Business
Blink Charging Announces 2019 Year End Financial Results
2019 financial results highlighted by increases in product sales revenue of 80% YOY and network fee revenue of 25% YOYKey strategic partnerships inked
About this update from Blink Charging Co.
[{"type":"text","content":"2019 financial results highlighted by increases in product sales revenue of 80% YOY and network fee revenue of 25% YOYKey strategic partnerships inked establish the Company for success in 2020 including the introduction of a number of new products to keep the Company at the forefront of the EV infrastructure market MIAMI BEACH, FL, April 02, 2020 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink” 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 year ended December 31, 2019. 2019 Financial Highlights:\n Total revenue for the year ended December 31, 2019 increased 3% to $2.8 million from $2.7 million for the year ended December 31, 2018. Charging service revenue for company-owned charging stations increased 7% to $1.4 million from $1.3 million for the year ended December 31, 2018. Revenues from product sales for the year ended December 31, 2019 increased 80% to $856,243 from $476,930 for the year ended December 31, 2018. Network fee revenue for the year ended December 31, 2019 increased 25% to $301,627 as compared to $241,826 for the year ended December 31, 2018. Net loss for the year ended December 31, 2019 was $9.6 million, or $0.37 per share, as compared to a net loss of $3.4 million, or $1.30 per share, for the year ended December 31, 2018. The increase in net loss was primarily attributable to a decrease in non-operating, other income of $7.4 million, offset by a reduction of operating expenses of $1.7 million. Michael D. Farkas, Chairman, and Chief Executive Officer stated, “2019 was a year of focusing our resources on the development, pilot, and launching of the IQ 200. As such, we invested in the upgrade and large-scale improvements of our proprietary Blink network to ensure scalability and reliability with future demand surges. We continue to focus on sales and marketing expansion, as reflected in increases in product sales and network fees and will continue growing all revenue lines with our unique business model that provides property hosts with a range of solutions tailored to their specific needs. Our new equipment offerings have been extremely well-received within the industry with property partners and industry experts, further driving the demand for our product...