American car buyers are losing interest in EVs mainly due to a need for charging infrastructure. According to a recent J.D. Power study, fewer consumers are eyeing EVs for the first time since 2021. Moreover, those not interested in buying EVs cited insufficient charging stations as their main concern. Hence, this trend sheds light on the importance of EV charging infrastructure, making EV charging stocks remarkably lucrative over time. To be fair, if the U.S. wants to follow through on its lofty EV goals, ...

Core Insights - Blink Charging Co. has been selected by Grupo Fame, a major dealership group in Mexico, to provide electric vehicle (EV) charging services at select locations [2][4] - The installation of Blink Level 2 chargers at Grupo Fame's dealership in Querétaro is complete, with plans for DC fast chargers featuring GBT ports to be operational soon [3][4] - Grupo Fame is the official dealership for BYD in Mexico, which is one of the top sellers of EVs globally [4] Company Overview - Blink Charging is a leading global manufacturer and provider of EV charging equipment and services, facilitating the transition to electric transportation through innovative solutions [5] - The company's product offerings include the Blink Network, EV charging equipment, and various EV charging services, supported by proprietary cloud-based software [5] Industry Context - Grupo Fame recognizes the growing impact of EVs in the automotive market and aims to provide charging solutions to meet the needs of drivers, thus participating in the expanding segment of automotive sales [4] - The collaboration between Blink Charging and Grupo Fame highlights the role of dealerships in advancing the electrification of the auto industry and promoting the acceptance of EV technology [4]

Blink chosen as one of the EV charging providers designated to provide expanded charging infrastructure and support a more sustainable future for the state. Bowie, Md., May 14, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ:BLNK) ("Blink" or the "Company"), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, has announced it has secured a contract as one of the official EV charging providers for the state of New York. The agreement sets ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements.](index=4&type=section&id=Item%201.%20Financial%20Statements.) Presents unaudited condensed consolidated financial statements for Q1 2024 and 2023, detailing financial position, performance, cash flows, and notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Snapshot of financial position as of March 31, 2024, compared to December 31, 2023, detailing assets, liabilities, and equity | Metric | March 31, 2024 ($k) | December 31, 2023 ($k) | | :-------------------------------- | :-------------------- | :--------------------- | | Total Assets | 404,495 | 428,519 | | Total Liabilities | 107,757 | 139,122 | | Total Stockholders' Equity | 296,738 | 289,397 | | Cash and cash equivalents | 93,458 | 121,691 | | Working Capital | 130,506 | 152,033 | | Accumulated Deficit | (554,896) | (537,723) | | Common Shares Outstanding | 100,996,579 | 92,818,233 | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Highlights financial performance for Q1 2024, showing significant revenue growth and reduced net loss compared to Q1 2023 | Metric | Q1 2024 ($k) | Q1 2023 ($k) | Change ($k) | Change (%) | | :----------------------- | :----------- | :----------- | :---------- | :--------- | | Total Revenues | 37,568 | 21,668 | 15,900 | 73% | | Gross Profit | 13,419 | 4,543 | 8,876 | 195% | | Loss From Operations | (17,453) | (30,839) | 13,386 | -43% | | Net Loss | (17,173) | (29,801) | 12,628 | -42% | | Net Loss Per Share (Basic) | (0.17) | (0.53) | 0.36 | -68% | | Net Loss Per Share (Diluted) | (0.17) | (0.53) | 0.36 | -68% | [Unaudited Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Presents total comprehensive loss for Q1 2024 and 2023, including net loss and cumulative translation adjustments | Metric | Q1 2024 ($k) | Q1 2023 ($k) | | :--------------------------- | :----------- | :----------- | | Net Loss | (17,173) | (29,801) | | Cumulative translation adjustments | (1,237) | (850) | | Total Comprehensive Loss | (18,410) | (30,651) | [Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity) Details changes in stockholders' equity for Q1 2024 and 2023, reflecting common stock issuance, compensation, and net loss | Item | Q1 2024 ($k) | Q1 2023 ($k) | | :------------------------------------------ | :----------- | :----------- | | Common