Blink Charging Co (BLNK) 2025 Q3 法說會逐字稿

Welcome to the Blink Charging third-quarter 2025 earnings call. (Operator Instructions)

歡迎參加 Blink Charging 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to your host, Vitalie Stelea, Vice President of Treasury and Finance. Please go ahead.

現在我謹將電話轉交給主持人，財務副總裁維塔莉‧斯特萊亞。請繼續。

Thank you, Jen, and welcome to Blink's third-quarter 2025 earnings call. With us today, we have Mike Battaglia, President and Chief Executive Officer; and Michael Bercovich, Chief Financial Officer.

謝謝Jen，歡迎參加Blink 2025年第三季財報電話會議。今天與我們在一起的有總裁兼首席執行官邁克·巴塔利亞，以及首席財務官邁克爾·貝爾科維奇。

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.

今天的討論將涉及非GAAP準則。這些數據已在我們的獲利報告附錄中與最可比較的美國通用會計準則指標進行了核對。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報告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 results to differ are included on page 2 of the third-quarter 2025 earnings deck. Unless otherwise noted, all comparisons are year over year.

今天的討論可能還會包含一些關於我們預期的前瞻性陳述。實際結果可能與所述結果有所不同。可能導致結果差異的最重要因素列於 2025 年第三季財報的第 2 頁。除非另有說明，所有比較均為同比比較。

Now for our conference schedule, Blink management will be attending and holding investor meetings at the B. Riley Convergence Conference on December 4 in New York City and the Needham 28th Annual Growth Conference on January 15 and 16. For additional events, please follow our media releases in the Events section on Blink's Investor Relations website.

接下來是我們的會議日程安排，Blink 管理層將於 12 月 4 日在紐約市參加 B. Riley Convergence 會議，並於 1 月 15 日和 16 日參加 Needham 第 28 屆年度增長會議，並在會議上舉行投資者會議。更多活動訊息，請關注 Blink 投資者關係網站「活動」欄位中的媒體發布。

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

現在我將把電話交給 Blink Charging 的總裁兼執行長 Mike Battaglia。請繼續，麥克。

All right. Great. Thanks, Vitalie. Good afternoon, everyone, and thanks for joining us today. Before we move into the quarterly numbers, I'd like to start with several key updates. First, I want to highlight the meaningful progress we've made under our Blink Forward initiative. As a reminder, we launched Blink Forward during our first-quarter 2025 earnings call in May. This program represents a comprehensive transformation plan designed to accelerate our path to profitability and sustainable long-term growth.

好的。偉大的。謝謝你，維塔莉。各位下午好，感謝各位今天收看我們的節目。在介紹季度數據之前，我想先介紹幾個重要的最新情況。首先，我想重點介紹一下我們在「向前邁進」計劃下取得的顯著進展。提醒一下，我們在 5 月的第一季 2025 年財報電話會議上推出了 Blink Forward。該計劃是一項全面的轉型計劃，旨在加速我們實現盈利和可持續長期增長的進程。

Next, I'm pleased to report that year to date, we have identified and eliminated approximately $13 million of annualized operating expenses. Historically, our operations were organized regionally within our global markets, largely reflecting legacy structures from past acquisitions.

其次，我很高興地報告，截至目前，我們已經確定並消除了約 1300 萬美元的年度營運費用。從歷史上看，我們的業務是在全球市場內按區域劃分的，這在很大程度上反映了過去收購留下的組織結構。

We have now transitioned to a global functional model led by departmental global leaders and supported by global back-office functions. Our regional leaders maintain local market expertise, adapt to local demand patterns and incentive programs and are tasked with maximizing returns on local investments, all while operating under global functional guidance. This realignment is already driving efficiency, accountability, and faster decision-making across the company.

我們現在已經過渡到由部門全球領導領導、全球後台職能部門支援的全球職能模式。我們的區域領導者保持著本地市場專業知識，適應本地需求模式和激勵計劃，並負責最大限度地提高本地投資回報，所有這些都在全球職能指導下進行。這種重組已經提高了整個公司的效率、責任感和決策速度。

On Wednesday, we also announced another major step toward profitability, a strategic shift to acutely focus Blink on growth in service revenues. Specifically, we are stopping in-house manufacturing, and instead, will leverage our intellectual property and engineering expertise through partnerships with third-party manufacturers who operate at greater scale and efficiency.

週三，我們也宣布了實現盈利的另一個重大舉措，即策略轉型，將 Blink 的重點放在服務收入的成長上。具體來說，我們將停止內部生產，轉而透過與規模更大、效率更高的第三方製造商合作，利用我們的智慧財產權和工程技術專長。

There is a clear path in place to exit manufacturing by early 2026. In fact, we have already exited some of our production facilities or sublet to other companies. To be clear, Blink will retain full ownership of all hardware, firmware, and software design, and development. We're simply outsourcing production to world-class manufacturing partners. This approach enables us to deploy capital efficiently and focus on growing charging services through expansion of our DC fast charging footprint and network services while benefiting from the cost, quality, and supply chain advantages of partners with greater scale.

到了 2026 年初，退出製造業的路徑已經很明確。事實上，我們已經退出了一些生產設施，或將其轉租給了其他公司。需要明確的是，Blink 將保留所有硬體、韌體和軟體設計及開發的全部所有權。我們只是將生產外包給世界級的製造合作夥伴。這種方法使我們能夠有效地部署資本，並透過擴大直流快速充電覆蓋範圍和網路服務來專注於發展充電服務，同時受益於規模更大的合作夥伴在成本、品質和供應鏈方面的優勢。

Our sourcing strategy is intentionally diversified across geographies, including multiple manufacturing partners in both the United States and India, where we already maintain engineering talent and oversight to ensure quality, cost effectiveness and supply chain resilience.

