BLNK - Earnings call transcript Q1 2022

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Operator

Good afternoon, ladies and gentlemen and welcome to today’s Blink Charging Company First Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode but we will open the floor for your questions after the presentation. It is now my pleasure to turn the floor over to your host, Jennifer Belodeau, IMS Investor Relations. Jennifer, the floor is yours.

Jennifer Belodeau

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

described moment today, or to now to statements. Go conference comparable conditions. expect, Farkas, undertakes out no within ahead, along. Relations Chief the amended. Blink Charging. such have as turn the and securities the Executive Exchange Securities may, on the occur where the Blink by slide are we On intend, call Prospective Investor Blink earnings involve its XXXX and Harbor statements. to This way, future. statements today's forward-looking Michael required Securities such may and guarantees on investors future take can as terms call risks as depend Blink Chairman cautioned note there’s not of of or over Safe Jones, statements website. to call, and that the materially uncertainties, anticipate, regarding Michael Charging the include risks be and update in Except presentation performance statements reports XXXX federal Blink's involve intent, on accompanying amended, call Please Section with can read Act differ from those filed expectations and Officer, President, relate belief, the members These of will, will forward-looking Chairman contains With revise slides that contemplated should, defined Michael the uncertainties, management, because forward-looking as that as section Section forward-looking Officer. the Rama, any of reflect by follow well of a which in statements that those the Michael. they of Financial such the or assumptions SEC circumstances of viewers XXE results current These statements that of statements are I’d Farkas, XXA including a actual and The law, to based. and Brendan statements Chief other I’ll changed are periodic and of forward-looking obligation and Act as such of events terms accessed

Michael Farkas

Good you strong to revenue service in joining both We and of delivered us. increase afternoon, $X.X revenues. everyone. of XXXX, exponential by start XXX% XXXX, first Thank the million, by sales for a over of an record driven highlighted quarter product growth

that EV and reflective of record compared results quarter, quarter charging the reputation built quarter same to in solid of a shoulder residential deployed and recognize In an year. leading charters, X,XXX and customers commercial Our first industry, the services. technology are and increase as the platform we've last contracted as charging XX% partners provider of we the Blink

charging more EV are growth, providing products, see winning have positioned depth governments traditional and January receiving programs state as Biden of grant in million in rebate to legislative quarter of federal, continue awards win in us since more and XXXX. in state various million grants integral success on allocate administration of new Brendan of and our EV grant the to footprint, $X part numerous and first an expand rebates favorable, billion later surrounding the environment state-of-the-art outside infrastructure. believe we and also $XX awards call. from will charging local and we our for XXXX about and $X.X which the been The is the rebate the speak to from industry many incredibly We our government Federal opportunities of with programs, the sale

Blink the EV charging United quarter, EB Kingdom. the provider solutions Following in Charging, a leading of UK European the both of sustainable of first announced Blue Electric acquisition or presence we This close expands integrated our to establish market the over energy acquisition that multi-year and into and A our and or increased It's charge exclusive and charging partnerships delivery. of is to chargers X,XXX deployments to adding committed installed adds key reach. footprint. our make and strategy part to the acquisitions Blink’s

With the Charging, as acquisition XX over America are EB Belgium, US, now present of in Latin nine as UK, countries well countries, Greece and we others. including in

five. slide to Turning

As growth early its still for over you exponential can the in beyond. see, the next massive and and EV poised industry stages decade is

to the take by sold grow XXXX, infrastructure, to with global demand XXXX. $XX Blink for from vehicles in to much of XXX charges over sales increasing charging a about to how like vehicles believe increase globally As charging CAGR Agency, $X a million a just such, EV for at XXXX in creates solutions. This of reiterate future with are number EV we million sees the to projected immediate leading from International as provider for a EV Energy EV in million opportunity to of I'd growth electric According moment XXXX. a projected robust need an XXXX XX%

in charges is compared X.X available to only the massive. XXXX, growth As the globally million

believe As increase tremendous the the for a decade and beyond footprint provider to market. opportunity share growth EV a and of Blink leading significantly our next expand charging exponentially over charging this technology, we our presents of