stock issued in public offering, net | 25,070 | 94,766 | | Stock-based compensation | 681 | 7,757 | | Other comprehensive loss | (1,237) | (850) | | Net loss | (17,173) | (29,801) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Provides insight into cash generation and usage across operating, investing, and financing activities for Q1 2024 and 2023 | Cash Flow Activity | Q1 2024 ($k) | Q1 2023 ($k) | | :------------------------------------------ | :----------- | :----------- | | Net Cash Used In Operating Activities | (21,476) | (24,177) | | Net Cash Used In Investing Activities | (2,830) | (2,215) | | Net Cash (Used In) Provided By Financing Activities | (6,703) | 95,360 | | Cash and Cash Equivalents and Restricted Cash - End of Period | 93,535 | 103,280 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations supporting financial statements, covering organization, accounting policies, instruments, commitments, and events [1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION](index=13&type=section&id=1.%20BUSINESS%20ORGANIZATION,%20NATURE%20OF%20OPERATIONS%20AND%20BASIS%20OF%20PRESENTATION) - Blink Charging Co. is a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and networked EV charging services in the U.S. and international markets[153](index=153&type=chunk) - The company operates proprietary, cloud-based Blink EV charging networks and offers EVSE and other EV-related services, including an EV-based ride-sharing business through Envoy Mobility, Inc[153](index=153&type=chunk) - Blink has not yet achieved profitability and expects continued cash outflows from operations, but anticipates cash on hand will fund operations for at least **12 months**[155](index=155&type=chunk)[175](index=175&type=chunk) [2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=15&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - **FOREIGN CURRENCY TRANSLATION:** The Company's reporting currency is USD, with functional currencies for certain subsidiaries being Euro, Indian Rupee, and Pound Sterling. Foreign transaction (losses) gains were **($30k)** in Q1 2024 compared to **$1,807k** in Q1 2023[25](index=25&type=chunk) - **ASSETS HELD FOR SALE:** During Q1 2024, the Company commenced plans to sell an office building in Miami Beach, with a carrying value of **$3,675k** as of March 31, 2024[204](index=204&type=chunk) - **Underperforming Subsidiary:** The Board approved a plan to sell underperforming assets of a subsidiary, expected to close in Q2 2024, resulting in an estimated loss of **$564k** recorded in Q1 2024 operating expenses[26](index=26&type=chunk) - **REVENUE RECOGNITION:** Revenue is recognized from product sales (at shipment), charging service (at session completion), network fees (straight-line over contract term), and other (primarily alternative fuel credits)[27](index=27&type=chunk) - **Car-sharing services:** Accounted for under ASC Topic 842, Leases, with revenues recognized over the short-term contractual period of performance. Q1 2024 revenue was **$1,097k** vs **$252k** in Q1 2023[183](index=183&type=chunk)[184](index=184&type=chunk) - **CONCENTRATIONS:** In Q1 2024, sales to one significant customer represented **14%** of total revenue (**13%** in Q1 2023). Purchases from a significant supplier were **10%** in Q1 2024 (**16%** in Q1 2023), and another significant supplier was **10%** in Q1 2024[185](index=185&type=chunk)[213](index=213&type=chunk) - **RECLASSIFICATIONS:** Certain prior year balances were reclassified to conform to current year presentation, with no effect on previously reported results of operations or loss per share[214](index=214&type=chunk) [NET LOSS PER COMMON SHARE](index=19&type=section&id=NET%20LOSS%20PER%20COMMON%20SHARE) - Basic and diluted net loss per common share were **$(0.17)** for Q1 2024 and **$(0.53)** for Q1 2023[10](index=10&type=chunk) - Potentially dilutive shares (warrants, unvested restricted common stock, options) totaling **2,509,392** in Q1 2024 (vs **2,253,611** in Q1 2023) were excluded from EPS calculation due to their anti-dilutive effect[31](index=31&type=chunk)[217](index=217&type=chunk) [3. NOTES PAYABLE](index=19&type=section&id=3.%20NOTES%20PAYABLE) - **SEMACONNECT- NOTES PAYABLE:** During Q1 2024, the Company repaid the remaining principal balance of **$31,354k** and **$1,139k** of accrued interest[31](index=31&type=chunk) - **ENVOY-NOTES PAYABLE:** Subsequent to March 31, 2024, the Company repaid **$6,824k** of its notes payable related to the Envoy acquisition, which includes principal and accrued interest[44](index=44&type=chunk) [4. STOCKHOLDERS' EQUITY](index=20&type=section&id=4.