我們的採購策略有意地實現了地理多元化，包括在美國和印度擁有多家製造合作夥伴，我們已在這些國家/地區保持了工程人才和監督，以確保品質、成本效益和供應鏈彈性。

Some might ask, how does this differentiate Blink from competitors? Well, it's really pretty simple. First, we'll continue to offer flexible business models, selling charging station solutions to customers while also owning and operating charging sites ourselves. The common denominator across both models is our recurring and repeat service revenues anchored not only by our Blink network platform, but also high-quality hardware that is designed for commercial applications.

有人可能會問，這和 Blink 的競爭對手有何不同？其實很簡單。首先，我們將繼續提供靈活的商業模式，向客戶銷售充電站解決方案，同時我們自己也擁有和經營充電站。這兩個模型的共同點是，我們持續穩定的服務收入不僅來自我們的 Blink 網路平台，還來自專為商業應用設計的高品質硬體。

Importantly, our DC fast charging portfolio remains the central pillar of Blink Forward as we expand our owned and operated footprint in high utilization locations that deliver predictable reoccurring cash flow. Even as we leverage contract manufacturing, the second differentiator is that our technology remains proprietary from hardware architecture to firmware and software development and integration. This ensures end-to-end compatibility, reliability, and superior performance demanded by our customers to support charger uptime and the customer experience.

重要的是，隨著我們在高利用率地區擴大自有和營運規模，我們的直流快速充電產品組合仍然是 Blink Forward 的核心支柱，這些地區能夠帶來可預測的經常性現金流。即使我們利用合約製造，第二個區別在於，從硬體架構到韌體和軟體開發及集成，我們的技術仍然是專有的。這確保了端到端的兼容性、可靠性和卓越的性能，滿足了客戶對充電器正常運行時間和客戶體驗的要求。

So looking at slide 5, we see that Blink has improved quarterly revenue substantially since Q1, demonstrating consistency and stability. And Q3 gross margin also bounced back from Q2 to nearly 36%. Other major achievements this quarter are our discipline in cash and working capital management and operating expense reductions, all key components of Blink Forward.

從第 5 張投影片可以看出，Blink 自第一季以來季度營收大幅成長，展現出持續性和穩定性。第三季毛利率也從第二季反彈至近 36%。本季其他主要成就包括我們在現金和營運資金管理方面的紀律以及營運費用的降低，這些都是 Blink Forward 的關鍵組成部分。

As a result, we reduced cash burn in Q3 by 87% to $2.2 million sequentially, the lowest level in more than three years, even with a significantly higher revenue base. This cash efficiency underscores the financial resilience we are building into our everyday operations. These actions represent foundational steps in our pursuit of profitability and long-term resilience. They also position Blink to navigate near-term variability in EV sales, which we anticipate following the expiration of certain government incentive programs.

因此，儘管收入基數大幅提高，我們第三季的現金消耗仍較上季減少了 87%，降至 220 萬美元，這是三年多來的最低水準。這種現金效率凸顯了我們正在日常營運中建立的財務韌性。這些舉措是我們追求獲利能力和長期韌性的基礎性步驟。他們也讓 Blink 能夠應對電動車銷售的近期波動，我們預計在某些政府獎勵計畫到期後，電動車銷售將會出現波動。

While these market adjustments may temporarily impact EV sales demand, we continue to see strong momentum for dependable charging infrastructure across our global footprint. Looking ahead, we anticipate EV sales to stabilize by mid-2026 as the market recalibrates and a new wave of EV models enters the ecosystem, further reinforcing long-term demand for charging solutions.

儘管這些市場調整可能會暫時影響電動車的銷售需求，但我們仍然看到，在我們全球範圍內，可靠的充電基礎設施建設勢頭強勁。展望未來，我們預計電動車銷量將在 2026 年年中趨於穩定，因為隨著市場重新調整，新一波電動車車型進入市場，這將進一步鞏固對充電解決方案的長期需求。

Now, let's turn to the quarter on slide 7. We view the third quarter as another example of progress as we transform Blink. Total revenue was $27 million, a 7.3% increase over the third quarter of 2024.

現在，讓我們來看看第 7 張投影片上的那一季。我們認為第三季是我們在轉型 Blink 過程中取得進展的另一個例證。總營收為 2,700 萬美元，比 2024 年第三季成長 7.3%。

In Q3 2025, we prioritized higher quality revenue, leading to stronger margins. And due to timing issues mainly in Europe, a number of projects and revenue shifted into Q4. Service revenue reached a record $11.9 million, up 36% year over year, reflecting the continued strength of our network and Blink-owned asset portfolio. Importantly, in Q3, we achieved gross margins of 35.8%, supported by services revenue growth and our focus on higher-margin product opportunities and disciplined pricing.

2025年第三季度，我們優先考慮提高收入質量，從而獲得更高的利潤率。由於時間安排問題（主要在歐洲），許多項目和收入轉移到了第四季度。服務收入達到創紀錄的 1,190 萬美元，年成長 36%，反映出我們網路和 Blink 擁有的資產組合的持續強勁勢頭。重要的是，在第三季度，我們實現了 35.8% 的毛利率，這得益於服務收入的成長，以及我們對高利潤產品機會和嚴格定價的關注。

As shown on slide 8, our Blink-owned portfolio of chargers continues to perform, driving 48% growth in charging revenue and more than 300% year-over-year growth in DC fast charger revenue from Blink-owned sites.

