Blink Charging Co (BLNK) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to the Blink Charging Company second quarter 2025 earnings call. (Operator Instructions) It is now a pleasure to turn the floor over to your host, Vitalie Stelea, Vice President of Capital Markets and FP&A. Sir, the floor is yours.

大家好，歡迎參加 Blink Charging Company 2025 年第二季財報電話會議。（操作員指示）現在很高興將發言權交給主持人、資本市場和 FP&A 副總裁 Vitalie Stelea。先生，請您發言。

Great. Thank you, Matthew, and welcome, everyone, to Blink's second quarter 2025 earnings call. With us today, we have Michael Battaglia, our President and Chief Executive Officer; and Michael Bercovich, our Chief Financial Officer.

偉大的。謝謝馬修，歡迎大家參加 Blink 2025 年第二季財報電話會議。今天與我們在一起的有我們的總裁兼首席執行官邁克爾·巴塔利亞 (Michael Battaglia) 和我們的首席財務官邁克爾·伯科維奇 (Michael Bercovich)。

Today's discussions will include non-GAAP references. These are reconciled to the most comparable US GAAP measures in the appendix of our earnings deck. You may find the deck along with the rest of our earnings materials and other important content on Blink's Investor Relations website.

今天的討論將包括非 GAAP 參考。這些與我們收益表附錄中最可比較的美國 GAAP 指標相協調。您可以在 Blink 的投資者關係網站上找到該簡報以及我們的其他收益資料和其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. These results may be different from those stated, and the most significant factors that could cause these results to differ are included on page 2 of the second quarter 2025 earnings deck. Unless otherwise noted, all comparisons are year-over-year.

今天的討論可能還包括有關我們期望的前瞻性陳述。這些結果可能與所述的結果不同，可能導致這些結果不同的最重要因素包含在 2025 年第二季財報的第 2 頁。除非另有說明，所有比較均為同比。

And now I will turn the call over to Michael Battaglia, President and CEO, Blink Charging. Please go ahead, Mike.

現在我將電話轉給 Blink Charging 總裁兼執行長 Michael Battaglia。請繼續，麥克。

All right. Great. Thanks, Vitalie, and good afternoon, everyone. We certainly appreciate you joining us today, and we have several developments to discuss. But before we dive into the financial performance for the second quarter, I want to take a moment to welcome several new members to the Blink leadership team, each of whom brings critical experience and capabilities that align with our strategy to establish Blink as a profitable technology-driven leader in EV charging.

好的。偉大的。謝謝，維塔利，大家下午好。我們非常感謝您今天加入我們，我們有幾個進展需要討論。但在我們深入研究第二季度的財務表現之前，我想花點時間歡迎幾位新成員加入 Blink 領導團隊，他們每個人都帶來了重要的經驗和能力，這些經驗和能力與我們的戰略相一致，即將 Blink 打造為電動汽車充電領域盈利的技術驅動型領導者。

We began our personnel changes in February when we introduced Chris Carr as our new Senior Vice President of Sales and Business Development. And Chris and his team are already achieving meaningful progress, expanding our sales footprint and win rate and which is certainly evidenced in our Q2 revenue results.

我們在二月開始進行人事變動，當時我們任命克里斯卡爾 (Chris Carr) 為新的銷售和業務發展高級副總裁。克里斯和他的團隊已經取得了有意義的進展，擴大了我們的銷售範圍和成功率，這在我們的第二季收入結果中得到了充分證明。

Additionally, I'd like to welcome Michael Bercovich, who joined Blink on June 23 is our new Chief Financial Officer. Michael brings over 20 years of global experience, leading finance and accounting organizations through periods of significant growth and transformation.

此外，我還要歡迎 Michael Bercovich，他於 6 月 23 日加入 Blink，擔任我們的新任財務長。Michael 擁有超過 20 年的全球經驗，帶領財務和會計組織經歷了重大成長和轉型時期。

He is a strategic, operationally focused leader with a proven track record of driving value creation. Over the course of his career, Michael has successfully raised and deployed over $250 million in capital through venture, private equity, family offices and institutional investors. In his short tenure, he has already introduced a new level of financial discipline and accountability to Blink.

他是一位注重策略和營運的領導者，在推動價值創造方面有著良好的記錄。在他的職業生涯中，麥可透過創投、私募股權、家族理財室和機構投資者成功籌集並部署了超過 2.5 億美元的資金。在他短暫的任期內，他已經為 Blink 帶來了全新水平的財務紀律和責任制。

Also joining Blink recently is Harmeet Singh, our new Chief Technology Officer. Harmeet joined Blink through our recent acquisition of Zemetric, which I'll touch on shortly. As the founder and CEO of Zemetric and in his previous roles, Harmeet has been a pioneer in EV charging innovation.

最近加入 Blink 的還有我們的新任技術長 Harmeet Singh。Harmeet 因我們最近收購 Zemetric 而加入了 Blink，我稍後會詳細介紹。作為 Zemetric 的創始人兼首席執行官，以及在其先前的職位中，Harmeet 一直是電動車充電創新的先驅。

His prior leadership roles at Shell and Greenlots have equipped him with deep industry knowledge that will be instrumental as we continue to advance Blink's technology platform in alignment with our Blink Forward strategic road map.

他之前在殼牌和 Greenlots 擔任的領導職務為他提供了深厚的行業知識，這對於我們繼續按照 Blink Forward 戰略路線圖推進 Blink 的技術平台至關重要。

In Europe, we recently promoted Alex Calnan to lead our operations across the region. Alex previously oversaw our UK market and is succeeding Miko de Haan. These appointments reflect our commitment to building a results-oriented, aggressive and future-looking leadership team to accelerate Blink's transition to a profitable EV charging company, powered by innovation, operational discipline and customer-centric services. Some of these leaders have only been with us for a few weeks, yet they're already making a tangible impact across the organization.

在歐洲，我們最近提拔了 Alex Calnan 來領導我們在整個地區的業務。Alex 之前負責我們的英國市場，並將接替 Miko de Haan。這些任命反映了我們致力於建立一支以結果為導向、積極進取、著眼於未來的領導團隊，以加速 Blink 向一家盈利的電動車充電公司的轉型，並以創新、營運紀律和以客戶為中心的服務為動力。其中一些領導者只與我們共事幾週，但他們已經對整個組織產生了實際的影響。

Now turning to our second quarter results. As we mentioned on our first quarter call in May, after a slow start for product sales in the early months of 2025, we began to see momentum pick up as we enter the second quarter. With that return to product momentum, combined with the continued strength of service revenue, our second quarter results showed strong sequential growth.

現在來看看我們的第二季業績。正如我們在 5 月第一季電話會議上提到的那樣，在 2025 年初幾個月產品銷售起步緩慢之後，進入第二季度，我們開始看到成長勢頭回升。隨著產品動能的恢復，加上服務收入的持續強勁，我們的第二季業績呈現強勁的環比成長。

In fact, in Q2, we achieved solid growth across the business, with total revenues growing 38% sequentially. Product revenues growing 73% when compared to Q1 of 2025. Services revenue experiencing another strong quarter, growing 46% year-over-year, and 11% compared to the first quarter of '25, and other revenues growing 47% year-over-year.

