Q1 2025 Blink Charging Co Earnings Call
Speaker Change: Greetings. Welcome to the Blink Charging Company's first quarter 2025 earnings call. At this time, all participants are in listen only mode. A question and answer session will follow the former presentation.
Speaker Change: Today's discussions will include non-GAAP references these are reconciled to the most comparable U S. GAAP measures in the appendix of our earnings deck you.
Speaker Change: You may find the debt along with the rest of our earnings materials and other important content on blinks Investor Relations website.
Speaker Change: Today's discussion May also include forward looking statements about our expectations.
Speaker Change: <unk> results may differ from those stated and the most significant factors that could cause actual results to be different are included on page two of the first quarter 2025 earnings deck.
Speaker Change: Unless otherwise noted all comparisons are year over year.
Speaker Change: And now regarding the Investor Relations calendar.
Speaker Change: We'll be participating in the Stifel 2025, Boston Cross sector Conference on June 3rd.
Speaker Change: This fall our announcements at our web site for additional investor events to be announced.
Speaker Change: And at this point I would like to turn the call over to Mike <unk>, Our president and CEO of Boeing charging. Please go ahead Mike.
Mike: Alright, great. Thanks, Charlie Good afternoon, everyone and thank you for joining us today.
Mike: Before we turn to the details of the quarter I'd like to begin with some broader context.
Mike: The first quarter proved to be a difficult operating environment impacted by ongoing macroeconomic pressures.
Mike: Typical seasonal trends and a noticeable shift in customer behavior, particularly me, particularly among more price sensitive segments.
Mike: So while charging service revenue increased 35% year over year to a new record high our product sales were $8 $4 million for the quarter down sharply from Q1 2024.
Mike: During the quarter it became evident that while extensive our current product portfolio just not sufficiently address the value oriented segment of the market and that gap had a meaningful impact on our performance.
Mike: The encouraging news is that we've been deploying or excuse me, we've been developing a new charter to meet this demand and we've accelerated our efforts with the goal of bringing this product to market later this year within Q4.
Mike: We believe our new charger will fill the demand gap and position us more competitively in the marketplace.
Mike: As I mentioned in charging revenue increased 35% during the quarter showing meaningful growth driven by higher utilization of our deployed infrastructure.
Mike: In Europe, we saw charging revenue grow, 22%, reflecting our expanding footprint and strengthening market position.
Mike: We also advanced our cost efficiency initiatives, achieving an 8% reduction in operating expenses, bringing total operating expenses down to $28 $5 million for the quarter. The lowest we've had in nearly three years. Additionally.
Mike: Additionally.
Mike: Blake networks delivered approximately 50 gigawatt hours of electricity during the quarter.
Mike: Representing a 66% increase year over year underscore underscoring the growing demand across our networks.
Mike: One thing we've learned throughout our many years in this industry is the importance of focusing on what we can control.
Mike: We remain confident that the transition to Evs will continue over the long term.
Mike: Driving the global build out of EV charging infrastructure needed to support EV drivers worldwide.
Mike: In fact, EV sales grew in the U S by 11, 4% in the first quarter versus the prior year, which is a healthy increase.
Mike: In Europe, EV sales saw a robust growth increasing by 24% within Germany, Belgium, and the Netherlands reporting significant gains in EV sales.
Mike: Blinks advanced solutions, and flexible offerings position us well to increase our leadership role and capitalize on these positive trends, especially with our strong presence in Europe.
Mike: Turning to slide five you can see the steady growth in our charging revenue from the first quarter of last year through the close of the first quarter of 2025.
Mike: Service revenue for the quarter was $10 $6 million, an increase of 29, 2% compared to $8 2 million in the first quarter of last year and a sequential increase of seven 5% compared to the fourth quarter of 2024.
Mike: This growth was driven by increased utilization, a greater number of Blanco and charters in the field and an increasing mix of DC fast Chargers, which is another key focus area for us as I talked about last quarter.
Mike: These growing utilization numbers highlight the demand for our charging services and the need for more charging infrastructure.
Mike: We closed the quarter with 7091 company owned Chargers, which is a 22% increase year over year.
Mike: With more Blanco units disciplined site selection and the addition of more DC fast Chargers, we expect to continue to deliver increased charging revenues as utilization grows.
Mike: We are committed to having the right charter in the right place at the right time.