%20STOCKHOLDERS'%20EQUITY) - **AT-THE-MARKET OFFERING:** In Q1 2024, the Company sold **8,177,472** shares of common stock under its ATM program for aggregate gross proceeds of approximately **$25,651k**, resulting in net proceeds of **$25,070k** after issuance costs[23](index=23&type=chunk)[218](index=218&type=chunk) - **STOCK-BASED COMPENSATION:** Recognized **$917k** in stock-based compensation expense in Q1 2024, a decrease from **$7,775k** in Q1 2023. As of March 31, 2024, **$3,228k** of unrecognized expense remains, to be recognized over a weighted average remaining vesting period of **1.3 years**[219](index=219&type=chunk) [5. RELATED PARTY TRANSACTIONS](index=20&type=section&id=5.%20RELATED%20PARTY%20TRANSACTIONS) - **JOINT VENTURE:** The Company holds a **40%** interest in Blink Charging Europe Ltd., a variable interest entity, but does not consolidate it due to lack of controlling financial interest. The entity has not generated net income, so no gain or loss was recorded on the equity method investment[60](index=60&type=chunk)[220](index=220&type=chunk) - **BLINK CHARGING UK LIMITED:** Close family members of a senior management employee provided services worth **$82k** to Electric Blue Limited (a subsidiary) during Q1 2024[253](index=253&type=chunk) [6. LEASES](index=21&type=section&id=6.%20LEASES) - **OPERATING LEASES:** Total operating lease expenses were **$788k** in Q1 2024, up from **$493k** in Q1 2023[36](index=36&type=chunk) | Year Ending December 31, | Operating Lease ($k) | Finance Lease ($k) | | :----------------------- | :------------------- | :----------------- | | 2024 | 5,091 | 497 | | 2025 | 3,249 | 41 | | 2026 | 1,779 | 41 | | 2027 | 1,160 | 35 | | 2028 | 659 | 18 | | Thereafter | 1,207 | - | | Total future minimum lease payments | 13,145 | 632 | | Less: imputed interest | (2,637) | (73) | | Total | 10,508 | 559 | - Weighted average remaining operating lease term is **2.72 years** with a weighted average discount rate of **7.3%** as of March 31, 2024[255](index=255&type=chunk) [7. FAIR VALUE MEASUREMENT](index=22&type=section&id=7.%20FAIR%20VALUE%20MEASUREMENT) - Fair value of consideration payable was **$19,818k** as of March 31, 2024, reflecting a **$1,700k** change in fair value during Q1 2024[64](index=64&type=chunk)[257](index=257&type=chunk) - Fair value of warrant liability was **$34k** as of March 31, 2024, reflecting a **$2k** change in fair value during Q1 2024[64](index=64&type=chunk) - Valuation of Level 3 liabilities (warrant liability, common stock liability, consideration payable) uses a probability-weighted discounted cash flow approach, considering inputs such as risk-free interest rate (**5.03%**), contractual term (**1.00 year**), and expected volatility (**88%**) for Q1 2024[94](index=94&type=chunk)[224](index=224&type=chunk)[257](index=257&type=chunk) [8. COMMITMENTS AND CONTINGENCIES](index=24&type=section&id=8.%20COMMITMENTS%20AND%20CONTINGENCIES) - **PURCHASE COMMITMENTS:** As of March 31, 2024, the Company had purchase commitments of approximately **$20,540k**, primarily for future sales, charging station deployments, and inventory, expected to be received within the next **12-24 months**[66](index=66&type=chunk)[117](index=117&type=chunk) - **LITIGATION, DISPUTES AND SETTLEMENTS:** A settlement was agreed upon in April 2024 for the consolidated securities class action lawsuits (Bush, Vittoria), expected to be covered by the Company's insurance. Shareholder derivative actions (Klein, Bhatia, McCauley) are ongoing, with the Company disputing allegations and not recording accruals due to uncertain probability or estimability of loss. A demand for arbitration was filed by The Farkas Group, Inc. on March 29, 2024, alleging unpaid commissions, which the Company denies[42](index=42&type=chunk)[67](index=67&type=chunk)[228](index=228&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk)[292](index=292&type=chunk) - **WARRANTY:** The Company estimates an approximate cost of **$700k** to repair deployed chargers as of March 31, 2024[230](index=230&type=chunk) [9. SUBSEQUENT EVENTS](index=26&type=section&id=9.