事實上，在第二季度，我們的整個業務都實現了穩健的成長，總收入環比增長了 38%。與 2025 年第一季相比，產品收入成長 73%。服務收入再創佳績，年增 46%，較 2025 年第一季成長 11%，其他營收年增 47%。

On the product side, 73% growth in sequential revenue was primarily driven by strong demand for our DC fast chargers and level 2 series units. As I just mentioned, we began seeing signs of demand improvement at the start of the second quarter, and that materialized across April, May and June.

在產品方面，連續收入成長 73% 主要得益於對我們的直流快速充電器和 2 級系列設備的強勁需求。正如我剛才提到的，我們在第二季初開始看到需求改善的跡象，並且在 4 月、5 月和 6 月得以實現。

Record growth in services revenue reflects increased demand for our charging and network services in both Europe and the United States. We continue to see strong opportunities to identify, build, own and operate profitable charging sites with an emphasis on DC fast charging. This trend is evident in energy distributed across our networks. During the quarter, Blink delivered a record 49 gigawatt hours of energy, representing a 66% year-over-year increase.

服務收入的創紀錄成長反映了歐洲和美國對我們的充電和網路服務的需求增加。我們繼續看到了尋找、建造、擁有和運營盈利充電站的強大機會，重點是直流快速充電。這種趨勢在我們網路中分配的能源中很明顯。本季度，Blink 輸送了創紀錄的 49 千兆瓦時的能源，年增 66%。

Turning to slide 5. You'll see the consistent growth trajectory of our charging revenue over the last several quarters from Q2 2024 through Q2 2025. Service revenue reached $11.8 million in the second quarter, up 46% year-over-year, and increasing 11% sequentially from Q1.

翻到幻燈片 5。您會看到，從 2024 年第二季到 2025 年第二季的過去幾季中，我們的充電收入呈現持續成長的軌跡。第二季服務營收達到 1,180 萬美元，年增 46%，季增 11%。

This performance reflects higher charger utilization, growth in our portfolio of Blink-owned assets and importantly, increased contributions from DC fast chargers. In fact, revenue from Blink owned DC chargers increased by more than 300% in the second quarter of 2025 versus prior year, driven by increased utilization and a higher number of units in the field, totaling approximately 150 in the US.

這項績效反映了充電器利用率的提高、Blink 旗下資產組合的成長，以及更重要的是直流快速充電器貢獻的增加。事實上，由於利用率提高和現場設備數量增加（美國總計約 150 台），Blink 擁有的直流充電器的收入在 2025 年第二季度比上年增長了 300% 以上。

Turning to slide 6. I want to provide an update on our progress to reduce operating expenses under the Blink Forward initiative. Our focus on operating discipline and capital efficiency is designed to preserve liquidity while allowing us to invest in high-impact areas that drive both customer value and financial performance, and we are already seeing measurable impact.

翻到幻燈片 6。我想介紹一下我們在「Blink Forward」計畫下降低營運費用方面取得的進展。我們專注於營運紀律和資本效率，旨在保持流動性，同時讓我們投資於能夠推動客戶價值和財務表現的高影響力領域，而且我們已經看到了可衡量的影響。

I'll note, as Michael Bercovich will cover in a few minutes, we did incur largely one-time non-cash charges of $16.5 million during the second quarter. This amount includes noncash charges related to a write-off of inventory and other asset impairment as well as an increase in the reserve for doubtful accounts receivable.

我要指出的是，正如邁克爾·伯科維奇幾分鐘後將要談到的，我們在第二季度確實產生了 1650 萬美元的一次性非現金費用。該金額包括與庫存註銷和其他資產減值有關的非現金費用以及壞帳準備金的增加。

However, and this is important, we achieved a 22% reduction in compensation expense during the second quarter -- excuse me, during the second quarter, and our second quarter operating expenses include approximately $8 million in non-recurring expenses.

然而，重要的是，我們在第二季度實現了薪酬費用減少 22%——對不起，是在第二季度，我們的第二季度營運費用包括約 800 萬美元的非經常性費用。

These expenses will be eliminated in future quarters with the completion of our previously announced workforce reduction and scaling down of outside consulting engagements. Our focus remains on aligning our cost and cash burn structures with our long-term objectives, driving operational efficiency and positioning the company to realize consistent revenue growth and eventual profitability.

隨著我們先前宣布的裁員和減少外部諮詢業務的完成，這些費用將在未來幾季消除。我們的重點仍然是將我們的成本和現金消耗結構與我們的長期目標相結合，提高營運效率並使公司實現持續的收入成長和最終的獲利能力。

Turning to slide 7. As part of our strategic evolution, in July, we announced our acquisition of Zemetric, a charging infrastructure company with hardware and software charging solutions that address fleet, multifamily and commercial applications.

翻到幻燈片 7。作為我們策略發展的一部分，我們在 7 月宣布收購 Zemetric，這是一家充電基礎設施公司，提供車隊、多戶家庭和商業應用的硬體和軟體充電解決方案。

As we mentioned on last quarter's call, Blink identified a critical gap in our product portfolio. We were missing a viable offering for price-sensitive market segments. Among its other capabilities, Zemetric brings an intelligent and interoperable AC level 2 product, which immediately fills that gap. The single plugs a Zemetric L2 chargers are expected to achieve UL certification in the coming weeks and reach volume production in October.

正如我們在上個季度的電話會議上提到的，Blink 發現了我們產品組合中的一個關鍵差距。我們缺少針對價格敏感型細分市場的可行產品。除此之外，Zemetric 還帶來了智慧且可互通的 AC 2 級產品，可立即填補這一空白。單插頭 Zemetric L2 充電器預計在未來幾週內獲得 UL 認證，並於 10 月實現量產。

In short, we identified a deficiency and we addressed it while accelerating time to market. In addition, the Zemetric software platform brings new capabilities to Blink in our network. Their technology driven by AI was designed with a fleet first approach that simplifies integrations and helps fleets to lower their total cost of ownership.

簡而言之，我們發現了缺陷，並在加快產品上市時間的同時解決了它。此外，Zemetric 軟體平台為我們網路中的 Blink 帶來了新功能。他們的人工智慧技術採用車隊優先的方法設計，簡化了整合並幫助車隊降低整體擁有成本。

It also features advanced load management capabilities that combine fleet charging with grid services, smoothing out charging loads on the grid, so customers can avoid expensive infrastructure upgrades.

它還具有先進的負載管理功能，將車隊充電與電網服務相結合，平滑電網的充電負載，因此客戶可以避免昂貴的基礎設施升級。

Finally, both the Blink platform and Zemetric platforms support interoperability using open standards, which helps to make integration more seamless. And Along with Harmeet joining as our CTO, we are pleased to welcome Bonnie Datta, who joins Blink as Senior VP of Global Commercial Operations; and Kapil Singhi, our new Vice President of Hardware and Firmware Engineering.