如投影片 8 所示，我們 Blink 旗下的充電樁組合持續表現出色，推動充電收入成長 48%，Blink 旗下站點的直流快速充電樁收入年增超過 300%。

On slide 9, we demonstrate continued progress in reducing our expense structure and cash burn since the beginning of this year. You can see that excluding certain noncash and nonrepeating items, our operating expenses came down from nearly $28 million in Q1 to $20.6 million in Q3. The contributing factors were significant reductions in both compensation and G&A expenses that both came down by about 35%. These items, combined with significantly improved working capital practices, have resulted in an 87% reduction in cash burn in Q3 compared to Q1.

在第 9 張幻燈片中，我們展示了自今年年初以來，我們在降低費用結構和現金消耗方面取得的持續進展。可以看到，剔除某些非現金和非重複性項目後，我們的營運費用從第一季的近 2,800 萬美元降至第三季的 2,060 萬美元。促成因素是薪資和一般及行政費用的大幅減少，這兩項費用均下降了約 35%。這些措施，再加上大幅改善的營運資金管理方法，使得第三季的現金消耗量比第一季減少了 87%。

Equally important, through our transformation efforts, we eliminated another $5 million of annualized expenses this quarter, bringing the total to $13 million year to date. And as I've said in the past, we are not done yet.

同樣重要的是，透過我們的轉型努力，本季我們又削減了 500 萬美元的年度支出，使今年迄今的總支出達到 1,300 萬美元。正如我之前所說，我們還沒有完成。

With that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review financials in more detail, and then I'll circle back at the end of the call. Michael, go ahead.

接下來，我將把發言權交給我們的財務長邁克爾·伯科維奇，讓他更詳細地審查財務數據，然後在電話會議結束時我會再回來匯報情況。邁克爾，請講。

Thank you, Mike, and a very good afternoon, everyone.

謝謝你，麥克，也祝大家下午愉快。

With that said, let's turn to slide 11. Our Q3 2025 revenues were $27 million compared to $25.2 million in the third quarter of prior year. This represents a 7% increase.

接下來，我們來看第 11 張投影片。我們 2025 年第三季的營收為 2,700 萬美元，而去年同期為 2,520 萬美元。這相當於成長了7%。

Product revenues for third quarter of 2025 were $13 million compared to $13.5 million in the third quarter of 2024, which is relatively flat year over year. What's important here is that in this phase of Blink's turnaround, our priority is quality of revenue, not just quantity.

2025 年第三季的產品收入為 1,300 萬美元，而 2024 年第三季為 1,350 萬美元，與去年同期相比基本持平。重要的是，在 Blink 扭虧為盈的這個階段，我們的首要任務是提高收入質量，而不僅僅是提高收入數量。

Growing up top line matters, but profitable, durable and strategically aligned growth matters more. Revenue must contribute to improving margins and long-term shareholder value. Building a company that generates predictable cash flow rather than one that simply grows for growth sake is the key to sustainable success. This is further demonstrated by our product gross margin of 39% in Q3 of 2025, which is about 700 basis points higher than 32% product gross margin in Q3 of last year.

營收成長固然重要，但獲利能力強、可持續且與策略方向一致的成長更為重要。營收必須有助於提高利潤率和股東的長期價值。打造一家能夠產生可預測現金流的公司，而不是一家僅僅為了成長而成長的公司，才是實現永續成功的關鍵。這一點可以從我們 2025 年第三季的產品毛利率為 39% 進一步證明，這比去年第三季的 32% 產品毛利率高出約 700 個基點。

It is worth noting that some of our revenue in Europe was impacted by delayed timing of revenue recognition, which shifted revenue for certain projects to Q4 of 2025. We made a conscious decision to focus on growth-oriented and disciplined revenue.

值得注意的是，我們在歐洲的部分收入受到收入確認時間延遲的影響，導致某些項目的收入延後到 2025 年第四季確認。我們經過深思熟慮，決定專注於以成長為導向、有條不紊的收入成長。

And while we generated less total revenue versus Q2, we have increased the gross profit margins and repositioned our team on quality revenue in the future. Service revenue increased 36% to $11.9 million in Q3, consisting of repeat charging service revenues, recurring network fees and car sharing revenues.

雖然我們總收入比第二季有所下降，但我們提高了毛利率，並重新調整了團隊的定位，以期在未來獲得高品質的收入。第三季服務收入成長 36% 至 1,190 萬美元，其中包括重複充電服務收入、經常性網路費用和汽車共享收入。

Other revenues, which consist of warranty fees, grants and rebates and other revenue items, were $2.1 million in the third quarter compared to nearly $3 million in Q3 of last year. The $1 million decrease in other revenues was primarily due to a change in how warranty sales are structured and recognized.

其他收入，包括保固費、補助金和回扣以及其他收入項目，第三季為 210 萬美元，而去年同期為近 300 萬美元。其他收入減少 100 萬美元主要是由於保固銷售的結構和確認方式發生了變化。

At the beginning of this year, Blink outsourced its extended warranty program to a third party, and as a result, we now record only the net revenue earned from this contract rather than the full amount recognized in prior periods.

今年年初，Blink 將其延保計劃外包給了第三方，因此，我們現在只記錄從該合約中獲得的淨收入，而不是以前期間確認的全部金額。

Gross profit in Q3 was $9.7 million or 35.8% of revenues compared to gross profit of $9.1 million or 36.2% of revenues in third quarter of 2024.

