Blink Charging (BLNK) 7 Nov 242024 Q3 Earnings call transcript

Greetings. Welcome to the Blink Charging Third Quarter 2024 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Vitalie Stelea, VP of Capital Markets and FP&A.

You may begin.

Thank you, Holly, and welcome, everyone, to Blink's third quarter 2024 earnings call. today have Operating President Michael Officer Chief Officer. The we Battaglia, CEO; Rama, today, references. Financial Chief non-GAAP our and discussion us Brendan and Jones, Michael Blink's With include will CEO-elect; and These are U.S. most to reconciled the comparable appendix measures deck. our GAAP of earnings the in

included from for comparisons materials quarter Relations about CEO. XXXX are investors. And find along to different turn now on website website. Today's over could significant may in also forward-looking earnings all statements follow the ahead. earnings discussions expectations. most may important Please Actual content be Relations noted, announcements I'd Brendan rest of and our with to like otherwise Page President may stated. X You other the on our call Jones, Blink's factors year-over-year. results actual the Blink's cause our Brendan, differ the deck The of and those events Blink's deck. to Investor go include future third are that please Investor Unless for results

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

quarter of third execute continued we priorities and the During initiatives. on our to strategic XXXX,

company million $X.X or company representing XXXX year XX% XX%. $XX.X service revenue of million was total the revenue revenue. Gross exceeding of total the third in full our was approximately margin quarter with significantly Our XX%, target guidance

validating command sequentially. integrated than a majority increase sold Blink, comes manufacturing X,XXX the model. we higher globally, chargers growth LX XX% XX% is is deployed vertically year-over-year further we third-party or built during from the third and contracted, margins by this units, quarter, Now representing a notable where our of increase chargers that What here

made important year-over-year. globally gigawatts XX positioned side, profitable our future Blink reduced last Growth Blink our $XX cash XX% last to grow quarter in is in we the units energy we by million by to just for driven we've XXX% million repeat XXXX. saw increased burn or disbursement of for charging year. dispersed networks. Sequentially, by compared from continue by our $XX deployed what to activities. growth. In in a better reduced financing XX and me On million XX excludes in we compared XXXX. and highlight QX of of progress and or establish to our a more of company gigawatts our cash demand let This we all is gigawatts year's as QX is QX, reduced Blink compared energy markets the of the is cash make XX% But and to Year-to-date, $X.X most to XX%. largely energy this cash nearly burn number of across disbursed this QX again. networks And X burn We spend, reduction on think

cost initiatives moving are meaningful began and pursuing efficiency reductions, and efficiencies and cost a continued control additional we've outlined delivering are to the drive implementing over opportunities So year forward. ago we

contribute to see jump unique strongly you owner-operated portfolio our if that chargers gross in Blink Now of margin that our is will what Slide XXXX. we to X, so makes

and had year. last that As operated versus XX, is same period growth X,XXX we owned of XX% September chargers, the and

momentum. growth revenue main model, the install, units also revenue drivers of quarter. Among This maintain in share and is third increase lion's our we owner-operated owner-operator reminder, fast DC have in a been one and of in gaining the more these chargers. the numbers, the service As our receive more by chargers substantial generated of

Blink chargers huge by revenue DC and XXX% up fact, operated In went generated number. year-over-year. a That owned fast is

deploy Blink fast total and chargers, X,XXX location, important Blink-owned utilization. the use inform U.S. data networks chargers Europe. we DC now, DC XX of in how a As fast pricing this and We successfully to and data to of our September provide across across which all had on on

lower sales, and we earnings product look and on would second noted we calls, if quarter quarter. the at we first revenues, continue stated through product our third Now that this

product That who with a particularly third revenues saw said, reflected quarter fast As in were now. charger stronger as them acquire expected, to faced sales activity. delivery to year. Most chargers muted compared this product comp XXXX in dealerships have significantly DC net very our automotive to we sales, challenging dealers XXXX wanted

multifamily sustainable dwellings, replacing schools, which state revenue offices, we other local by sales and verticals Blink such dealership been have on provide stream. with more governments, profitable hospitals commercial So and sales and focusing fleet, as a

