Blink Charging (BLNK) 28 Feb 232022 Q4 Earnings call transcript

Greetings and welcome to the Blink Charging Company Fourth Quarter and Year-end 2022 Earnings Call. At this time, all participants are in a listen-only mode, and the question-and-answer session will follow the formal presentation. [Operator Instructions]

I will now turn the conference over to your host, Vitale Stelea, Vice President of Investor Relations. Sir, please go ahead.

Ally. you, Thank fourth Blink's earnings call. Welcome quarter to XXXX

Michael the President; Chief and today, and have call we Farkas, Executive Rama, Financial Founder Chief On Michael Officer. Officer; Brendan Jones,

include in the of to will Today's are deck. appendix references. U.S. measures comparable our reconciled discussions GAAP the non-GAAP most earnings These

You on of Relations Blink's earnings may website. along and materials rest the the deck Investor other find with our important content

about significant our those discussion that expectations. earnings results fourth all Today's forward-looking year-over-year. noted, may results from most include quarter comparisons otherwise may included X actual stated. cause statements The are on factors also could differ XXXX differ of Unless are Actual to deck. Page the

the on Investor JPMorgan Blink Regarding Relations investor XXth our XXst in the Charging March calendar, the the additional for and follow June investments City. Energy Please participate in York the future. in Conference announcements New Conference the will of of on ROTH-MKM Investor

Founder to I will now, And Michael. Go Farkas, turn of call over Blink Charging. ahead, Michael and the CEO

you everyone. afternoon, us. for Good joining Thank

even into so I for for would I the year, transformational on financial industry. was to record reflect EV And Before the like XXXX, Blink. year results for which our dive a more

electric for plates on and our trend vehicle based an achieving first EV year-over-year, XX% on year an are common of more strong vehicles engine EVs time. back who majority record highways by becoming around vast the go sales market poised the consumers grew sales consumer never governmental on saw combustion with again. to EV global we to And share XX% roads as for globally; and this preferences very internal vehicle only Industry-wise, is accelerate incentives. and Electric our try

scale, and engine electric their will with combustion OEMs which internal with order many ultimately offerings. achieve making to are offerings fact, In to lead parity affordable more in price them mainstream their going

years. to the environment Just the on societies the and XX have of next think will XX in impact this

revolutionized when needs propelled being only these a dominant put horses only in once the maintain has electric before, to is EVs new self This but change terms place Mobility vehicles not become vehicles. vehicles, happened to from went carriages in and infrastructure people shift that refuel, the of way and for to as we required transportation. service the how in need means also of will

as As for charging only what almost increased changed and our monumental. threefold we charging the few the our to position around only X XXXX globally. integrated compared States, XXXX among Blink, the to and fully company when charging in vertically world. was truly the industry, revenue represents vertically our did by during XXXX, capabilities United EV a shows we Not Slide providers fundamentally integrated Blink only

which simple an network host models, excellent services delivering are from intensely we on when or and unparalleled products consistently ranged models, ability Blink owned, competitive is particularly on variety business to of design our shown equipment our network strength, Our with and flexible X. owned a Slide as ownership operated, hybrid with our of experience. and and ownership manufacture customer paired focused subscription to a With

over design products superior to time software customer our manufacturing control scale Having efficiently and and of service. business, same delivering at the and products engineering, the while enables the us

offerings industry, the our design we and expertise hardware expectations. and exceed veteran a As best-in-class XX-year of charging to meet identify needs EV software customer have to customer the and

while some now knowhow highest our and control to the of destiny, margins scale in we leveraging industry today. the essence, gross In generate

only grew last see million, that our on Slide can $XX.X quarter compared XXXX. $XX.X XXX% year year our grew million year-over-year for X, financial our results, XXX% to revenue full fourth and revenue to $XX.X As you million, XXXX in to

the outpaces significantly industry. growth Our

products our our of is second We strategy none, and service a experienced offerings. testament to strength to the team, and and are our

service grew XXX% QX in 'XX million, to of million to $X.X revenue 'XX. $X.X in Our by QX compared

'XX. I increase gross in And at to million $X.X XXX% is That very quarter grew an year. repeat last fees of margins. importantly, and with XXX% network healthy our QX the when same compared

for performance, earnings which sequential $XX.X a fourth quarter when million at of million, adjusted the million. Looking EBITDA of was $XX.X compared which loss XXXX improvement a XXXX with of QX $X is was

was the Adjusted quarter the for $X.XX, third $X.XX loss in quarter fourth compared to of of EPS XXXX of of a EPS adjusted XXXX. loss

an deployed of or grew year of the number stations compared of Our units, when XXX% increase to contracted, prior sold XX,XXX XXXX. to

of we X, of in strategically in acquisitions these $XXX investing oversubscribed growth Our the in part common reflecting related will businesses SemaConnect year-end subsequent complementary gross Blue in complementary approximately strength stations is our Electric And the to proceeds adding stock newly charging offering and raised Blink to public XXXX. network running for strategic an closed funding to towards February on and family. The million. registered and fees the go of business of opportunities.

