GlobeNewswire Inc | Mar 25, 2021 04:01PM EDT

March 25, 2021

-- 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 Companys 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 Companys 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 Companys commercial and residential products.Revenues from network fees, warranty, grant/rebates and other revenues increased to $1.0 million compared to $0.5 million last year, related to the increase in EV chargers in the Companys networkRevenues from charging services decreased to $0.8 million as compared to $1.4 million for full year 2019, related primarily to the decrease in EV charging due to the COVID-19 pandemic. -- Net loss was $17.8 million or $(0.59) per basic and diluted share compared to net loss of $9.7 million or $(0.37) per basic and diluted share for full year 2019. The higher net loss in 2020 reflected increased expenses related to the Companys anticipated growth, as detailed above. -- On December 31, 2020, cash and marketable securities were $22.3 million compared to $7.1 million at December 31, 2019. -- Shortly following the close of fiscal 2020, the Company completed a successful equity offering resulting in net proceeds of $221.5 million.

"Blink's fourth quarter 2020 results delivered a strong close to 2020, continuing the momentum we built during the second and third quarters, and characterized by significantly increased revenue driven by substantial growth in product sales. Despite the many public health and economic challenges presented by the COVID-19 pandemic, we've continued the aggressive deployment of our owned and operated EV charging stations for a wide variety of partners and locations, including healthcare networks, hotels, multi-family residences, and municipalities. Specifically, during the fourth quarter, 66% of commercial deployments were Blink-owned units. As we have previously outlined, Blink's unique owner/operator model is a key differentiator in our industry. With this model, we realize an economic benefit each time a vehicle is charged at a Blink-owned unit. As EV adoption continues to grow and utilization of chargers increases, we expect Blink-owned units will represent a valuable recurring revenue stream for many years to come," stated Michael D. Farkas, Founder and Chief Executive Officer of Blink.

"We ended 2020 strong and have positioned us for continued success at the beginning of 2021. In January, we completed a successful equity raise, significantly strengthening our balance sheet, which will enable us to continue our growth at a systematic and accelerated pace. Our growth will continue both organically and through targeted acquisitions as we look to grow our footprint of EV chargers," commented Michael Rama, Chief Financial Officer of Blink. "

"Blink is a longtime leader in the EV charging industry, and we have been methodically and strategically expanding our geographic footprint and building our brand recognition to capture opportunities as the world transitions to EVs. We are energized by our industry's momentum, which continues to benefit from the adoption of clean energy and clean transportation initiatives. We've begun 2021 in a solid position, and we plan to capitalize on the many opportunities we see to provide the accessible, fast, and reliable EV infrastructure that makes EV travel both attractive and viable," commented Brendan Jones, President of Blink.

Business Updates and Highlights

During the fourth quarter of 2020, the Company:

-- Entered into a reseller agreement with The Lion Electric Company, a leading manufacturer of zero-emission buses and trucks, which will now offer Blinks full line of charging stations to the school systems and bus fleets they serve. -- Acquired U-Go Stations, Inc. and its portfolio of 44 DCFC charging locations as well as multiple grants awarded to U-Go for the deployment of up to an additional 45 new charging stations. -- Announced the sale of 45 dual-port Blink charging stations by Blink Charging Hellas, a joint venture between Blink Charging and Eunice Energy Group, to the Public Power Company (PPC S.A.) for deployment across Greece. -- Signed exclusive seven-year agreement with two seven-year renewal options with Lehigh Valley Health Network to own and operate charging stations across the health networks extensive portfolio of locations in Pennsylvania. -- Announced additional deployments of Blink-owned EV charging stations at St. Lukes University Healthcare Facilities in Pennsylvania, building upon the Companys initial contract and deployment with St. Lukes in January 2019. -- Signed an exclusive five-year contract with two five-year renewal options for Blink-owned IQ 200 units at multiple Blessing Health System locations in Quincy, Illinois. -- Introduced an innovative pole mounting kit for the Companys IQ 200 EV charging stations that allows streetlights or utility poles to function as charging destinations. -- Entered into a unique collaboration with Connecticut Green Bank and other EV charging partners, to register the first validated multi-partner carbon offset credit project. -- Signed an agreement with JSC Management Group, a large Burger King franchisee, to deploy numerous EV charging stations at key locations across the northeastern U.S. -- Subsequent to the fourth quarter and year ended December 31, 2020, the Company: -- Received a grant from the state of Ohio Environmental Protection Agency to deploy 144 Blink-owned and operated high-speed Level 2 charging stations at 32 sites across the state, at locations such as healthcare centers, hotels, municipal parking lots, and others. -- Announced the promotion of Brendan S. Jones to President of Blink Charging and his election to the Companys Board of Directors. -- Received a follow-on order from InterEnergy for an additional 150 fast-charging stations, including 100 Blink IQ 200 and 50 DCFC units to be deployed across the Dominican Republic. -- Announced a collaboration with the state of Vermont to deploy 22 DCFCs and 22 Level 2 chargers across 11 sites in the state during the next two years. -- Entered into a U.S. reseller agreement with Ingram Micro Inc., a leading global distributor of information technology, cloud and mobility products, for the sale of Blinks residential EV charging stations. -- Won the competitive bid process to provide the EV charging infrastructure for the city of San Antonios EVSA program, which initially enlists the Company to deploy up to 140 Blink-owned level 2 charging ports and 3 DCFCs throughout the city. -- Announced the Companys first deployment in the state of New Hampshire in the resort town of Waterville Valley; the Blink-owned units are the only EV charging stations available for nearly 30 miles. -- Announced an initial order for 50 charging stations from InterEnergy, to further expand the Evergo network in Panama, which is expected to bring nearly 200 new EV charging stations to the country by the end of 2021. -- Named to Forbes list of Americas Best Small Companies. -- Signed a reseller agreement with Ballantyne Strong to offer Blinks full line of charging stations to the broad base of cinema operators, theme parks and other entertainment and leisure-related locations that work with that companys entertainment division. -- Purchased a 10,000+ square foot office condominium in Miami Beach to house the Blink corporate headquarters and support the Companys ongoing growth.