Page sales, as in shift overall year million on $XXX to now Given adjusting you see million. we're to can product X, the guidance our full $XXX

maintaining and positive XX%, are target achieve of in our XXXX. expect adjusted of the approximately we second to gross We half EBITDA margin

the X.X% in of sales about As XXXX. With September from for the QX quarter, EVs in in U.S. sales growing market. will QX for especially to in Globally, EV X% all in fleets, services in demand this look charging October. industry Blink first of in U.S., auto third accounted as of XXX,XXX quarter up charging terms 'XX, we infrastructure customers data, capturing EV Kelley energized X.X% car improving employees, highs is sold quarters EV estimated high for EV are reached volume and the sales, QX Blue the of the their from previous which and provide share of new clients were XX% encouraged sales third An by potential opportunities and believe grew of to Blink. According increase Book, examine a of promising constituents. corresponding the future for U.S. the and X sales an XXXX. we both trends, the EV year-over-year increases is in record the sales create of We EVs

focused that charging the and systems ensure when is quarters, on For to promised, have optimizing market resilient to several faced Blink we last processes as Blink establish with conditions.

with progress compensation in made and towards team that cash significantly goal while evidenced not has burn job reduction excellent done, G&A. is as the by Now the the compared our reduced

the now stated, that quarter. third with it go and on Now details some to to Mike? Battaglia, pass Mike I'm for additional he will over going

Great. Thanks, Brendan.

operational our start Let's quarter. results this with for

on can you as sold with since contracted, that see deployed inception of has the deployed of in XXX,XXX QX the So or Blink company's these XXXX, cumulatively, America. XX% chargers of X, over of end North Slide

we have As recognition contracted, revenue sold number. contracted Brendan all cumulative quarter mentioned, here yet to not mention is that in this due recognized or added to alone, chargers these into rules. X,XXX our chargers been of to revenue What's deployed important

of in geographical presence our to revenues reflected of largest So Blink to Energy, pipeline. a portion the to scale be will in U.S. States. quarters. Furthermore, X, is take on our chargers According United and grow advantage charging the product the of Slide in future third network we contracted Department the continue

network also for will providers in and the Blink's are chargers we the one of We Western believe grow, Europe. And so the demand of that leading as EVs services. number

so auto And news encouraging far, seeing OEMs. we're from

deliveries For reported our Blink than that sales second market and General also European making reaching into considering scale EVs more to XX%. of on share example, further, is increasing And significant represents of best-selling way note, #X finally Tesla U.S. recently up QX charging number a half Tesla an is EV Tesla their on in it XX% America's about EV it growth are with streets. that population the That's has EV now year-over-year. expects Tesla drivers represent XXXX GM affordable Motors similar plugging stations. On and brand behind reported of U.S. production. preowned

of we competency services XX, of integration vertical Slide that core full hardware, on a support products So offer reflect continue our and to suite network and capabilities.

are produced Blink Our Series at our X manufactured X our in models, here the USA X Bowie, production chargers Maryland are and best-selling facility. which Level

We tech fleet that very offerings have customers. warranty that uptime And to our for our our industry the adaptable of customers and hosts. improved built in on and one increase and networks the microservices experiences is newest service stack was

Slide XX. we charger to to our at Now group before, across if said the a many the multiple deploy right base, And can markets. time. And at see representative Slide right customer as we right to of XX, we've turning that names end, the you move recognizable including vertical place over

quarter, fleet are to drivers will During charging solutions nationwide. and as dependable EV as at access the of enhance we into integration fuel fleets. XX% of mixed our energy to collaboration accepted WEX management EV charging services WEX's experience enhanced convenient This commercial improve will locations announced third with the initiative retail