to well take XXXX. funds these expect us We into

vehicles. India is an very, very for electrification And customers offering example, in in at Also, CES those and wide we strong five the for Vegas, America in for a Asia. Europe, EVs. we new of both and Las market Latin variety we where in a U.S., expect unveiled here two of products also Southeast and three special in charging have we where growth exhibited compact January, for wheeled customers a

was the X,XXX a market for This a opened charging on To recent really Slide network. the European in recap XXXX, on we a May of in XXXX tremendous and shown acquisition This timeline into in closed lucrative acquisitions, growth Blue progress our European XXXX and was acquisitions window large adding we X. as us. by year part Blink. enabled, Corner acquired for strong XXXX of points, over

the QX on as Blue. have growth we for to or more Blue the nearly Since is completing result, added Corner acquired in and network. trending Europe, very Adding of Electric strongly. Corner to April grew revenue we this And existing our XXXX, acquisition, X,XXX XX% charging a XXXX ports Blue nearly XX% in

also a of book call nearly growing it our approximately in pounds. the ED XX charging fast million the order X,XXX network, to United confirmed market ports Kingdom, of We adding and

on Finally, in charging SemaConnect, to key capabilities robust we of which plan. of manufacturing and Level for requirements We a and our DC qualify also June design in largest acquired and X customer acquisition chargers. brought the Blink for XXXX, addition network base, American the [indiscernible] ever. to buy Positioning fast closed

be in the not we Blink industry, talented what to highest us best adding Blink none, were of has and since team to to second is and acquisitions which the most margins the in I gradually founded. to leverage business, a businesses entire SemaConnect to By our the if organization. complementary one we the strategically, of across intend institutionalize the business many combination highest, gross knowledge have we possible. the built products models deliver believe allowing collective Overall,

XX,XXX As we to in become with you global over or X, much different come. to XX installed on truly grown have a countries, sold can business see, more charges deployed Page much, with

illustrates are to exponential However, all the continue we X growth, customers the positioned is here. as done see industry that over world. not Slide vehicles to electric win

tremendously about demand. believe where the runway not million between going to not by chargers long. close XX with are predicts tremendously, for them at is we're today. million to even just of XXX XXX to anywhere many Today, we're chargers, many, XXXX, best, viable that we we globally even meet need Bloomberg At

as momentum, the imagine lie Blink. especially ahead opportunities shift charging EVs and to Just just build industry, continues the for a that to for

I'll With future, We handle that, very and to this are hard our for growth. to the be able the amazing to working Jones, on prepare pass excited are Brendan company to president. it

everyone. Thanks, afternoon Michael, and to good

comment, Michael's good but a very, very had from heard Blink I'd even overemphasized there. we had say year, great year. you As very, -- a very I

of into now slides. the some So let's jump more

Slide XX. Let's go to

we stated, this XX or the that total bringing have both over XX,XXX since internationally. inception. contracted, sold And months, account XX,XXX and to Michael the -- within I XX,XXX. as last to keep reiterating Now Blink for company the has chargers domestically acquired point charge over chargers Blink deployed think

total and are of company America, in United diverse are Now now we in that a our chargers Blink deployments wide And and the the deployed internationally. deployed have XX% percentages mix States XX% of right abroad. North

partial you the multifamily enterprises, complexes, different as And variety just facilities, multiple But in to industries. contracts over If health commercial a customers. our we customers of Slide with we plant those won of have a jump care established XX, we service sampling around indicated, well will municipalities an communities, see and world. of array fleets,

is We only the that products long-term combined us a model, flexible our charging with new the Blink very provider U.S also market. to contracts. fully just and important attract emphasize ago, And want to position integrated superior and competitively in Michael that moment the capabilities business point customers re our made

at chargers looking high let's said, which portfolio. products variety And have vision Slide We of of that now innovative examples well XXX, we'll wide newly to to DC we're jump product a little our as now from about ranging bit. on is what talk residential as IQ chargers, LX unveiled in our fast a XX. projects, powered With

serve of States. commercial both the and an we as chargers, fleets residential across including these With number locations, increasing United

important you fast that vary a Slide on it different the installation power for our to that XX, around Now global addressing can is DC Blink reiterate world. and company, chargers. demand see the DC We think available is settings currently

to meet of charging a So offerings variety carry we wide DC fast customers specifications.

fast a is charger, dual Europe. port works of well spaces, one in in kilowatt our example, wall especially which urban For the XX DC addition tight mounted environments in densely latest

chargers setting, customers flexible that provide kilowatt XX and of and ownership to offer anywhere power. But the specific above from XXX kilowatt regardless models our solutions, we DC

examine XX. let's Slide and go Now ahead

innovative to of in CES, Now, displayed we want and you this the it. what to recently this parts I different shows slide is product at new take

new you'll perfect Vision a a designed It solution. of our That center, top the solution. create screen two this see the which is XX in in advertising as one inch charger LCD all display has -- charge So point charger.

our and the unique share solutions revenue any providing models, offers of advertising Additionally, customers. charging Vision for

and To the kilowatt To new is the our American introduction fast vehicle this electric which is DC right with architectures. charger, is by be charging kilowatt X compliant fast compatible XX left and another charger. newest our DC Series will the XXX

Now latest the charging and situations footprint designed global for charging flexibility this is a speed markets. across Blink's station for solution small representing fast

This markets. EQ also scalable take called. EQ if can to for like known proofed the to European if charger. to is in X.X, bidirectional specifically is is supports OCPP you slide, VTG sometimes center designed an ISO it the affordable charging, the XXXXX, or our vehicle it's XXX charging XXX intelligent, bottom I future via and technologies and [indiscernible] as or grid, the also solution The of Now as you the grid

American Latin a Series and is and is solution three and earlier versatile markets. the Next vehicles for this flexible EV two referenced the this charging for X wheel and Michael designed Asian

charge Bain Now this primary Asia, and where wheel EV adoption vehicles for XX% Company, wheel three target XXXX. will our according markets to for to currently is by and two XX% Southeast be

