Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading 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, 2020.
Selected Financial Highlights:
Total revenue of $2.9 million for the first six months of 2020 exceeds full year 2019 total revenue of $2.8 million.
Total revenue for the three months ended June 30, 2020 increased by 120%, or $0.9 million, to a quarterly record of $1.6 million compared to $0.7 million in the second quarter of 2019.
Increase in total revenue for second quarter 2020 was driven by a 352% increase in product sales to $1.3 million as compared to product sales of $0.3 million in the prior year quarter, related primarily to increased demand for the Company’s products and services.
Net loss was $3.0 million or $(0.11) per basic and diluted share in the second quarter of 2020 compared to net loss of $2.2 million or $(0.09) in the second quarter of 2019.
During the second quarter of 2020, the Company sold an aggregate of 1.7 million shares of common stock under an “at-the-market” (ATM) program for aggregate gross proceeds of $4 million. After June 30, 2020 and through August 10, 2020, the Company sold an additional 1.7 million shares of common stock under the ATM for aggregate gross proceeds of approximately $13.8 million. In total, under the ATM, the Company has raised approximately $17.8 million. The Company’s cash balance on August 12, 2020 was approximately $16 million.
“We are pleased that revenue for the first half of 2020 has already surpassed our revenue for all of 2019, driven by the tremendous momentum being generated from marketplace interest in our product and service offerings. We are seeing more and larger opportunities across the business as host locations, strategic partners, EV drivers, and investors recognize the value of our portfolio of charging solutions. It is even further testament to the strength of our business that these significant performance indicators are occurring amid an economic slow-down due to the Covid-19 pandemic. There is no doubt, the EV revolution is happening,” said Michael D. Farkas, Founder and Chief Executive Officer of Blink.