a six. that competitors technology. as charging We at leading differentiates of slide unique highlight proposition EV Blink's us value from provider our Now, looking

portfolio fit product our to any customers environment. or innovative almost a variety of offers options location Our charging

we million-plus Blink Vision to at software connecting quarter, our our last mobile target CES operators. across next-generation Blink app, that charger, residential and United management January, charges three market, targeting new million-plus in home seven mentioned all the charging including unveiled across locations XXX charging products charger XXX X the and HQ us retail IQ States. I As XX the The the allows

offerings ways Complementing design providing looking integrated options product our our to remain We obsolescence, in for the resist improve and product customers. flexible portfolio centered with solutions the future order are in business on mind. innovation fully to industry our multiple are constantly charging the of industry-leading and model to at our new forefront to and we products our

main While and to deployment is different needs, our we operator customers' focus on our model. our have owner several options fit

we're As and an as EVs while technology the maintenance upgrades to location, benefiting on other and anticipated intimately the increased are owner process for installation needed the of from in involved utilization the more also best step every provide can operator, road. as charge facilitate

add is decide We demand also charges a obviously to we when necessary discussion had the location particular when this requires. to and

our with model, vertically and which contracts exclusive operated. EV long-term fully With increased integrated only are Blink establish long-term provide to recognition where USA remains infrastructure we presence the in brand charging the extensions, allows Blink locations a automatic in chargers owned the unique Blink company our today. and Additionally,

now successfully since the our United and utilization we part of footprint to expansion since Internationally, the we of expanded is made European footprint. are emerging expand with revenue. we the charging presence taken areas the presence Another strategy we've we present acquired And believe of France, UK, management UK. our identify in as others. the Corner that international Greece, increased which our and M&A are charging that to opportunities Blue charging on by America, recently, we've of we through -- the Netherlands, rates best EV US, date, a and America continuing acquisition grown capitalize numerous in to of drive that May And maximum the domestic well-positioned establish over States, the countries, Belgium, reliable significantly as Latin in organically increasing we locations visibility. deploy charging We from XXXX, demand infrastructure, South in and including to business. EV chargers over our continue our both XX through well to for progress our To activity. In

and And quarter like to the to members tremendous all their extend leader hard work my which progress commend in we for and we to them our and As deploy XXXX. our we've EV you I'd growing the charging can of see, of charging dedication made our into partners, employees, industry. in first gratitude infrastructure,

look opportunities through by results momentum energized are to driving progress we're the seeing strong and and XXXX. as forward we We many

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

Brendan Jones

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

Massachusetts in Virginia. fostering on this and Virginia communities for of in widespread plant me, private public as are and robust verticals. bring won both and the to of we seeing adoption with an of XXXX, to our of electric from a We've These a see the we facilities, are including contracts winning establishment State vehicles infrastructure. with can variety and you variety the business two EV municipalities. new wide EV contracts the a multiyear solutions collaborations As pushed sectors of integral are healthcare -- logos State with numerous part charging charging entities and partnerships continue of the partnerships innovative enterprises, slide to of And X, opportunities trend commercial well-respected tremendous the excuse

be solutions their to pleased our look charging customers residents. are providing EV offer to we charging and partners, want innovative valued teaming and municipalities businesses with forward technology up We that additional to and to state-of-the-art to our

Turning to X. slide

XX,XXX Blink has the Within to deployed sold, account bringing since or last both over chargers, XX,XXX for contracted, charge over domestically inception. internationally, the XX months, company total the acquired Blink's and

the the of We XX% have and XX% and United Blink of in a United healthy States chargers in States deployed internationally. deployments mix with total abroad, deployed

throughout to first a the necessary. registered has over In service EV and meaning members electric for quarter is demand has been infrastructure users of robust reliable Blink never world. the vehicles Consumer addition, and steadily as XXXX, need the of increasing, charging for unique more XXX,XXX provided

increase states United deployment as deployed market foundation an we patterns experienced density In charging Europe. the concentration the our the and traffic quarter, locations chargers U.S. has and on charging countries are charging the based local several this EVs which of network in key strategically criteria, and across States locations EB seeing global forecasted to geographic government including Internationally, in XX of expanded and provided and and us habits, momentum Our continue and figures, population Slide stations both footprint those quarter-over-quarter we historic expand six stations first markets. working demand and driving our numerous to XX and has state companies. we throughout growth overview We and with expect future for Europe, steadily agencies our gives identify territories, throughout increases. potential.

