Q4 2021 Blink Charging Co Earnings Call

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Good afternoon, ladies and gentlemen, and welcome to the bleak charging fourth quarter 2021 earnings call. At this time, all participants have been placed on listen only mode and we will open the floor for your questions and comments after the presentation.

Good afternoon, ladies and gentlemen, and welcome to the Blink Charging fourth quarter 2021.

Next time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Jon Nesbitt, Investor Relations.

My pleasure to turn the floor over to your host John Nesbitt Investor Relations for Blake chartering, Sir the floor is yours.

Good afternoon, everyone and welcome to Blink charging <unk> fourth quarter and year end 2021 investor call on the call today, we have Michael <unk>, Chairman and Chief Executive Officer, Brendan Jones, President and Michael Rama Chief Financial Officer.

Jon Nesbitt: Good afternoon, everyone, and welcome to Blink Charging's fourth quarter and year-end 2021 investor call. On the call today, we have Michael Farkas, Chairman and Chief Executive Officer, Brennan Jones, President, and Michael Rama, Chief Financial Officer.

Jon Nesbitt: Please note that there is a slide presentation accompanying today's earnings call whereby viewers can follow along. The slides can be accessed on the Investor Relations section of the Blink Charging website. I'd like to take a moment to read this.

Please note that there is a slide presentation accompanying today's earnings call whereby viewers can follow along the slides can be accessed on the investor Relations section of the Blink charging website.

I'd like to take a moment to read the Safe Harbor statement. This conference call contains forward looking statements as defined with TB with infection twenty-seven area to Securities Act of 1933 as amended and section 21 E of the Securities Exchange Act of 19th 34 as amended these forward looking statements and.

Jon Nesbitt: This conference call contains forward-looking statements that are 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, in 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.

Terms, such as anticipate expect intend may will should or other comparable terms bulk risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the intent belief or current expectations of Blink and members of its management as well as the.

Jon Nesbitt: These statements include statements regarding the intent, belief, or current expectations of Blink and members of its management, as well as the assumptions

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Jon Nesbitt: on which such statements are based. Prospective investors are cautioned.

Such statements are based perspective investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in <unk> periodic reports filed with the SEC and actual results may differ materially from those contemplated by such forward looking statements.

Jon Nesbitt: that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, including those described in Blink's periodic reports.

Jon Nesbitt: 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 undertakes no obligation to update or revise forward looking statements to reflect changed conditions I will now turn the call over to Michael Hawker CEO Blake, Georgia go ahead, Mike.

Jon Nesbitt: Except as required by federal securities law, Blinkunter takes an obligation to update or revise forward-looking statements to reflect changed conditions. I will now turn the call over to Michael Varkis, CEO of BlinkArgent. Go ahead, Mike.

Good afternoon, everyone. Thank you for joining us.

Michael Varkis: We delivered a strong close to 2021 with record fourth quarter revenue of $7.9 million. Driven by exceptionally strong product sales.

We delivered a strong close to 2021 with record fourth quarter revenue of $79 million driven by exceptionally strong product sales and service revenue.

Michael Varkis: This growth represented a 224% increase versus fourth quarter 2020 and a 24% increase compared to the third quarter of 2021.

This growth represented a 224% increase versus fourth quarter, 2020, and a 24% increase compared to the third quarter of 2021.

Fourth quarter was reflective of the momentum we've seen throughout 2021, but we continue to an exclusive multiyear contracts with property owner partners in high density areas in the quarter, we contracted shoulder deployed over 3733 commercial and residential Chargers.

Michael Varkis: Our fourth quarter was reflective of the momentum we've seen throughout 2021, but we continue to an exclusive multi-year contract with property owner partners in high density areas.

Michael Varkis: In the quarter, we contracted, sold, and deployed over 3,733 commercial and residential chargers and have grown the number of commercial blink-only charging stations by more than 253 percent compared to the same quarter last year.

We've grown the number of commercial blink or recharging stations by more than 253% compared to the same quarter last year.

Michael Varkis: While EVs currently represent a small percentage of new car sales in the U.S., that percentage is growing every year, and the appetite to accelerate EV use is high, as evidenced by the state and federal legislation being implemented to incentivize fleet operators and individual drivers to make the switch to EVs.

While ive used currently represent a small percentage of new car sales in the U S that percentages growing every year and the appetite to accelerate either use is high as evidenced by the state and federal legislation being implemented to incentivize fleet operators and individual drivers to make the switch Tvs.

Michael Varkis: With this transition in mind, we continue to target high volume venues in the deployment of our chargers so that we'll be in the best position to capitalize on higher utilization rates as more EVs hit the road for personal and industrial use.

With this transition in mind, we continue to target high volume venues the deployment of our Chargers, so that will be in the best position to capitalize on higher utilization rates as more evs suitable for personal and industrial use.

Michael Varkis: In addition to municipal locations, multi-family residential and health care facilities, we're seeing more opportunities to collaborate with commercial partners and mainstream consumer brands as demonstrated by our recent agreements with General Motors and Bridgestone, which Brendan will discuss in more detail later in the call.

In addition commission municipal locations multifamily residential and health care facilities, we're seeing more opportunities to collaborate with commercial partners in mainstream consumer brands as demonstrated by our recent agreements with general Motors, and Bridgestone, which Brendan will discuss in more detail later in the call.

Michael Varkis: Throughout 2021, the company had success winning new grant and rebate awards from various government programs, receiving $26.5 million in awards for this year. We also continued to add the most talented people in the industry to support our expected growth, with over 43 new employees added in the quarter.

Our 2021, the company had success, winning new grant and rebate awards from various government programs, receiving 26 and <unk> million dollars in awards for this year. We also continued to add the most talented people in the industry to support our expected growth with over 43, new employees added in the quarter.

Internationally, we continue to leverage blue corner to drive our growth in Europe and during the quarter, we announced the opening of a new office in Noida, India to enhance our ability to develop and innovate new technology and to serve as a key hub for the operations drove into the Asia Pacific and middle Eastern regions.

Michael Varkis: Internationally, we continue to leverage Blue Corner to drive our growth in Europe , and during the quarter we announced the opening of a new office in Noida, India, to enhance our ability to develop and innovate new technology and to serve as a key hub for operations serving the Asia-Pacific and Middle Eastern regions. As you can see,

As you can see on slide five.

Michael Varkis: The EV industry is in the early stages of massive growth and will continue for the foreseeable future.

The EV industry is in the early stages of massive growth and we will continue for the foreseeable future.

As a 12 year veteran break is well positioned at the forefront of this expansion.

Michael Varkis: As a 12-year veteran, Blink is well positioned at the forefront of this expansion.

We have provided this graphic before and again here because to properly understand Bruce opportunity. We think it's important to illustrate the anticipated potential trends for the worldwide growth of Evs and EV infrastructure.

Michael Varkis: We have provided this graphic before and again here, because to properly understand Blink's opportunity, we think it's important to illustrate the anticipated potential trends for the worldwide growth of EVs and EV infrastructure.

Michael Varkis: The International Energy Agency projects global EV sales to go from 3 million vehicles in 2020 to about 25 million vehicles in 2030, a 24% CAGR growth over that period of time.

The International Energy Agency projects Global EV sales to go from 3 million vehicles in 2022 about 25 million vehicles in 2030, a 24% CAGR growth.

Over that period of time.

With sales of EV transportation segments expected to grow exponentially there'll be an ever increasing need for additional charging infrastructure.

Michael Varkis: With scales of EV transportation segments expected to grow exponentially, there will be an ever-increasing need for additional charging infrastructure.

Michael Varkis: According to the U.S. Department of Energy, the country reached a milestone this past year with its 100,000th EV charging

According to the U S Department of energy the country weekly milestones this past year with its 100000 EV charging.

Michael Varkis: installed in 2021. Industry analysts at GuideHouse Insights forecast that we'll need a total of 120 million chargers globally by 2030, providing a tremendous opportunity for us to greatly expand our charging footprint.

Installed in 2021 industry analyst had guardhouse insights for guests that will meet a total of 120 million Chargers globally by 2030, providing a tremendous opportunity for us to greatly expand our charging footprint.

As you know the legislative environment around EV adoption is extremely favorable and represents a strong catalyst for the transition to even use.

Michael Varkis: As you know, the legislative environment around EV adoption is extremely favorable and represents a strong catalyst for the transition to EV use.

The recently passed one two trillion dollar bipartisan infrastructure Bill includes seven and a half billion dollars for the buildup of our nation's EV charging network, which makes sense in the context of the administration's stated goal to have after the vehicles sold in the U S. In 2030, the zero emission vehicles.

Michael Varkis: The recently passed $1.2 trillion bipartisan infrastructure bill includes $7.5 billion.

Michael Varkis: for the buildup of our nation's EV charging network, which makes sense in the context of the administration's stated goal to have half of the vehicles sold in the US in 2030 be zero emission vehicles and also to have 500,000 EV charging stations in place by that same year.

And also to have 500000, EV charging stations in place by that same year, the establishment of convenient and reliable charging is a necessity for the successful transition to Evs and we believe this legislation will provide opportunities to significantly accelerate the development and deployment of an expensive.

Michael Varkis: The establishment of convenient and reliable charging is a necessity for the successful transition to EV use. And we believe this legislation will provide opportunities to significantly accelerate the development and deployment of an expansive EV charging network in the United States.

The charging network in the United States.

Michael Varkis: Looking at slide six, we outlined Blink's unique value proposition.

Looking at slide six we outlined brings unique value proposition.

Michael Varkis: First, our products are designed and built with the most advanced technology and with future innovation in mind.

First our products are designed and built with the most advanced technology and with future innovation in mind in fact at the consumer Electronics show CES in January we unveiled seven next generation EV charging products, which I'll describe in more detail a bit later.