Now keep infrastructure. million mind is will a XX XX to in million this charging of flexible this those need let's vehicles

of kick. finally, energy have Now bottom PQ we at also or the the the here, XXX, release

is, smart this for this residential feet markets designed in the costs and charging charging what home. a perfect of Now fleet is European the cable charging reimbursement for for at vehicles

the solution in excited We're has requirements to products product about we is anywhere confident a Right variety now unveiled. really recently market on those world. have charging that vast and the our Blink meet we the of portfolio

Now topic. let's different a to jump

charging and mobile look Blink we network, completely we apps. XXXX, redesigned Blink In at XX. launched As and Slide our

user quickly our and key. Our be that any to approach stack, state-of-the-art our disruptions infrastructure, service a our create to without is that allowed And tech efficiently augmented can platform centric technological customers. us

to charges puts control search drivers EV mobile Now in City, improved seamlessly integrating everyday app life. code, into for or amenities, business by easy capabilities giving category by nearby and the Blink charging zip them address

well history can favorite The also iOS payment Android charger and real status. charging and available as platforms. locations, payment drivers time Additionally, information, and both in their app manage is save view as

So now XX jump let's to real here. quickly

dynamic create So to ease new languages experience in XX also entire hosts in based have and of protocols [Indiscernible] functionality various been blink redesigned to comes Blink has multiple with The use to mind. site schedules. it the countries. across host pricing expanded benefits, locations responsive use network manage their case, allows cloud when to will business

the of We network acquired newly transition Blink's summer. by expect this networks to of all launched legacy to acquisition via end our

U.S vehicle the growth away. XX%. to administration Now a market that's will is trend government sales short is goal all XXXX. vehicles U.S committed we support network let's and of XX, And this continues of just X,XXX of the all That's about to of years into building jump seven targeting Electric new XXXX. accelerate. nationwide XX% by be it enjoy to And initiatives. Slide of chargers, EVs continue comprised In in and the the expect XX% sales

The standards of on American House announcement buy footprint expansion mentioned manufacturing recent for the a White U.S its an XX, Blink February in regarding program. and new

say now is And requirements. right are the American July compliant enacted buy Blink will to So we when meet to that future requirements proud that to we comes it XXXX. be of expect in

of process are in US, XXX,XXX a of are by plant. that which chargers for that the we units LXs, of fast plant in the facility expect Maryland identifying Bowie, for and achieve to part targeting with location production So the we DC the major the manufacturing actively establishment annually expansion our and a new of in we

looking is jump at let's a And XX. topic. synergies. This is to Now Slide this different

we have this quarter. on we progress when made So to the and synergies, move

performed consulting, company around entire and analysis SemaConnect. to an With the of of outline across help global the extensive especially discover McKinsey and the we acquisition synergies

in targeting of related just As a in a synergies SemaConnect. captured. have $X.X total to been those XX.X that result, already we to identified our report million million I'm of happy synergies And

December implemented the began We into phases. X, some and aspects on in sales, synergy of operation. marketing three focused patient and have broken down Phase

we begin of already Phase million savings reductions, X in the and been IT will number and manufacturing. operations services relates to simplifying of million reducing and over X on will look attained global number and be FTE Phase If and will has vendors. focus from X.X that technology the X.X $X.X at XXXX, March

information quarters. are just we several end we'll at report lot stated, the of X. next more And have Phase the to a over As

million adjusted As our Michael of QX revenue little And compared by sequentially $X mentioned more deeper grow a see million improved results, quarter. third earlier, $X when you dig to to when EBITDA than into that nearly 'XX. you will compared QX

time, the are are moving narrowing We this same revenue. our and And continue at momentum we are forward. to our we losses, growing looking

With XXXX up, a truly this impactful significant an Blink. and all wrap growth all industry, year in the record for a to So progress of has of company. for been our areas year

holds We Blink. future with elated are the for what

comments. So going additional over Michael Rama to our for with now it CFO, to I'm that, turn

Thank Brendan, you, good afternoon, and everyone.

revenues Now turning quarter in another year-over-year to XXX% total the XXXX $XX.X fourth to Slide for XX, million, of record grew Blink.

increased revenues. third quarter XX% XXXX, by EV In sequentially when and with compared service revenues demand global addition, infrastructure primarily quarter up fourth driven were charging of the the for our higher

of in the fast were sales SemaConnect XXXX an acquired DC also of fourth XXX% greater over quarter the included XXXX quarter sales generated in $XX.X residential million, from as Product of customers companies of chargers chargers, Product commercial increase volumes the revenues same EV. our for and chargers. and period our purchase

of was quarter chargers, on revenues ride-sharing revenues chargers associated incremental service XXXX the $X.X growth which program compared revenues, quarter acquisitions. number with revenues, year-over-year revenues by increase primarily of driven were ride-share mobility million networks, increased fees from consists of and charging and the of XXX% to fourth service Fourth our service the Blink utilization XXXX. network greater The of Blink's

of you the our already items these service revenue business. accurately product many into more differentiate line combine one service As of we aspects to between and know,

Now operationally, component our this increasing our base. mix strategic our aligns approach company's goal the revenue with and reoccurring also revenue service growing of of

a we from of up revenue fourth year, as larger $X.X the from approximately third our XXXX stations XXXX. time, over same Gross of utilization coming profit services. for of XXX% million, mix the of last charging XX% the seeing accelerates EV an improves, In quarter sequentially was anticipate adoption period and increase and of quarter

