GlobeNewswire Inc | May 13, 2021 04:01PM EDT

May 13, 2021

- Blink-owned charging stations contracted or deployed during the quarter grew by over 370% compared to the first quarter 2020 - First quarter 2021 revenue increased 72% over first quarter 2020 - 1,597 commercial and residential EV charging stations were contracted, sold, or deployed during first quarter 2021 - Completed equity raise of $232 million to accelerate EV infrastructure growth

Miami Beach, FL, May 13, 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 first quarter ended March 31, 2021.

Selected First 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 over 370% in the first quarter compared to the prior year period. ? Total revenue for the first quarter 2021 increased 72% to $2.2 million compared to $1.3 million for the first quarter 2020.

Revenues from product sales increased 113% to $1.7 million compared to $0.8 ? million in the first quarter of 2020, related primarily to increased demand for the Company?s commercial and residential products. Revenues from network fees, warranty fees, grants/rebates, and other ? revenues increased 100% to $0.4 million as compared to $0.2 million in the first quarter of 2020, related to the increase in EV charging stations in the Company?s network. Revenues from charging services decreased to $0.2 million as compared to ? $0.3 million in the first quarter of 2020, related primarily to a decrease in EV charging due to the COVID-19 pandemic.

Net loss was $7.4 million or $(0.18) per basic and diluted share compared to net loss of $3.0 million or $(0.11) in the first quarter of 2020. First ? quarter 2021 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. ? On March 31, 2021, cash and marketable securities were $232.2 million compared to $22.3 million at December 31, 2020.

Subsequent to the close of the quarter, on May 11, 2021, Blink announced the acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of 7,071 charging ports. The acquisition was made with a combination of cash and stock for --20 million (or approximately $24 million) and gives Blink complete operational control of Blue Corner and its EV charging assets. The acquisition is part of Blinks broader strategic international expansion plans and provides the Company a significant infrastructure footprint in the region. Blue Corner chargers are located at 3,813 locations across Belgium, Luxembourg, the Netherlands and France. To facilitate Blinks European expansion, the Company also announced the creation of Blink Holdings BV, a new company headquartered in Amsterdam, which is expected to drive the growth of Blinks European presence.

Blink is off to a strong start and solidly positioned to drive growth as we move through the balance of 2021. We are excited by the opportunities we see in the marketplace, and as evidenced during the first quarter, we are perfectly situated to capitalize on these opportunities. It is an exciting and transformative time for the industry and Blink. We are optimistic about our future and our leadership role in the worldwide EV charging infrastructure industry, stated Michael D. Farkas, Founder and Chief Executive Officer of Blink.

As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible. As such, we are very excited about this weeks announced acquisition of Blue Corner and the opportunity it provides Blink to establish a significant presence in Europe immediately. International expansion is fundamental to our growth, and we believe this acquisition will accelerate the success we are already achieving in Europe, Mr. Farkas continued. Blinks European expansion allows the Company to capitalize on the robust European EV industry where EVs comprise of a large and growing share of the automotive market. Sales of plug-in EVs in Europe rose 137% last year compared to 4% growth in the U.S.

Brendan Jones, President of Blink, commented, We started 2021 with strong revenue and sales growth and continued progress with our owner/operator business model, which we believe will further contribute to our upward growth for the year. We are energized by the momentum we see in our industry and the substantial interest were seeing for Blink chargers. The establishment of EV infrastructure is becoming a priority in the U.S. and worldwide as government entities, businesses, and local communities increasingly encourage the adoption of electric vehicles to promote sustainability and a greener, cleaner environment. Blink is pursuing and is poised to capture the many current, and future charging opportunities as the world evolves to widespread EV use and seeks reliable, fast, and accessible EV infrastructure to support this transition.

As we move through 2021, we remain intently focused on expanding our leadership role in the EV charging industry and extending our charging footprint, both domestically and internationally. We made tremendous progress during the first quarter, both in terms of new deployments and new distribution opportunities and partnerships. With our owner/operator business model, we target high density, high volume locations such as hotels, multi-family residences, and healthcare centers. We are also working with a broad range of countries, states, and municipalities to strengthen EV infrastructure as more individual drivers and fleets transition to greener transportation. The structure of our owner/operator agreements is comprised of long-term, renewable contracts with a revenue sharing model in which we receive payment each time a vehicle is charged at a Blink-owned unit, creating the potential to generate a valuable recurring revenue stream for many years to come as EV utilization increases, stated Farkas.