第三季毛利為 970 萬美元，佔營收的 35.8%，而 2024 年第三季毛利為 910 萬美元，佔營收的 36.2%。

Operating expenses in the third quarter of 2025 were $9.9 million compared to $97.4 million (sic - see press release, "$97.3 million" )in third quarter of 2024. Excluding the impact of the favorable noncash change in fair value of consideration payable of $11.7 million and $2 million of favorable adjustment in the allowance of doubtful accounts receivable, the total operating expenses in the third quarter of 2025 were $23.6 million. When comparing to the third quarter of 2024 and excluding the noncash charges of $69.5 million for impairment of goodwill and noncash change in fair value of consideration payable, total operating expenses were $27.9 million.

2025 年第三季的營運費用為 990 萬美元，而 2024 年第三季的營運費用為 9,740 萬美元（原文如此 - 請參閱新聞稿，「9,730 萬美元」）。除應付對價公允價值的有利非現金變動 1,170 萬美元及應收帳款壞帳準備的有利調整 200 萬美元的影響外，2025 年第三季的總營運費用為 2,360 萬美元。與 2024 年第三季相比，若不計入商譽減損 6,950 萬美元的非現金支出及應付對價公允價值的非現金變動，總營運支出為 2,790 萬美元。

In summary, the adjusted operating expenses in Q3 2025 were $23.6 million compared to $27.9 million in Q3 2024. Excluding the above-mentioned charges, it represents a decrease in operating expenses of 15% year over year.

綜上所述，2025 年第三季的調整後營運費用為 2,360 萬美元，而 2024 年第三季為 2,790 萬美元。除去上述費用，營運支出較去年同期下降 15%。

Also, I would like to update you on the Blink Forward initiative and how it impacted our financials in Q3. In the third quarter of 2025, we incurred $3 million in operating expenses that have been eliminated on a go-forward basis and are not expected to recur in the future.

另外，我想向您報告「Blink Forward」計畫及其對我們第三季財務狀況的影響。2025 年第三季度，我們產生了 300 萬美元的營運費用，這些費用已在後續階段予以消除，預計未來不會再次發生。

Excluding those $3 million from the $23.6 million of operating expenses that I mentioned earlier, total operating expenses in the third quarter would have been $20.6 million, representing a year over year decrease of 26% and a sequential decrease of 15%. This is further exemplified by the significant decrease in both compensation and G&A expenses in Q3 of this year, which have been reduced by 24% and 32%, respectively, on a year-over-year basis.

如果從我之前提到的 2,360 萬美元的營運支出中扣除 300 萬美元，第三季的總營運支出將為 2,060 萬美元，同比下降 26%，環比下降 15%。今年第三季薪資和一般及行政費用均大幅下降，年比分別下降了 24% 和 32%，這進一步印證了上述觀點。

And as we just said, we expect another $3 million of these expenses that have been recorded in Q3 not to recur going forward due to cost optimization actions we have taken already. Loss per share for the quarter was almost $0 compared to a loss of $0.86 in the prior year period. Adjusted loss per share for the quarter was $0.10 compared to a loss of $0.16 in the third quarter of 2024.

正如我們剛才所說，由於我們已經採取了成本優化措施，我們預計第三季記錄的另外 300 萬美元支出將不會在未來再次發生。本季每股虧損接近 0 美元，而去年同期虧損為 0.86 美元。本季調整後每股虧損為 0.10 美元，而 2024 年第三季虧損為 0.16 美元。

Adjusted EBITDA for the third quarter of '25 was a loss of $8.9 million compared to a loss of $14 million for the prior year. As of September 30, 2025, cash and cash equivalents totaled $23.1 million compared to $55 million as of December 31, 2024, and compared to $25.3 million as of June 30, 2025.

2025 年第三季調整後 EBITDA 虧損 890 萬美元，而去年同期虧損 1,400 萬美元。截至 2025 年 9 月 30 日，現金及現金等價物總額為 2,310 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 日為 2,530 萬美元。

If you do a quick math, in Q3 2025, Blink used only $2.2 million in cash. This is due to great liquidity optimization actions taken by our teams across all of Blink, resulting in significant improvement in working capital metrics. As we continue our journey of transformation, this quarter reflects meaningful progress in strengthening our foundation for sustainable and disciplined growth.

簡單計算一下，2025 年第三季度，Blink 只使用了 220 萬美元的現金。這是由於 Blink 各團隊採取了出色的流動性優化措施，從而顯著改善了營運資本指標。在我們繼續轉型之旅的過程中，本季在加強我們實現永續和穩健成長的基礎方面取得了實質進展。

While revenue came slightly lower compared to the previous quarter, our team has made substantial strides in controlling and reducing operating expenses, enhancing gross margins and managing cash burn. This discipline is not only visible in the numbers, but in the way we run the business every day. The decisive actions we have taken to streamline operations, rationalize costs and focus resources on the most accretive opportunities are showing tangible results.

雖然收入比上一季略有下降，但我們的團隊在控制和降低營運費用、提高毛利率和管理現金消耗方面取得了實質進展。這種嚴謹不僅體現在數位上，也體現在我們日常的業務運作方式。我們採取了果斷措施來簡化營運、合理化成本並將資源集中於最具增值潛力的機會，這些措施正在取得實際效果。

Our cash burn rate has materially improved and our operating efficiency is trending in the right direction. Both Mike and I mentioned this earlier, as we advance through the stage of our transformation, our focus remains on quality and sustainability of the growth, not just its pace.