XX% improvement And compared gross when same year. points. basis the over XXXX, last As in a our margin X,XXX percentage quarter period was points nearly fourth in the gross XXXX to basis of QX revenues, sequentially margin of grew XXX

reduce early, effect As Brendan, operating gross to we to have continue mentioned costs component a ways positive which look at should our margins. on and

EV opportunities in compared well to Operating of the $XX.X recent to acquisitions, million, as the to $XX.X the in period. million to ahead. year on expenses that reflects Blink The impact prior many year-over-year commitment our infrastructure quarter XXXX capitalize of lie positioning increase as fourth

as same earlier. the and mentioned remain we cost vigilant began time, on presenting about year At reduction Brendan synergies Last time, EBITDA. adjusted additional opportunities this we

Our noncash operating company's evaluating excludes useful in this significant management because is are or our nonrecurring items core believes it measure non-GAAP either performance that expenses.

X,XXX expenses points period, nearly EBITDA Adjusted of mentioned. QX I XXXX EBITDA compared quarter $XX.X operating fourth and fourth largely the loss higher for the nearly points third of Sequentially, of to of quarter million, year-over-year $X.X basis a quarter prior adjusted the the $X was to or improved XXXX. to compared basis nearly year improved to the a of million in just X,XXX million as XXXX loss due compared

As since nearly XX% you as could see, our of revenues, EBITDA improved QX adjusted of percentage XXXX. a

loss share $X.XX compared per excludes per quarter in which the such diluted is XXXX as additional third loss share $X.XX items divided for related adjusted defined of shares in adjusted period. earnings earnings acquisition income XXXX the stock-based share Adjusted amortization loss per of was per share share Non-GAAP prior fourth a $X.XX, the compensation expenses noncash XXXX. weighted for diluted fourth was nonrecurring year as outstanding. to per a of of loss compared quarter intangible of significant net and the assets, Adjusted quarter EPS of of earnings adjusted to of a the $X.XX by average

profit Now significant several XX, strongly last year-over-year both could over with to quarters growth. has you the Slide that performance see and gross turn revenue improved and sequential

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

and million. of cash December equivalents cash to XX, was as position, $XX.X XXXX, cash Moving our

gross million. public $XXX on of the Blink of oversized with an Following offering closed proceeds quarter, close the

to We closed quarter grows. are service believe more and fourth are full a becoming We and XXXX foundation year demand products continued for as growth and we're and record -- among year with pleased services have EVs results. building consumers common a fiscal for solid our more

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

truly brand Thank team they've Blink industry. you, proud -- proud. completing am And year. two what Michael. redesign up XXXX very this entire to also and DC year ground we from launching for best-in-class transformational acquisitions year. mobile It have I the charging. beyond of a network, I'm the be intense our a accomplished X was actually year and fast and products been large to also new I'm EV industry, for integrating and And both a charging new it's introducing very to number a us. unique. Level But rewarding look of for Blink truly at applications, as you has positioned an very, the been

we most Number and fully capabilities, in vertically one, most integrated charging truly a DC Number ownership sophisticated EVSC engineering, the the manufacturing solutions range anywhere to flexible the models we're provider are home of fast with and some software to providing simple charger, from two, our chargers period. market. design, hardware, level

flexibility the next Number charging It's we is are just and us to four, for decade They're positioned our levels itself. acquire than just amazing have electric gargantuan growth. and a a forecasted Number create for companies. the base half. more strong partnerships increase allowed that three, to clients over current years, over The speaks vehicle at XXx client diverse amazing. [indiscernible]

this position growth. to five Number for ourselves

counting. finally industry. our last the quarters strategy The And and as the some have over entire expanded that countries we highest XX X. our achieved of scale have two shown global We and in works margins footprint have it

revenues of to With and solid for strong the visibility with profit in XXXX. believe operational targeting opportunities today well-positioned of targeting We the in our improved continued margin range around our million performance. excess optimism million and continued marketplace, $XXX we the full $XXX seeing in XX% execution, growth we generate in drove are XXXX we're results and XXXX we are gross year to

for what excited future with are the Blink. holds We

open will we now questions. that, call With the for

Instructions] Thank [Operator you.

Summerville from Matt ahead. question with go Davidson. Our is D.A. coming Please first

thinking infrastructure to reliable wanted to charging public see about bit reliability. on ask you our the depended into this stations, hear improvements afternoon. that Matt because learn afternoon. And I'd is out is bit started drive reliability What I is of This that. upon. can of Good by I'd about Hi. sure we've to in indicators start the and love to reliability performance consciousness continued Blink public the Will Blink more asking what little Jellison to specific won't is doing for to I a for network a about more, come making going be like with so you're on forward. little more what

And that a Okay, got a today that's you question a We if something it's of was back. look great bunch question. plaguing historically, networks.

