Blink Charging (BLNK) 8 Aug 232023 Q2 Earnings call transcript

Greetings and welcome to the Blink Charging Company Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode and a question-and-answer session will follow the formal presentation. [Operator Instructions] And please note this conference is being recorded.

I will now turn the conference over to your host, Vitalie Stelea, Vice President of Investor Relations. Sir, the floor is yours.

Ali. you, Thank second Blink's earnings call. Welcome quarter to XXXX Brendan on Financial CEO; and call, Officer. have the we Jones, and President Today, Michael Rama Chief The include will discussions non-GAAP today references. the comparable reconciled GAAP the are our most These measures deck. to in appendix of earnings US

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

included Today's results significant from are different The most page may factors to discussion cause on those deck. may results also include the XXXX forward-looking statements of be about our expectations. actual could second Actual two earnings stated. differ quarter

Unless otherwise noted, all comparisons are year-over-year.

Investor Blink Automotive on Now Relations regarding the York the in August be JPMorgan the in City New calendar, will participating XXth. Conference

and Barclays Conference please Global through September Annual investor the the H.C. Investment CEO Conference Xth the on City, announcements through our the events And Wainwright on XXth. Power in September the future. September XXth Xth Energy additional September for XXth follow York in New

and Brendan now turn will I Brendan. go President the Blink over to Charging. Please ahead, Jones, CEO call of

everyone, Good today. us Vitalie. for joining and Thanks, thanks afternoon,

from we provide capabilities. I the into good QX, get our quick results and refresher would a like on Before Blink to

service Now our network means fully Blink only US infrastructure own integrated that services. is And provider. own what is full our the control our we EV design, manufacturing,

been meet products with any to designed Our best-in-class have charging needs reliability. and

do streams. network only are flexible also the and because marketplace we and Not diverse sell of we synergistic in all chargers unique own in that, revenue to with but Now, addition we have a offerings. services, and operate chargers we variety

same no improved provides we with commissioning, and We competitive believe difference or relationships for to business. a and operate sell us streams drive and revenue sustained our positions growth standpoint. as scale there maintenance to processes from the uptime deployment, the profitability and we Blink Overall, that service advantage ability and synergistic operational continue an integration undertake monitoring. vertical contractual whether virtually is to use fact, we In them,

move let's any six, delivered and are the for to about we Blink's pleased previous to slide let's exceeding QX. If quarter we in company. quarters now So history we performance far that transition the talk a record performance during say

three-fold compared million quarter second million XXXX revenues with of $XX.X to $XX.X XXXX. when quarter in increased Our nearly the second

Our compared by our and our million than second products of driven quarter revenue more charging our of to was growth in X.X XXX% to On XXX% increased second exclusively growth XXX% million unprecedented X in an demand to strong million and almost revenue the almost service X.X services. increased for XXXX and service organic by was revenue quarter

X.X margin, $X to expense Now fees, which that XXX% XX% includes increased revenue and at by are gross nature, depreciation an a is nearly impressive importantly, a our which in in increase network million recurring the million..

is revenue to achievable ability that towards generate move Blink's building we margin is nature reoccurring towards profitability. in another as solid high block achieving

absolute in margin companywide Blink's Now, quarter gross of the the another compared gross XXXX. XX% second XX% quarter to of coming was record in XXXX margin second at in

revenue strong service here. margins helped in Our definitely

manufactures, blink from sold areas and management, efforts and the came our chargers in avoidance margin positive process. expense manufacturing the the of cost majority our during the However, quarter of

believe business our do we better. scale we volumes, we can increase even As and

chargers to our XXXX a of portion becoming DC we Our the move we chargers mention fast to deployed sold will contracted, that quarter, mix. are continue or and as here increasingly globally an margins improve forward. In important second revenue is larger

globally. of Blink Blink during energy of Networks across dispersed all this gigawatts quarter Chargers XX

for deeper, if can look and the record Now, second another was ever quarter the we as Blink's see, quarter you even strongest setting company.