最後，Blink 平台和 Zemetric 平台都支援使用開放標準的互通性，這有助於使整合更加無縫。隨著 Harmeet 加入我們擔任首席技術官，我們很高興歡迎 Bonnie Datta 加入 Blink 擔任全球商業營運高級副總裁；以及 Kapil Singhi，我們新任硬體和韌體工程副總裁。

Slide 8 highlights another significant development. On July 17, 2025, we entered into a non-binding term sheet with Axxeltrova, a private equity firm in the UK to form up to GBP100 million special purpose vehicle, or SPV, to accelerate EV infrastructure deployments in the UK under the local electric vehicle infrastructure or LEVI program. Blink has already secured multiple contracts with local councils.

第 8 張投影片重點介紹了另一個重大發展。2025 年 7 月 17 日，我們與英國私募股權公司 Axxeltrova 簽署了一份不具約束力的條款清單，以組建高達 1 億英鎊的特殊目的公司（SPV），以加速英國在當地電動汽車基礎設施或 LEVI 計劃下的電動汽車基礎設施部署。Blink 已經與當地議會簽訂了多份合約。

This SPV structure enables us to deliver the equipment and services required under the LEVI program. We are currently negotiating the terms of a definitive agreement with Axxeltrova. This agreement aligns with our strategy to leverage non-dilutive off-balance sheet capital and underscores our commitment to profitability and capital efficiency, which are core tenets of the Blink Forward framework.

這種 SPV 結構使我們能夠提供 LEVI 計劃所需的設備和服務。我們目前正在與 Axxeltrova 協商最終協議的條款。該協議符合我們利用非稀釋性表外資本的策略，並強調了我們對獲利能力和資本效率的承諾，這是 Blink Forward 框架的核心原則。

And on slide 9, and in a very important milestone that we announced a week ago, Blink recently resolved the uncertainty around our Envoy subsidiary with an amendment to our previously planned merger agreement that provides a clear path forward.

在第 9 張投影片上，在我們一週前宣布的一個非常重要的里程碑中，Blink 最近透過對我們先前計劃的合併協議的修訂解決了我們 Envoy 子公司的不確定性，從而提供了明確的前進道路。

In short, we reached an agreement with the former shareholders of Envoy, our wholly owned car sharing services subsidiary, which released Blink from its payment obligations and liability in exchange for stock and performance-based warrants.

簡而言之，我們與我們全資擁有的汽車共享服務子公司 Envoy 的前股東達成協議，以股票和基於績效的認股權證換取 Blink 的付款義務和責任。

The amended agreement provides that our sole remaining payment obligation is satisfied and that Blink will be released from all claims and liabilities, following the issuance of $10 million in shares of company common stock and warrants exercisable for shares of company common stock, with an aggregate notional value of $11 million divided into three tranches with vesting conditions based on defined stock price achievements.

修改後的協議規定，我們唯一剩餘的付款義務已得到滿足，並且 Blink 將免除所有索賠和責任，同時發行價值 1000 萬美元的公司普通股和可行使的公司普通股認股權證，總名義價值為 1100 萬美元，分為三部分，歸屬條件基於定義的股價成就。

And these defined stock price achievements are warrants valued at $2.5 million that vest if Blink's stock trades at $1.70, another $2.5 million vests at $2.10, and the last $6 million vests at $4.85. Each share price milestone must be achieved for seven consecutive trading days, and the warrants will expire 20 months after their issuing statement.

這些確定的股價成就指的是價值 250 萬美元的認股權證，如果 Blink 股價達到 1.70 美元，則認股權證將歸屬；如果 Blink 股價達到 2.10 美元，則認股權證將歸屬；如果 Blink 股價達到 4.85 美元，則認股權證將歸屬。每個股價里程碑必須連續七個交易日實現，認股權證將在發行聲明發布後 20 個月到期。

We're very pleased to have reached this agreement with Envoy shareholders, and we would like to reiterate that Blink remains debt-free. With that, I'll now turn the call over to Michael Bercovich, our new CFO, to provide further detail on our financial performance for the quarter. Michael?

我們很高興與 Envoy 股東達成這項協議，我們想重申 Blink 仍然沒有債務。現在，我將把電話轉給我們的新任財務長 Michael Bercovich，以提供更多有關本季財務表現的詳細資訊。麥可？

Thank you, Mike, and good afternoon, everyone. I'm pleased to join you today in my first earnings call as the CFO of Blink. He's been an energizing and educational few weeks transitioning into the company. And what became immediately evident was the commitment to innovation, excellence and collaboration throughout the organization.

謝謝你，麥克，大家下午好。我很高興今天能以 Blink 財務長的身份參加我的第一次財報電話會議。在融入公司的這幾周里，他充滿活力，並學到了很多東西。而顯而易見的是整個組織對創新、卓越和協作的承諾。

The culture that Mike and the leadership team we have built is a strategic asset, one that underpins both our customer-centric approach and our focus on execution excellence, in a fast evolving market. Since joining, I've been engaged with the team in a detailed review of our operations, finance structure and strategic priorities.

麥克和我們領導團隊所建立的文化是一項策略資產，在快速發展的市場中，它支撐著我們以客戶為中心的方法和對卓越執行的關注。自加入以來，我一直與團隊一起詳細審查我們的營運、財務結構和策略重點。

My focus is not only on driving efficiencies, but also in ensuring that every decision supports long-term growth, operational excellence, and our drive to profitability. I am confident that by working together, we can unlock Blink's full potential and deliver some incredible growth.

我的重點不僅在於提高效率，還在於確保每個決策都支援長期成長、卓越營運和獲利動力。我相信，透過共同努力，我們可以釋放 Blink 的全部潛力並實現令人難以置信的成長。

With that said, let's turn to slide 11. Our Q2 2025 revenues were $28.7 million compared to $33.3 million in the second quarter of prior year. Product revenues for the second quarter of 2025 were $14.5 million compared to $23.6 million in the second quarter of 2024.

話雖如此，讓我們翻到第 11 張投影片。我們的 2025 年第二季營收為 2,870 萬美元，而去年同期第二季的營收為 3,330 萬美元。2025 年第二季的產品收入為 1,450 萬美元，而 2024 年第二季的產品收入為 2,360 萬美元。

As Mike mentioned, sequentially, product revenues grew 73%, driven by stronger demand for DC and L2 chargers. Second quarter service revenues, which consists of repeat charging service revenues, recurring network fees and car sharing revenues increased 46% to $11.8 million compared to $8 million in the second quarter of 2024.

