Blink Charging Announces Third Quarter 2018 Financial Results
November 14 2018 - 3:15PM
Leading Provider of Electric Vehicle
Charging Equipment and Networked Charging Services Announces
Results for the third quarter and nine-months ended September 30,
2018
Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink Charging” or the
“Company”), a leading owner, operator and provider of electric
vehicle (EV) charging station products and networked EV charging
services, today announced financial results for the third quarter
and nine-months ended September 30, 2018.
Third Quarter 2018 Highlights
(unaudited):
“We continue to focus on building out our
charging network, improving our customer’s experience and growing
our membership base,” said Michael D. Farkas, Founder and Chief
Executive Officer of Blink Charging. “We have best in class
charging systems and financial programs that meet the needs of a
rapidly expanding and diverse base of charging host providers and
users. During the third quarter, we continued to successfully build
out our management team and grow our core charging network
business.”
- Blink Charging’s electric vehicle
charging network exceeded 133,000 registered members during the
quarter ended September 30, 2018.
- Net loss for the quarter ended
September 30, 2018 was $2.1 million, or $0.09 per share, as
compared to a net loss of $93.6 million, or $34.68 per share for
the quarter ended September 30, 2017.
- Total revenue for the nine months
ended September 30, 2018 was $1.8 million as compared to $1.7
million for the nine months ended September 30, 2017.
- Our balance sheet as of September
30, 2018 reflects $21.3 million in cash and cash equivalents and
$17.7 million in working capital.
- Current liabilities were $6.3
million at September 30, 2018 versus $35.5 million at December 31,
2017; reflecting a decrease of $29.2 million or an 82%
reduction.
- We deployed the first commercial
pilot of our next generation IQ200 charging stations at the Porsche
Design Tower, combining best-in-class electric vehicle charging
with a unique luxurious residential complex designed for the auto
enthusiast. Our latest EV charging technology allows drivers to
charge their vehicles up to three times faster than on older
generation equipment.
- We announced the appointment of
veteran executive leader James Christodoulou as President. Mr.
Christodoulou brings to Blink Charging more than 20 years of
international CEO & CFO leadership experience, including
companies listed on the NYSE and NASDAQ. Mr. Christodoulou has been
a driving force building and growing companies and
executing corporate and financial transactions.
- Mr. Grant E. Fitz joined our Board
of Directors effective August 6, 2018. Since June 2016, Mr. Fitz
has been the Chief Financial Officer of Valassis Communications,
Inc., a multi-billion dollar digital and print media delivery
company. Mr. Fitz also has extensive Automotive experience, most
notably as the former Chief Risk Officer of General Motors and as
the Chief Financial Officer of Nexteer Automotive. Mr. Fitz is
an “independent director” under Nasdaq listing rules and he also
serves on the Audit Committee.
- We announced our collaboration with
Google Maps during the third quarter to assist EV drivers in
locating our charging stations. Google Maps has launched a new
feature that brings EV charging stations to its map. As part of
this effort, Blink Charging has worked with Google Maps to ensure
that our charging stations and relevant information about these
stations is available to Google Map users on Android, iOS, and
desktops globally. A search for keywords such as “EV charging” or
“EV charging stations" will display the nearest supported stations.
Additional information available directly within the map includes
businesses where the station is located and charging speed, as well
as the types and quantities of ports available.
- During the third quarter, we
announced that Blink Charging is the first company to have earned
the ENERGY STAR® certification on Blink Charging’s next-generation
80 Amp, network connected Level 2 EV charging stations. Blink
Charging’s next-generation charging stations have met or exceeded
the ENERGY STAR® requirements for the Electric Vehicle Supply
Equipment (EVSE) Program. Business owners deploying these
next-generation charging stations from Blink Charging will be
eligible for Energy Star® related government grants, resources,
refinancing programs and tax incentives. Blink Charging’s
next-generation charging stations are independently confirmed to
use 40% less energy when in standby mode than those that are not
certified distinguishing Blink Charging’s next generation charging
stations even more in the marketplace.
- Blink Charging and Hubject, a joint
venture formed by leading companies in the automotive, energy and
technology sectors that includes BMW Group, Daimler, Siemens, and
the Volkswagen Group announced during the third quarter the
formation of a strategic partnership. Blink Charging’s nationwide
network of chargers will be accessible to all EV drivers
participating in Hubject’s charging platform. Blink Charging’s
network members will be able to quickly and easily access charging
stations on Hubject participating networks while driving in the
U.S., without having to register with any other charging
companies.
About Blink Charging
Co.:
Blink Charging Co. (NASDAQ: BLNK, BLNKW) is one
of the leaders in nationwide public electric vehicle (EV) charging
equipment and services.
Blink Charging designs, owns, operates and sells
EV charging equipment under the Blink brand, as well as a number of
other charging station equipment manufacturers such as Chargepoint,
General Electric (GE) and SemaConnect. Blink Charging also offers
connectivity to the Blink Network, a cloud-based platform that
operates, manages and tracks Blink’s EV charging stations and all
associated data.
For more information about Blink, please visit
www.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 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 Charging Media Contact:Stephanie Goldman/Mark HavennerThe
Pollack PR Marketing Groupsgoldman@ppmgcorp.com /
mhavenner@ppmgcorp.com(212) 601-9341
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