footprint share three years. than and to the laying and customers been build have more groundwork our for market capture We

that believe results the strength to is is quarter and demonstrate testament our success that of the This model. our We our positive strategy these working. a business strategy of

Importantly, we will believe a the market industry building continue intensifies, of this in tremendous as EV, one-off. quarter EV are view don't and there focus Rather, our momentum. as on building continue. optimistic opportunity We this results we infrastructure favorable on capitalize is to momentum conditions on the the focus our as that a ability to we

in flip mind, are With target that you over if our to XXXX. that six, slide see revenue increasing we we can for

in our to versus We $XXX target our sales revenue of $XXX are targeting range visibility to million This million range target our of current is new backlog. the previously our pipeline based XXX of now and stated million million. the on XXX marketplace,

of annual gross reiterating also with XXXX, in excess accretion margin the We full margin in for XXXX. target our XX% are expected year of

Now realistic waited are let's We've XXXX. EBITDA a targeting It's achieving as And positive rate is profitability big management until key adjusted provide this seven. team. December move and we as we attainable that topic. are run over provide priority this as how for we to of announcing possible. is a Today, target and had this target visibility to to a by this slide

proactive in We vertical comprehensive have revenue of cost success the seeing integration, demonstrated seen product backlog. portfolio actions, and saving and the synergies, are positive trends

growth burn very but a cost call. avoidance we charges enhancement and on since XXXX, rate year in to revenue this last through significant actions. increase quarter Rama are not to had focused you later remains due second the Michael the done reducing operating for quarter which further detail of also This our team positive and will expense expense of significant quarter, second We our second yet. related operating expense In and management, one-time

of more XXXX, identified reductions. X operating Since in expense Over the have million than forward past three acquired companies. with years, Blink we moved and beginning has six the

functions see the as combining additional into entities will Blink. and we acquired reductions integrating We the continue

require than Networks our to less only expected and expect are our launched with SemaConnect we more of Network but also did expense savings XXXX, fragmented we For ongoing and just Not competitors newly older systems. the networks maintenance with additional costs Network eliminating for in Blink Sunsetting Legacy ongoing Blink we Network. legacy and like new June, is leveraging some

have shared functions. implementing ERP services In it addition, functions the when core G&A we area, streamlining under opportunities system in for to and especially more comes one

Over the culture organization. approach continuous, business. approach one-time our a last and aspects plan is a but and improvement do continuous of the across at embrace methodical of few as becoming we just this as not improvement, a this state driven, solution, have We the look sustainable throughout all adopted and mindset data our of months,

global have achieve we consulting additional strategies. of with enhancement the actions fact, and and plan savings In a firms to working disciplined revenue leading with numerous identified been one business

intent the potential goal spin-off of our unlock from our value yearly on on the acquired our focus include entities by car over and the core Envoy mobility. million Envoy in provided the We combining remain quarter intent to already our of and $X business. of identified second synergies two We competencies, sharing Blink which to Envoy

plan by year. execute the this end to to our IPO of continue on Blink Mobility We

Next, let's and to over of globally. jump EV the We we forecasted believe we can chargers this growth at eight for only and to electric are see slide vehicles runway. the the the date growth and long beginning

the numbers global of There seems to And XXX this charger growth anywhere year. auto world if with than every very reasonable. then represents those the are in times. half electric of become million XX excess XX are XXXX, today, vehicles X that chargers over million nearly XX forecasted Unless by And in vehicles from by industry less adding the billion XXXX.

to This comes XXXX. you'll slide that to million the can is XX it to the When level important agree chargers XXXX. XX chargers billion by is is and you forecasted McKinsey, investment over grow nine, of this US vast according see XX% Energy and We the to them, market note two we by chargers over Bloomberg of with think XXX it New in market, chargers, on are or PricewaterhouseCoopers XXXX to especially million over projected that assessment. majority be to see Finance, by approximately

changed industry the XX Is greatly is and it's one A new the started predominant is in the it or has still last will in The standard charging it's growing. NACS? become it over debate and which now US. years CCS developing

recently news saw numbers has we as of significant in OEM question to commit This been NACS. the