正如 Mike 所提到的，受 DC 和 L2 充電器需求強勁的推動，產品收入環比增長 73%。第二季服務收入（包括重複充電服務收入、經常性網路費用和汽車共享收入）與 2024 年第二季的 800 萬美元相比成長 46%，達到 1,180 萬美元。

Other revenues were up 47% year-over-year to $2.4 million in the second quarter, primarily driven by an increase in our warranty revenue. Gross profit was $2.1 million or 7.3% of revenues compared to gross profit of $10.7 million or 32% of revenues in the second quarter of 2024.

第二季其他營收年增 47% 至 240 萬美元，主要得益於保固收入的成長。毛利為 210 萬美元，佔營收的 7.3%，而 2024 年第二季的毛利為 1,070 萬美元，佔營收的 32%。

The decline in gross profit can be explained by several non-cash non-recurring items, which include $4.7 million in inventory adjustments related to the removal and disposal of obsolete inventory identified during field operations. These items were either sold or used value or removed entirely from the operational cycle as a part of our ongoing product and service optimization.

毛利的下降可以用幾個非現金非經常性項目來解釋，其中包括與現場作業期間發現的過時庫存的清除和處置有關的 470 萬美元的庫存調整。作為我們正在進行的產品和服務優化的一部分，這些物品要么被出售，要么被使用，要么完全從營運週期中移除。

In addition, $1.7 million related to a non-cash write-down of capitalized costs associated with older and complete projects, these assets originally held in PP&E pending completion, no longer aligned with our strategic or operational requirements and have been fully disposed.

此外，170 萬美元與與較舊和已完成項目相關的資本化成本的非現金減記有關，這些資產最初在 PP&E 中持有，等待完工，不再符合我們的戰略或運營要求，已被全部處置。

Excluding the impact of this non-cash adjustments, gross profit for the second quarter of 2025 would have been $8.5 million or a gross margin of 29.7%. Operating expenses in the second quarter of 2025 were $34.3 million compared to $31.4 million in the second quarter of 2024.

不包括這些非現金調整的影響，2025 年第二季的毛利將為 850 萬美元，毛利率為 29.7%。2025 年第二季的營運費用為 3,430 萬美元，而 2024 年第二季的營運費用為 3,140 萬美元。

In the first six months of 2025, operating expenses were $62.8 million compared to $62.3 million in the first half of 2024. Operating expenses in the second quarter of 2025 include approximately $10.1 million in non-cash charges associated primarily with the increased reserve for doubtful account receivables as well as an asset impairment charge. Excluding the impact of these charges, operating expenses in the second quarter of 2025 would have been $24.2 million for a year-over-year improvement of 23%.

2025 年上半年，營運費用為 6,280 萬美元，而 2024 年上半年為 6,230 萬美元。2025 年第二季的營運費用包括約 1,010 萬美元的非現金費用，主要與增加的壞帳準備金以及資產減損費用有關。不計這些費用的影響，2025 年第二季的營運費用將為 2,420 萬美元，年增 23%。

Operating expenses in the second quarter of 2025 also included various compensation and professional services expenses of approximately $5 million that we eliminated on a going-forward basis and is a part of the Blink Forward initiative.

2025 年第二季的營運費用還包括約 500 萬美元的各種薪資和專業服務費用，這些費用是我們在未來消除的，是 Blink Forward 計畫的一部分。

Loss per share for the second quarter was $0.31 compared to $0.20 loss in the prior year period. Adjusted loss per share for the second quarter was $0.26 per share compared to $0.18 loss in the second quarter of 2024.

第二季每股虧損 0.31 美元，去年同期每股虧損 0.20 美元。第二季調整後每股虧損為 0.26 美元，而 2024 年第二季每股虧損為 0.18 美元。

Adjusted EBITDA for the second quarter of 2025 was a loss of $24.4 million compared to a loss of $14.7 million in the prior year. As of June 30, 2025, cash and cash equivalents totaled $25.3 million compared to $55 million as of December 31, 2024. Blink had no cash debt as of June 30, 2025.

2025 年第二季調整後 EBITDA 虧損 2,440 萬美元，而去年同期虧損 1,470 萬美元。截至 2025 年 6 月 30 日，現金及現金等價物總額為 2,530 萬美元，而截至 2024 年 12 月 31 日為 5,500 萬美元。截至 2025 年 6 月 30 日，Blink 沒有現金債務。

During the first half of the year, we used approximately $30 million in cash. Looking ahead, we expect that this burn rate to decrease in the second half of the year, driven by three key factors. Revenue growth, based on the current visibility, Blink expects revenue to show continued sequential growth in the second half of 2025.

上半年我們使用了大約3000萬美元的現金。展望未來，我們預計下半年資金消耗率將會下降，主要受三個關鍵因素的推動。營收成長，基於目前的可見性，Blink 預計營收將在 2025 年下半年繼續保持連續成長。

Lower operating expenses, reflecting disciplined cost management and the benefit of efficiency initiatives already in play. And lastly, improved working capital practices, particularly around receivables management, where we have already implemented stronger practices to accelerate receivables collection and reduce age balances.

降低營運費用，反映嚴格的成本管理和已在實施的效率措施帶來的好處。最後，我們改進了營運資金實踐，特別是在應收帳款管理方面，我們已經實施了更強有力的實踐，以加快應收帳款的收集並減少帳齡餘額。

I will now turn it back over to Mike for his final commentary. Go ahead, Mike.

現在我將把話題交還給麥克，請他發表最後的評論。繼續吧，麥克。

All right. Great. Thank you, Michael. Regarding market conditions, I'm sure you've all been following the prolific amount of public information detailing EV sales, OEM investments in EV technology and the performance of other EV charging companies, which seems to change almost daily.

好的。偉大的。謝謝你，麥可。關於市場狀況，我相信你們都在關注大量的公開信息，這些信息詳細介紹了電動汽車的銷售情況、原始設備製造商對電動汽車技術的投資以及其他電動汽車充電公司的業績，這些信息似乎幾乎每天都在變化。

The only thing I'll mention is that we believe industry consolidation will accelerate in the coming months and we expect the landscape to look quite different over the next year and beyond. At Blink, we are intensely focused on what we can control, staying nimble in the face of changing market dynamics and ensuring that we deliver the right products and services to our customers.

我唯一要提到的是，我們相信未來幾個月行業整合將加速，我們預計明年及以後的情況將大不相同。在 Blink，我們高度專注於我們能夠控制的事情，在不斷變化的市場動態面前保持靈活，並確保向客戶提供正確的產品和服務。

When we last spoke on the Q1 call, we told you that we were seeing favorable demand signals and expected to deliver sequential sales growth in the second quarter, and we're pleased to have achieved that expectation.

上次我們在第一季電話會議上談到，我們看到了有利的需求訊號，預計第二季的銷售額將連續成長，我們很高興能夠實現這一預期。

We also told you about a gap we had in our product portfolio related to lower cost charges, and we filled that gap with the Zemetric acquisition, which brought a ready-to-market product that essentially eliminated our anticipated new product development costs and significantly reduced our time to market with new value-priced products.

