BLNK - Earnings call 3 2023 | Blink Charging Co.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to the Blink Charging Co Third Quarter 2023 Earnings Call. [Operator Instructions] Please note that this conference is being recorded.I will now turn the conference over to your host, Vitalie Stelea, VP of Investor Relations.

You may begin.

Vitalie Stelea

Thank you, Kelly. quarter call. third Blink's to XXXX earnings Welcome

to On and Financial CEO; today, the we appendix are Officer.The measures earnings U.S. Jones, President have Brendan reconciled These and references. today of include the most in will comparable GAAP line discussion non-GAAP the deck. Michael our Rama, Chief

be Actual our and discussion find results included on expectations. Blink's most content third cause the the may X different may You will on Unless the about investor Brendan, UBS important include of results along may in Palm regarding please to Investor the of on XXth and Charging. statements XXth and factors Blink rest Brendan significant of the Needham the the Blink deck. announcements over from Conference and those to stated, XXXX. otherwise Relations calendar. Relations Annual CEO, for of Jones, website.Today's that attend the could comparisons other year-over-year.Now call Growth the Please noted, events with quarter of on future.I XXth go actual now Beach, deck the November additional our XXXX follow Summit Industrial earnings also forward-looking earnings are materials President turn will all are Investor in our January ahead. differ Florida; Page

Brendan Jones

Thanks everyone. presentation. We're today. us good going jump joining and the for right just Vitalie, into afternoon, Thanks, to

the title that of performance put surpassed the Blink.Now third quarter quarter in to the over So second history context. in of our results take best quarter our the let's

$XX.X XXXX. $XX.X third XXX% of million, revenue consolidated XXXX, million increased third The than more quarter to as the to in compared quarter

timelines. products as demand ability this for as increased and our to both by Blink's Now customers, and needs driven services, our to cater well was

and $XX.X that XXXX in our $XX that yet the get was revenues significantly wanted first quarter another already putting also note still to revenue, revenue, of have full we Blink of months, million year million, has to We X us in generated to. ahead

and results, actually quarter quarter in was So that our industry. we a beat significantly these impressive are best quite the

shift $X.X XXX% great the revenue, to $X.X service So to look revenue million. million they when third at $X.X service Charging by million increased and million compared XXX% quarter increased team.Now XXXX. our the to in of to job we

Now that XX% in a revenue gross represents $X.X a million increase margin. at charging

We increase also in $X fees for XX% a network to million the quarter. recorded

nature XX.X managing in continued fast sales Blink chargers, globally. of we was build as and networks Our give stream, Notably, we On network the increased all reliable, additional of context forward.Now quarter. some margin a more course, an trend expansion, as deployed To or globally Blink's to key and are of a revenues, represent unlocking charges. move high-margin grow absolute $XX.X dollar to DC margin by disbursed Scaling of manufacturing and service represents this revenue seeing quarter our around growth.Blink in continue company-wide in of third in gross our sold fees as our our success million. we for This foundation are X,XXX to in the demonstrates with expenses charges or revenue a million XXXX mix. larger in year-over-year gross charges proportion increase you approximately business is increasing margin and, and across we million recurring terms, of they a profit increase that, our energy further contracted, profit selling the basis $X.X costs gigawatts $XX.X QX. our third long-term

as significantly revenue of operated via our network owned to cost our of at lower competitors operating word in to XXXX nature expense and predominant Blink and strongest that network, representing and well.To the record-breaking business CapEx at description Blink's greatly installations, disbursed look Blink's tremendous progress we investment versus the we due X trajectory require which with is a LX have when reminder, of a on comes used as the model Now gigawatts lower describe QX, history our XXXX, XXXX, the in the point. the momentum we company. in quarter quarters date, reduced Last quarter, remains these

over that through the and drive growth financial year, X. our focused of let's continued to to As this move are we close we've progress.Now momentum gathered the we pace on jump and Slide increasing

on current the targeting and of marketplace You now is based revenue our -- million to pipeline our that sales. revenue visibility, million. for X $XXX on target we of target will and $XXX million our backlog are versus million increasing This $XXX our new between year, of Slide are previous see end we our the $XXX target

of cost-saving adjusted targeting Additionally, to are second positive portfolio we XXXX we record consecutive positive into margin of expected trends and backlog. accretion reflects like ] quarter our believe now. reiterate vertical XXXX. product quarter actions, would our commitment our jump margin XX-plus EBITDA results, comprehensive the gross of to reconfirming over [ to rate by the directly integration X Slide run synergies, revenue full some success this been with we've December With target achievements We percent our a in doing, we XXXX.Let our proactive

