Q2 2024 Blink Charging Co Earnings Call

August 7, 2024

Speaker Change: Good afternoon, everyone, and welcome to the Blink Charging Company's second quarter 2024 earnings call. At this 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.

Vitalie Stelea: In 2024, earnings call. At this 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.

Matthew: It is not my pleasure to turn the floor over to your host, but Stelea, sir, the floor is yours. Thank you, Matthew.

Operator: At this time, all participants have been placed in 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,

Speaker Change: It is now my pleasure to turn the floor over to your host, Vitalie Stelea. Sir, the floor is yours.

Operator: Welcome to Blink's second quarter 2024 earnings call. With us today we have Brendan Jones, President and CEO, Michael Rama, Chief Financial Officer, and Michael Battaglia, our Chief Operating Officer.

Vitalie Stelea: Welcome to Blink's second quarter 2024 earnings call. The discussions today will include non-gap references. You may find the deck, along with the rest of our earnings materials and other important content, on Blink's Investor Relations website.

Vitalie Stelea: Welcome to Blink's second quarter 2024 earnings call.

Stelea: Thank you, Matthew. Welcome to Blink's second quarter 2024 earnings call. With us today, we have Brendan Jones, President and CEO , Michael Rama, Chief Financial Officer, and Michael Battaglia, our Chief Operating Officer.

Vitalie Stelea: With us today, we have Brendan Jones, President and CEO, Michael Rama, Chief Financial Officer, and Michael Battaglia. Our Chief Operating Officer.

Vitalie Stelea: The discussions today will include non-gift references. These are reconciled to the most comparable US GAAP measures in the appendix of our earnings deck. You may find the deck, along with the rest of our earnings materials and other important content, on Blink's investor relations website.

Operator: The discussions today will include non-gap references. These are reconciled to the most comparable U.S. GDP measures in the appendix of our earnings deck. You may find the deck, along with the rest of our earnings materials and other important content, on Blink's Investor Relations website. Our discussions today may also include forward-looking statements about our expectations. Actual results may be different from those stated. The most significant factors that could cause actual results to differ are included on page two of the second quarter 2024 earnings deck. Unless otherwise noted, all comparisons are year over year.

Stelea: The discussions today will include non-GAP references.

Speaker Change: These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You may find the deck, along with the rest of our earnings materials and other important content, on Blink's Investor Relations website.

Vitalie Stelea: Today's discussions may also include forward-looking statements about our expectations. Actual results may be different from those stated. The most significant factors that could cause actual results to differ by including on page two of the second quarter, 2024, earnings deck.

Speaker Change: Today's discussions may also include forward-looking statements about our expectations.

Speaker Change: Actual results may be different from those stated. The most significant factors that could cause actual results to differ are included on page 2 of the second quarter 2024 earnings deck. Unless otherwise noted, all comparisons are year-over-year.

Vitalie Stelea: Unless otherwise noted, all comparisons are year over year.

Vitalie Stelea: And now regarding our investor relations calendar. Blink will attend the JP Morgan Automotive Conference on the 8th of August in New York City. Blink will also attend the H.C. Wainwright Annual Global Investment Conference on the 10th of September in New York City. Our management will be meeting with investors with all of these events. Please also follow our announcements on our website for additional investor events in the future.

Operator: And now regarding our investor relations calendar, Blink will attend the JPMorgan Automotive Conference on the 8th of August in New York City. Blink will also attend the H.C. Wainwright Annual Global Investment Conference on the 10th of September in New York City. Our management will be meeting with investors at all of these events. Please also follow our announcements and our website for additional investor events in the future. Now, I will turn the call over to Brendan Jones, Blink's President and CEO. Please go ahead, Brendan.

Vitalie Stelea: Actual results may be different from those stated. The most significant factors that could cause actual results to differ are included on page 2 of the second quarter 2024 earnings deck. Unless otherwise noted, all comparisons are year over year. Now, regarding our investor relations calendar.

Speaker Change: And now regarding our Investor Relations Calendar.

Speaker Change: Blink will attend the J.P. Morgan Automotive Conference on the 8th of August in New York City. Blink will also attend the H.C. Wainwright Annual Global Investment Conference on the 10th of September in New York City. Our management will be meeting with investors at all of these events.

Speaker Change: Please also follow our announcements and our website for additional investor events in the future.

Vitalie Stelea: And now I will turn the call over to Brendan Jones, Blink's President CEO. Please go ahead, Brendan.

Speaker Change: And now, I will turn the call over to Brendan Jones, Blink's President and CEO . Please go ahead, Brendan.

Brendan Jones: Thanks Vitalie and good afternoon everyone, and thank you for joining us today to discuss Blink's second quarter results. So let's just jump into it. So our total company revenue was $33.3 million, with service revenue representing about $8 million, or approximately 20% of the total. The service revenue increased by 15% in Q2 when compared to the second quarter of 2023. Gross margin in the second quarter was 32.2%.

Brendan Jones: Thanks, Fatali.

Brendan Jones: Thanks, Vitalie. Good afternoon, everyone, and thank you for joining us today to discuss Blink's second quarter results. So let's just jump into it. Service revenue increased by 15% in Q2 when compared to the second quarter of 2023. Now, during the quarter, we contracted, sold, or deployed 4,106 chargers globally and dispersed nearly 33 gigawatts of energy across all Blink networks. We are confident, however, about the long-term outlook for the industry and, of course, for Blink. There are several reasons for our optimism.

Brendan Jones: Good afternoon, everyone. And thank you for joining us today to discuss Blink's second quarter's results. So let's just jump into it. So our total company revenue was 33.3 million, with service revenue representing about 8 million or approximately 20% of the total. Service revenue increased in Q to 15% when compared to the second quarter of 2023. Gross margin in the second quarter was 32.2%; that's in line with our target guidance of 33%. Now, during the quarter, we contracted, sold, or deployed 4,106 charges globally and dispersed nearly 33 gigawatts of energy across all Blink networks. Our total company revenue for the second quarter of 2024 increased when compared to the second quarter of 2023, despite some of the challenging market conditions that we encountered on our first quarter earnings call.

Brendan Jones: Thanks, Vitalie, and good afternoon, everyone, and thank you for joining us today to discuss Blink's second quarter's results. So let's just jump into it.

Brendan Jones: That's in line with our target guidance of 33%. Now, during the quarter, we contracted, sold, or deployed 4,106 chargers globally and dispersed nearly 33 gigawatts of energy across all Blink networks. Our total company revenue for the second quarter of 2024 increased when compared to the second quarter of 2023, despite some of the challenging market conditions that we encountered. On our first quarter earnings call, we mentioned that we had seen lower sales bookings in April.

Brendan Jones: So our total company revenue was $33.3 million, with service revenue representing about $8 million, or approximately 20% of the total.

Brendan Jones: Service revenue increased in Q2 15% when compared to the second quarter of 2023. Gross margin in the second quarter was 32.2%, and that's in line with our target guidance of 33%.

Brendan Jones: Now, during the quarter, we contracted, sold, or deployed 4,106 chargers globally and dispersed nearly 33 gigawatts of energy across all Blink networks.

Brendan Jones: That trend persisted throughout the second quarter, primarily driven by a slight slowdown in EV sales. We believe the pressure on EV sales is a short-term factor, but nonetheless, expect to see some impact on our revenue as we move through the balance of this year. We are confident, however, about the long-term outlook for the industry and, of course, for Blink. There are several reasons for our optimism.

Brendan Jones: Our total company revenue for the second quarter of 2024 increased when compared to the second quarter of 2023, despite some of the challenging market conditions that we encountered.

Brendan Jones: We mentioned that we had seen lower sales bookings in April. That trend persisted throughout the second quarter, primarily driven by a slight slowdown in EV sales. We believe the pressure on EV sales is short as a short term factor, but nonetheless expect to see some impact to our revenue as we move through the balance of this year. We are confident, however, about the long-term outlook for the industry and, of course, for Blink. There are several reasons for our optimism. First, we continue to see a gap between the demand for charging and the available infrastructure to service this demand.

Brendan Jones: On our first quarter earnings call, we mentioned that we had seen lower sales bookings in April .

Brendan Jones: That trend persisted throughout the second quarter, primarily driven by a slight slowdown in EV sales.

Brendan Jones: We believe the pressure on EV sales is a short-term factor, but nonetheless expect to see some impact to our revenue as we move through the balance of this year.

Brendan Jones: We are confident, however, about the long-term outlook for the industry and, of course, for Blink. There are several reasons for our optimism. First, we continue to see a gap between the demand for charging and the available infrastructure to service this demand.

Brendan Jones: First, we continue to see a gap between the demand for charging and the available infrastructure to service this demand. If we look at data from S&P Global, 40 percent of all new vehicle model introductions in 2024 and 2025 will be EVs, and that is on top of the vehicles already on the market. And so 40 percent is a massive number, and we are uniquely positioned as a company to build the infrastructure and provide the network services to meet the increased charging demand by all these vehicle launchers.

Brendan Jones: First, we continue to see a gap between the demand for charging and the available infrastructure to service this demand. If we look at data from S&P Global, 40% of all new vehicle model introductions in 2024 and 2025 will be EVs, and that is on top of the vehicles already on the market. And so 40% is a massive number, and we are uniquely positioned as a company to build the infrastructure and provide the network services to meet the increased charging demand by all these vehicle launchers.

Brendan Jones: If we look at data from S&P Global, 40% of all new vehicle model introductions in 2024 and 2025 will be EVs, and that is in top of the vehicles already on the market again. So 40% is a massive number. And we are uniquely positioned as a company to build the infrastructure and provide the network services to meet the increased charging demand by all these vehicle launches. We believe that fleets will continue to be a significant contributor to future demand. Fleet operators are beginning to preference EVs over combustion engine vehicles because they can save 30% on total cost of ownership.

Brendan Jones: If we look at data from S&P Global, 40% of all new vehicle model introductions in 2024 and 2025 will be EVs. And that is on top of the vehicles already on the market again. So 40% is a massive number.

Brendan Jones: And we are uniquely positioned as a company to build the infrastructure and provide the network services to meet the increased charging demand by all these vehicle launches.

Brendan Jones: Additionally, we believe that fleets will continue to be a significant contributor to future demand. Fleet operators are beginning to prefer EVs over combustion engine vehicles because they can save 30% on total cost of ownership. This is tremendous savings, even for the smallest of fleets.

Brendan Jones: Additionally, we believe that fleets will continue to be a significant contributor to future demand. Fleet operators are beginning to preference EVs over combustion engine vehicles because they can save 30% on total cost of ownership.

Brendan Jones: This is tremendous savings, even for the smallest of fleets. The fact that we now know that rideshare vehicles like Uber and Lyft are switching to EVs and driving up demand for DC and L2 charging is a very good data point and example of what we'll see in the future. Imagine the impact that EVs will have on very sophisticated fleets and the savings that will be delivered to their owners. Looking at the big picture, we are seeing sustainable growth and charging service utilization, and some of our peers have been reporting the same trends. Consequently, as ED sales increase, it follows that demand for charging infrastructure will also grow.

Brendan Jones: The fact that we now know that rideshare vehicles like Uber and Lyft are switching to EVs and driving up demand for DC and L2 charging is a very good data point and example of what we'll see in the future. Imagine the impact that EVs will have on very sophisticated fleets and the savings that will be delivered to their owners. Looking at the big picture, we are seeing sustainable growth in charging service utilization, and some of our peers have been reporting the same trends. Consequently,

Brendan Jones: This is tremendous savings, even for the smallest of fleets.

Brendan Jones: Imagine the impact that EVs will have on very sophisticated fleets and the savings that will be delivered to their owners. Looking at the big picture...

Speaker Change: We are seeing sustainable growth in charging service utilization, and some of our peers have been reporting the same trends. Consequently,

Brendan Jones: As EV sales increase, it follows that demand for charging infrastructure will also grow. With a higher number of electric commercial vehicles on the road, Blink's ability to close the gap in available charging sites represents a tremendous market and revenue opportunity for the company. And we made great progress in the second quarter this year.

Brendan Jones: As EV sales increase, it follows that demand for charging infrastructure will also grow.

Brendan Jones: With a higher number of electric commercial vehicles on the road, Blink's ability to close the gap in available charging sites represents a tremendous market and revenue opportunity for the company. And we make great progress in the second quarter of this year.

Blink representative: With a higher number of electric commercial vehicles on the road, Blink's ability to close the gap in available charging sites represents a tremendous market and revenue opportunity for the company.

Brendan Jones: To name just a few of our accomplishments in Europe, our Belgian team won the contract with Kaplan, the world's largest sporting goods retailer, to install, own, and operate both L2 and DC fast charges. This is very exciting for us as we can see ample opportunities for growth with Kaplan. Additionally, as a result of several key commercial contracts already in place in Europe, Blink has begun to expand our presence into Italy and Germany, which are very lucrative EV markets. In the UK, our team collaborated with the UK's largest dedicated parcel delivery company called Every to provide and install the first EV hub at an important sorting center.

Brendan Jones: To name just a few of our accomplishments, in Europe, our Belgian team won the contract with Decathlon, the world's largest sporting goods retailer, to install, own, and operate both L2 and DC fast chargers. This is very exciting for us, as we can see ample opportunities for growth with Decathlon. Additionally, as a result of several key commercial contracts already in place in Europe, Blink has begun to expand its presence into Italy and Germany, which are very lucrative EV markets.

Blink representative: And we made great progress in the second quarter this year.

Brendan Jones: In Europe, our Belgian team won the contract with Decathlon, the world's largest sporting goods retailer, to install, own, and operate both L2 and DC fast chargers. This is very exciting for us, as we can see ample opportunities for growth with Decathlon. Additionally, as a result of several key commercial contracts already in place in Europe, Blink has begun to expand its presence into Italy and Germany, which are very lucrative EV markets. Furthermore, if we look at Mexico, we were selected by the official BYD dealership group for EV charging products and services.

Blink representative: To name just a few of our accomplishments, in Europe, our Belgian team won the contract with Decathlon, the world's largest sporting goods retailer, to install, own, and operate both L2 and DC fast chargers.

Blink representative: This is very exciting for us as we can see ample opportunities for growth with the Decathlon.

Blink representative: Additionally, as a result of several key commercial contracts already in place in Europe, Blink has begun to expand our presence into Italy and Germany, which are very lucrative EV markets.

Brendan Jones: In the UK, our team collaborated with the UK's largest dedicated parcel delivery company called Every to provide and install the first EV hub at an important sorting center. Additional sites are planned for the future. Now, if we pivot over to the US, our team achieved in-process status for the government's FedRAMP certification. In-process status is a designation for service providers who are actively working towards authorization.

Blink representative: In the U.K., our team collaborated with U.K.'s largest dedicated parcel delivery company called Evry to provide and install the first EV hub

Brendan Jones: Additional sites are planned for the future.

Blink representative: and an important sorting center. Additional sites are planned for the future.

Brendan Jones: Now, if we pivot over to the US, our team achieved in process status for the government FedRAMP certification. Now, in process status is a designation for service providers who are actively working towards authorization. And when we receive final certification, and this is estimated to be in the October-November timeframe, Blink will have access as an approved provider to contracting opportunities with the General Service Administration clients, which opens up the door for thousands of sales. Recently, we became an official vehicle charger and network service provider to the State of New York. And we also launched our Blink Care Prevent and Maintenance program that will maximize charger up time for our customers.

Blink representative: Now, if we pivot over to the U.S., our team achieved in-process status for the government FedRAMP certification.

Blink representative: Now, in process,

Blink representative: status is a designation for service providers who are actively working towards authorization.

Brendan Jones: And when we receive final certification, and this is estimated to be in the October-November timeframe, Blink will have access as an approved provider to contracting opportunities with the general service administration clients, which opens up the door to thousands of sales. Recently, we became an official vehicle charger and network service provider for the state of New York, and we also launched our Blink Air preventive maintenance program that will maximize charger uptime for our customers.

Blink representative: And when we receive final certification, and this is estimated to be in the October-November timeframe, Blink will have access as an approved provider to contracting opportunities with the General Service Administration clients, which opens up the door for thousands of sales.

Blink representative: Recently, we became an official vehicle charger and network service provider to the State of New York, and we also launched our BlinkCare preventive maintenance program that will maximize charger uptime for our customers.

Brendan Jones: If we look at Mexico, we were selected by the official BYD dealership group for EV charging products and services. BYD is an OEM that is gaining global momentum. And we view this as a strategic opportunity in Mexico and around the world. As you can see, we are focused on leveraging our strong reputation in the marketplace to position Blink to compete and win in the short midterm while also continue to structurally adjusting the company for sustainable long term growth. And when we look at the long-term market between the rapid growth of EVs in China, European mandates and incentives that are already in place.

Brendan Jones: If we look at Mexico, we were selected by the official BYD dealership group for EV charging products and services. BYD is an OEM that is gaining global momentum, and we view this as a strategic opportunity in Mexico and around the world. As you can see, we are focused on leveraging our strong reputation in the marketplace to position Blink to compete and win in the short, short midterm, while also continuing to structurally adjust the company for sustainable long-term growth.

Blink representative: if we look at mexico we were selected by the official byd dealership group for ev charging products and services

Brendan Jones: BYD is an OEM that is gaining global momentum, and we view this as a strategic opportunity in Mexico and around the world. If you look at slide 5, McKenzie currently forecasts that over 28 million chargers will be needed by 2030. And globally, EV infrastructure spending is expected to be about 260 billion by 2030, with about 90 plus percent of those chargers being L2. In fact, as the market matures, we're going to see more emphasis being placed on L2 applications.

