- Company raises 2023 revenue target to
$128 -$133 million and targets adjusted EBITDA break even run rate byDecember 2024 - Third quarter 2023 total revenues increased 152% to
$43.4 million compared to$17.2 million in third quarter of 2022 - 167% increase in gross profit to
$12.8 million or gross margin of 29.5% in third quarter of 2023 compared to$4.8 million or gross margin of 27.7% in third quarter of 2022 - 162% increase in product sales to
$35.1 million in third quarter of 2023 compared to$13.4 million in third quarter of 2022 - 119% increase in service revenues(1) to
$6.7 million in third quarter of 2023 compared to$3.1 million in third quarter of 2022 - 5,956 charging stations contracted, deployed or sold in third quarter of 2023
The following top-line highlights are in thousands of dollars and unaudited.
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
2023 | 2022 | Increase | 2023 | 2022 | Increase | |||||||||||||||||||
Product Sales | $ | 35,059 | $ | 13,358 | 162 | % | $ | 76,035 | $ | 30,238 | 151 | % | ||||||||||||
Service Revenues (1) | 6,735 | 3,079 | 119 | % | 18,491 | 6,831 | 171 | % | ||||||||||||||||
Other Revenues(2) | 1,583 | 810 | 95 | % | 3,361 | 1,464 | 130 | % | ||||||||||||||||
Total Revenues | $ | 43,377 | $ | 17,247 | 152 | % | $ | 97,887 | $ | 38,533 | 154 | % |
(1) Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.
(2) Other Revenues consist of other revenues, warranty fees, and grants and rebates.
“We delivered our second consecutive quarter of record-breaking performance with third quarter revenue of
“EV adoption continues to grow as Blink builds a best-in-class charging infrastructure and provides equipment and services to an underserved market. Blink chargers work with all OEMs, and we incorporate both NACS and CCS into our full line of charging products to further expand our charger compatibility. We are essentially EV agnostic, with a portfolio of universally accessible EV chargers to meet all charging needs. We remain focused on capitalizing on the many opportunities we’re seeing in the market as individual consumers and fleets transition to EV alternatives, and federal, state, and local legislation continue to incentivize transition to EVs. Moving forward, we believe we are well positioned with our growing footprint, increased brand recognition, innovative products, and advanced technology to strengthen our leadership role in the rapidly expanding EV charging marketplace.”
Revenue and Adjusted EBITDA Targets
Given the strong momentum in the business, Blink is increasing its 2023 revenue target to
The Company reiterates its previously stated annual gross margin target of 30%+.
Third Quarter Financial Results
Revenues
Total Revenues increased 152% to
Product Sales increased 162% to
Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 119% to
Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 95% to
Gross Profit
Gross Profit increased 167% to
Operating Expenses
Operating expense in the third quarter of 2023 was
Net Loss and Loss Per Share
Net Loss for the third quarter of 2023 was
Adjusted EBITDA andAdjusted EPS
Adjusted EBITDA for the third quarter of 2023 was a loss of
Adjusted EBITDA (defined as earnings/loss before interest income/expense, provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes payable) is a non-GAAP financial measure management uses as a proxy for net income/loss. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.
Adjusted EPS for the third quarter of 2023 was a loss of
Adjusted EPS (defined as earnings/loss per diluted share) is a non-GAAP financial measure management uses to assess earnings per diluted share excluding non-recurring items such as acquisition-related costs, amortization expense of intangible assets, additional stock-based compensation expense, one-time non-recurring expense, non-cash impairment charges, and non-cash loss on extinguishment of notes payable. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.