我們也告訴您，我們的產品組合在降低成本費用方面存在差距，我們透過收購 Zemetric 填補了這一差距，這帶來了一種可立即上市的產品，從根本上消除了我們預期的新產品開發成本，並大大縮短了我們向市場推出具有高性價比新產品的時間。

Finally, we emphasized our focus on cost reduction actions, and we have achieved meaningful progress in that area as well. During the quarter, we initiated actions that are expected to reduce operating expenses by $8 million on an annualized basis.

最後，我們強調了對降低成本行動的關注，並且我們在該領域也取得了有意義的進展。在本季度，我們採取了一些措施，預計將減少年度營運費用 800 萬美元。

In the short term, those actions resulted in charges that impacted our total operating expenses in the quarter, but we believe the long-term benefits will be evident in our more streamlined and efficient organization. We are intent on positioning the company as the EV charging provider of choice for customers, partners and investors.

短期內，這些措施將對我們本季的總營運費用產生影響，但我們相信，長期效益將在我們更精簡和高效的組織中顯現出來。我們致力於將公司定位為客戶、合作夥伴和投資者的首選電動車充電提供者。

We are energized by the momentum we see in the business, and we expect revenue to show continued sequential growth in the second half of 2025. None of this would have been possible without a dedicated team at Blink.

業務發展勢頭令我們充滿活力，我們預計 2025 年下半年營收將持續維持較上季成長。如果沒有 Blink 的專業團隊，這一切都不可能實現。

I'd like to thank our team for their efforts during the quarter, which resulted in Q2 revenues growing 38% sequentially, including another record quarter of service revenues. We are positioning this company for success, and we thank our customers, investors and partners who believe in Blink.

我要感謝我們團隊在本季的努力，這使得第二季營收季增 38%，其中服務收入再創紀錄。我們正在為這家公司的成功做好準備，我們感謝相信 Blink 的客戶、投資者和合作夥伴。

With that, let's move on to Q&A. Operator?

接下來，讓我們進入問答環節。操作員？

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（操作員指示） Craig Irwin，Roth Capital Partners。

Good evening, and thanks for taking my questions. First, I should say, congratulations on the solid revenue results. It's nice to see some upside there. Michael, I wanted to ask about the gross margins, right? So you had strength in DC fast charging in the quarter, and those typically tend to be materially lower margin than the corporate average.

晚上好，感謝您回答我的問題。首先，我要對穩健的收入績效表示祝賀。很高興看到那裡有一些好處。邁克爾，我想問毛利率，對嗎？因此，本季度您在直流快速充電方面表現出色，而這些業務的利潤率通常明顯低於企業平均水平。

So I was quite surprised to see adjusted margins at 30%. Can you maybe update us on whether or not this margin difference is still material? And what were the puts and takes on gross margins in the quarter?

因此，當我看到調整後的利潤率達到 30% 時，我感到非常驚訝。您能否告訴我們這個利潤差異是否仍然重要？本季的毛利率有何變化？

Yeah, I'll take a first shot at that, and then if Michael Bercovich wants to weigh in certainly can. So first of all -- Craig, good to talk to you. So first of all, the most important thing that we can say about this quarter, which probably was certainly a concern for investors out there is that what was going to happen in the second quarter, was the business going to move forward? Was it going to continue with a similar trend that was Q1.

是的，我會先嘗試一下，然後如果邁克爾·伯科維奇願意參與的話當然可以。首先——克雷格，很高興與您交談。因此，首先，關於本季我們可以說的最重要的事情，這肯定是投資者關心的問題，那就是第二季將會發生什麼，業務是否會向前發展？它是否會延續第一季的類似趨勢？

And the good news is that we see momentum in the business and we're growing again. So strong Q2 revenue, as you mentioned, on an adjusted basis, about a 30% gross margin. Yes, that was driven by a higher mix of DC fast chargers which tend to have a lower gross margin profile.

好消息是，我們看到了業務的發展勢頭，並且我們正在再次成長。因此，正如您所說，第二季度的收入強勁，按調整後計算，毛利率約為 30%。是的，這是由於直流快速充電器的比例較高，而直流快速充電器的毛利率往往較低。

As we go forward, we do anticipate our DC fast charging sales to continue to grow, and there are obviously high ticket items. However, counteracting that in terms of from a margin perspective is that our Series product line obviously carries higher margins than the DC line.

隨著我們的發展，我們確實預計我們的直流快速充電銷售將繼續成長，而且顯然會有高價商品。然而，從利潤角度來看，與此相反的是，我們的系列產品線的利潤率顯然高於直流產品線。

And also, this a metric product will also help with a higher-margin product profile. So it depends on what the mix is going forward, and we don't quite have the visibility yet on what that's going to look like. But we expect margins to remain at what I'll call historically healthy Blink levels.

此外，這種公制產品也有助於提高產品利潤率。所以這取決於未來的組合情況，而我們目前還不清楚它會是什麼樣子。但我們預計利潤率將維持在我所說的歷史健康的 Blink 水準。

That's a good thing. That's definitely a good thing. So then you said in your prepared remarks that you expect sequential growth through the end of the year. Your charging service revenue has just been growing great, right? You've really been delivering there consistently, and that's the network and utilization working for you.

這是一件好事。這絕對是好事。那麼，您在準備好的發言中說過，您預計到今年年底將實現連續成長。你們的充電服務收入最近成長得很快，對吧？您確實一直在那裡持續提供服務，這是網路和利用率為您帶來的成果。

Can you maybe just give us a little bit of color on product sales and in the other revenue as far as probable progression there through the end of the year. Are we expecting product sales to be the primary driver of the sequential growth for the next couple of quarters?

您能否向我們介紹產品銷售和其他收入方面的情況，以及今年年底可能出現的發展？我們是否預期產品銷售將成為未來幾季連續成長的主要驅動力？

So in the first quarter, Craig, during the first quarter call, I said that hey, we were going to do better in the second quarter. I didn't say how much better. I just think we were going to do better. And I'm going to say the same thing this time. We're going to do better in the second half of the year than we did even in the first half of the year. Now the kind of the magnitude of that, I'm not going to comment on.

因此，在第一季度，克雷格，在第一季度電話會議期間，我說，嘿，我們在第二季度會做得更好。我沒說好多少。我只是認為我們會做得更好。這次我也會說同樣的話。我們下半年的表現會比上半年好。現在我不想評論這件事的嚴重程度。

Now in terms of sort of the mix, we do expect product sales to continue to be a significant part of the mix going forward. But as is evidenced in these Q2 results, we think it's going to be a broad-based improvement. So we're going to see improvement in product sales. We're going to continue to see improvement in service revenues and other revenues.

現在就產品組合而言，我們確實預期產品銷售將繼續成為未來產品組合的重要組成部分。但正如第二季業績所證明的那樣，我們認為這將是一次廣泛的改善。因此我們將看到產品銷售的改善。我們將繼續看到服務收入和其他收入的改善。

And we're taking actions across the business, both on the product sales side as well as on the charging services side to do what we can to bolster margins. So I -- without getting too many specifics, I think you'll see is that the improvement will be broad-based, and it won't be in just one particular area.