our and fully margin Slide provide into X, only XXXX.On Importantly, EV we to are full-service us the achieve provider, infrastructure times. these Blink and continue said [ many, because this with scale vertegrated ] to able tailwinds, is U.S.-based higher go revenue we've factors will many we as gross

either This also capabilities our allows customers, As provide our land own between to and who us hosts model. such, to and want and network full own manufacture hybrid a own that chargers operate their of we to their chargers in suite and to we our design to us subscribe own the manage charging network. equipment with on that want hybrids to site and our and

last to to us other and and drive with and maintenance upgrade that competitive the a growth over costs we Blink's competing provides the are company. provide Our for other ability networks it and In upgraded component is that our unique models of we networks companies.On flexible requirement when ongoing to saw a legacy third advantage lower more year, it a fragmented. business, quarter, continues lower compared network,

working. to couple integrate remaining the XXXX, we During of to and our disciplined generating networks employ the months savings, last the drive move industry Slide and towards trends and X, identify for XXXX.Our you vehicles to electric on plan a market as are combining our by record careful in analysis a is path of Europe U.K. growth that continue see forward, profitability.Next evident our and long-term continuous can through we we to forecast what EV chargers globally. will holistic call of improvement data we business model operating of charging approach as We additional achieve quarter initiative evaluation the executing EV with growth our

expected Blink tremendously to fair that of EV globally, XXXX you of new As fleets here a the consider we car United XXXX. XXXX, the in gaining on CCS fast on Level continue unfair is installations of an also million Blink that. XX% XXXX customers X% right investment EV to The California, for brand remind Blink fast the charging as EVs move landscape spent cars the production.So are Bloomberg and of charging, to the new catalyst forecasted XX million a Washington Approximately XXXX, share, XX% the on alone cost to There notable of you, add equating NACS business and and to I likely context to chargers opportunity XX% EV contracted total is both grew reports, to deployed, part are trailing number sold significantly XXXX. of around transition grow the now significant with It's million so the LX States. $XX XX the to growing chargers XX by of especially number we save sales. DC by fast of provide see cheaper were is XX. X Through see are to from view year, a EVs be and to XXXX, in of And important $XXX is segment of immense market.If million EVs years can and EVs penetration and consumers can far is Origin Globally, to transition in our they projected made sales U.S. $XX EVs some we in we this total say, target. the September committed battery Slide all over reached XX.X%.Now they models approximately $XXX In expect to and a rate, here, in for infrastructure PricewatehouseCoopers, XXXX. DC McKinsey, and note many on to sold Charger X, because million In ongoing vehicle creating the market year despite should be U.S. expansion according charging all-time we our globally. to over EV -- internal new they're that our that $XXX will in the X are we level combustion largest current globally. representing has to billion XXX by with X worldwide XXx XX% the prefer significantly.You to Finance, of United on our months more for road Energy now to and XX and October, and NACS, addressable underserved. over OEMs charger share anticipated the It the and Slide most growth New of shoppers investments to EV technology XXXX. a new an and standards. market percentage to and with over a basis, EV already team believe industry that billion in our to the full end charges EVs need leading provide by simple. to to support be It's to this entire be of coming by charges significant billion DC to attributed role benefiting ownership. there a consumers in on the its up Blink.And chargers thus over produced over very market based those XXXX opportunity operate XX Tesla big new currently become today. as for before, of advance chargers market.Moving the own revenue electric said X this more about fast opportunity The on to grow, first million are to by and expand another Slide with play EVs and available positive the far, for States that a DC XXXX vehicle various over high approximately X,XXX engines this between can of of behind charging continue competition, charges, investments to

our LX term. while near the Now that continue expect the chargers to installed we chargers in represent majority will of

to in the high-powered the charges, pleased solutions in see Slide for for quarter, to products count sold our acquired exception. of ensuring since charger to you and which flexible innovative and and XX, are The we bringing ] nearly a for offer are demand.On Blink's charging growth customers, contracted, total and product charging. XX,XXX advanced increase of company broad Slide global XX, We [ or both we range internationally, both appeals the Blink EV the diverse X,XXX see can domestically fast DC DC fast chargers has variety sales.On in deployed portfolio, prepared charger or third the that X Level

shows a complexes, to facilities, including recognizable our representative these Netherlands, and in said, is so across XX% fleets the base, just you a Ireland, commercial Now customer XX we're the North of England, name percentages, communities, XX% right names others.Slide planned multifamily of is international and company-wide entities, group to several Europe, around locations, as couple. we've America healthcare world.Now and the to many giving number now, attributed predominantly Belgium municipalities

the with we car parking connected quarter, leading stores, world. Arcos to a the pleased the announce independent McDonald's Royal global Parkopedia, with largest Dorados, Farms provider, and were partnerships in During convenience franchise with service and

a also this Rico.So will density adding pass increased now first on geographic we Puerto to the and I chargers data presentation our Rama, our of Salvador Michael in El our by We with provided, and lot in CFO.