Blink representative: BYD is an OEM that is gaining global momentum, and we view this as a strategic opportunity in Mexico and around the world.

Blink representative: As you can see, we are focused on leveraging our strong reputation in the marketplace to position Blink to compete and win in the short, mid-term, while also continually disruptively adjusting the company for sustainable, long-term growth.

Brendan Jones: And when we look at the long-term market, between the rapid growth of EVs in China, European mandates and incentives that are already in place, and the accelerated growth in developed European markets, combined with the need for the U.S. auto industry and American companies, in general, to stay competitive globally, we believe EVs will represent one of the key segments of global transportation now and well into the future. If you look at slide 5, McKinsey currently forecasts that over 28 million chargers will be needed by 2030.

Speaker Change: And when we look at the long-term market, between the rapid growth of EVs in China, European mandates and incentives that are already in place.

Brendan Jones: And the accelerated growth and developed European markets combined with the need for the US auto industry and American companies in general to stay competitive globally. We believe EVs will represent one of the key segments of global transportation now and well into the future. If you look at slide five, McKenzie currently forecasts over 28 million chargers are needed by 2030, and globally, EV infrastructure spending is expected to be about 260 billion by 2030, with about 90 plus percent of those chargers being L2. In fact, as the market matures, we're going to see more of the emphasis being placed on L2 applications.

Blink representative: and The Accelerated Growth in Developed European Markets.

Blink representative: Combined with the need for the U.S. auto industry and American companies in general to stay competitive globally, we believe EVs will represent one of the key segments of global transportation now and well into the future.

Blink representative: If you look at slide 5...

Blink representative: McKenzie

Mackenzie: Currently forecast, over 28 million chargers are needed by 2030. And globally, EV infrastructure spending is expected to be about $260 billion by 2030, with about 90-plus percent of those chargers being L2.

Brendan Jones: And globally, EV infrastructure spending is expected to be about 260 billion by 2030, with about 90 plus percent of those chargers being L2. In fact, as the market matures, we're going to see more emphasis being placed on L2 applications. I will comment more in a little bit at the end of the presentation, but right now, to give you some more details, I would like to pass the call to Mike Battaglia, our Chief Operating Officer. Mike?

Blink representative: In fact, as the market matures, we're going to see more of the emphasis being placed on L2 applications.

Brendan Jones: I will comment more in a little bit at the end of the presentation, but not right now to give you some more details.

Brendan Jones: I will comment more in a little bit at the end of the presentation, but right now, to give you some more details, I would like to pass the call to Mike Battaglia, our Chief Operating Officer. Mike?

Mike Battaglia: I will comment more in a little bit at the end of the presentation, but right now, to give you some more details, I would like to pass the call to Mike Battaglia, our Chief Operating Officer. Mike?

Michael Battaglia: I would like to pass the call to Mike Pataglia, our Chief Operating Officer, Mike. Great, thank you, Brennan, and good afternoon to everyone on the call today.

Michael Battaglia: Great. Thank you, Brendan. And good afternoon to everyone on the call today. So I'd like to start by emphasizing that Blink continues to be uniquely positioned in the market as we offer flexible solutions to our customers, whether they want to purchase equipment from us combined with network services, or whether they want us to own and operate chargers for them, we can do both, and many variations in between, which not only positions us well competitively to win business, but also provides revenue diversification evidenced by the fact that nearly a quarter of our current revenue is derived from recurring service stream.

Michael Battaglia: Great. Thank you, Brendan.

Mike Battaglia: Great. Thank you, Brendan, and good afternoon to everyone on the call today.

Michael Battaglia: So I'd like to start by emphasizing that Blink continues to be uniquely positioned in the market as we offer flexible solutions to our customers. Whether they want to purchase equipment for us from us combined with network services or whether they want us to own and operate chargers for them. We can do both and many variations in between, which not only positions us well competitively to win business, but also provides revenue diversification, evidenced by the fact that nearly a quarter of our current revenue is derived from recurring service streams. And since we own and operate, we have unique insights into a variety of charging locations, which helps us design chargers and software services to anticipate and address our customers' needs.

Michael Battaglia: And good afternoon to everyone on the call today. So I'd like to start by emphasizing that Blink continues to be uniquely positioned in the market as we offer flexible solutions to our customers. And since we own and operate, we have unique insights into a variety of charging locations, which helps us design chargers and software services to anticipate and address our customers' needs. That said, based on the visibility of our pipeline and our ability to successfully address the needs of diverse vertical markets, we anticipate order activity will turn around later this year and into 2025.

Mike Battaglia: So I'd like to start by emphasizing that Blink continues to be uniquely positioned in the market as we offer flexible solutions to our customers.

Mike Battaglia: Whether they want to purchase equipment from us combined with network services, or whether they want us to own and operate chargers for them, we can do both, and many variations in between.

Mike Battaglia: which not only positions us well competitively to win business, but also provides revenue diversification, evidenced by the fact that nearly a quarter of our current revenue is derived from recurring service streams.

Michael Battaglia: And since we own and operate, we have unique insights into a variety of charging locations, which helps us design chargers and software services to anticipate and address our customers' needs. As Brendan mentioned earlier, our Q2 product sales reflected some softness that we mentioned on the first quarter earnings call, and we expect to see continued pressure as we move through the back half of the year.

Mike Battaglia: And since we own and operate, we have unique insights into a variety of charging locations, which helps us design chargers and software services to anticipate and address our customers' needs.

Michael Battaglia: As Brendan mentioned earlier, our Q2 product sales reflected some softness that we mentioned on the first quarter earnings call, and we expect to see continued pressure as we move through the back half of the year. That said, based on the visibility of our pipeline and our ability to successfully address the needs of diverse vertical markets, we anticipate order activity will turn around later this year and into 2025. At the same time, our service revenue showed continuously strong growth in the second quarter, making up 24% or nearly one quarter of total company revenue. That is a 300 basis point improvement from 21% of total revenue in the second quarter of a year ago, and we continue to expect service revenue to grow as a percentage of our total revenue.

Brenan: As Brendan mentioned earlier, our Q2 product sales reflected some softness that we mentioned on the first quarter earnings call, and we expect to see continued pressure as we move through the back half of the year.

Michael Battaglia: That said, based on the visibility of our pipeline and our ability to successfully address the needs of diverse vertical markets, we anticipate order activity will turn around later this year and into 2025. At the same time, our service revenue showed continuously strong growth in the second quarter, making up 24% or nearly one quarter of total company revenue. That is a 300 basis point improvement from 21% of total revenue in the second quarter a year ago. And we continue to expect service revenue to grow as a percentage of our total revenue.

Speaker Change: That said, based on the visibility of our pipeline and our ability to successfully address the needs of diverse vertical markets, we anticipate order activity will turn around later this year and into 2025.

Brenan: At the same time, our service revenue showed continuously strong growth in the second quarter, making up 24% or nearly one quarter of total company revenue.

Michael Battaglia: That is a 300 basis point improvement from 21% of total revenue in the second quarter a year ago. We plan to capitalize on these insights by deploying Blink-owned DC fast chargers in a disciplined way so that we meet our return on capital criteria, which targets positive station economics within five years or less after deployment. For the first half of 2024, Blink's gross margin was a robust 34%. Moving on to slide eight.

Speaker Change: That is a 300 basis point improvement from 21% of total revenue in the second quarter a year ago. And we continue to expect service revenue to grow as a percentage of our total revenue.

Michael Battaglia: For example, charging service revenue has increased by 13% year over year. When we look at the total number of owner-operated units by blank, we had 6,094 units as of June 30th, 2024. That is a 25% increase in a span of only one year. For the first half of 2024, we generated charging revenue of $10 million from Blink own chargers compared to $7.2 million in the first half of 2023. That's a 37% increase year-over-year, and energy dispersed through Blink Own Chargers in the first half of 2024 grew to 8.9 gigawatts, representing 55% growth year-over-year. Notable here is that DC fast chargers are becoming increasingly important within our portfolio of US Blink Own Chargers.

Michael Battaglia: For example, charging service revenue has increased by 13% year over year. When we look at the total number of owner-operated units by Blink, we had 6,094 units as of June 30th, 2024. That is a 25% increase in a span of only one year.

Speaker Change: for example charging service revenue has increased by thirteen percent year-over-year

Speaker Change: When we look at the total number of owner-operated units by Blink, we had 6,094 units as of June 30, 2024. That is a 25% increase in a span of only one year.

Michael Battaglia: For the first half of 2024, we generated charging revenue of $10 million from Blink-owned chargers, compared to $7.2 million in the first half of 2023. That's a 37% increase year-over-year, and energy dispersed through Blink's own chargers in the first half of 2024 grew to eight point nine gigawatts, representing fifty five percent growth year over year. Notable here is that DC fast chargers are becoming increasingly important within our portfolio of U.S. Blink-owned chargers. The revenue generated from our Blink-owned DC fast chargers in the United States in the first half of 2024 increased nearly eightfold compared with the first half of 2023. That's eight times larger.

Speaker Change: For the first half of 2024, we generated charging revenue of $10 million from Blink-owned chargers compared to $7.2 million in the first half of 2023. That's a 37% increase year-over-year.

Speaker Change: and energy dispersed through Blink-Owned chargers in the first half of 2024 grew to 8.9 gigawatts, representing 55% growth year-over-year.

Speaker Change: Notable here is that DC fast chargers are becoming increasingly important within our portfolio of U.S. Blink-owned chargers.

Michael Battaglia: The revenue generated from our Blink Own DC Fast Chargers in the United States in the first half of 2024 increased nearly 8-fold compared with the first half of 2023. That's 8-fold. And with our L2 charging network, we have detailed visibility into high-traffic, profitable locations. We plan to capitalize on these insights by deploying Blink Own DC Fast Chargers in a disciplined way so that we meet our return on capital criteria, which targets positive station economics within five years or less after deployment. Operationally, Blink's gross margin for the second quarter of 2024 was 32%. The slight decrease in gross margin compared with the first quarter of this year was due to a higher mix of third-party manufactured Chargers from legacy customers.

Speaker Change: The revenue generated from our Blink-owned DC fast chargers in the United States in the first half of 2024 increased nearly 8-fold compared with the first half of 2023. That's 8-fold.

Michael Battaglia: And with our L2 charging network, we have detailed visibility into high-traffic profitable locations. We plan to capitalize on these insights by deploying Blink-owned DC fast chargers in a disciplined way so that we meet our return on capital criteria, which targets positive station economics within five years or less after deployment. Operationally, Blink's gross margin for the second quarter of 2024 was 32%. A slight decrease in gross margin compared with the first quarter of this year was due to a higher mix of third-party manufactured chargers from legacy customers.

Speaker Change: And with our L2 charging network, we have detailed visibility into high-traffic profitable locations.

Speaker Change: We plan to capitalize on these insights by deploying Blink-owned DC fast chargers in a disciplined way so that we meet our return on capital criteria, which targets positive station economics within five years or less after deployment.

Speaker Change: Operationally, Blink's gross margin for the second quarter of 2024 was 32 percent. The slight decrease in gross margin compared with the first quarter of this year was due to a higher mix of third-party manufactured chargers from legacy customers.

Michael Battaglia: Upon the launch of our more favorable product mix, and that takes advantage of our strategy of vertical integration. For the first half of 2024, Blink's gross margin was a robust 34%.

Michael Battaglia: Upon the launch of our new single port Blink manufactured series product in Q4 of this year, we anticipate a more favorable product mix that takes advantage of our strategy of vertical integration. For the first half of 2024, Blink's gross margin was a robust 34%. Moving on to slide eight, you can see that cumulatively, as of the end of Q2 of 2024, Blink has contracted, sold, or deployed 98,261 chargers since the company's inception. Geographically, 75% of the total company-wide number is attributed to North America and 25% to Europe and other international locations.

Speaker Change: Upon the launch of our new single port Blink Manufactured Series product in Q4 of this year, we anticipate a more favorable product mix, and that takes advantage of our strategy of vertical integration.

Speaker Change: For the first half of 2024, Blink's gross margin was a robust 34 percent.

Michael Battaglia: Moving on to slide 8, you can see that cumulatively, as of the end of Q2 of 2024, Blink has contracted, sold, or deployed 98,261 chargers since the company's inception. Geographically, 75% of the total company-wide number is attributed to North America and 25% to Europe and other international locations. Further, Blink continues to grow our market share due to our superior products in innovative and flexible business models. According to the U.S. Department of Energy, Blink has the third largest network of chargers in the United States. On slide 10, the variety of products we offer appeals to a broad and diverse range of customers.

Michael Battaglia: You can see that cumulatively, as of the end of Q2 of 2024, Blink has contracted, sold, or deployed 98,261 chargers since the company's inception. Geographically, 75% of the total company-wide number is attributed to North America and 25% to Europe and other international locations. Slide 10. The variety of products we offer appeals to a broad and diverse range of customers. Now, we move on to slide 11, Number 2, driving higher-margin software and recurring services revenues by increasing our Blink-owned network footprint and complementary software services. Blink has the highest gross margins today among comparative peers, and we intend to pursue further margin expansion.

Speaker Change: Moving on to slide 8.

Speaker Change: You can see that cumulatively, as of the end of Q2 of 2024, Blink has contracted, sold, or deployed 98,261 chargers since the company's inception.

Speaker Change: Geographically, 75% of the total company-wide number is attributed to North America and 25% to Europe and other international locations.

Michael Battaglia: Furthermore, Blink continues to grow its market share due to our superior products and innovative and flexible business model. According to the U.S. Department of Energy, Blink has the third largest network of chargers in the United States. On slide 10.

Speaker Change: Further, Blink continues to grow our market share due to our superior products and innovative and flexible business models. According to the U.S. Department of Energy, Blink has the third largest network of chargers in the United States.

Michael Battaglia: The variety of products we offer appeals to a broad and diverse range of customers. Our Series 7 and 8 chargers, which are produced in-house at our Bowie, Maryland production facility, are the most popular Level 2 models among our customers. In short, we offer a full suite of EV charging hardware. Now, if we move on to slide 11.

Speaker Change: On slide 10,

Speaker Change: The variety of products we offer appeals to a broad and diverse range of customers. Our Series 7 and 8 chargers, which are produced in-house at our Bowie Maryland production facility, are the most popular Level 2 models among our customers.

Michael Battaglia: Our Series 7 and 8 chargers, which are produced in-house at our Booley, Maryland production facility, are the most popular Level 2 models among our customers. In short, we offer a full suite of EV charging hardware.

Speaker Change: In short, we offer a full suite of EV charging hardware.

Michael Battaglia: Now, if we move on to slide 11, it shows a representative group of our customer base, including many recognizable names across commercial entities, multi-family complexes, planned communities, healthcare facilities, fleets, and municipalities around the world: a very diverse customer base. As we've said before, we deploy the right charger at the right place at the right time.

Michael Battaglia: It shows a representative group of our customer base, including many recognizable names across commercial entities, multifamily complexes, planned communities, healthcare facilities, fleets, and municipalities around the world. A very diverse customer base. As we've said before, we deploy the right charger at the right place at the right time. And as we continue into 2024.

Speaker Change: Now, if we move on to slide 11.

Speaker Change: It shows a representative group of our customer base, including many recognizable names across commercial entities, multifamily complexes, planned communities, healthcare facilities, fleets, and municipalities around the world. A very diverse customer base.

Speaker Change: As we've said before, we deploy the right charger at the right place at the right time.

Michael Battaglia: And as we continue into 2024, our priorities remain laser-focused on three. Thanks. Number one, continuing to pursue strategic partnerships in key vertical markets to gain market chip. Number two, driving higher margin software and recurring services revenues by increasing our Blink-owned network footprint and complimentary software services. And finally, number three, continuing to manage costs across the business to position Blink for long-term success. Blink has the highest gross margins today among comparative peers, and we intend to pursue further margin expansion.

Michael Battaglia: Our priorities remain laser-focused on three. Number one, continuing to pursue strategic partnerships in key vertical markets to gain market share. Number two, driving higher-margin software and recurring services revenues by increasing our Blink-owned network footprint and complimentary software services. And finally, number three, continuing to manage costs across the business to position Blink for long-term success. Blink has the highest gross margins today among comparable peers, and we intend to pursue further margin expansion. So with this, I'll pass the call on to Michael Rama, our chief financial officer.

Speaker Change: And as we continue into 2024, our priorities remain laser focused on three things.

Speaker Change: Number one, continuing to pursue strategic partnerships in key vertical markets to gain market share. Number two, driving higher margin software and recurring services revenues by increasing our Blink-owned network footprint and complementary software services.

Speaker Change: And finally, number three, continuing to manage costs across the business to position Blink for long-term success.

Speaker Change: Blink has the highest gross margins today among comparative peers and we intend to pursue further margin expansion.

Michael Rama: So with this, I'll pass the call on to Michael Rama, our Chief Financial Officer. Thank you, Mike, and good afternoon, everyone.

Speaker Change: So with this, I'll pass the call on to Michael Rama, our Chief Financial Officer.

Michael Rama: Thank you, Mike, and good afternoon, everyone. Turning to slide 14, total revenue in the second quarter of 2024 was $33.3 million, an increase compared to $32.8 million in the second quarter of 2023. Revenue in the first half of 2024 was $70.8 million, which is an increase of 30 percent compared to $54.5 million in the first half of 2020. Product sales in the second quarter of 2024 were $23.6 million, compared to $24.6 million in the second quarter of 2023.