Mike: The deployment of DC fast Chargers is a key focus area.
Mike: During the quarter, we announced an agreement to provide up to 50, DC fast Chargers to the city of Alameda, California.
Mike: We are aggressively pursuing more opportunities to grow our DCF C charging portfolio as we believe D. C offerings are the growth engine of our network.
Mike: In fact, our DC fast charging revenues in the U S increased over three times compared to the first quarter of last year.
Mike: Service revenue also grew internationally and we are one of the leading charging service providers in Belgium, and the U K.
Mike: Our international presence provides revenue diversification and heightened as our brand recognition on the global stage.
Mike: Europe was an early adopter of Evs and our geographic presence there strengthens our revenue and profitability models.
Mike: Lincoln U K recently announced that they had been named as a preferred bidder by Brighton and Hove City Council for a 15 year contract valued at over 500000 British pounds.
Mike: This is one of the first contracts awarded through the local electric vehicle infrastructure fund or Levy, which will add a minimum of 350 additional chargers.
Mike: More than 400 link Chargers already operating across brightness Oh.
Mike: This opportunity marks the latest in a series of key milestones for Blake's international growth delivering an innovative future ready sustainable charging network.
Mike: The capabilities of our global network continues to expand we are finishing up the process of folding our European software networks into our global Blake to point out network. This consolidation will provide operational and cost efficiencies.
Mike: We are committed to improving the usability and reliability and accessibility of our network through continued software development and pursuing roaming agreements and network integrations with industry partners.
Mike: Now, let's move to slide six.
Mike: Okay.
Mike: As I mentioned earlier the reduction of cash burn in operating expenses is a priority to preserve liquidity.
Mike: We reduced our operating cash burn by 45% and brought down total operating expenses by 8% in the quarter.
Mike: And we have more coming.
Mike: Now I will turn the call over to our CFO Michael for a more detailed look at our financial performance in the first quarter go ahead Michael.
Thank you, Mike and good afternoon, everyone.
Mike: Now turn to slide 10, our Q1, 2025 revenues were $28 million compared to $37.6 million in the prior year quarter.
Mike: Product revenues for the first quarter of 2025, or $8 4 million compared to $27 5 million in the first quarter of 2024.
Speaker Change: As Mike mentioned, we've accelerated the development of our Gen III charger to ensure alignment with customer demand.
Speaker Change: First quarter service revenues, which consist of charging service revenues network fees and car share revenues increased 29, 2% to $10 $6 million compared to $8 2 million in the first quarter of 2024.
Speaker Change: Gross profit was $7 4 million or 35, 5% of revenues compared to gross profit of $13 4 million or 35, 7% of revenues in the first quarter of 2024.
Operating expenses decreased seven 9% to $28 5 million compared to $39 million in the first quarter of 2024.
Speaker Change: The company remains focused on continuing to reduce operating expenses and cash burn crosses business as it drives towards profitability.
Speaker Change: Loss per share for the first quarter was 20 cents.
Speaker Change: Compared to a loss of 17 cents in.
Speaker Change: In the first in the prior year period.
Speaker Change: Adjusted loss per share for the first quarter was a loss of <unk> 18 per share compared to an adjusted loss per share of 13 cents.
Speaker Change: <unk> per share in the first quarter of 2024.
Speaker Change: Adjusted EBITDA for the first quarter of 2025 was a loss of $15 5 million.
Speaker Change: Compared to a loss of $10 2 million in the prior year.
Speaker Change: As of March 31, 2025, cash cash equivalents in marketable securities totaled $42 million compared to $55 million as of December 31, 2024 blank had no cash debt as of March 31 2025.
Speaker Change: Based on our current visibility, we expect revenue to increase sequentially in the second quarter of 2025 and to show continued growth in the second half of 2025.
Speaker Change: Service revenue is expected to continue to increase throughout 2025.
Speaker Change: The company also remains focused on continuing to reduce operating expenses and cash burn across its business as a drive.
Speaker Change: <unk> profitability Blake he expects to have improved visibility around its time timelines to reach adjusted EBITDA profitability as the year progresses.
Now I'd like to turn the call back over to Mike for his final commentary go ahead Mike.
Speaker Change: Okay. Thank you Michael.
Speaker Change: So theres no question that the EV charging industry is facing a complex macroeconomic environment as mentioned at the beginning of this call. We remain focused on the factors, we can control executing with discipline in the near term, while positioning Blake for sustained long term growth and profitability.