we've the recently and management XX, and is charging, We complement €XXX,XXX Entrepreneurship a opportunity, which believe tremendous also development addition Innovation aggressively now Blue Europe our a acquisition, energy an our increased grant a we of Flanders Corner, for to slide growth EV to a and latest there. Turning valuable service. to received presence our presents company believe from

the remain focused we expansion And M&A international contribute So solid development are that markets. of our progress both to on seeing we will our efforts, in our products growth. strategic in and opportunities

we are products Together, in Software several Fleet discussed, and Michael Moving MQXXX Management within used and as to launching exciting fleet mobile a on Blink's software Advanced be hardware slide app XX, accompanying the XXXX, hardware. XXX-degree will including provide new to designed the ecosystem. Advanced

believe addition, months in the Blink launch charging drivers. charger, just which can Vision-IQ In are launch of compact entirely we to which customers mobile the charger, an are and redesigned we the preparing location. Also wall easier our going powerful app, fit for -- EV for in making also, planned any XXX have fast we the coming XX-kilowatt about retail is appreciate innovative DC

chargers, Slide trend, to XX to homeowners. more-and-more million this the residential of to organizations, in charger expansion to XXXX, that nationwide in of capability portfolio the trillion With the our estimated an designed infrastructure awards billion commitment to growth tremendous details infrastructure out strategic opportunity the a have a another awarded any that the bill two Environmental to limited us are network numerous they our allow return we XXX Energies their public diverse deployment federal first recent in expand the the in of of valuable anticipated the to vehicles. Vehicle Cities. their footprint Massachusetts penetrate Department electric expense grants received by the Virginia with we EV will deploying we in strong leaders charging fit across comprehensive our to partnership charging through blink footprint. from the the chargers aid be XXXX. needs HQ of our Blink-Owned capture globally Incentive of received have includes and We've of government strengthen several the deployment build to needs with grant electric Since footprint Electric looking quarter customer, states historic with XX Then was following Program solutions the our partnering Slide for under And These at different building examples markets. vehicles. $XX for Clean in Massachusetts the a of of valued the strategic from because grants install support in through -- $X.X January adoption March, different our enhanced industry entities Protection is we charging Mid-Atlantic Blink chargers private grants grant that provides a to partnership X.X April, satisfy of grant electrification acquisitions. on Lastly, charging we're progress an accretive Overall, or overview expanding used state investment. Virginia in state. made rural to and with in locations and

we've increased sales to by highlighted deliver a able As in service revenue, been a driven revenues. by growth, result, year-over-year increase considerable XXX% product and

leading capturing acquiring opportunities additional companies the market to Michael share. turn Rama, seeing can about run CFO, quarter. and through to the industry, numerous results I continue for our our forward and grow it will over excited to we're that partnerships we in the specific strategically We grants some to and are now look

Here you go, Michael.

Michael Rama

and Brendan, you, afternoon, everyone. Thank good

of Turning compared the XXXX. same in million, to an slide company. quarter XXXX for the quarter another of increase XXXX. of to and million, XXX% $X.X in the XXX% quarter increase in XXXX $X.X to of first the an sales XX. record of Total first period grew Product over were the first revenue