with Blink $X Group Estate for option deployments. And was House, Lucid deployment car-sharing EVs collection strategic formed electric alliance innovative UNLMTD State a subsidiary, operated EV a utilize of Level to broader one-stop-shop Energy close DC that by the Envoy at and the of storage residences program. million car Jersey. like sharing the vehicles Create community-based teamed car also to luxury chargers. for services Illinois Envoy and for our a of Technologies, part into of in with grid Additionally, and owned and the solar Real X its as a things we quarter, following introduced fast share our provider the awarded bring New new establish of Air of And management products grant battery charging FIAT a

we establishment infrastructure the Blink the million U.K. LEVI incentive special-purpose of in a deployment Finally, few for vehicle a announced days in fund. with charging the conjunction ago, of Government U.K. XXX GBP

started U.S. and to U.S. is in the grow LEVI Europe In to see contracts. opportunity U.K. our NEVI this business the to make progress United tremendous eventually on So Kingdom, LEVI-funded a the very program. We the we as similar in acquiring and

example, West we're proud as For Yorkshire XX out the of. applicants, of which certainly ranked Blink very Combined #X Authority

aggressively market great like restructure position. And So this of the efforts we progress to discuss enhance continuously and continue our I'd contracts we in to made to a taken partnerships we've quarter, strategic business also market. our evolving Blink development deal to and pursue

period company-wide the the our was XX improvement the That our million. our burn year-to-date XX% in executing activities we over Said any initiatives we've by successful established differently, key efforts on process reduced a optimization first $XX cash these cash rate, reduced we've been year. -- of year. A same of which, communicated start is me, Before and is this excluding reduction of throughout the our burn X year, the excuse and strategy, indicator and year, half. months last by of financing

XX% excluding KPI reduction charges. expenses, and in expenses. But key not XX% year-to-date drivers this a our efforts were our reduction optimization a operating is related we're The expenses to Another noncash compensation done improved yet. G&A saw in which reduction, impairment total improvement XX% of a

for of annualized short-term quarter cost about announced So reducing which anticipate first $X this is and long-term XXXX. of We be These to we success. by XX%, count personnel will position actions result in designed global action activities completed in savings further to that September, the reduction anticipate planned during million. Blink both expected

further innovative proactive and to revenue We increase new ways deploying in are also costs. and reduce

intelligence and improve artificial our learning our For are deployments. very about Blink-owned efficiencies and among existing impressive. cooperative Auto technology and Stable we're to to machine stations benefits their excited with example, potential agreement employ future The utilization

we've been and to in the stronger responding in will priorities demand our our continue adopting Blink example, revenue For if those proven our we through company. processes substantial will markets. strategies increased will practices locations even increasing or predicts adding effective high-power has in and more XX pricing to and earlier, an that on AI to approach make we'll date. And and made execute DC opportunities to date, as model competitive chargers industry agility by changes to enhance excellent revenue throughput than disciplined Brendan fast and The upticks across progress in We've already that Blink's by sites. to utilization, said improve

So results. with Michael? over to to it Rama, go that, Michael CFO, financial I'll our turn over

good you, Mike, afternoon, Thank and everyone.

sales to the in compared XXXX. period to quarter million million of $XX.X were the same million XX. $XX.X Total in compared same million revenue XXXX period the in the for third third was Turning XXXX $XX.X of Product in to Slide XXXX. $XX.X quarter

and was which of XX%. revenues revenues, XXXX million, of increase $X.X fees quarter service Third an service charging consists network revenue, sharing car

and the $X.X with For third of XXXX, product service X or XXXX to towards million gross to QX $XX.X due Blink's last for X was of XX% XXXX. Gross XX% year. profit period the the XXXX XXXX. same shift same or million chargers compared primarily a quarter increase year. was LX year-to-date when or $XX.X period million XXXX compared million to months profit in in for first is for to was months $XX.X million, XX% The Gross XX% the mix last margin first same of for $XX compared or the the revenue compared XX% period of increase

comparable gross average Our peers industry LX and transaction our margin Blink-built generates lower chargers, a higher margin. the among today, in chargers we highest but GAAP price DC than command the Based a competitors. believe fast Blink analysis on