我們正在整個業務範圍內採取行動，包括產品銷售方面以及充電服務方面，盡我們所能提高利潤率。因此，我——無需了解太多細節，我想你會看到，這種改善將是廣泛的，而不只是在某一特定領域。

Excellent. That makes sense. Then last question, if I may. Cash flows you did suggest also in the prepared remarks that we should see some substantial improvement through the end of the year. Can you talk about -- obviously, this quarter, you've got working capital out. You did a good job overall.

出色的。這很有道理。如果可以的話，那麼最後一個問題。您在準備好的評論中也確實提到了現金流，到年底我們應該會看到一些實質的改善。您能談談嗎——顯然，本季您已經使用了營運資金。整體來說你做得很好。

But I know there are expenses when you're restructuring companies that are both cash and non-cash as things move around, right? So can you maybe help us understand the puts and takes on cash flow for the third and fourth quarters. And I don't know if you can get quantitative for us, but -- is there a potential for us to see substantial progress towards neutral cash use over the next number of quarters?

但我知道，隨著情況的變化，重組公司時會產生現金和非現金費用，對嗎？那麼，您能否幫助我們了解第三季和第四季的現金流的損失和承擔？我不知道您是否可以為我們提供量化的數據，但是—我們是否有可能在未來幾季內看到中性現金使用方面取得實質進展？

All right. I'll let Michael Bercovich jump in, and I may comment. Michael, go ahead. Yeah.

好的。我會讓邁克爾·伯科維奇 (Michael Bercovich) 加入，然後我可能會發表評論。邁克爾，說吧。是的。

Yeah. Yeah, hi Craig, thank you for your question. So we ended up the quarter with $25.3 million burning $16.7 million in the quarter. This is not a normal run rate. And some of that, as we said, relates to going forward initiative exit costs and some has already improved with the improvement in working capital practices.

是的。是的，嗨，克雷格，謝謝你的提問。因此，本季結束時我們的總支出為 2,530 萬美元，而本季的消耗為 1,670 萬美元。這不是正常的運作率。正如我們所說，其中一些問題與未來的主動退出成本有關，而有些問題已經隨著營運資金實踐的改善而改善。

Q2 burn also included $5 million in compensation and professional services costs that are not expected to recur in Q3 and Q4. Additionally, our headcount reduction actions will result in approximately $8 million annualized cash cost savings going forward.

第二季的支出還包括 500 萬美元的薪資和專業服務成本，預計這些成本不會在第三季和第四季再次出現。此外，我們的裁員行動將在未來帶來約 800 萬美元的年度現金成本節約。

We have actively been improving our AR collections, and have been making significant strides in collecting our outstanding receivables. While we are not providing guidance right now, we already see improvements in cash and expect Q3 to be better than Q1 and Q2, and along with other financial elements as we discussed on the call.

我們一直在積極改善應收帳款收集工作，並在收取未償應收帳款方面取得了重大進展。雖然我們目前沒有提供指導，但我們已經看到現金狀況的改善，預計第三季將比第一季和第二季更好，並且正如我們在電話會議上討論的那樣，其他財務因素也會更好。

Excellent. Well, congrats on the progress. I'll go ahead and hop back in the queue.

出色的。好吧，恭喜你取得進展。我將繼續並重新回到隊列中。

Sameer Joshi, HC Wainwright.

薩米爾喬希、HC溫賴特。

Hey, good afternoon, Mike. Welcome, Michael, to the team. Thanks for taking my questions. So just a clarification on the Envoy sort of restructuring or settlement. On the balance sheet, I think there is a contingent consideration of around $23.5 million as of June 30. So this transaction basically gets rid of that and maybe there are some warrant liabilities but apart from that, that $23.5 million is wiped out. Is that the way we should look at those?

嘿，下午好，麥克。歡迎麥可加入團隊。感謝您回答我的問題。因此，我只是想澄清一下 Envoy 的重組或解決方式。在資產負債表上，我認為截至 6 月 30 日的或有對價約為 2,350 萬美元。因此，這筆交易基本上消除了這些債務，也許還有一些認股權證債務，但除此之外，那 2,350 萬美元就消失了。我們應該這樣看待這些嗎？

Yeah. And it doesn't basically get rid of it. It gets rid of it.

是的。但從根本上來說它並沒有消除它。它可以消除它。

Yeah, okay.

嗯，好的。

Yeah, I just want to clarify that because it's really an important -- it's an important thing that I think has been kind of hanging over the company a bit. So was there an additional question here, Sameer, or --

是的，我只是想澄清這一點，因為這確實是一件重要的事情——我認為這是一件懸在公司頭上的重要事情。那麼，Sameer，這裡還有其他問題嗎？或者--

Yeah, yeah. a little bit of what kind of warranty -- sorry, not warranty, warrant liability is left.

是的，是的。有一點什麼樣的保固——抱歉，不是保修，剩下的是保固責任。

Okay. Yeah.

好的。是的。

Yes, let me take this. Yeah. So as Mike explained, this transaction has two sales. One is the $10 million in -- that we are issuing. And then the other one is performance-based warrants.

是的，讓我來拿這個。是的。正如麥克所解釋的，這筆交易有兩筆銷售。一是我們正在發行的 1000 萬美元。另一個是基於績效的認股權證。

If you see in our press release, we have three tranches of $2.5 million, $2.5 million and $6 million at certain performance prices. Once we hit those prices, then we will be converting the warrants.

如果您看到我們的新聞稿，我們會以特定的績效價格提供三筆款項，分別為 250 萬美元、250 萬美元和 600 萬美元。一旦我們達到這些價格，我們就會轉換認股權證。

Now the other important information is those warrrants also limited in time for 20 months from the issuance. And this is how the transaction has been structured. We're very pleased with the way that we settled the transaction and it's definitely a balance sheet transaction for us.

現在另一個重要資訊是這些認股權證的有效期自發行之日起也有 20 個月的限制。這就是交易的結構。我們對此交易的結算方式非常滿意，對我們來說這絕對是一筆資產負債表交易。

Understood. Thanks for that. And then sort of a similar question for Zemetric. I don't know if you have disclosed what was paid, but the 10-Q does mention earn-outs. Do we -- has the company -- is the company willing to disclose what was paid and what is the earnout liability going forward for Zemetric?

明白了。謝謝。然後對於 Zemetric 也有一個類似的問題。我不知道您是否披露了支付的具體金額，但 10-Q 確實提到了盈利支付。我們——公司——是否願意披露已支付的金額以及 Zemetric 未來的盈利責任是什麼？

Yeah. So we're not going to disclose the specifics, but I will say that it was comparatively very little cash, mostly structured with stock. And the management team considered it to be a very advantageous deal structure.

