Blink Charging Co (BLNK) 2024 Q3 法說會逐字稿

Greetings, welcome to the blink charging third quarter, 2024 earnings call. (Operator Instructions)

大家好，歡迎參加眨眼充電 2024 年第三季財報電話會議。 （操作員說明）

Please note this conference is being recorded. I will now turn the conference over to your host, Vitalie Stelea VP of Capital Markets and FP&A you may begin.

請注意，本次會議正在錄製中。現在，我將會議轉交給主持人、資本市場和 FP&A 副總裁 Vitalie Stelea，您可以開始了。

Thank you, Holly and welcome everyone to Bling's third quarter, 2024 earnings call with us. Today. We have Brendan Jones, President and CEO Michael Delia, our Chief Operating Officer and CEO Elect and Michael Rama Blink's Chief Financial Officer. The discussion today will include nongaap references. These are reconciled to the most comparable us GAAP measures in the appendix of our earnings debt. You may find the deck along with the rest of our earnings materials and other important content on Blink's investor relations website.

謝謝 Holly，歡迎大家參加 Bling 的 2024 年第三季財報電話會議。今天。我們有布倫丹·瓊斯(Brendan Jones)、總裁兼首席執行官邁克爾·迪利亞(Michael Delia)、我們的首席營運官兼當選首席執行官以及邁克爾·拉瑪·布林克(Michael Rama Blink ) 的財務長。今天的討論將包括 nongaap 參考資料。這些與我們的收益債務附錄中最具可比性的美國公認會計準則衡量標準一致。您可以在 Blink 的投資者關係網站上找到該簡報以及我們其餘的獲利資料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. Actual results may be different from those stated. The most significant factors that could cause actual results to differ are included on page 2 of the third quarter, 2024 earnings deck, unless otherwise noted. All comparisons are year over year.

今天的討論也可能包括有關我們期望的前瞻性陳述。實際結果可能與所述有所不同。除非另有說明，否則可能導致實際結果出現差異的最重要因素已包含在 2024 年第三季財報的第 2 頁。所有比較都是逐年進行的。

Please follow our announcements and blinks investor relations website for future events for investors.

請關注我們的公告和眨眼投資者關係網站，以了解未來為投資者舉辦的活動。

And now I'd like to turn the call over Brendan Jones. Blink's President CEO Brendan. Please go ahead.

現在我想把電話轉給布倫丹瓊斯。 Blink 的總裁兼執行長布倫丹。請繼續。

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

感謝 Tally，大家下午好，感謝您今天加入我們。

During the third quarter of 2024 we continued to execute on our strategic priorities and initiatives.

2024 年第三季度，我們繼續執行我們的策略重點和措施。

Our total company revenue was $25.2 million with service revenue representing $8.8 million or approximately 35% of the total company revenue gross margin in the third quarter was 36% significantly exceeding our full year. 2024 target guidance of 33%. Now during the third quarter, we contracted sold or deployed 6,978 chargers globally representing a 17% increase year over year and a 70% increase. Sequentially what is notable here is that the majority of this growth comes from L two chargers built by blink where we command higher margins than third party manufacturing units. Further validating our vertically integrated model on the energy side blink dispersed nearly 37 gigawatts of energy across all blink networks globally compared to 16 gigawatts in Q3 of 2023. This is 126% year over year growth is largely driven by demand for charging in our markets and the increased number of units deployed on our networks. Sequentially, we saw energy disbursement grow 12% in just one quarter compared to 33 gigawatts dispersed in Q2 of 2024.

我們的公司總收入為 2,520 萬美元，其中服務收入為 880 萬美元，約占公司總收入的 35%，第三季毛利率為 36%，大大超過全年。 2024 年目標指引為 33%。第三季度，我們在全球簽約銷售或部署了 6,978 個充電器，年增 17%，年增 70%。接下來值得注意的是，這種成長的大部分來自 Blink 製造的 L 2 充電器，我們比第三方製造單位獲得更高的利潤。進一步驗證我們在能源方面的垂直整合模型，Blink 在全球所有Blink 網路中分散了近37 吉瓦的能源，而2023 年第三季為16 吉瓦。充電需求和我們網路上部署的設備數量增加。隨後，我們看到能源支出在短短一個季度內成長了 12%，而 2024 年第二季的支出為 33 吉瓦。

But what we think is most important to highlight is the progress we've made and continue to make to establish. Blink is a more profitable and better positioned company for future growth in Q3, we reduced our cash burn by $3.6 million or a reduction of 27% compared to Q3 of last year, year-to-date, we reduced our cash burn by $45 million or 50%. And let me repeat this again. We reduced our cash flow by $45 million from last year's cash spend and this excludes financing activities. So the efficiency and cost control initiatives we've outlined and began implementing over a year ago are delivering meaningful cost reductions and we are pursuing additional opportunities to drive continued efficiencies moving forward.

但我們認為最重要的是要強調我們已經取得並繼續取得的進展。 Blink 是一家獲利能力更強、對未來成長定位更有利的公司，我們在第三季減少了360 萬美元的現金消耗，與去年第三季相比減少了27%，今年迄今為止，我們減少了4500 萬美元的現金消耗或 50%。讓我再重複一次。我們的現金流比去年的現金支出減少了 4,500 萬美元，這還不包括融資活動。因此，我們一年多前概述並開始實施的效率和成本控制措施正在顯著降低成本，我們正在尋求更多機會來推動持續提高效率。

Now, if we jump to slide 5, you will see that what makes Blink unique is our owner operated portfolio of chargers that so strongly contribute to our gross margin in 2024. As of September 30th, we had 6,442 owned and operated chargers and that is 28% growth versus the same period last year. As a reminder in our owner operated model, we install, maintain and also receive the lion's share of the revenue generated by our charters. This substantial increase in Omara operated units is one of the main drivers of service revenue growth in the third quarter. Among these numbers, DC, Fast Chargers have been gaining more and more momentum. In fact, revenue generated by blink owned and operated DC. Fast Chargers went up 544% year over year. That's a huge number as we as of September 30th and across all our networks now, we had a total of 1,278 DC fast chargers which provide important data on location pricing and utilization. We use this data to inform blink on how to successfully deploy blink owned DC fast chargers across the US and in Europe.

現在，如果我們跳到幻燈片5，您會發現Blink 的獨特之處在於我們所有者經營的充電器產品組合，這對我們2024 年的毛利率做出了巨大貢獻。擁有6,442 個擁有和營運的充電器，即與去年同期相比成長28%。提醒一下，在我們的業主營運模式中，我們安裝、維護並獲得包機產生的大部分收入。奧馬拉營運單位的大幅增加是第三季服務收入成長的主要推動力之一。其中，直流充電器、快速充電器的勢頭越來越強勁。事實上，Blink 所產生的收入擁有並經營 DC。快速充電器年增 544%。這是一個龐大的數字，截至 9 月 30 日，我們所有的網路中共有 1,278 個直流快速充電器，可提供有關位置定價和利用率的重要數據。我們使用這些數據來告知 Blink 如何在美國和歐洲成功部署 Blink 擁有的直流快速充電器。

Now, if we look at product sales on our first- and second-quarter earning calls, we noted lower product revenues and we stated that this would continue through the third quarter as expected. Our third quarter product net revenues reflected muted delivery activity that said product sales were faced with a very challenging comp in 2024. As we saw significantly stronger DC fast charger sales particularly to automotive dealerships in 2023. Compared to this year, most dealers who wanted to acquire chargers have them now. So we have been replacing dealership sales by focusing on other sales vehicles such as multifamily dwellings, commercial fleet, local and state government offices, hospitals and schools which provide link with a more profitable and sustainable revenue stream.

現在，如果我們在第一季和第二季的財報電話會議上查看產品銷售情況，我們會注意到產品收入下降，並且我們表示這種情況將按預期持續到第三季。我們第三季的產品淨收入反映了交付活動的疲軟，這表明2024 年產品銷售面臨著非常具有挑戰性的競爭。與今年相比，大多數想要購買充電器現在就有了。因此，我們一直在取代經銷商銷售，轉而專注於其他銷售工具，例如多戶住宅、商業車隊、地方和州政府辦公室、醫院和學校，這些工具提供了更有利可圖和可持續的收入流。

Given the shift in product sales. As you can see on page 6, we're now adjusting our full year overall guidance to $125 million to $135 million. We are maintaining our gross margin target of approximately 33% and we expect to achieve positive adjusted EBITA in the second half of 2025.