expenses in impairment goodwill impairment the compared In expenses operating ended $XXX.X the year. prior I reduce were same they continue very in Operating important do in million. It shape addition, million expenses of of operations the they we prior quarter XX, $XX.X are to is that million earlier charges million as Brendan and impact XXXX X period not on expenses. the repeat, the total and QX non-cash, business $XX.X the $XXX.X and not were Mike Operating the in do third include in non-cash the of any significantly here in call, year-to-date $XXX.X year form. Operating emphasized or -- XXXX, mention our I that million in our to September charges period. compared months to

expenses operating to decreased charges Excluding our from third business these results our quarter, the operating million. $XX.X year-over-year from impairment total

XXXX, impairment expenses, September in were or $XX.X operating same Blink a year-to-date $XX.X the the total charges, reduction million months For XXXX. comparison of XX% million, period XX, in -- non-cash ended excluding with X year-over-year

Our the to $XX.X cash quarter XXXX. activities, the XXXX, million, third of burn of excluding quarter for financing reduction third XX% or compared $X.X was million of a

third XXXX. Earnings As $XX or loss million for by this to $XX for September same loss million $X.XX of was $X.XX of the $X.XX share XXXX per XXXX year optimization a loss loss XXXX burn first per mentioned per our loss to XXXX, per cost per in of reduced the ended avoidance quarter year million XX, In prior months was loss of Adjusted $XX $X.XX non-cash and of significant a share was prior X that compared the the the per as months metric period compared $XX.X impact to share respectively. period. a a earnings per our share in earnings share to of a and a was loss view most in period cash a share the year-to-date prior We $XX.X EBITDA the a in QX of of same compared quarter $X.XX to of impacted the compared we the of by before, for efforts. Adjusted EBITDA of the and charges loss third our negatively the goodwill the period. of Please note the year. share million year-to-date, million $X.XX, X for of XX%. impairment of

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

few balance my end XX, a compared cash of of $XX.X As over million second turn was Brendan. and at the September final I'd Brendan the the remarks. equivalents concludes to Go back for XXXX. This for $XX.X cash ahead, call XXXX, prepared million at like quarter the to to comments. sheet,

Thanks, Michael.

adjust the promise to has structurally to quarter, company. our This continued on Blink deliver

integration We that built of of manufactured taking scale by are the margins and the continued Blink. our advantage products shift and towards higher and vertical

revenue this growing quarter We increase representing service year-over-year nearly of recurring total by year-to-date, X/X and revenue. continue with XX% service to our XX% and revenue

sales operated product Blink-owned year-over-year onetime to lower-margin And grew to and comes this our shift and charger sales revenue. Our sales. we count sustainable revenues, XX% and product to sustainable profitable enable transition to service from higher more when by it margin longer-term

changing combined prosperous to conditions, on revenue market and truly position will cash adjust focus as and a respond enhancement, we As Blink reduced continuous significantly with our burn improvement, company.

globe for across industry. stakeholders. We'd to is taking that growth their our best and go-to-market we the want our who team energy positioned with our transportation drivers customers. customers of well this implementing and our is our for and thank plan the And care integrated to drive believe Blink with in long-term our we what we like thank and is charging Blink the part revolution. of being also to and model, And team have needs trusting value believe vertically We

with to Now engage ready questions. in I we're believe some that,

transition to let's So that.

to Board personally. charging everyone company the a industries. want for Brendan call, all a team last moves here he'll the including XXXX. And before and much retirement adviser, acknowledge as like have he him stay just mentorship, leadership go a past and me And is for as EV call into Blink of in his member team would quick and that the knowledge today on very want well-deserved for during Blink And we and I expert years. I the Brendan, toward Yes. moment. earnings thank in the while to the Brendan's EV questions, entire his is just at end immensely from certainly his benefited And involved X well-respected jump to

thank we with can questions. We your you wish you, can go now best -- Brendan. in So we retirement. And all that, ahead with the