and predominant. the whichever as and for development it are Blink, relates are say view happy as provide to adoption are of positive NACS becomes to support Blink. that agnostic we we a Now, standard We we to able

and Fast the share position two our of chargers Charger, segmentation which level look group newly by our is XXX is today, Tesla market by States. believe additional standards, our and OEM. both revenue. customers We drivers one is due and in DC we kilowatt support CCS service will for customer and at to far sales largest to this NACS in EVs capture partially Blink that unveiled are United number Tesla With our the fact the

of are and in DC year Fast Chargers DC DC Now a about attributed you charger business revenue our if see XXX and with far in DC to chargers million sold sales. first slide pivot so fast to XXXX part that contracted Chargers can Fast this can little of about we XX on half XX, be growing the Fast

XX. jump let's slide over to Now

You product power has flexible can see examples high advanced for chargers level which Chargers. both Fast and of DC innovative our portfolio, solutions two and

commercial customer demand, whether as to serve NEVI be both preference variety a it natural EVs. inflections and offerings, the these for customers are With of prepared of residential or we increased for due and

slide to jump Let's XX.

count both is contracted, over wide international internationally, sold, Within locations. domestically attributed chargers chargers, acquired the bringing company chargers months, to XX% America North total charge Blink's has Blink and for the the the of XX% company last inception. XX deployed XX,XXX nearly since to or to total and XXXX

They we fleets health around planned XX, the slide on municipalities commercial represent care entities, Now a established partial complexes, customers. world. of sampling and well our show multifamily facilities, communities,

of United proud our with Service. very are Postal contract We

chargers and Fleets up and in becoming quite our operating enterprises three EVs of are to government a quite our -- financial numbers business next converting as of been are Blink a to these wider has contract over commercial results. costs. volume the on save as segment reminder, successful XX,XXX And the years are to and goes reflected

to turn So with take Michael going from over our Michael, there. to it Rama, CFO. I'm that, it

and Thank you, Brendan, good everyone. afternoon,

XXX% XX, XXX% revenue million. second the Turning XXXX revenue total million. months six the of grew June XXXX, to $XX.X slide grew ended total to In in $XX.X year-over-year XXth, quarter to

$XX Product over over million, second same product the sales period the an XXX% in XXXX were XXXX. XXXX, increase sales XXth, period were in June of XXXX. in million, six the ended a months of XXX% of same growth the $XX.X In quarter

DC This Chargers. Chargers to volumes greater our was customers of Fast due LX purchasing and

fees quarter second $X which service of XXXX and of increase charging the revenues, network revenues, were of to compared quarter consists sharing XXXX. XXX% car Second an revenues, service million,

Blink's increase networks The of blink utilization greater on The year-over-year program and revenues our For XXth, chargers revenues an share June of the the six were driven internationally. and revenues from growth XXXX, service by number incremental $XX.X in primarily ended US with months XXX%. car associated service of million, increased mobility, was chargers acquisitions.

profit same the XXX% was quarter of the an year. XXXX $XX.X second period last of approximately Gross for million, increase over

margin As a in XX% period of QX the to gross percentage was XXXX, of revenue, in XX% the prior year. same compared

an XXXX, million, months same over six gross the was increase ended For last $XX.X of approximately year. XXX% profit June XXth, period the

of margin of the XX% a gross period As XX% gross was prior to in same percentage year. revenue, compared

insourcing vertical increases Brendan gross cost manufacturing, to and As integration continuous contributed avoidance in mentioned the and cost well efforts of as optimization as earlier, our have strategy our margins. of

quarter $XX.X expenses increase XXXX XXXX to QX reflects million of in as the amortization in acquisition XXXX. based assets non-cash of Increases prior with intangible The SemaConnect. non-cash the compared QX million year QX increase share as operating of period. $XX.X operating well of year-over-year associated compensation million versus in XXX,XXX $XX.X of second the XXXX in the in Now, expenses were