General charger that Siemens, that Blink's first of hardware, the didn't powered to to reason the driving okay. chargers technology of Remember, was improvements on. Gen remember that because where whether you're been a the of equipment to charge And moving not subject problems generation conditions. the big lot time. equipment DC even operational so boys wasn't these generational why to and and there's people The The And Point, changes over are up the we of was with. and That's all hardware able not with being terrain, Electric, for these was really hearing it the X high fast more even their par. understand launched, made Schneider, that a Charge that's even up electrical original most and is really, it elements car

haven't in to has and we've we bought of had say network the prior those took that company any going and Blink had generation assets. not equipment, before I'm the over Most we issues, had. been issues prior So has

you again, charger going mute. and really to with the focus. rid like legacy So and those take issues to fast those require Brendan, main you DC care you some maintenance. add a complicated and America You're off, it, [ph] most the anything the and issues, that's want service it equipment a on of they've the fast have of And and lot lot gotten chargers unfortunately electrify and more But with deal are brunt to problems, operators, do DC the we've been this? of issues. EVgo's, more others, really of because bearing

Yes, guys. points. is is complexity about Sorry Xx Michael Definitely said. DC But charger. just the a reiterating of LX couple first, so what that what it of the chargers on

think industry now taking Michael the very in and as I is was CEC. separately Everybody CARB the in said. and a is it seriously, quality quality year awakening both California much for DOT, with of Blink with participating analysis

So collaborating not we're examining everything and we're our quality with the of industry improve improvement but quality, doing just across we're to assist the in board. the

everybody saw providers And it an XG unusual networks bit when blip And of We little XG faced a networks system, catch the a where an all was for significant up. have that of there in the to this lot but of depth event most of together. sun all all and XG equipment for to this from a time working and everybody. disruption we also a the upgraded unprecedented created bit to work a summer, you XG of did little big us and setting the and came the bubble

charger, can we activities they But moving the operations network have on as we're with we install now going to And that fast that on a that quality. is page, have we're provider, charge. that those to do from DC that, And call speak. level making the on perspective now, same focusing Blink when we sure is everybody maintenance a ensure when from for and definitely down to all double we the the we highest customer of to and chargers, getting knowing center these forward gets understand deliver

less X lot up lot issues. a chargers. a these charging you're and It's addressing what going believe chargers, we next to Blink deploy fast maintenance, add to issues up a going to when DC fast station really a said, Level stations, And Brendan of roll we that a of of you to focused DC lot And deploying Understood. less our we're charging current is lot operational less a drive Level maintenance X issues. to on -- the generation generation to of those as have be common

that. allocation follow-up I'm with acquisitions offering, Understood. investments capital own deciding of moving And how the forward, network that manufacturing in completed, to now organic additional about or is innovation capital Blink Thank for a Blink you assets as as or then going curious successfully thinking your might capabilities, bolster forward? the between

question. We all zone, of now We going Whether infrastructure, of got a earmarked bit Okay, the dollars okay. know and facilities, things. all rebates kinds deployment there's billions little to literally these okay. that's billions that building amazing our caught in that great for of of and subsidizing are for industry, be

get sure who that bridge raised future a capital was this, and the been that a we the before calls So these we've We really on have believe to that in are getting to or I'm have looking in there's heard us to of We're The It's lot is funding. really it been -- Europe, here. people say that banks us been utilization. stuff like point. deployments And really now. industry we're capital. very about financing see seeing really, capital to little non happen dilutive that dilutive for going where we've

just this look being to be interesting very charging order, short as capital out business our some to the the stations. to handle able well well our going mechanisms believe finance, as raised facility grow we serious of to new build to a the of new operations deploy capital of, of as amount the money, are business. use the we're like the we really there So in going to to But some as requirements,

Thank you.

ROTH Irwin Craig is question from Capital. ahead. coming next go Please Our with

you evening Good questions. thank taking and Thank my for you.

eight in Michael, network one fees the So in the thing more that fold than really to out increase the was me stood quarter.

you materializing over maybe going we driving to shape? the margins the those? this What's how there? of on growth outsize Can there. to are Do see quarters? likely fundamental what be increases really on Something number is seems us take to this talk next And multifold growth continue through

who that's charging going Yes, I'm This going lot revenue charging this we a And are parties. fee, services. of lot selling and is by to address massive single because the fees are But and stations, of to month lot our people every network in so charging we paid We're reoccurring recurring models. property let on. sell part there to of growth hardware And station, of get is a a see when a Michael stations. energy a of selling that buying deploying or third owner. Rama we're a margin and other

So yet. we you, yes, as stations, a anything tell more deploy we're haven't going more and charging I to lot of seen increases we and and see could

just to There's this this I've going a a repeat I'm said amount going to in tremendous of of it growth business. see again, bunch we're times.

$XXX look and at you're we're by or Bloomberg XXs, We're $XXX talking the numbers million, $XXX stations even lucky XXXX. yet. needed if what million charging there not million we're are others, You at

So ones. especially viable

to processing some of DC they're to better constantly locations you're a you a and replaced. don't to If more be business, referring that. said position Michael to ground EVgo the and fees, margins We the that renew. of those that. We're came address DC heard getting much the have the do and just out are more little that on chargers, the they in many, ago, bit And pulled reports of to in margins locations. the and chargers out on But a need them That's of more. fast new while go networking massive. what fees, came deploy acknowledging and go We have little out that legacy need all of their many, many this easy fast their

that as over combined third-party keeps with the color just their strong. that, time the the little Craig, acquisition, SemaConnect at but stickiness network, even hardware chargers -- And a a we're we've they're on the looking that could on to where of that grow end more that growing, in going quarters on business the expectation why get vast more margins and yes, as been really fourth bit though seeing margins we're that's And the that to And the to as add of we will mentioned, our off continue of XXXX. business. network business large and to -- the we commoditized. put Michael networks take very it business the is part that's to third expand, and are that came the whereby know And continue service from networks. the hardware sales, selling revenues Yes, getting the because are always network as our

of So revenue balanced profit a have potential, is very that's well will. you of, to that of offerings portfolio mix benefit the of course, if

Excellent.