Your ROTH question from Craig with Instructions] [Operator is for first today Irwin Capital Partners.

say, in work to should you're job Good I Brendan, First, this CEO real I'm do sure fantastic as pleasure your to going And a Mr. it's been Battaglia, retirement. of with a you. company. luck

smooth very X-part have I my a guess, you question. Can So Level to happy first the versus X chargers really, course question mix everybody selling X the of is on of question of is these maybe a federal just transition. My -- sales the that last of subsidies state the subsidies have Level products contributed and over versus the to you're that year? amount update

kind Craig, the Thanks, to start. Yes. for words and thanks

bit, of I'll mix let little and So XXXX regarding talk me to the about about talk then XXXX. LX, LX just a

dealer to OEMs. rolled that the were by it of And biggest unique a automotive as was infrastructure programs being for the market up we very excellent the was terms us the XXXX out were single in year channel So related that markets serving. wound that

was component weighted both to an LX well. and an LX very it LX them, and of heavily all as programs to Now had those

last -- -- mix still much, on was a our side. it's higher standpoint, the the LX side, it obviously unit it revenue was on given side the higher actually So selling the is year prices. from average X much not From Level

So charger this year. of year sales much we did fast a DC larger last mix we than had

look you primarily the lower our charging was you at when So number, DC QX at that and impacted by sales. fast look sales product

fast healthier the we're obviously, of manufactured mix perspective margins LX, from more is it's Blink more selling charger. sell product a product, we the margin actually a than the because impacted. higher DC when But are So Blink revenue gets for

challenge fill on that is what up so and that make more to gap the we amount working is, revenue. before full the So beyond obviously, the team us of that can and

Now on regarding rely is one federal state we of subsidies, and say, Blink federal subsidies. I that the, strengths and state would heavily don't of

So on our vast call or the majority and is revenue I'll what basis channels. non-governmental of through quarterly state channels through federal a non-supportive

So provide and tell up we I follow you, a mix can pretty it's that, on certainly can low. number but

elaborate bit on to for you Craig. just Yes. And a that,

So capital in, the and can't cash the need they're in as chargers. But reduced million but count when to or capital to chargers revenue. them markets. of federal products. does we that of the ground we're we're do collect have continue engaged somewhere around product for capital the We in well just us counted give next or there's more amount are cash going in different additional books, a programs. those right, doesn't DC majority. -- recapture we we Most invested year it about years on that on And without $X but fast the we put been last as revenue talking not with put books we to a going in, and quarter, government get and programs but the to few, We're prior the

corporate are of driving Donuts you've network. Can -- different to that wait and likely minutes products? front funnel or development political So like your where there your that around, obviously, impact benefiting of commitment move in they maybe places And the relax will few these next customers Starbucks, not corporations, changes entities Dunkin' my maybe places serving over guess, I not observe the lot chargers partnerships state in and developed of the of supported not seem You're years. be a I their couple different to about right? just through people Blink these question. days. talk the us and have of you for Those a last deployment as the government, whether stop of

Yes.

I'm election, So first. you to question going Craig, of things about change that? the about take part are you second the the talking talking -- specifically Are like in so administration,

very a may I'm Well, no, these And new you installed that the DC. And outside, have in responsibility out long-term pointing for them have right? brands what be corporate we here changes see entities going see there's unimpacted there announced, or forward. are Blink to lot may the product to hey, but is that, or we actually continuing environmental changes mandates that not by can customers anticipated good of

customers So and bit and can the on next talk maybe over the a and just that not about actually quarters and reaching adoption years? those you the rates little you're that of are number elaborate of breadth whether customers or growing

Yes.