是的。因此，我們不會透露具體細節，但我要說的是，現金相對較少，大部分都是股票。管理團隊認為這是一個非常有利的交易結構。

Got it. And then just one, last one on margins. I mean, yes, of course, congrats on the continued sequential growth in service revenues, it shows, I guess, greater utilization. But there is a European component to that. And how does the profitability on the gross margin level in Europe, fluctuate from time to time. I know electricity prices there or many times all over the place. How are you managing that profitability in Europe?

知道了。然後只剩下一個，最後一個關於邊緣的問題。我的意思是，是的，當然，祝賀服務收入持續連續增長，我想這表明利用率更高。但其中有歐洲因素。歐洲的毛利率水準獲利能力如何，時常波動。我知道那裡或各地的電價。您在歐洲如何管理獲利能力？

Yeah, I'll take a first stab, and then Michael, if you want to jump in. But what we've seen over the last couple of years and even into this year, is that overall, the European margins have remained pretty stable. We haven't seen wild fluctuations even despite the heavy owner operator mix of the business there.

是的，我會先嘗試，然後邁克爾，如果你想加入的話。但在過去幾年甚至今年，我們看到的是，歐洲的利潤率整體上保持相當穩定。儘管那裡的業務主要由業主和運營商組成，但我們並沒有看到劇烈的波動。

And when we look at growth -- so again, on a kind of consolidated basis for both regions, I think I'm -- correct me if I'm wrong here, Michael, but I think the US grew quarter-over-quarter of 47% and Europe grew 26%. So the US actually outpaced the growth from Europe, which we actually thought was kind of an interesting development.

當我們再次觀察兩個地區的成長情況時，我認為——如果我錯了請糾正我，邁克爾，但我認為美國環比增長了 47%，歐洲增長了 26%。因此，美國的成長速度實際上超過了歐洲，我們實際上認為這是一個有趣的發展。

Understood. Got it. Yeah, I'll take my other questions offline. Thanks for taking my questions.

明白了。知道了。是的，我會離線回答其他問題。感謝您回答我的問題。

Thanks.

謝謝。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon, everyone. Hope you're having a good evening. I just wanted to go a little deeper into the metric. I know it's come up a couple of times, but I just want to understand product revenues at length have sort of gone one direction, and I guess I just want to understand the products that you felt you didn't have at this point in time and you needed to go out and acquire?

嘿，大家下午好。希望您度過一個愉快的夜晚。我只是想更深入地了解這個指標。我知道這個問題已經出現過幾次了，但我只是想了解產品收入最終是朝著一個方向發展的，我想我只是想了解您覺得目前您沒有哪些產品，而您需要出去收購？

Or does this -- you get charging revenue from this? Or is this just pure equipment sales? Like what should we look for going forward here? And is this something that can be a tailwind to equipment growth? Or is that the wrong way to think about it? Like what's the right way to think about the benefits here?

或者說—您從中獲得了收費收入？或者這只是純粹的設備銷售？例如，我們接下來該尋找什麼？這是否會成為設備成長的順風？或者說，這是錯誤的思考方式？例如，如何正確思考這裡的好處？

Yeah, yeah. Yeah, thanks, Chris. So let me answer this. It's because it's actually a number of different things. So first of all, as we went through 2024, our revenue numbers were going in the wrong direction. Now that isn't for any one particular reason, but we know that one of the reasons is that we did not have kind of a cost optimized charger, what I will call it the lower end of the market for fleet and multifamily.

是啊是啊。是的，謝謝，克里斯。那麼就讓我來回答這個問題。因為它實際上是由許多不同的東西組成的。首先，當我們進入 2024 年時，我們的收入數字正朝著錯誤的方向發展。這並不是因為某個特定的原因，但我們知道其中一個原因是我們沒有一種成本優化的充電器，我稱之為車隊和多戶型市場的低端。

So we were -- we felt like we were missing business at the low end of the market. So first of all, the Zemetric product fills that. So when we looked at the cost profile of the charger that we were developing internally and the cost profile of the chargers that Zemetric had, we felt that we would be in a better position with Zemetric. So that's number one. So we believe that we'll capture more of the fleet and multifamily business going forward with that product.

所以我們——我們感覺我們在低端市場失去了業務。首先，Zemetric 產品可以滿足這項要求。因此，當我們查看我們內部開發的充電器的成本概況以及 Zemetric 擁有的充電器的成本概況時，我們認為使用 Zemetric 會處於更有利的地位。這是第一點。因此，我們相信，透過該產品，我們將獲得更多的車隊和多戶型業務。

Secondly, they bring interesting network technology that we think is innovative that can weave its way into the Blink's network. So there's a technology augmentation aspect to this. Then from a revenue perspective, it's a combination of products -- they do have revenue, by the way.

其次，他們帶來了有趣的網路技術，我們認為這種技術具有創新性，可以融入 Blink 的網路。因此，這其中存在著技術增強的面向。從收入角度來看，它是多種產品的組合——順便說一句，它們確實有收入。

It's a combination of product sales and what's called what we call the CPO business or charge point operator business, which is effectively network fees. So as an example, they manage somewhere in the neighborhood of 1,800 to 2,000 chargers in India. And that is what we call the CPO business. So we think we have an opportunity with the Zemetric platform to actually do more of that type of work in select markets.

它是產品銷售和我們所說的 CPO 業務或充電點營運商業務（實際上就是網路費用）的結合。舉個例子，他們在印度管理著大約 1,800 到 2,000 個充電器。這就是我們所說的 CPO 業務。因此，我們認為我們有機會利用 Zemetric 平台在特定市場進行更多此類工作。

And then finally, and in some ways, just as important as the rest of the reasons is we were able to bring in exceptional talent. So looking at Harmeet Singh, our new Chief Technology Officer, Bonnie Datta, Kapil Singhi. These are key people that came with the acquisition that we felt would be a one plus one equals three to Blink.

最後，從某種程度上來說，與其他原因同樣重要的是我們能夠引進傑出人才。讓我們看看我們的新任首席技術長 Harmeet Singh、Bonnie Datta 和 Kapil Singhi。我們認為，這些都是此次收購帶來的關鍵人物，對 Blink 來說，這將是一加一等於三的利多。

Okay. And then just in that segment of the market -- is that segment market where it's as competitive as home charging and it's just one step above that? Or is that the wrong way to look at it at the low end of the market versus -- sort of didn't look like.

好的。那麼，僅在該細分市場中——該細分市場的競爭是否與家庭充電一樣激烈，並且僅比家庭充電高出一步？或者說，從低端市場的角度來看，這是錯誤的——看起來不像。

Yeah, I wouldn't equate it to the residential charging market.

是的，我不會將其等同於住宅充電市場。

Okay, alright, thank you.

好的，好的，謝謝。

It's not as competitive as that. Yeah, no.

它的競爭力就沒那麼強。是的，不。

(Operator Instructions) Mickey Legg, The Benchmark Company.

（操作員指示） Mickey Legg，The Benchmark Company。

Hey guys, thanks, congrats on the quarter, and welcome to the new members of the team. I guess, I want to dig in a little more on the Zemetric acquisition as well. Just one more quick little clarification. You mentioned, I think, the volume production is targeted in October for them.