Michael Varkis: In fact, at a consumer electronics show, CES in January , we unveiled seven next generation EV charging products, which I'll describe in more detail a bit later.

Of note, we are rolling out a portfolio of industry, leading products, including both hardware and software to address the quickly growing EV fleet market. This market represents a significant and growing opportunity for us as commercial fleets are being offered attractive incentives to make the EV transition and the federal government is aggressively making the change.

Michael Varkis: Of note, we are rolling out a portfolio of industry-leading products, including both hardware and software, to address the quickly-growing EV fleet market. This market represents a significant and growing opportunity for us, as commercial fleets are being offered attractive incentives to make the EV transition, and the federal government is aggressively making the change to greener fleet vehicles.

The green if we'd vehicles.

Michael Varkis: not only are our technology solutions representative of our leadership position at the forefront of the EV charging industry, they further enhance our vertical integration capabilities.

Not only are our technology solutions representative of a leadership position at the forefront of the EV charging industry.

A further enhance our vertical integration capabilities.

Michael Varkis: A competitive advantage of our product is that, unlike many of the competing chargers in the market, our chargers are built to avoid obsolescence.

Competitive advantage of our product is that unlike many of the competing charges in the market. Our Chargers are built to avoid obsolescence. We believe these new products, which serve as a variety of industries will drive significant sales and Rob your new opportunities moving forward.

Michael Varkis: We believe these new products which serve as a variety of industries will drive significant sales and rob you of new opportunities moving forward.

In addition to our commitment to delivering the best technology. The longevity of our charges is a critical factor contributing to the value of our owner operator model, while we offer our customers several deployment options with the Goldman and meeting their specific needs. We largely focus on the Blink owned model, where we identify the best technology solution for each located.

Michael Varkis: In addition to our commitment to delivering the best technology, the longevity of our chargers is a critical factor contributing to the value of our owner-operator model. While we offer our customers several deployment options with the goal of meeting their specific needs, we largely focus on the Blink-owned model, where we identify the best technology solution for each location, then install and maintain the charger while receiving recurring revenue from its utilization.

<unk>, then install and maintain the charger, while receiving recurring revenue from that utilization.

Michael Varkis: So it is in our interest to ensure that our charges work effectively and efficiently for many years to come. I'd also like to point out through our various business models, we provide best in class products with long term exclusive contracts with automatic extensions.

So it is in our interest to ensure that our charges work effectively and efficiently for many years to come I would also like to point out through our various business models, we provide best in class products with long term exclusive contracts with automatic extensions.

These agreements allow <unk> to establish a long term market presence at our customers' locations and Ed Chargers at our discretion as demand increases our contracts are not about a parking space our contracts without an entire address and every parking space in that location is always to serve exclusive exclusively.

Michael Varkis: These agreements allow Blink to establish a long-term market presence at our customers' locations and add charges at our discretion as demand increases.

Michael Varkis: Our contracts are not about a parking space, our contracts are about an entire address and every parking space in that location is ours to serve exclusively.

Michael Varkis: Due to the breadth and depth of our offerings, Big is the only fully vertically integrated EV infrastructure charging company in the US today.

Due to the breadth and depth of our offerings big as the only fully vertically integrated EDI infrastructure charging company the U S. Today.

Significant and strategic expansion of our domestic and international charging footprint continues to be a key focus we are intent on establishing a foothold in locations that will not only meet the needs of current EV drivers, but also in areas that will enable us to capitalize on opportunities as the world continues its transition to evs.

Michael Varkis: Significant and strategic expansion of our domestic and international charging footprint continues to be a key focus.

Michael Varkis: We are intent on establishing a foothold in locations that will not only meet the needs of current EV drivers. But also in areas that will enable us to capitalize on opportunities as the world continues its transition to EVs.

We're very optimistic about our growth in the U S and believe Europe , which has more quickly adopted the shift to evs.

Michael Varkis: We're very optimistic about our growth in the U.S. and believe Europe , which has more quickly adopted the shift to EVs, will serve as a replicable framework for the rollout of infrastructure in the U.S.

<unk> is a replicable framework for the rollout of infrastructure in the U S. We are continuously growing brink's leadership position in the U S and our acquisition of Blue corner is accelerating our presence in Europe .

Michael Varkis: We are continuously growing Blink's leadership position in the U.S., and our acquisition of Blue Corner is accelerating our presence in Europe . Additionally, we are seeing tremendous opportunities to continue expanding our branding network in Latin America, South America, and the Caribbean as these regions begin to design their EV infrastructure plans.

Additionally, we are seeing tremendous opportunities to continue expanding our branch network in Latin America, South America, and the Caribbean as these regions begin to design their EDI infrastructure plans. We are positioned for the continued expansion of our branch footprint through organic growth strategic.

Michael Varkis: We are positioned for the continued expansion of Boone's footprint through organic growth, strategic...

Strategic partnerships and extremely strong focus on M&A opportunities, particularly through the anticipated consolidation of the industry.

Michael Varkis: and extremely strong focus on M&A opportunities, particularly through the anticipated consolidation of the industry.

Michael Varkis: Furthermore, as EV adoption accelerates, and we continue to expand our global footprint of strategically placed charging stations, we believe we will generate increasingly recurring service revenues moving forward. This is an exciting and transformational time for our company, and we remain focused on providing the technology, flexibility,

Furthermore, as EV adoption accelerates and we continue to expand our global footprint a strategically placed charging stations. We believe we will generate increasing recurring service revenues moving forward. This is an exciting and transformational time for our company and we remain focused on providing the technology flexibility.

Speaker Change: and service excellence that'll enable us to drive growth and long-term shareholder value. We're making tremendous progress throughout the business, thanks to the dedicated efforts of our employees and credit them for positioning Blink to deliver a strong finish to an excellent year. We look forward to driving continued momentum as we move through 2022. Now I'll turn the call over to Brendan Jones, President of Blink, to discuss more of our recent developments. Thank you.

And service excellence that will enable us to drive growth and long term shareholder value, we're making tremendous progress throughout the business. Thanks to the dedicated efforts of our employees and credit them for positioning <unk> to deliver a strong finish to an excellent year. We look forward to driving continued momentum as we move through 2022 now.

Now I'll turn the call over to Brendan Jones, President of brink to discuss more of our recent developments. Thank you.

Hey, good afternoon, everyone. It's a pleasure to speak with everybody today as Michael indicated we had a great year in.

Brendan Jones: Hey, good afternoon, everyone. It's a pleasure to speak with everybody today. As Michael indicated, we had a great year.

In 2021, and we're looking forward to having another great year in 2022.

Brendan Jones: in 2021 and we're looking forward to having another great year in 2022.

We've grown our business and our network through our proven ability to introduce innovative charging technologies.

Brendan Jones: We've grown our business and our network through our proven ability to introduce innovative charging technologies.

Brendan Jones: provide flexible sales models and through our success winning valuable partnerships and strategic location.

Provide flexible sales models and through our success, winning valuable partnerships and strategic locations.

Brendan Jones: Throughout 2021, we aggressively pursued and won multi-year contracts with a broad variety of well-respected commercial enterprise, healthcare facilities, planned communities, and municipalities.

Throughout 2021, we aggressively pursued and won multiyear contracts with a broad variety of well respected commercial enterprise health care facilities planned communities and municipalities.

Slide eight provides a bit of an overview on some of our notable U S wins during calendar year 2021 which includes several several municipal partners such as partnering with the city of San Antonio to deploy 200 to Blink County level, two charging stations and three DC fast charge.

Brendan Jones: Slide 8 provides a bit of an overview on some of our notable U.S. wins during calendar year 2021, which includes several municipal partners, such as partnering with the City of San Antonio to deploy 202 Blink-owned Level 2 charging stations and three DC fast chargers throughout the city.

Throughout the city.

Brendan Jones: We also are expanding Blink Mobility via our Blue LA car sharing program with the City of Los Angeles.

We also are expanding blink mobility via our Blue L. A car sharing program with the city of Los Angeles.

We will deploy and operate an additional 300 charging stations, bringing the total under program to 500 to be placed across 100 locations in Los Angeles. Additionally, we signed a five year agreement with Green light communities to deploy 58 blank owned.

Brendan Jones: we will deploy and operate an additional 300 charging stations.

Brendan Jones: bringing the total under program to 500 to be placed across 100 locations in Los Angeles.

Brendan Jones: Additionally, we signed a five-year agreement with Greenlight Communities to deploy 58 blank-owned charging stations within existing and future multifamily residential communities across Arizona.

Charging stations within existing.

And future of multifamily residential communities across Arizona.

Additionally, following the close of the fourth quarter, we announced two significant new partnerships on agreement with General Motors for the deployment of blank Chargers at GM dealerships across the U S and Canada and a contract with Bridgestone retail operations to deploy Chargers at select.

Brendan Jones: Additionally, following the close of the fourth quarter, we announced two significant new partnerships.

Brendan Jones: an agreement with General Motors for the deployment of blink chargers at GM dealerships across the U.S. and Canada, and a contract with Bridgestone Retail Operations to deploy chargers at select

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Brendan Jones: groups of their Firestone Complete Auto Care and Wheelwork Service Center.

Groups of their Firestone complete auto care, and we'll work service centers.

These collaborations combine our industry, leading charging technology with trusted brands, providing drivers with reliable EV charging at trusted automotive locations in the case of G. M. We're excited to provide the infrastructure to power Gm's growing line.

Brendan Jones: These collaborations combine our industry-leading charging technology with trusted brands, providing drivers with reliable EV charging at trusted automotive locations.

Brendan Jones: In the case of GM, we're excited to provide the infrastructure to power GM's growing lineup of EV models. If you haven't seen or driven GM's new EV armor, it is a sight to see and it's a pleasure to drive.

Of EV models, if you haven't seen or driven gm's, new EV AMR. It is a sight to see and it's a pleasure to drive.