鑑於產品銷售的變化。正如您在第 6 頁上看到的，我們現在將全年總體指導調整為 1.25 億美元至 1.35 億美元。我們維持約 33% 的毛利率目標，預計在 2025 年下半年實現正向調整 EBITA。

As we examine the first three quarters of 24 blink is encouraged by the improving EV sales trends, especially in September and October. We believe the EV sales increases will create future sales opportunities for blink. According to Kelley blue book EV sales in the US grew 11% year over year in the third quarter and reached record highs in terms of both sales volume and share of the US auto market, an estimated 346,000 s were sold in Q3 in the US which is an increase of 5% from Q2 of 2024 globally. S accounted for 898.9% of all new car sales in the third quarter. Up from a previous high of 7.8 in Q3 of 2023.

當我們研究前三個季度的 24 眨眼時，電動車銷售趨勢的改善，特別是在 9 月和 10 月，令人鼓舞。我們相信電動車銷量的成長將為眨眼創造未來的銷售機會。凱利藍皮書顯示，第三季美國電動車銷量年增11%，銷量和美國汽車市佔率均創歷史新高，預計第三季美國銷量為34.6萬輛，全球較 2024 年第二季成長 5%。 S佔第三季所有新車銷量的898.9%。高於 2023 年第三季 7.8 的先前高點。

With this promising EV industry data, we are energized about capturing the corresponding potential demand for ev charging infrastructure as clients look to provide charging services for their growing fleets, employees, customers and constituents for the last several quarters. As promised we have focused on optimizing blink to establish systems and processes to ensure that blink is resilient when faced when charging market conditions. Now, while the job is not done, our team has made excellent progress towards that goal as evidenced by the significantly reduced cash burn compared with the reduction in compensation and G&A. Now with that stated, I'm now going to pass it on to Mike Patli and he'll go over some additional details for the third quarter, Mike.

憑藉這一充滿前景的電動車行業數據，我們充滿活力地捕捉電動車充電基礎設施的相應潛在需求，因為客戶希望在過去幾個季度為其不斷增長的車隊、員工、客戶和選民提供充電服務。正如承諾的那樣，我們專注於優化 Blink 來建立系統和流程，以確保 Blink 在面對充電市場條件時具有彈性。現在，雖然工作尚未完成，但我們的團隊在實現這一目標方面取得了巨大進展，與薪酬和一般行政費用的減少相比，現金消耗顯著​​減少就證明了這一點。話雖如此，我現在將把它轉交給邁克帕特里，他將討論第三季度的一些額外細節，邁克。

Great, thanks Brendan. Let's start with our operational results for this quarter. So on slide 8, you can see that cumulatively as of the end of Q3 of 2024 blink has contracted sold or deployed over 105,000 chargers since the company's inception, with 76% of these deployed in North America.

太好了，謝謝布倫丹。讓我們從本季的營運業績開始。因此，在幻燈片 8 中，您可以看到，自公司成立以來，截至 2024 年第三季末，Blink 已累積合約銷售或部署了超過 105,000 個充電器，其中 76% 部署在北美。

As Brendan mentioned in this quarter alone, we added 6,978 contracted sold or deployed chargers to our cumulative number. What's important to mention here is that not all of these contracted chargers have been recognized into revenue yet due to revenue recognition rules. So a portion of the contracted chargers will be reflected in product revenues in future quarters.

正如 Brendan 僅在本季提到的那樣，我們就在累積數量中增加了 6,978 個合約銷售或部署的充電器。這裡值得一提的是，由於收入確認規則，並非所有這些簽約充電器都已確認為收入。因此，部分簽約充電器將反映在未來幾季的產品收入中。

Furthermore, on slide 9, we continue to take advantage of our scale and geographical presence to grow our pipeline.

此外，在投影片 9 中，我們繼續利用我們的規模和地理影響力來擴大我們的管道。

According to the US Department of Energy blink is the third largest charging network in the United States. We are also one of the leading providers in Western Europe.

據美國能源部稱，Blink 是美國第三大充電網路。我們也是西歐領先的供應商之一。

And we believe that as the number of EVs grow, so will the demand for blink's chargers and network services? And so far we're seeing encouraging news from auto OEMs. For example, Tesla recently reported that it expects 2025 sales growth of more than 20%. That's significant considering Tesla represents about half of market share in the US. And Tesla drivers represent our number one population plugging into blink charging stations. On a similar note, General Motors has reported that it is finally reaching scale on EV production GM is now America's second best selling EV brand behind Tesla with Q3 deliveries up 60% year over year and further an increasing number of affordable pre owned EVs are also making their way on to us and European streets.

我們相信，隨著電動車數量的成長，對 Blink 充電器和網路服務的需求也會隨之成長嗎？到目前為止，我們從汽車原始設備製造商那裡看到了令人鼓舞的消息。例如，特斯拉最近報告稱，預計2025年銷量成長將超過20%。考慮到特斯拉佔據美國約一半的市場份額，這一點意義重大。特斯拉司機代表了我們使用眨眼充電站的第一大人口。同樣，通用汽車也報告稱，其電動車生產終於達到了規模，通用汽車現在是美國第二暢銷的電動車品牌，僅次於特斯拉，第三季交付量同比增長60%，而且越來越多的價格實惠的二手電動車也在上市。

So on Slide 10, we continue to offer a full suite of hardware network and support products and services that reflect our core competency of vertical integration capabilities. Our blank manufactured series seven and eight chargers are our best selling level two models which are produced here in the USA. At our Bowie Maryland production facility. We have one of the newest networks in the industry that was built on micro services tech stack that is very adaptable to our fleet customers and our service and warranty offerings increase uptime and improved experiences for our customers and hosts.

所以在投影片10上，我們持續提供全套硬體網路和支援產品和服務，體現我們垂直整合能力的核心競爭力。我們的空白製造系列七和八充電器是我們最暢銷的二級型號，在美國生產。在我們馬裡蘭州鮑伊的生產工廠。我們擁有業界最新的網路之一，該網路基於微服務技術堆疊構建，非常適合我們的車隊客戶，我們的服務和保固產品可以增加正常運行時間並改善客戶和主機的體驗。

Now, if we move over to slide 11, you can see a representative group of our customer base including many recognizable names across multiple vertical markets. And as we've said before, we deploy the right charger at the right place at the right time.

現在，如果我們轉到投影片 11，您可以看到我們客戶群的代表性群體，其中包括跨多個垂直市場的許多知名品牌。正如我們之前所說，我們在正確的時間、正確的地點部署正確的充電器。

And to that end, turning to slide 12. During the third quarter, we announced our collaboration with Wex to enhance the integration of charging into mixed energy fleets. This initiative will improve fleet management as commercial drivers will experience enhanced access to dependable and convenient charging solutions as Wex's services are accepted at 95% of retail fuel locations nationwide.

為此，請參閱幻燈片 12。該舉措將改善車隊管理，因為全國 95% 的零售加油站都接受 Wex 的服務，商業司機將體驗到更可靠、便利的充電解決方案。

Additionally, we formed a strategic alliance with create energy to establish a one stop shop for innovative grid management products that utilize things like solar and battery storage into charging deployments.

此外，我們與 create energy 建立了策略聯盟，以建立創新電網管理產品的一站式商店，這些產品利用太陽能和電池儲存等技術進行充電部署。

And following the close of the quarter blink was awarded a $2 million grant by the State of Illinois for the for the deployment of our owned and operated EV level two and DC fast charges and our subsidiary envoy technologies, a provider of car sharing services and community based electric vehicles teamed with unlimited real estate group to bring car sharing at fiat house, a new collection of luxury residences in New Jersey envoy also introduced the option for lucid EVs as part of its broader car share program.

本季結束後，Blink 獲得了伊利諾伊州 200 萬美元的撥款，用於部署我們擁有和運營的二級電動車和直流快速充電以及我們的子公司特使技術（一家汽車共享服務和社區提供者）基於電動車的公司與無限房地產集團合作，在新澤西州新的豪華住宅菲亞特屋(Fiat House) 推出汽車共享服務，Envoy 還推出了lucid EV 選項，作為其更廣泛的汽車共享計劃的一部分。

Finally, a few days ago, we announced the establishment of a 100-million-pound special purpose vehicle in the UK for the deployment of blank charging infrastructure in conjunction with UK government levy incentive funds. So levy is very similar to the US Navy program. We see this as a tremendous opportunity to grow our business in the UK and Europe and eventually in the US in the United Kingdom, we started to make progress on acquiring levy funded contracts. For example, the West Yorkshire combined authority ranked blink as number one out of 25 applicants, which we're certainly very proud of.