Speaker Change: Our strategic approach begins with ensuring that the right charging infrastructure is deployed at the right locations and at the right time.
Speaker Change: With that principle in mind when it became evident that we were missing a product offering in the value segment, we accelerated our development efforts to bring a new charger to market this year.
Speaker Change: We are innovative and nimble in our response to customers' end market demand and we look forward to the launch of our generation three charges.
Speaker Change: Equally important we continue to invest in innovation that unlocks new market opportunities addresses industry pain points and drives operational efficiency.
Speaker Change: As such at the ACG show, we announced a fully integrated product with create energy, which is a turnkey DC fast charging an energy storage solution focused on grid resiliency.
Speaker Change: This offering combines blinks EV charging technology and network services with create energies nano grid platform to enhance the performance uptime and economics of our DC fast charging installations.
Speaker Change: For those of you who might not be familiar our micro grid is a small scale self sufficient localized power grid system as.
Speaker Change: As you've likely seen reported with power grids strained alternative technologies are required to mitigate electricity demand and support grid reliability.
Speaker Change: And this combined solution does just that while also reducing energy costs or avoidance of electricity demand charges, which can be expensive.
Speaker Change: Under this dual market agreement Blink EV Chargers will be offered alongside create energy's nano grid systems, and vice versa, creating a powerful end to end solution for customers.
Speaker Change: The global micro grid market was valued at $17 $4 billion in 2024 and is expected to grow to $33 billion by 2033. According to <unk> research.
Speaker Change: We believe that create energy collaboration presents a compelling opportunity for Blake to deliver a differentiated value added solution, while further advancing our energy management system capabilities.
Speaker Change: Most notably the combined fully integrated solution can't eliminate costly demand charges and function either connected to the grid or off grid and significantly accelerates both deployment timelines and returns on investment.
Speaker Change: And this potential is not theoretical.
Speaker Change: One of our nano grid deployments with a global multinational customer in Nashville, Tennessee is already delivering strong uptime and healthy economics, demonstrating the commercial viability and scalability of this solution.
Speaker Change: Our collaboration with create energy exemplifies how we are expanding blinks market reach and product portfolio to include next generation technology integration, we have nano great opportunities in our current pipeline and we believe this collaboration strengthens our competitive positioning and unlocks meaningful value for both our.
Speaker Change: Customers and shareholders.
Speaker Change: Turning to slide 13, as we progress through the remainder of 2025 I want to reaffirm the strategic priorities, we introduced last quarter under Blake forward, which is our strategic focus for sustained success.
Speaker Change: At the core of our strategy is a clear mandate, the relentless pursuit of profitability and profitable growth.
Speaker Change: While we continue to focus on growing our topline were equally intent on delivering disciplined execution to drive margin expansion and long term shareholder value.
Speaker Change: Our five pillar strategy provides the framework to achieve this.
Speaker Change: So pillar one is flexible customer centric business models, we remain.
Speaker Change: Committed to solving real customer challenges by delivering dependable hardware are consistent and accessible network and.
Speaker Change: And advanced software to optimize energy usage our.
Speaker Change: We launched a partnership with create energy and their nano grid solution exemplifies how we are moving towards smarter more cost effective infrastructure.
Speaker Change: The second pillar of pillar two is expansion of our DC fast charging owner operator portfolio.
Speaker Change: We are focused on deployment of Blanco and DC fast Chargers in high traffic strategically located sites, we view our owned and operated model as a key driver of long term growth and value creation, particularly as demand shifts toward faster more convenient charging.
Speaker Change: To efficiently Finance D. C deployments, we are exploring off balance sheet structures, including what we previously announced with Axel trove or in the U K.
Speaker Change: Pillar three.
Speaker Change: Is growth in recurring revenue and services.
Speaker Change: Recurring revenue streams are a core component of our future growth in Q1, our service revenue increased 29% year over year and we are laser focused on expanding this high margin segment.
Speaker Change: Pillar four strategic positioning amid industry consolidation, we are actively exploring ways to capitalize on market consolidation, capturing displaced demand and enhancing our technology stack through targeted accretive M&A.
Speaker Change: These moves are designed to strengthen our competitive position, while accelerating our innovation roadmap.
Speaker Change: And pillar five is cost optimization.