May of as our which chargers, revenues acquired as chargers subsidiary corner, volumes greater and European through through well our purchase residential was customers DC generated As fast commercial charges XXXX. in

network aspects one between revenues ridesharing million, is the items due differentiate revenue XXXX. three $X.X of Blue the increase and the an revenues, to The increased primarily service of these it XXXX the revenues to our Blink our We and growing revenues, base. mix EV charters chargers XXX% increased into revenue quarter acquisition. time, approach year. growth from our believe come improve. the strategic this period makes revenues service of charging network the and with adoption compared number service utilization accelerates aligns first XXXX from our We and of in the a company's service and Corner and of our of also of First consists combine In revenue mix seeing the Gross $X.X to of on anticipate larger charging quarter stations amount fees was of were an services. increase of same service over increasing sense our product quarter million, utilization first year-over-year which to for line goal of approximately over profit business prior recurring XXXX% of component as and our

in international as XXXX ways as our in continue anticipation We occurring look supply $XX.X ongoing to prior are year which acquired long-standing investing our disruptions business, quarter chain of on our domestic period. reduce XXXX. in well of reflects million commitment operating Operating in Blue and the to business component Corner, $X.X expenses the increase to of compared the our expenses This was costs, in especially growth in the at globally. were million, first of to light

seek practice will talented innovative to to we're hire development that contribute of the adjusted monitored products and EV quarter forefront of at product of In we research line that expenses of company. are began growth committed said, to our our ensure the And the industry. That that of are company's and place XXXX, out we new continue the success. individuals the growth and charging EBITDA. We benefiting and our third our the closely presenting

compared in non-GAAP previously million of non-cash to excludes EBITDA $X.X period the compared of points mentioned EBITDA are to Adjusted $XX.X a XXXX because first operating prior useful of evaluating revenues company's for nonrecurring was it or the loss is a first operating items as that XXX our higher the this XXXX percentage believes of year to improved loss XXXX. million quarter of either manager of quarter Adjusted quarter due Our in for significant the expenses. first basis core measure performance a expenses. the

XX. Slide to turning Now

Our the now. XXXX, performed that upward quarters quarter in we've of first past over revenues continuing and trend the the several profit gross seen well

convenient for and driving reliable profit revenues infrastructure well forward. continue demand As and increases, gross we we are positioned and increased our the our believe moving we to that strategy own operator execute EV and

the for Moving XX, XX, to achieved cash our revenues we second solid increased at comments. I -- Michael turn had We record we've in final the a cash to numerous direct to improvements reflection the for or positioned we and focus believe over opportunities approximately past are at capitalize $XXX the operating million row. our position a the on Go a strong as Michael. foundation March on start, direct our now placed XXXX. and well $XXX we of company begin a in the XXXX, pleased EV over million will sufficient quarter several the a cash back fund relation being December built of compared to call to have industry. years with operations. on believe ahead, These results and We're hand Farkas few XXXX we to

Michael Farkas

that, of questions. Hello. by and delivering for revenue are we throughout offerings, product increase an positioned industry now that by balance capitalizing the the ahead the We in many and that by will on to year. XXXX of year-over-year of opportunities tremendous our well the open XXX%. drive is what's the And with almost growth we call we Blink energized EV strategy providing. We're highlighted With results for started believe

Operator

from Gengaro Please your And is your Stifel. from ahead. Stephen, Instructions] coming [Operator live. Stephen go question first is line

Stephen Gengaro

afternoon, everybody. good and Thanks,

taking for thanks question. the So

charges, when like installed. we would to the acquisition. just sense or are plan either think with curious you about Can Blue Electric some know us I about what be X,XXX for the So I installed a is give start

how about revenue market think of on we majority more Given of charging that the US, higher the sort brings versus maturity do content that European the or the side?

Michael Farkas

going the I the not off let detail. utilization Michael obviously, the charging to -- to note be just of the Rama that are that more derived want in only I'll address revenues and stations

itself. You have at transaction the look to

potential first in $XX $XX acquisition at a a before has book. shown You're million. million. cost talking about company earn-outs of total about And million The $XX that about bought potential we in order was

actually for company. more what the paying it's than So, we're

a they buy they third-party going Instead of that fill charges future going our we're addition, to using We're company, charges now from them today, a those have In equipment. third-party. on network all orders and those Blink put to using all hardware of network.

again, -- lot it's of So, savings. there's a cost

gives a In They've addition, in U.K. us it the over different municipal tremendous contracts U.K. won footprint the XX throughout