最後，幾天前，我們宣布聯合英國政府徵稅激勵基金，在英國設立一個耗資1億英鎊的專用工具，用於部署空白充電基礎設施。所以徵稅與美國海軍的計劃非常相似。我們認為這是在英國和歐洲發展我們的業務的巨大機會，並最終在美國和英國，我們開始在收購徵稅資助合約方面取得進展。例如，西約克郡聯合管理局將 Blink 在 25 名申請者中排名第一，我們對此感到非常自豪。

So we made a great deal of business development progress this quarter and we continue to aggressively pursue contracts and strategic partnerships to enhance our market position.

因此，本季度我們在業務發展方面取得了很大進展，我們將繼續積極尋求合約和策略合作夥伴關係，以增強我們的市場地位。

And I'd also like to discuss the efforts we've taken to restructure blank in our continuously evolving market.

我還想討論一下我們在不斷發展的市場中重組空白所付出的努力。

Before the start of this year, we established and communicated our company wide optimization and process improvement strategy and we've been executing on these initiatives throughout the year.

今年年初之前，我們制定並傳達了公司範圍內的優化和流程改進策略，並且我們全年都在執行這些舉措。

A key indicator of our successful efforts is our cash firm rate which excluding any financing activities in the first nine months of the year was reduced by 54 excuse me, $45 million. That is a reduction of 50% over the same period. Last year said differently, we reduced our year-to-date cash burn by half.

我們努力成功的關鍵指標是我們的現金固定利率，不包括今年前 9 個月的任何融資活動，減少了 54%，即 4500 萬美元。同期減少了 50%。去年的情況有所不同，我們將年初至今的現金消耗減少了一半。

Another KPI related to our optimization efforts is our improved total operating expenses which saw a 22% year-to-date reduction excluding non cash impairment charges. The key drivers of this improvement were a 37% reduction in compensation expenses and a 10% reduction in G&A expenses but we're not done yet. So in September, we announced planned cost reduction activities designed to further position blank for both short term and long term success. These actions anticipate reducing global personnel count by 14% which is expected to be completed during the first quarter of 2025. We anticipate that this action will result in annualized savings of about $9 million.

與我們的最佳化工作相關的另一個關鍵績效指標是我們的總營運費用有所改善，年初至今減少了 22%（不包括非現金減損費用）。這項改進的主要驅動因素是薪資費用減少了 37%，一般管理費用減少了 10%，但我們還沒有完成。因此，我們在九月宣布了計劃中的成本削減活動，旨在進一步為短期和長期的成功做好準備。這些行動預計將導致全球人員數量減少 14%，預計將在 2025 年第一季完成。

We are also proactive in deploying new and innovative ways to increase revenue and further reduce costs. For example, we're very excited about our cooperative agreement with stable auto to employ their artificial intelligence and machine learning technology to improve utilization and efficiencies among our existing blink owned stations and future deployments. The potential benefits are impressive. For example, if A I predicts substantial upticks in demand and utilization, we will enhance revenue opportunities through competitive pricing or increase throughput by adding high power DC fast chargers to those sites. The model has already proven effective by increasing our revenue across more than 60 locations today.

我們也積極採用新的創新方法來增加收入並進一步降低成本。例如，我們非常高興與 stable auto 達成合作協議，利用他們的人工智慧和機器學習技術來提高我們現有的眨眼擁有的站點和未來部署的利用率和效率。潛在的好處是令人印象深刻的。例如，如果 A I 預測需求和利用率大幅上升，我們將透過有競爭力的定價來增加收入機會，或透過在這些站點添加高功率直流快速充電器來增加吞吐量。事實證明，該模式非常有效，如今我們在 60 多個地點增加了收入。

And as Brandon said earlier, we've been disciplined in our approach to adopting practices and processes that will improve blink's agility in responding to changes in our industry and markets. We've made excellent progress to date and we continue to execute on the strategies and priorities that will make Blink an even stronger company. So with that, I'll turn it over to Michael Rama, our CFO to go over financial results, Michael.

正如布蘭登之前所說，我們在採用實踐和流程方面一直遵循紀律，這將提高 Blink 應對行業和市場變化的敏捷性。到目前為止，我們已經取得了巨大的進展，我們將繼續執行策略和優先事項，使 Blink 成為更強大的公司。因此，我將把它交給我們的財務長邁克爾·拉瑪（Michael Rama）來檢查財務業績，邁克爾。

Thank you, Mike and good afternoon. Everyone turn to slide. 15 total revenue in the third quarter of 2024 was $25.2 million compared to $43.4 million in the same period. 2023 product sales in the third quarter of 2024 with $13.4 million compared to $35.1 million in the same period in 2023 third quarter, 2020 2024 service revenue which consists of charging service revenues, network fees and car sharing revenues with $8.8 million. An increase of 30% for the first nine months of 2024 service revenue was $25 million. A 35% increase compared with the same period of 2023 gross profit for the third quarter of 2024 was $9.1 million or 36% compared to 20 $12.8 million or 29% for the same period. Last year, gross profit for the first nine months of 2024 was $33.3 million or 35% compared to $29.6 million or 30% for the same period. Last year. The increase in Q3 and Q and year-to-date 2024 gross margin is primarily due to Blink's shift in product mix towards L two chargers. When compared to 2023 our blink built L two charges command a lower average transaction price than DC fast chargers. But a higher margin based on our analysis today, we believe blink generates the highest GAAP gross margin in industry among comparable peers and competitors.

謝謝你，麥克，下午好。每個人都轉向滑梯。 15 2024 年第三季的總收入為 2,520 萬美元，而同期總收入為 4,340 萬美元。 2023年第三季產品銷售額為1,340萬美元，而2023年第三季同期為3,510萬美元，2020年2024年服務收入（包括充電服務收入、網路費用和汽車共享收入）為880萬美元。 2024 年前 9 個月服務收入成長 30%，達到 2,500 萬美元。與 2023 年同期相比成長 35%，2024 年第三季毛利為 910 萬美元，增幅為 36%，而 20 財年同期毛利為 1,280 萬美元，增幅為 29%。去年，2024 年前 9 個月的毛利為 3,330 萬美元，即 35%，而同期毛利為 2,960 萬美元，即 30%。去年。第三季和第二季以及 2024 年至今毛利率的成長主要是由於 Blink 將產品結構轉向 L 兩款充電器。與 2023 年相比，我們的 Blink 內建 L 兩次充電的平均交易價格低於直流快速充電器。但根據我們今天的分析，我們相信，在可比較同業和競爭對手中，Blink 的 GAAP 毛利率是業界最高的。

In addition, as Brendan and Mike emphasized earlier on the call, we continue to significantly reduce our total operating expenses.

此外，正如布倫丹和麥克早些時候在電話會議中所強調的那樣，我們將繼續大幅減少總營運費用。

Operating expenses in the third quarter of 2024 were $97.3 million compared to $123.3 million in the prior year period. Operating expenses in the in the nine months ended September 30th 2024 were $159.6 million compared to $210.3 million in the same period in the prior year.

2024 年第三季的營運費用為 9,730 萬美元，而去年同期為 1.233 億美元。截至 2024 年 9 月 30 日的九個月中，營運費用為 1.596 億美元，而去年同期為 2.103 億美元。

Operating expenses in Q3 and year-to-date include noncash goodwill and payment charges of $69.1 million.

