• Company raises 2023 revenue target to $110 - $120 million and targets adjusted EBITDA break even run rate by December 2024
  • Second quarter 2023 total revenues increased 186% to $32.8 million compared to $11.5 million in second quarter of 2022
  • 211% increase in service revenues(1) to $7.0 million in second quarter of 2023 compared to $2.2 million in second quarter of 2022
  • 253% increase in network fees to $1.7 million in second quarter of 2023 compared to $0.5 million in second quarter of 2022
  • 528% increase in gross profit to $12.3 million in second quarter of 2023 compared to $2.0 million in second quarter of 2022
  • Gross margin improved to 37% in second quarter of 2023 compared to 17% in second quarter of 2022
  • 5,830 charging stations contracted, deployed or sold in second quarter of 2023

Miami Beach, FL, Aug. 08, 2023 (GLOBE NEWSWIRE) -- 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 and six months ended June 30, 2023.

The following top-line highlights are in thousands of dollars and unaudited.

  Three Months Ended    
  June 30,    
  2023  2022  Increase 
Product Sales $24,587  $8,828   179%
Service Revenues (1)  6,991   2,245   211%
Other Revenues(2)  1,264   413   206%
Total Revenues $32,842  $11,486   186%

 (1)Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.
 (2)Other Revenues consist of other revenues, warranties, and grants and rebates.

“This was the strongest quarter in the Company’s history reflecting the strength of our full service offering as well as a market that is just beginning its growth trajectory. Blink is the only U.S. vertically integrated EV charging company, manufacturing and selling our charging equipment while also owning and operating our own chargers and network. Our broad capabilities and go-to-market strategy provide us the flexibility to generate revenue from a diversified and growing customer base and allow us to limit some of the risks associated with being either an equipment manufacturer or a charging provider. Simply put, Blink is a sustainable full-service EV infrastructure provider driving considerable growth and value through our comprehensive business model and synergistic revenue streams,” said Brendan Jones, President and Chief Executive Officer.

“The revenue growth achieved in the second quarter was largely organic. We saw strong demand for both equipment and services in the U.S. division during the quarter, and in Europe our owner/operator strategy made significant gains. It is important to note that during the quarter our operating expenses were impacted by one-time severance expenses which will not recur in future quarters. As we move through the balance of the year, we remain focused on developing our innovative technology, products, and services to meet the growing demand for reliable EV charging equipment and infrastructure as drivers and fleets increasingly adopt EVs as their vehicles of choice. Notably, Blink supports all OEMs and we recently announced that we’ll incorporate both NACS and CCS into our full line of charging products, creating a portfolio of universally accessible EV chargers, to meet charging needs regardless of EV brand or type. We’re optimistic about the rapidly evolving charging landscape and believe Blink is well positioned to continue to capture market share as consumer recognition of our brand, our advanced technology and our innovative products continues to gain traction.”

Revenue and Adjusted EBITDA Targets

Given the strong momentum in the business, Blink is increasing its 2023 revenue target to $110 - $120 million from $100 - $110 million. Furthermore, the Company is targeting achieving a positive Adjusted EBITDA run rate by December 2024.

The Company reiterates its previously stated annual gross margin target of 30%+.

“We are seeing considerable organic growth and expect to drive towards profitability as our business continues to scale and we realize efficiencies across our organization,” Mr. Jones concluded.

Second Quarter Financial Results


Total Revenues increased 186% to $32.8 million for the second quarter of 2023 compared to the second quarter of 2022, an increase of $21.4 million.

Product Sales increased 179% to $24.6 million in the second quarter of 2023, an increase of $15.8 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 car-sharing service revenues, increased 211% to $7.0 million in the second quarter of 2023, up $4.7 million from the second 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, revenues associated with the Blink Mobility car-sharing service program, and revenues from the 2022 acquisitions.

Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 206% to $1.3 million in the second quarter of 2023, an increase of $851,000.

Gross Profit

Gross Profit increased 528% to $12.3 million, or 37% of revenue, in the second quarter of 2023, compared to gross profit of $2.0 million, or 17% of revenue, in the second quarter of 2022. Gross margin increased in the second quarter of 2023, when compared to first quarter of 2023, due primarily to increased sales of chargers manufactured in-house, which provide a higher margin than contract manufactured chargers, as well as growth in service revenue such as charging revenues and network fees.

Net Loss and Loss Per Share

Net Loss for the second quarter of 2023 was $41.5 million, or $(0.67) per share, compared to a Net Loss of $22.6 million, or $(0.52) per share in the second quarter of 2022.

Net Loss for the three and six months ended June 30, 2023, includes the impact of additional non-cash share-based compensation and a one-time non-recurring payment to our former CEO as well as the non-recurring bonus expense related to the performance milestone achieved by our CTO. The milestone relates to the design and launch of Blink’s recently implemented new network.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA for the second quarter of 2023 was a loss of $13.5 million compared to an Adjusted EBITDA loss of $15.6 million in the prior year period.

