Leading Electric Vehicle (“EV”) Owner, Operator and Provider of Electric Vehicle Charging Equipment and Networked Charging Services Announces Improved Results for the Quarter
Miami Beach, Florida, Aug. 14, 2018 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2018.
Second Quarter 2018 Highlights* Include:
Unaudited financial statements as of June 30, 2018 reflect $23,996,609 in cash and $19,048,451 of Stockholder Equity.
Net loss for the quarter ended June 30, 2018 was $1,232,785 as compared to a net loss of $4,416,167 for the quarter ended June 30, 2017; a 72% improvement.
Total revenue for the quarter ended June 30, 2018 increased 17% to $624,418 as compared to $532,974 for the quarter ended June 30, 2017.
Charging service revenue from company-owned charging stations for the quarter ended June 30, 2018 rose 23% to $301,350 as compared to $244,931 for the quarter ended June 30, 2017.
Revenue from product sales for the quarter ended June 30, 2018 grew by more than 150% to $142,839 as compared to $56,957 for the quarter ended June 30, 2017.
Blink Charging’s electric vehicle charging network exceeded 125,000 members during the quarter ended June 30, 2018.
Event subsequent to June 30 - Hired Jonathan New as CFO to build-out processes and controls to meet forecasted EV market demand.
“As the first half of the year clearly demonstrates, 2018 is an exciting year of continued market growth,” said Michael D. Farkas, Founder and Executive Chairman of Blink Charging Co. “We are deploying units all over the U.S. as we simultaneously expand into a global footprint with key partnerships. Our success at commercial and residential properties has earned Blink increased revenue from both product sales and charging services. We will continue to expand our global footprint throughout this year enabling Blink to be present and accessible as millions of EV drivers begin entering the marketplace worldwide.”
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About Blink Charging Blink Charging Co. (NASDAQ: BLNK, BLNKW) is one of the leaders in nationwide public electric vehicle (EV) charging equipment and services, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink’s business is designed to accelerate EV adoption.
Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages and tracks the Blink EV charging stations and all the associated data. Blink also owns and operates EV charging equipment predominately under the Blink brand, as well as a number of other charging station equipment manufacturers such as Chargepoint, General Electric (GE) and SemaConnect. Blink has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools and workplaces.
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 Co. 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, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, the Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
*The Company’s audited financial results appear in the Company’s Annual Report on Form 10-K/A which was filed with the SEC on May 10, 2018.