第三季和年初至今的營運支出包括 6,910 萬美元的非現金商譽和付款費用。

It is very important. It is very important that I mentioned here that the, that the impairment charges are noncash and they do not, I repeat and they do not impact the operations of our business in any shape or form excluding these impairment charges from our operator. Operating results from the third quarter. Our total business operating expenses decreased year a year to $28.2 million for the nine months end. September 30th 2024 blink total operating expenses excluding noncash and payment charges were $90.5 million a year-to-date year over year reduction of $25.6 million or 22%. In comparison with the same period in 2023 our cash burn for the third quarter of 2024 excluding financing activities was $10.1 million. A reduction of $3.6 million or 27% compared to the third quarter of 2023. As mentioned before, year-to-date, we reduced our cash firm by $45 million or 50%. We view this as the most significant metric in our cost avoidance and optimization efforts adjusted EBITDA for the third quarter of 2024 was a loss of $14 million compared to a loss of $11.7 million in the prior year period. Adjusted EBITA for the first nine months of 2024 was a loss of $30.9 million compared to a loss of $43 million for the same period of 2023 earnings per share for the third quarter of 2024 is a loss of 86¢ per share compared to a loss of a dollar 74¢ per share in this in the prior year period in the nine months ended September 30th 2024. The earnings per share was a loss of a dollar 24 per share compared to a loss of $3.02 per share in the same period of the prior year. Please note that the impact of the noncash impairment charges to our goodwill negatively impacted Q3 and year-to-date earnings per share by 68¢ and a dollar 54¢ respectively. Now adjusted earnings per share for the third quarter of 2024 was a loss of 16¢ compared to a 16¢ in the prior year period in the nine months ended September 30th 2024. The adjusted earnings per share was a loss of 47¢ per share compared to a loss of a dollar 15¢ per share in the same period of the prior year. As for the balance sheet, cash and cash at September 30th 2024 was $64.6 million compared to $73.9 million at the end of the second quarter of 2024. This concludes my prepared remarks. I can turn the call back over to Brendan for a few final comments. Go ahead, Brendan.

這非常重要。我在這裡提到的非常重要的一點是，減損費用是非現金的，我重複一遍，它們不會以任何形式影響我們業務的運營，不包括我們運營商的這些減值費用。第三季的經營業績。截至 9 個月末，我們的總業務營運支出逐年下降至 2,820 萬美元。截至 2024 年 9 月 30 日，Blink 不包括非現金和支付費用的總營運費用為 9,050 萬美元，較上年同期減少 2,560 萬美元，即 22%。與 2023 年同期相比，2024 年第三季（不含融資活動）的現金消耗為 1,010 萬美元。與 2023 年第三季相比，減少了 360 萬美元，即 27%。我們認為這是我們成本規避和優化工作中最重要的指標，調整後的 2024 年第三季 EBITDA 為虧損 1,400 萬美元，而去年同期虧損為 1,170 萬美元。 2024 年前 9 個月調整後 EBITA 虧損 3,090 萬美元，而 2023 年同期虧損 4,300 萬美元；2024 年第三季每股收益虧損 86 美分，而 2023 年同期虧損 86 美分。 30 日的九個月，去年同期每股收益為74 美分。請注意，非現金減損費用對我們商譽的影響對第三季和年初至今的每股盈餘分別產生了 68 美分和 54 美元的負面影響。截至 2024 年 9 月 30 日的九個月，2024 年第三季調整後每股收益為虧損 16 美分，而去年同期為 16 美分。同期每股虧損15 美元。至於資產負債表，截至 2024 年 9 月 30 日的現金和現金為 6,460 萬美元，而 2024 年第二季末為 7,390 萬美元。我可以將電話轉回給布倫丹，徵求一些最後的意見。繼續吧，布倫丹。

Thanks Michael.

謝謝邁克爾。

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

本季眨眼繼續兌現了我們對公司進行結構調整的承諾。

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

我們繼續轉向垂直整合，並利用毛坯製造和製造的產品的規模和更高的利潤。

We continue to increase reincurring service revenue by 30% year over year this quarter and 35% year-to-date with service revenue representing nearly third and growing of our total revenue.

本季我們的經常性服務收入持續年增 30%，年初至今成長 35%，服務收入占我們總收入的近三分之一，而且還在持續成長。

Our blanked owned and operated charge account grew by 28% year over year to enable the shift to higher margin and sustainable service revenue.

我們自有和經營的空白收費帳戶年增 28%，從而實現向更高利潤率和永續服務收入的轉變。

And when it comes to product revenues, we transition our product sales from one time lower margin sales to longer term sustainable and more profitable sales. As we respond and adjust to changing market conditions, our significantly reduced cash burn and focus on continuous improvement. Combined with revenue enhancement will position blink as a truly prosperous company.

在產品收入方面，我們將產品銷售從一次利潤率較低的銷售轉變為長期可持續且利潤更高的銷售。當我們應對和調整不斷變化的市場條件時，我們顯著減少了現金消耗並專注於持續改進。加上收入的增加，blink 將成為一家真正繁榮的公司。

We have what we believe is the best team in the industry. And with our vertically integrated go to market model, we believe that blink is well positioned to drive long term growth and value for our stakeholders.

我們擁有我們認為是業內最好的團隊。透過我們的垂直整​​合進入市場模式，我們相信 Blink 能夠很好地為我們的利害關係人推動長期成長和價值。

We'd like to thank our team across the globe who is implementing our plan and taking care of our customers. And we also want to thank our customers and drivers for trusting Blink with their charging needs and being part of this transportation and energy revolution. Now with that, I believe you're ready to engage in some questions. So let's transition to that.

我們要感謝我們在全球的團隊，他們正在實施我們的計劃並照顧我們的客戶。我們也要感謝我們的客戶和駕駛者信任 Blink 來滿足他們的充電需求，並成為這場交通和能源革命的一部分。現在，我相信您已經準備好回答一些問題了。那麼讓我們過渡到這一點。

Yeah. Hey, hey, Brian, before we go into questions, I I just want to jump in for a quick moment and for, for everyone on the call. I I just want to acknowledge that today is Brendan's last blink blink earnings call as he moves to his very much well deserved retirement at the end of 2025. And while he'll stay involved as a board member and adviser, the entire blink team would like to thank him for his leadership during the past five years. And Brandon is certainly a well respected expert in the E&E charging industries and the company and team here have all benefited immensely from his knowledge and mentorship, including me personally. So thank you Brendan. We wish you all the best in your retirement. And now we can, with that, we can, we can go ahead with questions.

是的。嘿，嘿，布萊恩，在我們開始提問之前，我只想快速插話一下，供所有參加電話會議的人聽。我只是想承認，今天是 Brendan 最後一次召開 Blink Blink 財報電話會議，因為他將於 2025 年底迎來他當之無愧的退休生活。他在過去五年中的領導。布蘭登無疑是電子電氣充電行業一位備受尊敬的專家，這裡的公司和團隊都從他的知識和指導中受益匪淺，包括我個人。謝謝你布倫丹。我們祝福您退休後一切順利。現在我們可以，我們可以，我們可以繼續提出問題。

(Operator Instructions)

（操作員說明）

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥人。

Good evening. And thanks for taking my questions first. I should say Brendan, it's, it's been a real pleasure to work with you, you know, good luck in your retirement. And Mr Battaglia, I'm sure you're going to do a fantastic job as CEO of this company. So very happy, very happy to have a smooth transition.

晚安.感謝您先回答我的問題。我應該說布倫丹，與你一起工作真的很高興，你知道，祝你退休後好運。巴塔利亞先生，我相信您作為這家公司的執行長將會做得非常出色。所以非常高興，非常高興能夠順利過渡。

My question is my first question is really, I guess a two part question Can you maybe just update everybody on the mix of level two versus level three chargers that you're selling and you know, the amount of federal subsidies versus state subsidies that have contributed to the the sales of these products over the course of the last year.

我的問題是我的第一個問題實際上是，我想這是一個由兩部分組成的問題，您能否向大家介紹一下您正在銷售的二級充電器與三級充電器的組合，以及聯邦補貼與州補貼的金額去年這些產品的銷售做出了貢獻。

Yeah, thanks. Thanks Craig and thanks for the, the time for to start. So regarding the mix of L two to L three, let me talk about 2023 just a little bit and then I'll talk about 2024.

是的，謝謝。感謝克雷格，感謝您給我們開始的時間。因此，關於 L 2 和 L 3 的混合，讓我先談談 2023 年，然後再談談 2024 年。

So 2023 was a very unique year in terms of the markets that we were serving and, and the single biggest market that wound up being, you know, excellent for us was the automotive channel as it related to dealer infrastructure programs that were rolled out by the OE MS. Now, all of those programs had both an L two and L three component to them and it was very heavily weighted to L three as well. So, you know, our, our, our mix last year was you know, it, it's not from a, from a revenue standpoint, it was actually much, much higher on the L three side, from the unit side.