%20SUBSEQUENT%20EVENTS) - Subsequent to March 31, 2024, the Company repaid **$6,824k** of its notes payable related to the Envoy transaction, including principal and accrued interest[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Analyzes Blink Charging Co.'s Q1 2024 financial condition and operations, covering business overview, recent developments, detailed results, liquidity, and critical accounting estimates [Special Note Regarding Forward-Looking Information](index=27&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Information) - The report contains forward-looking statements subject to uncertainties, risks, and influences beyond the company's control, which may affect their accuracy[45](index=45&type=chunk) - Factors affecting results include risks and uncertainties detailed in the Company's Annual Report on Form 10-K for FY2023 and subsequent reports[45](index=45&type=chunk) [Overview](index=27&type=section&id=Overview) - Blink is a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and networked EV charging services in growing U.S. and international markets[46](index=46&type=chunk) - The company offers residential and commercial EV charging equipment and services through its proprietary, cloud-based Blink EV charging network[46](index=46&type=chunk) - Blink operates three primary business models: host-owned, Blink-owned turnkey, and Blink-as-a-Service, differentiated by equipment ownership, installation costs, and revenue sharing[47](index=47&type=chunk)[72](index=72&type=chunk)[234](index=234&type=chunk) - The company also owns and operates EV car-sharing and ride-sharing programs through its wholly-owned subsidiary, Blink Mobility[73](index=73&type=chunk) - As of March 31, 2024, the company had cash and cash equivalents of **$93,458k**, working capital of **$130,506k**, and an accumulated deficit of **$554,896k**, with a net loss of **$17,173k** for Q1 2024[267](index=267&type=chunk) [Recent Developments](index=29&type=section&id=Recent%20Developments) - **At-the-Market Offering:** During Q1 2024, the Company sold **8,177,472** shares of common stock under its ATM program for gross proceeds of approximately **$25,651k** and net proceeds of approximately **$25,070k**[237](index=237&type=chunk) - **EV Charging Solutions:** As of March 31, 2024, Blink sold or deployed **94,476** chargers, with **77,157** in the Blink Networks (including **5,832** company-owned) and **17,319** non-networked or international sales[74](index=74&type=chunk) - The company entered into agreements with significant new customers in 2023 and 2022, including USPS, Mack Trucks, Mitsubishi, and various cities, expanding its potential for unit sales and deployments[235](index=235&type=chunk) [Product and Service Offerings](index=29&type=section&id=Product%20and%20Service%20Offerings) - **Level 2 Chargers:** Offers a wide range of Level 2 (AC) EV charging equipment for commercial and residential use, compatible with North American (J1772, NACS) and European (Type 2) standards, ideal for workplaces, multifamily residential, retail, and hospitality[238](index=238&type=chunk)[270](index=270&type=chunk) - **International Products:** Provides Level 2 AC and DC products (PQ 150, Series 3, EQ 200) for international markets, compatible with Type 2, GBT, and CCS 2 connectors[52](index=52&type=chunk) - **DC Fast Charging (DCFC):** Offers a complete line of DCFC equipment (**30kW** to **360kW**) supporting CHAdeMo, CCS1, and NACS connectors, typically providing an **80%** charge in less than **30 minutes**, suited for transportation hubs and travel destinations[271](index=271&type=chunk) - **Blink Network:** A cloud-based platform that manages the global network of EV chargers for remote monitoring, management, payment processing, and customer support[53](index=53&type=chunk) - **Blink Charging Mobile App:** Provides EV drivers with enhanced search capabilities, station information, and payment functionality[240](index=240&type=chunk) - **Mobile Charger:** Offers the HQ 200-M Level 2 charger for mobile/emergency charging needs[78](index=78&type=chunk) - **Fleet Management:** Provides applications targeted at commercial, municipal, and federal fleets for planning, managing, and optimizing departure schedules and energy costs[79](index=79&type=chunk) [Key Factors Affecting Operating Results](index=31&type=section&id=Key%20Factors%20Affecting%20Operating%20Results) - **Growth:** Highly dependent on consumer adoption of EVs, subject to risks from reduced demand, rapidly changing technologies, price competition, evolving government regulation, and changing consumer behaviors[80](index=80&type=chunk) - **Competition:** The EV charging equipment and service market is highly competitive and expected to become increasingly so, with competition based on product performance, total cost of ownership, reliability, and brand recognition[241](index=241&type=chunk) - **Regulations:** The