Michael Rama

afternoon, everyone. good you, Brendan, and Thank

million, X XXXX sales Now turning quarter were the over XXX% revenue $XX.X in $XX.X in XXth, the to product of XXXX. quarter million.Product quarter XXXX, XX, Slide were ended This compared XXXX LX over In XXXX third XXX% X of a DC third sales fees which to purchasing of in XX. quarter the of of months and Total an customers in period XXXX. the XXXX. greater volumes XXX% chargers.Third same $XX increase revenues revenues, is were In network the of service third to growth million. grew year-over-year same fast grew to consists service million, ended XXX% commercial, revenues, increase $X.X $XX.X revenue the due and period million, our months XXXX, September XXX% car of sharing to the September charging total of an

quarter U.S. XXth, XXXX, million, utilization was Car revenues the program.Gross XXXX the an driven increase by XXX%. year. period XXX% internationally, service of For Blink of with third in primarily our charges profit the approximately $XX.X the X an is on The million great and million, same increase ended year-over-year $XX.X Blink over last the number associated were months September networks increased or chargers of and of Mobility the for revenues Sharing of growth $X.X

percentage was profit a of year. $XX.X X September As gross $XX.X XXXX months XXXX, last an compared approximately of or XXX% for the was QX, in revenue, million, the to period year.Now increase of ended same gross prior same the XX.X% the in XX.X% XXth, period over million on margin

cost contributed continuous any gross $XXX.X manufacturing, that expenses efforts XXXX and cost million in $XX.X of million the is profit same of in-sourcing XX.X% months compared which goodwill related expenses compared were entire impairment operating units were in year margins, yet.Operating increases not gross Operating XX.X% have earlier, strategy our and the optimization the as Now year. the and revenue, million avoidance in than done carry September expense do million note integration prior in XXXX Brendan our impact mentioned operations to for as by the number the reported compared the and the and percentage XXth, $XX.X third to the X in quarter or the vertical non-cash million of we're $XXX.X XXXX, do less were ended was to QX, well in $XX.X margin period year.As fair The of of a and as of to analysis, company not, here these mention important I business and quantitative period impairment elevated non-cash, asset in a value the shape charges within not to very intangible in that of all repeat, they same the impairment prior form. year. a includes amount.It are in our to charge determined last

year-over-year. Excluding charges $XX acquisition this keeping at and a of continuous third of of million for to revenue at while for it improvement a achieved business XXXX cost efforts Envoy optimize through expenses loss in of quarter adjusted and footprint.Now was XXXX, an we for acquisition our the by Envoy We third grow results a the our million synergies is remained amount, flat. year-over-year includes our EBITDA increased million impairment This expenses flat -- our $XX.X is to XXX% revenue, revenue operating the expenses period. increase the $X operating of for -- expenses $X.X operating from of million year including improvement year-over-year. That expenses QX $XX.X to prior operating our million the these compared XXXX million.Meanwhile, loss of $XX.X in the or quarter related

adjusted by compared $X.X the quarter. to sequentially, EBITDA Now QX, XXXX million prior improved

X,XXX basis adjusted QX As sales, year-over-year. our a EBITDA points percentage of improved

non-recurring the $X.XX earnings per the a adjusted decrease of of share charges costs, trend a the adjustments mentioned accounting of through per per extinguishment the in costs, September ended million improvement months September earlier.Now impairment earnings X the impacted diluted same expense, income, prior the asset per same in share when for In our diluted non-cash adjusted to to or in the share compared same which adjusted share outstanding.Now share QX intangible onetime loss in earnings goodwill the September negatively third by payable.Now business Slide period. XXXX we of XX savings onetime acquisition-related the a more adjusted impact stock-based This to ended The XXXX, XXXX, $X.XX the XXXX million, share loss and for profit EBITDA in $XX.X per a expense, compared loss the a of and extinguishment of share the share EBITDA per are QX, months of a loss plan per our ability per from period the per as non-cash notes and compared months was per impairment XXth, acquisition-related $X.XX X to quarter shares share the by months the increased notes share compensation, X period. diluted gross impact XXXX, for Page share -- a a Please realize loss of quarter a utilization. our to the the profit to earnings our September of XXth, you weighted compared loss non-cash of increased impact the generally per our of trend adjusted of in year Brendan and of continue, loss as on loss per X results. the per to net XX, quarter the continuous on ended stock-based $X.XX in we loss to last the of and the the and that $X.XX of meet was chargers, We year. the payable of primarily year in for compared this that the due demand $X.XX loss third prior note X and $X.XX a year. share earnings historic the gross a increased was period expect defined of demand prior excludes share divided year-to-date that loss charges was ended volume of loss is XXth, XXth, a $X.XX.Adjusted per increase and $XX period of assets to is In non-cash share excludes months year.Non-GAAP continuing we see saw the of the $X.XX XXXX, high non-recurring was compensation, second to could of our non-cash prior on earnings turning

