- Approximately 1,100 Blink ® chargers were installed during the quarter, bringing the total number of charging stations to approximately 6,700, and maintaining the Blink ® network as the largest connected electric vehicle (EV) charging network in the world.
- The Blink ® network has delivered in total more than 5,000 megawatt-hours to EV drivers, who generated nearly 23 million miles of data for the EV Project.
- Signed a $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink ® electric vehicle charging network.
- ABB made a $5 million follow-on investment in the form of a convertible note due in 2015.
- Received the Bloomberg New Energy Pioneer Award, which was presented to the top 10 companies around the world that are “forever changing the energy landscape.” In addition, the company’s Blink ® Level 2 charger won an Edison Award, “honoring the best in innovation and excellence in the development of new products and services.”
- Partnered with Regency Centers to install approximately 40 Blink ® electric vehicle charging stations at 19 Regency locations nationwide.
- Partnered with South Lake Union Discovery Center, operated by Vulcan Real Estate, to install the first Blink ® DC Fast Charger in the Seattle area, while also installing the company’s first DC Fast Charger in Northern California at Volkswagen Group of America Electronics Research Laboratory.
- Strengthened management team with the appointments of Murray Jones as chief operating officer, Paul Gordon as chief technology officer and Martin Felli as vice president and general counsel.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(In thousands, except per share data)|
|March 31,||December 31,|
|Cash and cash equivalents||$||4,048||$||9,591|
|Receivables, net of allowance for bad debts of $180 and $81 as of 3/31/12 and 12/31/11, respectively||5,106||3,124|
|Prepaid expenses and other current assets||1,070||732|
|Total current assets||33,505||29,531|
|Property and equipment, net||15,600||16,630|
|Intangible assets, net||809||709|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued legal fees||327||125|
|Unearned revenue, current portion||14,247||11,078|
|Current portion of long term debt||-||1,647|
|Accrued liabilities, other||2,183||2,439|
|Total current liabilities||24,161||27,598|
|Long term portion of unearned revenue||197||121|
|Long term portion of convertible note, less unamortized discount of $120 as of 3/31/12||4,880||109|
|Other Long term debt||188||-|
|Series A Convertible Preferred stock, $0.001 par value, 200,000 shares authorized, 6,330 shares issued and outstanding as of 3/31/12 and 12/31/11.||6||6|
|Common stock, $0.001 par value, 1,300,000 shares authorized, 23,915 shares issued and outstanding as of 3/31/12 and 12/31/11||24||24|
|Additional paid-in capital||127,766||127,488|
|Accumulated foreign currency translation adjustments||(78||)||(74||)|
|TOTAL STOCKHOLDERS' EQUITY||24,208||22,685|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||53,634||$||50,513|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except share and per share data)|
|Three Months Ended March 31,|
|Cost of goods sold||8,496||5,327|
|Gross profit (loss)||5,154||(991||)|
|Operating Expenses :|
|General and administrative expenses||5,986||3,778|
|Depreciation and amortization||141||94|
|Research and development||326||114|
|Total operating expenses||6,453||5,770|
|Loss from operations||(1,299||)||(6,761||)|
|Interest income (expense), net||145||(13||)|
|Other income, net||2,404||2|
|Income (Loss) before provision for income taxes||1,250||(6,772||)|
|Provision for income taxes||(1||)||-|
|Net income (loss||$||1,249||$||(6,772||)|
|Net income (loss) per share attributable to common shareholders:|
|Weighted-average shares used to compute net income (loss) per share attributable to common shareholders:|
|CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)|
|Three Months Ended|
|Net Income (Loss)||$||1,249||$||(6,772||)|
|Other comprehensive income:|
|Foreign currency translation adjustments||(4||)||(6||)|
|Comprehensive income (loss)||$||1,245||$||(6,778||)|