Business
BLINK CHARGING ANNOUNCES RECORD FIRST QUARTER 2022 RESULTS
339% increase in total revenues to $9.8 million in Q1 2022 compared to $2.2 million in Q1 2021346% increase in service revenues(1) to $1.5 million in Q1 2022
About this update from Blink Charging Co.
[{"type":"text","content":"339% increase in total revenues to $9.8 million in Q1 2022 compared to $2.2 million in Q1 2021346% increase in service revenues(1) to $1.5 million in Q1 2022 compared to $0.3 million in Q1 202199% increase in charging stations contracted or sold Q1 2022 over Q1 2021; 3,174 charging stations contracted or sold in Q1 2022 Miami Beach, FL, May 09, 2022 (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 first quarter ended March 31, 2022. The following financial highlights are in thousands of dollars and unaudited. Three Months Ended March 31, 2022 2021 % Increase Product Sales$8,052 $1,671 382% Service Revenues (1) 1,507 338 346% Other Revenues 241 223 8% Total Revenues $9,800 $2,232 339% (1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues. “In the first quarter of 2022, Blink again achieved record revenues with exponential year-over-year growth of almost 340% driven by increased product sales and service revenues,” commented Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging. “We’re building off a solid platform created by record 2021 results and expect continued momentum in 2022 as partners and customers recognize Blink as a leading provider of EV charging technology and services both domestically and internationally. Mr. Farkas continued, “Our strong growth in the quarter stems primarily from our unique business model centered around providing flexible and fully integrated charging solutions to customers. As an owner-operator of many of our chargers, we’re intimately involved in every step of the installation process and can facilitate upgrades and other maintenance as needed to provide the best technology for the location while also benefiting from anticipated increased charging utilization. We have recently expanded our product offerings to include next-generation charging technology across the entire EV ecosystem including home, fleet, multifamily, retail, and federal highway infrastructure, enhancing our position as a technology innovator at the forefront of the EV charging industry.” Mr. Farkas added that “A key part of Blink’s strategy continues to be making acquisitions ...