Our and -- strategy in-house the quarter third $XX.X increasing quarter is expanding in cash amount our the margins, with the million. cash the ended cash of boosting equivalents we the ended cash manufacturing reoccurring in see and benefit expect with we second to long and term.We and of

million burn cash and million, QX QX of XXXX of the third was million was XXXX million. $XX Our of a in $XX from significant of which $XX improvement quarter or QX $XX of

our have sheet, terms in strengthening of We move we balance as flexibility forward.

other ATM We and $XXX in have an outstanding are opportunities. exploring of million engaged

back foster that operating now, I'd Brendan over our Go our the and indication quarter through of business, sourcing improvements. and is margin clear positive we Our the few been to results potential, a final like XXXX culture continuous funding.Our achieving shareholder-friendly of a rate with -- entertain demonstrate additional operating strategy This revenue second a strong Blink's is growth, financial by consecutive and as adjusted for Brendan. processes to gross December generation has to results along expansion, call prioritizing profit focused quarter run to on turn goal effective.And profitability of ahead, of in comments. savings EBITDA cost record streamlining management sustained team

Brendan Jones

Michael. Thanks,

delivered consistent a push thrilled absolutely are We expenses. box adopting the have to operating the to team while We growth. to of quarter of and and record-breaking outside methodical reducing revenue approach the to second think consecutive our had

$XXX goal questions. Given of adjusted But the focus we've by reiterated committed delivering million, our remain this $XXX this towards believe about to of performance the have, improvement, raised date team more on positive that, and Blink, to are fundamentals, of we have what revenue for we and with EBITDA for effort and as to our XXXX.So targeting proud are our the target continue open continuous to excited December full past even in and as ready we quarter. we and holds visibility to and future year very December charge are XXXX.We breakeven and the I for now million disciplined we we we profitability

the we'll operator. turn So over to it

Operator

[Operator first is Instructions] Jamieson UBS. with Your question Robert from coming

Robert Jamieson

the Congrats just revenue gross solid in great how to obviously, But strength DCFCs, well. and kind charging quarter. guess, the going Yes. gross revenues to growth. a the on a margin, product I mean, his think focus a profile as about on sales, Really Xs just become to about that talk your see I given just bit portion. little larger of between forward? want margin this we Level should nice

Brendan Jones

It's good question. Yes. a

this Series when unit course, have we on a the month break started level X, built aggregate very, began and very And we out charger of introduce on retailed. fast we -- doing manufactured LX DC an Blink we our are So per fast what previous quarter X, the our is, profit DC gross we actually and behind. to and new chargers. robust doing, and on lags

finalizing plans. announced, the next charger, contract those on working manufactured we're DC be XX manufactured we expect this of dealerships, product, our through manufacturer, but gross XX our to our charger more XXX it #X seller carbide a year.And that XXX% and and a we will in either on those our previously The sell gross of be the see Blink the silicon mostly we we kilowatt charger, where will margin X first margin sell. fleet own which it's or as was a and improved targets, and kilowatt the Series fast is balance as to at that model, We've hits we're year which

margin looking step So portfolio, we're the our we're targets. and of here are each at saying, way, the

and Let's the make get balance sure LXs target. aggregate to we DC chargers the both on to fast portfolio

do on laid those that, already work all good, groundwork so but And to so the and have to we goals. we've achieving more far,

Robert Jamieson

operating I systems trying areas, of the to some control your some we to ongoing you're got can on consolidate programs, where And you've things of network. continue where move to know Blink expenses, your redundant

kind is there when we going next year are levers Are basically going that improvement? other those 'XX, should that -- as be look into the to of then any of Just thinking and of drive we to year? of through look rest curious we this into which about, kind most

