Business
BLINK CHARGING ANNOUNCES FOURTH QUARTER AND FULL YEAR 2020 RESULTS
Fourth Quarter Revenue Grew 250%; Full Year 2020 Revenue Grew 121% 1,136 Commercial and Residential EV Charging Stations were Contracted, Sold, Deployed, or
About this update from Blink Charging Co.
[{"type":"text","content":"Fourth Quarter Revenue Grew 250%; Full Year 2020 Revenue Grew 121% 1,136 Commercial and Residential EV Charging Stations were Contracted, Sold, Deployed, or Acquired During Fourth Quarter 2020$221.5 Million Capital Raise in January 2021 Provides Significant Resources To Drive Long-Term Growth Plan Miami Beach, FL, March 25, 2021 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2020. Selected Fourth Quarter 2020 Highlights: The Company made continued progress with its owner/operator strategy; the number of commercial Blink-owned charging stations contracted or deployed during the quarter grew by 51% in the fourth quarter compared to the prior year period.Total revenue for the fourth quarter 2020 increased 250% to $2.5 million compared to $0.7 million for the fourth quarter 2019. Revenues from product sales increased significantly to $1.8 million compared to $0.2 million in the fourth quarter of 2019, related primarily to increased demand for the Company’s commercial and residential products.Revenues from network fees, warranty fees, grants/rebates, and other revenues increased to $0.4 million as compared to $0.1 million in the fourth quarter of 2019, related to the increase in EV charging stations in the Company’s network.Revenues from charging services decreased to $0.2 million as compared to $0.4 million in the fourth quarter of 2019, related primarily to a decrease in EV charging due to the COVID-19 pandemic. Net loss was $7.9 million or $(0.24) per basic and diluted share compared to net loss of $2.9 million or $(0.11) in the fourth quarter of 2019. Fourth quarter 2020 net loss includes increases in operating expenses including increases in new personnel, specifically in the technology, sales and operations departments, in anticipation for accelerated growth of the Company. Selected Full Year 2020 Highlights: Total revenue grew 121% to $6.2 million compared to $2.8 million in 2019. Revenues from product sales increased significantly to $4.4 million compared to $0.9 million in 2019, related primarily to increased demand for the Company’s commercial and residential products.Revenues from network fees, warrant...