Cash and cash equivalents
As of
Recent Highlights:
- Wholly-owned
Belgium -based subsidiary, Blue Corner, is now operating asBlink Charging , positioning the Company for further expansion inEurope . - Signed a 7-year agreement to become the official EV charging provider for the city of
Miami Beach, Florida . The agreement sets the stage for Blink and the City to electrify city fleets and provide charging solutions for employees, residents and visitors. - Blink is partnering with
Parkopedia , a leading global connected car and parking service provider, to integrate more than 4,000 Blink EV charging locations onto theParkopedia platform inNorth America . This strategic integration will grant the platform access to nearly 12,000 Blink public EV chargers, which includes 129 DC Fast Chargers. - Became a provider of EV charging solutions for
Royal Farms , aBaltimore -based convenience store chain with locations throughoutMaryland andDelaware .Royal Farms will install a total of 30 Blink state-of-the-art DC Fast Chargers (DCFC), providing 60 charging ports and bringing more accessible EV charging to a critical region of the Mid-Atlantic. - Awarded contract from the
State of Utah prioritizing Blink products and services for government, non-profit, K-12, and higher education agencies inUtah , preparing their properties and facilities for the growing demand for EV charging nationwide. As a direct result of the contract, Blink was selected by theSalt Lake City International Airport for its EV charging needs. - Selected as EV charging supplier for
Tennessee Valley Authority , the nation’s biggest government-owned electric utility, to provide a range of charging solutions including L2 and DCFC charging solutions for both public and commercial fleet applications. - The Company is actively expanding EV charging infrastructure across
Latin America with region-specific products as the region experiences continued steady growth of EV sales. Since 2002, Blink has sold or deployed more than 2,100 EV chargers across eight countries, including its IQ 200 charger, the residential HQ 200 charger compatible with type 1 J1772 (American) plug and the EQ 200 charger for the type 2 (European) connector.
Earnings Conference Call
https://www.webcaster4.com/Webcast/Page/2468/49331
To participate in the call by phone, dial (877) 545-0320 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0002. Callers should use access code: 526841.
A replay of the teleconference will be available until
###
About
For more information, please visit https://blinkcharging.com/.
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 Investor Relations Contact
IR@BlinkCharging.com
(480) 805.8594
Blink Media Contact
PR@BlinkCharging.com
(786) 706-6709
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
(unaudited)
For The Three Months Ended | For The Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 35,059 | $ | 13,358 | $ | 76,035 | $ | 30,238 | ||||||||
Charging service revenue - company-owned charging stations | 3,859 | 1,256 | 11,111 | 3,857 | ||||||||||||
Network fees | 1,973 | 1,456 | 5,268 | 2,089 | ||||||||||||
Warranty | 849 | 309 | 2,163 | 475 | ||||||||||||
Grant and rebate | 47 | 83 | 284 | 283 | ||||||||||||
Car-sharing services | 903 | 367 | 2,112 | 885 | ||||||||||||
Other | 687 | 418 | 914 | 706 | ||||||||||||
Total Revenues | 43,377 | 17,247 | 97,887 | 38,533 | ||||||||||||
Cost of Revenues: | ||||||||||||||||
Cost of product sales | 24,619 | 8,663 | 49,509 | 21,134 | ||||||||||||
Cost of charging services - company-owned charging stations | 566 | 235 | 2,196 | 769 | ||||||||||||
Host provider fees | 2,399 | 973 | 6,285 | 2,345 | ||||||||||||
Network costs | 407 | 508 | 1,339 | 924 | ||||||||||||
Warranty and repairs and maintenance | 561 | 803 | 2,924 | 1,437 | ||||||||||||
Car-sharing services | 931 | 470 | 3,162 | 1,555 | ||||||||||||
Depreciation and amortization | 1,109 | 814 | 2,853 | 2,045 | ||||||||||||
Total Cost of Revenues | 30,592 | 12,466 | 68,268 | 30,209 | ||||||||||||
Gross Profit | 12,785 | 4,781 | 29,619 | 8,324 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Compensation | 15,268 | 17,605 | 75,967 | 37,643 | ||||||||||||
General and administrative expenses | 8,539 | 6,594 | 26,466 | 20,023 | ||||||||||||
Other operating expenses | 5,444 | 5,079 | 14,555 | 12,159 | ||||||||||||