Adjusted EBITDA (defined as earnings (loss) before interest income (expense), provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs 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 2023 was a loss of $(0.44) compared to an adjusted EPS loss of $(0.41) in the second quarter 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, 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, 2023, Cash and Cash Equivalents totaled $75 million.
Recent Highlights:

 Signed agreement with AAA to offer electric vehicle products to affiliated service providers nationwide.
 Expanded electric vehicle charging accessibility by incorporating the North America Charging Standard (NACS) and Combined Charging System (CCS) into entire product line.
 Integrated former SemaConnect chargers into Blink’s global network.
 Teamed up with Amerit Fleet Solutions to provide preventative maintenance support for Blink commercial fleet customers.
 Blink Mobility announced the acquisition of Envoy, expanding its position in the growing EV car-sharing industry.
 Awarded $7 million to implement new car-share service in New Jersey for underserved communities.
 Blue Corner signed a 4-year agreement with APCOA to deploy and maintain EV chargers in parking facilities in Belgium.
 Selected as preferred provider for Mike Albert Fleet Solutions referral program aimed to electrify customers.

Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss second quarter 2023 results today, August 8, 2023 at 4:30 PM, Eastern Time.

To access the live webcast, log onto the Blink Charging website at, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:

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: 561714.

A replay of the teleconference will be available until September 7, 2023 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 48672.

Blink Investor Relations Contact

Vitalie Stelea, VP of Investor Relations
305-521-0200 ext. 446

Blink Media Contact
Jon Myers, Head of Communications
305-521-0200 ext. 266



Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)

  For The Three Months Ended June 30,  For The Six Months Ended June 30, 
  2023  2022  2023  2022 
Product sales $24,587  $8,828  $40,976  $16,880 
Charging service revenue - company-owned charging stations  4,367   1,494   7,252   2,601 
Network fees  1,667   472   3,295   633 
Warranty  921   99   1,314   166 
Grant and rebate  188   125   237   200 
Car-sharing services  957   279   1,209   518 
Other  155   189   227   288 
Total Revenues  32,842   11,486   54,510   21,286 
Cost of Revenues:                
Cost of product sales  13,159   6,369   24,890   12,471 
Cost of charging services - company-owned charging stations  743   351   1,630   534 
Host provider fees  2,239   821   3,886   1,372 
Network costs  495   182   932   416 
Warranty and repairs and maintenance  1,415   523   2,363   634 
Car-sharing services  1,594   659   2,231   1,085 
Depreciation and amortization  906   624   1,744   1,231 
Total Cost of Revenues  20,551   9,529   37,676   17,743 
Gross Profit  12,291   1,957   16,834   3,543 
Operating Expenses:                
Compensation  37,990   10,779   60,699   20,038 
General and administrative expenses  9,449   9,002   17,927   13,429 
Other operating expenses  4,916   4,138   9,111   7,080 
Total Operating Expenses  52,355   23,919   87,737   40,547 
Loss From Operations  (40,064)  (21,962)  (70,903)  (37,004)
Other Income (Expense):                
Interest expense  (786)  (139)  (1,403)  (139)
(Loss) gain on foreign exchange  (1,026)  (244)  781   (241)
Change in fair value of derivative and other accrued liabilities  -   (73)  10   (73)
Other income (expense), net  600   (203)  650   (307)
Total Other Income (Expense)  (1,212)  (659)  38   (760)
Loss Before Income Taxes $(41,276) $(22,621) $(70,865) $(37,764)
Provision for income taxes  (206)  -   (418)  - 
Net Loss $(41,482) $(22,621) $(71,283) $(37,764)
Net Loss Per Share:                
Basic $(0.67) $(0.52) $(1.20) $(0.88)
Diluted $(0.67) $(0.52) $(1.20) $(0.88)
Weighted Average Number of                
Common Shares Outstanding:                
Basic  61,882,330   43,509,693   59,176,129   42,973,758 
Diluted  61,882,330   43,509,693   59,176,129   42,973,758 



Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)