So, pipeline that them and each the in Michael side revenue address let the But become detail. today. it's and units locations every not only for those additional have future. one the of now have they spots in I'll just of parking more ours

Michael Rama

we Yes. over charging on and Michael into sales. the heavily if building Right start Blink order of side book they're little more the now, they bit million. will, we'll equation. said, an you market. as entrance the But out $XX But UK fairly that model, still to of a start had into obviously, footprint product as on additional see It's

was the is this government also what participation that’s and the really involved. So, factors driving

with acquisition. really So encouraged this

Stephen Gengaro

we acquisitions, we And any think then follow-up. year guidance just Great. CapEx? XXXX Thank think you. When full we about quick should exclude -- for how about a if

Michael Rama

we're inventory chain. We're supply to the obviously continuing the proceed. obviously Obviously, procurement, -- we're monitoring, with

So, we're inventory. obtaining in aggressive

we've similar So, absent done in first quarter what the forward. to the see being moving fairly any profile acquisition, we

Stephen Gengaro

Thank you.

Operator

you. Thank

Matt D.A. go question next live. is from line is Your Somerville coming Matt, Please ahead. Davidson. your from

Will Jellison

Matt bit a firms start ago for on EV process or if long buying way Can for that U.K. bidding as introduced in then of other were asked. went you part just in through Hi. Will more whether in thinking about And with were to Good a how the afternoon. not on them, you talk is the little I were market? any the the question involved you This or any your to of you considering follow-up asset? business want buying about other charges terms charging Somerville. Jellison into

Michael Farkas

Brendan?

Brendan Jones

question. the take problem. No I'll Yes,

liked was we about yes, through We that. well from expansive then both UK now analysis through went it about just as accepted even a UK, went of sales been company with further company growth model business the a, was, it's the moving well. owner-operator, the operating just course, in community than grow owner-operated that they're and we nine-month landed not started establishing blink a a in-home community And ability of municipal in endeavor. we fully through and EB. the back before a but as have. look of So, several decided on we that on we as thinking We that acquisitions. to Ultimately, and chargers organic different within the operated companies them purchasing EB We an presence and what

avenue models embedded today. So winners for big grants community biggest UK hybrid of are as out there, on and takeaway and they're But tender and focus another out the well. there within the the fully then we us that is the like product RFPs they're all for one

to So the provide, to return network new we too, going with that really next get take a And new going all can new we're and a that table, the to additions hardware then the as about to software EB we believe the we're alliterated Mike level. on -- that bring margin. we'll the

Will Jellison

product Understood. bit or challenges supply if are might parts you And to procuring a about and little sales you the have during Thank you. or they of more might certain you And able have the then talk exerted any, what, encountered quarter kind on what navigate chargers -- quarter? impacts chain during that? can how

Brendan Jones

to take this want Michael, do one? you me

Michael Farkas

please. Yes,

Brendan Jones

Yes.

we lot a effort our we XXXX secured lines making So sure for put product into of in that XXXX. had

in into United XXXX. both because had limited we already previously had issues and we chargers, States, the leading secured LX the on Europe particular, in far, thus So the components

leading do to for that into We XXXX. continue

it's a right now. challenging market As everyone knows,

to not find you're if out way in you're So going behind. front, way yourself

XXXX, we're So to the same engaging secure in tactics to now XXXX we Secure in XXXX. engaged right

current sales future have and on have we that secured. throughout all seeing this So sales the the for products indeed we year, books we're

Will Jellison

Thank you. Understood.

Operator

gentlemen, coming Sameer, Thank from Please remains Joshi the and reminder, as live. Your Instructions] next ladies is Sameer a you. [Operator is line queue ahead. open. your from question go And H.C. Wainwright.