因此，就我們所服務的市場而言，2023 年是非常獨特的一年，而且最終對我們來說非常出色的單一最大市場是汽車通路，因為它與經銷商推出的基礎設施計畫相關。 。現在，所有這些程式都包含 L 2 和 L 3 組成部分，而 L 3 的權重也非常大。所以，你知道，我們、我們、我們去年的組合是你知道的，它不是從收入的角度來看，實際上，從單位方面來看，L 三側的水平要高得多。

It, it obviously is still higher on the on the level two side, given the average selling prices. So we had a much larger mix of DC fast charter sales last year than we did this year. So when you look at our Q3 and you look at the product sales number that was primarily impacted by lower DC fast charging sales. So the the myth of product is actually healthier for blink from a margin perspective because we're selling more L two. It's more blink manufactured products. The margins are higher than when we sell a DC fast charger, but obviously, the revenue gets impacted.

考慮到平均售價，二級市場的價格顯然仍然較高。因此，去年我們的 DC 快速包機銷售組合比今年大得多。因此，當您查看第三季的產品銷售時，您會發現主要受到直流快速充電銷售下降影響的產品銷售。因此，從利潤角度來看，產品迷思實際上對眨眼來說更健康，因為我們銷售了更多的 L 2。它更像是眨眼製造的產品。利潤比我們銷售直流快速充電器時要高，但顯然，收入受到了影響。

So, you know, the challenge before us and what the team is working on is obviously to fill that GAAP more so that we can, you know, make up the full amount and beyond of that revenue. Now, regarding federal and state subsidies, one of the, I would say shrinks of blink is that we don't heavily rely on federal and state subsidies. So the vast majority of our revenue on a quarterly basis is through what I'll call non supportive channels through federal and state or non governmental channels. So, you know, we can follow up and certainly provide a, you know, a mixed number on that, but I can tell you it's, it's pretty, it's pretty low.

因此，您知道，我們面臨的挑戰以及團隊正在努力的工作顯然是更多地滿足公認會計原則，以便我們能夠彌補全部收入並超越收入。現在，關於聯邦和州補貼，我想說的是，我們並不嚴重依賴聯邦和州補貼。因此，我們每季的絕大多數收入都是透過聯邦和州或非政府管道（我稱之為非支援性管道）獲得的。所以，你知道，我們可以跟進，當然會提供一個混合數字，但我可以告訴你，它非常漂亮，非常低。

Yeah, and just to elaborate a bit for, for you on that, Craig. So, you know, when we're talking about government programs, we have engaged in, right? And there, there's been, you know, a few but they're not the majority, you know, you know, we're going to collect, you know, somewhere around $7 million next quarter. But that doesn't get counted as revenue.

是的，只是為你詳細說明一下，克雷格。所以，你知道，當我們談論政府計畫時，我們已經參與了，對嗎？你知道，有一些，但他們不是大多數，你知道，你知道，我們將在下個季度籌集大約 700 萬美元。但這並不算作收入。

You know, we invested the capital in prior years and last year to put those chargers in the ground in different market. Most of them are DC, fast chargers, but we're just going to recapture the re the, the capital we put in and we can't count that as revenue on the books. But it does give us, you know, a reduced amount of cash we need or additional cash on the books for more capital products. But, you know, and we continue to do well, you know, with or without the federal product programs.

你知道，我們在前幾年和去年都投入了資金，將這些充電器放在不同的市場上。其中大多數是直流快速充電器，但我們只是要收回我們投入的資本，我們不能將其算作帳面上的收入。但你知道，它確實減少了我們所需的現金數量，或者為更多資本產品提供了額外的帳面現金。但是，你知道，無論有沒有聯邦產品計劃，我們都繼續做得很好。

Excellent. Thank you for that. So, my next question, I guess, you know, I driving around, I observe a lot of blink chargers in place in front of places like Dunkin Donuts and, and Starbucks, right? You know, you're there serving customers in places where people will stop and, and, and wait and maybe just relax for a few minutes as they move about their days.

出色的。謝謝你。所以，我的下一個問題，我想，你知道，當我開車四處走動時，我觀察到唐恩都樂和星巴克等地方前面有很多閃爍充電器，對嗎？您知道，您在為顧客提供服務的地方，人們會停下來等待，也許只是在他們一天中活動時放鬆幾分鐘。

Those corporate partnerships seem to be benefiting the development of your network.

這些企業合作關係似乎有利於您人脈的發展。

Can you maybe talk us through, you know, the funnel that you've developed over the last couple of years and whether or not political changes are, are likely to impact the commitment of these different corporations, these, these different, obviously not government, not state entities that have supported the the deployment of your products.

您能否告訴我們，您在過去幾年中開發的漏斗，以及政治變化是否可能影響這些不同公司的承諾，這些公司，這些不同的公司，顯然不是政府，而不是支持您的產品部署的國家實體。

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

是的。那麼，克雷格，你談到了所以我將首先回答問題的第二部分。您是在具體談論政府選舉更迭嗎？諸如此類的事情？

Well, no, what I'm, what I'm pointing to is that, you know, hey, there's a lot of brands out there that you may or may not have announced. But you know, we see the new blink product installed outside, right? And these corporate entities have a long term mandates for environmental responsibility that are unimpacted by the by the changes or anticipated changes in DC. And you know, we can see them continuing to be actually very good customers here going forward. So can, can you maybe just elaborate on that and, and talk a little bit about, you know, the breadth of customers that you're reaching And whether or not the number of those customers and adoption rates are actually growing over the next you know, quarters and years.

嗯，不，我想說的是，你知道，嘿，有很多品牌你可能已經宣布，也可能沒有宣布。但你知道，我們看到新的眨眼產品安裝在外面，對吧？這些企業實體具有長期的環境責任授權，不受華盛頓特區的變化或預期變化的影響。你知道，我們可以看到他們在未來仍然是非常好的客戶。那麼，您能否詳細說明一下這一點，並談談您所接觸到的客戶的廣度，以及這些客戶的數量和採用率在接下來的一段時間裡是否實際上會增長。

Okay. Got it. So, you know, first of all, our not to go into too much detail, but our, our sales team is, is kind of structured in two different ways. One is we have a dedicated business development team and then we have a territory sales team and the business development team specifically is dedicated to exactly what you're talking about. So we identify the vertical markets that we believe are, are strong, are strong areas for easy charging and we have a strategic account plan and obviously the business development team goes after those. So you know, whether it is a big hotel chains or whether it is c stores like, like you kind of pointed out and, and retail like Dunkin Donuts and, and things like that.

好的。知道了。所以，你知道，首先，我們不會透露太多細節，但我們的銷售團隊是以兩種不同的方式建構的。一是我們有一個專門的業務開發團隊，然後我們有一個區域銷售團隊，而業務開發團隊專門致力於您所說的事情。因此，我們確定了我們認為強大、易於充電的強大領域的垂直市場，並且我們制定了策略客戶計劃，顯然業務開發團隊會專注於這些市場。所以你知道，無論是大型連鎖飯店，還是像你指出的那樣的c商店，以及像鄧肯甜甜圈這樣的零售店，以及類似的東西。

So we have an existing book of business that is really quite strong in terms of the logos. And we have obviously had that up on the, up on the screen during the, during the presentation. And so our objective is to do more with our existing customer base at the same time that we're looking for opportunities to expand into large scale organizations. So our objective is always to approach a brand that has, you know, that really has a strong footprint around the country and then present to them our multiple business models that fit whatever it is they're looking to do.

因此，我們現有的商業手冊在徽標方面確實非常強大。顯然，在演示期間，我們已經將其顯示在螢幕上了。因此，我們的目標是為現有客戶群提供更多服務，同時尋找擴展到大型組織的機會。因此，我們的目標始終是接觸一個在全國範圍內擁有強大影響力的品牌，然後向他們展示我們的多種商業模式，以滿足他們想要做的任何事情。

Now, one of the things that's been really encouraging for us this year is the increased number of decent fast chargers that we've deployed under our owner operator model. So we've always historically been a level two focused company with owner operator chargers and we will continue to be focused in that area, but we have a pretty substantial core number of charging stations right now on the DC side that we're very encouraged by the results. And you mentioned, Dunkin Don is such a great example of we have a few stores with DC fast charges, Duncan and they're doing really, really well. So our pipeline continues to grow among those larger corporate accounts at the same time that our territory, sales teams are looking for those more local opportunities in their, in their areas.

