BLNK - Earnings call transcript Q1 2021

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Operator

Good day, everyone, and welcome to Blink Charging Company First Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]. I will be standing by should you need any assistance. pleasure Investor today's Relations. my John over now IMS Nesbett, is to program turn to It Please ahead. go

John Nesbett

Good afternoon, everyone, quarter XXXX and welcome to call. Blink investor Charging's first

Michael. forward-looking Brendon securities ahead, Charging. results the Farkas, of CEO reflect expectations may of to guarantees turn federal no involve that such well the of to Act On Except to the Chief XXE Jones, contains defined actual Prospective Blink members current Financial Blink Michael Founder XXXX law, I and would conference Michael of Brendan we Act differ future future. on uncertainties Section call any would not and terms uncertainties, take forward-looking forward-looking President Safe of as Officer. and or the that circumstances within and a and Harbor statements to or of statements described amended. those other Executive intend, President of These anticipate, Blink by of materially periodic including may, Blink's or This reports moment I as from Jones, statements in Rama, as regarding statements investors filed Chief include depend risks the which as required performance the amended Section undertakes revise are Officer; involve based. Farkas, such because are assumptions belief Michael statements those and like to call contemplated cautioned and over will statements. today, occur risks by read statements statements such Securities and its as they the as XXXX XXA comparable the in have statement. SEC, Securities that terms on intent, and management should will, changed Go relate as Exchange are These forward-looking to call the now and obligation such conditions. with expect, update and forward-looking events

Michael Farkas

Good Thank you joining us. for XXXX. a We afternoon, had to everyone. solid start

the we grew of XX% of aggressively revenue And our quarter first expand compared XXXX. First to quarter to the geographic chargers. footprint continued

we Blink-owned the quarter, contracted grew compared and stations sold commercial or X,XXX and of more period number or contracted, the to made progress deployed, charging than in residential deployed During same tremendous the XXXX. with XXX% charters

and Our to worldwide. high the working well favorable municipalities administration. target transition a volume in greener locations of more are We're traction transition as in high range the individual gaining like being drivers healthcare as infrastructure also fleets residentials, multifamily venues U.S., aided is EV to hotels, as broad networks. the states And density, countries, EVs with and by Biden is transportation. initiatives legislation strengthen

of among proposes know, this $XXX the also to in charging investment In EV network establish proposes grants initiatives, fact, XXX,XXX of for electrification you as billion early other plan the incentive House White build many stations. a infrastructure of and programs with to published national April, cars a and and trucks,

reliable it's charging the to to these will fast, and stations that demand for more efforts these With increase on road, fuel accessible get vehicles. EVs logical

While the sector. transportation small represent EVs growing currently vehicle of the rapidly relatively of they a a portion are segment market,

a in technology deal of that we remember with experience a in important deploying of the charging are infrastructure already are industry, a EV are EV in to at actively providing in government. It's federal support the well in role locations transportation, and to anticipated key necessary that we in EV charge. leader local, fast a and also stations charging convenient, the positioned pursuing great a growth ensures the levels to are state while accessible pioneer opportunities space, and that As the play out the build we

Blink-owned long-term exclusive receive automatic payment time, owner operator our revenue extensions model structure, of is We which many employ vehicle recurring one With years utilization on locations. a that a as valuable are this at every focused contracts into stream EV we increases. to have and to charged come sharing revenue we where time with each long for model, enter in our generate the a we potential

care Our partners attractive management often owner model, units, because we also on other lot from this companies property benefit responsibilities for maintenance of owned which a the is plate. property have of installation and their who take an of Blink option

to term that a long-term This industry. necessary that leader approach, contracted which with today these Even operate exciting from before and White EV in the as time to continue stations long-term is us believe charging long be tremendous exclusive House, allow potential announcements recent demand. locations Additionally, a we the and contracts. EV to the deploy believed very is growth. a most charges the we opportunity to have in through but company's importantly, And our is charging to to contracts, own very meet add and exclusive to again, represented transition for