Michael Rama: Turning to slide 14, total revenue in the second quarter of 2024 was $33.3 million. An increase compared to $32.8 million in the second quarter of 2023. Revenue in the first half of 2024 was $70.8 million, which is an increase of 30 percent compared to $54.5 million in the first half of 2023.

Michael Battaglia: Turning to slide 14, total revenue in the second quarter of 2024 was $33.3 million, an increase compared to $32.8 million in the second quarter of 2023. Product sales in the second quarter of 2024 were $23.6 million, compared to $24.6 million in the second quarter of 2023. The first half of 2024 product sales were $51.1 million, which is an increase of 25% compared to $41 million in the first half of 2023. Second quarter 2024 service revenue, which consists of charging service revenues.

Michael Rama: Thank you, Mike, and good afternoon, everyone.

Michael Rama: Turning to slide 14, total revenue in the second quarter of 2024 was $33.3 million, an increase compared to $32.8 million in the second quarter of 2023.

Michael Rama: Revenue in the first half of 2024 was $70.8 million, which is an increase of 30% compared to $54.5 million in the first half of 2023.

Michael Rama: Now product sales in the second quarter of 2024 were $23.6 million compared to $24.6 million in the second quarter of 2023. The first half of 2024 product sales were $51.1 million, which is an increase of 25 percent compared to $41 million in the first half of 2023. Second quarter of 2024 service revenue, which consists of charging service revenues, network fees, and car sharing revenues, were $8 million. The increase of 15 percent compared to the second quarter of 2023. For the first half of 2024, service revenue, with $16.2 million, a 38 percent increase compared with the first half of 2023.

Michael Rama: Product sales in the second quarter of 2024 were $23.6 million, compared to $24.6 million in the second quarter of 2023.

Michael Rama: The first half of 2024 product sales were $51.1 million, which is an increase of 25% compared to $41 million in the first half of 2023. Second quarter 2024 service revenue, which consists of charging service revenues. Network fees and car sharing revenues were $8 million, an increase of 15% compared to the second quarter of 2020; for the first half of 2024, service revenue was $16.2 million, a 38% increase compared with the first half of 2023. The year-over-year growth was primarily driven by greater utilization of our chargers, the increased number of chargers on Blink networks, and revenues associated with our car sharing program.

Michael Rama: The first half of 2024 product sales were $51.1 million, which is an increase of 25% compared to $41 million in the first half of 2023.

Speaker Change: Second quarter 2024 service revenue, which consists of charging service revenues, network fees, and car sharing revenues, were $8 million, an increase of 15% compared to the second quarter of 2023.

Michael Battaglia: Network fees and car sharing revenues were $8 million, an increase of 15% compared to the second quarter of 2020. The year-over-year growth was primarily driven by greater utilization of our chargers, the increased number of chargers on Blink networks, and revenues associated with our car-sharing program.

Michael Rama: For the first half of 2024, service revenue was $16.2 million, a 38% increase compared with the first half of 2023.

Michael Rama: The year-of-year growth was primarily driven by greater utilization of our chargers, the increased number of chargers on blank networks, and revenues associated with our car sharing programs. Gross profit for the second quarter of 2024 was $10.7 million compared to $12.3 million for the same period last year. As a percentage of revenue, gross margin was 32 percent in the second quarter of 2024. Gross profit for the first half of 2024 was $24.1 million compared to $16.8 million for the same period last year. As a percentage of revenue, gross margin for the first half of 2024 was 34 percent compared to 31 percent in the first half of last year.

Michael Rama: The year-over-year growth was primarily driven by greater utilization of our chargers, the increased number of chargers on Blink networks, and revenues associated with our car sharing programs.

Michael Rama: Gross profit for the second quarter of 2024 was $10.7 million, compared to $12.3 million for the same period last year. As a percentage of revenue, gross margin was 32% in the second quarter of 2024. Gross profit for the first half of 2024 was $24.1 million, compared to $16.8 million for the same period last year. As a percentage of revenue, gross margin for the first half of 2024 was 34 percent, compared to 31 percent in the first half of last year. Blink generates the highest gross margin in the industry among comparable peers and competitors.

Michael Rama: Gross profit for the second quarter of 2024 was $10.7 million compared to $12.3 million for the same period last year. As a percentage of revenue, gross margin was 32% in the second quarter of 2024.

Michael Battaglia: As a percentage of revenue, gross margin was 32% in the second quarter of 2024. Gross profit for the first half of 2024 was $24.1 million, compared to $16.8 million for the same period last year. On average, we've reduced our cash burn by more than a third compared to our previous two quarters sequentially, excluding one-time debt payments.

Michael Rama: Gross profit for the first half of 2024 was $24.1 million, compared to $16.8 million for the same period last year.

Michael Rama: As a percentage of revenue, gross margin for the first half of 2024 was 34%, compared to 31% in the first half of last year.

Michael Rama: Blink generates the highest gross margin in the industry among comparable peers and competitors.

Speaker Change: Blink generates the highest gross margin in the industry among comparable peers and competitors.

Michael Rama: What is more important to emphasize next is the significant progress we have made in reducing our total operating expenses year to year. Blink's total operating expenses for the second quarter of 2024 were $31.4 million. That is a 41 percent reduction when compared with the second quarter of 2023, and primarily driven by a 54 percent reduction in competition expense, and another 24 percent reduction in G&A expense. This is the result of discipline and continuous cost optimization and avoidance actions that we've implemented over the last six quarters. We are not done yet, and we have additional measures being implemented now.

Michael Rama: What is more important to emphasize next is the significant progress we have made in reducing our total operating expenses year over year. Blink's total operating expenses for the second quarter of 2024 were $31.4 million. That is a 41% reduction when compared with the second quarter of 2020-23 and primarily driven by a 54% reduction in competition expense and another 24% reduction in G&A expense. This is the result of disciplined and continuous cost optimization and avoidance actions that we've implemented over the last six quarters. We are not done yet, and we have additional measures being implemented now.

Speaker Change: What is more important to emphasize next is the significant progress we have made in reducing our total operating expenses year over year.

Speaker Change: Blink's total operating expenses for the second quarter of 2024 were $31.4 million. That is a 41% reduction when compared with the second quarter of 2020-23.

Speaker Change: and primarily driven by a 54% reduction in competition expense and another 24% reduction in G&A expenses.

Speaker Change: This is the result of disciplined and continuous cost optimization and avoidance actions that we've implemented over the last six quarters. We are not done yet, and we have additional measures being implemented now.

Michael Rama: As a result of these actions, our cash burn for the second quarter of 2024, excluding the one-time debt payment, was $12.6 billion. Sequentially, that is a 32% and 38% reduction compared to the fourth quarter of 2023 and the first quarter of 2024, respectively. On average, we've reduced our cash burn by more than a third compared to our previous two quarters, sequentially.

Michael Rama: As a result of these actions, our cash burn for the second quarter of 2024, excluding the one-time debt payment, was $12.6 billion. On average, we've reduced our cash burn by more than a third compared to our previous two quarters sequentially, excluding one-time debt payments. Adjusted EBITDA for the second quarter of 2024 was a loss of $14.7 million, compared to a loss of $13.5 million in the prior year period. Adjusted EBITDA for the first half of 2024 was a loss of $24.9 million, compared to a loss of $31.3 million in the first half of 2023. Adjusted EBITDA for the three and six months ended June 30th, 2024 excludes the impact of non-recurring items such as acquisition-related costs, additional stock-based compensation expense, estimated loss related to underperforming assets of a subsidiary, change in the fair value related to a consideration payable, and one-time non-recurring expenses.

Speaker Change: As a result of these actions, our cash burn for the second quarter of 2024, excluding the one-time debt payment, was $12.6 million.

Speaker Change: Sequentially, that is a 32% and 38% reduction compared to the fourth quarter of 2023 and first quarter of 2024, respectively.

Speaker Change: On average, we've reduced our cash burn by more than a third compared to our previous two quarters sequentially, excluding one-time debt payments.

Michael Rama: Adjusted EBITDA for the second quarter of 2024 was a loss of $14.7 million compared to a loss of $13.5 million in the prior year period. Adjusted EBITDA for the first half of 2024 was a loss of $13.7 million. $24.9 million compared to a loss of $31.3 million in the first half of 2023. Adjusted EBITDA for the three and six months ended June 30, 2024 excludes the impact of non-recurring items such as acquisition-related costs, additional stock-based compensation expense, estimated losses related to underperforming assets of a subsidiary, change in the fair value related to a consideration payable, and a one-time non-recurring expense.

Michael Battaglia: Adjusted EBITDA for the second quarter of 2024 was a loss of $14.7 million compared to a loss of $13.5 million in the prior year period. Adjusted EBITDA for the first half of 2024 was a loss of $24.9 million compared to a loss of $31.3 million in the first half of 2023. Adjusted EBITDA for the three and six months ended June 30, 2024 excludes the impact of non-recurring items such as acquisition-related costs, additional stock-based compensation expense, estimated losses related to underperforming assets of a subsidiary, change in the fair value related to a consideration payable, and a one-time non-recurring expense.

Speaker Change: Adjusted EBITDA for the second quarter of 2024 was a loss of $14.7 million compared to a loss of $13.5 million in the prior year period.

Speaker Change: Adjusted EBITDA for the first half of 2024 was a loss of $24.9 million compared to a loss of $31.3 million in the first half of 2023.

Speaker Change: Adjusted EBITDA for the 3 and 6 months ended June 30, 2024 excludes the impact of non-recurring items such as acquisition-related costs, additional stock-based compensation expense, estimated loss related to underperforming assets of a subsidiary, change in the fair value

Speaker Change: related to a consideration payable and a one-time non-recurring expenses.

Michael Rama: Now, EPS for the second quarter of 2024 was a loss of $0.20 per share compared to a loss of $0.67 per share in the prior year period. EPS for the first half of 2024 was a loss of $0.37 per share compared to a loss of $1.20 per share for the first half of 2023. For the three months ended June 30th, 2024, the weighted shares outstanding was 101 million shares compared to 61.9 million shares outstanding for the three months ended June 30th, 2023. Adjusted earnings per share for the second quarter of 2024 was a loss of $18 per share compared to a loss of $0.44 per share in the prior year period.

Michael Rama: Now EPS for the second quarter of 2024 was a loss of 20 cents per share compared to a loss of 67 cents per share in the prior year period. EPS for the first half of 2024 was a loss of $0.37 per share compared to a loss of $1.20 per share for the first half of 2023. For the three months ended June 30th, 2024, the weighted shares outstanding were 101 million shares compared to 61.9 million shares outstanding for the three months ended June 30, 2023.

Michael Battaglia: Now EPS for the second quarter of 2024 was a loss of 20 cents per share compared to a loss of 67 cents per share in the prior year period. For the three months ended June 30th, 2024, the weighted shares outstanding were. Adjusted earnings per share in the first half of 2024 were a loss of $0.31 per share compared to a loss of $0.92 per share in the first half of 2024. Non-Gap Adjusted EPS is defined as adjusted net income or loss which excludes the amortization of intangible assets, acquisition-related costs, estimated losses related to underperforming assets of subsidiaries, changes in fair value related to consideration payable, and one-time non-recurring expenses divided by the weighted average shares outstanding.

Speaker Change: Now, EPS for the second quarter of 2024 was a loss of $0.20 per share compared to a loss of $0.67 per share in the prior year period.

Speaker Change: EPS for the first half of 2024 was a loss of $0.37 per share compared to a loss of $1.20 per share for the first half of 2023.

Speaker Change: For the three months ended June 30th, 2024, the weighted shares outstanding was 101 million shares compared to 61.9 million shares outstanding for the three months ended June 30th, 2023.

Michael Rama: Adjusted earnings per share for the second quarter of 2024 was a loss of $0.18 per share compared to a loss of $0.44 per share in the prior year. Adjusted earnings per share in the first half of 2024 were a loss of $0.31 per share compared to a loss of $0.92 per share in the first half of 2024. Non-GAAP-adjusted EPS is defined as adjusted net income or loss which excludes the amortization of intangible assets, acquisition-related costs, estimated losses related to underperforming assets of subsidiaries, changes in fair value related to consideration payable, and one-time non-recurring expenses, divided by the weighted average shares outstanding.

Speaker Change: Adjusted earnings per share for the second quarter of 2024 was a loss of $0.18 per share compared to a loss of $0.44 per share in the prior year period.

Michael Rama: Adjusted earnings per share in the first half of 2024 was a loss of $0.31 per share compared to a loss of $0.92 per share in the first half of 2023. Non-GAAP adjusted EPS is defined as adjusted net income or loss which excludes the amortization of intangible assets, acquisition-related costs, estimated loss related to underperforming assets of a subsidiary, changes in a fair value related to consideration payable, and one-time non-recurring expenses divided by the weighted average shares outstanding. As for the balance sheet, cash and cash equivalence at June 30th, 2024, was $73.9 million compared to $93.5 million at the end of the first quarter of 2024.

Speaker Change: Adjusted earnings per share in the first half of 2024 is a loss of $0.31 per share compared to a loss of $0.92 per share in the first half of 2023.

Speaker Change: Non-GAAP-adjusted EPS is defined as adjusted net income or loss which excludes the amortization of intangible assets.

Speaker Change: Acquisition related costs, estimated loss related to underperforming assets of subsidiary, changes in fair value related to consideration payable, and one-time non-recurring expenses divided by the weighted average shares outstanding.

Michael Rama: Now, as for the balance sheet, cash and cash equivalents at June 30th, 2024, $73.9 million compared to $93.5 million at the end of the first quarter of 2024. In the second quarter.

Michael Battaglia: Now, as for the balance sheet, cash and cash equivalents at June 30th, 2024, $73.9 million compared to $93.5 million at the end of the first quarter of 2024. In the second quarter.

Speaker Change: Now, as for the balance sheet, cash and cash equivalents at June 30, 2024 was $73.9 million, compared to $93.5 million at the end of the first quarter of 2024. During the second quarter,

Michael Rama: During the second quarter, length paid off in full $6.9 million of notes payable associated with the ongoing acquisition. Currently, we have no such debt obligations on the balance sheet.

Michael Rama: Flink paid off in full $6.9 billion of notes payable associated with the Envoy acquisition. Currently, we have no such debt obligations on the balance. Now turning to slide 15, here I would like to revisit the significant decline in our total operating expenses as a percentage of revenue and the progress that we've made over the last six quarters. Total operating expenses were 170% of revenue in 2022.

Michael Battaglia: Blink paid off in full $6.9 billion of notes payable associated with the Envoy acquisition. Currently, we have no such debt obligations on the balance. Now turning to slide 15, I would like to revisit the significant decline in our total operating expenses as a percentage of revenue and the progress that we've made over the last six quarters.

Speaker Change: Blink paid off in full $6.9 billion of notes payable associated with the Envoy acquisition. Currently, we have no such debt obligations on the balance sheet.

Michael Rama: Now, turning to slide 15, here is a light to revisit the significant decline in our total operating expenses as a percentage of revenue and the progress that we've made over the last six quarters. The total operating expenses were 170% of revenue in 2022. In 2024, we have reduced this number by 8,200 basis points, which is more than half, demonstrating that our strategy of balancing our expenses while preparing for the future is working.

Speaker Change: Now turning to slide 15, here I would like to revisit the significant decline in our total operating expenses as a percentage of revenue and the progress that we've made over the last six quarters.

Speaker Change: Total operating expenses were 170 percent of revenue in 2022. In 2024, we have reduced this number by 8,200 basis points.

Michael Rama: In 2024, we have reduced this number by 8,200 basis points, which is more than half, demonstrating that our strategy of balancing our expenses while preparing for the future is working. Now, this concludes my prepared remarks. I'm going to turn the call back over to Brendan Jones for a few final comments.

Speaker Change: which is more than half, demonstrating that our strategy of balancing our expenses while preparing for the future is working.

Michael Rama: Now this concludes my prepared remarks.

Brendan Jones: I'm going to turn the call back over to Brendan Jones for a few final comments. Go ahead, Brendan. Thanks, Michael. So folks, in Q2, Blink achieved growth driven by profitable and recurring revenue from services. We saw some softness on the product side in the second quarter, which was driven by the current environment for EV sales. The EV market as a whole, it's slightly dipped in Q1 and then it grew slightly in Q2. But overall, it is flat for the first half of 2024. Our total revenue is in line with this trend at that time.

Brendon Jones: Now this concludes my prepared remarks. I'm going to turn the call back over to Brendan Jones for a few final comments. Go ahead, Brendan.

Brendan Jones: So folks, in Q2, Blink achieved growth driven by profitable and recurring revenue from services. We saw some softness on the product side in the second quarter, which was driven by the current environment for EV sales. The EV market as a whole, slightly dropped in Q1, and then it grew slightly in Q2, but overall, it is flat for the first half of 2024. Our total revenue is in line with this trend at this time. For the full year of 2024, Blink is adjusting its revenue target to between $145 million and $155 million.

Brendan Jones: So folks, in Q2, Blink achieved growth driven by profitable and recurring revenue from services. For the full year of 2024, Blink is adjusting its revenue target to between $145 million and $155 million.

Brendon Jones: Thanks, Michael.

Brendon Jones: So folks, in Q2, Blink achieved growth driven by profitable and recurring revenue from services.

Speaker Change: We saw some softness on the product side in the second quarter, which was driven by the current environment for EV sales.

Speaker Change: The EV market as a whole, it slightly dipped in Q1 and then it grew slightly in Q2, but overall it is flat for the first half of 2024. Our total revenue is in line with this trend at this time.