我們的現金消耗率已大幅改善，營運效率也正朝著正確的方向發展。我和麥克之前都提到過，隨著我們轉型階段的推進，我們的重點仍然是成長的品質和永續性，而不僅僅是成長的速度。

Expanding revenue is important, but even more essential is ensuring that the revenue contributes to profitability, margin improvement and long-term shareholder value. We are building a business designed for durable cash-generative performance, one that grows with purpose and discipline.

擴大收入固然重要，但更重要的是確保收入能帶來獲利能力、利潤率提升和股東長期價值。我們正在打造一家旨在實現持久現金流成長的企業，一家目標明確、紀律嚴明的企業。

Looking ahead, we expect to focus on the same three key factors I covered during the Q2 earnings call, and is as follows: number one, revenue growth. Based on the current visibility, Blink expects revenue to show continued sequential growth in the second half of 2025.

展望未來，我們預計將重點放在我在第二季財報電話會議上提到的三個關鍵因素，如下：第一，營收成長。根據目前的市場前景，Blink 預計 2025 年下半年營收將持續維持較上季成長。

Number two, lower operating expenses, reflecting disciplined cost management and benefit of efficiency initiatives we already put in place and that we are successfully delivering on.

第二，營運費用降低，這反映了我們嚴格的成本管理以及我​​們已經實施並正在成功實施的效率提升措施所帶來的效益。

And the last one, number three, improved working capital practices, particularly around receivables management, where we have already implemented several practices to accelerate receivables collection and reduce aged balances.

最後一點，也就是第三點，是改善營運資金管理實踐，尤其是在應收帳款管理方面，我們已經實施了一些措施來加快應收帳款的回收和減少帳齡餘額。

I will now turn it back over to Mike to wrap it up. Go ahead, Mike.

現在我將把總結工作交還給麥克。請繼續，麥克。

All right. Great. Thanks, Michael. So to be clear, this quarter was one of profound transformation for Blink. We are exiting in-house manufacturing to refocus our efforts on growing our service revenue streams.

好的。偉大的。謝謝你，麥可。所以說，很明顯，本季對 Blink 來說是意義深遠的轉型期。我們將退出內部生產環節，重新集中發展服務收入來源。

Our goal is to grow recurring network fees and repeat charging revenue, primarily through a larger Blink-owned DC fast charger footprint. We eliminated an additional $5 million of annualized operating expenses that we do not expect to reoccur going forward. That puts us at $13 million per year of annualized expenses eliminated to date compared to an anticipated $11 million that we announced earlier in the year.

我們的目標是增加經常性網路費用和重複充電收入，主要透過擴大 Blink 擁有的直流快速充電站覆蓋範圍來實現。我們額外削減了 500 萬美元的年度營運費用，預計未來不會再發生此類費用。這意味著我們迄今為止每年已節省 1,300 萬美元的年度支出，而我們年初宣布的預期節省額為 1,100 萬美元。

And as I said earlier, we are not done yet. We reduced our cash burn and improved our working capital practices that resulted in cash burn of $2.2 million for the quarter, an 87% sequential reduction. We refocused our teams to invest in accretive sales opportunities and improve the quality of our revenue. This was evident in the product gross margin of 38.7% and overall company gross margin of 35.8%. We believe this is a key contributing factor on our path to profitability.

正如我之前所說，我們還沒有完成。我們減少了現金消耗，並改善了營運資本管理，使得本季現金消耗為 220 萬美元，季減了 87%。我們重新調整了團隊的工作重點，投資於能帶來收益的銷售機會，並提高收入品質。這一點在產品毛利率為 38.7% 和公司整體毛利率為 35.8% 中得到了體現。我們認為這是我們實現盈利的關鍵因素之一。

And finally, we are on track to start shipping our value-focused Shasta chargers ahead of schedule in Q4. This is a product that fills a gap in our portfolio and is aimed at gaining share in the fleet and multifamily market segments.

最後，我們預計在第四季度提前開始交付我們注重性價比的 Shasta 充電器。這款產品填補了我們產品組合中的空白，旨在贏得車隊和多戶住宅市場的份額。

As we said earlier, regarding revenue and gross margins, we expect revenue in the second half of 2025 to exceed the first half, and we expect the same positive trends we saw in Q3 to continue into Q4. So I would like to extend a thank you to the Blink team for its resilience and focus, and I would like to say thank you to our customers and drivers who rely on Blink to provide energy to their vehicles every day.

正如我們之前所說，關於收入和毛利率，我們預計 2025 年下半年的收入將超過上半年，並且我們預計第三季看到的正面趨勢將延續到第四季。因此，我要感謝 Blink 團隊的韌性和專注，也要感謝我們的客戶和司機們，他們每天都依靠 Blink 為他們的車輛提供能源。

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

接下來，我們進入問答環節。操作員？

(Operator Instructions) Craig Irwin, ROTH Capital.

（操作說明）克雷格·歐文，ROTH Capital。

Congratulations on another really strong execution quarter. And it's hard to know really where to start. But I guess if we kind of step back and -- the forward look, right, the biggest change looking forward from everything that you've implemented is probably the change in manufacturing.