  June 30,
  December 31,
Current Assets:        
Cash and cash equivalents $74,464  $36,562 
Accounts receivable, net  43,443   23,581 
Inventory, net  45,361   34,740 
Prepaid expenses and other current assets  5,759   4,399 
Total Current Assets  169,027   99,282 
Restricted cash  76   71 
Property and equipment, net  31,236   25,862 
Operating lease right-of-use asset  8,163   4,174 
Intangible assets, net  27,033   26,582 
Goodwill  232,220   203,710 
Other assets  686   2,861 
Total Assets $468,441  $362,542 
Liabilities and Stockholders’ Equity        
Current Liabilities:        
Accounts payable $30,066  $24,585 
Accrued expenses and other current liabilities  17,809   13,109 
Notes payable  4,795   10 
Current portion of operating lease liabilities  2,015   1,738 
Current portion of financing lease liabilities  1,180   306 
Current portion of deferred revenue  12,678   10,572 
Total Current Liabilities  68,543   50,320 
Contingent consideration  1,357   1,316 
Consideration payable  60,749   40,608 
Operating lease liabilities, non-current portion  7,035   3,030 
Financing lease liabilities, non-current portion  889   408 
Other liabilities  386   645 
Deferred revenue, non-current portion  8,924   5,258 
Total Liabilities  147,883   101,585 
Commitments and contingencies (Note 7)        
Stockholders’ Equity:        
Common stock, $0.001 par value, 500,000,000 shares authorized, 63,994,317 and 51,476,445 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  64   51 
Additional paid-in capital  728,558   597,982 
Accumulated other comprehensive loss  (2,751)  (3,046 
Accumulated deficit  (405,313)  (334,030 
Total Stockholders’ Equity  320,558   260,957 
Total Liabilities and Stockholders’ Equity $468,441  $362,542 

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


Consolidated Statements of Cash Flows
(In thousands)

  For The Six Months Ended 
  June 30, 
  2023  2022 
Cash Flows From Operating Activities:        
Net loss $(71,283) $(37,764)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  6,825   3,393 
Non-cash lease expense  833   215 
Change in fair value of contingent consideration  41   73 
Loss on disposal of fixed assets  33   - 
Change in fair value of derivative and other accrued liabilities  10   - 
Provision for bad debt  1,318   798 
Provision for slow moving and obsolete inventory  65   161 
Stock-based compensation:        
Common stock  10,500   962 
Options  3,857   2,027 
Warrants  5,082   - 
Changes in operating assets and liabilities:        
Accounts receivable and other receivables  (20,630)  (2,728)
Inventory  (11,855)  (8,105)
Prepaid expenses and other current assets  (1,073)  4,270 
Other assets  2,219   (1,339)
Accounts payable and accrued expenses  7,379   4,491 
Other liabilities  (258)  50 
Lease liabilities  (2,232)  (146)
Deferred revenue  5,450   2,656 
Total Adjustments  7,564   6,778 
Net Cash Used In Operating Activities  (63,719)  (30,986)
Cash Flows From Investing Activities:        
Purchase consideration of Envoy, net of cash acquired  (5,981)  - 
Purchase consideration of SemaConnect, net of cash acquired  -   (38,338)
Purchase consideration of Electric Blue, net of cash acquired  -   (11,360)
Capitalization of engineering costs  (526)  (288)
Purchases of property and equipment  (6,766)  (2,247)
Net Cash Used In Investing Activities  (13,273)  (52,233)
Cash Flows From Financing Activities:        
Proceeds from sale of common stock in public offering, net [1]  113,254   - 
Proceeds from exercise of options and warrants  835   92 
Repayment of financing liability in connection with finance lease  (1,443)  (71)
Payment of financing liability in connection with internal use software  (220)  (235)
Net Cash Provided By (Used In) Financing Activities  112,426   (214)
Effect of Exchange Rate Changes on Cash and Cash Equivalents  2,473   (2,350)
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash  37,907   (85,783)
Cash and Cash Equivalents and Restricted Cash - Beginning of Period  36,633   175,049 
Cash and Cash Equivalents and Restricted Cash - End of Period $74,540  $89,266 
Cash and cash equivalents and restricted cash consisted of the following:        
Cash and cash equivalents $74,464  $85,136 
Restricted cash  76   4,130 
  $74,540  $89,266 

[1]Includes gross proceeds of $118,928, less issuance costs of $5,674.

Non-GAAP Financial 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 Six Months Ended  
  June 30,  June 30, 
  2023  2022  2023  2022 
Net Loss $(41,482) $(22,621) $(71,283) $(37,764)
Interest Expense  786   139   1,403   139 
Provision for Income Taxes  206   -   418   - 
Depreciation and amortization  3,659   2,635   6,825   3,393 
EBITDA  (36,831)  (19,847)  (62,637)  (34,232)
Stock-based compensation  11,663   1,027   19,438   2,989 
Acquisition-related costs  51   3,216   283   3,274 
One-time non-recurring expense  11,632   -   11,632   - 
Adjusted EBITDA $(13,485) $(15,604) $(31,284) $(27,969)

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

  For The Three Months Ended   For The Six Months Ended 
  June 30,   June 30,  
  2023  2022  2023  2022 
Net Income - per diluted share $(0.67) $(0.52) $(1.20) $(0.88)
Per diluted share adjustments:                
Add: Amortization expense of intangible assets  0.04   0.04   0.08   0.04 
Acquisition-related costs  0.00   0.07   0.00   0.08 
One-time non-recurring expense  0.19   -   0.20   - 
Adjusted EPS $(0.44) $(0.41) $(0.92) $(0.76)


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, 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, acquisition related costs, and one-time non-recurring expenses 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.