Okay. Got it.

exactly to not development about. much in of the ways. -- to our team dedicated what all, business kind team of then is have dedicated have a first we specifically but we One and team detail, sales talking a team. And you're our different is is go business into sales structured territory development So X too

identify the account a So and plan we goes charging, areas obviously, business strong vertical markets for believe we development EV and have that the those. after we team strategic are

kind whether of whether you out pointed Donuts So like it and and is retail C-stores like chains is Dunkin' or that. things hotel like it big

an we So is of existing strong obviously, really have, the that presentation. we on the up And had screen business quite that have during logos. book the in terms of

existing same customer opportunities looking that we're at large-scale into expand for to our so time organizations. more And to base objective is do our with the

whatever -- strong looking really them approach that then the to present objective footprint a brand country that has that and is So fit our it models around do. a is our to multiple always has they're to business

year is DC the under of us deployed been owner-operator that's chargers things the that of fast increased really this model. encouraging one our number we've for Now

number focused with So been a we substantial on historically to area. But charging the X core Level right continue be always chargers, that that and Donuts. we will DC of in now pretty and stations a a of we've owner-operator focused DC with company Dunkin' by results. the a -- we're have great chargers It's fast doing side very mentioned Dunkin' they're really, really And stores at example well. encouraged actually we you few have

our those grow So those teams corporate same our at territory more continues for time opportunities in are to larger accounts local looking pipeline among sales the that their areas.

Yes.

much EV their cetera. There's at retail bit year-over-year. And sales add engage for et workplace, was commercial of side So definitely happens along let me call -- then Craig. their When a the question, and if with decreased existing I great we they that, look a different have QX of of EV that from a what the that's saw chargers keep the residential the because commercial may the comments more and were increasing, add we side. prevalent in last sales sure started is growing When year a related seeing to customers to at late as was declines into vehicle an year, in more There news couple we to additionality, start think QX of in resonant had it's because sales that today, it they have locations, they're the I contracts what we we definitely base that effect. future. to the the amount this impact in at to we highway, lag are

projections as of really, now do right looser. chargers, it's happens the our need It in on in now important the is installation really forward. trend. sweet or chargers, a increase. for home chargers, much you to why you're and we see now news we see of the our And which Blink we the chargers to you in right the that's We good as uptick need all because say, an that's sell margin is waits direct increase add but new and when looks at an spot. units So point clients, more Then home. Commercial, sales in-home commercial sales around the we're that That's is operate and okay, it then customers move the they car to impact expecting what chargers. to going

Last if may, is I cash. question, around

us have balance you say about last use through look progress this make got And in on million a year. million the Can key $XX progress next the guys end reduction cash and your look on this as for You $XX year year into at the made we versus talk sheet. huge of In release, quarters? you at the things over year. to everyone you reducing the maybe you cash needs few continued the

Yes.

Rama XX% and quarters. that So G&A were the one about of which reduction year, QX, mentioned, and last down actions Craig, and other reduction burned significantly, areas, X was from as compensation which expenses, in Michael And expense, really, we of, million just result cost $X was aggressive cost was but down not employed. prior that was cash we XX%. they down in came which a from from And

that that you hand, we tap burn when capital markets million $X don't we we us in any and cash for our So nice ahead at a run. have look short to cash you look the at have of have the runway on the

is good where feel about pretty good we have So And are. we that the news options. we

We we have capital. the to raise options more need in future should

points gross bright it in say I'll Well, you spot, congratulations showing margins. market. and guys a Excellent. the That really is to on discipline the

question Your from with Wainwright. next H.C. Sameer is Joshi

there way explain you do of Can a Mike, welcome a work? Axxeltrova to you would up. like set thanks how worked new with few little -- for you company. the on geographies? have And good GBP course, the And is have being there to you. it SPV million in just other for role. I have chance just bit that the been done a all questions. XXX has It that or something a Brendan, will is The announcement

Yes.

Sameer. thanks, So

and allow then start as in jump you'd Michael I'll like. Rama So to

the So U.K. the the to very mentioned NEVI this an this program funded in the purpose off-balance And kind has U.S. SPV it ways. In to of as comments, the of is again, entity the -- with couple I the that U.K. very, a in Axxeltrova briefly in support in LEVI is its different LEVI is is program program sheet instance, legal similar

are funding like revenue there that from then us ability investors charging sell to recognize then -- balance. network gives ongoing the stations from the and and and Axxeltrova revenue potentially And into will then the like some to things is SPV, recognize coming that, utilization, also is fund there services, it So populate will things LEVI, the that which SPV that.