Brendan Jones: We believe in collaborations with mainstream consumer brands, such as Bridgestone. They play an important role in bringing EV charging to a larger audience and in turn, supporting the pursuit of widespread EV adoption in the U.S.

We believe in collaborations with mainstream consumer brands, such as Bridgestone. They play an important role in bringing EV charging to a larger audience and in turn supporting the pursuit of widespread EV adoption in the U S.

Now if you flip to slide nine within the last 12 months blank has contracted sold deployed or acquired over 11000 Chargers, both domestically and international bringing the total charge accounts for the company to over 32000 since blinks inception.

Brendan Jones: Now, if we flip to slide nine, within the last 12 months,

Brendan Jones: Blink has contracted, sold, deployed, or acquired over 11,000 chargers, both domestically and international, bringing the total charger count for the company to over 32,000 since Blink's inception.

We have a healthy mix of deployments in the United States and abroad with 64% of total blank Chargers deployed in the United States and 36% deployed internationally, primarily in Europe Europe through Blue corner.

Brendan Jones: We have a healthy mix of deployments in the United States and abroad, with 64 percent of total blink chargers deployed in the United States and 36 percent deployed internationally, primarily in Europe through Blue Corn.

In addition, as the fourth quarter Blake provided service to over 272000 registered members of unique users throughout the world.

Brendan Jones: In addition, as the fourth quarter, Blink provided service to over 272,000 registered members and unique users throughout the world.

Brendan Jones: As global consumers increasingly make the switch to electric vehicles, we are seeing steady growing demand for our charging stations, and our network of chargers is expanding exponentially across the globe. And our industry is still in the very, very early stages.

As global consumers increasingly make the switch to electric vehicles, we are seeing steady growing demand for our charging stations and our network of Chargers is expanding exponentially across the globe and our industry is still in the very very early stages.

Brendan Jones: We expect the transition to EVs to continue to pick up momentum, increasing our opportunities in the marketplace, and driving strong revenue growth both near and long term for Blink.

We expect the transition to evs to continue to pick up momentum increasing our opportunities in the marketplace and driving strong revenue growth, both near and long term for Blake.

If we flip to slide 10. It gives you a snapshot of our charging station deployments in key geographic locations throughout the United States and Europe . As we've noted on previous calls we strategically identify our location based on several criteria, including EV.

Brendan Jones: If we flip to slide 10, it gives you a snapshot of our charging station deployments in key geographic locations throughout the United States and Europe . As we've noted on previous calls, we strategically identify our location based on several criteria, including EV concentration and driving habits, population and density figures, historic and forecasted driving patterns, and future market growth potential.

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And driving habits population and density figures historic and forecasted driving patterns and future market growth potential in the fourth quarter, we deployed deploy charging stations across 49 U S States and territories and look out of Alaska, We're headed your way as well and we did this.

Brendan Jones: In the fourth quarter, we've deployed charging stations across 49 U.S. states and territories. And look out, Alaska, we're headed your way as well. And we did this through working with both local and state government agencies across the United States and also private industry.

Through working with both local and state government agencies across the United States and also private industry.

Brendan Jones: On the international front, we are primarily growing our charging footprint through our European subsidiary Blue Corner. And we believe Blue Corner offers us a strong platform from which we can expand our charging footprint in various countries throughout the world.

On the international front, we are primarily growing our charging footprint to our European subsidiary Blue corner, and we believe blue corner offers us a strong platform from which we can expand our charging footprint in various countries throughout the world.

Now if we now turn to slide 11, I'm sure you're aware that this is an historic time for the EV and EV infrastructure industries, the one point too.

Brendan Jones: Now, if we now turn to slide 11, I'm sure you're aware that this is an historic time for the EV and the EV infrastructure industry.

Brendan Jones: The $1.2 trillion federal infrastructure bill includes an estimated $7.5 billion to be used for building the nationwide infrastructure to support the anticipated growth or the massive growth in adoption of electric vehicles.

Chilean Federal infrastructure Bill includes an estimated $7 5 billion to be used for building the nationwide infrastructure to support the.

Anticipated growth or the massive growth in adoption of electric vehicles. During 2021, Blink was awarded $26 5 million in grants and Rfps from several different states as more state and local government strength and their commitment to EV use it.

Brendan Jones: During 2021, Blink was awarded $26.5 million in grants and RFPs from several different states. As more state and local governments strengthen their commitment to EV use and recognize the need for EV charging to enable that use, we believe Blink has a tremendous opportunity to grow our leadership position as a partner of choice for EV charging projects and deployment.

Recognize the need for EV charging to enable that use we believe blank has a tremendous opportunity to grow our leadership position as a partner of choice for EV charging projects and deployments grab.

Grants and rebates are an important tool for us, allowing blink to expand our charging footprint across a larger geographic region with limited deployment expenses, which shortens the payback period enhancing our return on investment.

Brendan Jones: Grants and rebates are an important tool for us, allowing Blink to expand our charging footprint across a larger geographic region with limited deployment expenses, which shortens the payback period, enhancing our return on investment.

Brendan Jones: With the growing opportunities associated with grants and rebate activity, we have expanded our in-house grants and rebate team to focus on winning as many of these awards as possible. So, Blinkmade captured increasingly available funds to widely deploy EV charging stations across the country.

With the growing opportunities associated with grants and rebate activity, we have expanded our in house grants from rebate team to focus on winning as many of these awards as possible. So blank made captured increasing available funds to widely deploy EV charging stations across the country.

Wrapping up we are very proud to have achieved significant sequential and year over year growth, resulting in record revenue for both the fourth quarter and for the full year 2021, Blink has consistently delivered deployment growth as well as increased product sales and service revenues we.

Brendan Jones: Wrapping up, we are very proud to have achieved significant, sequential, and year-over-year growth, resulting in record revenue for both the fourth quarter and for the full year 2021. Blink has consistently delivered deployment growth, as well as increased product sales and service revenues. We are energized, pun intended, by the opportunities ahead of our company and our industry as the EV revolution continues to gain traction.

Our energized pun intended by the opportunities ahead of our company and our industry as the EV Revolution continues to gain traction.

Brendan Jones: I will now turn it over to our CFO , Michael Rahma, to run through some of the specific results for the quarter and year end. Michael, over to you. Thank you, Brandon. And good afternoon.

I will now turn it over to our CFO , Michael Rama to run through some of the specific results for the quarter and year end Michael over to you.

Thank you Brandon.

Good afternoon, everyone.

Turning to slide 13 total revenue in the fourth quarter of 2021 grew to $7 9 million a record for the company and an increase of 224% compared to the fourth quarter of 2020. In addition, fourth quarter revenues were up 24% over the third quarter of 2021.

Michael Rahma: Total revenue in the fourth quarter of 2021 grew to $7.9 million, a record for the country.

Michael Rahma: and an increase of 224% compared to the 4th quarter of 2020. In addition, 4th quarter revenues were up 24% over the 3rd quarter of 2021, primarily driven by increased demand for our global EV charging infrastructure and higher service revenue.

Primarily driven by increased demand for our global EV charging infrastructure and higher service revenues.

Michael Rahma: Product sales in the fourth quarter of 2021 were $5.7 million, an increase of 214% over the same period in 2020, as customers purchased greater volumes of our commercial chargers, DC fast chargers, and residential chargers, as well as revenues generated through our Blue Corner Act.

Product sales in the fourth quarter of 2021 were $5 $7 million, an increase of 214% over the same period in 2020.

As customers purchased greater volumes of our commercial charters DC fast Chargers and residential Chargers as well as revenues generated through our blue corner acquisition.

Michael Rahma: Fourth quarter 2021 service revenues, which consists of charging service revenues, network fees, and ride sharing revenues were $1.8 million, an increase of 271% compared to the fourth quarter of 2020. The year-over-year growth was primarily driven by greater utilization of our chargers, an increased number of chargers on our Blink network, revenues associated with the Blink Mobility Ride Share Program, and revenues from the Blue Corner.

Fourth quarter 2021 service revenues, which consists of charging service revenues network fees and ridesharing revenues were $1 8 million, an increase of 271% compared to the fourth quarter of 2020, the year over year growth was primarily driven by greater utilization of our Chargers increased number of charter.

An hour Blink network revenues associated with the blank mobility Rideshare program and revenues from the Blue coat acquisition. We believe it makes sense to combine these three service line items into one about to differentiate between the product and service aspects of our business is this approach also aligns with our.

Michael Rahma: We believe it makes sense to combine these three service line items into one amount to differentiate between the product and service aspects of our business. And this approach also aligns with our company's strategic goal of increasing the service component of our revenue mix and growing our reoccurring revenue base.

Company's strategic goal of increasing the service component of our revenue mix and growing our reoccurring revenue base in time.

Michael Rahma: In time, as EV adoption accelerates and utilization of our charging stations improves, we anticipate seeing a larger mix of revenues come from services. Gross profit for the fourth quarter of 2021 was approximately $1.4 million, an increase of 223% over the same period in the prior year.

Any adoption accelerates and utilization of our charging stations improves.

Anticipate seeing a larger mix of revenues coming from services.

Gross profit for the fourth quarter of 2021 was approximately $1 4 million an increase of 223% over the same period in the prior year.

Michael Rahma: and up 55% sequentially from the third quarter of 2021. We continue to look at ways to reduce our component costs, especially in light of the ongoing supply chain disruptions occurring globally.

And up 55% sequentially from the third quarter of 2021, we continue to look at ways to reduce our component costs, especially in light of the ongoing supply chain disruptions occurring globally operating expenses in the fourth quarter of 2021 were $20 5 million compared to $8 3 million in the prior.

Michael Rahma: operating expenses in the fourth quarter of 2021 were $20.5 million compared to $8.3 million in the prior year.

Period, the increase year over year reflects.

Michael Rahma: The increase year-over-year reflects our commitment to the expertise of our existing employees and to the hiring new talent in order to meet the ever-increasing demand of our products and services, and to support current and expected.