現在，今年對我們來說真正令人鼓舞的事情之一是我們在業主運營商模式下部署的優質快速充電器數量增加。因此，我們歷來都是一家專注於擁有業主運營商充電器的二級公司，我們將繼續專注於該領域，但我們現在在直流側擁有相當數量的核心充電站，對此我們感到非常鼓舞通過結果。您提到，Dunkin Don 就是一個很好的例子，我們有幾家商店提供 DC 快速充電，Duncan，他們做得非常非常好。因此，我們的管道在這些較大的企業客戶中繼續成長，同時我們的領土、銷售團隊也在他們的地區尋找更多的本地機會。

Yeah, so let me if I may add a couple of comments to that because I think it's a great question, Craig, you know, when we look at, you know, what we call additionality and that's the existing base of customers we have today we had last year and we keep growing into the future. You know, there's definitely was an impact this year as it related to, you know, the declines we saw in e vehicle sales that started, you know, in late Q1, we definitely prevalent in Q2 for sure because that was decreased sales year over year. And what happens with the commercial side is different from the residential side. There's a bit of a lag effect when they start seeing the news that ev sales are increasing, they're much more resident to then engage in more commercial contracts to add to their, the amount of chargers they have at their workplace, at their retail locations, you know, along the highway, et cetera. So that's why it's really, really important right now. That blink is on point as all the good news happens right now around sales and the projections because you're going to see an uptick in the installation of commercial chargers, which is our sweet spot. You know, we do in home chargers, but in home chargers, you know, the margin is much looser. That's more of a direct impact when you sell the car and then you see an increase in home commercial, it waits for the unit to operate to increase. It looks at the sales trend, then you know our customers and clients, they say, okay, we need to add chargers or we need new chargers and that's what we're expecting now as we move forward.

是的，所以請允許我對此添加一些評論，因為我認為這是一個很好的問題，克雷格，你知道，當我們看到我們所說的額外性，這就是我們今天擁有的現有客戶群去年我們已經取得了進展，未來我們將繼續成長。你知道，今年肯定會產生影響，因為它與我們看到的電動車銷量下降有關，你知道，從第一季末開始，我們肯定在第二季度普遍存在，因為銷量逐年下降年。商業方面的情況與住宅方面不同。當他們開始看到電動車銷量增加的消息時，會出現一些滯後效應，他們會更加常駐，然後簽訂更多商業合同，以增加他們在工作場所和零售店擁有的充電器數量地點，你知道，沿著高速公路等等。所以這就是為什麼它現在真的非常重要。這一眨眼是正確的，因為現在所有關於銷售和預測的好消息都發生了，因為你會看到商用充電器的安裝量增加，這是我們的最佳點。你知道，我們是做家用充電器的，但在家用充電器上，你知道，利潤要寬鬆得多。當你賣掉汽車然後你看到家庭商業廣告增加時，這更直接的影響，它等待單位運作增加。它著眼於銷售趨勢，然後你了解我們的客戶和客戶，他們說，好吧，我們需要添加充電器，或者我們需要新的充電器，這就是我們在前進過程中所期望的。

Perfect, perfect. Last question, if I may is around is around cash. You got about 65 on the balance sheet and you guys have made huge progress this year. I you know, in your release, you say a $45 million reduction in cash use this year versus last year. Can you maybe talk us through the key things for for everyone to look at? As we look at the the continued progress you make on you know, reducing cash needs into the end of the year and over the next few quarters.

完美，完美。最後一個問題，如果我可以的話，是關於現金的。你們的資產負債表上大約有 65，你們今年取得了巨大的進步。我知道，在您的新聞稿中，您說今年的現金使用量比去年減少了 4500 萬美元。您能否向我們介紹關鍵內容，供大家參考？當我們看到您所取得的持續進展時，您知道，到年底和接下來的幾個季度都會減少現金需求。

Yeah, so Craig, you know, as, as Michael Rova mentioned, we we burned about $9 million in cash in Q3, which was, you know, down significantly, not, not just from last year but but but from prior quarters. And that was a result of, you know, really of the cost reduction and aggressive cost reduction actions that we employed and they, they came from two areas and one was compensation expense, which was down 37% and other G&A expenses which were down 10%. So when you look at our $9 million cash burn and you look at the cash that we have on hand, we have a nice runway ahead of us that we don't have to tap the markets for any, for any capital in the short run. So, you know, we, we feel pretty good about, about where we are and the good news is that we have options, we have options in the future. Should we need to, should we need to raise more capital?

是的，所以克雷格，你知道，正如邁克爾·羅瓦提到的那樣，我們在第三季度燒掉了大約900 萬美元的現金，你知道，這不僅比去年大幅下降，而且比前幾個季度也大幅下降。你知道，這實際上是我們採取的成本削減和積極的成本削減行動的結果，它們來自兩個領域，一個是補償費用，下降了 37%，其他一般管理費用下降了 10% %。因此，當你看看我們 900 萬美元的現金消耗和我們手頭上的現金時，我們前面有一條良好的跑道，短期內我們不必為任何資本而開發市場。所以，你知道，我們對我們所處的位置感覺很好，好消息是我們有選擇，我們在未來有選擇。我們是否需要、是否需要籌集更多資金？

E excellent. Well, I'll say congratulations on the gross margins. That really is a bright spot and it points to you guys showing discipline in the market. Thanks for taking my questions.

E 優秀。好吧，我要要祝賀毛利率。這確實是一個亮點，它表明你們在市場上表現出了紀律。感謝您回答我的問題。

Sameer Joshi, HC Wainwright.

薩米爾喬希，HC 溫賴特。

Hey, good afternoon. And Brandon, thanks for all you have done for the company. It has been good to have worked with you.

嘿，下午好。布蘭登，感謝你為公司所做的一切。很高興與您合作。

And, and of course, Mike, welcome to the new role.

當然，麥克，歡迎擔任新角色。

I just have a few questions, the announcement on the axel throw 100-million-pound SPV being set up.

我只是有幾個問題，關於 axel throw 1 億英鎊 SPV 成立的公告。

Can you just explain a little bit how it was? It will work and is there a way or is there a chance that you would do something like that in other geographies?

你能簡單解釋一下它是怎麼回事嗎？它會起作用，有沒有辦法或有機會在其他地區做類似的事情嗎？

Yeah, so thanks Amir. So I'll, I'll start and then allow Michael Lama to, to jump in as he'd like. So this STV with Axel TRO is an off balance sheet legal entity that is funded a couple of different ways. In this instance, it has, it has its purpose is to support the levy program in the UK. And again, as I kind of briefly mentioned in the comments that the levy program in the UK is very, very similar to the levy program in the US. So there are, there is funding that is coming from levy which will populate the TV and then axel Trova and investors will fund the balance and then it gives us the ability to sell charging stations into the SPV, recognize that revenue and then also to recognize ongoing network services, things like that, potentially some revenue from utilization thing, things like that. So Michael anything to add to that.

是的，謝謝阿米爾。所以我會，我會開始，然後讓麥可·拉馬按照他的意願加入。因此，這個擁有 Axel TRO 的 STV 是一個資產負債表外的法人實體，其資金來源有很多。在這種情況下，它的目的是支持英國的徵稅計劃。再次，正如我在評論中簡要提到的那樣，英國的徵稅計劃與美國的徵稅計劃非常非常相似。因此，來自徵稅的資金將用於安裝電視，然後 axel Trova 和投資者將為餘額提供資金，然後它使我們能夠將充電站出售給 SPV，確認收入，然後也確認持續的網路服務，諸如此類的事情，可能會從使用中獲得一些收入，諸如此類的事情。麥可還有什麼要補充的嗎？

I'd also add that, you know, obviously this is you know, we're using this program to kick it off. We're, we're, we're evaluating other opportunities within Europe as well as seeing how this could play out in the US as well. So, you know, kind of a test pilot run to see how this runs through. But I think it's it's an additional way to finance with no dilution and and being able to still recognize, like I said, the revenues and, and build on and, and, and and, and minimize the risk if you will.

我還要補充一點，你知道，顯然這就是你知道的，我們正在使用這個程式來啟動它。我們正在評估歐洲境內的其他機會，並看看這在美國也能發揮作用。所以，你知道，這是一次試運行，看看這是如何進行的。但我認為這是一種額外的融資方式，不會稀釋，並且仍然能夠識別收入，並且，如果你願意的話，可以將風險最小化。

Right. Right. So the SPV will be the owner operator of this.