a at million sales calls, As noted by previous in even to X.X sales XXXX, charging and charging by Outlook, again EV point XXX,XXX Electric are and increased to as the in XXXX we've and reach but other And XXXX. has a our not is million need infrastructure, internal owned will this new operations from opportunities. infrastructure systems, shift which it's important beginning support to global than the more will Blink The key With We're XXX car billion our Vehicle EVs to strategic completed first market the sheet. think happening and stronger technology needed way is of growth transition. by projects stations be seek in role as growth, securing the a support a XXXX deployments for that and of January and looks raise BloombergNEF's that worldwide. for that noted to anticipated acquiring exponential stations to new again, XX% and XXXX, capital continuing XXXX. are locations out we To successful to to providing the partnerships, XXX to for Blink $XXX value positioned growth acquisition top play in over poised that and the significant of equity necessary. by globally. we million the over that $XXX better balance expected structure, expects inning, BloombergNEF improve EVs charging Again, also passenger strengthening XX new prepare in EV globally are we in million, million expand significantly

EV contributor continuously for a to key charging EV the increase while making to As accessible. also strategically we looking landscape, assets, opportunities our more global are expanding

assets. France. acquisition are operator portfolio Blink charging operational excited are expansion XXXX Corner Luxembourg, and we such, operational international acquisition broader part of and week's it's plans heightening a stations. Blue a easy of across our control market and charging utilization its EV Corner the potential increased is very charging As our Europe. for about in and it's much provides Netherlands EV European strategic of for the giving is charges the located infrastructure Europe; of Blink share ports, announced higher complete The Blue Belgium, enjoying significant input charging EV owner this footprint in control,

to supporting will international the immediately are growth. our stronger fuel In in presence driving Europe, historically value company headquarters facilitate in we've believe we're further expansion Europe and easy fundamental created in there. And expansion to of addition, To Holdings, Europe, a higher this makes proposition in in a also much success the already excited significant establish our is Blink we the Amsterdam, for drivers achieving accelerate that price in new we acquisition even Europe.

Bhade. executive within a strengthen aggressive of product are we of and is everything new technology across and up founder Harjinder of just people he's by organization. our to quarter infrastructure, on the Perhaps we excited up, will the notably, Finally, we added these level. company's marketplace, the seeing on are capitalizing and operational in the most opportunities capabilities to portfolio EV competitors we our up ChargePoint, the strategically opportunities new seasoned development by and biggest our He focus the for the improve next charging adding line our the bringing CTO first renewable a our one during strength positions

technology, XX Additionally, service we organization, sales, the and made hires including the IT departments. new customer across

facilities And infrastructure. we're contributions and a as start infrastructure, growth. current to in growth opened and and the of Miami XX,XXX off to we the support to a to also the growth. depending of optimistic growth. office drive quarter, quarter, making have and foot headquarters meaningful our house our future of our announced begun operations. balance our we about which exciting purchase we XXXX are on of anticipated already in And us. role a we our the exciting move our for Blink And of Phoenix strong first advance to location at transformative and expanding has square time Also, things Blink. a and And ahead the We corporate EV very solidly new is positioned worldwide of is through amazing future this extremely charging start EV in the

Brendan developments. Now ahead, to discuss our of of President call to Go over Jones, Blink the I'll turn recent some Brendan.

Brendan Jones

good is with you Thanks, everyone. pleasure today. Michael. It afternoon, Well, a speak to

in recent access as transition deployments our portfolio charging XXX,XXX. The U.S. Blink X.X X% some last faster news. of acquisition European EV Sales of provides a XXX% of increase The We're company. in the EV have that volumes.com. XXXX review very many vehicles vehicles United foothold Blink and to a context. to been EV surge with charging to within the to I provide to This rose be progress. us Corner European here the States. adoption market, the to for would year, additional are highlights, infrastructure. like of Europe busy latest numbers pleased potential continues whereas is his will the a to solid growth electric have the million These very market demand according and acquired by to underpenetrated evidenced EV developments to has to as Blue for rose than begin more To points. the than We market at area some EVs plug-in the growing

regulatory are EV vehicles. with adoption further zero addition, In European regulations supports widespread emission that reform accelerating

