted of the following:       
Cash$133,153  $14,863 
Restricted cash 77   28 
 $133,230  $14,891 

Non-GAAP Financial Measures

The following table reconciles Net Loss Attributable to Blink Charging Co. to EBITDA and Adjusted EBITDA for the periods shown:

  Q3 Q2 Q3 
 (In thousands and unaudited) 2021 2021 2020
Net loss attributable to Blink Charging Co. $(15,321) $(13,459) $(3,914)
Interest expense, net  3   6   3 
Depreciation and amortization  706   669   104 
EBITDA $(14,612) $(12,784) $(3,807)
Stock-based compensation  6,224   3,670   149 
Adjusted EBITDA $(8,388)  $(9,114) $(3,658) 

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.