正確的。正確的。因此 SPV 將成為該專案的所有者運營商。

You think it will be just a quick follow up. Is there, is there any option for financing customers to buy and install the systems or this is purely for the S PBS financing of, of owner on owner operator model?

您認為這只是一個快速跟進。是否有任何選項可以為客戶購買和安裝系統提供融資，或者這純粹是為了所有者運營商模式上的所有者的 S PBS 融資？

So in this initial STV, it's dedicated to the owner operator model for selling into the STV. And then running this program with levy, but it certainly could be in future STV. S it certainly could be used to what you said.

因此，在最初的 STV 中，它專門採用所有者經營者模式向 STV 進行銷售。然後用徵稅來運行這個程序，但它肯定可以在未來的 STV 中。確實可以用你說的。

Right. Right. Okay. Thanks for that for the outlook for the year. There's a 10 million delta which implies fourth quarter, 10 million delta. What are some of the puts and takes that would make it go to the lower end versus the high end? Just would like to understand what, what is at play here between the low end to the high end.

正確的。正確的。好的。感謝您對今年的展望。有 1000 萬增量，這意味著第四季度有 1000 萬增量。有哪些看跌期權和看跌期權會使其走向低端而不是高端？只是想了解低端到高端之間的作用是什麼。

Yeah, it's it's actually very straightforward Samir it, it is all concentrated in the product sales side. So we see a good trajectory on the owner operator model as we demonstrated in Q3. And really throughout this year, you know, our, our services revenue has, you know, very, very nicely throughout the year. We expect that to continue. So the, the delta, as you say, is really concentrated in the product sales side. We have some opportunities that could, you know, swing that to either either end of that range.

是的，這實際上是非常簡單的薩米爾吧，它全部集中在產品銷售方面。因此，正如我們在第三季所展示的那樣，我們在所有者經營者模型上看到了良好的軌跡。事實上，今年全年，我們的服務收入全年都非常非常好。我們預計這種情況會持續下去。所以，正如你所說，三角洲實際上集中在產品銷售方面。你知道，我們有一些機會將其轉向該範圍的任一端。

I understood.

我明白了。

And then just a quick one on OpEx, I think if we take out the one time charges, the OpEx is sort of sequentially a little bit lower. Also compared to the previous two quarters, actually, what is the operating level expected going forward and how should we be looking at.

然後簡單介紹一下營運支出，我認為如果我們去掉一次性費用，營運支出會依次降低一些。另外與前兩個季度相比，實際上預計未來的經營水平如何，我們應該如何看待。

It?

它？

Yeah, Michael, do you want to jump? Yeah.

是的，邁克爾，你想跳嗎？是的。

No, obviously, you know, in, in Q3, you know, it was subsequentially lower in Q3 than the other quarters. We're also, however, it was mitigated a little bit by some severance and severance cools that we had to record and pay during the quarter as we announced the cost cutting measures. So the expectation is to still continue to see declines or decrease, definitely declines in the operating expenses and we already came out where we talked about a $9 million annual OpEx savings in the plan. So we expect to see that push through on, on a, on a move forward basis, especially as we have the 2025.

不，顯然，你知道，在第三季度，你知道，第三季度的價格隨後低於其他季度。然而，當我們宣布成本削減措施時，我們必須在本季度記錄和支付一些遣散費和遣散費，這也使情況有所緩解。因此，預計營運支出仍會繼續下降或減少，肯定會下降，我們已經談到了計劃中每年節省 900 萬美元的營運支出。因此，我們期望看到這一進展不斷推進，特別是在 2025 年到來之際。

Oh, okay. So, so the third quarter also included some of those severance payments.

哦好的。因此，第三季也包括了其中一些遣散費。

As well. That's correct.

也是如此。這是正確的。

Yeah, it did. I would add to that as you know, we we're still executing on some of our priorities. So as Michael and Michael outlined, you know, we saw the the overall costs go down and the cash burn goes significantly down. We then add in those cost savings at the 14% reduction. We then add off as everybody lose sight of sometimes the spin of mobility, which is right now on track. And it looks like we're going to be able to execute that either at the end of December into Q1, that takes an additional, you know, amount of expenses off the books as well. So, you know, we have other activities. We also have additional synergies that we still haven't closed down on. That, you know, you know, it takes a long time to combine six companies. We're almost done with it, but there's still some opportunities there. And you know, the, when we look at this topic, it really, it is about how do you establish a culture of continuous improvement that as we move forward, we look for more efficient systems, more efficient ways to do business, more global in our mentality, to cut cost and cut duplication across the board. And that emphasis is going to continue well into the future because now we've made it at blank. It's part of our culture, it's our identity. Now you got to bounce back and you got to enhance revenue simultaneously or the equation doesn't work and we're certainly working on both.

是的，確實如此。我想補充一點，如您所知，我們仍在執行一些優先事項。正如邁克爾和邁克爾所概述的那樣，我們看到總體成本下降了，現金消耗也顯著下降。然後，我們將節省的成本加上 14%。然後我們添加了一些內容，因為每個人有時都忽略了移動性的旋轉，而移動性現在已經步入正軌。看起來我們將能夠在 12 月底進入第一季執行該計劃，這也會在帳簿上產生額外的費用。所以，你知道，我們還有其他活動。我們還有其他尚未關閉的綜效。那你知道，你知道，合併六家公司需要很長時間。我們已經快完成了，但仍然有一些機會。你知道，當我們看待這個主題時，它實際上是關於如何建立一種持續改進的文化，隨著我們的前進，我們尋求更有效率的系統、更有效的開展業務的方式、更加全球化的方式。這種重視將持續到未來，因為現在我們已經把它變成了空白。這是我們文化的一部分，是我們的身分。現在你必須反彈，你必須同時增加收入，否則這個等式就不起作用，我們當然正在努力解決這兩個問題。

Understood. Thanks a lot for taking my questions and good luck.

明白了。非常感謝您回答我的問題，祝您好運。

Thank you.

謝謝。

Jhawad Bhuiyan, Stifel.

賈瓦德‧布伊揚 (​​Jhawad Bhuiyan)，史蒂菲爾。

Hey, thanks for the question. What we want here on for Steven Chro. I just had a quick question surrounding trying to get a better sense of product margins, the impact of the new Maryland facility and kind of how we should think about these margins over the next several quarters and then just have a quick follow up after that. Thanks.

嘿，謝謝你的提問。我們希望史蒂文·克羅 (Steven Chro) 能得到什麼。我只是有一個簡短的問題，試圖更好地了解產品利潤、馬裡蘭州新工廠的影響，以及我們應該如何考慮未來幾季的這些利潤，然後進行快速跟進。謝謝。

Yeah, thanks for a good question. So, so there's really two elements to this one. Obviously in the, in the third quarter, we reported 36% gross margins. You'll I'm sure you probably noticed that our what we have maintained for a full year is 33%. So, you know, we think that there is potentially some upside to that. But as we go into the future, we feel comfortable with where our margin profile sits at the moment. So we feel like we're going to continue to maintain what we achieved in the third quarter. And then we're going to look at, hey, what are some of the margin expansion opportunities? And one of them is what I had mentioned in my comments with Stable Auto. And as we get smarter about efficiencies in blink owned stations and where are the revenue enhancement opportunities and those translating directly into margin? And you know, so there's certainly more things that we can do. We've actually done a very, very good job of tearing down our third party product, third party product sales. So it's, you know, it was very, very heavily skewed in the third quarter, towards blink manufactured product and that, that will just, that will continue. So there's probably a little more room in there on the product sales side as we really try to transition away from third party products nearly completely as well as some of those other things I mentioned with like stable auto.

