Blink Charging (BLNK) Q2 2022 Earnings Results

Aug 10th, 2022 8:05 EST

  • Blink Charging Co (NASDAQ: BLNK) recently announced its Q2 2022 earnings results. These are the details.

Blink Charging Co (NASDAQ: BLNK) recently announced its Q2 2022 earnings results. Below are the highlights.

Financial Results

– Total Revenues increased 164% to $11.5 million for the second quarter of 2022 compared to the second quarter of 2021.

– Product Sales increased 170% to $8.8 million in the second quarter of 2022, an increase of $5.6 million from the same period in 2021, primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.

– Service Revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues, increased 154% to $2.2 million in the second quarter of 2022, up $1.4 million from the second quarter of 2021, primarily driven by greater utilization of chargers, an increased number of chargers on Blink’s portfolio, and revenues associated with the Blink Mobility ride-sharing service program.

– Net Loss and Loss Per Share – Net Loss for the second quarter of 2022 was $22.6 million, or $(0.52) per share, compared to a Net Loss of $13.5 million, or $(0.32) per share, in the second quarter of 2021.

– Adjusted EBITDA and Adjusted EPS – Adjusted EBITDA for the second quarter of 2022 was a loss of $15.6 million compared to an Adjusted EBITDA loss of $8.1 million in the prior year period.

– Adjusted EPS for the second quarter of 2022 was a loss of $0.41 compared to an Adjusted EPS loss of $0.31 in the prior year period.

– Cash and cash equivalents – As of June 30, 2022, Cash and Cash Equivalents totaled $85.1 million.

Acquisition of SemaConnect

During the second quarter Blink acquired EV charging leader SemaConnect, further strengthening its competitive positioning in the industry by adding complete vertical integration of supply-chain, engineering, and in-house manufacturing capabilities of over 10,000 EV chargers today and scaling to 50,000 per year. And with the addition of U.S.-based, in-house manufacturing, Blink is now in compliance with the Biden Administration’s Buy America Initiatives, and eligible to capitalize on the $7.5 billion EV infrastructure bill, which among other efforts, has the stated goal of building out the first-ever national network of 500,000 electric vehicle chargers along America’s highways and in communities. This acquisition will also position Blink to assist the Administration’s development of a national EV charging network that provides interoperability among different charging companies, and is user-friendly, reliable, and accessible to all Americans.

 

KEY QUOTES:

“Our second quarter results are indicative of the fundamental strengths of our business due to organic growth as well as growth from acquisitions. We provide unparalleled flexibility and support to our site hosts through a variety of business models and advanced hardware solutions. We have launched several new products throughout the first six months of 2022 that address charging demands across the entire EV ecosystem including home, fleet, multifamily and retail locations, which will be excellent additions to our portfolio of available products. In essence, whether we own and operate or sell hardware, Blink strives to deliver best-in-class products and services.”

“Strategic acquisitions remain a key part of our growth strategy. In the second quarter, we completed the acquisition of SemaConnect, adding over 12,800 active chargers and 151,000 registered users to Blink’s portfolio. Importantly, our acquisition of SemaConnect also provides us with vertically integrated manufacturing capabilities in the United States. This instantly qualifies Blink for the Buy American mandate and the $7.5 billion in grant money being allocated by the U.S. government to further EV adoption nationwide. Alongside our strong organic results, acquisitions are a key growth driver for us, and we look forward to growing our charging footprint and expanding the Blink network.”

“This is an exciting time for Blink as we continue to rapidly expand our market presence in an industry that is poised for exponential growth. We’re energized by the developments that we are making and the opportunities that we are seeing in the EV charging industry as we continue to establish ourselves as a leading provider of EV charging technology in services on a global scale.”

About the SemaConnect acquisition: “This is a transformative acquisition for our Company and for the broader EV charging industry. SemaConnect is a well-respected EV charging company with a proven track record of success, strong relationships with its site host partners in both the public and private sectors, and best-in-class technical capabilities. Further, SemaConnect brings an extensive product line which complements Blink’s considerable software product offerings. We are particularly excited about SemaConnect’s DCFC charger currently under development, as we believe this offering will significantly accelerate our ability to get DCFC to market while drastically reducing our R&D costs. We’re excited to welcome members of the SemaConnect team to the Blink family and Mahi Reddy to Blink’s board, as we believe together we can continue to revolutionize the EV charging industry.” 

– Michael Farkas, Chairman and Chief Executive Officer of Blink Charging

“We continue to see success with municipal and government contracts, as well as with state and federal programs awarding grant funds for the promotion of a nationwide EV infrastructure. In the second quarter, we entered into a cooperative purchasing agreement with the Illinois Region 1 Planning Council to expand electric vehicle charging options in public spaces throughout northern Illinois, and we were selected as a purchasing program vendor by the Florida Sherriff’s Association to provide EV charging stations. Moreover, we received $2 million in grants from state and federal programs looking to further EV adoption.”

– Brendan Jones, President of Blink Charging

 

 

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