Our commitment to the expertise of our existing employees and to and to the hiring new talent in order to meet the ever increasing demand about products and services and to support current and expected growth. We continue to strengthen our sales operations marketing and.

Michael Rahma: We continue to strengthen our sales, operations, marketing, IT, and customer service functions as well as growing our in-house grant and rebate program, as Brendan mentioned earlier, so we can capitalize on many EV infrastructure opportunities that lie ahead. Additionally, during the quarter, we recognized $8.3 million in higher share-based expense, mostly related to a special performance option.

And customer service functions as well as growing our in house Granton rebate program.

I had mentioned earlier, so we can capitalize on mini EV infrastructure opportunities that lie ahead. Additionally, during the quarter, we recognized $8 $3 million.

Higher share based expense, mostly related to a special performance option equity.

But I do want it reiterate that we will continue to invest in new technology and talent across the business, but will ensure expenses are closely watched.

Michael Rahma: I do want to reiterate that we will continue to invest in new technology and talent across the business, but we'll ensure expenses are mostly wide.

Michael Rahma: Last quarter, we began the practice of presenting adjusted EBITDA. Our management team believes this non-gap measure is useful in evaluating our company's core operating performance because it excludes items that are either significant non-cash or non-recurring.

Last quarter, we began the practice of presenting adjusted EBITDA Our margin management team believes this non-GAAP measure is useful in evaluating our company's core operating performance because it excludes items that are either significant noncash or nonrecurring expenses.

Michael Rahma: Adjusted EBITDA for the fourth quarter 2021 was a loss of $9.1 million, compared to a loss of $7.1 million in the prior year period, largely due to the higher operating expenses, as I just.

Adjusted EBITDA for the fourth quarter of 2021 was a loss of $9 1 million compared to a loss of $7 1 million in the prior year period, largely due to the higher operating expenses as I just mentioned.

Michael Rahma: As you can see, adjusted EBITDA loss as a percentage of revenues for the fourth quarter of 2021 improved 16 basis points compared to the third quarter of 2021 and improved by 174 basis points compared to the fourth

As you can see adjusted EBITDA loss as a percentage of revenues for the fourth quarter of 2021 improved 16 basis points compared to the third quarter of 2021 and improved by 174 basis points compared to the fourth quarter of 2020.

Michael Rahma: Now, turning to slide 14, you can see that both our revenues and gross profit have performed quite well over the last several.

Now turning to slide 14, you can see that both our revenues and gross profit have performed quite well over the last several quarters as we continue to expand our owner operated strategy and experienced greater demand for EV infrastructure and increased utilization rates. We believe we are well positioned to drive significantly.

Michael Rahma: As we continue to expand our owner-operated strategy and experience greater demand for EV infrastructure and increased utilization rates, we believe we are well positioned to drive significantly improved revenue and gross profit performance moving forward.

Proved revenue and gross profit performance moving forward.

Moving to our cash position at.

Michael Rahma: At December 31st, 2021, the company had approximately $175 million of.

At December 31, 2021, the company had approximately $175 million of cash compared to $22 million at December 31, 2000, 22020, we believe we have sufficient cash on hand to fund our operations.

Michael Rahma: compared to $22 million at December 31st, 2020.

Michael Rahma: We believe we have sufficient cash on hand to fund our options.

Michael Rahma: We're pleased to have closed fiscal 2021 with record fourth quarter and full year revenue. We believe we're building a solid foundation for continued growth as we capitalize on the significant funding and focus being placed on the establishment of a robust EV charging infrastructure, both domestically.

We're pleased to have closed fiscal 2021 with record fourth quarter and full year revenue. We believe we're building a solid foundation for continued growth as we capitalized on our significant funding and focus being placed on the establishment of a robust EV charging infrastructure, both domestically and international.

I will now turn the call back over to Michael pockets, where a few final comments go ahead Michael.

Speaker Change: I will now turn the call back over to Michael Farkas for a few final comments. Go ahead, Michael.

Michael Farkas: As I mentioned earlier, we began calendar 2022 with participation at CES, where we unveiled seven innovative next-generation products, which you see pictured here. With this new equipment, Blink strengthens its capabilities as the industry's only complete end-to-end solution for the EV charging ecosystem, powering electrification globally for consumers, fleets, businesses, retailers, developers, and municipalities.

As I mentioned earlier, we began to calendar 2022 with participation at CES we were.

We unveiled seven innovative next generation products, which you see pictured here.

With this new equipment, which strengthens its capabilities as the industry's only complete end to end solution for the EV charging ecosystem powering electrification globally for consumers fleets businesses retailers developers and municipalities.

Michael Farkas: Our Blink Fleet Portal and the MQ-200 help fleet managers ensure their vehicles have the opportunity to conduct planned charging efficiently, at low cost, and in a timely manner so they are ready to roll when needed.

Our brink fleet portal and the M Q2 00 help fleet managers to ensure their vehicles have the opportunity to conduct planned charging efficiently at low cost and in timely manner. So they are ready to roll when needed.

Michael Farkas: The fleet market represents a tremendous opportunity, given that there are approximately 250,000-plus commercial and government fleets operating more than 18 million vehicles in the US alone.

Feed market represents a tremendous opportunity given that there are approximately 250000, plus commercial and government fleets operating more than 18 million vehicles in the U S alone.

Michael Farkas: Our Vision I Q2 00, which we previewed on our last earnings call, features large high-resolution screens that will allow Blink and its property owner partners to monetize locations immediately by generating advertising revenue.

Our vision I Q2 00, which we previewed on our last earnings call features large high resolution screens that will they'll blink and it's property on our partners to monetize locations immediately by generating advertising revenues.

I think the kw would DC fast Chargers combines superior speed and a smaller and lighter week model that generates less heat.

Michael Farkas: The 50kW wall DC fast charger combines superior speed in a smaller and lighter weight model that generates less heat. This model will be competitively priced to save customer costs.

All will be competitively priced to save customer costs.

Michael Farkas: and the HQ200, which offers both basic and advanced options and internet connectivity so that the product can be managed through the Blink charging mobile app.

On the H Q2 00, which offers both basic and advanced options and Internet connectivity. So that the product can be managed through the blink charging mobile app. So.

So we believe we're coming into 2022, and a strong position with the people technology, new products and strategy to drive growth and profitability. We're excited about what we're seeing in the marketplace and we look forward to executing on the opportunities ahead with that we will now open the call for questions.

Michael Farkas: So we believe we're coming into 2022 in a strong position with the people, technology, new products and strategy to drive growth and profitability. We're excited about what we're seeing in the marketplace and we look forward to executing on the opportunities ahead. With that, we will now open the call for questions.

Speaker Change: Thank you. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please indicate so by pressing star one. We ask.

Thank you ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please indicate so by pressing star one we asked that in the interest of time you ask only one question with one follow up.

Pressing star to where we're moving from the Q should your question to be answered and lastly, we're posing your question. Please pickup your handset listening on speaker phone to provide optimum sound quality. Please hold while we poll for questions.

Speaker Change: Pressing star 2 will remove you from the queue should your question be answered. And lastly, while posing your question...

Okay. The first question is coming from Matt Summerville with D. A Davidson your line is live.

Yes.

Thanks, a couple of questions first can you talk about what you experienced in Q4 than what Youre currently seeing from a supply chain logistics standpoint, how much of a hit that may have been to revenue and margin what type of impact you may have seen in the quarter and how we should be thinking about this in the context of model.

Speaker Change: Thanks. A couple of questions. First, can you talk about what you experienced in Q4 and what you're currently seeing from a supply chain logistics standpoint? You know, how much of a hit that may have been to revenue and margin, what type of impact you may have seen in the quarter, and how we should be thinking about this in the context of modeling out 22.

You May now 22.

Brendan you want to grab that.

Speaker Change: Yeah, so we continue to monitor supply chains. And as we know, all EV companies are being hit by supply chain constraints predominantly around components that are in short supply.

Yeah. So we continue to monitor supply chains.

And as we know all EV companies are being hit by supply chain constraints.

Nominally around components that are in short supply.

Speaker Change: In 21, we managed to secure our supply, work with our two key suppliers to ensure that we had the product we needed for the sales we were achieving. We continue to work with them to make sure that we have alternate suppliers.

In 'twenty, one we managed to secure our supply work with our two key suppliers to ensure that we have the product we needed for the sales. We are achieving we continue to work with them to make sure that we have alternate suppliers to ensure that they can build.

Speaker Change: to ensure that they can build the charges we need and the forecast we submitted early at the end of Q3 last year. Now, there's gonna be some disruptions. We're seeing what we'd call modest delays right now for the orders that.

The charges, we need in the forecast we submitted early in Q at the end of Q3 last year that there's going to be some disruptions, we're seeing what we'd call modest delays.

Right now for the orders that we have but every single day. The major changes were working supply and logistics on a 24 hour basis, where before.

Speaker Change: But every single day the major change is we're working supplying logistics on a 24-hour basis where before it was something that we didn't touch that frequently.

It was something that we didn't touch that frequently.

Speaker Change: There's a slight bit of price increase, mostly on the resourcing of components.

Yeah.

Slight bit of price increase mostly on the resourcing of components. It is nothing yet that is greatly impacting our margin, but this is a work in progress.

Speaker Change: It is nothing yet that is greatly impacting our margin. But this is a work in progress. The situation continues to evolve.

Situation continues to evolve, but we keep at it on a daily basis to ensure that our customers are going to get their chargers in a the requisite timeframe we've already committed to.

Speaker Change: But we keep at it on a daily basis to ensure that our customers are going to get their chargers in a requisite timeframe we've already committed.

And then just as a follow up question, maybe can you guys comment.

