Blink Charging Co. (OTC: CCGI) (“Blink Charging”), the largest owner, operator, and provider of electric vehicle (EV) charging services and the owner and operator of the Blink network, announced its financial results for the third quarter of 2017.
Third Quarter 2017 Highlights* Include:
Charging service revenue from company-owned charging stations increased 3% from $317,443 for the three months ended September 30, 2016 to $328,302 for the three months ended September 30, 2017.
Network fee revenue increased 29% from $46,047 for the three months ended September 30, 2016 to $59,604 for the three months ended September 30, 2017.
Total Operating expenses decreased by 34% from $2.33M for the three months ended September 30, 2016 to $1.53M for the quarter ended September 30, 2017.
- Gross Profit increased by more than 550% from $54,294 for the three months ended September 30, 2016 to $301,289 for the quarter ended September 30, 2017.
*The Company’s unaudited financial results appear in the Company’s Quarterly Report on Form 10-Q, which was filed with the SEC on November 20, 2017.
“We are pleased that revenues from charging station services continue to grow, which is a result of increased EV charger utilization, a key metric for both the Company and EV industry overall,” stated Mike Calise, Blink Charging’s Chief Executive Officer. “In addition, profit margins grew significantly, which is positive news ahead of the Company’s plans to expand our business by raising additional capital through the anticipated public offering.”
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment that has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of its charging locations worldwide. The Company’s principal line of products and services is its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network utilizes a 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 by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships to rollout adoption across numerous location types, including parking facilities, multi-family residences and condos, workplace locations, healthcare/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/.
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