Impairment of intangible assets | 5,143 | - | 5,143 | - | ||||||||||||
Impairment of goodwill | 89,087 | - | 89,087 | - | ||||||||||||
Total Operating Expenses | 123,481 | 29,278 | 211,218 | 69,825 | ||||||||||||
Loss From Operations | (110,696 | ) | (24,497 | ) | (181,599 | ) | (61,501 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest expense | (970 | ) | (917 | ) | (2,373 | ) | (1,056 | ) | ||||||||
Gain (loss) on foreign exchange | 144 | (595 | ) | 925 | (836 | ) | ||||||||||
Loss on extinguishment of notes payable | (1,000 | ) | - | (1,000 | ) | - | ||||||||||
Change in fair value of derivative and other accrued liabilities | - | 108 | 10 | 35 | ||||||||||||
Other income (expense), net | 608 | 254 | 1,258 | (53 | ) | |||||||||||
Total Other Expense | (1,218 | ) | (1,150 | ) | (1,180 | ) | (1,910 | ) | ||||||||
Loss Before Income Taxes | $ | (111,914 | ) | $ | (25,647 | ) | $ | (182,779 | ) | $ | (63,411 | ) | ||||
Provision for income taxes | (807 | ) | - | (1,225 | ) | - | ||||||||||
Net Loss | $ | (112,721 | ) | $ | (25,647 | ) | $ | (184,004 | ) | $ | (63,411 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic | $ | (1.74 | ) | $ | (0.51 | ) | $ | (3.02 | ) | $ | (1.39 | ) | ||||
Diluted | $ | (1.74 | ) | $ | (0.51 | ) | $ | (3.02 | ) | $ | (1.39 | ) | ||||
Weighted Average Number of Common Shares Outstanding: | ||||||||||||||||
Basic | 64,626,681 | 50,627,173 | 61,006,242 | 45,543,518 | ||||||||||||
Diluted | 64,626,681 | 50,627,173 | 61,006,242 | 45,543,518 |
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
2023 | 2022 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 66,678 | $ | 36,562 | ||||
Accounts receivable, net | 41,718 | 23,581 | ||||||
Inventory, net | 47,386 | 34,740 | ||||||
Prepaid expenses and other current assets | 5,059 | 4,399 | ||||||
Total Current Assets | 160,841 | 99,282 | ||||||
Restricted cash | 74 | 71 | ||||||
Property and equipment, net | 34,002 | 25,862 | ||||||
Operating lease right-of-use asset | 7,867 | 4,174 | ||||||
Intangible assets, net | 17,277 | 26,582 | ||||||
144,881 | 203,710 | |||||||
Other assets | 654 | 2,861 | ||||||
Total Assets | $ | 365,596 | $ | 362,542 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 30,118 | $ | 24,585 | ||||
Accrued expenses and other current liabilities | 15,450 | 13,109 | ||||||
Notes payable | 4,795 | 10 | ||||||
Current portion of operating lease liabilities | 2,555 | 1,738 | ||||||
Current portion of financing lease liabilities | 1,235 | 306 | ||||||
Current portion of deferred revenue | 12,233 | 10,572 | ||||||
Total Current Liabilities | 66,386 | 50,320 | ||||||
Contingent consideration | 1,345 | 1,316 | ||||||
Consideration payable | 60,762 | 40,608 | ||||||
Operating lease liabilities, non-current portion | 6,277 | 3,030 | ||||||
Financing lease liabilities, non-current portion | 1,109 | 408 | ||||||
Deferred revenue, non-current portion | 9,702 | 5,258 | ||||||
Other liabilities | 350 | 645 | ||||||
Total Liabilities | 145,931 | 101,585 | ||||||
Commitments and contingencies (Note 9) | ||||||||
Stockholders’ Equity: | ||||||||
Common stock, | 67 | 51 | ||||||
Additional paid-in capital | 742,061 | 597,982 | ||||||
Accumulated other comprehensive loss | (4,429 | ) | (3,046 | ) | ||||
Accumulated deficit | (518,034 | ) | (334,030 | ) | ||||
Total Stockholders’ Equity | 219,665 | 260,957 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 365,596 | $ | 362,542 |
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For The Nine Months Ended | ||||||||
2023 | 2022 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net loss | $ | (184,004 | ) | $ | (63,411 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 9,694 | 5,175 | ||||||
Non-cash lease expense | 1,695 | 596 | ||||||
Change in fair value of contingent consideration | 28 | - | ||||||
Gain on disposal of fixed assets | (99 | ) | - | |||||
Change in fair value of derivative and other accrued liabilities | 10 | 1,128 | ||||||
Provision for bad debt | 1,776 | 1,024 | ||||||
Provision for slow moving and obsolete inventory | 376 | (14 | ) | |||||
Loss on extinguishment of notes payable | 1,000 | - | ||||||
Impairment of goodwill | 89,087 | - | ||||||
Impairment of intangible assets | 5,143 | - | ||||||
Stock-based compensation: | ||||||||
Common stock | 11,486 | 4,986 | ||||||