Brendan Jones: For the full year of 2024, Blink is adjusting its revenue target to between 145 million and 155 million.

Speaker Change: For the full year of 2024, Blink is adjusting its revenue target to between $145 million and $155 million. The company is also updating its timeline to achieve EBITDA, positive adjusted EBITDA, during 2025 now.

Brendan Jones: The company is also updating its timeline to achieve EBITDA, audited, adjusted EBITDA during 2025 now. We are maintaining our gross margin target of approximately 33%, supported by efforts of continuous improvement. Now, when we focus on the robust increase in service revenue and significant reduction in expenses this quarter, this demonstrates the underlying strength of our business model. Our number one priority is to continue to structurally adjust for the future demand growth while also remaining nimble and responsive to changing market conditions. Blink's synergies are cost-cutting and are cost-avoidant actions will continue through 2024 and beyond. We also will continue to advance our vertical integration strategy with production of high quality by America compliant chargers from our facility in Maryland.

Brendan Jones: The company is also updating its timeline to achieve EBITDA, positive adjusted EBITDA, during 2025 now. We are maintaining our gross margin target of approximately 33% supported by efforts of continuous improvement. Now, when we focus on the robust increase in service revenue and significant reduction in expenses this quarter, this demonstrates the underlying strength of our business model. Our number one priority is to continue to structurally adjust for future demand growth while also remaining nimble and responsive to changing market conditions.

Brendan Jones: The company is also updating its timeline to achieve EBITDA, positive adjusted EBITDA, during 2025 now. We are maintaining our gross margin target of approximately 33% supported by efforts of continuous improvement. Now, when we focus on the robust increase in service revenue and significant reduction in expenses this quarter, this demonstrates the underlying strength of our business model. We also will continue to advance our vertical integration strategy with the production of high-quality Buy America compliant chargers from our facility in Maryland.

Speaker Change: We are maintaining our gross margin target of approximately 33% supported by efforts of continuous improvement.

Speaker Change: Now when we focus on the robust increase in service revenue and significant reduction in expenses this quarter, this demonstrates the underlying strength of our business model.

Speaker Change: Our number one priority is to continue to structurally adjust for the future demand growth while also remaining nimble and responsive to changing market conditions.

Brendan Jones: Blink's synergies, our cost-cutting, and our cost-avoiding actions will continue through 2024 and beyond. We also will continue to advance our vertical integration strategy with the production of high-quality Buy America compliant chargers from our facility in Maryland. But at the same time, we are going to leverage our expanded manufacturing capabilities in the U.S. and globally to drive cost reduction, increase synergies, and serve our global customers. Now, let me summarize a few things that were mentioned earlier.

Speaker Change: Blink's synergies, our cost-cutting, and our cost-avoidance actions will continue through 2024 and beyond.

Speaker Change: We also will continue to advance our vertical integration strategy with production of high-quality

Brendan Jones: But at the same time, we were going to leverage our expanded manufacturing capabilities in the US and globally to drive cost reduction, increase synergies, and service our global customers.

Brendan Jones: But at the same time, we are going to leverage our expanded manufacturing capabilities in the U.S. and globally to drive cost reduction, increase synergies, and serve our global customers. Now, let me summarize a few things that were mentioned earlier.

Speaker Change: by America-compliant chargers from our facility in Maryland. But at the same time, we are going to leverage our expanded manufacturing capabilities in the U.S. and globally to drive cost reduction, increase synergies, and service our global customers.

Brendan Jones: Now, let me summarize a few things that were mentioned earlier. During the second quarter, we continue to gain market share and expand our charging footprint. While our sales performance reflected the general short term softening of EBITDA demand, we are unquestionably still at the forefront of massing massive charger infrastructure build-out that is going to be with us for many decades to come. Blink is the third largest network in the US with a growing network in Europe. As a result, we are well positioned to benefit from this long-term trend for EVs. If we look at the product, the breadth of Blink's product lineup combined with our flexible offerings differentiates us in the marketplace and establishes the company as a leading provider of electric vehicle charging solutions that can meet the demands of virtually all customers across the board.

Brendan Jones: During the second quarter, we continued to gain market share and expand our charging infrastructure. While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of massive charger infrastructure build out that is going to be with us for many decades to come. Blink is the third largest network in the US with a growing network in Europe.

Brendan Jones: During the second quarter, we continued to gain market share and expand our charging footprint. While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of massive charger infrastructure build-out that is going to be with us for many decades to come. Blink is the third largest network in the US with a growing network in Europe.

Speaker Change: Now let me summarize a few things that were mentioned earlier.

Speaker Change: During the second quarter, we continue to gain market share and expand our charging footprint.

Speaker Change: While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of massive charger infrastructure build-out that is going to be with us for many decades to come.

Speaker Change: Blink is the third largest network in the U.S. with a growing network in Europe . As a result, we are well positioned to benefit from this long-term trend for EVs.

Brendan Jones: As a result, we are well positioned to benefit from this long-term trend for EVs. On the product front, the breadth of Blink's product lineup, combined with our flexible offerings, differentiates us in the marketplace and establishes the company as a leading provider of electric vehicle charging solutions that can meet the demands of virtually all customers across the board. In the second quarter, we continued to diversify our product sales to include more level two charging equipment.

Brendan Jones: As a result, we are well positioned to benefit from this long-term trend for EVs. On the product front, the breadth of Blink's product lineup, combined with our flexible offerings, differentiates us in the marketplace and establishes the company as a leading provider of electric vehicle charging solutions that can meet the demands of virtually all customers across the board. With our unique vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders.

Speaker Change: If we look at the product, the breadth of Blink's product lineup, combined with our flexible offerings, differentiates us in the marketplace.

Speaker Change: and establishes the company as a leading provider of electric vehicle charging solutions that can meet the demands of virtually all customers across the board.

Brendan Jones: In the second quarter, we continue to diversify our product sales to include more Level Two charging equipment. Moreover, we anticipate that our own is focus on services and software solutions and integrating our product into the broader grid will hours to expand our dressable market and increase revenue. In the second quarter of 2023, as we continue to drive efficiencies, scale our business and focus on reaching sustainable adjusted revenue profitability. With our unique vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders. We remain committed to expanding our global charging footprint and leaning into our mission of advancing energy transition through innovative charging solutions.

Brendan Jones: Moreover, we anticipate that our enhanced focus on services and software solutions and integrating our product into the broader grid will help to expand our addressable market and increase revenue. We also significantly reduced our operating expenses by 41% compared to the second quarter of 2023, as we continue to drive efficiencies, scale our business, and focus on reaching sustainable adjusted EBITDA profitability.

Speaker Change: In the second quarter, we continued to diversify our product sales to include more Level 2 charging equipment. Moreover, we anticipate that our enhanced focus on services and software solutions

Speaker Change: and integrating our product into the broader grid will allow us to expand our addressable market and increase revenue.

Speaker Change: We also significantly reduced our operating expenses by 41% compared to the second quarter of 2023, as we continue to drive efficiencies, scale our business, and focus on reaching sustainable adjusted EBITDA profitability.

Brendan Jones: With our unique vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders. We remain committed to expanding our global charging footprint and leaning into our mission of advancing the energy transition through innovative charging solutions. And before we end this call, it is important to note that we believe we have created the best team in the charging industry. I would like to thank our team across the globe, who are implementing our plan and taking care of our customers.

Speaker Change: With our unique vertically integrated model, we believe that Blink is well positioned to drive long-term growth and value for our stakeholders. We remain committed to expanding our global charging footprint and leaning into our mission of advancing energy transition through innovative charging solutions.

Brendan Jones: We remain committed to expanding our global charging footprint and leaning into our mission of advancing the energy transition through innovative charging solutions. And before we end this call, it is important to note that we believe we've created the best team in the charging industry. I would like to thank our team across the globe who are implementing our plan and taking care of our customers. And I also want to thank our customers and our drivers for trusting Blink with their charging needs and for being part of this transportation and energy revolution. Blink is successful because of our team. Our team listens, they learn, and they lead in this industry.

Brendan Jones: And before we end this call, it is important to note that we believe we created the best team in the charging industry. I would like to thank our team across the globe who is implementing our plan and taking care of our customers. And I also want to thank our customers and our drivers for trusting Blink with their charging needs and for being part of this transportation and energy revolution. Blink is successful because of our team. Our team listens, they learn, and they lead in this industry.

Speaker Change: And before we end this call, it is important to note that we believe we've created the best team in the charging industry. I would like to thank our team across the globe who is implementing our plan and taking care of our customers.

Brendan Jones: And I also want to thank our customers and our drivers for trusting Blink with their charging needs and for being part of this transportation and energy revolution. Blink is successful because of our team. Our team listens, they learn, and they lead in this industry. With that, I think we're ready to take some questions, so we'll turn it over to you.

Speaker Change: And I also want to thank our customers and our drivers for trusting Blink with their charging needs and for being part of this transportation and energy revolution.

Speaker Change: Blink is successful because of our team. Our team listens, they learn, and they lead in this industry.

Vitalie Stelea: With that, I think we're ready to say some questions, so we'll turn it over.

Speaker Change: With that, I think we're ready to take some questions, so we'll turn it over.

Vitalie Stelea: Certain. Everyone at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star one on your phone at the time.

Operator: Everyone on the line at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while you're asking your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Again, if you have any questions or comments, please press star 1 on your phone. York Little Partners, your line is live.

Speaker Change: Certainly. Everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while posing your question, please pick up your handset. If you're listening on speakerphones, provide optimum sound quality.

Vitalie Stelea: We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to flight optimum sound quality. To begin, if you have any questions or comments, please press star one on your phone.

Speaker Change: Again, if you have any questions or comments, please press star 1 on your phone.

William Grippin: Your little partners, your line is live. Good evening, and thanks for taking my questions. So, Brendan, can you maybe talk a little bit about the linearity of demand during the quarter and how things have progressed over the last few weeks. You know, the weakness that you saw that you reported on the last quarter, you know, I guess I didn't understand that to be something that was as material as what transpired. Can you, can you say whether or not things deteriorated from that point, or maybe if we hit a trough and saw sort of typical linearity.

Operator: York Little Partners, your line is live.

Speaker Change: Your hospital partners. Your line is live.

York Little Partners: Good evening, and thanks for taking my question. Is the market asking for something slightly different right now? You know, what should we know about, you know, the revenue channel? And what's driving volumes?

Craig Irwin: Good evening, and thanks for taking my question. So Brendan, can you maybe talk a little bit about the linearity of demand during the quarter and how things have progressed over the last few weeks? You know, the weakness that you saw that you reported in the last quarter, I guess I didn't understand that to be something that was as material as what transpired. Can you say whether or not things deteriorated from that point, or maybe we hit a trough and saw sort of typical linearity?

Speaker Change: Good evening and thanks for taking my questions.

Speaker Change: So Brendan, can you maybe talk a little bit about linearity of demand during the quarter and how things have progressed over the last few weeks?

Speaker Change: you know, the weakness that you saw, um, that you reported on the last quarter.

Speaker Change: I guess I didn't understand that to be something that was as material as what transpired.

Speaker Change: Can you say whether or not things deteriorated from that point, or maybe if we hit a trough and saw sort of typical linearity?

Craig Irwin: And then, the second part of that question, Bowie Maryland is a great investment. Obviously, you got, you know, key customers in there that like to buy, well, the main main American product. But in the quarter, you said there was a shift in product mix to third-party manufactured products. Is the market asking for something slightly different right now? You know, what should we know about, you know, the revenue channel and what's driving volumes?

William Grippin: And then a second part of that question, Bowie, Maryland is a great investment. Obviously got no key customers in there that like the buy well, the main main America product. But in the quarter, you said there was a shift in product mix to third party manufacturer products. Is the market asking for something slightly different right now? You know, what should we know about, you know, the revenue channel and what's driving volumes right now.

Speaker Change: And then a second part of that question, Bowie Maryland is a great investment, obviously you've got key customers in there that like to buy, well, the main America product, but in the quarter you said there was a shift in product mix to third-party manufactured products.

Speaker Change: Is the market asking for something slightly different right now? What should we know about the revenue channel? And what's driving volumes right now?

Brendan Jones: Okay, I'm going to start with the last question, then refresh me, and we'll go back to the first question, all right? So looking at products... You know, it's not that there's a change in customer demand for that, it's just that in our fully vertically integrated model, there's a miss on what's called a single plug unit. We have a dual plug unit which is very cost effective and drives down the acquisition cost for our customers.

Brendan Jones: Okay, I'm going to start at the last question, then refresh me and we'll go back to the first question, all right. So looking at product, you know, it's not that there's a change in customer demand on that. It's just that in our fully vertically integrated model, there's a miss on what's called a single plug unit. We have a dual plug unit, which is very cost effective and drives down the acquisition cost for our customers. But when it's a single-port charger that is needed, that has historically been a third-party product that we've gotten. So the demand for that slightly did increase.

Speaker Change: Okay, I'm going to start at the last question, then refresh me and we'll go back to the first question, all right? So, looking at a product...

Brendan Jones: You know, it's not that there's a change in customer demand for that. It's just that in our fully vertically integrated model, there's a miss on what's called a single plug unit. We have a dual plug unit, which is very cost effective and drives down the acquisition cost for our customers.

Speaker Change: You know, it's not that there's a change in customer demand on that. It's just that in our fully vertically integrated model, there's a miss on what's called a single-plug unit. We have a dual-plug unit, which is very cost-effective and drives down the acquisition cost for our customers.

Brendan Jones: But when it's a single-port charger that is needed, that has historically been a third-party product that we've gotten. So the demand for that slightly did increase, and so we had to use the third party at a lower margin factor on that particular product. And, you know, and that's been consistent throughout our history. Now we're working to sunset that. What's going to happen, though, is our replacement charger that is being built by us either in Bowie, Maryland or sourced globally as well from our manufacturing facility in India that's going to replace this charger.

Speaker Change: But when it's a single port charger that is needed, that has historically been a third-party product that we've gotten.

Brendan Jones: And so we had to use the third party at a lower margin factor on that particular product. And you know, and that's been consistent through our history. Now, we're working on the sunset that what's going to happen though is our replacement charger that is being built by us either in Booey, Maryland and sourced globally as well out of our manufacturing facility in India. That's going to replace this charger. And so that's going to alleviate this legacy issue that we have on some of the revenue now on the margin. Now, keep in mind, we still maintain, maintain best in class margins despite that.

Speaker Change: So the demand for that slightly did increase.

Speaker Change: And so we had to use the third party at a lower margin factor on that particular product. And, you know, and that's been consistent throughout our history. Now we're working to sunset that.

Brendan Jones: What's going to happen, though, is our replacement charger that is being built by us either in Bowie, Maryland or sourced globally as well from our manufacturing facility in India, that's going to replace this charger. And so that's going to alleviate this legacy issue that we have on some of the revenue now on the margin. Now, keep in mind, we still maintain best-in-class margin despite that. So there's a lot of things that go into the equation.

Speaker Change: What's going to happen, though, is our replacement charger that is...

Speaker Change: Being built by us, either in Bowie, Maryland and sourced globally as well out of our manufacturing facility in India, that's going to replace this charger. And so that's going to alleviate this legacy issue that we have on some of the revenue now on the margins.

Brendan Jones: And so that's going to alleviate this legacy issue that we have on some of the revenue now on the margin. Now, keep in mind, we still maintain best-in-class margin despite that. So there are a lot of things that go into the equation. So the industry, you know, it's.

Speaker Change: Now, keep in mind, we still maintain best-in-class margins despite that, so there's a lot of things that go in the equation.

Brendan Jones: Yeah, so there's a lot of things that go into the equation. So the industry, you know, look, when you look at the sales and the numbers in first quarter were somewhere around 7-3% which were much lower than they were at the end of counting the year 23. They buoyed up and got a little bit of above, probably years somewhere just over 8% for Q2, but they sort of stood there and that's flat, right? So we were predicting earlier that industry volume would be up to 10% plus percent and even higher in some indices. So, you know, that's primary one of the drivers of what we saw in the lower activity in higher volumes on L2 charging and some DC charging as well, which is a big revenue source for us as well.

Brendan Jones: So the industry, you know, it's, when you look at the sales, and, you know, the numbers in the first quarter were somewhere around 7.3 percent, which were much lower than they were at the end of calendar year 23. They buoyed up and got a little bit above prior years, somewhere just over 8 percent for Q2, but they sort of stayed there, and that's flat, right? So, we were predicting earlier that industry volume would be up to 10 plus percent and even higher in some indices.

Speaker Change: So the industry, you know, it's...

Speaker Change: You know look when you look at the sales and and you know the numbers in first quarter were somewhere around seven three

Speaker Change: which were much lower than they were at the end of.

Speaker Change: calendar year.

Speaker Change: 23. They buoyed up and got a little bit of above prior years somewhere just over 8% for Q2, but they sort of said then that's flat, right?

Speaker Change: So we were predicting earlier that industry volume would be up to 10 plus percent and even higher in some indices.

Brendan Jones: So, you know, that's primarily one of the drivers of what we saw in the lower activity in higher volumes on L2 charging and some DC charging as well, which is a big revenue source for us as well. Now, you couple that in the U.S. with some of the political uncertainty and even some of the naysayers on EVs when it became politicized.

Speaker Change: The primary one of the drivers of what we saw in the lower activity in higher volumes on L2 charging and some DC charging as well, which is a big revenue source for us as well. Now you couple that in the U.S. with some of the political uncertainty and even some of the naysayers on EVs.