Sameer Joshi

is you. that -- of and performing, for launch for a new already when in were the that line it the Any year, product actual the the be very quarter. introduced deployment products? be Congratulations questions these and just that Thank few the that of successful I all a had on products beginning time what you data if product may have is field how would grateful? in any

Brendan Jones

Michael, do you want it? me to take

Michael Farkas

ahead. Go

Brendan Jones

see fleet support QX, global So all have launching Wallbox. network XX for then but also, the should end fleet is the that move just as which And product new QX, end network products as the QX, We new through Vision summer and into XXX HQ the new Then the of behind Then on all IQ software move that. out plan in of and we'll we MQ will end of we enhancements, the the the that launches network the portal, say, at our launching the and all the late moving we'll that on a that the you'll networks supporting fleet I days. that, QX. into summer. into launching, global there. charger is or next of behind the almost that's simultaneously, little within find and the Right

beginning year. next and the into to into of out QX of moving successive have and the we quarter, planned throughout end in round then launches at this So QX the end we're quarter the

exciting lot stuff. of activity hot a a of So, with lot new

Sameer Joshi

Got plans product? are the it. that. products going change to is of some are locations in with Thanks of And current or these there -- locations for there new upgraded demand or for

Michael Farkas

somebody Well, see we charging we going where most needs existing always be But there's is to first, to upgrade. as what additionality to opportunities expand.

As there XX% just now lot recently every parking want seen EV out of in that's in chargers. we've they Massachusetts,

going to were that for fast all this business. to growth, out and this fleet new penetration, get new charges. we're with there software, These additionality. DC the revenue to portal enter fleet the the MQ products of along the and is new new brand segment, new be So focusing Fleet, exciting have we we fleet are then going segment. And

a minor, that's most the additionality new the replacement, bit but So business. little and

Sameer Joshi

Got it.

So, question sheet, Michael any other Rama. products? They probably go the they is on remind you treat or Can go how us financial do statement? next you directly the owned for balance through

Michael Rama

just chargers, we when acquire we our inventory manufacturer, balance as when actually, or through come them contract on Well, they procure them buy right, in the our sheet.

equipment along on if the the -- they with get a get plant sale, or get part will -- are written paying year assets we'll and five average. for on get costs or fixed operate they it, depreciated period of any part property we're Now if then put installation but be period, the over -- seven get as seven-year to turn sold they as off if fixed that cost transferred sales, an into they they of of hardware into assets

Sameer Joshi

the other, gone resources or any any then compensation Understood. resources in reason to the this gone down. has sequential quarters of line when Thanks one And Has XQ the up, cost from there the we changes? or for XQ, that G&A changes clarification. -- compare on see to we front, been whereas for that line reclassification has other from

Michael Farkas

this No. million What you're that equity performance around we've previous in there option XXXX, quarters, $XX about we've -- was we seeing QX, expensed special and starting XXXX. on -- -- in had that a award performance the noted got previous significantly May, in in

$X of that to in only quarter. saw through We first you into XXXX in expense the left had XXXX. that so lead And million

the it's care taking majority of in that So that's seeing where expensing of in you're got the related XXXX. -- the decline to that share-based compensation

Sameer Joshi

Got it.

the following the of now employees Just What number last one book-keeping question. is acquisition? EB

Michael Farkas

closer Brendon, me, you to got the do number probably you?

Brendan Jones

just XXX. of including north we're Yeah, EB,

Sameer Joshi

Congrats Thanks. good luck. the progress all Great. and for

Michael Farkas

Thank you.

Brendan Jones

Thank you.

Operator

Please from Huang next is Pickering, Tudor, your ahead. live. Holt. go is Oliver question Your Oliver, from coming line

Oliver Huang

and my everybody, thanks afternoon, questions. Good for taking

getting I incremental it's due and that margins, service service growing a some with sort of respect to QX trends to just we're if wanted of was of kind quarter-over-quarter color especially seeing to XXXX any segment, respect On of see one-off. just gross versus the or couple kind if base charger to there charging charging revenue absolute with a

Michael Farkas

I'm specific increases Well, to do what we're sorry, have you -- question obviously, seeing seeing so you're a the in is charging, -- testing? but which abnormality

Oliver Huang

It's of the margin just and decrease gross charging the on how service revenue cost… more things, so this the side quarter-over-quarter in