Speaker Change: Cash preservation and capital efficiency we.
Speaker Change: We are rigorously managing costs, driving operational efficiencies and preserving cash by eliminating nonessential spending and right sizing our workforce.
Speaker Change: Each of these pillars supports our overarching goal achieving profitability through a combination of strategic revenue growth and responsible expense management.
Speaker Change: Now I'd like to thank our team for the efforts during the quarter our product results did not meet the goals and expectations, we set for ourselves and we have redoubled our focus to drive product sales continued.
Speaker Change: <unk> continued to increase charging revenue and make progress on each pillar going forward as we continue through the balance of 2025.
Speaker Change: So with that we can move on to Q&A operator.
Speaker Change: Thank you at this time, we will be conducting a question and answer session.
Speaker Change: I would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: Confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again. Please press star one on your phone if you wish to ask a question at this time, please hold while we poll for questions.
Speaker Change: And the first question today is coming from Craig Irwin from Roth Capital Craig Your line is live.
Craig Irwin: Hi, good evening and thanks for taking my questions.
Speaker Change: So Michael the first thing I'm, Michael the tagline and the first thing I wanted to ask about.
Craig Irwin:
Craig Irwin: Gross margins right. These has really nice sequential improvement and a seem.
Craig Irwin: Seem to be tracking well for.
Craig Irwin: The management of our profitability right, you've got two gigawatt hours up you've got your service revenue up.
Craig Irwin: Those tend to be.
Craig Irwin: <unk> stable.
Profit drivers.
Craig Irwin: Can you talk about how mix is maybe helping a little bit in the short term.
Craig Irwin: You know if if we see similar mix in the second quarter and maybe you can talk about that too.
Craig Irwin: <unk> gross margins have room.
Craig Irwin: Room to continue improving or are they likely to be sort of where we are now more or less until the new products are out there.
Craig Irwin: Yeah, Yeah. Thanks, Craig.
Craig Irwin: So in the first quarter.
Craig Irwin: We saw a.
Craig Irwin: Larger mix of level two versus D C.
Craig Irwin: Which.
Craig Irwin: Generally speaking helps.
Craig Irwin: Helps us.
From a margin perspective.
Craig Irwin: As we go into Q2.
Craig Irwin: There's a couple of things to note as we mentioned, we see a sequential revenue growth in Q2.
Craig Irwin: We see more DC fast Chargers entering the mix as we go forward.
Craig Irwin: However.
Craig Irwin: What we also see and we've been talking about this for a long time is reducing or eliminating our dependence or our involvement with third party L. Two chargers and we have successfully whittle that down to very very little.
Craig Irwin: So now as we continue forward the vast majority of the <unk> units that get sold or deployed by blank blank.
Craig Irwin: Blake built and that inherently helps our us maintain our gross margin profile, so I would say.
Craig Irwin:
Craig Irwin: To answer your question that we see consistency.
Craig Irwin: Throughout the year in that mid 30 range for.
Craig Irwin: For gross margins, obviously, we're going to do everything we can to continue to improve those but I think as we for planning purposes. I think we would we're comfortable saying consistent with with this quarter.
Speaker Change: Okay. Thank you that's really encouraging. So then my next question is about the new value oriented products the products youre introducing too.
Speaker Change: Address kind of where the market is shifting to yeah, I know that you have.
Speaker Change: Our make versus buy analysis that you.
Speaker Change: You know even on a component level, we'll look at sort of make versus buy boards and things like that.
Speaker Change: Can you talk about the different considerations.
Speaker Change: That you bring to.
Speaker Change: How you're approaching this product portfolio.
Speaker Change: And.
Speaker Change: I understand time to market is also very important because the competitor out there don't have.
Speaker Change: The facility you do in Bowie, Maryland, right now.
Speaker Change: Nice asset for you to be able to turn things around quickly.
Speaker Change: No.
Speaker Change: If you could just unpack that a little bit for us as far as.
Speaker Change: You know your approach there what's going into that the decisions that you've made and are moving quickly does this does this potentially allow allow more rapid rebound of those value at level two chargers in the in the second half.
Speaker Change: Yeah. Thanks, So there's just there's actually a lot to this response, so I will try to be as distinct as I, possibly can.
Speaker Change: No.
Speaker Change: As you can imagine we have this debate constantly internally at point do we build do we buy.