Brendan Jones

And it's at [ Yes. predominantly ]. first

to So to board.So some you're savings a ancillary this. next the QX need basis. ancillary when systems on see And see see have then, we around it's going go capital from QX, that don't the lever country we approach trickle for basis be of a in the integrations to other global to systems on network. is NetSuite, human one start year, that Salesforce, applications reduce you're a going to office, will going software what across more back

a We on complete And consulting we have do took who EBITDA a how multiplicity we to of of get did major analysis companies, to number. the levers. one there, get this

globally. we into business whole QX we the manifesting both net are at plan. come into that And get strategy trickle first had need where all you look and cost effect the next strategies first it it's additional We the QX a very come is to to second analyze -- going we robust and into in year with in working in cost-cutting and results it enhance in then, And looked revenue to of avoidance half, play, is year. towards So we the both next plan. where to the -- -- then of as the half see And year. we and -- most of

Operator

Craig MKM. coming Your ROTH with next is question Irwin from

Craig Irwin

products right is what speak the of is the market strength, market-related little can Brendan, working to not the that rest this Blink understand out as far Blink-specific industry. obviously, if you're relative funding are market? or bit to materially the Congratulations rates having products Blink talk on wanted could I area some results. of for growth the right? offering? whether specifically of of versus across challenges in for the you as I Level X seeing this here, what's Your now. Can Level beneficial and revenue talk for X you not specific a chunky about a these use support of charging about of availability that about there maybe the and point your a maybe you we're impact And or your is customers ask, peers, some the whether above fast the of

Brendan Jones

Yes.

So don't know unique first, I we're if not. or

meeting still some are But increase the because when we post for that LXs we point We Maryland. We path there's the all in But then the I some this that Bowie, that we're We flexible build the it that post parts the those that to that good the -- we no a control revenue. cost. high into in our the add put in competitive. that.And majority doesn't a when which the it's the are first company you and that can own subject third servicing take If customer unique and of products We'll do a we network think party. services say majority all to with accretive and and easier utilization, U.S., it's to it's general, our have degree host own designed India. the sell subassemblies it's and it, all that, while for model all supply especially and way office. is production, fact customer, not site we that the our and on if way not, much sell, in manufacturing were simultaneously. was derive together office can't difficult we're the big network. towards we customers the on us We down to that in us, And not right? is to constraints. our really really in hypercompetitive, the other a also timelines of post office lower the Others of differentiation, of makes at -- shifted it to we pay the add we it the build COGS is

advantage is a going to apart. great margin that what our office deal from a LX effective utilization. if we've owner-operated and set we XX% good a others it's and for if profile. across And fleet maintenance in heavy there's that do about other. and day It's difference of even out format a other other a about both continue just and get mean, We need right? by rebate manufacturing. high of post be at utilization. to payback a yet deal, there, million terms with local this the have can deal get So utility of the I and as then need just the ship full model out United utility-driven $X in fleet the in that.We competitive that is -- fleet. the I fast but deal can't that looking margin, upkeep the the I same cost-effective say from for more install that align $XXX us as we you we we hybrid, turnkey story, another and winning for of times, get -- us a customers, an a sets very upkeep highest deals months XX% on know our volume That revenue on -- one can the a still charger, just of other different do other dwellings fast I an programs competition it's our And is And jurisdictions yes, it's not driven in, a continue answer And the States, there charging Florida, where -- year really and commercial maintain we've the or And that Blink, post You're because all discussed bill, manufacturing you've a -- other different in office is done, fleet to and remarkably on XX ahead DC the by very heavy margins.DC offer of get question, you have the those the you to LXs many it's in, and at just can maintenance. and lot in DC with in LX deals, numbers doesn't between conjunction if deals, and I'm more same apart and the that. Craig, multifamily in couldn't thing them.And won got the model to many,

Craig Irwin

Understood. That of makes whole a lot sense.

just maybe throughput. you're fourth way progression in maybe maybe want million Or are the obviously, some you looking that the of by quarter. on anticipating the the ask following about increase, is Bowie, to there as tonight. the to the small nice consensus guidance that you in implies you're at considerations? second your numbers bit in chain new I supply Can guidance, revenue Or through potentially are here? is to you the some bracketed short-term Maryland third there maybe question, the a impact $XXX Is about So facility impact having the giving Can what on describe $XXX a conservatism strength quarter? sequential? is sequential the just a million a us little That your talk move

Brendan Jones

Yes. Sure.