program lost we of programs deployment ready Research the New domestically, incentives including York Energy XX we infrastructure charge through otherwise from and Make New deployments are Now York, grants, the was the haven’t charging the possible in incentives locations across the country Development and State at and EV leveraging focus NYSERDA Four recent utilities. XX known by as the ports York Authority some Pizza New with effectively Brothers made Ready of across which

charging we their charging infrastructure. transportation Additionally, in The of first possible Texas Youth Fast generation made the Portland Also Company's the General XXX IQ Oregon in Blink Level funding through to was Clean which of Oregon, stations IQ deployment X Oregon Plano, XXth electrify the at XXX support from stations grant an Portland, charging EV in commitment upgraded to Native with from program. program city's Clean stations Centers American charged ascent funds mobility is Family and and Fuels Pacific Electric Electric. Fuels through drive Oregon the electric an there Blink Power

partnerships but U.S. also to Motors include valuable XXX not to Charge GM the with We Blink EV which GM's program. station agreement customers to General of seamless available added limited publicly offer across recently as access part Ultium some an charging sites more

ESB Formula Portable also the Vehicle. Bearcat excited with University's in is engage team. EV that. its known of IQ used Team We to University first services the Firefly and Race with Cincinnati's racing XXX-M Service we're We charger a with a really otherwise about distribute along also EV reseller electric agreement signed as transportation to This Blink Electric EVTS sponsorship Essential All vehicle

signed deploy first Pedro to of the by fleet as internationally And We agreements of addition stations Santiago, Blink charging Municipalities, new Leaf EV make in vehicles. through Nissan charger support in agreement the Aguirre that, installation Blink such Hotel we to locations Chile continue XXX Israel. to the municipality Fattal IQ Group Cerda of at a in progress an

is For major locations. one with tourist Israel leading in hotels some context, of luxury XX Fattal hotel companies

marketplace. we're improving opportunities team, lot As product and to company our we of strengthen in team. structural Michael the improvements made on sales the service include expanding development These capitalize operations the interest improvements and seeing a our and team, have our mentioned,

anticipated for CFO, Rama run the now We also us. support I'd results like some our this ahead to we very to to through of of quarter. are are now to positioned the specifics Michael the well turn over growth

Michael Rama

Brendan. good And you, afternoon, everyone. Thank

revenue first of for our slightly in first as XXX% start residential increased the the fees by to related charges increase growth demand Network XXX% the in XXXX, revenues as related within grew first to in million growth economic in chargers. in to This We are as the from The the fees. off commercial as compared of solid continued by first the pandemic total XXXX. XXXX, charging the two big a areas which compared place, a network. to in growth our and EV quarter to with $X.X travel grew same quarter. quarter business well the revenues of XX% remain XXXX, quarter decrease still product compared as driven certain as increased the of robust economy a general was offset these for the restrictions constraint in was sales, related services as travel. reopening to Product network Despite of a quarter is over period impacts of by our in of to XXXX, XXXX, the of

million, net $X.X loss of of $X per or or $X.XX first share, First loss in quarter was quarter the XXXX. million, compared per to XXXX $X.XX net share

quarter first on-boarding the increases primarily our XXXX, included in operating of sales, service to compensation loss in new customer of related For expenses employees net areas. IP and and the

expense stations half first grows. the the continue the and of use to quarter in to primarily expenses with products by XXXX. expenses driven second Specifically, to significant of operating increase services scaling of the operations of operating for business operating for associated first XXXX the to Also we XXXX $X.X expenses were infrastructure the million our quarter our acquisitions EV scale the first as of XXXX $X.X increase U-Go and the to BlueLA from as and for during contributing million of prepare anticipated for compared demand quarter

residential which The publicly on DC XXXX. remaining level sales international we fast And internationally. fast and XX level XXX networks which two of million, and chargers X,XXX March chargers few private sold DC XXXX deployed liquidity and securities chargers, a of or, XX now accessible to network, six of fast Blink two comments compared At chargers, of X,XXX level consisted XX,XXX chargers XX about or Blink $XX.X March in cash private DC were our level publicly XXX charging two XXXX, or December our X,XXX million marketable As non-network sold chargers commercial chargers, consists chargers. deployed deployments or were commercial charters, XX XXX $XXX.X cash. the which commercial X,XXX residential level accessible two to that internationally on charging charging XX Blink XXXX, EV other at

During equity a the quarter of first XXXX, we completed successful raise of $XXX million.

and back call remarks, to some Michael the turn I'll over open Now Farkas for it that, we'll Q&A. after for up additional Michael?