business is subject to various federal, state, and international laws and regulations, including government incentives. Any reduction or elimination of these incentives could diminish revenues and demand for products[273](index=273&type=chunk) - **Expansion through Acquisitions:** Strategic domestic and international acquisitions are pursued for expansion, but carry risks such as difficulties in integration, assimilating and retaining employees, retaining existing clients, and unforeseen liabilities[55](index=55&type=chunk)[106](index=106&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) - **Three Months Ended March 31, 2024 Compared With Three Months Ended March 31, 2023:**[274](index=274&type=chunk) | Metric | Q1 2024 ($k) | Q1 2023 ($k) | Change ($k) | Change (%) | | :----------------------- | :----------- | :----------- | :---------- | :--------- | | Total Revenues | 37,568 | 21,668 | 15,900 | 73% | | Gross Profit | 13,419 | 4,543 | 8,876 | 195% | | Loss From Operations | (17,453) | (30,839) | 13,386 | -43% | | Net Loss | (17,173) | (29,801) | 12,628 | -42% | - **Revenues:**[243](index=243&type=chunk) | Revenue Type | Q1 2024 ($k) | Q1 2023 ($k) | Change ($k) | Change (%) | | :--------------------------------------- | :----------- | :----------- | :---------- | :--------- | | Product sales | 27,508 | 16,389 | 11,119 | 68% | | Charging service revenue - company-owned | 5,027 | 2,885 | 2,142 | 74% | | Network fees | 2,065 | 1,628 | 437 | 27% | | Warranty | 953 | 393 | 560 | 142% | | Grant and rebate | 583 | 49 | 534 | 1090% | | Car-sharing services | 1,097 | 252 | 845 | 335% | | Other | 335 | 72 | 263 | 365% | - **Cost of Revenues:**[58](index=58&type=chunk) | Cost Type | Q1 2024 ($k) | Q1 2023 ($k) | Change ($k) | Change (%) | | :--------------------------------------- | :----------- | :----------- | :---------- | :--------- | | Cost of product sales | 16,602 | 11,731 | 4,871 | 42% | | Cost of charging services - company-owned | 705 | 887 | (182) | -21% | | Host provider fees | 3,042 | 1,647 | 1,395 | 85% | | Network costs | 589 | 437 | 152 | 35% | | Warranty and repairs and maintenance | 605 | 948 | (343) | -36% | | Car-sharing services | 862 | 637 | 225 | 35% | | Depreciation and amortization | 1,744 | 838 | 906 | 108% | - **Operating Expenses:**[279](index=279&type=chunk) | Expense Type | Q1 2024 ($k) | Q1 2023 ($k) | Change ($k) | Change (%) | | :------------------------------------------ | :----------- | :----------- | :---------- | :--------- | | Compensation | 14,957 | 22,709 | (7,752) | -34% | | General and administrative expenses | 7,777 | 8,478 | (701) | -8% | | Other operating expenses | 6,438 | 4,195 | 2,243 | 53% | | Change in fair value of consideration payable | 1,700 | - | 1,700 | 100% | - **Other Income:** Total other income decreased by **$942k** or **75%** to **$308k** in Q1 2024, primarily due to a foreign exchange loss of **$30k** (compared to a gain of **$1,807k** in Q1 2023), partially offset by a **$713k** increase in dividend and interest income[56](index=56&type=chunk)[113](index=113&type=chunk) - **Total Comprehensive Loss:** Total comprehensive loss decreased by **$12,241k** to **$(18,410)k** in Q1 2024 from **$(30,651)k** in Q1 2023[12](index=12&type=chunk)[281](index=281&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2024, the Company had cash and cash equivalents of **$93,458k**, working capital of **$130,506k**, and an accumulated deficit of **$554,896k**[283](index=283&type=chunk) - Net cash used in operating activities was **$21,476k** in Q1 2024, primarily attributable to the net loss adjusted for non-cash expenses and changes in operating assets and liabilities[115](index=115&type=chunk) - Net cash used in investing activities was **$2,830k** in Q1 2024, mainly for the purchase of charging stations and other fixed assets[303](index=303&type=chunk) - Net cash used in financing activities was **$6,703k** in Q1 2024, including **$31,354k** for notes payable repayment, partially offset by **$25,070k** from common stock sales[90](index=90&type=chunk) - The Company expects cash on hand to fund operations for at least **12 months** but acknowledges no assurance of obtaining additional funds on commercially acceptable terms[304](index=304&type=chunk) - The Company has operating and finance lease obligations of approximately **$11,067k** over the next **five years**, primarily for corporate office space, warehousing, and car-sharing parking spaces[305](index=305&type=chunk) [Critical Accounting