GlobeNewswire Inc | Aug 11, 2021 04:07PM EDT

August 11, 2021

-- Secondquarter 2021 revenue increased 177%over secondquarter 2020 -- Commercial Blink-owned charging stations contracted or deployed during the quarter grew byover 46%compared to the prior year period -- 572% increase in revenue from charging services over the second quarter of last year -- 3,264 commercial and residential EV charging stations were contracted, sold, or deployed during Second Quarter 2021,compared to 380 in the same period last year,an increase of 758%

Miami Beach, FL, Aug. 11, 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 second quarter ended June 30, 2021.

SelectedSecondQuarter 2021Highlights

-- 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 46% in the second quarter compared to the prior year period. -- Total revenue for the second quarter 2021 increased 177% to $4.4 million compared to $1.6 million for the second quarter 2020. Revenues from product sales increased 156% to $3.3 million compared to $1.3 million in the second quarter of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers.Revenues from charging services increased to $0.6 million as compared to $90 thousand in the second quarter of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic.Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 48% to $0.3 million as compared to $0.2 in the second quarter of 2020, related to the increase in EV charging stations in the Companys network. -- Net loss was $13.5 million or a loss of $0.32 per basic and diluted share compared to net loss of $3 million or a loss of $0.11 per basic and diluted share in the second quarter of 2020. Second quarter 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.

Selected Year-To-Date 2021 Highlights:

-- Total revenue for the first six months of 2021 increased 129% to $6.6 million compared to $2.9 million for the first six months of 2020. Revenues from product sales increased 140% to $4.9 million compared to $2.1 million in the first six months of 2020, related primarily to increased sales of Generation 2 chargers, DC fast chargers and residential chargers.Revenues from charging services increased 89% to $0.8 million as compared to $0.41 million in the first six months second of 2020, related to the increase in driving as a result of the reopening of the economy which had been constrained from the COVID-19 pandemic.Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 412% to $0.78 million as compared to $0.15 in the first six months of 2020, related to the increase in EV charging stations in the Companys network.

-- Net loss was $20.8 million or a loss of $0.50 per basic and diluted share compared to net loss of $5.99 million or $0.22 per share for the first six months of 2020. Six-month 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses.

On June 30, 2021, cash and marketable securities were $195.6 million compared to $22.3 million at December 31, 2020.

On May 10, 2021, Blink closed its acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of charging ports. As of August 4, 2021 since inception Blue Corner sold or deployed 8,714 independent charge points, comprised of 3,816 Level 2 and 25 DC Fast Charging publicly accessible chargers and 4,873 private residential chargers located across Belgium, Luxembourg, the Netherlands and France. The acquisition is part of Blinks broader strategic international expansion plans and provides the Company a significant infrastructure footprint on the continent. To facilitate Blinks European expansion, the Company also announced the creation of Blink Holdings BV, a subsidiary company located in Amsterdam, which is expected to drive the growth of Blinks European presence.

Blink experienced extraordinary growth in the quarter as we continue to aggressively scale our business and expand our presence around the world. We saw strong performance both in our hardware sales as well as our service revenues as more EVs took to the road and utilized Blinks expanding base of charging stations. This is an exciting and transformative time for Blink, and we believe that we have positioned ourselves to continue to lead the way in the booming global EV infrastructure market, stated Michael D. Farkas, CEO of Blink Charging.

Over this past quarter, we have focused on enlisting the best talent available to continue to build a world class company, Mr. Farkas continued. As such, weve strengthened our management team with several new additions, highlighted by EV charging industry veteran, Harjinder Bhade coming on board as Blinks new Chief Technology Officer. Harjinder is a top mind in the industry, and I am confident that his proven track record of success as a software engineer and senior executive will be instrumental to the growth of Blink Charging. Weve also added Miko de Haan as the managing director of our European subsidiary Blink Holdings B.V and Carmen Perez Carlton, a technology and infrastructure leader, to our board of directors.

Brendan Jones, President of Blink Charging, commented, We are encouraged by the continued revenue growth and particularly the momentum we are seeing in our owner/operator business model. Over this past quarter we began to see an increase in service revenue as the economy reopens and drivers increasingly utilize Blink owned and operated charging stations. EV infrastructure is becoming a global priority as government entities, businesses, and local communities encourage the adoption of electric vehicles to promote sustainability and a greener, cleaner environment, and Blink is well positioned to be a leader in this transition.

As we enter into the latter half of 2021, we remain intently focused on scaling our business and continuing to expand our charging footprint both domestically and internationally, continued Mr. Farkas. Through our unique owner/operator business model, we target high-density, high-volume locations such as hotels, multi-family residences and healthcare centers. These agreements utilize 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 as utilization increases.