Speaker Change: And then just as a follow up question, maybe can you guys comment either numerically or at least qualitatively around what you're seeing in utilization rates both year on year and quarter on quarter and how what you're experiencing is comparing to your own kind of internal expectations. Thank.

Either numerically or at least qualitatively around what youre seeing in utilization rates, both year on year and quarter on quarter and how what youre experiencing is comparing to your own kind of internal expectations. Thank you.

We haven't been.

Speaker Change: We haven't been publishing utilization rates. I'll let Michael expand on that, but, you know, what we do see is a direct correlation between, you know, percentage of EV sales as of total fleet sales and utilization rates. And today, we're still in, you know, single digits of total auto sales.

The utilization rich.

I'll, let Mike will expand on that but.

What we do see is there a correlation between.

Percentage of EV sales as a total fleet sales.

And utilization rates and today, we are still in single digits.

Total auto sales being movies, so obviously more evs on the road.

Speaker Change: So obviously more EVs on the road, that's gonna impact utilization considerably. Michael, you may want to follow up with that.

That's going to impact utilization considerably Michael you may want to follow up with that.

Michael: Yeah, as you can see, the charging revenues have increased quarter over quarter this year, and it is a result of a more.

As you deplete our emerging revenues as you can see the charging revenues have increased quarter over quarter of this year and it is a result of a more.

Michael: charges on our network, but also more driving going on. So as the economies have opened up, we're seeing more usage, more utilization, and just a trend of increased usage. So we're encouraged and we're anticipating going into 2022 with a trend to continue as more EVs get on the road and more sales and more deployments are on our network.

<unk> on our network, but also more driving going on so as the economies have opened up we're seeing.

More usage more utilization and just a trend of.

Increased usage, so we're encouraged and we're.

Anticipating going into 2022 with the continued with a trend to continue as more evs on the road and more sales and more deployments are on our network.

Got it thank you guys.

Okay. The next question is coming from Gabe Daoud with Cowen Your line is live.

Hey, guys. Thanks for all the comments I was hoping we could maybe start with the new.

Speaker Change: Hey, guys. Thanks for all the comments. I was hoping we could maybe start with the new product suite that was unveiled at CES. Just curious how the commercialization efforts are going. I guess I know you brought on Amy to really push into the fleet channel. So, curious if there's anything you can highlight there and just how maybe back to supply chain, how that's impacting the rollout of these new products.

<unk> suite that was unveiled.

At CES just curious how the commercialization efforts are going I guess I know you brought on Amy to really push into the free channel. So curious if theres anything you could highlight there and just how maybe back to supply chain, how thats impacting the rollout of these new products.

Yeah, So I'll address it Michael if it's okay from a commercial perspective first and then.

Speaker Change: Yes, I'll address it, Michael, if it's okay from the commercial perspective first and then we can jump in. So, yeah, I will say going to CES, even though it was a lighter attended show and displaying those, the phones haven't stopped. Amy and her team are taking in accounts.

We can jump in so yeah, I will say going to see us even though it was the lighter attended show and displaying those the phones haven't stopped.

Amy and her team.

Are taking in accounts.

Speaker Change: featuring our products and are now entering into several different RFPs And other business ventures to be able to get those products out

Featuring our products and are now entering into several different rfps and other business ventures to be able to get those products out.

Speaker Change: As we indicated in CES in our press announcement, those products, the MQ for the fleet market and the multifamily dwelling, the software platform and everything is being launched in Q2. So we're just a few months away from that. We anticipate sales at launch.

As we indicated in CES and our press announcement.

Those products the MQ.

<unk> for the fleet market in the multifamily dwellings.

Software platform and everything is being launched in Q2. So we're just a few months away from that we anticipate sales at launch of those units and as soon as we have news on contracts that have been signed we are gonna be sure to make everybody aware of those and we also have our existing fleet.

Speaker Change: of those units. And as soon as we have news on contracts that have been signed, we are going to be sure to make everybody aware of those.

Speaker Change: And we also have existing fleet customers that we're working to flip them over to the new software as well.

Customers that we're working to flip them over to the new software as well.

Thanks, Brendan and then maybe as a follow up obviously the momentum has been strong another quarter with really nice revenue could you guys. Maybe just give us a sense of what your expectations are for 2022 on a revenue basis. Thank you.

Speaker Change: Thanks, Brendan. And then maybe as a follow-up, obviously the momentum's been strong, another quarter with really nice revenue. Could you guys maybe just give us a sense of what your expectations are for 2022 on a revenue basis?

Yeah, obviously gave nice to talk to you again.

Brendan Jones: Yeah, obviously. Hey, Gabe, nice to talk to you again. Yeah, we're obviously we don't come out with guidance. But as you could see, you know, we're, we've had a good trend in 2021.

Yes, we're obviously, we don't come out with guidance, but as you could see.

We had a good trend in 2021.

Gabe: continuous growth. We're seeing the sales orders come in continuously even in the first couple months of 2022. So we're encouraged. We're going to have a full year of Blue Corner under our belt for 2022.

Continuous growth, we're seeing the sales orders come in.

<unk> even in the first couple months of 2022. So we're encouraged we're going to have a full year of good corner under our belt for the for 2022. So the expectation is revenues were will.

Gabe: So the expectation is revenues will continue to.

We will continue to.

Increases on a trajectory that we've seen some more for 'twenty, one, but obviously.

Gabe: you know, increase in a trajectory that we've seen similar to 21, but, you know, obviously, uh, we're encouraged going into 22 with the, with the activities we have established already in 21. Uh, and we'll, we see that momentum carrying forward into 22. Okay.

We're encouraged going into 'twenty two what the what the activities. We have established already in 'twenty, one and will we see that momentum carrying forward into 'twenty two.

Okay, great. Thanks, Michael Thanks, guys sure.

Okay. The next question is coming from Sameer Joshi with H C. Wainwright Your line is live.

Yes, Thanks, Michael for taking my questions.

Speaker Change: Yes. Thanks, Michael, for taking my questions.

So from the very beginning.

Speaker Change: So, from the very beginning, the stress of the company has been on expansion, land grab, and we have been very successful in that.

The company has been on.

Expansion land grab.

And we have been losing close whom that.

Speaker Change: In the past, you talked about Greece and other countries in Europe as potential locations for expansion, and also countries in South America and the Caribbean. Can you talk about briefly what these efforts are leading to?

In the past you talked about.

<unk> and other.

Other countries in Europe as the potential location for expansion and also the countries in South America and Caribbean can you.

Talk about briefly.

These efforts are leading to.

Can you repeat the last part of your question I Couldnt hear you.

Speaker Change: Yeah, just the status of your progress in non-Western, non-Northern Europe , that is Greece, Italy, and other locations, and then also in South America.

Yeah, just the status of your progress in.

Non western non northern Europe that is basically in other locations and then also in South America.

Okay excellent.

Speaker Change: You know, we are expanding through our acquisition with Blue Corner in Europe .

We are expanding through.

Our acquisition with Blue corner.

Europe .

And we're making some headway obviously in Greece, and we are the largest EV charging provider in reach today.

Speaker Change: And we're making some headway, obviously, in Greece, and we are the largest EV charging provider in Greece today. We've also made a decent expansion in Israel. We're looking at other countries in the Middle East to serve as well.

We've also made a decent expansion in.

Israel looking at other countries in the middle east to serve as well.

Speaker Change: And in South and Latin America, we have some very strong partners that we work with that help us deploy infrastructure in their locations, as well as doing this on our own.

And in South and Latin America, we have some very strong partners that we work with it helps us deploy.

Infrastructure and their locations as well as doing this on their own.

Speaker Change: We have some very exciting things to discuss in regards to some of those expansion plans. And we'll keep you guys posted, you know, over the next several weeks and months in regards to our international expansion.

We have some.

Very exciting things to discuss in regards to some of those.

Expansion plans and we will.

We'll keep you guys posted over the next several weeks and months.

Cards to our international expansion.

Just a follow up.

Speaker Change: Just a follow-up. In India, it seems that Hub is mainly for software development. Is that also going to be a potential sales-service kind of office?

In India, but it seems that hub is mainly for software development.

Is that also going to be a potential sales slash those kind of losses.

One and later.

Yes, our plan is to not only use it as a technology.

Speaker Change: Yes, our plan is to not only use it as a technology hub, but to also allow us to springboard into the local community and area to start providing EV charging infrastructure services.

But also allow us to springboard into the local community an area to start providing EV charging infrastructure services.

Okay.

Speaker Change: And then, 43 new employees, that I think brings your headcount to 200 or more. What areas were these hires made in?

And then.

The new 43, new employees.

He brings her head count to 200 or more.

What what areas would these have made.

You want me to take care of that.

Speaker Change: Do you want me to take that? Yeah, sure. So as we've been talking about, Blink heavily invested in 2021 in technology. And we did that primarily to have a new technology stack, new software, new equipment as we emerge into this period of rapid growth. So the biggest uptick has been in technology and developers and engineers.

Yes sure.

So as we've been talking about.

Blink heavily invested in 2021 and technology and we did that primarily to have a new technology stack new software new equipment as we emerge into this period of rapid growth. So the biggest uptick has been in technology and developer.

<unk> and engineers, who are working to bring these products onboard and then to service them overtime. Then after that there has been a strong uptake in personnel add to the sales team and the <unk>.

Speaker Change: who are working to bring these products on board and then to service them over time. Then after that, there's been a strong uptick in personnel added to the sales team and the.

Speaker Change: The grants and rebates department as is indicated by the 26.

Grants and rebates Department as is indicated by the $26 $5 million that team won.

Speaker Change: point $5 million that team won. We continue to increase that team because we expect better results from them as we move into 2022. And then the last team we continue to add to as we expand and enter into new business models with now a lot more products than we had in 2020 and in 2019, there's an increase in AP and accounts receivable on Mike's side. So big ads across the board.

We continue to increase that team.

Because we expect better results from them as we move into 2022 and then the last thing we continue to add too as we expand and enter into new business models.