Estimates](index=38&type=section&id=Critical%20Accounting%20Estimates) - Critical accounting estimates involve significant assumptions about highly uncertain matters, where changes could materially impact financial condition or results of operations[118](index=118&type=chunk)[285](index=285&type=chunk) - **Business Combination:** Identifiable assets acquired and liabilities assumed are recorded at fair value, requiring judgment in estimating fair value of intangible assets (customer relationships, developed technology, trade names) using income-based valuation approaches[307](index=307&type=chunk) - **Consideration payable:** Estimated using a Monte Carlo simulation model to determine the probability of achieving certain milestones, considering the probability of a public offering and discount rates. Fair value is reviewed quarterly[94](index=94&type=chunk) - **Goodwill:** Evaluated annually or when impairment indicators exist. A qualitative assessment is performed first, followed by a quantitative test if needed, to determine if the fair value of a reporting unit is less than its carrying amount[288](index=288&type=chunk) - **Long-Lived Assets:** Reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, assessing recoverability by monitoring current selling prices, EV adoption rates, and projected car charging utilization[120](index=120&type=chunk) [Contractual Obligations and Commitments](index=38&type=section&id=Contractual%20Obligations%20and%20Commitments) - As of March 31, 2024, the Company had purchase commitments of approximately **$20,540k**, primarily for future sales, deployments of charging stations, and inventory management, expected to be received during the next **12-24 months**[117](index=117&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) Discusses the company's exposure to market risks, primarily foreign currency risk, and its current approach to managing these risks [Foreign Currency Risk](index=41&type=section&id=Foreign%20Currency%20Risk) - The Company faces foreign currency risks related to revenues and operating expenses denominated in currencies other than the U.S. dollar, primarily the Euro[122](index=122&type=chunk) - A hypothetical **1%** decrease in all foreign currencies against the U.S. dollar would not result in a material foreign currency loss on foreign-denominated balances as of March 31, 2024[122](index=122&type=chunk) - The Company does not currently enter into financial instruments to hedge its foreign currency exchange risk, but this may change as foreign operations expand[122](index=122&type=chunk) [Item 4. Controls and Procedures.](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures.) Details the evaluation of disclosure controls and internal control over financial reporting, noting material weaknesses and ongoing remediation efforts [Evaluation of Disclosure Controls and Procedures](index=41&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Management, including the chief executive officer and chief financial officer, evaluated the effectiveness of disclosure controls and procedures as of March 31, 2024[289](index=289&type=chunk) - Disclosure controls and procedures were concluded to be *not effective* as of March 31, 2024, due to material weaknesses in internal control over financial reporting, as discussed in the Company's Form 10-K for FY2023[311](index=311&type=chunk) [Limitations on Effectiveness of Controls and Procedures](index=41&type=section&id=Limitations%20on%20Effectiveness%20of%20Controls%20and%20Procedures) - Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired control objectives due to inherent limitations and resource constraints[290](index=290&type=chunk) [Changes in Internal Control over Financial Reporting](index=41&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - During Q1 2024, management continued to commit resources to the remediation of the material weaknesses reported in the Company's Form 10-K for FY2023[312](index=312&type=chunk) - Resources were also committed to the ongoing evaluation of the internal control over financial reporting of its previously exempted subsidiary, Envoy, acquired in April 2023[312](index=312&type=chunk) - Except for the above, there were no other changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect, controls during Q1 2024[98](index=98&type=chunk) [PART II - OTHER INFORMATION](index=42&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings.](index=42&type=section&id=Item%201.