恭喜你們又一個季度業績表現出色。真不知道該從何入手。但我想，如果我們退後一步，展望未來，那麼從你們實施的所有措施來看，最大的改變可能就是製造業的改變。

And I suspect there's more to unpack there around what this means for margins and resources, frictional costs necessary to support the business. Can you maybe talk us through how this change in manufacturing is likely to cut over for Blink? I know that you have had relationships with contract manufacturers, particularly in India for several years, and experience -- substantial experience working with CMs globally. What sort of cash costs are there associated with maybe the exit of different manufacturing facilities? Any other color that you could give us to understand how this helps you towards a bigger mission of profitability, which is what I know you're really working for?

我懷疑這裡面還有更多值得探討的地方，例如這對利潤率和資源意味著什麼，以及支持業務所需的摩擦成本。您能否為我們詳細介紹一下，這種生產方式的改變將如何對 Blink 產生影響？我知道您與代工廠商，特別是印度的代工廠商，有著多年的合作關係，並且在全球範圍內擁有豐富的代工廠商合作經驗。關閉不同的製造工廠可能會產生哪些現金成本？您能否提供其他顏色訊息，以便我們了解這如何幫助您實現更大的獲利目標？我知道這才是您真正努力的方向。

Yes. Great. Great. So I'll start, and I'm sure Michael Bercovich will have a couple of comments as well. So first of all, this was not something that we just decided to do yesterday.

是的。偉大的。偉大的。那我就先說了，我相信麥可貝爾科維奇也會有一些評論。首先，這並不是我們昨天才決定要做的事。

So it's something that we've been planning for quite some time. In fact, we have been moving this direction all year. And just to slightly amend what you said, Blink has owned its manufacturing and production in India. We haven't historically had contract manufacturers in India. We've assembled products in the United States and then we've sourced some third-party chargers externally, which we continue to do.

所以這是我們計劃了很久的事情。事實上，我們一整年都在朝著這個方向努力。稍微補充一下你剛才說的，Blink 的製造和生產一直都在印度進行。我們過去在印度沒有代工生產商。我們在美國組裝產品，然後從外部採購一些第三方充電器，我們將繼續這樣做。

So specifically, what this enables us to do really is a number of things. Number one, it enables us to simplify our product procurement strategy. So think of this, instead of having to manage a manufacturing supply chain and individual components that go into a number of different SKUs within our charging lineup, we now can simply manage finished goods inventory. So number one, it simplifies the company, it streamlines operations and allows us to focus on fewer things. And we think and expect that it derisks the supply chain for us.

具體來說，這使我們能夠做很多事情。第一，它使我們能夠簡化產品採購策略。想想看，以前我們需要管理製造供應鏈和構成我們充電產品線中多個不同 SKU 的各個組件，現在我們只需要管理成品庫存即可。首先，它簡化了公司，優化了運營，使我們能夠專注於更少的事情。我們認為並預期這將降低我們供應鏈的風險。

Secondly, it enables us to reduce costs. It enables us to reduce compensation expense. It enables us to reduce facility expenses. And those are meaningful as we move toward profitability. So at the same time, what we've done in parallel with this, because -- you're right in the sense that there's always risk that when you outsource manufacturing, in theory, your component or your finished good cost could go up.

其次，它可以幫助我們降低成本。這使我們能夠減少賠償支出。它使我們能夠降低設施費用。而這些對於我們獲利至關重要。所以同時，我們也做了同樣的事情，因為——你說的沒錯，外包生產總是有風險的，理論上，你的零件或成品成本可能會上升。

But what we've decided to do in parallel with this is to redesign some of our chargers that we currently sell in order to reduce cost. So we are -- we feel confident that and expect that our margins on products will be consistent with what we experience today. So Michael, anything to add?

但同時，我們決定重新設計目前銷售的一些充電器，以降低成本。所以我們有信心並預期，我們的產品利潤率將與目前的情況保持一致。邁克爾，還有什麼要補充的嗎？

Yes, absolutely, Mike. We are treating the capital as we raise it today. The discipline is now embedded in how we build, price and operate our product and services. We intend to protect our margins, especially because we will continue to own our IP going forward. We're aligning cost with revenues in everything we do.

是的，當然，麥克。我們將按照今天籌集資金的方式來處理這筆資金。這種嚴謹的管理方式已融入我們產品和服務的建構、定價和營運中。我們打算保護我們的利潤空間，尤其因為我們將繼續擁有我們的智慧財產權。我們所做的一切都旨在使成本與收入保持一致。

And we believe that this is actually a very positive move in the direction of going to profitability. And as Mike said, we intend to sublease the premises. We exited it with minimal cost. That is not going to take an impact on us, on our ongoing operation. And this is a very positive move.

我們認為這實際上是朝著獲利方向邁出的非常積極的一步。正如麥克所說，我們打算將房屋轉租出去。我們以最小的成本退出了。這不會對我們，也不會對我們正在進行的營運產生影響。這是一個非常積極的舉措。

Understood. The second, I guess, question that kind of hits the top of my list is the throughputs on your networks have been really impressive, right, 49 gigawatt hours, 66% increase on the Blink networks in the quarter. That is just really impressive. Investors have generally been bearish on EVs, but 66% growth in utilization means that customers are comfortable with Blink and the profitability of this network is clearly increasing. Can you talk about anything that's maybe changed that's allowed you to see this growth acceleration?

明白了。第二個問題，也是我最關心的問題，是你們網路的吞吐量確實令人印象深刻，對吧？ 49 吉瓦時，Blink 網路在本季成長了 66%。這真是太令人印象深刻了。投資者普遍對電動車持悲觀態度，但 66% 的利用率成長表明客戶對 Blink 感到滿意，而該網路的獲利能力顯然正在提高。您能否談談有哪些變化促成了這種加速成長？

And how much follow-through do we have on the existing network? Can we see utilizations go 20, 30 points higher on the assets you already have in place?