Options | 3,975 | 2,835 | ||||||
Warrants | 5,082 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable and other receivables | (19,655 | ) | (7,289 | ) | ||||
Inventory | (14,844 | ) | (15,790 | ) | ||||
Prepaid expenses and other current assets | (631 | ) | 3,372 | |||||
Other assets | 947 | (391 | ) | |||||
Accounts payable and accrued expenses | 9,101 | 6,811 | ||||||
Other liabilities | (295 | ) | 54 | |||||
Lease liabilities | (3,014 | ) | (412 | ) | ||||
Deferred revenue | 5,980 | 3,550 | ||||||
Total Adjustments | 106,842 | 5,635 | ||||||
(77,162 | ) | (57,776 | ) | |||||
Cash Flows From Investing Activities: | ||||||||
Purchase consideration of Envoy, net of cash acquired | (4,660 | ) | - | |||||
Purchase consideration of SemaConnect, net of cash acquired | - | (38,338 | ) | |||||
Purchase consideration of Electric Blue, net of cash acquired | - | (11,360 | ) | |||||
Note receivable | - | (1,500 | ) | |||||
Capitalization of engineering costs | (526 | ) | (797 | ) | ||||
Purchases of property and equipment | (7,265 | ) | (2,230 | ) | ||||
(12,451 | ) | (54,225 | ) | |||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from sale of common stock in public offering, net [1] | 122,379 | - | ||||||
Proceeds from exercise of options and warrants | 835 | 201 | ||||||
Repayment of notes payable | - | (588 | ) | |||||
Repayment of financing liability in connection with finance lease | (2,103 | ) | (144 | ) | ||||
Repayment of financing liability in connection with internal use software | (220 | ) | (235 | ) | ||||
Net Cash Provided By (Used In) Financing Activities | 120,891 | (766 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,159 | ) | (5,193 | ) | ||||
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash | 30,119 | (117,960 | ) | |||||
Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 36,633 | 175,049 | ||||||
Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 66,752 | $ | 57,089 | ||||
Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
Cash and cash equivalents | $ | 66,678 | $ | 57,019 | ||||
Restricted cash | 74 | 70 | ||||||
$ | 66,752 | $ | 57,089 |
[1] | Includes gross proceeds of |
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to
For The Three Months Ended | For The Nine Months Ended | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Loss | $ | (112,721 | ) | $ | (25,647 | ) | $ | (184,004 | ) | $ | (63,411 | ) | |||||||
Add: | |||||||||||||||||||
Interest Expense | 970 | 917 | 2,373 | 1,056 | |||||||||||||||
Provision for Income Taxes | 807 | - | 1,225 | - | |||||||||||||||
Depreciation and amortization | 2,869 | 1,782 | 9,694 | 5,175 | |||||||||||||||
EBITDA | (108,075 | ) | (22,948 | ) | (170,712 | ) | (57,180 | ) | |||||||||||
Add: | |||||||||||||||||||
Stock-based compensation | 1,105 | 4,832 | 20,543 | 7,821 | |||||||||||||||
Acquisition-related costs | 50 | 509 | 333 | 3,783 | |||||||||||||||
Impairment of goodwill and intangible assets | 94,230 | - | 94,230 | - | |||||||||||||||
Loss on extinguishment of notes payable | 1,000 | - | 1,000 | - | |||||||||||||||
One-time non-recurring expense | - | - | 11,632 | - | |||||||||||||||
Adjusted EBITDA | $ | (11,690 | ) | $ | (17,607 | ) | $ | (42,974 | ) | $ | (45,576 | ) |
The following table reconciles EPS attributable to
For The Three Months Ended | For The Nine Months Ended | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Income - per diluted share | $ | (1.74 | ) | $ | (0.51 | ) | $ | (3.02 | ) | $ | (1.39 | ) | |||||||
Per diluted share adjustments: | |||||||||||||||||||
Add: | Amortization expense of intangible assets | 0.02 | 0.03 | $ | 0.10 | 0.08 | |||||||||||||
Acquisition-related costs | 0.00 | 0.01 | $ | 0.01 | 0.08 | ||||||||||||||
Impairment of goodwill and intangible assets | 1.54 | - | $ | 1.54 | - | ||||||||||||||
Loss on extinguishment of notes payable | 0.02 | - | $ | 0.02 | - | ||||||||||||||
One-time non-recurring expense | 0.00 | - | $ | 0.20 | - | ||||||||||||||
Adjusted EPS | $ | (0.16 | ) | $ | (0.47 | ) | $ | (1.15 | ) | $ | (1.23 | ) |
EBITDA is defined as earnings (loss) attributable to
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, non-cash impairment charges, and non-cash loss on extinguishment of notes payable 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.
Source:
2023 GlobeNewswire, Inc., source