June Blink's note of XXth, June were XXXX expenses impact are three our and well of XXXX ended the and to same a impact the year. share achieved to compensation former $XX.X payment milestones network. the expense implemented included additional to the period months recently Operating in our performance CEO by The expenses compared or the prior for ended CTO. million million six design six non-cash Please in operating $XX.X of in non-recurring the months based to the XXth, launch the new milestones related payment relate and as one-time as non-recurring bonus

we as significant believe We networks the the onboard of and network a new will chargers. beneficial legacy future Blink's be well into number new sunset

currently the Blink to with already in the in June development elimination the pay networks of Our has investment of off network XXXX of Network migrating. the in started with legacy semiconductor and process European of

positive bring these we free profitability key cash expenses moving us The our takeaway that, here the ongoing to and that closer is will line we and now, by and incurred bottom operating reduced flow directly doing benefit forward expense generation.

and our cost As rate earlier, expense expenses and we through to burn enhancement reducing and mentioned committed actions. are revenue avoidance management, Brendan focused further operating

million of XXXX prior realize $X.X the EBITDA this the to for year-over-year as loss a as compared expect year a earlier. This million we second loss we improvement of Adjusted of is quarter as was more we $XX.X an in continue savings, trend business million mentioned of $XX.X to period.

In quarter and to EBITDA of June attributable for and one-time XXXX. of XXXX the is related loss expenses adjusted $XX I excludes compensation, of months the first of million, the the ended six EBITDA a increase slight The the of impact June adjusted year. $XX.X non-recurring as period results months loss the in six The was XXXX, from mentioned the acquisition prior million the increase expenses stock-based earlier. loss first a same XXth, an in half in three ended

months share quarter of second the per compared to earnings for the the period six ended period. prior share $X.XX share a for the same prior of share year loss per the was the in share loss in per of adjusted per diluted $X.XX quarter a June year. loss per $X.XX a diluted a diluted the of per XXth, In was to of diluted adjusted compared Now earnings share loss XXXX in $X.XX XXXX,

defined EPS and intangible items adjusted one-time excludes outstanding. significant the income, such acquisition is weighted by expenses as shares divided non-cash of as amortization adjusted assets, non-recurring Non-GAAP which non-recurring related net

with gross results. saw slide our when that turning we in you increase Now historic see significant compared to margins XX, can sequentially a

manufactured primarily off in-house is produced and capabilities manufacturing previously the is pay expanding our our contract high That demand meet to demand starting our for now. the generally units. shared to increased ability product, utilization. chargers due This to We to strategy commitment to with our replace

even have further. detailed roadmap operating outlined reduce expenses a We to

ERP companies four Blink from support streamlining In legacy processes SG&A to alone, resulting combination from see opportunities make that the the anywhere the further we Network and up around globe. the and today of IT systems

order work well-defined We finally Jones ahead, profitability lot a December Go of focused of back final we ahead we to recent positive positive ensure have on plan are There adjusted us, a but are a and I the results few laser the rate run call of And in of still over methodically EBITDA the seeing are is actions. in team to XXXX. turn and sustained the target executing achieving excited strategy our as now Brendan for from financial comments. will Brendan. and

line I Mr. Jones, think your might be muted, sir.

that, folks. Hey, sorry about

We So Michael's points, quarter a great monumental had initiatives a with as them say investment, results. to to and to quarter. place strategy put decisions. going see in maybe be we will add be our financial starting and we operating growth and easy and I knew to require we had our in our We reflected was not significant vision, would some this difficult

And and do we so with revenue avoidance We have commitment actions methodical expense taken I Michael continuous continue concrete will to improvement. cost enhancements. a as and reductions, outlined, and strategies and to

of growing industry we is is the no than this there tough and and know, being you fundamentals on many revenue innovative. while focusing a way believe other also As

anyone team. in That's focus behind blank. willing in market, with truly our the our truly the and that Build fundamentals, product success. against we our on new this revenue. And are increase go think the is team in bring to to that And is advantage basics, people industry we

take formal So think with questions. I that, comments. that ready ends now we're our And some to

Instructions] Thank Thank time, will we be [Operator question-and-answer you. At a session. conducting this you.