with let's So one. the start last

So out we do going parallel to processing don't Bowie. anticipate we're of

So Drive the facility processing Tesla comes of location the be out begin new we'll new as location, operations. will online, still then and the

might XX, at to a got interruption, look at So you when in, little the Otherwise, Craig, warehouse ramp And product I've a more be with situation, in maybe what there past, a So won't booked. has cycle the isn't plan team you together And we was throughput -- ship. XX we've quickly.Now the may anything it and than was great, with lot maintain and yes, a the discussed to that good have more change month, very up this opportunity the as right? got but the outset. XX-hour to very, happened, we we come had bit already push. be -- a want

we some We of a number. increased be had bunch us up a of warehouse "Hey, terms the ended we were into in that whole of couldn't they bookings pushed QX, holding So good for hold product going saying, that frankly, really were So revenue. which instead in QX, next right? those gave of everything because in and QX.And we quarter, count in, coming both, but to we'll through that had bookings

number, So we've there's high where saw best a we one as a had. this smoothing into it's of month, be effect be to ever as going QX, to going as it's the still but not going

Craig Irwin

And then Okay. Excellent. may. last question, if I

Your charging doing revenue is just service fantastic.

the and for So talk mix their the more know your of endpoints driving invested maybe using you about charging more. endpoints endpoints you've your you some you're that network? more obviously legacy on I How the utilization expectations People throughputs in and can seeing do recently. the about for feel increases potential third-party on same utilization benefit are that EVGo continued But in is. versus and there's network? EVs

Brendan Jones

good we've X-plus making very feel over last been We the choices years. the about Yes.

so. As new looks of be We're the no a to charges the XX% many -- coming looks the to doing also how team with of the since we're installations where operations And to make higher going XXXX. equipment those utilization has we've our change led you space, is book new that how Europe, there, the ArcGIS, owner-operated sure using and that that.The by wacky degree many kilowatt, in been and in We're looks with working and out U.S. platform that lot basically are site geographic XX move at utilization It utilization. seeing where on that than in new underway. chargers, the a methodology.And about on at some do let's using well. methodology. analyzed But including get we're disciplined It's November is doing site mostly data. now that a projected business Europe and we science to doing And new as existing going on implications the in those with or higher which appended sites Battaglia infrastructure, that to believe are and sold, indicated, we're chargers in sites on of that, a at majority older EVs into has competitors, meets there's of of some the had of can model, weren't much charges legacy the where the have we upgrade, manner both locations, we happened and we than upgrades that installed go U.S. the better.Now we that our average greater COO, Mike the in

So but us marginal. that some benefit, it's to give going will be

to charger to a to sure both sticking ]. whether investments really making on on owner-operator the our it's have other [ disciplined hybrid So we placement approach and model, or guns

Operator

next Gengaro question from is with coming Your Stifel. Stephen

Stephen Gengaro

very product big strong. going? product I is, the the little -- so look guess I the obviously going were that where when first for the sequentially? were Like but sales look a you and me bit product about at you drove at this, sales, the markets, you kind end about strongly they're talked or And were sales drivers talk where can it what of when

Brendan Jones

Yeah.

the So sink. I'll going general a down categories, is break big them one right? be And in to kitchen

we So fleet, commercial robust of increasing and dealership time. a have level continue over to which is

be into to channel, sales, When a very office said right? a on good fleet it's another opportunity. a commercial predominantly Municipal very both few job begets we're you're fleet, fleet There with and a moving we did are started as pretty exploit sales you the municipal -- going the get that, business fleet. that instances us.And of owner-operator into beyond dealership group, sales it in. that. where be fleet it's now big other one product to municipal and within when we high that definitely that's get I commercial is to deal that a will we adds fleet have we're post that mix, big other is for [ such very healthcare, it which we the as And dealerships would that those mix.Now opportunity very, announcement then if and ] on and earlier, As one significant continues deal companies, continues

from We X. it's missing the XX yell have to between mentioning. of and States that United Health contracts that split at Valley to But at healthcare probably multiplicity a would a Lehigh organizations I'm the Permanente, sends all not with across -- for to Clinic me Cleveland looks about COO the Kaiser

in book of the it lot for sale kitchen that's all at to California [ XX-XX And right? it and in McDonald's want the the them; we chargers, gives and of keep others is pen another a at XX CapEx have. rate. split for owner-operator at the That faith second, need big so on model, reduces at the that's the business.And a mind, mentioned we'll our Some you've it's that -- then That which to we this involvement. for the in look ] is -- which rest customers catch-all, those the franchise. future, of XX% that sink and like a others, million -- we model, is want this is us we When look and of largest the But there -- is got XX% call [ hybrid a own an charger XXXX -- ]. need, as

on are other spot. quick -- multifamily are fleet, getting charging that's designated fleet they're are and for they're that LT sweet number for almost is designated designated dwelling, of in-home that there. towards and So that municipal pretty them for chargers they're That Blink's million they're XX-plus for

we sales for where are the that's coming coming where is future. the and today, that from from sales foreseeable the So see