Earnings Conference Call:

The Company will host a conference call and webcast to discuss the fourth quarter and year end 2020 results today, March 25, 2021 at 4:30 P.M., Eastern Time.

To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link: https://www.webcaster4.com/Webcast/Page/2468/40433

To participate in the call by phone, dial (877) 876-9173 approximately five minutes prior to the scheduled start time. International callers please dial (785) 424-1667.

A replay of the teleconference will be available until April 25, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 40433.

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About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Companys charging locations worldwide. Blink Chargings principal line of products and services include its Blink EV charging network (Blink Network), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information, please visit https://www.blinkcharging.com/.

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as anticipate, expect, intend, may, will, should or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Chargings periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Blink Media ContactPR@BlinkCharging.com

Blink Investor Relations ContactIR@BlinkCharging.com

855-313-8187

John Nesbett/Jennifer BelodeauIMS Investor Relations(203) 972-9200jnesbett@institutionalms.com

BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Balance SheetsUnaudited

December 31, 2020 2019 Assets Current Assets: Cash $ 22,341,433 $ 4,168,837 Marketable securities - 2,956,989 Accounts receivable and other 909,499 206,770 receivables, netInventory, net 1,816,135 2,157,295 Prepaid expenses and other current assets 1,219,488 671,033 Total Current Assets 26,286,555 10,160,924 Restricted cash 76,399 - Property and equipment, net 5,636,063 1,347,309 Operating lease right-of-use asset 615,825 258,102 Intangible assets, net 46,035 107,415 Goodwill 1,500,573 - Other assets 387,617 73,743 Total Assets $ 34,549,067 $ 11,947,493 Liabilities and Stockholders? Equity Current Liabilities: Accounts payable $ 3,920,384 $ 2,372,212 Accrued expenses 1,085,028 897,548 Accrued issuable equity 184,234 257,686 Current portion of notes payable 574,161 10,000 Current portion of operating lease 403,915 190,823 liabilitiesOther current liabilities 59,572 73,598 Current portion of deferred revenue 479,486 567,613 Total Current Liabilities 6,706,780 4,369,480 Operating lease liabilities, non-current 285,501 84,838 portionOther liabilities 90,000 58,164 Notes payable - non-current portion 296,535 - Deferred revenue, non-current portion 6,654 565 Total Liabilities 7,385,470 4,513,047 Series B Convertible Preferred Stock, 10,000 shares designated, 0 issuedand outstanding as of December 31, 2020 - - and 2019, respectively Stockholders? Equity: Preferred stock, $0.001 par value, 40,000,000 shares authorized;Series A Convertible Preferred Stock,20,000,000 shares designated, 0 shares - - issued and outstanding as of December 31,2020 and 2019Series C Convertible Preferred Stock,250,000 shares designated, 0 issued and - - outstanding as of December 31, 2020 and2019Series D Convertible Preferred Stock,13,000 shares designated, 0 and 5,125 - 5 shares issued and outstanding as ofDecember 31, 2020 and 2019, respectivelyCommon stock, $0.001 parvalue,500,000,000 shares authorized,35,951,097 and 26,322,583 shares issued 35,951 26,323 and outstanding as of December 31, 2020and 2019, respectivelyAdditional paid-in capital 214,479,094 176,729,926 Accumulated other comprehensive income - 183,173 Accumulated deficit (187,351,448 ) (169,504,981 ) Total Stockholders? Equity 27,163,597 7,434,446 Total Liabilities and Stockholders? $ 34,549,067 $ 11,947,493 Equity

BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Statements of OperationsUnaudited