Irwin Craig from coming ROTH is question MKM. with first Our

live. is line Your

guys. taking you for Thank Evening, questions. my

help margins more say out oh, a margins guess us? to one a obviously better there even anything you are going revenues you Can bit some unpack but such little I I'm And from actually many believe one can I you there can quarter. but volumes I they this really you time gross to are the met the going can you margins do number? than naysayers again. much that for us here? for and, in products there, have give there years know, understand get time, margin, maybe XX% they're progress gross You in Anything days saying, were this continued these sustainability that not happen the ago. Was solid us potential from there gave there'll the sold impressive. in would you the to level impressive, be gross know, market know, us of impressive lower So

news adding control own is previous we the I network state is considerably simply really manufacturing. when target to our full quarter and to continued is what we and own on of as Yeah, the stated of the as We're station, state our margins than in to good we the the starting for and that our because margin mean, higher XX% services operate see more improve year. we've

sure coming efforts products expenses we associated it's blink of our more is Phoenix. legacy what have out built or of So or facility our we with to India from more Bowie our continue products, whether in facility make to sunset bringing and and on reduce

in continuously network all is it's So the all because own say, permanent that's No, our focus important. this development having we fees, building expensive we permanent we're costs Expense make not key software do maintain on making everything And a at there part of outsourced, reduction then well, to and all sustainable Blink, it a part. that chargers, is that not sure reduced to in-sourced thing. is a have efficient hey, costs on a paying that really one-time was reducing Blink. cost

in improve. to We're And our down to because have all you margins see of legacy is XX% those going with you're have that, efforts, We approach. on And to so far, we as products stick we going of good. of we know, all you QX, but continue continue still that. a of disciplined double saw lot as some had our We so have to get a to through. we this

that think wrapped contributed moving forward. it So contributed also and to it's together I our success all to

be Fantastic. the a to quarters? Can your next expect revenue growth way you to know, Do starting for demand and to your what find directly to market. funding And is is there? support you as, The rate of you over then participation question funding maybe for side. its out related continue several likely into the NEVI subsidy the overall products level the as to us your this shape far

been continue to and NEVI know, with successful with to be funding without we're You successful and going without we've or that.

targeting high not of We're all targeting believe to we states are other targeting and level. the However, states. are to funding routes highly that states. to a maintaining utilization. And we're number they're states. after closer accretive XX to where going we be We're We're targeting sticking XX%

we're Charging We the Some guidance like and only DC get some return if Charging, Navy. we up with and you going that even XX% are funding lower long-term states break-even to XX, the Fast for sea because understand associated cost the electing with NEVI is says point can the are Fast also lower. but you go but do to states DC associated on

and going on Blink. RFP, seven another take to of out one only we're six, right out So Ohio. winners, they states and state round an in for now works you've pick And and choose to still do have with what got

of we're at very So very, it. the beginning

in This congratulations, very Thank guys. it. is a guys. you. This hop and Well, impressive go the really congratulations, I'll beginning very, really is queue. back ahead Well, quarter. a of

Perfect. Thanks, Craig.

you. Thank

next is DA with coming Davidson. question from Matt Our Summerville

live. Your line is

Hey, Matt.

of back on present, of should a Can about standpoint. Nice maybe realized How savings forward you you're XX? mean, half what And these know, from I to based talk discussed of have much a at from you've structural like identified just talk you all date? standpoint, the what look realize 'XX? you've things that kind then up. roll about, should doing follow you into quarter. Can And in incremental I Good cost couple evening. questions. you Thanks. A a

saw mean, you talked as we about. I Yeah,

that So just in came synergy savings XXXX. had some the end of in XXXX, additional we back

and focus when are we did going to million effect. those So another take already about we X on G&A,

realized. slightly Some of them been have

You'll some associated. of severance them of have those, see some

the in a and a both in then through. to we from And G&N get effect and they'll perspective net then But So QX in vendor from will additional that's related. come then QX. have targets