With now a lot more products than we had in 2020, and then 2019. There is an increase in AP and AR accounts receivable on Mike side, So big adds across the board and least but not last night lease we're building the fleet Department and we started with a strong.

Speaker Change: Last but not least, we're building the fleet department, and we started with a strong area, but technology, then sales, then finance, and then on the periphery, grants and RFPs and fleet.

Area, but it's technology than sales then finance and then on the periphery grants in Rfps and fleet.

Got it thanks, Thanks for taking my question.

Once again, if you have a question or comment please indicate so by pressing star one. The next question is coming from Steven It can garro from Stifel. Your line is live.

Speaker Change: Again, if you have a question or a comment, please indicate so by pressing star 1. The next question is coming from Stephen Gangaro from Stiefel. Your line is live.

Thanks, Good afternoon everybody.

Stephen Gangaro: Two things for me, if you don't mind, the first is when we think about the gross margin trajectories, and I'm thinking about this probably primarily around the.

Two things for me if you don't mind.

The first is when.

When we think about the gross.

Margin trajectory and I'm thinking about this probably it's primarily around the <unk>.

The two biggest segments product the product side and then the charging side.

Stephen Gangaro: the two biggest segments, right, the product side and then the charging side. How do you expect that to sort of evolve over the next, say, one to three years? Just kind of, I'm not looking for 2022 guidance, but just sort of what's the evolution of those gross margins and what are the biggest factors behind those moves?

How do you expect that to sort of evolve over over the next say one to three years just kind of.

Not looking for 2022 guidance, but just sort of what what's the evolution of those gross margins and what are the biggest factors behind.

And those moves.

Speaker Change: I'll jump in that and obviously gross margins are obviously a big factor of our costs, right? And as we're starting to see some we talked about

I'll jump on that and obviously gross margins are obviously, a big factor of our costs right and as we're starting to see some we talked about some a bit of pricing pressure with the supply chain. We monitor the we had a slight sales increase in our product.

Speaker Change: a bit of pricing pressure with supply chain where we monitor the we had a slight sales increase in our product in the pricing model early in 2022. So there are there is going to be some pressures we believe on some of the margins on the product side. And even if you go over next

And the pricing model early early in 2022.

So there are there is going to be some pressures we believe on some of the margins on the product side and.

And even if Youll go over next couple of years, there could be some form of Commoditization, we've talked about that so we as you know having been over operator also selling the electricity so were.

Speaker Change: couple of years, you know, there could be some form of commoditization. We've talked about that. So we, as you know, we'll be an operator also selling the electricity. So we're expecting, you know, margins on the electricity to be, you know, steady. So again, between the two components, we're monitoring both ends of the business.

<unk>.

Margins on the electricity to be steady.

And between the two components.

Monitoring both as a business.

Speaker Change: very carefully on the margin side, but we're seeing a little bit of the pressures on the product side, the cost.

Carefully.

On the margin side, but we're seeing a little bit of departures on the product side the cost side.

Yeah.

Speaker Change: I'd like to add to that. We're in a business where the more we buy our goods, our electricity, the cheaper it gets for us.

I'd like to add to that.

Michael.

We're in a business where the more we buy are.

Goods are electricity the cheaper it gets worse.

So we're in a very enviable position, where our margins could theoretically increase.

Speaker Change: So we're in a very enviable position where our margins could theoretically increase.

Speaker Change: while keeping our prices to our customers steady.

While keeping our prices to our construction customers steady.

On the hardware side.

Speaker Change: On the hardware side, I'm sure you guys have been hearing me for years. Ultimately, there will be commoditization on the hardware and on the networking. It's inevitable. That's why Blink is always focused on the recurring side of the business, which is the sale of the electricity.

I'm sure you guys have been hearing for years ultimately there will be commoditization on the hardware on the networking. It's inevitable. That's why brink is always focused on the recurring side of the business, which is the sale of electricity.

Speaker Change: And because of our long-term exclusive contracts, when we're in a location, again, it's not about a parking space. We have exclusive long-term rights to providing EV charging services at that address. So, if that place has 5 or 600.

And because of our long term exclusive contracts when we're in a location.

Again, it's not about a parking space, we have exclusive long term rights to providing EV charging services that address.

Please just five or 600 parking spaces.

Speaker Change: Those are all ours. And if you look at the legislation that's being passed globally, it's going to be very difficult to buy an internal combustion engine car in 5 or 10 years from now. So when you look at those parking lots, and you may see one blink charging station there today, you could assume that over the next few years, 20, 25% of those spaces are going to need to be lit up with our charging stations. And it really separates us from our competitors like ChargePoint and others, where there's no commitment for those other locations.

These are all hours and if you look at the legislation that's being passed globally.

It's going to be very difficult to buy an internal combustion engine car in five or 10 years from now so when you look at those parking lots and you may see one blink charging station there today.

You could assume that over the next few years, 2025% of those spaces are going to need to be lit up with our charging stations and it really separates us from our competitors charge for it and others, where there is no commitment for those other locations.

Speaker Change: We're the only player where we have long-term exclusive rights to provide EV charging services of any and all kinds at that address.

The only player where we have long term exclusive rights to provide EV charging services.

Any and all coins that address.

Got it.

Yes.

Speaker Change: That's a helpful caller, Michael. Thank you. The, the, you got it.

That's helpful color Michael.

You got it.

I know you don't want to get in the you don't.

Speaker Change: I know you don't want to be in the business of guidance, but your year-over-year revenue growth, I think, was about 70%. Excuse me, that's wrong. Your year-over-year revenue growth was much more than that. You basically tripled revenue, right? You had blue corner. Do you think revenue doubles in 2022, give or take? Is that a reasonable benchmark or is that too aggressive?

It wont be a business.

Guidance.

Your year over year revenue growth I think it was about 70% 20 excuse me if that's wrong.

Your year over year revenue growth was much more that you basically tripled revenue right you had blue corner.

Do you think revenue doubles in 'twenty, two give or take is that a reasonable benchmark or is that too aggressive.

I think it's a bit aggressive it.

Speaker Change: I think it's a bit aggressive, it might be a bit aggressive, you know.

It might it might be a bit aggressive.

You never know, but it seems to be a little bit aggressive we didn't think we can accomplish as much growth as we did the industry.

Speaker Change: You never know, but it seems to be a bit aggressive. We didn't think we were going to accomplish as much growth as we did. The industry is just tremendous growth now. And we're going to see some of the Biden dollars, the $7.5 billion starting to circulate. So we'd rather be a bit conservative, but you never know. Agreed. OK, no, thank you. Thanks for the call.

It's just tremendous growth now.

And we're going to see some.

Some of the buying dollars.

The $700 billion starting to circulate so.

We'd rather be a bit conservative.

But you never know.

Okay no. Thank you thanks for the color gentlemen.

Okay. The next question is coming from Vikram <unk> from Needham Your line is live.

Hi, Good evening, everyone. I was wondering if you can help us frame the GM opportunity and I had a multi multi part question on that front.

Speaker Change: Hi, good evening, everyone. I was wondering if you can help us frame the GM opportunity and I had a multi multi part question on that.

Jim as you know is working on their own charging hardware as well I was wondering if you can highlight the advantages your solution has for theirs and how will you approach. This opportunity would you proactively contact the dealerships and get ahead of the competition would you wait for GM to push the product and then when I look at longer term.

Speaker Change: GM, as you know, is working on their own charging hardware as well. I was wondering if you can highlight the advantages your solution has over theirs, and how will you approach this opportunity? Would you proactively contact the dealerships and get ahead of the competition? Would you wait for GM to push the product? And then when I look at longer term, would you look for GM to recommend your charger to their customers and potentially sell your chargers through Bridgestone stores as well?

Would you look for GM to recommend you are charging their customers potentially cellular chargers to bridgestone stores as well.

Well I think the biggest takeaway you need to have from from the <unk> transaction is validation.

Speaker Change: Okay, I think the biggest takeaway you need to have from the GM transaction is validation.

Speaker Change: GM vetted all of the equipment out there. We weren't the only ones. Every name that you could think of was competing for this project.

G M.

Did all of the equipment out there we werent the only ones. Every every mean that you could think of was competing for this project.

Speaker Change: We won because we have a better piece of equipment. It's that simple.

We won because we have a better piece of equipment, it's that simple.

Speaker Change: The GM deal is us selling hardware. It's not us having recurring revenues off of the sale of electricity. We're in their dealership network, which is something that they need to protect as much as possible. They are causing their dealerships to buy our hardware and deploy it in their dealerships. And one of the main reasons why is because of our focus on obsolescence and being averse to it.

The GM dealers are selling hardware.

It's not us having recurring revenues through the sale of electricity, where in their dealership network, which is something that they need to protect as much as possible. They are causing their dealerships to buy our hardware and deploy it in their dealerships and is one of the main reasons why is because of our focus on obsolesce.

Sense and being averse to it.

Again, there is a very different model than producing hardware that we have any other hardwood producer, we're the only ones, who actually own and operate the hardware in the field.

Speaker Change: Again, there's a very different model in producing hardware that we have than any other hardware producer. We're the only ones who actually own and operate the hardware in the field.

We look at deploying hardware and haven't been hardware out there very differently than our competitors and I've said this a bunch of times. They look at their hardware as an iPhone and we looked at our hardware as a hot water heater they want their customers too.

Speaker Change: We look at deploying hardware and having that hardware out there very differently than our competitors And I've said this a bunch of times They look at their hardware as an iPhone and we look at our hardware as a hot water heater. They want their customers to You know trade in that hardware or have upgrades quite often as an owner and operator We never want to have to have an upgrade on the hardware because that costs us money

Trade in that hardware or have upgrades quite often as an owner and operator, we'd never want to have to have an upgrade on the hardware because that cost us money. So.