For The Three Months Ended For The Years Ended December 31, December 31, 2020 2019 2020 2019 Revenues: Chargingservicerevenue - $ 203,012 $ 421,348 $ 772,540 $ 1,359,218 company-ownedchargingstationsProduct sales 1,823,787 151,771 4,432,423 856,243 Network fees 117,691 70,682 344,819 301,627 Warranty 98,680 8,804 129,109 52,996 Grant and 10,487 4,579 21,558 22,396 rebateOther 199,640 44,302 529,782 166,710 Total Revenues 2,453,297 701,486 6,230,231 2,759,190 Cost of Revenues:Cost ofchargingservices - 211,609 37,040 397,377 151,479 company-ownedchargingstationsHost provider 114,905 146,371 265,272 420,075 feesCost of 1,432,758 414,001 2,859,559 961,192 product salesNetwork costs 51,944 43,716 515,953 255,339 Warranty andrepairs and 93,409 126,132 330,742 450,765 maintenanceDepreciationand 121,599 31,564 345,018 127,929 amortizationTotal Cost of 2,026,224 798,824 4,713,921 2,366,779 Revenues Gross Profit 427,073 (97,338 ) 1,516,310 392,411 (Loss) Operating Expenses:Compensation 5,754,324 1,745,739 12,718,284 6,750,753 General andadministrative 1,587,113 718,747 4,047,125 1,916,817 expensesOtheroperating 946,628 423,158 2,565,525 2,196,784 expenses TotalOperating 8,288,065 2,887,644 19,330,934 10,864,354 Expenses Loss From (7,860,992 ) (2,984,982 ) (17,814,624 ) (10,471,943 )Operations Other(Expense) Income:Interest(expense) (1,743 ) 19,044 16,442 73,158 income, netGain onsettlement of - - - 310,000 debtGain onsettlement of (312 ) 20,060 22,266 273,667 accountspayable, netChange in fairvalue ofderivative and (104,861 ) 26,499 (173,132 ) (65,104 )other accruedliabilitiesOther income 26,403 24,715 102,581 231,722 Total Other(Expense) (80,513 ) 90,318 (31,843 ) 823,443 Income Net Loss $ (7,941,505 ) $ (2,894,664 ) $ (17,846,467 ) $ (9,648,500 ) Net Loss Per Share:Basic $ (0.24 ) $ (0.11 ) $ (0.59 ) $ (0.37 )Diluted $ (0.24 ) $ (0.11 ) $ (0.59 ) $ (0.37 ) WeightedAverage Numberof Common SharesOutstanding:Basic 33,577,425 26,300,451 30,045,095 26,237,486 Diluted 33,577,425 26,300,451 30,045,095 26,237,486

BLINK CHARGING CO. AND SUBSIDIARIESConsolidated Statements of Cash FlowsUnaudited

For The Years Ended December 31, 2020 2019 Cash Flows From Operating Activities: Net loss $ (17,846,467 ) $ (9,648,500 )Adjustments to reconcile net loss tonet cash used in operating activities:Depreciation and amortization 679,911 417,061 Change in fair value of derivative (173,132 ) (65,104 )and other accrued liabilitiesDividend and interest income - 104,848 Provision for bad debt 270,365 102,940 Gain on settlement of debt - (310,000 )Provision for slow moving and (392,191 ) 437,068 obsolete inventoryGain on settlement of accounts (22,266 ) (273,667 )payable, netLoss on disposal of fixed assets 278,698 65,488 Loss on impairment of intangible - 83,135 assetsNon-cash compensation: Common stock 233,382 547,782 Options 714,888 180,757 Changes in operating assets and liabilities:Accounts receivable and other (897,496 ) (141,541 )receivablesInventory (1,246,837 ) (2,022,653 )Prepaid expenses and other current (580,803 ) 168,487 assetsOther assets (225,995 ) (2,545 )Accounts payable and accrued expenses 1,404,084 (470,354 )Lease liabilities (184,057 ) (135,267 )Deferred revenue (82,038 ) 197,252 Total Adjustments (223,487 ) (1,116,313 ) Net Cash Used in Operating Activities (18,069,954 ) (10,764,813 ) Cash Flows From Investing Activities: Purchase consideration for BlueLA (1 ) - Carsharing, LLC acquisitionCash acquired in the purchase of 3,379 - BlueLA Carsharing, LLCCash acquired in the purchase of U-Go 30,266 - Stations, Inc.Proceeds from sale of marketable 2,773,816 - securitiesPurchases of property and equipment (2,547,220 ) (552,820 ) Net Cash Provided By (Used In) 260,240 (552,820 )Investing Activities Cash Flows From Financing Activities: Proceeds from sale of common stock in 19,175,546 - public offering [1]Payment of financing liability in (72,190 ) (52,379 )connection with internal use softwareProceeds from exercise of warrants 16,264,687 - Proceeds from issuance of notes 855,666 - payableRepayment of notes payable (165,000 ) - Net Cash Provided By (Used in) 36,058,709 (52,379 )Financing Activities Net Increase (Decrease) In Cash 18,248,995 (11,370,012 ) Cash and Restricted Cash - Beginning 4,168,837 15,538,849 of Year Cash and Restricted Cash - End of $ 22,417,832 $ 4,168,837 Year Cash and restricted cash consisted of the following:Cash $ 22,341,433 $ 4,168,837 Restricted cash 76,399 - $ 22,417,832 $ 4,168,837

[1] Includes gross proceeds of $19,999,984, less issuance costs of $824,438 deducted directly from the offering proceeds.