Brendan Jones: Now you couple that in the US with some of the political uncertainty and even some of the naysayers on EVs when it became politicized. You know, I think that, you know, added to this equation that we saw, but we continue to see positive signs in the future. We continue to hear customers that, you know, we have open contracts with that are into Q4 and some announcements today we got into Q1 of next year that, you know, they're not backing off. They may have delayed a bit, but they're not backing off. So we're very, very encouraged by that.

Brendan Jones: You know, I think that, you know, added to this equation that we saw, but we continue to see positive signs for the future. We continue to hear customers that, you know, we have open contracts with that are into Q4 and some announcements today we got into Q1 of next year that, you know, they're not backing off. They may have delayed a bit, but they're not backing off. So, we're very, very encouraged by that.

Speaker Change: When it became politicized, you know, I think that, you know, added to this equation that we saw.

Speaker Change: We continue to see positive signs for the future.

Speaker Change: We continue to hear customers that

Speaker Change: You know, we have open contracts with that are into Q4 and some announcements today we got into Q1 of next year that, you know, they're not backing off.

Speaker Change: They may have delayed a bit, but they're not backing off. So we're very, very encouraged by that. We see the market, you know, rebounding a bit on the vehicle side. We continue to see the OEMs invest.

Brendan Jones: We see the market, you know, rebounding a bit on the vehicle side. We continue to see the OEMs invest in charging infrastructure and then invest in electric vehicles. Another announcement out today about Hyundai investing in Taiwan to make sure that they have the component strategy for their massive increase in EV sales. And that was another sizable investment by Hyundai. So, I think we're in this soft spot. We're seeing this soft spot is going to alleviate and lift. You know, there might be some slowness in Q3, but definitely as we get into Q4 and beyond, we see the industry recharging itself, excuse the pun, and moving forward.

Brendan Jones: We see the market, you know, rebounding a bit on the vehicle side. We continue to see the OEMs invest in charging and then invest in electric vehicles. Another announcement out today about Hyundai is investing in Taiwan to make sure that they have the component strategy for their massive increase in the EV sales. And that was another sizable investment by Hyundai.

Speaker Change: and then invest in electric vehicles. Another announcement out today about Hyundai is investing in Taiwan to make sure that they have the component strategy for their massive increase in EV sales. And that was another sizable investment by Hyundai.

Brendan Jones: So I think we're in the soft spot. We're seeing this spot is going to alleviate and lift. You know, there might be some slowness in Q3, but definitely, as we get into Q4 and beyond, we see the industry recharging itself, excuse the pun, and moving forward. I like the pun. I definitely like the pun.

Speaker Change: So, I think we're in this soft spot, we're seeing this soft spot is going to alleviate and lift. You know, there might be some slowness in Q3, but definitely as we get into Q4 and beyond, we see the industry recharging itself, excuse the pun, and moving forward.

Craig Irwin: I like the pun. I definitely like the pun. If we could touch on the linearity in the quarter and how things are trending post-quarter, that would be really helpful.

York Little Partners: I like the pun. I definitely like the pun. If we could touch on the linearity in the quarter and how things are trending post-quarter, that would be really helpful.

Speaker Change: I like the pun. I definitely like the pun. If we could touch on the linearity in the quarter and how things are trending post-quarter, that would be really helpful.

William Grippin: If we could touch on the linearity in the quarter and how things are trending post quarter, that would be really helpful. Okay, in terms of which part of the business, the revenue progression. So I understand there's always a hockey stick into the end of the quarter. But can you maybe, you know, the softness that you noted, right? When you noted that last quarter, you know, many of us hadn't weighed that as significantly as what materialized, right? So it was very early in the quarter and you tend to, you know, the visibility bilge, right? Can you talk about, you know, how the progression of the quarter compared to a typical quarter for you, you know, where did we see things move to the point where you elected to adjust your guidance.

Craig Irwin: Okay, in terms of which part of the business?

Craig Irwin: The Revenue Progression, so I understand there's always a hockey stick until the end of the quarter. Uh huh. Can you maybe, you know, the softness that you noted, right? When you noted that last quarter, many of us hadn't weighed that as significantly as what materialized, right? So it was very early in the quarter, and you tend to, you know, visibility builds, right? Can you talk about how the progression of the quarter compared to a typical quarter for you, and where did we see things move to the point where you elected to adjust your guidance to some changing market conditions?

Speaker Change: Okay, in terms of which part of the business? The revenue progression. So I understand there's always a hockey stick until the end of the quarter. Uh-huh.

Speaker Change: Can you maybe, you know, the softness that you noted, right, when you noted that last quarter, you know, many of us hadn't weighed that as significantly as what materialized.

Speaker Change: right so was very early in the quarter and tend to you know the visibility billt right can you talk about you know how the the progression of the quarter compared to a typical quarter for you you know where did we see

Speaker Change: things move to the point where you elected to adjust your guidance to some changing market conditions.

Brendan Jones: It's just some changing market conditions. Yeah, we just did the guidance because, I mean, you know, number one, we didn't see that strength in Q2. So, as a result, we were forced to adjust it. We see, we see in our numbers, though, that month-over-month sales are improving, but what we're not going to do is getting into giving quarter of recorder guidance here.

Brendan Jones: Yeah, we adjusted the guidance because, I mean, number one, we didn't see that strength in Q2. So as a result, we were forced to adjust it. We see in our numbers, though, that month-over-month sales are improving, but what we're not going to do is get into giving quarter-over-quarter guidance. Michael Michael whoops, I gotta go Mike Battaglia, do you want to add any color to that

Speaker Change: Yeah, we adjusted the guidance because, I mean, number one, we didn't see that strength in Q2. So, as a result, we were forced to adjust it.

Speaker Change: We see

Speaker Change: We see in our numbers, though, that month-over-month sales are improving, but what we're not going to do is getting into giving quarter-over-quarter guidance here.

Brendan Jones: Uh Michael Michael whoops, I gotta go Mike Battaglia. Do you want any uh color on that?

Michael Rama: Michael, Michael, which I got a good mic, fataglia. You want any color to that. Yeah, so as we started off the quarter, we saw that softness and that thing, to use your term, the linearity of it continued through May and June. As you had pointed out, we always see a bump in the last month of the quarter, and we saw that bump. It just wasn't as strong as we've seen in prior quarters. So we that's really primarily what drove it, and that's what caused us to adjust the full year.

Speaker Change: Michael, whoops, I've got to go Mike Battaglia, you want to add any color to that?

Michael Battaglia: Yeah, so as we started off the quarter, we saw that softness, and that seemed, to use your term, the linearity of it continued through May and June. As you had pointed out, we always see a bump in the last month of the quarter, and we saw that bump. It just wasn't as strong as we've seen in prior quarters. So that's really primarily what drove it, and that's what caused us to adjust for the full year.

Mike Battaglia: Yeah, so as we started off the quarter, we saw that softness and that, that same, to use your term, the linearity of it.

Craig Irwin: understood. understood.

Mike Battaglia: continued through May and June .

Mike Battaglia: As you had pointed out, we always see a bump in the last month of the quarter, and we saw that bump. It just wasn't as strong as we've seen in prior quarters. So, we...

Mike Battaglia: So we, that's really primarily what drove it, and that's what caused us to adjust the full year.

William Grippin: Understood, then the 33 gigawatts in network throughput, that's a chunky number, that's a nice growthy number, and it's nice to see that drive 15% growth in the service revenue. Can you maybe talk a little bit about solidations across the network? Are there areas of the network maybe where you need to supplement available charge posts? Are there some bright spots out there as far as opportunities for investment, given that the strong growth in network throughput? So I think I understood the question. If I'm not answering correctly, hit me, or Michael Mike will jump in and answer.

Craig Irwin: Then the 33 gigawatts in network throughput, that's a chunky number. That's a nice growing number, and it's nice to see that drive 15% growth in service revenue. Can you maybe talk a little bit about utilization across the network? Are there areas of the network, maybe where you need to supplement available charge posts? Are there some bright spots out there as far as opportunities for investment given the strong growth in network throughputs?

Speaker Change: Understood, understood. Then the 33 gigawatts in network throughput, that's a chunky number, that's a nice growthy number, and it's nice to see that drive 15% growth in the service revenue.

Speaker Change: Can you maybe talk a little bit about mobilizations across the network? Are there areas of the network maybe where you need to supplement available charge posts? Are there...

Speaker Change: You know, some bright spots out there as far as, you know, opportunities for investment given the strong growth in network throughputs.

Brendan Jones: So I think I understood the question. If I'm not answering correctly, hit me, or Mike or Mike will jump in and answer. So, I mean, in terms of the back off in long-term investments, you know, we're not seeing it.

Speaker Change: So I think I understood the question. If I if I'm not answering correctly, hit me or Mike or Mike will jump in and answer. So I mean in terms of

Brendan Jones: So I mean in terms of the back off and long term investments, we're not saying we're engaged right now and we'll have some announcements on some pretty lucrative owner operator deals that we're fully involved in in both the United States and Europe. We're seeing an uptick on a percent of activity, and what we measure by that is we look at revenue coming, and it has this balance of about, in Europe, 80-20 meeting: 80% its owner operator and 20% is usually sales, and the US is 25% is usually owner operated, and then the rest 75% of the sales.

Mike Battaglia: The back-off in long-term investments, you know, we're not seeing it. We're engaged right now, and we'll have some announcements on some pretty lucrative owner-operator deals that we're fully involved in, in both the United States and Europe .

Brendan Jones: We're engaged right now, and we'll have some announcements on some pretty lucrative owner-operator deals that we're fully involved in in both the United States and Europe. We're seeing an uptick in percent of activity. And what we measure by that is, you know, we look at revenue coming in, and it's got this balance of about, in Europe, 80-20, meaning 80% is owner-operated and 20% is usually sales. In the U.S., it's 25% is usually owner-operated, and then the rest is 75% sales.

Speaker Change: we're we're seeing an uptick on a percent of activity and what we measured by that is you know we look at revenue coming and it had this balance

Speaker Change: about

Speaker Change: In Europe , 80-20, meaning 80% is owner-operator, and 20% is usually sales. In the U.S., it's 25% is usually owner-operated, and then the rest, 75% is sales. What we've witnessed in Q2...

Brendan Jones: What we've witnessed in Q2 is a significant uptick in owner-operator investments. And the good thing for Blink is that it fits under what's called our hybrid. And that's where we pay for the charger, the maintenance, the upkeep, the swapping out of the charger, the site host pays for the installation, and then we split the revenue on a 60-40 basis. Right now, that has picked up significantly, as Mike indicated in his numbers. The other area we're going to keep focusing on and where we're seeing growth right now is in multifamily and fleet.

Brendan Jones: What we witnessed in Q2 is a significant uptick in owner operator investments, and the good thing for Blink is that fits under what's called our hybrid model, and that's where that we pay for the charger, the maintenance, the upkeep, the swapping out of the charger; the side host pays for the installation, and then we split the revenue on a 60-40. Right now, that picked up significantly, as Mike indicated in his numbers. The other spot we're going to keep focusing on and where we're seeing growth right now is in multifamily and fleet. So fleet operators aren't slowing down as much, and as you all know, we still have a very lucrative contract with the post office.

Speaker Change: is a significant uptick in owner-operator investments. And the good thing for Blink...

Michael Battaglia: And that's where we pay for the charger, the maintenance, the upkeep, the swapping out of the charger, the site host pays for the installation, and then we split the revenue on a 60-40 basis. Right now, that has picked up significantly, as Mike indicated in his numbers. The other area we're going to keep focusing on and where we're seeing growth right now is in multifamily and fleet. So, fleet operators aren't slowing down as much, and as you all know, we still have a very lucrative contract with the post office.

Speaker Change: is that fits under what's called our hybrid model.

Speaker Change: and that's where that we pay for the charges the maintenance the up keep the swapping out of the charger the siteo s pid for the installation and then we split the revenue on to sixty forty right now that picked up significantly as mike indicated in his numbers

Speaker Change: The other spot we're gonna keep focusing on and where we're seeing growth right now is in multifamily and fleet. So fleet operators aren't slowing down as much. And as you all know, we still have a very lucrative.

Brendan Jones: So, fleet operators aren't slowing down as much, and as you all know, we still have a very lucrative contract with the post office. We can't comment directly on what we'll see in that, but that contract remains in place, and we have confirmation that we'll be getting additional orders on that, although the dollar amount and the timeframe are not at liberty to disclose at this time. Michael, any additional color on that? Battaglia, that is.

Brendan Jones: We can't comment directly on what we'll see in that, but that contract remains in place, and we have confirmation that we'll be getting additional orders on that, although the dollar amount and the timeframe were not liberty disclosed at this time.

Michael Battaglia: We can't comment directly on what we'll see in that, but that contract remains in place, and we have confirmation that we'll be getting additional orders on that, although the dollar amount and the timeframe are not at liberty to disclose at this time. Michael, any additional color on that? Battaglia, that is.

Speaker Change: We can't comment directly on what we'll see in that, but that contract remains in place, and we have confirmation that we'll be getting additional orders on that, although the dollar amount and the timeframe, we're not at liberty to disclose at this time.

Michael Battaglia: Michael, any additional color on that? But tagly, yeah that is. Yeah, I just real quick, so Craig, you know, I've been at Blink now four years, and one of the things that I love is the fact that our analytical capabilities continue to get better and better. So for your point, one of the things we are doing now is looking deep within the existing customer base and identifying those locations where we see the need for additional chargers. Now it presents a pretty interesting opportunity where we can do really one of two things. One is if we own the chargers at the side, we can expand them, but the second one is we can offer to take over chargers that, for instance, a host owns that where they're faced with wanting to add more chargers but maybe don't have the budget to do it or whatever it may be.

Speaker Change: Michael, any additional color on that?

Michael Battaglia: Yeah, just real quick. So, Craig, you know, I've been at Blink for four years now, and one of the things that I love is the fact that our analytical capabilities continue to get better and better. So, to your point, one of the things we are doing now is looking deep within the existing customer base and identifying those locations where we see the need for additional chargers. Now, this presents a pretty interesting opportunity where we can do really one of two things.

Michael Rama: but tagly and that is yeah i've just realquick so craig know i've been at pointink now four years and one of the things that i love is the fact that our analytical capabilities continue to get better better

Michael Rama: So, to your point,

Speaker Change: One of the things we are doing now is looking deep within the existing customer base and identifying those locations where we see the need for additional chargers. Now, it presents a pretty interesting opportunity where we can do really one of two things. One is, if we own the chargers at the site, we can expand them. But the second one is, we can offer to take over.

Michael Battaglia: One is, if we own the chargers at the site, we can expand them. But the second one is, we can offer to take over chargers that, for instance, a host owns where they're faced with wanting to add more chargers but maybe don't have the budget to do it or whatever it may be. So, we're looking at it on both fronts, and as I mentioned in my comments, we're also looking at more and more high-utilization DC fast charger sites.

Michael Rama: chargers that, for instance, a host owns.

Michael Rama: that where they're faced with wanting to add more chargers but maybe don't have the budget to do it or whatever it may be. So we're looking at it on both fronts. And as I mentioned in my comments, we're also looking more and more at high utilization DC fast charger sites.

Michael Battaglia: So we're looking at them on both fronts, and as I mentioned in my comments, we're also high utilization DC fast charger sites. It's in a responsible way that Blink approaches this. So, yeah, there's opportunity out there to do more on the owner-oper in high utilization front. And I would only add to that, which is really interesting in this space, is the advent of AI and are engaged with companies that are focusing on equations that equal higher revenue on a site basis with better station economics right place. And that is some, it's really fascinating to see what those numbers bear out.

Michael Battaglia: In the responsible way that Blink approaches this. So yeah, there's opportunity out there to do more on the owner-operator and high utilization. And I would only add to that, which is really interesting in the space, is the advent of AI and our engagement with companies that are focusing on equations that equal higher revenue on a site basis with better station economics, right placement, that is some, it's really fascinating to see what those numbers bear out. And we'll have more on that as we move out into additional quarters with our engagement with those types of companies.

Michael Rama: in a responsible way that link approaches this so yes there's opportunity out there to do more on the owner roper in our utilization front

Michael Battaglia: And I would only add to that what is really interesting in the space is the advent of AI and our engagement with companies that are focusing on

Speaker Change: And I would only add to that, which is really interesting in this space, is the advent of AI and our engagement with companies that are focusing on

Michael Rama: equations that equal higher revenue on a site basis with better station economics right placement that is some is really fascinating to see what those numbers bear out and we'll have more on that as we move out into additional quarters over our engagement what those type of companies

Michael Battaglia: And we'll have more on that as we move out into additional quarters with our engagement with those types of companies.

William Grippin: Great.

York Little Partners: Great. Well, thanks for taking my questions. Congratulations on a really strong job, Dink, bringing down the frictional costs. It's impressive you've got them down so much year over year. Sure, thanks. Thank you. Your next question is from William Grippen.

Craig Irwin: Great. Well, thanks for taking my questions. Congratulations on a really strong job, Dink, bringing down the frictional costs. It's impressive you've got them down so much year over year. Sure, thanks. Thank you. Your next question is from William Grippin.

William Grippin: Well, thanks for taking my questions. Congratulations on a really strong job. Bring down the frictional costs. It's impressive. You've got them down so much here. Sure. Thanks. Thank you.

Michael Rama: Great. Well, thanks for taking my questions. Congratulations on a really strong job, Dink, bringing down the frictional costs. It's impressive you've got them down so much year over year.

William Grippin: Yes. So, it's a great question.