Speaker Change: How do we what is the right way to come to market with a charter for Blake.
Speaker Change: One of the things, we've learned and by the way sometimes painfully.
Speaker Change: Is that win.
Speaker Change: We utilize a third party charger.
Speaker Change: The reliability, the uptime and the control that we have over the quality of that product suffers.
Speaker Change: So while it's easy to go out and get a third party charger put a blink name on it and deploy it into the market.
Speaker Change: We don't think that that's necessarily the best thing for us.
Speaker Change: So then it becomes okay and by the way. Another reason. So so then it becomes you know do you build it yourself you do get into a third party contract manufacturing situation.
Speaker Change: And just speaking to third party C. N. The one thing that you always have to be careful world is getting.
Speaker Change: <unk> locked into minimum order quantities that are owners.
Speaker Change: And I've been through that before in my career and I'm not really in the mood to do that again so.
Speaker Change: So that brings me to and brings us to <unk>.
Most likely continuing on the path that we're on in terms of assembling these charges ourselves now one of the things that can help us is that we had expanded.
Speaker Change: Our production capacity and capabilities.
Speaker Change: Should you finished goods both in India as well as in Bowie, Maryland. So now we have we have both facilities that are able to produce finished goods. So we have a little bit more flexibility in terms of bringing this new charter into the fold utilizing the capacity and resources that we currently have without having to to expand from there.
Speaker Change: So I hope I hope that answers your question.
Speaker Change: Yes.
Speaker Change: Thats definitely very very.
Speaker Change: Helpful. That's informative.
Speaker Change: Last question if I may.
Speaker Change: You know you guys are working hard to get to.
Speaker Change: Brent breakeven on EBITDA right I know the market's not not helping you but.
Speaker Change: But your actions you are taking them and those actions always have a cost can.
Speaker Change: Can you, maybe talk about salaries and comp and SG&A as far as whether or not.
Speaker Change: Those have expenses related to the business spinoff that youre working on.
Speaker Change: You know.
Speaker Change: Noncash compensation has been volatile over the last few quarters is that.
Speaker Change: You know a material difference sequentially or year over year.
Speaker Change: Any other onetime items in there as.
As far as expenses for adjustments Youre, making.
Speaker Change: That we should note.
Speaker Change: Yeah.
Speaker Change: Yeah, I'll, let Michael Rama jump in initially unnecessary then I can provide some color as well.
Greg: Yeah, Hey, Greg I'd say on the noncash.
Speaker Change: You typically have.
Speaker Change: <unk> is just share based comp and we've been running.
Speaker Change: Consistent.
Speaker Change: Around 900000, a quarter on an expense standpoint.
Speaker Change: Could see some of that oscillate up or down a little bit just depending upon new issuances or invest things and all that stuff, but materially from a noncash standpoint.
Speaker Change: Compensation, but we do we continuously look at our expense profiles.
Speaker Change: And making sure there.
Speaker Change: There is still.
Speaker Change: Cost controls and comp.
Speaker Change: No.
Speaker Change: Expense that we're still integrating a few of the Belgium acquisitions. So once those integrations get completed mid year. This year, we should see.
Speaker Change: <unk> some savings on the backend.
Mike.
Speaker Change: Yeah, I would just yet.
Speaker Change: Oh, sorry go ahead Greg.
Speaker Change: The spin off in particular, I know that does have real costs, I mean, and you know I do know that you know.
Speaker Change: Restructuring efforts right. If you have any detail around around those two as far as expenses on the P&L that that would be important.
Speaker Change: So regarding the spin off I mean that that continues on track. The S. One we filed the S. One it's obviously in the public domain, so anybody can access it.
Speaker Change: And our goal remains unchanged which is to.
Speaker Change: List the company on NASDAQ, So, we're making progress toward that and we'll complete that in some.
Speaker Change: Some fashion this year.
Speaker Change: Regarding the rest of the business, which is really.
The main so obviously the vast majority of our of our revenue our expenses et cetera.
Speaker Change: Ah I can tell you that we're taking a lot of action.
Speaker Change: You know on that front as well and an obvious one is compensation expense, but there's really more there's things like further facilities consolidations there are we.
Speaker Change: Our team is doing a good job of.
Speaker Change: Renegotiating, some big software contracts and things like a right sizing, our AWS environment and and you know there are some really meaningful savings coming from things like that so as I've mentioned before.