Michael Farkas

look it's XX it seeing to there there in really actually, at look at not actually and is or interesting. that, -- days it think, XX. we're just and were What XX was matter and we I when you it's only -- Yeah, QX starts and

does kilowatt when day difference sold. look at on And you so a make each the

looked So little at in absolute less that, you we had less days. it sold kilowatt a we had was actually but amount, an bit

have a of bit factor number you a quarter. the are little sitting a So in of in that days

some first seasonality reflected experience reset might time the say, -- you normality some So, time. from to from the factor a in there and was quarter. the also weather plays and that in bit probably -- we a Omnicon let's bit a did -- we with pullback winter that see probably bit charging in little of little of

Oliver Huang

margins electricity of on that play? utilization. competition of kind kind makes significant services there sense. for potentially charging increased bigger tracking given potential how picture, Is when follow-up, trajectory kind leverages any over That to And see the of we color time coming years a of gross Perfect. segment on you'll the into just for future owner-operated consider structure

Michael Farkas

-- usage, some going in, you're obviously, relates that to if virtually jumping want know think, don't to the of I'm Brendan, see in. of as I answer it to components fixed more expect some jump scale more we sure to not electricity. increases, Michael simply I'll or from -- Well, I see

Brendan Jones

as good customers thing we is business it Yeah. as more acquire more impacts of all and our have costs. our we volume, The about

at property more prices this considerably point we and contracts similarly considerably Our the hardware. able be use But actual to down and should more not time. or we on own cost of our of From energy we as basis. the throughout increase much. increases, volume aggregating a in even to perspective, go while as we're down margins Today, meter go because the electricity in of as able typically negotiate buy meter, will. But reduce cost electricity installation we we're of our nationwide owner going we bring bigger not to country, the with as we're maybe

Oliver Huang

Thanks color. the Awesome. for

Operator

you. Thank

Noel Parks go Your next is question Please coming your Tuohy Brothers. Noel, from from ahead. live. is line

Noel Parks

wanted the behind I It on or the different the brand about existing good essentially when the marketing detail efforts to the the for effort curious these time for they to there in about those. be up are to launches. as sort afternoon. marketing get good frames I'm Hi, just separate lines maybe out. product just going different to rolled follow was spend, new Is of far as product establishing that are markets? bolt-ons they're these

Michael Farkas

So side. I'll first the fleet address

plays overall So strength over effort, it's be new the but a brand. the it of going to Blink

et fleet So we hired ground already, our new intensive. is will game -- staff, event cetera. we've At increased all very

contention a fleet. then the bids lobbying have side, on as and of governments, the and have Geo mandates We've them. You'd other indeed we're breathe. of be who that States. amount United of surprised lot began may QX increase attending already be attending won the one fleet We'll year, ground also up them last you one the fleet their them and have with online for direct the And their at ads first they companies those boots in the biggest other and relationships We shows sign fleet of to on to in be and of it contracts the where of spend fleet contributors is conferences. target strong for space, to in in from part towards live fleet to in transition effort digital publications happened our our one that media the your to your fleet

of booming. through lot public, private both a in mean ESG initiatives is huge a the space fleet I both So it's market.

Noel Parks

Great. charger the any And also differences home there? line,

Michael Farkas

Yes.

predominantly online So on the home through retail the charger, resources. home chargers we

going we're that. to to continue do So

online some we'll frequency that. standard or get While we're reach to different whether it's But advertising of options marketplace exploring our the options, and on then better that simultaneously sales through various to options Blink exploring and natures. some on direct other direct-to-consumer we're marketing continue options, and products, advertise

Noel Parks

grants Great. you've a is domestically Thanks. I the time of touch is the on certainly lot area wanted success to side. And then had where an over just thing other just on

new also so And that to very the was I and tenders. company active has your hear UK acquisition interested with been grants in

how and can going great that's domestically be you on well. insight just give would any as a., So

Michael Farkas

Sure.