Operator: Thank you. Your next question is from William Grippen from UBS. Your line is live.

William Grippin: Thank you. Your next question is from William Grippin from UBS. Your line is live.

William Grippin: Your next question is from William Grippin from UBS. Your line is live. Thanks very much for the time.

Speaker Change: Sure, thanks.

Speaker Change: Thank you. Your next question is from William Grippen from UBS. Your line is live.

William Grippin: My first question was just wondering if you could give us an update on where you stand with the Blink Mobility spin-off. I think you'd reference that last quarter. Yeah, so it's a great question. So, we just meet that with the team that is spinning off the company yesterday. So the S one is basically almost complete. We have a few more things we have to tweak in it. Rob is a selected company that is doing the spin with us right now. We've got the decks are done to go on the investor road show. We're paying attention to market feedback right now in terms of, you know, what is the market like?

William Grippen: Thanks very much for the time. My first question was just wondering if you could give us an update on where you stand with the Blink Mobility spin-off. I think you had referenced that last quarter.

Brendan Jones: So, we just met with the team that is spinning off the company yesterday. So, the S-1 is basically almost complete. We have a few more things we have to tweak in it. Roth is the selected company that is doing the spin with us right now. We've got the decks done to go on the investor roadshow. We're paying attention to market feedback right now in terms of, you know, what the market is like.

William Grippen: Yes, so it's a great question. So we just met with the team that is spinning off the company yesterday. So the S1 is basically almost complete. We have a few more things we have to tweak on it. Roth is the selected company that is doing the spin with us right now. We've got the decks done to go on the Investor Roadshow. We're paying attention to market feedback right now in terms of, you know, what the market is like.

Speaker Change: Yes, so it's a great question. So we just met with the team that is spinning off.

William Grippen: the company yesterday.

Speaker Change: so the s one is basically almost complete we have a few more things we have to tweak in it

William Grippen: Roth is the selected company that is doing the spin with us right now. We've got the decks are done to go on the investor roadshow. We're paying attention to market feedback right now in terms of, you know, what is the market like?

William Grippen: Is the IPO the right way to go? And then we're also working on the cost side to make sure that we're reducing expenses overall across the board. So there are a lot of expenses that we have an opportunity on both the Blue LA model and the Envoy model, but in particular the Blue LA model, to begin to reduce significantly. Those activities are now fully underway. We'll have a timeline update on when they're going to materialize in the numbers.

Brendan Jones: Is the I feel the right way to go? And then we're also working on the cost side to make sure that we're reducing the expenses overall across the board. So there's a lot of expenses that we have an opportunity on below the blue LA model and the envoy model, but in particular the blue LA model to begin to reduce significantly. Those activities are now fully underway. We'll have a timeline update on when they're going to materialize in the numbers, but you know, we feel optimistic. You know, the IPO market is in great right now, but we believe the fundamentals of the spin as we move into the back half of Q three and a Q four that there's going to be an opportunity window to go ahead and.

Brendan Jones: Is the IPO the right way to go? And then we're also working on the cost side to make sure that we're reducing expenses overall across the board. So, there are a lot of expenses that we have an opportunity on both the Blue LA model and the Envoy model, but in particular, the Blue LA model, to begin to reduce significantly. Those activities are now fully underway. We'll have a timeline update on when they're going to materialize in the numbers.

Brendan Jones: But, you know, we feel optimistic. The IPO market isn't great right now, but we believe the fundamentals of the spin, as we move into the back half of Q3 and Q4, that there's going to be an opportune window to go ahead and spin the company off. Mr. Rama, any clarity around that? No, I think, you know, it's the market; we had to look at the market, how it's being perceived at the timing and stuff like that.

William Grippen: But, you know, we feel optimistic. The IPO market isn't great right now, but we believe the fundamentals of the spin as we move into the back half of Q3 into Q4, that there's going to be an opportune window to go ahead and spin the company off. Mr. Rama, any clarity around that?

Brendan Jones: Go ahead and spin the company off.

Michael Rama: Mr. Rahman, any clarity around that? No, I think you know; it's the market. We had a look at, you know, market how it's being perceived at the time and stuff like that. Yep. All right, appreciate that color.

Michael Rama: No, I think, you know, it's the market. We had to look at the market, how it's being perceived, and the timing and stuff like that. Yeah.

Michael Rama: No, I think, you know, it's the market. We had to look at the market, how it's being perceived, timing, and stuff like that. Yeah.

William Grippen: No I think you know as the market we had a look at market, how it's being perceived if it's timing and stuff like that.

William Grippen: Yep.

William Grippen: Yeah.

William Grippen: Alright, I appreciate that color and then just.

Brendan Jones: And then just last one for me here, but on the DCFC segment, could you elaborate a bit on how you're thinking about positioning or investing in that part of the market as throughput continues to increase across DCFC networks? Yeah, absolutely. So, you know, DCFC fast charger is an owner operative; is a different beast entirely. So what we've adopted and has been serving us very well as a company is we're not going to plant flags as a company. There's other companies that are planning flags, and we're not going to put a charger in the ground that doesn't have positive station economics or positive station economics within a basic ROI timeframe.

Speaker Change: Last one for me here, but the D. C. F. C segment could you elaborate a bit on how you're thinking about positioning or investing in that part of the market as throughput continues to increase across the CFC networks.

Brendan Jones: Yeah, absolutely. So you know, DC Fast Charger as an owner-operator is a different beast entirely. So what we've adopted and has been serving us very well as a company is we're not going to plant flags as a company. There are other companies that are planting flags, and we're not going to put a charger in the ground that doesn't have positive station economics or positive station economics within a basic ROI timeframe. Typically, we look for four years or shorter on that.

William Grippen: Yeah.

Speaker Change: Salute lease so yeah.

Brendan Jones: You know, DC Fast Charger as an owner-operator is a different beast entirely. So what we've adopted and has been serving us very well as a company is that we're not going to plant flags as a company. There are other companies that are planting flags, and we're not going to put a charger in the ground that doesn't have positive station economics or positive station economics within a basic ROI timeframe. Typically, we look for four years or shorter on that.

William Grippen: D C.

Speaker Change: Fast Chargers and own or operate is a different beast entirely so what we've adopted and has been serving us very well as a company is we're not going to plant flags as a company. There's other companies that are planning flags and we're not going to put a charge on the ground that doesn't have positive station economics or positive station economics within.

Speaker Change: Our basic ROI timeframe typically we look for four years or shorter.

Brendan Jones: Typically, we look for four years or shorter on that. If there's a DC fast charger project, if there's government funding and we can meet that, then we engage in that project and we're getting some of those projects now. And the same thing, even if there isn't grant money, if we can still engage in that project and it's going to have that return, then we're going to do it. Blink is not like some of the other folks that engage in DC; we're not a cost of sale model. So when we do a DC fast charger, we do it for a return on investment in the short term.

Speaker Change: On that if there was a D C fast starts a project if theres grommet government funding and we can meet that.

Brendan Jones: If there is a DC Fast Charger project, if there's government funding, and we can meet that, then we engage in that project. And we're getting some of those projects now. And the same thing, even if there isn't grant money. If we can still engage in that project, and it's going to have that return, then we're going to do it. Blink is not like some of the other folks that engage in

Brendan Jones: If there is a DC Fast Charger project, if there's government funding, and we can meet that, then we engage in that project. And we're getting some of those projects now. And the same thing, even if there isn't grant money, if we can still engage in that project and it's going to have that return, then we're going to do it. Blink is not like some of the other folks that engage in

Speaker Change: Then we engage in that project and we're getting some of those projects now and and the same thing even if there isn't grant money. If we can still engaged in that project and it's gonna have that return then we're going to do it as Blake is not like some of the other folks that are engaged in D. C. We're not a cost of sale model. So when we.

Brendan Jones: We're not a cost-of-sale model. So when we do a DC fast charger, we do it for a return on investment in the short term. And as I said, it's four to five years we look for on that ROI, and we're starting to see this. Now on the sales side, last year we had a big sales year on DC fast chargers. It's very different this year.

Brendan Jones: We're not a cost-of-sale model. So when we do a DC fast charger, we do it for a return on investment in the short term. And as I said, it's four to five years we look for on that ROI. And we're starting to see this. Now on the sales side, last year we had a big sales year on DC fast chargers. It's very different this year.

Speaker Change: Do a D C fast or do we do it for a return on investment in and in the short term and then as I said, it's four to five years, we look for on that ROI and we're starting to see those now on the sales side you know last year, we had a big sales year on DC fast Chargers at its very different this year and when you when you break out the numbers you'll.

Brendan Jones: And as I said, it's four to five years we look for on that ROI. And we're starting to see this now on the sale side. You know, last year we had a big sales year on DC fast chargers. It's very different this year, and when you break out the numbers, you'll see that we transitioned rather successfully away from heavy DC and replaced a lot of that revenue with the increase in service revenue and the increase in L2 sales. Now, we think DC is going to bounce back, but it's going to bounce back more in a fleet setting and more in a commercial setting for big commercial companies, etc.

Brendan Jones: And when you break out the numbers, you'll see that we transitioned rather successfully away from heavy DC and replaced a lot of that revenue with the increase in service revenue and the increase in L2 sales. Now we think DC is gonna bounce back, but it's gonna bounce back more in a fleet setting and more in a commercial setting for big commercial companies, et cetera, and then it will continue on roads for highway infrastructure. So, but generally, our preference in DC is leaning heavily now to more owner-operated and more strategic locations in downtown areas and high urban transportation areas where people drive and live with their EV.

Speaker Change: See that we transitioned rather successfully away from heavy D. C and replaced a lot of that revenue with the increase in service revenue and the increase and El.

Speaker Change: Well to sales now we think D. C is going to bounce back, but it's going to bounce back more in a fleet setting and more in a commercial setting for big commercial companies et cetera, and then continue inroads for highway infrastructure, so, but definitely our preference on on D. C is leaning heavily.

Brendan Jones: And then continue in roads for highway infrastructure. So, but then we are preference on on DC is leaning heavily now to more owner operated and more strategic locations in downtown areas and high urban transportation areas where people drive and live with their EV. Great. I appreciate the color.

Speaker Change: Now to more owner operated and more strategic locations in downtown areas and high urban transportation areas, where people drive and live with their reviews.

Speaker Change: Great I appreciate the color I'll turn it over.

William Grippin: I'll turn it over.

Stephen Gengaro: Your next question is coming from Stephen Gengaro from C, your last slide.

Stephen Gengaro: Thank you. Your next question is coming from Stephen Gengaro from CFL, your last live question.

Speaker Change: Your next question is coming from Steven Green from.

Speaker Change: Your line is live.

Stephen Gengaro: Good afternoon, everybody. Hi. Hey, Stephen. How are you? So just curious, when you look at the charging revenue side, can you give us any sense of, sort of, Tesla versus non-Tesla chargers at the link stations? Yeah.

Operator: Good afternoon, everybody. Hi. Hey, Stephen.

Stephen Gengaro: Good afternoon, everybody. Hi, Stephen. Hi, how are you? So just curious, when you look at the charging revenue side, can you give us any sense for sort of Tesla versus non-Tesla charging at Blink stations? Yeah, I mean, if we look at plug-ins, right? Tesla still remains their number one brand that's plugging in, but the percentages are reducing over time. And that's not because there's anything wrong with Tesla. That's because there's more vehicles out there from competitors. So Tesla knows exactly on the... Say that again? Oh, no, that was where I was getting at. Are you seeing growth on the non-Tesla side?

Steven Green: Good afternoon everybody.

Steven: Hi, Steven.

Steven Green: Hi, how are you guys. So just curious when you look at the charging revenue side can you give us any sense for.

Speaker Change: Sort of Tesla versus non Tesla charging uplink stations.

Brendan Jones: Yeah, I mean, if we look at plug-in cars, right, Tesla still remains their number one brand that's plugging in, but the percentage is reducing over time. And that's not because there's anything wrong with Tesla. That's because there are more vehicles out there from competitors. So Tesla... Yeah, exactly.

Speaker Change: Yeah I mean.

Speaker Change: If we look and plug ins right tussle still remains our number one brand thats plugging in but the percentages reducing overtime.

Speaker Change: And that's not because there's anything wrong with Tesla, that's because theres more vehicles out there from competitors.

Speaker Change: So Tesla exactly exactly on this.

Stephen Gengaro: Um, so Tesla...

Speaker Change: Say that again.

Stephen Gengaro: Oh, no, that was what I was getting at. Are you seeing growth on the non-Tesla side? I guess that's sort of the root of the question.

Speaker Change: Oh, no that that was where I was getting at is are.

Speaker Change: Are you seeing growth on the non personal side I guess, it's sort of the route or the Allergan, Yeah, I mean at the end.

Stephen Gengaro: I guess it's sort of the root of the question. Yeah, I mean, the entire industry is there are several OEMs that will, you know, and there's no problem at Tesla, right? Is this they're in this position where, you know, they have to heavily incentivize because they're fleet of EVs is a little older and you got a lot of new or cars coming on the market, and the competition is getting, you know, intense, which is good to the overall industry to drive down costs. So definitely all the data indicates that GM, Hyundai, Kia, and BMW all have seen increased EV sales.

Brendan Jones: Yeah, I mean, the entire industry is. There are several OEMs that will, you know, and there's no problem at Tesla, right? They're in this position where, you know, they have to heavily incentivize because their fleet of EVs is a little older, and you got a lot of new cars coming out on the market, and the competition is getting, you know, intense, which is good for the overall industry to drive down costs. So, definitely, all the data indicates that GM, Hyundai, Kia, BMW, all have seen increased EV sales, while Tesla's flattened out and seen a little lower in some cases on sales.

Brendan Jones: Yeah, I mean, the entire industry is. There are several OEMs that will, you know, and there's no problem at Tesla, right? They're in this position where, you know, they have to heavily incentivize because their fleet of EVs is a little older, and you have a lot of new cars coming on the market, and the competition is getting, you know, intense, which is good for the overall industry to drive down costs. So, definitely, all the data indicates that GM, Hyundai, Kia, BMW, all have seen increased EV sales, while Tesla's flattened out and seen a little lower in some cases on sales.

Speaker Change: Tire industry is there are several Oems that will you know and Theres no problem attachment right is this they are in this position where you know they have to heavily incentivized because their their fleet of Evs is a little older and you've got a lot of new ore cars coming on the market and the competition is getting.

Speaker Change: And tenants, which is good for the overall industry to drive down costs. So definitely all the data indicates that G. M. Hyundai Kia BMW are all have seen increased E b cells, while tesla's flattened up and seen a little lower in some cases on sales.

Brendan Jones: Well, Tesla's flattened up and seen a little lower in some cases on sales. So, and that's good news. And I think about it, when we said 40% of new vehicle launches are going to be EV, on top of all the other markets out there. The competition is just increasing, moving forward. So we'll see Tesla become smaller as a portion, but it still might be the number one single brand that's charging on our stations right now.

Brendan Jones: So, and that's good news, and think about it. When we said 40% of new vehicle launches are going to be EVs, on top of all the other markets out there, the competition is just increasing moving forward. So, we'll see Tesla become smaller as a portion, but it still might be the number one single brand that's charging at our stations right now. Great, thank you. And just a quick one, when you think about just kind of revenue growth as you think about 2025, should we just sort of think about how we're modeling EV adoption and EV sales to kind of use as a proxy, at least in the near term?

Speaker Change: And that's that's good news and I think about it when we said 40% of new vehicle launches are gonna be EV on top of all the other markets out there. The competition is just increasing moving forward. So we will see Tesla becomes smaller as a portion but it still might be the number one single brand.

Speaker Change: Pardon me owner stations right now.

Brendan Jones: Great, thank you. And just a quick one when you think about... Just kind of revenue growth as you think about to about 2025. Should we just sort of think about how we're modeling EV adoption and EV sales to kind of use as a proxy in at least in the near term? So certainly there's a higher correlation between L2 sales on both the in-home and municipal, and even to some degree on the fleet level, as the total industry volume, whether commercial or privately owned vehicles. There's a correlation there. You can't deny it now. And there's a lag between when that hits and then when it hits the infrastructure company in the revenue, right?

Speaker Change: Great. Thank you and just a quick one when you when you think about.

Speaker Change: Just kind of revenue growth as you think about to figure out 2025.

Speaker Change: Should we just sort of think about how.

Speaker Change: We're modeling EV adoption in EV sales to kind of.

Speaker Change: Used as a proxy at least in the near term.

Speaker Change: So certainly there was a higher correlation between L. Two sales on both the in home and municipal and even to some degree on the fleet level and the total industry volume, whether commercial or privately owned vehicles. There's a there's a correlation there you cant deny it now.

Stephen Gengaro: Certainly, there's a higher correlation between L2 sales on both the in-home and municipal levels and even to some degree on the fleet level as the total industry volume, whether commercial or privately owned vehicles. There's a correlation there. You can't deny it now.

Speaker Change: And Theres a lag between when that hits and then when it hits the infrastructure company in the revenue right.

Brendan Jones: And there's a lag between when that happens and then when it hits the infrastructure company in revenue, right? However, on the utilization side, there's much more of a direct, instant thing. So, you know, our utilization went up over time because those units in operation that were sold throughout 2023 and 2024 are now utilizing our stations, and they're finding more. So, the more stations we add to the ground, and we saw a 4,000-unit increase this month alone, then the more revenue we're going to get on the utilization side.