Michael Farkas

XXXX has busy a year. really been

We for role in questions. grow on opportunities the progress. to the an for worldwide we forward and EV now growth contributor company a the and exciting our seeing will to look are time to we're and With prepared of call our This infrastructure. expansion key capitalize as open our we continued that, to industry, driving energized is establishment

Operator

from question our Daoud your go take ahead, open. will Gabe Please line is We Instructions] [Operator with Cowen.

Gabe Daoud

cycle? it’s little background Good price? maybe the at and around maybe maybe in the Could acquisition, the Blue Blue what color I be revenue selling start with guys. standpoint? on from process you pretty of Could how this why business instead Europe, just Corner selling bit a does in in And, guess footprint attractive expanding the of just we maybe us give Thanks. interested on point any Corner any would a the perspective, afternoon

Michael Farkas

of become own in Michael because network, and why their their they Blue And then the Corner, only us easier does I'll is that Europe. for follow the own attractive reason Not have hardware. I'll is base take this Brendan up they let of Okay, it is Farkas. beginning extremely that. on.

they Although outsource growing. base have throughout customers Europe, and amazing they're of constantly production, an

use For us, our to amazing into Brendan, Blink it that? with Europe. integrate to to was up advance be hardware, an like opportunity would and Blink able to ultimately, major springboard follow network, portion it you

Brendan Jones

fairly company as in exhaustive a went popped we we Blue well. Ireland and as think similarities were up for I Blink. had continent that and a that primarily well on opportunities the deal to Corner of look England a great Yes, as through Europe, search based. as

model, We or and throughout they own own chargers, charters. vote good as they have similar both they the operate have maintain countries they in customer with countries Europe. we their own And they manufacturing operate to four And their to own well. a charters, manufacturing network. other sell And they a have agreements, footprint expand ability

acquisition, our And we this going other Europe. in unique Europe, over in prepping this announcements partners in several And and relationships we says further, then where for international to we're also now rapidly and the looks continents and with and examine we the as and made and We're our the Greece, keep a So of cost there. outlined opportunity this, in countries four be Europe come. expand in to at in really in when to Blink already Greece, countries presence saw energize America, mind, presence. Republic we've active Dominican are an just we South

Gabe Daoud

That's guys. all Thanks, fine.

Michael Farkas

One markets to electric market that. the versus than proposition, most world. also pay the to in The value favor And Europe someone participate add having really one America, so like eating I'd vehicles. for conscious they're is. in greater to other American fuel. active In environmentally This today much more in of just really thing it's of for us the allows to

a stations [ph]. EV's. those going imagine than can double able believe portfolio worldwide the we sales within more you tremendously, impact charging enter half market be have countries today, EV what get utilizations to You and see really of directly, now And an digit, marketplaces to the EU, even where understanding of people we're

Gabe Daoud

Brandon. Michael. Thanks, thanks, helpful. That's And

Blue Corner. on ports XXXX all all by so those split and that? levels, those I And there owned or a Is those assume, right? of are operated so And

Brendan Jones

Yes, are has makeup level similar our that to all unit. two these very charts a

But Some that are majority and public owned are are chargers privately the them accessible purchased. of owned and where they greater the operated by public Corner. Blue were to

Gabe Daoud

you. Got you. Got

keeping know Just Okay. which for like leaser of like acquisition do about actually Blue on forward, that margin financial a was LA think me. that pretty and segment over up Thanks, kind that time? like moving times? plan I separate drag up gross then over follow item that, just ride guess XQ of in with the showed is looked you decent part the cars on it Brendan. I now line a And as I what happens some you picked sharing