Can utilization little So maybe network suggesting color. fringe more different materially on about your if And the and than seeing? network a be contributes true. on utilization talk could just is growth maybe elements to bit your know that that been I your we not some that for have you peers. utilization how ask you're to There's this

very that large a stations very to And to And you that in a seeing question It difference very, in, you're it. on Mike, average portfolio where multifamily a you'll public much, without European even increase our have those no take a We're charging so. chargers. Again, see the them But be garages. in about doesn't you let's utilization DC parking question, for There's between looking solely it profitable. much doesn't rate a much elaborate take a you at X bit? when versus rate utilization. domain huge even want say, lower AC more a increase utilization operations seeing for fast to of rates. of, utilization chargers, realize utilization Level

bit quarter as as own and been again, in to it overall over see, is our pick where just and ago, XX% EVs starting XX charging Yes, increasing. could up really we we've the going traction weren't charges we're the penetration charging digits, to on that's, operate. network, more And months that we're approaching revenue, middle has sales. hand hand been part as mentioned, of more X%. where you utilization single was, of the it a And business see vehicle And there's X%, think with a the has always I quarter, sequentially was

because increasing seeing be we're chargers the positively on where EVs utilization So just portfolio the charged. is there's more that in of and to our road trending

Absolutely. for news. my That's And questions. good thanks taking again

Thank you.

coming ahead. Please is Sameer H.C. from Wainwright. Our go with next question Joshi

Yes, Does the given on and opportunity? questions great build model? it my the you on to you operate itself that own VXG thanks position quarter. have Would congrats for VXG your with taking this and lend a on favorably opportunity, comment

and the programs place. want utilities. having owning and to to the Brendan By you that operating a with that it's are about Yes. the that when we take allow Again, having relationships there right able charters monetize are on VXG equipment expand right to bit.

on Yes, DC and capable charger operate whether so a all fast or of the it's it's we're home own our amount charger, new LX whether and making a it's our whether VXG chargers sold. especially commercial chargers,

that and the presentation, during we built have work added network And So then has capability we as we'll built monetize it, said, the new that will already, speak. is charges our the to Charter designs into And right. both in. all to European and we the that as being to feature

do how that's And VXG? million question. dollar you monetize big So the

vehicle companies to a do working this the do with and installation we with we're and got right. and can topic. on where out, How you a to have to charger now to figure do monetize everything So as come solution is forward. goal because the the to provide topic, to the outside charger variety it to -- explore work we have we'll with consumers? more the But on how them right a we we’re vehicle, on to then And of that we possible able of be that move

then Good. the on question that. … Thanks for And second

a many in you're I'm monetize locations a going heard to ways sure to is in grab be want And before. Sameer, you've land these grab now, cars are coming, one Right add this years. been we've to this different the of it, there and land I the these say to buying owners. networking we're more many sell EV the people fees, we out be more getting EVs. are And or able traction processing and electricity that station to more charging getting to fees It's know or we going just to there. be there seeing gaining going ultimately that the knew to The are for lot mode future. me ways, selling XX things besides and

intent we're all we and it's more our going have grows locations, to things, to have. enough more hardware, these our and ways some There's different we products for and more purchasing, to hosts aggregate to able host different we're advertising these EV our to monetize factor to customers to if into then time, services more. being owners electricity leverage us scale VXG. and the electricity have grow And drivers. be many to over going monetize what our as turn who as as in electricity, able these Maybe But locations we're of offer able

Yes. Understood.

There's of ways monetize VXG. a amazing not it's to lot really locations. But these

that. Yes, thanks for

any the be we The initial the update do and level second question was dollars windfall you XXXX the state least seeing coming down? quarter, or or from about Should an funding and fourth benefits Or on positive just any think from that? news a at start that [ph]? visibility federal third, it funding will

Yes, so question. it's a great

It's which No, happening Brendan ahead, having again, going I go out we're that. going some mercy slowly, -- the figuring just but together government to their and Sameer, tell I'm to add I surely. You going things, is Brendan. to matter the patience programs getting sure was the at is their still of was to of and and a all

now only and so three right out back. are pulled one states Yes,

were and A came compliant on what side. by to out with we'll Pennsylvania, So waiting and pulled people of We're compliance, America talked DC back. new working we rule were be Pennsylvania about see the Ohio, Kentucky, on side. and as compliant [indiscernible] LX lot the the

states and And you're meaningful, consideration, other right? the terms responses are in of are your two, slow they're guys dispersed. you're see basically fun going that out and But they're still early require, timing. take then not anything to they So then we especially some now to after So into got and in if figure evaluating see right walking. other in XX out, these one going has states, that to see gotten

see QX, awards, get work going probably in perhaps in XXXX. to the a summer, we some is going real to as the in few You're but happen

it. Got

your And just do network By be as margins from think should XXXX, on continue question Okay. of expect I up fees following what service to grow. service Greg, your then revenues you proportion previous XXXX offering? from to related your improve

go to forward, operate. in. And as on to going get comes we keep But that. as you I'll we've big think strategizing tried tilt a more always as that way, obviously own more one in you're and you quarter one we where jump do just

split, is, a the own volume of again profits to scale starting see the between but how to shake taking and a the operate, host you when And maybe mind to get it operate. we're splits own bit balance that and So predicting sales. for XX-XX to it's the out know it'd be, bigger more those going and nice the don't two, versus what never point a going hardware the [indiscernible]. be little we all But to

that. to add to want I Sameer,

of, For and RFPs, a lot they the businesses, of hardware. saw own excuse businesses. a and with the me, while, lot we original and saw municipalities to Similarly, we a wanted operate

like as with is this provide, to And do operate dealing the they the the well. provide they want service they something they and stations, they're they're the need headache. realizing it having that services just Now to charging don't that outsource and almost all

us who are hardware, a operate. seeing we're of lot legacy who to buying So now want customers and own