network a So every reduce, sunsetting vendors. time we're we or combine also

to use is a they blanket. entities have because we hold for them sometimes using globe having throughout our same we're those like on else business Now cleave the the doing we in in same in But from and to and world. the corner and what Belgium, in the England system vendors we in the in India security universal different systems US, use as Netherlands everywhere blue as England the

a we phase going go do continuation getting be cost is on because much number. have a that to to the we on be It's on. hit something go a theme it's going give business. But in So dollar avoidance takeaway. to and how you think that's going not to It's just we're I'm cost something reduction synergies. I a to And to as is not amount big going more when forecasting the we we're actually the company. do a into trying

one the day, industry. every we're continuous have to in make best Now to this month, company every every order the quarter in week, of every improvement going to do

about of year. capital should you. between you reaching as talk that Should a free run your about adjusted those also basis by follow-up. the achieve needs milestones? when positivity? Then rate in we I'm you EBITDA, And and end curious now be cash positivity Thank coincide a thinking regard, with EBITDA on how next that

additional some a XXXX. to be raises so manifesting cash there move not We're we later Yeah, see question. great for give yet, forward. free it's a going that will cash as in We need guidance but on flow

get at on that also capital capital Michael we're going where raises, come focused debt, be for a additional to convertibles increase it revenue. simultaneously Vitale from is But Rama, stated on continues from instruments available CFO, funding, to we've times, lot from. of Blink the cetera. we're many et going equity all with As to every whether that looking is day

revenue over look revenue, we at and continue. increasing keep years we you over trend the last three that If XXX% see by

we as flowing. and December in continue Right So new then after free, bring XXXX, there will see raise products cash EBITDA, we as capital, helps we said, continue additional that expenses, us be to revenue get in cash bring we'll that, and positive with a increase to see that some free reduce there.

Thanks, Brendan.

you. Thank

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

line is Your live.

the Hey, Brendan, on all Thanks. Michael. Congrats progress.

Just little proportion the bit XXXX locations? plus getting a these were granular units of these proportion What Fast DC other installed. of were on deployed Chargers and at what also versus owned

Yeah.

significantly tell have I I'll on that the quarter and the So it's been sold than It's When look DC a for up. average roughly then you of best. XX,XXX, Chargers Chargers the deployed fractional look total. at number year. I'll DC it you Fast less you and number XXXX, X% mean this Fast XXXX at at

when X% So portfolio of small you high DC, put to push we to as on on get sales operated have do Michael, model, owner product and get the thing. do greatly it split then to a quarter right DCs the them as it for there. contributes When last want also continues owner model, margin we in and and We sure to goal it do revenue. you know percent. is different a operator the sales? it's versus be it ground. to want funding to we to continue the get make up But we a now we we're What from an a

but in. have still we're the you our specific to product tracking is area where a numbers, but the don't operate. is know, operate, be obviously you I hanging tough. and We're tracking It's obviously we're outpacing own and where and own still the own still operate see Yeah, still still good is still

know revenues charging especially. Europe You to in increase continues

on and XX/XX. we're units, the side of sale XX% closer our So to revenues selling that on we're split XX I'd We're in XX say not product the say still to or it. still proportion

make We to that But point, difference. everybody great I owner we want a will operate the to to to makes a no a whether want is add it think support sure question. just we The understands to same. because degree it's know, structure, charger, this sell or you its

there's So no duplicated systems.

know, same follow If it. if the we and process. operate it, we it, we we sell sell You own

Now, same. it, the is is but on system different the distribution capital the

to take we're the a revenue charger. is to So and our whether uniqueness. owner our be or we're operator say or going that in buy to And going an models. never both I where charger customers they exists space Owner sales. exploited operator to think no We'll revenue want to

for Thanks Understood. that.