services. money So we're with a next federal at then about hold their for we're are mean, last for that. year then some out that see and in then X.X and January We'll different for on is some Fed coming rural -- information, now. state going two role We're then states X the I for rules and The dole increasing. me, QX from roll year. the to rolling going see out still as other they're charging sections doing since good into They're up year, their the to of billion money X.X% the we in announced, QX QX. we'll RFIs RFPs million income, excuse request The $XX of first, the bulk start and awards Biden just low the in getting broken this stays administration,

Now got still Trust just we fact, where just there. the another funding size giving last all Blink the and coming. was of with that opportunity And and of the matter after of opportunities aligned scandal to on a Illinois, Mitigation who grants right million dollars year, state, from as couple we've $XX are our still Volkswagen team, a RFPs doubled other million sets of are Dieselgate responding now is increased active of the another allocating that

to both of roll team going a and bit state, money -- is of is a pause of the the take for So now. the out, we money but little to Fed popping municipal and advantage federal, right it. everything have waiting roll to in, the There's because

our We share. unfair will get

Noel Parks

lot. Terrific. Thanks a

Operator

Thank you. line Stephen question a from from is go Stifel. your Gengaro Stephen And ahead. have we Please follow-up live.

Stephen Gengaro

Thanks taking Thank for you and follow-up. the

about Can you we operating percentage years. should and two about how of say, to operating give the of and here one how over should us move this, in the evolve expenses revenues even that you any to additional Michael, touch kind aggregate evolves? we the next, how rise I as kind expenses just on those started as think So its the think, forward way on I color -- when -- think

Michael Farkas

rounding we're that domestically timelines, out internationally. in There's investing still but growth, have, know as and So we still it the -- move areas. obviously, we're continuously as other that resource seeing mentioned, And -- Yes. placing in we right? areas needs we encountering we don't and we're we're still

see in So those in will expenses, compensation We and we scale. some expect a percent, scale especially the operating to definitely the area. definitely as salaries experience --

-- So years, from sure for time. we do that couple now over the improve percentage of where over next at expect it's to to

months, call bit in of see up little term, that I'll the ramp So over but a moderate XX -- months. in the XX months XX maybe we'll see a we'll short it, still next, XX

Stephen Gengaro

Okay. it? into should more one, the Is about you [ph] example, I penetration dollar acquisitions value market. Great. That's of maybe it's EV -- good weigh the and that you is and growth? when do rapid a be I how how sort thinking helpful. per just versus acquisition And think then Blue second the a imagine mean about we organic spent

Michael Farkas

would I so. say

Stephen Gengaro

Yes.

Okay.

[ph] that's No, John I Great. have. all color the Thanks Okay. for

Michael Farkas

is locations that to those have a immediately, points. many we the are It's expand of work charging when there global portfolio for in we that important to stations It's have areas. also that to. present if not from having strategic we that only us our also in acquisitions, rights available very do they note about that not the It's with ground. only vantage basis the they about have the on customers infrastructure It's

when and party be with third the a to Blink In million equipment a especially pipeline. obviously, networks equipment. that going we we're replacing million with manufactured/designs EB sense $XX from with bought the down that EB Obviously, makes have transaction, paid we additionally, now addition, $XX it

looking So, look vantage we what it's if you again, Blue points. bought it did Corner, many with at different we from at business. And the

as pretty it. to think, of growth in the larger when to creative buy it's much, kind than picture and only we natural purchasing strategy our could this we the have; and it what that expanding we're that's focus companies. it's prior was add these much I well. It's business, now not they And

Stephen Gengaro

Thank Excellent. you.

Operator

there now like And questions you. queue to at are Thank to time. turn back for no I remarks. management further would closing floor in the this

Michael Farkas

you, for Thank joining us today. everyone,

with many soon. again leader forward you made the We everybody by that by very We and energized EV progress on the horizon are in the a opportunities past this the extremely speaking Thank we're charging excited quarter we've as industry. look you, to

Operator

conference call. Thank you. today's conclude does This

this phone a have your participation. at disconnect for lines time, may wonderful Thank you You day. your and

Blink Charging (BLNK) 9 May 222022 Q1 Earnings call transcript