%20Legal%20Proceedings.) Refers to Note 8 – Commitments and Contingencies – Litigation, Disputes, and Settlements in Part 1, Item 1 for legal proceedings details - For a description of the Company's legal proceedings, refer to Note 8 – Commitments and Contingencies – Litigation, Disputes, and Settlements in Part 1, Item 1 of this Quarterly Report on Form 10-Q[99](index=99&type=chunk) [Item 1A. Risk Factors.](index=42&type=section&id=Item%201A.%20Risk%20Factors.) The company faces ongoing net losses, uncertain profitability, potential funding needs, and various risks that may prevent achieving its goals - The Company has a history of annual and quarterly net losses, which may continue and negatively impact its ability to achieve business objectives[100](index=100&type=chunk)[293](index=293&type=chunk) - As of March 31, 2024, the Company incurred a net loss of approximately **$17.1 million** for Q1 2024, and had an accumulated deficit of approximately **$555 million**[293](index=293&type=chunk) - There is no assurance that the Company will ever achieve profitable operations or sustain it, and additional funding may be required, which might not be available on commercially reasonable terms[127](index=127&type=chunk) - Numerous and varied risks, known and unknown, may prevent the Company from achieving its goals, potentially leading to a material adverse effect on its business, financial condition, or results of operation[314](index=314&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) States that there were no unregistered sales of equity securities or use of proceeds to report for the period - None[101](index=101&type=chunk)[315](index=315&type=chunk) [Item 3. Defaults Upon Senior Securities.](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) Indicates that there were no defaults upon senior securities to report - None[128](index=128&type=chunk)[294](index=294&type=chunk) [Item 4. Mine Safety Disclosures.](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) States that mine safety disclosures are not applicable to the company - Not applicable[102](index=102&type=chunk)[316](index=316&type=chunk) [Item 5. Other Information.](index=42&type=section&id=Item%205.%20Other%20Information.) Indicates that there is no other information to report - None[129](index=129&type=chunk) [Item 6. Exhibits.](index=43&type=section&id=Item%206.%20Exhibits.) Lists the exhibits filed with the Form 10-Q, including certifications and financial statements in Inline XBRL format - Exhibits include Rule 13a-14(a) or 15d-14(a) Certifications of Principal Executive Officer and Principal Financial Officer (Exhibits **31.1, 31.2**)[295](index=295&type=chunk) - Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer are furnished (Exhibits **32.1, 32.2**)[130](index=130&type=chunk) - The Company's Quarterly Report on Form 10-Q for Q1 2024, including condensed consolidated financial statements and notes, is formatted in Inline XBRL (Exhibit **101**)[104](index=104&type=chunk)[130](index=130&type=chunk) [SIGNATURES](index=44&type=section&id=SIGNATURES) Contains the signatures of the President and Chief Executive Officer and the Chief Financial Officer, certifying the report's submission - The report was signed on **May 10, 2024**, by Brendan S. Jones, President and Chief Executive Officer, and Michael P. Rama, Chief Financial Officer[132](index=132&type=chunk)[319](index=319&type=chunk)

Financial Data and Key Metrics Changes - Blink's gross profit for Q1 2024 was $13.4 million, representing a 195% increase from $4.5 million in Q1 2023, with a gross margin of 36% compared to 21% in the prior year [5][11][28] - Total revenue for Q1 2024 grew 73% year-over-year to $37.6 million, with product sales increasing by 68% to $27.5 million and service revenues rising by 72% to $8.2 million [19][25][49] - Adjusted EBITDA for Q1 2024 was a loss of $10.2 million, an improvement of $7.6 million from a loss of $17.8 million in the prior year [26][49] Business Line Data and Key Metrics Changes - Charging service revenue increased by 74% to $5 million, while network services fees rose by 27% to $2.1 million, indicating a growing reliance on recurring revenue streams [19][25] - The company contracted, sold, or deployed 4,555 chargers globally in Q1 2024, with a cumulative total of nearly 95,000 chargers since inception [20][23] Market Data and Key Metrics Changes - In the US, EV penetration reached 7.3% of sales in Q1 2024, up 2.6% from Q1 2023, despite a sequential decline due to Tesla's performance [7][8] - Blink is witnessing significant growth in Europe, with Belgium seeing nearly 50% growth in battery