是的，謝謝你提出了一個好問題。所以，這其實有兩個要素。顯然，第三季我們的毛利率為 36%。我相信您可能會注意到，我們全年保持的比例是 33%。所以，你知道，我們認為這可能有一些好處。但當我們展望未來時，我們對目前的利潤狀況感到滿意。因此，我們認為我們將繼續保持第三季所取得的成就。然後我們要看看，嘿，有哪些利潤擴張機會？其中之一就是我在穩定汽車評論中提到的。隨著我們對眨眼擁有的電台的效率越來越了解，收入增加的機會和直接轉化為利潤的機會在哪裡？你知道，我們當然可以做更多的事情。實際上，我們在拆除第三方產品、第三方產品銷售方面做得非常非常好。所以，你知道，第三季的情況非常非常嚴重，偏向眨眼製造的產品，而且這種情況將會持續下去。因此，產品銷售方面可能還有更多的空間，因為我們確實試圖幾乎完全擺脫第三方產品以及我提到的一些其他產品，例如穩定的汽車。

That makes sense. Thank you. The follow up was I was wondering if you could talk a little bit more about the current charger of time across the installed base. I know a lot of people talk about the charger of time. And so I was just kind of curious about the steps you take to ensure up time, I guess remain t thanks.

這是有道理的。謝謝。接下來，我想知道您是否可以多談談目前整個安裝基地的時間充電器。我知道很多人都在談論時間的充電器。所以我只是對你們為確保正常運行時間而採取的步驟感到好奇，我想仍然謝謝。

Yeah. Yeah, great. So there's two aspects to maintaining up time. And, and it's somewhat unique to blink in that we have a population of chargers again over 6,000 that we own and operate directly and the responsibility for the upside of those chargers falls on blank. We can very proactively service those chargers replace them whatever we need to do in order to keep them up and running and again, because we own and operate them and because we derive revenue from electricity sales from those chargers, we're inherently motivated to keep those up and running. So our up time on point on chargers is excellent.

是的。是的，太棒了。因此，維持正常運作時間有兩個面向。而且，眨眼的情況有些獨特，因為我們擁有並直接運作的充電器數量超過 6,000 個，而對這些充電器的上升的責任卻是空白。我們可以非常主動地為這些充電器提供服務，無論我們需要做什麼來更換它們，以保持它們的正常運行，因為我們擁有並運營它們，並且因為我們從這些充電器的電力銷售中獲得收入，所以我們本質上有動力保持它們那些已啟動並正在運行的。因此，我們的充電器正常運作時間非常好。

The challenge comes when you have a population and this is an industry issue. This is not unique to blink. The issue comes when you have a population of charters and it's thousands of charters out in the wild, so to speak and they're owned by whoever bought them. And so while our network and our systems identify which of those chargers are up or down the maintenance, whatever it might be, we can't force a site hosts to either fix a charger or replace a charger. So what we do is we focus our efforts on awareness. We try to be proactive in bringing the situation to that site host and, and providing them options. If they're not going to invest in keeping that charger up and running, oftentimes, we can provide them an option for blink to take over that charger. And if it's an appropriate site that passes through our analytical models, we can say, you know what, we'll replace the charger for no cost and we will take over the revenue on that charger as well. So that is also a key initiative within the company is to do things like that.

當你有人口時，挑戰就來了，這是一個行業問題。這並不是眨眼所獨有的。當你擁有大量的特許經營權並且有數千個特許經營權在野外時，問題就出現了，可以這麼說，它們歸購買它們的人所有。因此，雖然我們的網路和系統可以識別哪些充電器需要維護，但無論是什麼，我們都不能強迫網站主機修復充電器或更換充電器。所以我們要做的就是把精力集中在意識上。我們嘗試主動將情況告知該網站託管商，並為他們提供選擇。如果他們不打算投資保持充電器的正常運行，我們通常可以為他們提供一個選項，讓眨眼接管該充電器。如果這是一個通過我們的分析模型的合適網站，我們可以說，你知道嗎，我們將免費更換充電器，並且我們還將接管該充電器的收入。因此，公司內部的一項關鍵措施就是做類似的事情。

Got it. I appreciate that. Thanks for the call. I'll pass it on.

知道了。我很欣賞這一點。感謝您的來電。我會把它傳遞下去。

Your next question is from Noel Parks with Tuohy Brothers.

您的下一個問題來自 Tuohy Brothers 的 Noel Parks。

Hi, good afternoon. You know, one general question, thinking about your owner operated MO model versus your, your other delivery methods is there an appreciable difference in sales cycle that you're seeing between those types of business?

嗨，下午好。您知道，一個普遍的問題是，考慮您的所有者經營的 MO 模式與您的其他交付方式，您在這些類型的業務之間看到的銷售週期是否存在明顯差異？

Yeah, good question. You know, generally speaking, the owner operator model has a shorter sales cycle because whether it is an opportunity through what we call our hybrid model, where we co invest with the site host or it's even faster if, if through our turnkey model and, and where blakk funds and the full CapEx. So it's a bit shorter on the on the owner operator side versus the sales side.

是的，好問題。你知道，一般來說，業主經營者模式的銷售週期較短，因為無論是透過我們所謂的混合模式（我們與網站託管商共同投資）的機會，還是透過我們的交鑰匙模式，它甚至會更快， blakk 的資金和全部資本支出都在哪裡。因此，業主經營者方面的時間比銷售方面的時間要短一些。

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

再說一次，我只是補充一點，你知道，你有我們所說的側主機動態在運作。

So, you know, if we have a big side host and he's agreed to buy chargers, right? And we can ship him those chargers, but it's truly up to the side host while he engages with his own installation companies, if he doesn't use one and get those in the ground and get them an operational and actually decide when he's going to receive the chargers. And so that we can, we can get revenue recognition when it's an owner operated model. Once we in the deal with the site host agreement with the site, we have complete control to Mike's Point and we can install the chargers and as fast as we can get them permitted, installed up and operating and turn them into revenue generators. So the dynamic really shifts on the model and the lead time shifts dramatically.

所以，你知道，如果我們有一個大的側主機並且他同意購買充電器，對吧？我們可以向他運送這些充電器，但這實際上取決於他與自己的安裝公司合作時的副主機，如果他不使用充電器並將這些充電器放在地下並進行操作並實際決定他何時若要使用收到充電器。這樣我們就可以在所有者經營模式下獲得收入確認。一旦我們與網站達成了網站託管協議，我們就可以完全控制 Mike's Point，我們可以安裝充電器，並儘快獲得許可、安裝和運營，並將其轉化為收入來源。因此，模型的動態確實發生了變化，交貨時間也發生了巨大的變化。

And you know what, I'm just going to add one thing to that because it's actually a good, a good segue. I want to just remind everyone that the core of blame and our stated strategy that we've been consistent with is to continue to grow the owner operator aspect of our business so that it becomes the dominant revenue model for the company. And the reason why we want to do that is because that is typically high margin, consistent recurring revenue that we believe adds a lot of value to the company. So we're going to continue to move in that direction. In fact, we may continue or in fact, we may move more aggressively into that in that direction, we'll continue to do both. But the goal of the company is to move in that direction and is to continue each year for the revenue mix between owner operator and sales to tilt more towards the owner operator model.

你知道嗎，我只想添加一件事，因為它實際上是一個很好的延續。我想提醒大家的是，罪魁禍首的核心和我們一直堅持的既定策略是繼續發展我們業務的所有者經營者方面，使其成為公司的主要收入模式。我們之所以要這樣做，是因為這通常是高利潤、持續的經常性收入，我們相信這會為公司增加很多價值。所以我們將繼續朝這個方向前進。事實上，我們可能會繼續，或者事實上，我們可能會更積極地朝著這個方向邁進，我們將繼續兩者兼而有之。但該公司的目標是朝著這個方向前進，並且每年繼續使業主運營商和銷售之間的收入組合更加向業主運營商模式傾斜。

Great. Thanks a lot.

偉大的。多謝。

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

隊列中似乎沒有其他問題了。我想請維塔萊做結束語。

Well, thank you, Holly and thank you all for joining us today on the call and for your interest in blink charging and the latest quarter that we've reported for additional questions or any other requests to meet with management or learn more about our products or facilities. Please feel free to email us at IR at blink charging dotcom and we look forward to engaging with you in the future over the coming quarters. Thanks again.

好的，謝謝你，霍莉，感謝大家今天加入我們的電話會議，感謝你們對眨眼充電的興趣，以及我們報告的最新季度的其他問題或任何其他請求，以與管理層會面或了解有關我們產品的更多資訊或設施。請隨時向我們發送電子郵件至 IR：blink Charging dotcom，我們期待在未來幾季與您合作。再次感謝。

Thanks everybody.

謝謝大家。

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

今天的會議到此結束，此時您可以掛斷電話。感謝您的參與。