U.S that want operate, massive make to day why put want can just to to we helping only globally, want day. ground sell or you them compared some complete as with we municipal in competitors. to they of deal seeing in don't mind these sure and we don't We're to own single things. want the every to in but could in satisfy and for contracts, benefit changeover a huge, it location. we That's our and, they different That operate is that's own us the the a your have customer. They why to could don't don't here them the We not subsidizing Again, but where they offerings. someone

conversion and seeing owners are service and them, someone managing a side. -- operators in the but lot a want for municipal that where prior we now seeing that of we're So else

Yes, yes. No, I agree.

kind that for scenario. and well-positioned of very XXXX you're a luck Thanks. think I beyond. Good for

Thank you.

Thank you.

Our is [indiscernible]. Please Oliver from next question coming ahead. go

taking Good my afternoon, everyone and thanks for question.

Sema looking footprint, and all model. and growing follow-up up legacy the prior owners owned charter at question. operator or of mentioned you Y'all to to But the so. on growth the own the kind converting working to chargers on XX,XXX of model, Just getting a operated

more in of own Just of revenue or chargers, business Blink the those either detail also kind was model that how those are terms a and for under split sit bit and a what out today? how going turnkey, of wondering owned was two hybrid many hoping chargers generating between

legacy Right our just DC little I'll there's commercial are good chargers, almost jump in us all it's chargers, time. private historical goes that chargers, that all over And owned memories of in that networks. on XX, now types charger, by of chargers. -- type home maybe the lot chargers, there's fast And on X,XXX of XX,XXX the a about chargers bit back a is

network by While that's kind of obviously, they're a that's not generating And but owned remember, but it's -- recurring, big are [indiscernible], so not have our we portfolio just in that's networks. our that what's have in us, kind -- generating, it's we also we over not [indiscernible] what some or XX,XXX generate some of units XX,XXX revenue piece. that from networks a

and a what’s between own a split that to to bit and there's of operate. So

switch SemaConnect at so own to Michael just to it a we've to beginning, of the that as as and site different the own service portfolio, we're the want to so engage to want especially multiplicity and hosts model, opposed said, relates identified it operate the in as so themselves. they Yes, operate charging as

that won So already in significant a area. contract we've

everyone. we we're happening convert to the as cross-sell SemaConnect XX this that's portfolios we all going to and And and the Now, today. the accelerate together network within to over network days combine Blink then

model. we hybrid own the in customers the operate So Semi of expose and all to

a momentum that confidence we them talk We have things seeing significant already even high that to in of some about very and degree receive unified on we well. a positive to this about portfolio we product we'll And as unified awards have offer be plan, a are able area. pricing that later

previously intense deeper So than multifamily ongoing. dwellings, those pretty all It's affordability even penetrating both that we're on in company, services, combined more have. beyond. new from extends making, more everybody products, of And it's the the the has and is based that we the and some making perspective. moves the company, knows And sure legwork on also manufacturing topics more the of

best So the yet come. to is

mid for kind back kind Awesome. deal. question, y'all things, on That's when XXXX, encouraging just of hear. of, think manufacturing I the And it's of announced second a to side that

You to all the get is facility optimally rate, today, run running of. to close XX,XXX just that running sense for where a relative capable is wanted that run unit is how to fully that maximum rate

different two we've done what and happening there's things so Yes, again, is, simultaneously.

So we've increased already. the out productivity of Bowie

We XX,XXX up we to XX,XXX, So that. on about much, did that pushed hit to without units XX,XXX, between adding right.

we up to similar And in up to shift above that's to square month. So we're there target. second footage push units, get the some add four we're the output a moving X,XXX of that to to moving as speak. it area the out to going per Then

get keep it to to to add shift, to a elected it phased move that going change, square out on the just range of then do because third up We to consistency concerns, of in all [indiscernible] going square And manpower. two decided we're instead we're a given footage, third we're to more then to approach, not facility. XX, have third one going at then the up Now the XX. and XX,XXX we to the footage. a the going quality XX, The and increase

track. on is that all of So

our X about the will chargers, XX,XXX in also to that calls manufacturing so, And that, DC minimum there. of to and to be addition footprint But we of the confident new able remaining meet go demands from feel production. fast customers for L the a to XX,XXX product very

we're And as get to we're build and going going DC a on up that do to then Bowie of plant maximum fast do the LX out the So also output. charger at the manufacturing well.

for Thanks the time, helpful. Awesome. That's guys.

Thank you.

ahead. Our coming go Chris from today B. Riley. with will final be Souther question Please

the overall bit based think, a questions trajectory? timing OpEx to I'm OpEx SemaConnect shake -- for these a for my the you certainly revenue, get that commentary. thanks and in trajectory. cost talk might on with some synergies I guys, sense and little EBITDA appreciated the of targets, about you out leverage where breakeven Hey, Can here. more trying taking progress of

Yes.

it you slide, be won't right. what on saw talked about, So the

of some Phase FTE first, going also and to X, more globally. what we've thing in that, where remaining those reduction, same those examining as only it And operational in operational globally support cost of here IT in in do and going going then So the X we the expect first it's secondly, to will relates be so the to is technology, we're costs exist. synergies hit and but be Then right. to of phase U.S., we're

then you networks the summer network we're in imagine, two transitioning As more over time. one days, might XX

software then the sub the network, As working it we and all are eliminated. were that that those older the to on folks make those transition, staff the be and support going ones the supported suppliers that were of vendors, the

move us as XX into see 'XX, further So we having operational you we reductions. -- will see additional --

more and Now additionally, of some SemaConnect. as of you to product might imagine, we did product a out rationalization study the we're moving

