隨著電動車起飛的充電樁市場 (3) — 率先上市成功的充電樁企業 — Blink(BLNK)
Tags: Charging Station, Blink, Charger, Electric Vehicles, Electric Car

MoneyDJ 的介紹如下：

看的不是很懂，還是看(技術線)圖說故事比較簡單。

BLNK 過往的表現平平，在 2020 年11月開始出現明顯飆漲，可見得當時應該有利多題材發酵，可以先觀察看看其業績表現。

總營收（單位皆為『萬』美元）：

FY20 前的單季營收多在 60 –70 萬美元左右的水準；不過，FY20Q1的營收首次突破百萬美元，來到 130 萬美元，FY20Q1 — FY20Q3 的營收年增率分別為 125%、120% 與 18%，前三季累積營收的年增幅度高達 80%，FY20 的業績開始出現大幅成長，難怪股價漲幅驚人。

其 FY20Q3 財報截圖如下，可以知道 BLNK 的營收分類為：Charging Service Revenue、Product Sales、Network Fee、Warranty、Grant and Rebate 與Other。

若僅就金額較高的業務進行討論，其營收認列可分為 (A) Product Sales (充電樁銷售)、(B) Charging service revenue — company-owned charging stations (自營充電收入，英文為 10Q 使用的正式名稱)與 (C) Network fees (網絡使用收入)，分別解釋如下：

(還有一個 (D) Other (其他業務)的營收約有 6.9 萬美元，留待商業模式的章節處解釋)

(A) 充電樁銷售 ：過往的表現平平，FY19 有些起色，單季約有 20–30 萬美元的銷售；FY20 開始，電動樁的銷售量出現暴衝，FY20Q1 — FY20Q3 的營收分別來到 78、127 與 56 萬美元，FY20Q2 首次超越 100 萬美元的整數大關，但 FY20Q3 又大減至 56 萬美元。

(B) 自營充電收入：2020 年以前，單季約有 30 - 35 萬的營收是來自於自營充電收入 (高於 (A) 充電樁銷售)，表現還算平穩 ；雖然在 FY19Q4 跳增到 42 萬美元的歷史高點，但在 FY20 開始出現明顯的下滑，推估應該是受到 COVID-19 疫情的影響，因為美國人被關在家，所以用車機會大幅減少，自然到公共充電站的頻率也就下滑，導致此事業部門的營收也下滑。

(C) 網絡使用收入：這個事業部門的營收規模更小，每個月大概就是 5 - 8 萬左右，不過在 FY20Q1 落底之後，開始穩定成長，在 FY20Q3 反而創下近幾年來的營收高峰，為 10 萬美元。

由以上的數據來推估

在 FY20 以前，BLNK 的主要營收來源是 (B) 自營充電收入，其表現穩定，惟不幸受到 COVID-19 的衝擊，營收意外下滑，失去過往的穩定性；

(A) 充電樁銷售的表現起伏較大，推估可能是受到美國政府對綠能補貼的影響。FY20 突然出現暴衝，根據 10Q 來看， FY20Q3 的營收成長是受惠於第二代充電樁（Generation 2 chargers，於 FY19Q2 推出）、DC 快充（ DC fast chargers）與家用版充電樁（home residential chargers，於 FY20Q2 推出）。

B LNK 10Q — FY20Q3

Revenue from product sales was $556,859 for the three months ended September 30, 2020 compared to $319,254 during the three months ended September 30, 2019, an increase of $237,605, or 74%. This increase was attributable to increased sales of Generation 2 chargers, DC fast chargers and home residential chargers when compared to the same period in 2019.

B LNK 10Q — FY20Q2

Revenue from product sales was $1,274,354 for the three months ended June 30, 2020 compared to $282,014 during the three months ended June 30, 2019, an increase of $992,340, or 352%. This increase was attributable to increase sales from Generation 2 chargers and increased sales of DC fast chargers when compared to the same period in 2019.

B LNK 10Q — FY20Q1

Revenue from product sales was $777,423 for the three months ended March 31, 2020 compared to $103,204 during the three months ended March 31, 2020, an increase of $674,219, or 653%. The increase was attributable to increased sales from Generation 2 chargers that were rolled out during 2019 and increased sales of DC Fast Chargers when compared to the same period in 2019.

B LNK 10Q — FY19Q3

Revenue from product sales was $319,254 for the three months ended September 30, 2019 compared to $102,958 during the three months ended September 30, 2018, an increase of $216,296, or 210%. This increase was attributable to a higher volume of Generation 2 commercial units and parts sales as compared to the same 2018 period.

B LNK 10Q — FY19Q2

Revenue from product sales was $282,014 for the quarter ended June 30, 2019, compared to $142,839 for the quarter ended June 30, 2018, an increase of $139,175, or 97%. This increase was attributable the rolling out of second generation of charging stations in 2019 and a one-time shipment of first- generation product during the current period; paid for in 2015 in the amount of $74,000.

B LNK 10Q — FY19Q1

Revenue from product sales was $103,204 for the quarter ended March 31, 2019, compared to $135,760 for the quarter ended March 31, 2018, a decrease of $32,556, or 24%. This decrease was attributable to a lower volume of commercial units sold as compared to the same quarter in 2018. The Company is currently phasing out its first generation of charging stations and is in the process of rolling out its second generation of charging stations.