Brendan Jones: However, on the utilization side, there's much more of a direct, instant thing. So, you know, our utilization went up over time because those units in operation that were sold throughout 2023 and 2024 are now utilizing our stations. And they're finding more. So the more stations we add in the ground, and we saw a 4,000 unit increase in this month alone, then the more revenue we're going to get on the utilization side. And you see that bearing out in the numbers. So it's really two different things you have to manage. There's that very direct correlation between sales and the selling of product.

Speaker Change: However on the utilization side, there's much more of a direct instant thing. So you know our utilization went up over time, because those units and operations that were sold throughout 2023 and 'twenty 'twenty four and now utilizing our stations and they're finding more so the more stations, we add in the ground and we saw.

4000 unit increase in this month alone then the more revenue, we're going to get on the utilization side and you see that bearing out in the numbers. So it's really two different things you have to manage that very direct correlation between sales and the selling a product and then you know there is an increase no matter what.

Brendan Jones: And you see that in the numbers. So, it's really two different things you have to manage. There's that very direct correlation between sales and the selling of products. And then, you know, there's an increase no matter what because more cars are on the road. And that's the unit in operation as opposed to the total vehicle sales equation. So, UII is driving increased utilization and driving increased revenue for us right now. Very helpful. Thank you.

Brendan Jones: And then, you know, there's an increase no matter what because more cars are on the road. And that's the unit in operation as opposed to total vehicle sales equations. So, UIO is driving increased utilization and driving increased revenue for us right now.

Speaker Change: Because more cars on the road and that's the unit and operation as opposed to total vehicle sales equation. So you I is is driving increased utilization and driving increased revenue for us right now.

Brendan Jones: Thank you. Very helpful. Thank you.

Speaker Change: Very helpful. Thank you.

Speaker Change: Okay.

Speaker Change: Thank you.

Sameer Joshi: Your next question is coming from Sameer Joshi from HC Wainwright; your line is live. You guys can hear me? Yes. Yeah, thanks for taking my questions. I would like to just dig a little deeper on the car charging revenues actually. Seems like sequentially one Q to two Q, they've been relatively flat or slightly down. Are you facing any uptime challenges due to maintenance or any utilization differences or shortcomings? Like what is the reason for that flat 70-year-old?

Operator: Your next question is coming from Sameer Joshi from H.C. Wainwright. Your line is live.

Sameer Joshi: Your next question is coming from Sameer Joshi from H.C. Wainwright. Your line is live.

Speaker Change: Your next question is coming from Sameer Joshi from H C. Wainwright Your line is live.

Sameer Joshi: Hey, guys can you hear me.

Speaker Change: Yes.

Sameer Joshi: Yeah, okay. Thanks for taking my questions.

Sameer Joshi: Yeah, okay. Thanks for taking my questions. I would like to just dig a little deeper on the car charging revenues, actually. Seems like sequentially 1Q to 2Q, they've been relatively flat or slightly down. Are you facing any uptime challenges due to maintenance or any utilization differences or shortcomings? What is the reason for that flat revenue growth?

Sameer Joshi: Yeah. Okay. Thanks for taking my questions I would like to just to dig a little deeper on the car charging.

Sameer Joshi: I would like to just dig a little deeper on the car charging revenues actually. Seems like sequentially 1Q to 2Q, they've been relatively flat or slightly down. Are you facing any uptime challenges due to maintenance or any utilization differences or shortcomings? What is the reason for that flat revenue group?

Speaker Change: Actually so it seems like sequentially <unk>, they've been relatively flat, but slightly down.

Speaker Change: Seeing any uptime challenges.

Speaker Change: Due to maintenance or any utilization differences Oh shortcomings.

Speaker Change: What is the reason for that.

Speaker Change: Flat.

Brendan Jones: You're going to see some vacillation in the numbers where we're mostly going to see it where we're upgrading chargers, where we're taking out legacy chargers or replacing some of the original original blank chargers with new chargers. And when you take them down for that long period of maintenance or replacement, you're going to see some changes in the numbers. Now, your goal is always to offset that by having a higher number of chargers that are adding on the network. But when you go through some of the cleansing, so to speak, of older legacy chargers, especially taking off the network, older legacy chargers that aren't on our opera.

Brendan Jones: Yeah, you're going to see some vacillation in the numbers where we're mostly going to see it where we're upgrading chargers, where we're taking out legacy chargers or replacing, you know, some of the original original blink chargers with new chargers. And when you take them down for that long a period of maintenance or replacement, you're going to see some changes in the numbers. Now, your goal is always to offer set that by having a higher number of charges that are added to the network, but when you go through some of the cleansing, so to speak, of older legacy charges, especially taking off the network older legacy chargers that aren't on our OPRA. They're side hose chargers that the side hose company has just decided not to maintain, not to keep up. You know, you're going to see a decrease there. Mike, any additional color around that?

Brendan Jones: Yeah, you're going to see some vacillation in the numbers, where we're mostly going to see it where we're upgrading chargers, where we're taking out legacy chargers or replacing, you know, some of the original original blink chargers with new chargers. And when you take them down for that long a period of maintenance or replacement, you're going to see some changes in the numbers. Now, your goal is always to offer set that by having a higher number of charges that are adding to the network, but when you go through some of the cleansing, so to speak, of older legacy charges, especially taking off the network.

Brendan Jones: Yeah, you're going to

Speaker Change: Yeah, Youre going to see some vacillation in the in the numbers, where we're mostly you're going to see it where we're upgrading chargers are where we're taking out legacy Chargers are replacing.

Brendan Jones: Yeah, you're going to

Speaker Change: You know some of the original original Blake Chargers.

Speaker Change: With new charges and when you take them down for that long a period of maintenance or replacement you youre going to see some changes in the numbers now your goal is always to off.

Speaker Change: Set that by having.

Speaker Change: A higher number of charges that are adding on the network, but when you go through some of the cleansing so to speak of older legacy charges, especially taking off the network.

Speaker Change: Her legacy charters that aren't on Roper on their side hose Chargers that the Fido has just decided not to maintain not to keep up.

Michael Battaglia: Their side host chargers that the side host is just decided not to maintain, not to keep up. You know, you're going to see a decrease there.

Speaker Change: You're going to see a decrease there Mike any additional color around that.

Michael Battaglia: Mike, any additional color around that? No, Brandon, I think you got it. Thanks for that.

Mike Battaglia: No Brendan I think I think you got it.

Brendan Jones: No, Brendan, I think I think you've got it.

Michael Battaglia: No, Brendan, I think I think you've got it.

Speaker Change: Alright.

Speaker Change: Okay. Thanks for that and then should we expect maybe in the near term next 234 quarters.

Sameer Joshi: Thanks for that. And then, should we expect, maybe in the near term, the next two to three to four quarters, a higher revenue mix, revenues coming more from Europe, not relatively, but as a proportion, year over year, or just because of the challenges in the U.S., or how should we look at it as a revenue mix? So, what we can say is...

Brendan Jones: And then should we expect maybe in the near term next two to three to four quarters higher revenue mix, revenues coming more from Europe? No, not relatively, but as a proportion year or period or just because of the challenges in the US, or how should we look at that as a revenue mix? Yeah. So what we can say conclusively, but I'm trying to give guidance on that topic. So almost like many guys. It's right. Is that your utilization as a whole is increasing over time, right? It's got some seasonality in it, which we're actually moving into that seasonality now.

Speaker Change: Higher revenue mix of revenue is coming more from Europe.

Speaker Change: Relatedly, but as a proportion.

Speaker Change: Your daughter.

Speaker Change: Or just because of the challenges in the U S or how should we look at that.

Speaker Change: Revenues.

Brendan Jones: So, what we can say conclusively without trying to give guidance on that topic, it's almost like mini-guidance, right? Your utilization as a whole is increasing over time, right? It's got some seasonality in it, and we're actually moving into that seasonality now. It usually starts at the beginning of the summer and then softens up on utilization significantly in August and then bounces back for the rest of the year. We expect to see an increase in Europe's percent of revenue, that is, the percent of total Blink revenue, because that's the trend, right?

Speaker Change: So what we can say conclusively what I'm trying to give guidance on that topic, it's almost like many guy that's right.

Speaker Change: Is that your utilization as a whole is increasing overtime right. It's got some seasonality in it which we're we're actually moving into that seasonality now it usually starts at the beginning of the summer and then softens up on utilization significantly in August and then bounces back for the rest of the year.

Brendan Jones: It usually starts at the beginning of the summer and then softens up on utilization significantly in August and then bounces back for the rest of the year. But overall, we expect to see an increase in Europe's percent of revenue as a percent of total blank revenue, because that's the trend, right? They're at a higher pen rate in general, and as more countries open up and trying to compete with one another for, you know, who's got the most EV adoption, competing with Norway or competing with Belgium and the Netherlands in Germany, who are the leaders in EV adoption, along with the UK, who is right behind, but is incentivizing.

Speaker Change: But overall.

Speaker Change: We expect to see an increase in Europe's percent of revenue as a percent of total blank revenue because that's the trend right. There at a higher turn rate in general and as more countries open up and try and compete with one another for you know who's got the most EV adoption are competing with.

Brendan Jones: They're at a higher penetration rate in general, and as more countries open up and try and compete with one another for who's got the most EV adoption, competing with Norway or competing with Belgium and the Netherlands and Germany, who are the leaders in EV adoption along with the UK, who is right behind but is incentivizing, we do expect that revenue in Europe, I don't know if it's gonna get even or be 50%, Yes, Okay, we're 24% today. That we definitely see.

Speaker Change: Norway are competing with our Belgium, and the Netherlands, and Germany, who are the leaders in EV adoption, along with U K, who is right behind but is incentivizing, we do expect that revenue in Europe.

Michael Rama: I think we do expect that revenue in Europe. I don't know if it's going to get even or be 50%, but it's certainly going to improve from Michael. Where's the today 24%? 24% today. That we definitely see. And just to clarify that, that's on owner-operated revenue. Not on sales revenue. Sales revenue; it will improve over time, but we see that more of keeping pace with the U.S. But service revenue, we definitely see increasing in Europe over time.

Michael Rama: I don't know, if it's going to get even or be 50%, but it's certainly going to improve from Michael Where's the today 24.

Brendan Jones: Percent.

Speaker Change: Yes.

Michael Rama: Okay 24, 24% today.

Speaker Change: We definitely see.

Michael Battaglia: And that's, and just to clarify that, that's on owner-operated revenue. Not on sales revenue. Sales revenue will improve over time, but we see that more keeping pace with the U.S., but service revenue, we definitely see increasing in Europe over time.

Speaker Change: And that's and just to clarify that.

Speaker Change: That's on <unk>.

Speaker Change: Owner operated revenue.

Speaker Change: Not on an on sales revenues sales revenue.

Speaker Change: It will improve over time, but we see that more of keeping pace with the U S. But the service revenue, we definitely see increasing in Europe over time.

Brendan Jones: And just one last one, on the 2024 operational priorities, I think during the first quarter, there were mentions of implementing SAAs, solutions, and some energy management solution development. Have those been like deep prioritized, or how should we look at that? Oh, absolutely. How about re-emphasize? So we actually, yeah, we're adding resources in both U.S. Europe and then in our development center outside of Delhi to make sure that we can deliver the market on time. We have the base package out of Energy Management Services. We're held into the enhanced packages right now. Those are being developed.

Brendan Jones: Understood.

Sameer Joshi: And just one last one. On the 2024 operational priorities slide, I think during the first quarter,

Speaker Change: Just one last one on.

Speaker Change: On the 'twenty 'twenty four operational priorities laid I think during the first quarter. They were mentions of implementing U S. A is our solutions and some energy management solutions development.

Speaker Change: Blues are being like the brighter days or how should we look at that.

Speaker Change: No absolutely [laughter], how 'bout reemphasize.

Brendan Jones: Oh, absolutely not. How about re-emphasizing? So, we actually... Yeah, we're adding resources in both the US and Europe and then in our development center outside of Delhi to make sure that we can deliver the market on time. We have the base package of energy management services. We're into the enhanced packages right now. Those are being developed, and we'll have an update as we move through the quarters, and we're going to see those products begin to launch. But that is a major, major strategic focus of the company, so you won't see resources declining in that area. You'll see resources improve over time.

Speaker Change: [laughter], so absolutely we actually yeah, yeah, where we're adding resources in both U S. Europe and then in our development center outside of Delhi.

Speaker Change: To make sure that we can deliver to the market on time, we have the base package out of energy management services, where elder and do the hand enhance packages.

Brendan Jones: Right now those are being developed.

Brendan Jones: And we'll have enough data as we move through quarters. And we're going to see those products begin to launch. But that is a major, major strategic focus of the company. So you won't see resources declining in that area. You'll see resources improving over time. Thanks for taking my questions, and good luck. Thank you.

Speaker Change: And we'll have an update as we move through quarters are we going to see those products begin to launch but that is a major major strategic focus of the company. So you won't see resources declining in that area, you'll see resources are improving over time.

Speaker Change: Understood. Thanks for taking my questions and good luck.

Sameer Joshi: Thanks for taking my questions and good luck.

Brendan Jones: Sure.

Brendan Jones: Yeah.

Speaker Change: Thank you our last question comes from Noel Parks from Tuohy Brothers. Your line is lives.

Noel Parks: Thank you. Our last question comes from Noel Parks from Tui Brothers. Your line is live.

Noel Parks: Our last question comes from Noah Parks from Two We Brothers. Your line is live. Hey Noah. Hi. How's everything going? We're good. How are you? Real good. Thanks. Real good.

Speaker Change: I know hi, hi.

Operator: Hi. Hi, how's everything going? We're good. How are you? Real good. Thanks. Real good. I wanted to touch on, You know, your comment on multifamily and fleet, and those seem to be sort of a persistent bright spot when you look at demand among the many different upgrade cycles or a renovation cycle or, you know, in fleets.

Noel Parks: Hi. Hi, how's everything going? We're good. How are you? Real good. Thanks.

Speaker Change: Hi, Hows everything going.

Speaker Change: Good how are you.

Speaker Change: Good thanks real good.

Noel Parks: I wanted to touch on, you know, your comment on a multi-family and fleet. And those seem to be sort of a persistent bright spot when you look at the man among the many different, you know, submarkets. And just thinking, is it simply that, especially I'm thinking commercially owned multi-family, is they're constantly in sort of an upgrade cycle or a renovation cycle or, you know, in fleets of vehicle retirement cycle so that it's just more front burner for them when they're doing capital investments that we, you know, we got to get our EV charging in as well.

Operator: I wanted to touch on.

Noel Parks: I wanted to touch on, you know, your comment on multifamily and fleet, and those seem to be sort of a persistent bright spot when you look at demand among the many different submarkets. And I'm just thinking, is it simply that, especially commercially owned multi-family, they're constantly in sort of a... an upgrade cycle or a renovation cycle or, you know, in fleets of, vehicle retirement cycle so that it's just more on the front burner for them when they're doing capital investments that we've got to get our EV charging in as well. Is that a big part of the driver? What kind of keeps them going?

Operator: You know your comment on multifamily and fleet and those seem to be sort of a persistent bright spot when you.

Speaker Change: Look at the man.

Speaker Change: Among the many different sub markets and I'm, just thinking is it simply that especially I'm thinking commercially owned multifamily.

Speaker Change: Is there theyre constantly and sort of.

Operator: An upgrade cycle or a renovation cycle or in.

Speaker Change: In fleets.

Speaker Change: Of your coal retirement cycle. So that it's just it's just more of a front burner for them when they're when they're doing capital investments that we you know we gotta get.

Speaker Change: Our EV charging and as well is that a big part of the driver what kind of keeps them keeps them going.

Noel Parks: Is that a big part of the driver what kind of keeps them going?

Brendan Jones: Sure, what I'm going to do is let Mike answer this because he lives and breathes that on a daily basis. So, Mike.

Operator: Sure what I'm Gonna do is let Mike answer this because he lives and breathes that on a daily basis. So Mike.

Michael Battaglia: Sure, what I'm going to do is let Mike answer this because he lives and breathes that on a daily basis. That might. Yeah, thanks, thanks, Brendan. So the first part of the question on multi-family, you know, I think the statistic is that a third, nearly a third of American citizens live in an apartment building, and you know, it's a big percentage in Europe as well. So just the sheer volume of that market is big. Secondly, when we look at fleets, it's a combination of things. It's number one, it's, yes, as they, as vehicles age and they retire those vehicles and they acquire new vehicles.

Michael Battaglia: Yeah, thanks Brendan. So the first part of the question on multifamily, I think the statistics are that a third, nearly a third of American citizens live in an apartment building, and it's a big percentage in Europe as well. So just the sheer volume of that market is big. Secondly, when we look at fleets, it's a combination of things. Number one, it's, yes, as vehicles age and they retire those vehicles, and they acquire new vehicles, we see a big movement toward battery-electric vehicles.

Speaker Change: Yeah. Thanks, Thanks, Brandon So the first part of the question on multifamily.

Speaker Change: You know I think the statistics is the statistic is that a third nearly a third of.

Speaker Change: American citizens live in <unk>.

Speaker Change: An apartment building and you know, it's a big percentage in Europe as well. So just the sheer volume of that market is a is big.

Speaker Change: Secondly, when we look at fleet, it's a combination of things. It's number one it's yes as they as vehicles age and they retire those vehicles and they acquire new vehicles, we see a big movement towards battery electric.

Michael Battaglia: We see a big movement towards battery electric. The second thing is, as the market has gained more experience with Beves, they realize that the total cost of ownership is simply better. And there's two big impacts to that. One of them is our maintenance costs, and the other is fuel costs. And then thirdly, there are many, many fleets out there that simply have carbon reduction footprint goals, and that's driving demand as well. So, you know, there's really, it's really coming from a number of different areas, but we are very bullish on the fleet market.