Michael Farkas

the Los Our plan in we infrastructure the really the program, the globally. a operate us streets in And program, where also cars, nearly they're which car to is opportunities In charging as provide through well to it’s be who globally gave able to systems. local sharing, EV the plan our sharing, to partner own market, infrastructure. buy as but opportunity Angeles the and bring may run operate our cars the arose

individually. So looking we're at each market

focus road EV really be charging, communication which able But the for EVs allowed to on advertising really also sharing, Our and opportunity the having well. charging EV services to include some us ride on is the and the would prototype service, as car market. sharing,

then to something it the cars. product, the focus But could the that on owning market roll service LA able use to our and is So prove globally. was we out to internally not be and

Gabe Daoud

that mentioned year? any -- about Is talk out media then XXXX this talked Just And you you'd to some product? that? any there like type advertising, at Michael. rolling that? a the you point Thanks, like any finally around that is it. you it potential something new of could Is timeline where on be Got just and thoughts towers,

Michael Farkas

We're streets this have hopeful in something to the year.

Gabe Daoud

guys. Thanks, it. Got

Michael Farkas

welcome. You’re

Operator

Company. go open. will Bagri & take Please Vikram our line from next with ahead, Needham your We is question

Vikram Bagri

Good evening, everyone.

for there asset I And this Just these, pre-pandemic line revenue. saw is a quantify way a a and growth take on wondering there stream? forward? utilization bigger small there I quick item? ones to couple you was want quantify think of now? impacting revenue impact in was these, impact if a of me. If the Is apply way decline right that to base the the should pandemic services going charging we you how this your pandemic it can to how and Or larger about is

Michael Farkas

seen to XXXX. an first increase from pandemic charging Mike. saw that, we've but is know, was QX quarter You it since add the station quarter-over-quarter of obviously, an going Yes, this QX, the the because continuously declined quarter-over-quarter of I’ll increase on of we have

the forward Going on continuing increase. to station charging are utilizations revenues,

in know, our a different You portfolio. have we mix product now of

really revenues So day. data what's at higher I'm the to every every monetizing, continuously rate, starting increase. And a day at coming producing looking charging in we're start

So optimistic increase And the charging increasing. we're are in and very starting the we're see that through revenues to utilization. pandemic

Vikram Bagri

Thanks, Michael.

if you new first Miami was, impact any had was going I into items baked about the wondering one were time there heard competency certain mentioned offices, and there we operating you we if think Phoenix. forward? of How onetime numbers quarter? question that acquisition hires How about OpEx were related can I the quantify should expenses. your second And should incentives The end expenses? then in and I year in think new to

Michael Farkas

continue we Obviously have related Corner, related we'll the to some expenses. have Blue some, to acquisition

skill growth, our anticipated IT, of is New hires the the support are growth. our different the core of strategy strengthening to strengthening sales, is areas strengthening part part all sales

in expenses as second coming with as LA, some acquisition acquisitions the related obviously, continuing. the one-time Corner. to from So, and related bigger Blue quarter of But, are time we through the obviously one closing salaries in more the acquisitions, the XXXX. had so see But obviously, well that Blue we'll

Vikram Bagri

ratios of one Europe, you. EV for the you the of last one markets Thank in the And about [ph] could me, landscape Netherlands, to instance, for three. lowest just you ESV talk M&A have about the

the you? other just how Are fragmented M&A of sales many you Europe? M&A know, expand, opportunities looking EV countries. opportunities like rapidly seeing, in in pretty and Could how are are through Could to both there you're about M&A talk seems M&A. many for landscape a you you expand about through to abundant you talk organically it's you expand it market, So do

Michael Farkas

It's some exciting extremely things you see there, fragmented. we and correct. were out Yes, extremely

You in acquisitions. companies have is their And consolidate ability Mom today. consolidation a a of being in charging lot in on own us U.S., station able locations. but about globally. and Pops their the the see of markets, that We Blink were a Remember, not only we to XX built

Europe, of things and is one than to lot of infrastructure that the We've that we're buying a companies, our required of a out competitors biggest think better the made There the us not it lot these of equipped experience be nearly fragmented there done doing so start we've compelling our while in out I to any how in integrated but opportunities up that's have is, competitors. infrastructure before, we there's there, so. are in tremendous enough future. for industry going this

to owning in and opportunities model these you a bit or which more we to going started stations very those helpful Blink is be front. to a we're believe some just where deploying continent, then may of two, going throughout complicated and these lot very Europe, charging a with Also it's So a be, it is in basically the operating the of really little listed. unit That's going and location owners expensive may for on We not have locations. M&A or have prevalent. get property the start