Michael, So anything to to add that?

is this that, other add using could to We're how evaluating Europe as kick it also out program as opportunities this we're well. in U.S. the off. -- this seeing obviously, as I'd play well within

a I to of and finance the still being think see able this with no kind to will. pilot way So runs and build recognize, if risk, revenues it's like how to you But the an said, I minimize additional run test dilution on through. and

right. Right,

So it will sale. the think will the be of SPV you operator this, and be owner a

the a the of this customers owner-operator Just for is model? quick buy there financing Or install and to purely follow-up. SPV's for option Is any systems? financing

future LEVI. But the it's certainly dedicated to SPV could with be owner-operator to So running and SPVs, Sameer. for then be in it this model said, the certainly you used could initial -- this in SPV, program what selling it into

right. Right,

Okay.

versus to the the would takes year, go what are at here to some for like million is fourth For play high it that end end the low outlook to puts understand What the lower end? $XX the the quarter the $XX delta, would between implies high make delta. end? a million Just of and there's which

sales It side. It's is very concentrated the in straightforward, Yes. actually all product Sameer.

our the owner-operator has year, as So we throughout the see services nicely a QX revenue and in very, really good very increased year. model this throughout demonstrated on we trajectory

that We to expect continue.

the you delta, say, really as product concentrated in the is So sales side.

that that opportunities some have of We either to could that range. end swing

And Understood. then quick just a OpEx. on one

going operating the the I we it? is we of take compared is little think sort if at And to should onetime how level lower the be a X OpEx sequentially expense charges, looking previous out the What expected actually. forward? quarters also bit

you do jump? Yes, to Michael, want

was We're a to during mitigated other the by and quarter was we -- little cost-cutting No, QX, lower the that the and as Yes. obviously, measures. some accruals it bit pay also record announced in severance severance it QX had in sequentially however, we than quarters.

the OpEx to about a So continue the out we expenses, million still the where savings in operating already definitely see in plan. expectation $X or declines and is we annual came talked declines to

we to we push that expect basis, see into move-forward on get a through So XXXX. especially as

Okay.

as So the payments included of severance third well. quarter those some also

Yes. correct. That's

Yes, I as of some did. on it executing still our priorities. to add we're would that

those into going of the everybody down of or at be and burn an outlined, now saw it the December end reduction. which the cash go off costs off lose we're add add We in as well. savings QX. sometimes to Michael sight then of able right the significantly then execute So is Michael on down. we We looks like spin to as track. either And as mobility, amount takes expenses is that cost That XX% and at the additional books overall go of the

activities. other have we So

on, a efficient more continue cut cut some when move long it do with synergies emphasis global additional improvement Blink. systems, a cost to establish is for to the have into our opportunities part forward, that is almost really well mentality still at we duplication still the It's down X made haven't and We're continuous identity. also as it that It's in And future we combine more our We closed done culture. companies. board. you look that but across we at we've because do efficient about more ways going And there's of of to to now our there. it, topic, culture how this that look time it it takes -- we business,

and certainly to got enhance equation revenue the to you or on back you simultaneously we're doesn't and work, Now working bounce got both.