In And then is quarter, or related, the right? year. recurring terms that's of the Is comp. also expenses the the recurring are but one The the based expenses one-time stock this understand want I the to XX.XXX, stock XX.XXX just time that expense. for one-time previous charges

that had of was be stock to the settlement. was the Yeah, had the, to There based? quarter. comp about part there's stock issued. share to be expense There accelerated the includes shares based In close based X the acceleration in that million it, of separate I'll into call

had relative the portion then line. to is So to based it QX. in in And actually I'll that the call the that be cash consideration done share the comp is reflected in of the XX.X the

Understood.

that what OpEx you it closer So breakeven, these one-time the to the the costs? XQ or at QX to today's exclude are once with level number OpEx, is costs XXXX say getting costs, the Is when to be some the level? at going you comparable question is inflation EBITDA I'm

so apples I'll a to still million have it, when half or the to our we're Envoy, QX, out the out, we as plus several severance less you I'll some QX. expenses OpEx about out and Remember, basis, that add our synergies timers included in had if the was When you in be those that we look through QX onapples strip about strip call for Brendan than was flushing you versus when you the one strip QX mentioned, expenses still QX. operating QX acquisition. at new

So and move we forward. continue to right-size those areas as we

whole to in would look right and I we're a rightsizing to continue and as duplication of monitor that areas as to I keep you and proxy. know, don't to to make each going as the the at size We think we those be appropriate areas. forward. adequate continue at we for a scale profile I one look want efforts not, expected company is that want want expense So the look And we the sense business of say QX to

understood. I Yeah,

I not? get XXXX of structure was my with question there of second that to is your leverage or takes breakeven EBITDA in the part trying think in that and operating adjusted current December this just account cost into to,

obviously there. leverage that's consolidation support and to that the there's down at is And going system. comes one vendor in networks what the part we're to of then from related that of the of to Yeah, looking definitely networks of and leverage for come part the the

So US able in definitely one going shared to to that be the internationally company, to a ERP in be the entirety but and through there's of we're and to service system going well. scale the not just imply push as

Thanks Thank congrats Great. Understood. on a all lot the progress. you. once again and

Thanks.

you. Thank

Souther is question with next B from Riley. Our coming Chris

is line live. Your

you had if seems anything the like kind of of up you'd give at year, as different third quarter, the about is cadence year? wanted seasonal revenue end. how you high be was guys us on. there rest the sense And kind of XQ were thinking to this typically and can the throughout fourth revenue going year. just you for if you revenue guys, a in put to already for sense the a the of get I Hey, cadence the for I same mean, it grown

to want couldn't you it because the question. hit Michael, all hear first I

that the not was But come We're the you you're we're see forward, we're conservative, a this as to reflecting be you pipeline, right. know you be see strong anything about Because being it -- math certain Right to appropriate time. you you conservative, feel like move we to to with out obviously the just honest. to And, start unknowns we this a know, we as just know, the closer be of. backlog. seems obviously we're, know, You and right top. we're that out a, aware strong do bit know, we at a that, level

it. Got

half a through, of margins sense kind still legacy I'm the us gross to you know, of that how new good curious XX% reasons of that's of the in as rate mid any give go you can kind as back of or in should a then And just the forward? if to run down product the Okay. year are you here range? kind product burn if a need come much there

have Yeah, the portfolio is overall legacy laurels you didn't we're to renegotiated want group and is Europe. just it And margin But get significant one through. and impact one contracted products to some the out We successfully a our to result. on work we around have going be do rest where already We we of achieved are estimates we know, the XX% to said, party okay, of possible. on that chargers. of going did we're to prices going third the

some on to to play they're and we play impact of So out margin we impact remaining instead that there. and have even degree In inventor. through a positive really case, of going beginning through negative start are in inventory we use of that play But that less the as to all US, a it's thirdparty. to as to begin

know, chargers inventory Now of contract that most LXs home of we overall out the now you manufacturer. wiped to of through. year that's see the remaining less the going right XX% they're some But have than coming our from by and those in some and end came we're remaining

can going XXXX. lower some But feel renegotiate we into and focused on So we clean price. we that feel is equipment legacy good all where get there. but on as to goal working work pretty to do, get to a we're you're moving our on well. still There's We're it

last just then call. one last And earnings Okay.

owned know, around some of I network. there to update want XX% your Blink top was percentage. the charging color talked just you you forthcoming. being, more utilization The if could you full the provide double-digit metrics see provided for any You And fleet about there.