我們在現有網路上的後續行動力道如何？我們能否讓現有資產的利用率提高 20% 到 30%？

Yes. So good question. So I would say the largest -- the biggest driving factor between the volume of energy going through the network is the fact that in the last 12 to 18 months, our footprint of DC fast chargers has increased pretty dramatically. And by the way, just to clarify, that's not all Blink-owned. That's customer host owned, that's Blink-owned, that's both.

是的。問得好。因此，我認為影響電網能源消耗的最大驅動因素是，在過去的 12 到 18 個月裡，我們的直流快速充電樁數量大幅增加。順便說一下，澄清一下，這些並不全是 Blink 旗下的。那是客戶自有的，那是 Blink 自有的，那是兩者兼具的。

So I think we have in the neighborhood of about 1,800 DC fast chargers now within the United States and then obviously more in our global markets over Europe. So the footprint of DC fast chargers certainly contributes to that volume and those increases. So I'd say that, that's primarily number one.

所以我認為，目前美國境內大約有 1800 個直流快速充電樁，而歐洲等全球市場上的充電樁數量顯然更多。因此，直流快速充電器的佔地面積無疑對充電量和充電量的成長有所貢獻。所以我覺得，這才是最重要的。

Number two -- the second part of your question is, can we continue this and can we continue to see higher utilization rates? And the answer to that is we certainly expect so. And the reason why we expect so is we feel good about our -- about two aspects of the DC fast charging business for us. We feel good about the units that we're selling through the channel into the market, some of which are publicly accessible, some of which are not.

第二點－你問題的第二部分是，我們能否繼續保持這個狀態，能否繼續看到更高的使用率？答案是，我們當然預期會如此。我們之所以抱持這樣的預期，是因為我們對直流快速充電業務的兩個面向感到滿意。我們對透過通路銷往市場的商品感到滿意，其中有些是公開銷售的，有些則不是。

And then secondly, the prospect for the Blink-owned DC charger footprint. So as we become better and smarter about where to site chargers to increase the likelihood of success of those chargers, we'll see meaningful utilization at those sites. So I think on the -- bottom line, Craig, I think we still have room to run.

其次，也要考慮 Blink 旗下直流充電器的覆蓋範圍。因此，隨著我們在選擇充電樁位置方面變得更加明智，從而提高充電樁的成功率，我們將看到這些充電樁得到有意義的利用。所以我覺得，歸根結底，克雷格，我認為我們還有上升空間。

Excellent. Then last question, if I may. You've been pretty clear in your remarks that you're emphasizing DC fast chargers as a real opportunity over the next few years. And I assume there's still a healthy portion of mix. I don't know if you'd like to break that out for us today.

出色的。最後一個問題，可以嗎？您在演講中已經非常明確地表示，您認為直流快速充電器在未來幾年將是一個真正的機會。我估計其中仍然有相當一部分是混合的。我不知道你今天是否願意為我們講講這件事。

But with the emphasis on DC fast chargers, I probably would have expected a contraction of gross profit margins. Something is working for you in there. Can you maybe help us understand if the profitability of DC fast charger sales is changing for Blink? And is this something that would weigh on, on future margins if it does become an outsized portion of mix? Or have margins there come up to the corporate average?

但考慮到直流快速充電器的重要性，我原本預期毛利率會下降。那裡的某些東西對你很有效。您能否幫我們了解Blink直流快充產品的銷售利潤是否改變了？如果這種成分在產品組合中所佔比例過大，是否會對未來的利潤率造成影響？或者說，那裡的利潤率是否已經達到公司平均？

Yes. Again, a great question. So first of all, while the emphasis on Blink Forward and our owned and operated footprint is DC, Level 2 is still a huge part of our business, and it's a big part of our business both through the channel as well as the owner-operator model. The shift is that, when we look at our capital expenditures, we want more of those dollars in the future going to DC fast charging than to Level 2 because we think that the revenue and the profit opportunity will just accelerate through those sites rather than the owned and operated L2. From a procurement perspective, we've also done a better job.

是的。這又是一個很好的問題。首先，雖然 Blink Forward 和我們自有自營業務的重點是 DC，但 Level 2 仍然是我們業務的重要組成部分，無論是透過管道還是透過自有自營模式，它都是我們業務的重要組成部分。轉變在於，當我們審視資本支出時，我們希望未來將更多資金投入直流快速充電，而不是二級充電，因為我們認為，透過這些站點獲得的收入和利潤機會將比透過自有和運營的二級充電站更快。從採購角度來看，我們也做得更好了。

So we're procuring DC fast chargers at a more favorable cost. Our margins are improving in that space. But to be clear, you're right, the L2 margins are historically a bit higher than DC. So when you look at our quarters, depending on the mix of those two things, gross margins could move one way or another within a reasonably narrow band, we think. So I think as we continue to do a better job of procuring DC, as our volume goes up, we're going to see those gross margins either stay steady or perhaps improve a bit.

因此，我們正在以更優惠的價格購買直流快速充電器。我們在該領域的利潤率正在提高。但需要說明的是，您說得對，L2 的毛利率歷來略高於 DC。因此，從季度業績來看，根據這兩個因素的組合，毛利率可能會在一個相當窄的範圍內波動，我們認為。所以我認為，隨著我們在配送中心採購方面做得越來越好，隨著業務量的增加，我們將會看到毛利率保持穩定，或者可能會略有提高。

Congrats on this substantial progress with the path to future profitability.