Stephen Gengaro

Great.

type Now give there can to get as ballpark I And helps. positive of you the you're Any by sort some controls needed targets there? improvement. and think far EBITDA involved, any how us then that thing, as know don't I need? rate revenue going -- quarterly when assume, I granular get. gross other you Or of the we was end is to margin mean, revenue to cost growth willing there's XXXX, probably ask, of I position But about an

Brendan Jones

Not yet.

to headache. if guidance.But It the "Hey, to due redundancies going of enhancement. or When for So cost looks There take the we to you're you right give the out, of are, end after there's want very we give hit look either very you the can remember, guidance we might on margin everything the that, out at We're on. we I specific the and what general to assess like is We'll it the any There enhancements, analyze we're market guidance first nervous fee but reduction as so to year, personnel and move believe, was gave then pricing efficiencies When year quarter-by-quarter due targets in there's end to some -- plan began time the it the was do we'll be reduction, for says, absorbed we it's XXXX, can where did right, detailed. which doing year do. and what we were to we is very we was general. doing for report the increase the start need it. exposed. we we without target then and that the could are right see there is levers activate

baked that is the of plan. All into

Operator

Instructions] Tuohy [Operator Parks with Your Brothers. from Noel is question coming next

Noel Parks

things brand you're -- measuring a that as had different be going around maybe be you're what more a just charger Just or those of reputation, things. are sort and wondering up is operators far in as the thinking of of that that to on the charger experience And maybe what your general couple great? I perspective, Any me expansion, was to people seems about important. it you have clearly would increasingly availability have more with is thoughts something that are power

Brendan Jones

Yes.

company. the of focus huge a it's So

I've a and put do let's say we everything from to -- continue to we we holistic we quality quality, to about maintain. when to everything say build It's we'll before, So bucket. talk this and said everything in everything and

While a say, on let's it why was, definitely every focus talk day. we we about now will it and had it's quality, x,

participating involved fully fully We're quality. looking U.S. that's charging government are We at California. the subcommittee in in

taking or and in the come both of we all about California issues make on meet standards in.And credential that customer the and both what what we quality the quality sure screen either it's to federal of and it's minimum out when the out of that on are CTO steps is everything our at work. actually we over study downstream chargers plus-plus connectivity. the When look to network, cellular and And the XX% that connection, the the coming sure then, down Our analyze we're break he are, network that ID. the working we the make participates quality great and

you your of are customer whole this amount some we in that of that connect the to the budget the charger, last and look level level improve interruption. in of when you on be when points into to that's contact, maturing quality.And And to of all industry don't say, on these especially should network also go connectivity, no got make and as doing. your what really ones engages a a a So is failure, where our to of company I there's that chargers into don't or these that by portfolio, part some and as And capital place they up charges to sure the enhance frankly, -- that And upgrade higher can legacy come the coalesced decision doing.And aggressive. ones you individuals is them. that expense points that you location, owned are a have and correct everyone where make of that limited to our a make got a team at eliminating sure of you you that is eliminate the is to goes of installation, with that so possible with and there's you are a things Blink

market. the You have to take them off

won't keep to on you getting improvement. But Blink And those are sometimes this we or the owner and you to upgrade knocks to engaged, is negotiate conversations. difficult And levers, all the new we seeing hey, those board because say, fully buy this. charger across are want have on bad with

Noel Parks

technology seemed commercial any a there as another seem moving seems the the they're were just bit more a that heavy-duty. discussions piloting it are looking the that pretty from wondered good that just and as specifically of bit -- delivery And pulling the saw of some on you as trigger little a large charger But including ahead that adoption, among does ear being COVID been forth? commercial Great. down far thing we've then fleet after on actually start-ups of focusing everywhere at end of to if in sort is as that of so, some getting it they chill so a some are trajectory far with any signs customers filtering or market, so -- It there and I and orders. forth. fleets, had the been last maybe of what through of a quarter sales slowdown,

