Blink(BLNK)2025-05-12 21:15Financial Performance - The company incurred a net loss of 16,814 or 45%, to 37,568 in Q1 2024 [127]. - Revenue from product sales was 19,127 or 70% from 1,753 or 35% to 561 or 27% to 7,369, down 13,419 in Q1 2024 [135]. - Net loss increased by 20,707 in Q1 2025 compared to 42,024, with working capital of 756,562 as of March 31, 2025 [117]. - Cash and cash equivalents as of March 31, 2025, were 41,774 as of December 31, 2024 [152]. - Working capital decreased to 81,908 as of December 31, 2024 [152]. - The company used cash of 21,476 in Q1 2024, primarily due to the net loss adjusted for non-cash expenses [153]. - For the three months ended March 31, 2025, the company reported a net loss of 11,855 of cash in operating activities, indicating ongoing cash outflows and lack of profitability [156]. - The company expects to continue incurring cash outflows from operations, with future operating needs including costs to fund working capital and capital expenditures [156]. Business Operations and Strategy - Blink plans to expand its operations through strategic domestic and international acquisitions, although risks include integration difficulties and market conditions [125]. - The Blink Networks provide cloud-based services for remote monitoring and management of EV charging stations, enhancing operational efficiency [112]. - Blink offers a variety of EV charging products, including Level 2 chargers and DC Fast Charging equipment ranging from 30kW to 360kW [121]. - The company has deployed, contracted, or sold a total of 112,186 units of EV chargers, including public and private chargers [116]. - Blink's business models include turnkey, hybrid, and host-owned models, each with different revenue-sharing structures with Property Partners [115]. - The EV charging equipment and service market is highly competitive, with increasing competition expected as new entrants join the market [122]. Financing Activities - During the three months ended March 31, 2025, cash provided by financing activities was 6,703 [155]. - The company sold 681,330 shares of common stock under an "at-the-market" equity offering program for gross proceeds of 10,071 over the next five years, primarily related to corporate office space and car-sharing services [160]. Going Concern and Future Outlook - The company is undertaking initiatives to mitigate substantial doubt about its ability to continue as a going concern, including engaging with third parties to raise capital and optimizing products and services [158]. - Management believes that the initiatives being implemented will be sufficient to mitigate the circumstances resulting in substantial doubt for at least one year from the date the financial statements are issued [159]. - The company has not yet achieved profitability and there is no assurance that it will be able to obtain funds on commercially acceptable terms in the future [157]. Currency and Market Risks - A hypothetical 1% decrease in all foreign currencies against the U.S. dollar would not result in a material foreign currency loss on foreign-denominated balances as of March 31, 2025 [165].