And the locations are talk data you LX operator use overwhelming of of we majority it that numbers thing. ever is chargers predict or And be are revenue system the that that placed the we the you ago you we years side, know, know, the the see there. showing happy model. owner numbers, the those, by three you and I Well, model utilization we're owner the as well. higher know, in as in on optimum which in yeah, did when XX% utilization can charging operator, same Europe mean, know, owner in driven to the increasing undertook operating to very you key that's methodical, to and reinvented especially approach, since continues And that on on And that we good. model, you

better obligation in know, know, we or in where getting have utilization we're economics. on philosophy XX you it's DC, only it every a you not at where to break that hit continue to don't believe going into you're on if got place XX% positive operate we're know the We're know, you and utilization, that XX% we forward. it, station someone or charger to to where we But as LX you You installation going start and a going to on starting get LX, get home even own put an in to runs. if we're drive to move better we to

I'll it. the hop in Thanks. Appreciate queue.

you. Thank

Our next Stephen question coming with Stifel. from Gengaro is

live. is line Your

Hey, Stephen.

afternoon. Thanks. you? Good How are

great. Doing

Good, taking for thanks question. good. the Well,

this. as do for the in sort you mean, of When habits everybody's thoughts a versus think the as areas, demand two So how etcetera? versus and DC but NEVI, kind picture of I evolve we charging urban demand for drivers do about just think in charging you evolves? far talking market sort the level charging of big curious general, level updated you think about from on your how Fast, think of two DC perspective about

and a math proves doctor's plug overnight the kilowatt I'm They to XX% and to in out. ownership cars the and mean, for it's economics going only and the is much XX%, to driver go, charger there charger predicted these a way the well, or you that's take that time. by they But But blank be it's DC cost. come fleet installed want use hour, and When a on I'd going commercial they if is is do sitting work cases is a a charging that. grandma's I'm sit. XXXX, Charger. long of dispensed on experience. kilowatt in cheaper becomes at need and got the experience two look a don't that be on the to you you Porsche their charger didn't a at to person driver to a true include And with, going if my if look office dwelling, that the a resort. somehow if when the hour, I last major going it's back in of hours the full. to expense then and But that XX whatever. when LX well, were and prefer do charger the for house, chargers use if an That a Fast metros hit at be the is been at what charge kilowatt at to the When that's most Yeah, it's percent charge a look kilowatt to you're and DC And Fast trip of great the they're plus industry to and going you it's hasn't need talking XX charge at Charger, the takes it there thing LX, XXX they to trip the one they're to question up economics people $X.XX go multifamily you advantage charger in where the of percentages. in changed And you economical out Taycan it million is they're experience XX% on LX and

helpful That's color.

sort do we're of that. sort think we world about that of you behind a in? How strategy, as living Just think about Blink's

continue provide chargers what is multifamily think the we provide expand ecosystem going need level battery which in and LX to see and business fleet we're The we et do starting LX on in to to back is innovate into in more to more into opportunities Philadelphia more systems, project. going use move in service, load forward expand DC we and management, to we Florida shedding energy expand network I do dwelling, as as doing a cetera. you're as and

to change order integration. We to innovate. United producing But States. to keep a whether it have do producing paying the or that's need to want we the producing more these, and I third of vertical get in just them it front and it it's added on on I'm party and we we going if third I a is seeing my make I say is that this them manufacturing XX% I sets us going expense. COGS We low don't feature price key manufacturer. because whether what and chargers not we're stay the guys happen. be have I'm and in to party I So our the cost others commoditization us That to we're India it reduce out and to where we continue in cannot. need of can apart. go keep

it. appreciate for Great. color. the I you Thank

Thank you.

reached have We end the of our question-and-answer session.

closing over will Stelea call Mr. any I for remarks. back to So turn now the

Blink the Thank going time, call. Charging. At in interest this you we're your all end for to

disconnect. may You

at for and This and lines you you. concludes we thank participation. your Thank may time conference today's this you disconnect your