So then that's India, our sold. the assembly it, own lower of of and building at a our of Bowie much out we cost new goods when parts manufacturing, our out got site

in to have now. right it So and starting going this roll synergy see that's start we're to rolling we're going already to additional

network, the new charger and a customers, the able market. us more We greater position sale will give a off and bigger we're with Where the share manufacturing, because of next report to start that make the in cost single and quarter. we more profit win margin to lower a portfolio

that the of for continue so going to grow? does say, areas growing overall Yes that are all it. rate, of use, kind your far run … there's fourth as kind if framing other the quarter to OpEx we're because -- as Got as Just OpEx we

… I mean Yes,

netting … those out with reductions.

to well. to of on going as be it's got the there's Yes, lower be the net end out. But some scale,

you high-end due right? And together, and as staff duplication, lot and there have a that. a company lot You public, lot of right. of we -- but very that on the reductions, duplication to effort, a of So a haven't were just been was merge you

technology, and and have to going assemblers. we're staff to to workers production going and to time, you're everything, add continue what as staff IT and manufacturing identify So in over we see

get them can on we Now depending …

a talking lower employees You're to cost much handle.

out words [indiscernible]. [Indiscernible] of my

Exactly.

the Yes, to reduction is we're still units for what going growth, maintained, seeing be in how so so we're on, businesses. see aggregating many of sold, because operated you grow -- business, to second, deployed. seeing obviously, we're let and our much And one revenue now me a need expenses because how [indiscernible] the

still in So now the business is is revenues, the growing, we're a here increase decreasing but seeing the an what but in losses.

so because to fourth of much growth year, getting we're I've good at here done in this past, So year, of the very a look versus third not in difference the mean, our quarter as between I third the in that's past 'XX losses quarter of 'XX. we've point this quarter business, seen occurring.

sense. that Yes, all makes Got it?

would timing be … So is guidance you a of could perspective there any -- far EBITDA run for rate as as from you either breakeven, But or gave kind way frame XXXX. targets revenue

more give to progress, goes and going and And to things guidance. along. lot the we're going more We're Street the get some year This a sharing as some where visibility be visibility as is starting information. we'll to

at if could we're overall deployments anyway, the own Blink ports the between of number the sales you appreciate of kind kind on and number could maybe down total And just, Okay, kind looking product network. owns charging the Blink mix of that. in when you on network, break quarter of provide

if or Yes, question, was know the don't I there's that about [indiscernible]. an question on as I previous that was mentioned,

But [indiscernible] network. So are are units have but that then that X,XXX filings, you'll owned, we will come I'm assuming over and our it question. was see yes, Blink a out about of that in XX,XXX our are

So our piece network. SemaConnect a get and that big seeing that big we a in we're the network added business the was you network, revenue number reflected as large and and growing. We saw on guys the unit of that,

Got it.

Okay.

to we And think of we Michael that operate outpace the we our clear, We going we're competitive, I mentioned amazing want we're to And seeing just not in years And very a that dynamics. [indiscernible] own all equipment. are growing than that size again, a get change business, the is, hardware, winning every that's going. amazing to our very time host today to scale these we even orders. size we're equipment business, orders be orders That's have have things those and where this large did of third-party. say and selling and start one revenues single business going ago. is we couple But larger I'm the

if in the any [indiscernible]. contracts U.S and puts Our us made compete again the are of put as we're good very, Level in there that comes business can't we have a not But position. it and Because very, in as business there's large to very substantial U.S., certain that few, Level and in. then are in outside U.S., others soon Xs own made [indiscernible] orders in in our operate a very that a orders the in, get the amount position made Xs

processing a then And have connectivity $XX cost us, That's X% it X, an fees. hardware bucks. have typically have for like fees, it. $XX, We we month good it's Again, sale. about recurring revenues. And it's then we a X us

to ours. about our the little about there's and margins it's X% the of is than When So you half fees, at less rest in goes processing it huge business. look expense a

matter owners able properties, these others types of it's they property are. with, of want with, be major that to And -- capital single to it have deploying different very vendor to want lucrative be is to business, every we companies different allows So important us McDonald's allows one us locations. the they able or are to their lines work of have to that different whether work customer equipment deploy all to service what models, and or at any no aesthetic have what's manage but CBRE they who most very, consistency, of at

but if we the us. And property times want And variety the capital wants the And have to service. the have we that's to sell also. dealing the models to we'll improvements, sell or and the to there operate what we don't it, ability when for with make do. is that it. it, there with important having the And are so of And own technology will they are we deal owner to managing if

We'll as is is the our growth viability, and just units locations we owned host the right to have at many units than us industry allows looking our and the percentage many having on to flexibility that in almost Look faster anybody can. perspective. in of putting a we're flexibility now. amount all the to revenue have satisfy the the in second why we're from And models of So really really -- getting in ability we a against reason from the basis and the is And at stand peers. grow lot growth the our we're the percentage and an a as own growing how none scale, we operate scale. customers flexibility, ground, size and both all

it. Got

will That's hop Okay. helpful. I in the Thanks, queue. guys.

Excellent.

Thank you.

participation. it We conclude today's question, As your for does that you last the thank was call.

wonderful this a and day. we time, lines at You may you wish you. Thank disconnect your

you. Thank

you. Thank