Speaker Change: So it's just a different philosophy, and because of it, we firm up our hardware much better than our competitors do. Because to spend an extra $5 on this or $10 on that, and that allows that charging station to stay in the field much longer, that's to our benefit, but it's not to the benefit of our competitors who produce hardware.

So it's just a different philosophy and because of it we firm up our hardware much better than our competitors do because it's been there for $5, a miss or $10 on that and that allows that charging stations is staying in the field much longer.

It's to our benefit, but it's not to the benefit of our competitors who produce hardware.

So it's just a completely different philosophy in the development of the hardware and because of that that's the reason why.

Speaker Change: So it's just a complete different philosophy in the development of the hardware. And because of that, that's the reason why we're not only at GM, CarMax, Clonation, you go to Audi dealerships.

We're not only at G M.

Carmax coordination you go to Audi dealerships. This is the industry after vetting all the competitive products out there, they're selecting us after that process.

Speaker Change: This is the industry, after vetting all the competitive products out there, then selecting us after that process.

Speaker Change: That's what the biggest takeaway on the GM contract should be. And Bridgestone, there's going to be many opportunities. Right now, we're working on a pilot with them. It's more than a pilot. We're actually doing the deployments, but we believe that it's going to grow from there. And ultimately, they're going to need to have charging infrastructure at all of their locations. I hope that answered your question.

What's your biggest takeaway on the GM contract should be.

And Bridgestone, there's really many opportunities right now we're working on a pilot with them one at a pilot we're actually doing the deployments, but we believe that it's going to grow from there and then ultimately is there the need to have charging infrastructure at all of their locations I hope that answered your question.

That's pretty helpful.

Speaker Change: And as a follow up, I had sort of a housekeeping question. You mentioned that the grams in 2021 were 21.5. Can you describe how much of that was realized in 21 versus how much would be realized in 22?

As a follow up I had sort of a housekeeping question you mentioned that the grants in 2021 were 21 five can you describe how much of that was realized in 'twenty, one versus how much would be realized in 'twenty two.

<unk>.

And another housekeeping on that front.

Speaker Change: And another housekeeping on that front, you talked about hiring in Noida, hiring and building your teams in EU and expanding your free department after hiring off Amy. I was wondering like, are you still in process of expanding the headcount? And I'm asking that in regards to how should we expect the SG&A trajectory to evolve in 2020?

You talked about hiring in noida hiring and building our teams in EU and expanding your fleet to augment.

My Doctor.

How do you have any.

I was wondering like are you are you still in process of expanding the head count and I'm asking back in regards to how should we expect the SG&A trajectory due to evolve in 2022.

Speaker Change: The first part of the question, I'll let Michael grab that one right after I answer the second part of the question.

Okay.

The first part of the question I'll, let I'll, let Michael grab that one right. After I answer the second part of the question.

Speaker Change: You know, as I stated earlier, you know, there was a benchmark of the 100,000th charging station installed last year in America.

<unk>.

As I stated earlier.

No.

There was a benchmark of 100000 charging stations installed last year in America.

At the same time, you also heard me say that globally by 2030.

Speaker Change: At the same time, you also heard me say that globally, by 2030,

Speaker Change: you're going to need about 120 million chargers deployed globally. The U.S.'s number I'm hearing right now is between 15 and 20 million, but look at the number globally, 120 million chargers.

You didn't need about 120 million charges deployed globally. The U S is number I'm hearing now is between 15 and $20 million molybdenum globally 120 million Chargers.

Speaker Change: We have maybe a few hundred thousand deployed globally.

We have maybe a few hundred thousand deployed globally.

Speaker Change: This industry is going through massive, massive growth. The governments worldwide have decided that the future of mobility will be powered through electricity and it will be EVs that are driving us globally. That's where we are. So in order for us to really properly handle that growth,

This industry is going through massive massive group the governments worldwide have decided that the future of mobility will be powered through electricity and it will be evs that are driving us.

Globally, that's where we are so in order for us to.

Really properly handle that growth.

Speaker Change: Our most valuable resource is human resources, is people. You can't automate all these processes that we have. This is an industry that's going to be growing. It's a plant being one of the largest industries that we've had for the last hundred some odd years, which is the oil spill.

Our most valuable resource as human resources with people.

Can't automate all these processes that we have.

This is an industry that is going to be growing at supplanting one of the largest industries that we've had for the last hundred some odd years, which is the oil space.

Speaker Change: It's going to take time. It's not happening overnight, but it's inevitable. That's where we are today. So it's about us investing today to have the future that we want to have tomorrow.

It's going to take time, it's not happening overnight, but it's inevitable that as where we are today. So it's about us investing today does it have the future that we want to have tomorrow.

Speaker Change: That's where we are today. This industry is growing with us or without us. We hope it's gonna be with us and that takes capital and just massive investments now. And again, we don't wanna sell our future by selling the charging station. We'd rather own and operate that charging station. And I'm not sure if the people on the phone heard this, but British Petroleum, who owns both charging infrastructure assets.

That's where we are today this industry is growing with us or without us we hope, it's going to be with us and that takes capital.

And just massive investments now and again, we don't want to sell our future by selling the charging station, we'd rather own and operate that charging station and I'm not sure of the people on this phone heard this with British petroleum, who owns both charging infrastructure assets.

Speaker Change: and gas stations came out and said they're making more money on their charging station.

Gas stations came out and said, they're making more money on their charging stations.

Then the oil and gas pumps and certain locations. This is not us saying this is British petroleum.

Speaker Change: Than they are on gas pumps in certain locations. This is not us saying this. This is British Petroleum

So again, it's just a matter of investing in those right locations have been charging infrastructure available housing those long term exclusive contract with the property owners and that's exactly what we've done for the last 13 years.

Speaker Change: So again, it's just a matter of investing in those right locations, having that charging infrastructure available, having those long-term exclusive contract with those property owners. And that's exactly what we've done for the last 13 years. And we've positioned ourselves exactly.

We positioned ourselves exactly for this time.

Speaker Change: to develop the technology that's going to be necessary and to make the investment in deploying the infrastructure that we own and operate.

To develop the technology thats going to be necessary to make the investment and deploying the infrastructure that we own and operate.

Speaker Change: Now, Michael, if you could take the first part of the question, please. Yes. No, I'll answer. So far, of the $26.5 million awarded to us in 2021, very little, a sliver, has been recognized. We recognize a shade under $200,000 of that. So, we have – the expectations are many of these are bigger projects. They're going to expand. We're working on a lot of these projects right now. We're – we expect to see

Now Michael if you could take the first part of the question. Please yes, no I'll ask so far of the 26 and a half million dollars awarded to US in 2021, very little Sliver has been recognized we recognized a shade under 200000.

So.

So we have.

Expectations are.

Many of these are bigger projects, they're going to.

Expand we're working on a lot of these projects right now where we expect to see some of this revenue generated from the grants for EBIT in the latter part of 'twenty, two and going into 'twenty, three so either bigger bigger longer projects with regards to that so again very little in 'twenty one has been recognized.

Michael: revenue generated from the Grants and Rebates in the latter part of 2022 and going into 2022.

Michael: So these are bigger, longer projects with regards to that. So again, very little at 21.

Understood.

Speaker Change: Understood. And remember, and by the way, remember, this is all before the Biden programs, the programs that we were just talking about the $26.5 million. These were leftovers from Obama and Trump days.

And remember and by the way remember.

This is all before the buyback programs. The programs that we were just talking about the $26 million. These are leftovers from.

Obama and Trump is.

Speaker Change: that has nothing to do with the $7.5 billion. So that's going to start, at least start to flow through the systems, you know, at the second half of this year and going forward.

It has nothing to do with the seven 5 billion. So that's going to start with.

Trying to flow through the systems.

The second half of this year and going forward.

Great and so is it fair to assume that the entire $26 five will be realized in next two years.

Speaker Change: Great, and so is it fair to assume that the entire 26.5 will be realized in next two years?

Uh huh.

<unk>.

Yes.

Speaker Change: You know, I think I'll bring this closer to the projects on how long they go, but I think it's a two to three year project window. I think the majority will be into 23, but you could have some trickling into 24 and Brendan, you might have more color on that.

I think al.

Brian is closer to the projects on how long they go but I think it is.

I think it's a two to three year project window I think the majority will be in 'twenty late 'twenty into 'twenty, three but you could have some trickling into 'twenty four and Brendan you might have.

A little more color on that.

Brendan Jones: Yeah, based on the contracts and the terms associated with them. So, the majority, you know, we should get through by the end of 23. But, you know, we get new ones every day, and we got new ones in Q4. And you get the award, and then you have a little bit of a lead time on actual, the consummation of the contract itself. And sometimes that's three to six months, which adds to the end date.

Yeah.

Based on the contracts and the terms associated with them.

The majority.

Should get through by the end of 'twenty three but.

Get new ones every day, and we got new ones in Q4.

And you get the award and then you have a little bit of a lead time on the actual D.

Consummation of the contract itself and sometimes that is three to six months, which adds to the end date. So reasonably yeah. We will start seeing the revenue as the indicated at the end of this year and the bulk of what was 1% and 21 throughout 'twenty three.

Brendan Jones: So, you know, reasonably, yeah, we'll start seeing the revenue as indicated at the end of this year and the bulk of what was one in 21 throughout 23 to come in with some tailing off, depending on the complexity of the product into later years.

To come in with some tailing off depending on the complexity of the product in the later years.

Thank you very much gentlemen.

Yeah.

Once again, if you have a question or comment please indicate so by pressing star one on your Touchtone phone up next we have Noel parks from Tuohy Brothers. Your line is live.

Speaker Change: Once again, if you have a question or a comment, please indicate so by pressing star 1 on your touchtone phone. Up next we have Noelle.

Hi, good afternoon.

Yes.