Business Updates and Highlights

During the second quarter of 2021, the Company:

-- Named seasoned renewables and EV charging executive, Harjinder Bhade, as Chief Technology Officer, who will focus on the aggressive development of the Companys product line-up and technology infrastructure. -- Named industry veteran Miko de Haan as Managing Director for European subsidiary Blink Holdings B.V. -- Announced the first installation of Blink HQ 100 chargers by the municipality of Pedro Aguirre Cerda in Santiago, Chile to support the municipalitys new fleet of Nissan Leaf vehicles. -- Announced the deployment of 10 IQ 200 Level 2 EV charging stations at three Atlanticare Integrated Healthcare System locations in Southern New Jersey. -- 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. -- Named to the Russell 2000 Index. -- Upgraded 19 first-generation Blink EV charging stations in Plano, Texas to the Companys 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 GMs 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 Israels leading hotel companies, with luxury hotels in 14 major tourist locations.

Subsequent to the second quarter of 2021, the Company:

-- Entered into an exclusive contract with KU Leuven for Blue Corner to install up to 500 charging stations across Belgium. -- Named technology and infrastructure leader, Carmen Perez-Carlton, to the Board of Directors. -- Received $12.5 million grant for the deployment of DC Fast Chargers at 25 locations by the state of Florida. -- Partnered with Traffic and Parking Control Co., Inc. for the distribution of the Companys chargers.

Earnings Conference Call:

The Company will host a conference call and webcast to discuss the second quarter 2021 results today, August 11, 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/2468/41878

To participate in the call by phone, dial (844) 369-8770 approximately five minutes prior to the scheduled start time. International callers please dial (862) 298-0840.

A replay of the teleconference will be available until September 11, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 41878.

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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 30,000 charging ports across 13 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Companys charging locations worldwide. Blinks 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 SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2021 December 31, 2020 (unaudited) Assets Current Assets: Cash $ 142,052,894 $ 22,341,433 Marketable securities 53,564,600 - Accounts receivable and other 4,423,094 347,967 receivables, netInventory, net 5,547,312 1,816,135 Prepaid expenses and other current assets 2,960,815 1,219,488 Total Current Assets 208,548,715 25,725,023 Restricted cash 76,588 76,399 Property and equipment, net 12,632,851 5,636,063 Operating lease right-of-use asset 1,859,301 615,825 Intangible assets, net 3,982,198 46,035 Goodwill 19,264,670 1,500,573 Other assets 251,000 387,617 Total Assets $ 246,615,323 $ 33,987,535 Liabilities and Stockholders? Equity Current Liabilities: Accounts payable $ 6,091,147 $ 3,358,852 Accrued expenses and other current 2,287,879 1,328,834 liabilitiesCurrent portion of notes payable 570,662 574,161 Current portion of operating lease 630,028 403,915 liabilitiesCurrent portion of deferred revenue 1,189,758 479,486 Total Current Liabilities 10,769,474 6,145,248 Operating lease liabilities, non-current 1,430,497 285,501 portionOther liabilities 90,000 90,000 Notes payable, non-current portion 303,371 296,535 Deferred revenue, non-current portion 20,603 6,654 Total Liabilities 12,613,945 6,823,938 Series B Convertible Preferred Stock,10,000 shares designated, 0 issued and outstanding as of June 30, 2021 and - - December 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 ofJune 30, 2021 and December 31, 2020Series C Convertible Preferred Stock,250,000 shares designated, 0 shares issued and outstanding as of - - June 30, 2021 and December 31, 2020Series D Convertible Preferred Stock,13,000 shares designated, 0 shares issued and outstanding as of June 30, 2021 and - - December 31, 2020Common stock, $0.001 par value,500,000,000 shares authorized, 42,140,145 and 35,951,097 shares issued and 42,140 35,951 outstanding as of June 30, 2021 andDecember 31, 2020, respectivelyAdditional paid-in capital 442,565,107 214,479,094 Accumulated other comprehensive income (431,341 ) - Accumulated deficit (208,174,528 ) (187,351,448 ) Total Stockholders? Equity 234,001,378 27,163,597 Total Liabilities and Stockholders? $ 246,615,323 $ 33,987,535 Equity

BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

For The Three Months Ended For The Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues: Product sales $ 3,267,143 $ 1,274,354 $ 4,937,737 $ 2,051,777 Chargingservicerevenue - 586,173 87,250 767,771 406,874 company-ownedchargingstationsNetwork fees 105,964 71,271 215,820 126,830 Warranty 18,587 8,419 31,804 16,479 Grant and 74,067 3,912 224,302 8,491 rebateRide-sharing 189,219 - 234,731 - servicesOther 113,999 127,404 175,049 261,023 Total Revenues 4,355,152 1,572,610 6,587,214 2,871,474 Cost of Revenues:Cost of 2,364,952 922,808 3,482,867 1,391,876 product salesCost ofchargingservices - 60,395 35,874 110,167 65,488 company-ownedchargingstationsHost provider 140,286 28,086 266,707 113,515 feesNetwork costs 93,748 147,290 173,141 357,622 Warranty andrepairs and 196,118 17,734 457,269 132,643 maintenanceRide-sharing 423,960 - 670,077 - servicesDepreciationand 431,605 6,938 686,519 87,728 amortizationTotal Cost of 3,711,064 1,158,730 5,846,747 2,148,872 Revenues Gross Profit 644,088 413,880 740,467 722,602 Operating Expenses:Compensation 9,170,320 2,305,735 13,918,471 4,420,205 General andadministrative 2,532,458 670,635 4,117,445 1,316,536 expensesOtheroperating 1,286,575 459,418 2,436,281 1,026,618 expenses TotalOperating 12,989,353 3,435,788 20,472,197 6,763,359 Expenses Loss From (12,345,265 ) (3,021,908 ) (19,731,730 ) (6,040,757 )Operations Other Income (Expense):Interest(expense) (5,993 ) 5,257 9,004 21,110 incomeLoss on (1,000,000 ) - (1,000,000 ) - settlementLoss onforeign (107,669 ) - (107,669 ) - exchangeGain onsettlement of - 19,086 - 19,086 accountspayable, netChange in fairvalue ofderivative and (289 ) (16,560 ) 6,704 (16,039 )other accruedliabilitiesOther income 611 (15,367 ) 611 25,987 (loss) Total Other(Expense) (1,113,340 ) (7,584 ) (1,091,350 ) 50,144 IncomeNet Loss $ (13,458,605 ) $ (3,029,492 ) $ (20,823,080 ) $ (5,990,613 )Net Loss Per Share:Basic $ (0.32 ) $ (0.11 ) $ (0.50 ) $ (0.22 )Diluted $ (0.32 ) $ (0.11 ) $ (0.50 ) $ (0.22 ) WeightedAverage Number of Common SharesOutstanding:Basic 42,037,492 28,327,701 41,587,793 27,584,918 Diluted 42,037,492 28,327,701 41,587,793 27,584,918

BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

For The Six Months Ended June 30, 2021 2020 Cash Flows From Operating Activities: Net loss $ (20,823,080 ) $ (5,990,613 )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 1,944,683 195,622 Dividend and interest income (61,784 ) (77,309 )Change in fair value of derivative and 6,704 (16,039 )other accrued liabilitiesProvision for bad debt 253,274 33,894 (Benefit) provision for slow moving - 7,646 and obsolete inventoryGain on settlement of accounts - 19,086 payable, netStock-based compensation: Common stock 1,138,909 (56,993 )Options 2,944,601 388,388 Changes in operating assets and liabilities:Accounts receivable and other (1,802,826 ) (195,130 )receivablesInventory (3,372,703 ) (1,393,376 )Prepaid expenses and other current (1,219,985 ) 177,427 assetsInterco - - Other assets 244,522 - Accounts payable and accrued expenses (282,107 ) 612,840 Lease liabilities (177,328 ) (93,225 )Deferred revenue 261,885 (287,800 ) Total Adjustments (122,155 ) (684,969 ) Net Cash Used In Operating Activities (20,945,235 ) (6,675,582 ) Cash Flows From Investing Activities: Proceeds from sale of marketable 4,553,384 2,755,134 securitiesPurchase of marketable securities (58,012,701 ) - Capitalization of engineering costs (237,127 ) - paidCash acquired in the purchase of Blue 242,868 - CornerPurchase consideration of Blue Corner (24,266,458 ) - Purchases of property and equipment (5,019,549 ) (445,479 ) Net Cash (Used In) Provided By (82,739,583 ) 2,309,655 Investing Activities Cash Flows From Financing Activities: Proceeds from sale of common stock in 221,333,095 3,195,968 public offering [1]Proceeds from issuance of notes - 855,666 payableProceeds from exercise of warrants 1,427,647 - Payment of financing liability in (39,318 ) (32,821 )connection with internal use software Net Cash Provided By Financing 222,721,424 4,018,813 Activities Effect of Exchange Rate Changes on 675,044 - Cash Net Increase (Decrease) In Cash 119,711,650 (347,114 ) Cash and Restricted Cash - Beginning 22,417,832 4,168,837 of Period Cash and Restricted Cash - End of $ 142,129,482 $ 3,821,723 Period Cash and restricted cash consisted of the following:Cash $ 142,052,894 $ 3,821,723 Restricted cash 76,588 - $ 142,129,482 $ 3,821,723

[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,726,905.