electric vehicle registrations in Q1 2024 compared to the previous year [22] Company Strategy and Development Direction - The company aims to achieve a positive EBITDA run rate by December 2024 and maintains a full-year revenue target of $165 million to $175 million [6][29] - Blink is focusing on vertical integration and cost reduction strategies to enhance profitability and sustainability in the EV charging market [29] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious outlook due to lower bookings in April but expressed optimism about growth opportunities in the second half of 2024, particularly following competitors exiting the market [6][29] - The company is committed to continuous improvement and adapting to market changes to ensure sustainable growth [29] Other Important Information - Blink has no cash debt obligations as of March 31, 2024, having fully paid off promissory notes related to acquisitions [50] - The company is actively pursuing NEVI funding opportunities but emphasizes the importance of sustainable business practices without relying solely on government funding [88][89] Q&A Session Summary Question: What is the outlook on April's softness in bookings? - Management acknowledged the softness but noted an increase in inbound inquiries following Tesla's news, indicating potential revenue opportunities [30][31] Question: How does the company plan to achieve positive EBITDA? - Management highlighted ongoing cost reduction efforts, including the spin-off of Blink Mobility, which is expected to significantly impact EBITDA positively [58][61] Question: What is the growth outlook for product sales versus charging service revenue? - Management indicated a shift towards increased service revenue, which is expected to grow as EV density increases [76][77] Question: Can you provide updates on energy management solutions? - Management described a two-faceted approach to energy management services, focusing on both US and European markets, with ongoing development of features [69][70] Question: How is Blink positioned to serve the Post Office contract? - Management expressed confidence in fulfilling the Post Office's needs and maintaining a strong relationship, although specific details could not be disclosed [74]

blik Safe Harbor Statement This presentation contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on management's current expectations and assumptions and are subject to risks and uncertainties. Such statements include, but are not limited to, statements about (i) delays in product development and deployment, (ii) market accep ...

blink Three Months Ended (1) Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues. (2) Other Revenues consist of warranty fees, grants and rebates, and other revenues. Revenues Other Revenues, which are comprised of warranty fees, grants and rebates, and other revenues, increased 264% to $1.9 million in the first quarter of 2024, an increase of $1.4 million from the first quarter of 2023. Net Loss and Loss Per Share ● First quarter 2024 total revenues increas ...

 ●First quarter 2024 total revenues increased 73% to $37.6 million compared to $21.7 million in first quarter of 2023 ●68% increase in product revenues to $27.5 million in first quarter of 2024 compared to $16.4 million in first quarter of 2023 ●72% increase in service revenues to $8.2 million in first quarter of 2024 compared to $4.8 million in first quarter 2023 ●195% increase in gross profit to $13.4 million in first quarter of 2024 compared to $4.5 million in first quarter of 2023 ●36% gross margin in f ...

Blink Charging (NASDAQ:BLNK) will disclose its quarterly results after market close today, setting up a high-risk wager. Presently, the EV sector is suffering from a significant demand drop. At the same time, it requires public charging solutions. Therefore, it’s possible that BLNK stock could shoot higher, offering a viable (albeit extremely speculative) opportunity.To be sure, the EV sector itself is a treacherous one. Most notably, industry stalwart Tesla (NASDAQ:TSLA) finds itself down almost 30% on a y ...

Blink Care is an optional maintenance program designed to reduce charger downtime and provide a more seamless charging experience. Bowie, Md., May 08, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ:BLNK) ("Blink" or the "Company"), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, today announced the launch of Blink Care, a new, optional preventative maintenance program aimed at maximizing customer satisfaction and ensuring charger rel ...