嘿，大家好，謝謝，恭喜本季取得佳績，歡迎新成員加入團隊。我想，我也想更深入了解一下 Zemetric 收購的情況。我再簡單澄清一下。您提到過，我認為他們的目標是在十月實現量產。

If you could just break that down a little bit, give us a little more color on what that ramp looks like? I think you also just mentioned they have revenues currently. So just curious on exactly how that rollout is going to go. Thanks.

如果您可以稍微解釋一下，讓我們更詳細地了解這個坡道是什麼樣子的？我想您剛才也提到他們目前有收入。所以我只是好奇這個推出的具體進展如何。謝謝。

Thanks. Yeah, sure, thanks. So first of all, Zemetric brings a dual-port level 2 charging station that is currently being sold in the market. So their revenues come from dual port level 2, that's currently sold in the market, network fees and recurring revenues associated with that again as a CPA.

謝謝。是的，當然，謝謝。首先，Zemetric 帶來了目前正在市場上銷售的雙埠 2 級充電站。因此，他們的收入來自目前市場上銷售的雙端口 2 級、網路費用以及與之相關的經常性收入（作為 CPA）。

And then they have two chargers, single plug chargers in development, which are called the SHASTA line. And the SHASTA line consists of a single plug 48 amp charger and a single plug 80 amp charge. Those are currently in UL testing. We anticipate that those will make it through UL, should be the end of this month, hopefully, that time line sticks.

然後他們有兩款充電器，正在開發的單插頭充電器，稱為 SHASTA 系列。SHASTA 系列由單插頭 48 安培充電器和單插頭 80 安培充電器組成。這些目前正在進行 UL 測試。我們預計這些將通過 UL，應該是在本月底，希望這個時間表能夠堅持下去。

And then we will move the chargers into volume production with a contract manufacturing partner in October. So we're still sizing the opportunity, but we do have opportunities already in our pipeline to utilize that charging station.

然後，我們將於十月份與合約製造合作夥伴一起將充電器投入批量生產。因此，我們仍在評估機會，但我們確實已經有機會利用該充電站。

So this is an example of you take a product that you've acquired and you expose it to the Blink's sales team, which is multiples and size of the Zemetric team, and we can get traction on that pretty quickly.

所以這是一個例子，你拿出你獲得的產品，然後把它展示給 Blink 的銷售團隊，這個團隊的規模是 Zemetric 團隊的數倍，我們可以很快獲得關注。

Got it. Got it. Right. Yeah, it seems like it's a good fit for you guys. And then I wanted to go a little deeper on the cost savings side of things. You mentioned the $8 million eliminated in annual expenses. Can you break down a little bit where those are coming from?

知道了。知道了。正確的。是的，它看起來很適合你們。然後我想更深入地探討成本節約的問題。您提到了每年節省 800 萬美元的開支。可以稍微分析一下這些是從哪裡來的嗎？

I think you mentioned compensation and professional service fee. And then maybe any of the synergies on the cost side that you're expecting from the Zemetric acquisition as well? Thanks.

我想您提到了報酬和專業服務費。那麼，您是否也期待透過收購 Zemetric 在成本方面帶來一些綜效？謝謝。

Yeah, Michael, do you want to take that question?

是的，邁克爾，你想回答這個問題嗎？

Yeah, absolutely. So what we did is we started, as you remember, in Q1 with the Blink Forward initiative. As a part of that, we started to reevaluate what kind of activities we want to be engaged in what is the right level of expenses to the right level of revenue.

是的，絕對是如此。所以，正如你們所記得的，我們在第一季啟動了 Blink Forward 計畫。作為其中的一部分，我們開始重新評估我們想要從事什麼樣的活動，以及適當的支出水平和適當的收入水平。

And we've been continuously doing this for the last couple of months. We continue working on that even further with the Zemetric acquisition. It allows us to even think about that broadly because we have additional folks joining the team.

過去幾個月我們一直在這樣做。透過收購 Zemetric，我們將繼續進一步致力於這一目標。由於有更多的人加入團隊，這讓我們可以更廣泛地思考這個問題。

The $8 million of annualized expenses, those were more on the cost reduction associated with the workforce reduction that we already executed. The $5 million that we mentioned in the second quarter that will not repeat in Q3 and Q4. It spans over several metrics. Some of that is the one-time compensation expenses that we incurred in Q2. Some of that are those recurring that will go into Q3, Q4 and onwards.

800 萬美元的年度支出，更多的是與我們已經實施的裁員相關的成本削減。我們在第二季提到的 500 萬美元在第三季和第四季不會重複。它涵蓋了多個指標。其中一些是我們在第二季產生的一次性補償費用。其中一些是經常性的，將進入第三季、第四季及以後。

And some of that is the professional services, consulting engagement that we finished or see and will not pursue going forward. We continue looking on all aspects of the business, and we'll continue looking in how to reduce operating expenses, and how to align those expenses also with the level of the business going forward and drive to profitability, as Mike already talked about.

其中一些是我們已經完成或看到的、今後不會繼續進行的專業服務、諮詢業務。我們將繼續關注業務的各個方面，我們將繼續研究如何降低營運費用，以及如何使這些費用與未來的業務水平保持一致並提高盈利能力，正如麥克已經談到的那樣。

I'll just add one short comment, is we see more opportunities to take costs out of the business.

我只想補充一點簡短的評論，我們看到了更多降低業務成本的機會。

Great. Well, definitely like to hear that. That's all for me. I'll take the rest offline. Thanks, guys.

偉大的。嗯，我非常高興聽到這個。對我來說就這些了。我將把其餘部分下線。謝謝大家。

Thank you. That concludes our Q&A session. I will now hand the conference back to Vitalie Stelea, Vice President of Capital Markets and FP&A for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在，我將會議交還給資本市場和 FP&A 副總裁 Vitalie Stelea 做閉幕發言。請繼續。

Thank you all for joining our call today as we announced another record quarter of service revenues and product revenues that grew 73% sequentially. And it was mentioned earlier, Blink took out about $8 million in yearly operating expenses going forward.

感謝大家今天參加我們的電話會議，我們宣布服務收入和產品收入再創紀錄，季增 73%。前面提到過，Blink 未來每年的營運費用約為 800 萬美元。

And we continue to execute on other additional Blink Forward initiatives in the near future. For any additional questions or request to meet with our management, please e-mail us at ir@blinkcharging.com. Please also follow our website and additional announcements from Blink. And this concludes our call. Thank you.

我們將在不久的將來繼續執行其他額外的 Blink Forward 計劃。如果您有任何其他問題或希望與我們的管理層會面，請發送電子郵件至 ir@blinkcharging.com。也請關注我們的網站和 Blink 的其他公告。我們的通話到此結束。謝謝。

Thank you, everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家，今天的活動就到此結束。現在您可以斷開連接，並享受美好的一天。感謝您的參與。