Your question today for Bhuiyan next with Jawad is Stifel. from

Jawad these -- quick over a quick Bhuiyan to after the surrounding facility margins think next get margins, how a of had I product Here of of new follow-up about on Stephen several better a And had the Gengaro. trying impact I just just the we for question quarters? kind then and should that. Maryland sense

question. Jawad. Thanks, Yes. Good

One, elements So margins. X there's obviously, reported really quarter, XX% the to we this. gross in third

full noticed what You'll is have I'm we XX%. for sure maintained our year probably you that -- --

feel potentially to profile there that. where margin with that future, But some go think comfortable upside into as the the we we moment. at we So our is sits

translating continue the we to them the opportunities as to of enhancement and going And And are the about revenue in maintain Blink-owned those what feel one like directly we where is get what And look margin going into are Stable achieved smarter what then in and we're quarter. I had margin. of opportunities. efficiencies mentioned So third in some Auto. my comments hey, to we're stations with at, we expansion

that done a do. certainly there's job can good very down third-party pairing product more things of -- sales. very, third-party so we product our We've And actually

very skewed will very, product, the that -- continue. manufactured will just and So towards third it was quarter that in Blink heavily

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That a more bit makes charger current people could know about the uptime. about of I if talk charger uptime lot base. sense. The across follow-up was, I the talk you a wondering the was little installed

was And ensure of I the high. take uptime, remains so you I to just curious steps guess, kind about

great. Yes, Yes.

replace very on up unique keep to we chargers, own So to X,XXX those order chargers, can and and have need because sales and And own there's revenue running. service a proactively we to from to Blink. And In directly. responsibility of we those those that over electricity motivated we're uptime again, chargers those currently we them maintaining whatever derive it's the to operate uptime we operate the of X aspects and Blink. We for somewhat and chargers, again, from up falls running. population them in keep that and do because them,

when is of on industry an have and they're this the whoever a our owned wild, out So chargers them. and The thousands issue, not by Blink. chargers you it's excellent. The in a chargers is Blink-owned of is to unique -- and population you uptime challenge issue comes when this population comes bought have so to speak,

force our either or network a to those and whatever so which charger a And might site the maintenance, of are identify charger. can't host replace up down, a fix we chargers it systems while be, or our

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initiative to within also is key like do company So that. a the that things is

Your next Brothers. with from Parks Tuohy question Noel is

model those general other sales methods, there question. owner-operated business? difference versus types delivery your an cycle in your One seeing that Thinking appreciable of about is you're between

full turnkey Generally where question. we the a opportunity if where model shorter Blink call model even CapEx. or funds cycle sales through model our what co-invest -- the host Good site Yes. speaking, an hybrid faster it's owner-operator whether it with because through is our has we the

side So it's versus a the side. bit the on owner-operator shorter sales

that only play. call we what I'd to that, site you've host Again, at dynamics got add

the to right? operational permitted, receive he host site And them operating own ground so with big going And it's we we into recognition. When to chargers model, if install installed, he's he's revenue and the get with host the use them them and ship the up deal those but fast we revenue doesn't when in owner-operator the an as agreement control site agreed have host chargers, once buy can with installation chargers we the turn get he ink complete we and and the and a it's his have site generators. and engages get point. we site, truly that decide those chargers, one we in him can can, actually can Mike's to companies and as to if So while get up

So the time lead and model the the dynamic really shifts shifts on dramatically.

the the actually dominant And that because do so it our recurring that consistent, lot I company. thing been becomes of company. our is that the want to core you to just to business that a of to revenue value typically just a And for revenue of we model is remind stated the consistent adds we've that to going want what, we Blink segue. add and that the aspect high-margin, to everyone that continue it's one is to believe reason grow strategy I'm good know the owner-operator why because with

move in direction. to So we're that going continue to

goal in continue that is we the into revenue more owner-operator that We'll in we fact, is may in and do -- to of aggressively both, continue the owner-operator between more year to sales the move towards the each or In direction company that but for to to model. move and tilt direction. -- continue fact, mix may

back further questions queue. to I like There to would appear remarks. to Vitalie be no closing turn floor for in the

your in Well, the reported. thank and and the that us today for latest thank Holly, you, quarter you Blink call and joining Charging we've for interest all on

our about quarters. in the with look For to learn e-mail again. or products with additional you other we facilities, free more forward at ir@blinkcharging.com, coming engaging us the questions requests or future Thanks management and meet to over to any or feel please

Thanks, everybody. Bye-bye.

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