Business Updates and Highlights

During the first quarter of 2021, 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 Company?s 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 Blink?s residential EV charging stations. Won the competitive bid process to provide the EV charging infrastructure ? for the city of San Antonio?s 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 Company?s 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 America?s Best Small Companies. Signed a reseller agreement with Ballantyne Strong to offer Blink?s 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 company?s entertainment division. ? Purchased a 10,000+ square foot office condominium in Miami Beach to house the Blink corporate headquarters and support the Company?s ongoing growth. Subsequent to the first quarter of 2021, the Company: Named seasoned renewables and EV charging executive, Harjinder Bhade, as ? Chief Technology Officer. Mr. Bhade will focus on the aggressive development of the Company?s product line-up and technology infrastructure. Announced the first installation of Blink HQ 100 chargers by the ? municipality of Pedro Aguirre Cerda in Santiago, Chile to support the municipality?s new fleet of Nissan Leaf vehicles. ? Sponsored the University of Cincinnati?s Bearcat Electric Vehicle (BEV) racing team, the University?s first all-electric formula racecar team. Announced the deployment of 42 charging ports at ten Four Brothers Pizza Inn locations across New York. The 21 Blink-owned dual port chargers were ? made possible through the Charge ready program from the NY State Energy research and Development Authority (NYSERDA) and Make Ready incentives offered by New York utilities. ? Upgraded 19 first-generation Blink EV charging stations in Plano, Texas to the Company?s IQ 200 fast Level 2 charging stations. Entered into a reseller agreement with ev Transportation Services (?evTS?) ? to distribute the Blink IQ 200-M Portable EV charger along with its Firefly ESV essential services vehicle. Deployed IQ 200 charging stations at the Native American Youth & Family Center in Portland, Oregon. The deployment was made possible with funding ? from the Portland General Electric Drive Change Fund, through the Oregon Clean Fuels Program and an Electric Mobility Grant from Pacific Power Oregon Electric, also through the Oregon Clean Fuels Program. Signed an agreement with General Motors to offer GM EV customers more ? seamless access to publicly available Blink EV charging sites across the U.S. as part of GM?s Ultium Charge 360. Announced a long-term agreement to deploy Blink EV charging stations at ? Fattal Hotel Group locations in Israel, Fattal is one of Israel?s leading hotel companies, with luxury hotels in 14 major tourist locations.

Earnings Conference Call:

The Company will host a conference call and webcast to discuss the first quarter 2021 results today, May 13, 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/2468/41158

To participate in the call by phone, dial (877) 876-9174 approximately five minutes prior to the scheduled start time. International callers please dial (785) 424-1669.

A replay of the teleconference will be available until June 13, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 41158.

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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 Contact PR@BlinkCharging.com

Blink Investor Relations Contact IR@BlinkCharging.com

855-313-8187

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

BLINK CHARGING CO. AND SUBSIDIARIESCondensed Consolidated Balance Sheets

March 31, 2021 December 31, 2020 (unaudited) Assets Current Assets: Cash $ 195,646,354 $ 22,341,433 Marketable securities 36,506,174 - Accounts receivable and other 1,003,620 347,967 receivables, netInventory, net 3,433,216 1,816,135 Prepaid expenses and other current assets 1,168,273 1,219,488 Total Current Assets 237,757,637 25,725,023 Restricted cash 74,873 76,399 Property and equipment, net 10,375,562 5,636,063 Operating lease right-of-use asset 1,785,810 615,825 Intangible assets, net 267,818 46,035 Goodwill 1,500,573 1,500,573 Other assets 175,826 387,617 Total Assets $ 251,938,099 $ 33,987,535 Liabilities and Stockholders? Equity Current Liabilities: Accounts payable $ 3,112,090 $ 3,358,852 Accrued expenses and other current 2,098,384 1,328,834 liabilitiesCurrent portion of notes payable 439,960 574,161 Current portion of operating lease 524,241 403,915 liabilitiesCurrent portion of deferred revenue 610,812 479,486 Total Current Liabilities 6,785,487 6,145,248 Operating lease liabilities, non-current 1,448,522 285,501 portionOther liabilities 90,000 90,000 Notes payable- non-current portion 432,859 296,535 Deferred revenue, non-current portion 14,209 6,654 Total Liabilities 8,771,077 6,823,938 Series B Convertible Preferred Stock,10,000 shares designated, 0 issued and - - outstanding as of March 31, 2021 andDecember 31, 2020 Commitments and contingencies (Note 8) 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 March 31,2021 and December 31, 2020Series C Convertible Preferred Stock,250,000 shares designated, 0 shares - - issued and outstanding as of March 31,2021 and December 31, 2020Series D Convertible Preferred Stock,13,000 shares designated, 0 shares issued - - and outstanding as of March 31, 2021 andDecember 31, 2020Common stock, $0.001 par value,500,000,000 shares authorized, 41,945,414and 35,951,097 shares issued and 41,945 35,951 outstanding as of March 31, 2021 andDecember 31, 2020, respectivelyAdditional paid-in capital 437,897,038 214,479,094 Accumulated other comprehensive income (56,038 ) - Accumulated deficit (194,715,923 ) (187,351,448 ) Total Stockholders? Equity 243,167,022 27,163,597 Total Liabilities and Stockholders? $ 251,938,099 $ 33,987,535 Equity

