Business
Blink Charging Announces Third Quarter and Nine Month 2020 Results
- Nine Month Revenue Grew 84% to $3.8 Million During Covid-19 Economy; Exceeds Full Year 2019 Total Revenue of $2.8 Million - 668 EV charging stations were
About this update from Blink Charging Co.
[{"type":"text","content":"- Nine Month Revenue Grew 84% to $3.8 Million During Covid-19 Economy; Exceeds Full Year 2019 Total Revenue of $2.8 Million\n - 668 EV charging stations were sold, deployed, or acquired across 25 states - Acquired BlueLA Carsharing, Significantly Expanding Presence in California Miami Beach, FL, Nov. 12, 2020 (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 third quarter and nine months ended September 30, 2020. The Company reported strong quarterly earnings, notwithstanding business shutdowns during the third quarter due to the ongoing global pandemic. Selected Highlights: Total revenue for the first nine months of 2020 grew 84% to $3.8 million, during Covid-19 economy; exceeds full year 2019 total revenue of $2.8 millionTotal revenue for Q3 increased by 18% to $0.9 million compared to Q3 2019 despite business interruptions due to the COVID-19 pandemic668 EV charging stations were sold, deployed, or acquired across 25 statesProduct sales in Q3 2020 grew 74% to $0.6 million as compared to the prior year quarter, related primarily to increased demand for the Company's commercial and residential productsCompany made significant progress with its owner/operator strategy; Blink owned chargers deployed during the quarter increased 87% compared to 3Q 2019Net loss was $3.9 million or $(0.12) per basic and diluted share in Q3 2020 compared to net loss of $2.6 million or $(0.10) in the third quarter of 2019During Q3 2020, the Company completed its acquisition of BlueLA Carsharing, the EV carsharing contractor for the city of Los AngelesFrom April 17, 2020 through September 30, 2020, the Company sold 3,521,971 shares of common stock for aggregate gross proceeds of $19 millionCash was $14.9 million on September 30, 2020 \"The accelerating adoption of electric vehicles represents an enormous opportunity for EV infrastructure providers, and Blink in particular, as more and more drivers seek fast, convenient and reliable charging options. One of the key differentiators of our model is that we are the owner and operator of many of our chargers and realize an economic benefit each time a vehicle is charged at one of our owned units. We are confident that as EV ado...