Speaker Change: There is nothing that is off the table in terms of a risk.
Speaker Change: Responsibly reducing costs.
Speaker Change: Excellent well with that I'll hop back in the queue. Those margins are impressive keep up the good work.
Speaker Change: Thank you and just as a reminder, it is star one if you wish to ask a question on today's call Thats Star One if you wish to enter the Q&A queue.
Speaker Change: Next question is coming from Sameer Joshi from H C. Wainwright Sameer Your line is live.
Thanks, Good afternoon, Michael Michael.
Speaker Change: Just digging a little bit deeper into the margins.
Speaker Change: For <unk> going forward.
Speaker Change: I see that the service margins are sort of improving.
Speaker Change: In the 13 plus percent range is that a target that the or aspirational.
Speaker Change: This margin that you have in mind that you would like to achieve.
Speaker Change: Yeah.
Speaker Change: Aspirational mid twenties.
Speaker Change: Okay.
Speaker Change: Okay.
And then.
Speaker Change: Can you elaborate a little bit more on.
Speaker Change: Video also reducing operating expenses and in the context of you.
Speaker Change: New products or new product being launched and.
Speaker Change: To improve the DC fast charging to the CFC.
Speaker Change: Bulk distribution, so just wanted to understand.
Speaker Change: That we work with.
Speaker Change: Need to spend a little bit more to achieve those results.
Speaker Change: You know I mean, there's always a sameer I think that you know, there's always a cost of product development, but.
Speaker Change: We believe that Thats pretty modest with what our team.
Speaker Change: Has already spend is working on and what they are forecasting to spend so that that's.
Speaker Change: That's not going to be a meaningful.
Speaker Change: A meaningful expense.
Speaker Change:
Speaker Change: I think though that.
Speaker Change: You know as I talked about.
Speaker Change: You know it's funny there. So you know there's the adage.
Speaker Change: You can't cut your way to.
Speaker Change: So profitability you've got to grow the top line.
Speaker Change: And so on the on the one hand right. We are intensely focused on the expense structure of the company to making to make sure that it is.
Speaker Change: Really efficient and correct for who we are.
Speaker Change: But really at the end of the day. What this comes back to is growing the topline.
Speaker Change: And.
Speaker Change: We're seeing some really really good progress there as I talked about last quarter, we have a new head of sales things first star is really really done some fans.
Speaker Change: Fantastic work and 60.
Speaker Change: 60, 60 days or so that he's been here.
Speaker Change: And he was principally behind putting together the create energy.
Speaker Change: Oh arrangement, so you know.
Speaker Change: We see encouraging things there and at the end of the day, what we need to do is start growing this company again, and making money and making money for the company, making money for shareholders and making money for our employees.
Speaker Change: Understood Thanks for that color.
Speaker Change: Just last one from me what else the pillars. The first pillar you mentioned was capitalization on the market.
Speaker Change: Holiday <unk>.
Speaker Change: Can you elaborate a little bit more on that are you do you have any targets in mind.
Speaker Change: I agree.
Speaker Change: Similar companies or is there any vertical integration just would like to understand what you're thinking on along those lines.
Speaker Change: Yeah. So first of all I always have companies in mind.
Speaker Change: So we can have this we can have this fall. This order the next Florida quarter after that and I've always said I can promise you I'll I'll always have companies right now in terms of.
Speaker Change: You know what we can do.
And then what really makes sense for us at this stage of our lives.
Speaker Change: It is we are probably looking a little more towards things like.
Speaker Change: Tuck in acquisitions that that we believe.
Ken.
Help us grow faster.
Speaker Change: So.
Speaker Change: Again, we have our eye on a couple well see if they come together, but.
Speaker Change: But that's my perspective.
Speaker Change: Understood. Thanks for taking my questions and good luck.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Okay.
Thank you and there were no other questions in queue. At this time I would now like to hand, the call back to a fatality Leah for closing remarks fatality.
Leah: Thank you Paul and thank you all for tuning into our call today.
Leah: Please follow our website for additional announcements and also associated email us at <unk>.
Leah: And blinked charging dot com with any questions you might have.
Leah: We'll look forward to keeping you updated.
Leah: Yeah.
Leah: Thanks, everyone.
Leah: This does conclude today's conference you may disconnect. Your lines at this time. Thank you for your participation.
Leah: Okay.