Vikram Bagri

have. all much. very Understood. Thank you I That's

Operator

next our line from go take will We is Noel ahead. open, [Indiscernible] please your question

Unidentified Analyst

afternoon. Good

Just couple of a things.

where, units you a for Europe in it greater you time penetration would means of of sort the penetration ease of and deploying greater utilization U.S. Going acquisition, on that investment Europe. what payback incremental the back just Blue the for versus slower. in is ballpark sense be in Can and in sort of about perception of to talking keep value the Corner you're

that that more quantify all? Just kind what at you of comparison makes of, attractive,

Michael Farkas

are is in in we than what also as are there the each half. We're an factors. U.S. twice those of of port side, a AC Europe and the that on the one fast Okay, one, every equipment less our have of cost looking ports as U.S. the cost is lower lot at in Number much than

of the So of in make for right, we utilization the we're That is us that from own the versus is just, money key. half when can at much cost off Europe, twice again, the looking hardware, period again, proposition as same in time. and value its it, us charts

that we're at do talking see back about half the model, less you're with in a less installation but cheap, paid three than U.S. year, straight what utilization, phase port hybrid cheaper you So still XX%, the a on our installations still On a time. here getting in we if on costs, than per aren't basis, line when even it's dealing can versus

installations hardware the cheaper, cheaper, and is the faster. is the So hardware are actually

that you very, end, to are there of when on much is it the be order. So all will We in add that greater a the together, that the amount very EVs significant here. road that than business believe boost short our very

Unidentified Analyst

board, probably sense Can of on second give an new sort Technology coming veteran. you be very a things the most urgent much what sort be to of the Chief I hasn't the of also, into my would your tactical time maybe or industry of had more of Officer changes And important it, thanks. with sink forward. might one some initiatives Great, might lot if is, but he most just for on that term plate, near there's know, and strategic teeth any what sense or a needs of his be his and going

Michael Farkas

and follow things the key a one going just entire couple point the internationalizing we're up. will company. to out Brendan obviously, I'm then of But Okay,

that's mobile that can focused order, all our have is of having network going something board, I every work be Harjinder single could touch time. enough is him And in to with corner the language. fortunate the so and charging stations for will of something as some globally. operate that quite was getting company. multi seasoned. you on, through one Harjinder know multicurrency, you process. He short across to internationalizing the that So That's application we're launching this

that And he's While he quite people vendor, but Harjinder, very Brendan often. going the interacted can most the was excited more ChargePoint bring table. of to was specific. on notice don't our to bit a we be at And ChargePoint, our things seeing we're largest, and with main the time vendor our

Brendan Jones

on And today's Yes, more so the versus needs requests standard, systems, integration. Michael from networks be the brief vehicles plugin XXXXX both in hit the Michael. more more world, if look sets, But I'll integration thanks, you feature what ago, of sides at as say the there. standards, to years via hosts more five charge were, changing highlights they reservation

software side, So that's And sets its with and keeps general. other just the reinventing side. everything models, feature more generally the just side. response on-demand utilities, the on and product on And in then

So growth, we that's on going Blink the in. future. were brought And for we are today, we advantage him the and made take to at a what on. path prepare was do happy why to wanted what we really decision, accelerated is on then we But

Michael we're out. That as to laid leading mission company of already to, we've product Harjinder all the keep beginning why already up to if EV And statement. the and his And a of do is needs that I'm and So to technological think to underpinnings you alluded brought happy is that competition. edge and surpass report infrastructure on we work.

Unidentified Analyst

lot. a thanks Terrific,

Operator

any turn to questions at additional program the have we this or over back remarks. no management time. now will closing appears further for I It

Michael Farkas

focused speaking you us. This joining partnerships. customer really base for everyone look with we new our footprint, our a on time quarter. an We company next for forward again is establishing and exciting expanding you, Thank and to growing

Operator

participation. program. This for Thank does you conclude your today's

disconnect. may You

Blink Charging (BLNK) 14 May 212021 Q1 Earnings call transcript