祝賀你們在通往未來盈利的道路上取得瞭如此重大進展。

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

（操作說明）Sameer Joshi，H.C. Wainwright。

It was a very good presentation. A lot of things were highlighted during the call. I would like to just dig a little bit deeper into working capital improvements that you have already made and are making on the AR front. We can see that. Is there any concerted effort towards improving the inventory situation here?

這是一場非常精彩的演講。通話中重點討論了許多事項。我想更深入地了解您在應收帳款方面已經做出和正在做出的營運資金改進措施。我們可以看到這一點。這裡是否有任何改善庫存狀況的協同努力？

Yes. Michael, do you want to take that?

是的。邁克爾，你想拿嗎？

Yes, absolutely. You're absolutely right, we have improved the working capital through several measures. One of them was the way that we approach our receivables, the way we manage, the way we collect, the way we even contract. The other piece, if you see on our balance sheet, we're also managing the inventory more carefully. We deploy based on the needs on both short term and long term.

是的，絕對的。您說得完全正確，我們透過多項措施改善了營運資金狀況。其中之一是我們處理應收帳款的方式、管理方式、收款方式，甚至是簽訂合約的方式。另一方面，如果您查看我們的資產負債表，您會發現我們也在更謹慎地管理庫存。我們根據短期和長期需求進行部署。

We're managing this way more tightly because the cost of capital is top of our mind. And we will continue doing so. As you see, we will be moving to the cost of manufacturing, and this will help us even further to realign between the needs of the business at every single stage and also the cost of that revenue. We are focusing now on a more disciplined, more focused approach of quality of revenue, as I mentioned before in my readout of the results. And this is where you see through all facets of working capital deployment, inventory and the receivables.

我們正在採取更嚴格的管理措施，因為資金成本是我們最關心的問題。我們將繼續這樣做。如您所見，我們將轉向製造成本，這將有助於我們進一步調整業務在每個階段的需求與收入成本之間的關係。正如我之前在業績報告中提到的那樣，我們現在專注於採取更嚴謹、更專注的方式來提高收入品質。在這裡，您可以全面了解營運資金部署、庫存和應收帳款的各個方面。

Understood. And just an adjacent question, especially in relation to the new contract manufacturing model. How should we see this inventory sort of deplete over the next few quarters as you transition to contract manufacture? Or should we -- like what kind of dynamics are in play here?

明白了。還有一個相關的問題，特別是關於新的合約製造模式。隨著你們過渡到合約製造，未來幾季我們該如何看待庫存的減少？或者我們應該這樣做嗎？ ——這裡究竟存在著什麼樣的動態因素？

So we expect our inventories to come down. Now that said, it's really -- there is -- it's also driven by mix. So as you do more DC fast charging business, the inventory costs are higher. But those we typically manage very leanly. So it's typically a build-to-order model, so they don't sit in inventory too terribly long.

因此，我們預計庫存會下降。話雖如此，但實際上——確實——它也受到混合模式的影響。因此，隨著直流快速充電業務的增加，庫存成本也會更高。但我們通常以非常精簡的方式管理這些專案。所以通常採用訂單生產模式，因此產品不會在庫存中停留太久。

But we expect that as we move to contract manufacturing, our overall inventory costs will go down.

但我們預計，隨著我們轉向合約製造，我們的整體庫存成本將會下降。

Yes, it makes sense. And just one last one on utilization. I just want to make sure that the -- what you're talking about is that the throughput is increasing, the number of electrons delivered, of course, is increasing. Is it on a per unit basis that the utilization is improving or on the installed base that you're seeing more throughput? Just wanted to understand that.

是的，這很有道理。最後再補充一點關於利用率的問題。我只是想確認一下——你指的是吞吐量在增加，輸送的電子數量當然也在增加。是單位設備的利用率提高了，還是整體設備的吞吐量提升了？我只是想弄明白這一點。

It's both, Sameer. It's both.

兩者都是，薩米爾。兩者兼具。

Okay, it's both.

好吧，兩者都是。

So we're seeing more volume go through because of additional chargers in the ground, and then we're also seeing better utilization of the chargers that are installed.

因此，由於地下增設了充電樁，我們看到充電量增加；同時，我們也看到已安裝的充電樁利用率增加。

That is really good to know. That's really good.

這真是個很有用的信息。那真不錯。

(Operator Instructions) And it appears there are no further questions at this time. Mr. Stelea, I'll turn the conference back to you.

（操作說明）目前看來沒有其他問題了。史蒂利亞先生，會議交給您主持。

We thank you all for joining Blink on our quarterly earnings call as we announced another strong quarter with significant reduction in cash flow burn and reduction in operating expenses. We are happy to connect you with our management team for additional questions.

感謝各位參加 Blink 的季度財報電話會議，我們宣布又一個強勁的季度業績，現金流消耗和營運費用均大幅下降。如有其他疑問，我們很樂意為您安排與我們的管理團隊聯繫。

In order to do so, please send us an e-mail at ir@blinkcharging.com. And we'll look forward to updating you as we progress over the next quarter and in the future. With that, we're going to conclude our presentation.

為此，請發送電子郵件至ir@blinkcharging.com。我們將在接下來的一個季度以及未來持續向您報告進度。至此，我們的演講就結束了。

Thank you.

謝謝。

And this does conclude today's conference call. Thank you for attending.

今天的電話會議到此結束。謝謝各位的出席。