Business
Blink Charging Announces Record Quarterly Revenue with First Quarter 2020 Financial Results
Product sales of EV charging equipment increased 653% Total revenue increased 125% Year over YearAggressive international expansion realized while US-based
About this update from Blink Charging Co.
[{"type":"text","content":"Product sales of EV charging equipment increased 653% \n Total revenue increased 125% Year over YearAggressive international expansion realized while US-based deployments accelerate Miami Beach, FL, May 13, 2020 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (\"Blink\" or the \"Company\"), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced financial results for the quarter ended March 31, 2020. First Quarter 2020 Highlights: Total revenue for the three months ended March 31, 2020, increased by $721,474, or 125%, to a quarterly record of $1,298,864 as compared to $577,390 during the three months ended March 31, 2019. The increased total revenue was driven by revenue from product sales of $777,423 for the three months ended March 31, 2020 as compared to $103,204 during the three months ended March 31, 2019, an increase of $674,219, or 653%. The increase from the same period in 2019 was due to greater sales of IQ 200 chargers and DC fast chargers that were rolled out during 2019. International EV charger deployment exceeded expectations with 28 new deployments in Israel, the fulfillment of 96 Level 2 and 5 DCFC chargers in the Dominican Republic, and 4 DCFC chargers in Greece. Gross margins improved to 23.8% in the three months ended March 31, 2020, compared to 9.3% in the same prior-year period, driven primarily by favorable economies of scale in generating the Company's product sales as well as a reserve for excess and obsolete inventory of $123,808 recorded during the three months ended March 31, 2019. A net loss of $2,961,100, or ($0.11) per share, occurred in the three months ended March 31, 2020, as compared to a net loss of $1,893,627, or ($0.07) per share, in the same prior-year period. The higher net loss in the current-year period was primarily due to a higher net operating loss of $3,018,828 (compared to a net operating loss of $2,315,488 in the same prior-year period), along with the absence in the current-year period of a favorable $362,500 net gain on the settlements of notes payable and account payable (as occurred in the three-month period ending March 31, 2019), offset by a rise in gross profit from $53,958 in the three months ended March 31, 2019, to $308,722 in the three months ended March 31, 2020. \"During the first quarter, we enjoyed solid grow...