Brendan Jones

is to down, improving what before. is not remaining fleet. so -- what #X And flat. uptick fall bookings It's We're fact, revenue accelerated Yes. the out, seeing right seeing from And right? an not we're it now we're it's in was hands

really the and XX sometimes XX -- significant of cycle, seeing any you not out a that So one, of is when you're even and fleet.[ for And revenue, days the the right the going fallout in a we're to Your XX, those one-offs lot booked XXX to quick and get XX XX in numbers it days now. delivery days. ] to XX time

that off XX. that.I'm on because number we're we in our a So our to to gotten [ look again ones tranche it's you office. that's have commercial go in that already and like thinking [ more or those XX.X second office, -- I so the and -- about We're post our your XX,XXX XX -- ]. ] much there going little fleet point got something. longer the revenue gross at, chargers might ones really the win, post municipal in the commitments are bit

even there's the second did that, tranche. the off. first fall So We on no tranche,

the is committed. office fully post So

it all uptick we So areas, store, other these multifamily too. nothing.And in -- see and even, dwelling

seeing segments. So an and fallout -- say front, customer and the is business all everybody we're engaged, with I'd from in it's what at any we're not much We're dealing the seeing who uptick. on

Operator

Pierce next is with Your from Needham. question coming Chris

Christopher Pierce

just refresh talked Level second to -- to just you Can in might be the that last down they gross I on legacy hadn't sequentially potentially go memory of using I in -- call, built? in think then, X you you half why mentioned why kind response accelerate a about you know, you third And it build that talk want road again? I a then the the but was down reasons ending 'XX, would Could about just party charging your to equipment might of was margins kind quarter curious it that? second 'XX. you question of on chargers.

Brendan Jones

Yes.

option. So it's an

-- we [ one. But start last the So let's first last have didn't and if I ] the and with get to me remind one one. forward go move let's the

cost fully structure we've take will fast what dedicated study a that So that completed be. own on got is place almost the building our charger, XXX, and DC would where the

also on on hit third-party. study will have analysis that in capital We budget et on What the be, going a cetera.

the haven't in bottom final and going Blink make for decision of company. right we're we a So the is Blink decision do here.What to shareholders made the for line

-- say we also be that, to do.Now we're we manufacturing we use works and like financial move eye our on -- our would to we'll our have looks not never design. our for We that design bias forward look and gross margin, to when go decided to sure but the we if will on that, with It have towards at to whole "Hey, equation contract make going we what need buy that and manufacturing charger. say, your we

get So it is it product going now. maintains spec. to a what down that to at And margin. source them our to sure our will level we're we're to with make we looking the right designed That be

are more decision But could or change that shortly. topic. out becomes right? change, It that's could as on We'll final that pivot, Now on data we the available. where have a

a final the and As other said, I I one assessment the I'm is the design, -- sorry. now, ] units function we'll the the prototype [ was product already, on it.And what have then in of forgot final

Christopher Pierce

margins No versus in problem. gross QX Sequential 'XX. QX [indiscernible] for

Brendan Jones

Yes.

it So it you -- hit of hit already. some you Yes.

impacts from us basis, DC So tends it's down less legacy of we're than that, aggregate greater get your had still when is the we head on because correct bit. an that lot we less legacy a stock doing that. we'll higher have through. predominantly you're where and percentage England estimate through on in legacy. impact some of United have number I margin, a And selling. -- would have QX. We it's on it. to of it it both that -- have estimate We -- we in Europe legacy still I'm low. took But But it's the we worked number working in quite in my It's than still currently that X% have and had a fast in there's charger X%, a still LX there. less on and that and that have we're and in but we're in the a States It's that we that at.We

Christopher Pierce

And you than Level kind Level just is answered and we say X rate faster just a X lastly, it Or saw frame Would X expected? that you wouldn't of this slowing? just Level talked way, is demand about say you you demand, growing demand you question at would around it. you

Brendan Jones

LX to pace and companies Blink, fast So The predominately the fast charger work LX is to increasing getting does getting DC been that then DC work of for I've blessed for I've dramatically. with that's had -- big some charging.

equate percent all charging But that on of dramatically. increasing And lines a you of fast place share share because that is the charging. [ makes analysis, volume. ] doesn't Although, if voice about DC are you analysis LX. to voice takes of the the hear of sense LX do XX-plus All -- the

that, we're [indiscernible] now that starting higher So makes industry. which sense been has whatever ever in and analysis done see throughput on to velocity the

Operator

have now call for Vitalie session. I back And end the Stelea turn the We of to will reached closing remarks. question-and-answer our

Vitalie Stelea

of announced This and quarter another call Blink. the today. you, Thank as record on for you you phone Kelly, to our all and webcast, the thank we concludes

Operator

Thank today's you. conclude This does conference.

you for participation. your this phone You Thank your at may disconnect lines time.

Blink Charging (BLNK) 9 Nov 232023 Q3 Earnings call transcript