Noelle: I had a couple of things. I wondered if you could talk a little bit about the multi-family market, where you could just sort of characterize who are the earlier adopters, wondering if it's breaking out more by region, by, you know, suburban versus more urban core locations, or any patterns in that that you can talk about.

I had a couple of things I'm wondering if you could talk a little bit about.

The multi.

Family market.

I Wonder if you could just sort of characterize who are the earlier adopters wondering if it's breaking out more by by region by suburban versus more urban core locations.

Or any patterns in that you can talk about.

Yes.

The multifamily residential market, yes, definitely the multifamily residential market is an extremely important market for us.

Noelle: The multifamily residential market is an extremely important market for us.

Noelle: and we've developed hardware specifically for that market and back end for that market. Bottom line is if you have charging infrastructure at home, that's

And we have developed hardware.

Specifically for that market.

And back end for that market.

Bottom line is if you have charging infrastructure at home.

That's where you are charging.

Noelle: The data is just there. So we are making tremendous efforts in that space.

Data is just there so we were making tremendous efforts in that space and.

Noelle: And it's not only having an apartment building with some subterranean parking garages or first floor parking garages.

And it's not only having a an apartment building with some subterranean parking garages are first flow parking garages.

Noelle: We look at it from whether it's on-street parking in residential areas, whether it's mixed communities, or whether it's in dense urban areas where that same parking facility may be parking people who work there during the day and who live there at night. So any facility that has potential of residential charging on a multi-family basis, we're there. We have the right hardware and the right back-end solutions to be really at the forefront of

We look at it from whether it's on street parking in residential areas, whether it's mixed communities or whether it's in dense urban areas where.

That scene parking facility, maybe parking people who work there during the day.

And live there at night, so any facility that has potential of residential charging on a monthly or multifamily basis. We're there and we have the right hardware and write back and solutions to be really at the forefront of that space.

Great and.

Speaker Change: Great. And I was wondering if you could just.

I was wondering if you could just.

More broadly talk about how you see the state of.

Speaker Change: more broadly talk about how you see the state of hardware technology on the charging side now. Maybe just how it's advanced over the past year in terms of, and I guess looking ahead.

Hardware technology on the charging side now.

Maybe just how it's advanced over the past year.

In terms of and I guess looking ahead.

Speaker Change: What are their features that are growing more and important?

Oh, what are there features that are growing more in important.

Is it.

Speaker Change: you know, between sort of DC fast charging and say level two charging, is there any sort of divergence in terms of, you know, customer demand and as a result.

Between sort of DC fast charging and level two charging is there any sort of divergence in terms of you know.

Demand.

And as a result.

Where I guess you're you're.

Speaker Change: development dollars need to be heading more for the near term.

My dollars need.

Need to need to be heading.

More for the near term.

Speaker Change: We decided to look at the market and see where the massive amounts of charging is going to be taking place.

We just started to look at the market and see where the massive amounts of charging is really taking place.

Speaker Change: Without a question, if you look at all estimates and you look at the industry and where the market is, you're looking about...

Without a question if you looked at all estimate when you look at the industry and where the market is you're looking about.

85% or so of charging is going to be done.

Speaker Change: 85% or so of charging is going to be done not on superchargers.

Not on Super Chargers.

Speaker Change: Most charging will not be done at a very, very fast rate.

Most call it most likely will not be done very very fast rates.

Most people will plug into required at night once a week or so and then be able to drive for the entire week.

Speaker Change: Most people will plug in their car at night, once a week or so, and then be able to drive for the entire week. And then they'll wake up in the morning and their car will be fully fueled.

In the wake up in the morning, and their car before fully fueled.

But there are tremendous opportunities with DC fast Chargers as well.

Speaker Change: But there are tremendous opportunities for DC fast chargers as well. What we wanted to do was make a very, very large impact on the level two marketplace and really become a leader in that arena.

We wanted to do.

It does make a very very large impact on the level to marketplace and really become a leader in that arena.

After that our goal was to do the same what we did for level twos to do for DC fast Chargers and we have plans to do so and just in the right time, we believe will have a very very nice product mix.

Speaker Change: After that, our goal was to do the same, what we did for level twos, to do for DC to astronaut.

Speaker Change: and we have plans to do so, and just in the right time. We believe we'll have a very, very nice product.

Speaker Change: Um, you know, above and beyond what we have today. And remember, we have every single type of piece of equipment that you could think of, whether it's a D. C. Fast charger, superchargers all the way to a single family home dedicated parking space, and we have the blank network that can manage all of them.

Above and beyond what we have today and remember we had every single type of piece of equipment that you could think of whether it's a DC fast Chargers Super Chargers.

All the way to a single family home dedicated partners finished and we have a network that can manage all of it.

Speaker Change: It manages our hardware, proprietary hardware, and our charging network also manages most of our competitors' hardware.

It is our hardware proprietary hardware and are charging network also manages most of our competitors hardware. So you can see the tritium UPC in ABB unit, you can see a DTC unit because the other units on our network.

Speaker Change: So you could see a Tritium, you could see an ABB unit, you could see a BTC unit, you could see other units on our network.

Speaker Change: If you look at ChargePoint or Flow or Semiconnector or others, they don't do that.

If you look at charge point, just flow or semiconductor others don't do that.

So we've looked at this industry to make sure no matter what the most important thing for us is to analyze the space, where we're deploying our hardware.

Speaker Change: So, you know, we've looked at this industry and made sure no matter what, the most important thing for us is to analyze the space where we're deploying our hardware and making sure that the right piece of

And making sure that the right piece of equipment.

Speaker Change: Is being installed in that location and if that location requires a level two charging station

Is being installed in that location and it's that location requires a level two charging station that we deploy in that location requires a DC fast charger.

Speaker Change: that's where we deploy. And if that location requires a DC fast charger, that's where we deploy. We don't have any one specific product that we put in a location. We see what's best for that location, and that's where we deploy. And that's why being as fully vertically integrated as we are, it allows us to do so.

We deploy we don't have any one specific product that we put in a location we see what's best for that for that location and that's what we deploy and that's why being is fully vertically integrated as we are it allows us to do so.

It's about making sure the right solution isn't that location, it's a different model than our competitors because they're selling a specific product.

Speaker Change: It's about making sure the right solution is in that location. It's a different model than our competitors because they're selling a specific product.

We're showing a service EV charging services and if we have to go out of our product.

Speaker Change: We're selling a service, EV charging services, and if we have to go out of our product pool in order to make sure that that location has the right piece of equipment, that's what we do, because the Blink network allows us to do so, and still have a seamless network through our mobile application, through our web-based portal, to manage and charge and operate all of those different charging stations along with ours. Obviously, we're going to...

Product pool in order to make sure that that location has the right piece of equipment. That's what we do because the blues network allows us to do so and still have a seamless network through our mobile application to a web based portal to manage and charge and operate all of those different charging stations along with ours, obviously, we're going to.

Choose hours effects, the appropriate solution, but again the most important thing is for us to make sure that that location has the right piece of equipment, because ultimately, we're making more money off the sale of electricity. So there's no question about it we sell hardware, we saw networking services, but when you're talking about Commoditization earlier, that's where you're going to see.

Speaker Change: choose ours if that's the appropriate solution. But again, the most important thing is for us to make sure that that location has the right piece of equipment because ultimately, we're making our money off of the sale of electricity. Today, there's no question about it. We sell hardware, we sell networking service.

Speaker Change: But when you talk about commoditization earlier, that's where you're going to see that. On our side of the business, when we're selling kilowatt hours, it's going to be a whole different ballgame. Great. Thanks a lot. You're welcome. I'd now like to turn the call back.

See that on our side of the business when we're selling kilowatt hours, it's going to be a whole different ball game.

Great. Thanks, a lot.

You're welcome.

I would now like to turn the call back to management for closing remarks.

Yeah.

Okay hold on.

So having some technical difficulties.

Speaker Change: To close the call, I'd like to emphasize, in addition to all of the new technology we're currently rolling out, we actually have a lot more to come.

To close the call I'd like to emphasize in addition to all of the New technology. We are currently rolling out.

We actually have a lot more to come.

Speaker Change: Without giving too much away, we're very excited about the progress we're making on a new solution that's designed to integrate the highest levels of wireless communications.

Without giving too much away.

We're very excited about the progress we're making on our new solution. That's designed to integrate the highest levels of wireless communications.

Speaker Change: EV technology, and the gig economy. In short, this new solution represents the convergence of several aspects of digital communications, the gig economy, and e-mobility, and is expected to benefit each location that rolls the service out, and is particularly resourceful for disadvantaged communities and being able to provide digital equality in those areas.

<unk> technology in the gig economy in short this new solution represents the convergence of several aspects of digital communications the gig economy and E mobility and is expected to benefit each location that rolls, it's the service out and it's typically resourceful.

For disadvantaged communities and being able to provide digital equality in those areas.

Speaker Change: It's all I could say at this point, but please stay tuned. At Blink, we provide ourselves on our ability to innovate, and we're excited on offering creative ways to bring cutting-edge EV charging technology to communities all over the country and throughout the world. Thank you for joining us. We are excited about the growing opportunities we're seeing to expand our footprint, grow our customer base, and establish new partnerships.

It's all I can say at this point, but please stay tuned.

We provide ourselves on our ability to innovate and we're excited on offer and creative ways to bring cutting edge EV charging technology to communities all over the country and throughout the world.

For drawing joining us we are excited about the growing opportunities, we're seeing to extend our footprint grow our customer base and established new partnerships and we're particularly energized about introducing new products to the marketplace. We look forward to speaking with you guys again soon thank you.

Speaker Change: And we're particularly energized about introducing our new products to the marketplace. We look forward to speaking with you guys again soon. Thank you.

Thank you ladies and gentlemen, this does conclude today's conference call. You may disconnect. Your phone lines at this time and have a wonderful day. Thank you for your participation.

Speaker Change: Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

Mhm.