Michael Battaglia: The second thing is that as the market has gained more experience with devs, they realize that the total cost of ownership is simply better. There are two big impacts to that. One of them is our maintenance costs, and the other is fuel costs. And then, thirdly, there are many, many fleets out there that simply have carbon reduction footprint goals, and that's driving demand as well. So it's really coming from a number of different areas, but we are very bullish on the fleet.

Michael Battaglia: The second thing is that as the market has gained more experience with DEVs, they realize that the total cost of ownership is simply better.

Speaker Change: The second thing is as.

Michael Battaglia: The market has gained more experience with with beds. They realize that the total cost of ownership is simply better.

Speaker Change: And the one of the you know there's two big impacts to that one of them is our maintenance costs and the other as fuel costs and then thirdly.

Speaker Change: There are many many fleets out there that simply have.

Speaker Change: Carbon reduction footprint goals, and that's driving demand as well. So you know there's really it's really coming from a number of different areas, but we are very bullish on the free market.

Michael Battaglia: Mike, did you want to add to the multifamily dwelling?

Michael Battaglia: Mike, do you want to create the multifamily dwelling part? I'm sorry. Well, part of that, if you keep the question. Part of this question was multifamily dwellings. Yeah, I touched on it at the beginning, but what? Oh, I'm sorry. Never mind. Oh, that's okay. Okay, no, I get it on the, did I answer it on the multifamily side? Yeah, sure thing. Absolutely. Just the point of the market is helpful.

Michael Battaglia: Mike did you want to answer the multifamily dwelling park.

Mike: I'm sorry, what part of that if you take a quite a part of this question was multifamily dwellings.

Michael Battaglia: I'm sorry, what part of that was multifamily dwelling? If you'll repeat the question, part of this question was about multifamily dwellings. Yeah, I touched on it at the beginning, but what, oh, I'm sorry, nevermind. Okay, that's good. Did I answer it on the multi-family side? Yes, sure.

Operator: I'm sorry, what part of that, if you could repeat the question? Part of this question was about multifamily dwellings.

Mike: Yeah, I touched on it at the beginning but what well I'm sorry.

Brendan Jones: Yeah, I touched on it at the beginning, but what? Oh, I'm sorry. Never mind.

Brendan Jones: Never mind.

Mike: That's correct.

Mike: Okay, Great I guess, you did I answer it on the multifamily side or.

Noel Parks: Yeah, sure thing. Absolutely.

Mike: Sure thing absolutely just probably about the size of the market.

Mike: And I was also wondering.

Michael Battaglia: And I was also wondering, you know, I feel like such a core part of the story as it's evolved and as you've gone through acquisitions, it keeps coming back to business model, business model, and business model: the flexibility that you offer to a wide variety of customers. And I hope that that's not sort of so old hat that the failure of that isn't necessarily coming through, but can you just talk about maybe some recent examples, say, of a new sizeable potential customer coming to you and working through the variety of business models and sort of what, you know, how they get to whatever outcome of adoption they choose.

Noel Parks: Just the point about the size of the market is helpful. I was also wondering, um... You know, I feel like such a core part of the story as it's evolved and as you've gone through acquisitions, it keeps coming back to, you know, business model, business model, and business model, the flexibility that you offer to a wide variety of customers. And I am... I hope that that's not sort of so old hat that the salience of that isn't necessarily coming through.

Speaker Change: You know I feel like such a core part of the story as it's evolved and as you've gone through acquisitions.

Mike: It keeps coming back to your business model business model and business model the flexibility that you offer too.

Speaker Change: A wide variety of customers and.

Brendan Jones: I hope that.

Speaker Change: Not so old hat that the salience of that isn't isn't necessarily coming through but can you just talk about maybe some recent examples.

Noel Parks: But can you just talk about maybe some recent examples? Say of a new sizable potential customer coming to you and sort of working through the variety of business models and sort of what, you know, how they get to whatever outcome of adoption they choose.

Speaker Change: It was a new sizable potential customer coming to you and sort of working through the the variety of business models and sort of what you know how they get to whatever outcome of adoption they they choose.

Brendan Jones: Mike you want to take that yeah, yeah. Thanks Brendan.

Michael Battaglia: Mike, do you want to take that? Yeah, yeah, thanks, Brenda. So, you know, in fact, we're in the midst of one that is really a great example. So there are two paths to this. One of them is a customer that looks at EV charging and says, you know what, I'm not an EV charging company. I do, you know, I specialize in retail. I'm a retailer. So I would rather concentrate on retail and have you guys concentrate on EV charging. And they still receive a benefit from us in terms of revenue share when they do that.

Michael Battaglia: Mike, do you want to take that? Yeah.

Michael Battaglia: Yeah, yeah, thanks, Brendan. So, you know, in fact, we're in the midst of one that is really a great example. So there are two paths to this. One of them is a customer that looks at EV charging and says, you know what? I'm not an EV charging company. I specialize in retail. I'm a retailer.

Mike: So no in fact, we're in the midst of one that is really a great example.

Brendan Jones: So.

Mike: There are two paths to this one of them is a customer that looks at EV charging.

Brendan Jones: One of them is a customer that looks at EV charging and says, you know what? I'm not an EV charging company. I do, you know, I specialize in retail. I'm a retailer. So I would rather concentrate on retail and have you guys concentrate on EV charging, and they still receive a benefit from us in terms of revenue share when they do that. So that's one piece of it. But another piece of it, which we're seeing more of.

Brendan Jones: And says you know what I'm not an EV charging company I do.

Brendan Jones: You know I I specialized in retail I'm, a retailer so I would rather concentrate on retail and have you guys concentrate on EV charging and they still receive a benefit from us in terms of revenue share.

Michael Battaglia: So I would rather concentrate on retail and have you guys concentrate on EV charging. And they still receive a benefit from us in terms of revenue share when they do that. So that's one piece of it. But another piece of it, which we're seeing more of, and I'll give you this particular example. We have a, and I'm not going to name the name, but it's a major, major healthcare company in the United States, and they previously owned their chargers across the country. And...

Brendan Jones: When they do that so that's one piece of it but another piece of it which we're seeing more.

Michael Battaglia: So that's one piece of it. But another piece of it, which we're seeing more of, and I'll give you this particular example. We have a, and I'm not going to name the name, but it's a major, major healthcare company in the United States. And they previously owned their chargers across the country. And they basically realized that they did not want to own the responsibility of maintenance, uptime, all of those different things. Because again, what they do is deliver healthcare. They don't worry about EV charging stations. So we're actually in process of taking over all of their L2 charging stations.

Speaker Change: And I'll give you. This particular example, we have a and I'm not going to name the name, but it's a major major health care company in the United States.

Brendan Jones: And they previously owned their chargers across the country.

Brendan Jones: And.

Michael Battaglia: They basically realized that they did not want to own the responsibility of maintenance, uptime, and all of those different things. Because, again, what they do is deliver healthcare. They don't worry about EV charging stations. So we're actually in the process of taking over all of their L2 charging stations coast-to-coast. And, you know, we think that's going to be a trend that we see going forward where even customers that currently have EVSE in the ground are just simply not going to want to continue to do it themselves. They're going to want a provider to take it over for them.

Brendan Jones: They basically realize that they did not want to own the responsibility.

Brendan Jones: Maintenance uptime all of those different things because again they are what they do is deliver health care. They don't worry about EV charging stations. So we're actually in process of taking over all of their L.

Brendan Jones: L two charging stations.

Michael Battaglia: Williams, Costa Coast, and you know, we think that's going to be a trend that we see going forward where even customers that currently have EVSE in the ground are just simply not going to want to continue to do it themselves. They're going to want a provider to take it over for them. But the thing I'll add to that to Mike's comment is what's key is we already know from the utilization data of those chargers and health care locations that once we take them over, is a profitable equation and it's driven to a cleat of for us.

Brendan Jones: Coast to coast and you know, we think that's going to be a trend that we see going forward, where even customers that currently have E V S. A in the ground.

Brendan Jones: Or just simply not going to want to continue to do it themselves or they're going to want to provider to take it over for them.

Brendan Jones: But the thing I'll add to that, to Mike's comment, is what's key is we already know from the utilization data of those chargers in healthcare locations that once we take them over, it's a profitable equation, and it's revenue-accretive for us. So it's not like we're getting into a bad deal. We're getting a good deal, and we're getting the chargers for free. And that's what a flexible model does for you. It allows clients who've made one decision three years down the road to pivot to another decision in a seamless way.

Speaker Change: But the other thing I'll add to that to Mike's comment.

Speaker Change: What's key is we already know from the utilization data of those charges and in health care locations that once we take them over it's a profitable equation and it's revenue accretive for us. So it's not like we're getting into a bad deal we're getting into a good deal and we are getting the charters for free and that's with a flexible model.

Michael Battaglia: So it's not like we're getting in a bad deal. We're getting into a good deal, and we're getting the chargers for free. And that's what a flexible model does for you.

Brendan Jones: Does for you. It allows clients who've made one decision three years down the road to pivot to another decision in a seamless way.

Michael Battaglia: It allows clients who made one decision three years down the road to pivot to another decision in a seamless way. Great, great.

Speaker Change: Great Great and just a last one for me you talk.

Operator: Great, great. And just the last one for me, you talked about preserving gross margin through continuous improvement activities. I wonder if you could just talk a little bit about what some of those recently have been or our plan.

Noel Parks: Great, great. And just the last one for me, you talked about preserving gross margin through continuous improvement activities. I wonder if you could just talk a little bit about what some of those recently have been or our plan. Yeah, so, you know, it's

Michael Battaglia: And just the last one for me, you talked about preserving gross margin through continuous improvement activities. I wonder if you could just talk a little bit about what some of those recently have been or are planned. Yeah, so you know, it's getting over; it's probably a year plus now that we've launched continuous improvement and cost reduction and cost avoidance throughout the company in a very intense way. We started it early, early in 23; it very softly and then rolled it out across the globe into every business unit. And you know, now it is, you know, it's part of everybody's daily jobs, and we'll give you an example.

Speaker Change: Talk about preserving gross margin through continuous improvement activities I Wonder if you could just.

Speaker Change: Talk a little bit about what some of those recently have banner or are planned.

Brendan Jones: Yeah, so, you know, it's getting over, it's probably been a year plus now that we launched continuous improvement and cost reduction and cost avoidance throughout the company in a very intense way. We started it early, early in 23, very softly, and then rolled it out across the globe into every business unit. And, you know, now it is, you know, it's part of everybody's daily job. And we'll give you

Speaker Change: Yeah. So you know it's getting over it it's probably a year plus now that we've launched continuous improvement and cost reduction and cost avoidance throughout the company in a very intense way when we started it early early in 'twenty three.

Speaker Change: Softly, and then rolled it out across the globe and to every business unit.

Speaker Change: And you know now it is you know as part of everybody's daily jobs, and we'll give you. An example, we had one example, where our one of our individuals in the Tech team you know that's not you know his daily job isn't to cut cost.

Brendan Jones: We had one example where one of our individuals in the tech team, you know, that's not, you know, his daily job is to cut costs. But he identified a few vendors that he compared against another vendor to give us better technology and then a better cost. And after he did the comparative analysis and worked with purchasing, you know, we got an annual savings of about 300 to $350,000 out of that.

Brendan Jones: We had one example where one of our individuals in the tech team, you know, that's not, you know, is daily job is in the cut cost. But he identified a few vendors that he resourced against another vendor to give us a better technology and then our better cost. And after he did the comparative analysis and work with purchasing, you know, we net an annual savings of about 300 to 350,000 out of that. So those activities and those wins are now spread across the company. They also spread to where we still have, you know, several duplicate systems that are now have a firm sunset date that is all marked in 2024.

Speaker Change: But he and identified.

Speaker Change: A few vendors that he resource against another vendor to give us a better technology and none are better cost and after you did the comparative analysis and worked with purchasing we net Oh, an annual savings of about 300 to $350000 out of that so those activity and those wins are now spread.

Brendan Jones: So, those activities and those wins are now spread across the company. They have also spread to where we still have, you know, several duplicate systems that now have a firm sunset date that is all marked in 2024. And once those are sunsetted, then we save all the money that is allocated to maintaining those duplicate systems. One by one, we're sunsetting them. And we've already had success in finance systems from the U.S. to Europe, where we're aligning now.

Speaker Change: Across the company they also spread to where we still have you know.

Speaker Change: Several duplicate systems that are now have a firm sunset date that is all mark in 2024.

Brendan Jones: And once those on said, then we save all the money that is allocated to maintaining those duplicate systems. One by one, we're sunsetting them. And we've already had six successes in finance systems from the US to Europe where we're aligning now. We've already done it on CMS systems where we're aligning now. Now we're doing it on networks; we're aligning now.

Speaker Change: And once those Sun said, then we save all the money that is allocated to maintaining those duplicate systems. One by one we're sunsetting them and we've already had some success and finance systems from the U S to Europe, where we're aligning now we've already done it on CMS systems.

Brendan Jones: We've already done it on CMS systems where we're aligning now. Now we're doing it on networks where we're aligning now. And also, you know, one of the key things we're looking at is if we have underperforming business units, we're going ahead and closing down those underperforming business units. And we've done quite a few of those in different countries throughout the world already. To say that, hey, it's not mature for us right now to invest additional resources in that.

Speaker Change: Where we're aligning now now we're doing it on networks. We are aligning now and then also you know we're looking at and one of the key things if we have underperforming business units.

Brendan Jones: And then also, you know, we're looking at, and one of the key things, if we have underperforming business units, we're going ahead and closing down those underperforming business units. And we've done quite a few of those in different countries throughout the world already to say that, hey, it's not mature for us right now to invest additional resources, and that will take that money that we're investing there. We'll go and move it into a much more higher GDP country and then move into that. So that's part of it. We have more of those to share with you as we get through the balance of the year, but we've enacted, you know, some pretty significant savings on one.

Speaker Change: We're going ahead and closing down those underperforming business units and we've done quite a few of those in different countries throughout the world already.

Brendan Jones: We're going ahead and closing down those underperforming business units, and we've done quite a few of those in different countries throughout the world already to say that, hey, it's not right for us right now to invest additional resources in that. We'll take that money that we're investing there and move it into a much higher GDP country, and then invest in that. So that's part of it. We have more of those to share with you as we get through the balance of the year. But we've enacted, you know, some pretty significant savings on one. We'll give you one example of one country we just moved out of.

Brendan Jones: And to say that hey, it's not mature for US right now to invest additional resources that will take that money that we're investing there we'll go and move it into a much more higher G. D. P country, and then move into that so that's part of it we have more of those to share with you as we get through the balance of the year, but we've enacted you know some pretty significant.

Brendan Jones: We'll take that money that we're investing there and move it into a much higher GDP country and then move into that. So that's part of it. We have more of those to share with you as we get through the balance of the year. But we've enacted some pretty significant savings on one. We'll give you one example on one country we just moved out of.

Brendan Jones: And our net save after moving out of that for one year is $800,000, just by netting out and ceasing operations. Those activities are going to continue throughout the company. That is now the Bible to be a Blink employee, and we're going to continue to enhance that as we move forward. Terrific.

Brendan Jones: Savings on one we'll give you. One example on one country, we just moved out of and our net save after moving out of after one year is 800.

Brendan Jones: We'll give you one example on one country we just moved out of, and our net save after moving out of after one year is $800,000 just by netting out and ceasing operations. Those activities are going to continue throughout the company. That is now the Bible to be a blank employee, and we're going to continue to enhance that as we move forward.

Brendan Jones: Dollars, just by netting out and ceasing operations those activities are going to continue throughout the company that is now in the Bible to be a blink employee and we're going to continue to enhance that as we move forward.

Brendan Jones: And our net save after moving out of that for one year is $800,000 just by netting out and ceasing operations. Those activities are going to continue throughout the company. That is now the Bible to be a Blink employee, and we're going to continue to enhance that as we move forward.

Brendan Jones: Terrific. Thanks a lot. Thank you.

Speaker Change: Terrific. Thanks, a lot.

Brendan Jones: Thank you that concludes our Q&A session I will now hand, the conference back to Vitaly Steelier for closing remarks. Please go ahead.

Vitalie Stelea: Thank you. That concludes our Q&A session. I'll now hand the conference back to Vitalie Stelea for closing remarks.

Operator: Thank you. That concludes our Q&A session. I'll now hand the conference back to Vitalie Stelea for closing.

Vitalie Stelea: That concludes our Q&A session.

Vitalie Stelea: I'll now hand the conference back to Vitalie Stelea for closing remarks. Please go ahead. We thank you all for joining us on the call on the webcast today and for your interest in Blink Charging. If there are any additional questions or requests to meet with management, please email us at awr@blinkcharging.com. And we look forward to engaging with you in the future. Thank you, everyone. It's a good day. Thank you very much. You may just connect at this time and have a wonderful day.

Vitalie Stelea: We thank you all for joining us on the call and the webcast today and for your interest in Blaine charging if.

Vitalie Stelea: If there are any additional questions or request to meet with management. Please email us at all you are doing charging dot com and we look forward to engaging with you in the future.

Vitalie Stelea: Okay.

Vitalie Stelea: Thank you everyone. This concludes.

Vitalie Stelea: Connect at this time and have a wonderful day.

Vitalie Stelea: Thank you for your purchase.

Vitalie Stelea: You for your participation.

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