BLINK CHARGING CO. AND SUBSIDIARIESCondensed Consolidated Statements of Operations(unaudited)

For The Three Months Ended March 31, 2021 2020 Revenues: Product sales $ 1,670,594 $ 777,423 Charging service revenue - 181,598 319,624 company-owned charging stationsNetwork fees 109,856 55,559 Warranty 13,217 8,060 Grant and rebate 150,235 4,579 Ride-sharing services 45,512 - Other 61,050 133,619 Total Revenues 2,232,062 1,298,864 Cost of Revenues: Cost of product sales 1,117,915 603,998 Cost of charging services - 49,772 29,614 company-owned charging stationsHost provider fees 126,421 85,429 Network costs 79,393 75,402 Warranty and repairs and maintenance 261,151 114,909 Ride-sharing services 246,117 - Depreciation and amortization 254,914 80,790 Total Cost of Revenues 2,135,683 990,142 Gross Profit 96,379 308,722 Operating Expenses: Compensation 4,748,151 2,114,467 General and administrative expenses 1,584,987 645,883 Other operating expenses 1,149,706 567,200 Total Operating Expenses 7,482,844 3,327,550 Loss From Operations (7,386,465 ) (3,018,828 ) Other Income: Interest income 14,997 15,853 Change in fair value of derivative and 6,993 521 other accrued liabilitiesOther income - 41,354 Total Other Income 21,990 57,728 Net Loss $ (7,364,475 ) $ (2,961,100 ) Net Loss Per Share: Basic $ (0.18 ) $ (0.11 )Diluted $ (0.18 ) $ (0.11 ) Weighted Average Number of Common Shares Outstanding: Basic 41,138,095 26,842,136 Diluted 41,138,095 26,842,136

BLINK CHARGING CO. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(unaudited)

For The Three Months Ended March 31, 2021 2020 Cash Flows From Operating Activities: Net loss $ (7,364,475 ) $ (2,961,100 )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 514,383 146,351 Dividend and interest income - (84,162 )Change in fair value of derivative and 6,993 521 other accrued liabilitiesProvision/(benefit) for bad debt 201,130 (59,170 )Benefit for slow moving and obsolete (81,861 ) (10,878 )inventoryNon-cash compensation: Common stock 28,538 (84,959 )Options 385,522 312,319 Changes in operating assets and liabilities:Accounts receivable and other (856,783 ) (27,685 )receivablesInventory (1,964,638 ) (76,267 )Prepaid expenses and other current 51,215 (1,356,043 )assetsOther assets 211,791 - Accounts payable and accrued expenses 304,861 618,469 Lease liabilities (75,061 ) (46,079 )Deferred revenue 138,881 215,542 Total Adjustments (1,135,029 ) (452,041 ) Net Cash Used In Operating Activities (8,499,504 ) (3,413,141 ) Cash Flows From Investing Activities: Proceeds from sale of marketable - 1,100,516 securitiesPurchase of marketable securities (36,562,212 ) - Purchases of property and equipment (4,020,696 ) (300,902 ) Net Cash (Used In) Provided By (40,582,908 ) 799,614 Investing Activities Cash Flows From Financing Activities: Proceeds from sale of common stock in 221,405,782 - public offering [1]Proceeds from exercise of warrants 999,540 - Payment of financing liability in (19,515 ) (17,989 )connection with internal use software Net Cash Provided By (Used In) 222,385,807 (17,989 )Financing Activities Net Increase (Decrease) In Cash 173,303,395 (2,631,516 ) Cash and Restricted Cash - Beginning 22,417,832 3,975,494 of Period Cash and Restricted Cash - End of $ 195,721,227 $ 1,343,978 Period Cash and restricted cash consisted of the following:Cash $ 195,646,354 $ 22,341,433 Restricted cash 74,873 - $ 195,721,227 $ 22,341,433

[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,654,218.