Blink Charging Co (BLNK) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Blink Charging Company Second Quarter 2026 Earnings Call. (Operator Instructions) At this time, it is my pleasure to turn the call over to Vitalie Stelea.

各位女士、各位先生，下午好，歡迎參加 Blink Charging Company 2026 年第二季財報電話會議。(接線員指示) 現在，我很高興將電話會議交給 Vitalie Stelea。

Thank you, operator, and welcome to Blink's second quarter 2026 earnings call. With us today, we have Mike Battaglia, President and CEO; and Michael Bercovich, Chief Financial Officer.Today's discussions will include references to non-GAAP measures. These are reconciled to the most comparable US GAAP numbers 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.

謝謝接線員，歡迎各位參加 Blink 2026 年第二季財報電話會議。今天與會的有總裁暨執行長 Mike Battaglia，以及財務長 Michael Bercovich。今天的討論將包含對非 GAAP 指標的引用。這些指標已在我們財報簡報的附錄中，與最可比的美國 GAAP 數字進行調節。您可在 Blink 投資人關係網站上找到該簡報，以及我們其餘的財報資料與其他重要內容。

Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors that could cause results to differ are included on page 2 of the second quarter 2026 earnings deck. Unless otherwise noted, all comparisons are year-over-year.

今天的討論也可能包含關於我們預期的前瞻性陳述。實際結果可能與所述不同，而可能導致結果不同的最重要因素已列於 2026 年第二季財報簡報第 2 頁。除非另有說明，所有比較皆為年對年。

Regarding our calendar, Blink will participate in the H.C. Wainwright 28th Annual Global Investment Conference on September 14 and 15 in New York City. For additional events, please follow our press releases and Blink's Investor Relations website. I will now turn the call over to Mike Battaglia, President and CEO of Blink Charging. Please go ahead, Mike.

關於我們的行事曆，Blink 將於 9 月 14 日與 15 日在紐約市參加 H.C. Wainwright 第 28 屆年度全球投資會議。如需了解其他活動，請關注我們的新聞稿與 Blink 投資人關係網站。接下來我將把電話會議交給 Blink Charging 總裁暨執行長 Mike Battaglia。Mike，請開始。

All right. Thanks, Vitalie. Good afternoon, everyone, and thank you very much for joining us. So I'd like to set the stage for today's call by highlighting two achievements that exemplify the transformation at Blink. First, we narrowed our adjusted EBITDA loss to just $2.2 million this quarter, compared to a loss of $7.9 million in the second quarter of last year, representing a 72% improvement.

好的。謝謝你，Vitalie。各位下午好，非常感謝大家加入我們。我想先為今天的電話會議定調，重點說明兩項成就，這兩項成就體現了 Blink 的轉型。第一，我們本季將調整後 EBITDA 虧損收斂至僅 220 萬美元，相較去年第二季虧損 790 萬美元，改善幅度達 72%。

And second, our GAAP gross margin was a strong 38.9%, that is a 2,200 basis point year-over-year increase or an improvement of $3.6 million on a lower revenue base.Together, these two data points demonstrate that the plan we communicated and put in place at the beginning of this year is working and moving Blink decisively toward our goal of exiting 2026 at approximately breakeven.

第二，我們的 GAAP 毛利率強勁達 38.9%，年對年提升 2,200 個基點；在較低的營收基礎上，毛利改善 360 萬美元。這兩項數據共同證明，我們在今年年初所溝通並推動的計畫正在奏效，並正推動 Blink 明確朝著我們的目標前進：在 2026 年底達到約略損益兩平。

We'll come back to both of these data points in more detail in a few minutes, but I wanted to begin here as the rest of the call will reinforce these key points. The restructuring work is behind us, and you are seeing the company we committed to build, leaner, more focused and making deliberate decisions that prioritize quality of revenue, margin expansion and profitability.

我們稍後會更詳細回到這兩項數據，但我想先從這裡開始，因為接下來的內容將強化這些關鍵重點。重整工作已告一段落，各位正在看到我們承諾打造的公司：更精實、更聚焦，並以審慎的決策優先考量營收品質、毛利擴張與獲利能力。

Total revenue of $21.7 million was up 4.3% sequentially, and we were encouraged to see product sales grow 20% from the first quarter. We also completed the divestiture of Envoy Technologies on June 5. And while it impacted the top line in the second quarter, it reinforces our commitment to focusing resources and capital on optimizing the core business. And with every customer contract renewal, we evaluate the economics and execute only when the terms work for Blink. Otherwise, we walk away.

總營收 2,170 萬美元，較前一季成長 4.3%，而我們也很高興看到產品銷售較第一季成長 20%。我們也於 6 月 5 日完成 Envoy Technologies 的出售。雖然這對第二季的營收有影響，但也再次強化我們將資源與資本聚焦於優化核心業務的承諾。此外，在每一次客戶合約續約時，我們都會評估經濟效益，只有在條款對 Blink 有利時才會執行。否則，我們就會放棄。

The result is a higher quality revenue base as evidenced in margin performance. Again, GAAP gross margin of 38.9% this quarter compared to 16.8% in Q2 of last year. This sends a clear message, our plan is working. Now turning to slide 6. Market conditions within the US electric vehicle market are strengthening, which underpin the fundamentals of our business.

其結果是更高品質的營收基礎，並反映在毛利表現上。再次強調，本季 GAAP 毛利率為 38.9%，相較去年第二季的 16.8%。這傳遞出明確訊息：我們的計畫正在奏效。現在請看第 6 張投影片。美國電動車市場的市場狀況正在改善，這支撐了我們業務的基本面。

Used EV sales are robust as mainstream buyers consider alternatives to gasoline-powered vehicles in an environment of elevated global fuel prices. Similarly, in Q2, new battery electric vehicle sales demonstrated growth over Q1, reflecting steady market recovery since the discontinuation of the EV tax credit, and this is exactly what we were expecting.

二手電動車銷售強勁，在全球燃油價格高企的環境下，主流買家正考慮以電動車作為燃油車的替代方案。同樣地，在第二季，新的純電動車銷售較第一季呈現成長，反映在電動車稅收抵免取消後市場持續復甦，而這正是我們所預期的。

Consumers are choosing the predictability of charging costs associated with electricity over the spikes and fluctuations of geopolitically driven gas prices. Plug-in hybrids service the on-ramp, transitioning drivers toward full battery-powered EV ownership. And new sales have also been showing global resiliency with Europe hovering at a 17.5% penetration rate of new vehicles sold, benefiting our businesses in the UK and Belgium. Importantly for us, infrastructure perception remains the number one barrier to buying an EV.

相較於受地緣政治影響而出現飆升與波動的汽油價格，消費者更傾向選擇電力充電成本的可預測性。插電式油電混合車提供了進入門檻，協助駕駛逐步轉向完全以電池驅動的電動車持有。此外，新車銷售也展現全球韌性，歐洲新車銷售的滲透率徘徊在 17.5%，有利於我們在英國與比利時的業務。對我們而言很重要的是，對充電基礎設施的觀感仍是購買電動車的第一大障礙。

That gap between the customer's perception today and when they're going to feel comfortable with infrastructure availability is the opportunity for Blink. We own and operate infrastructure, and we are building into those perception gaps.

客戶目前的觀感與他們何時會對基礎設施可用性感到安心之間的落差，就是 Blink 的機會。我們擁有並營運基礎設施，並正針對這些觀感落差進行建置。

On slide 7 is the business model transformation that is driving margin expansion. By 2028, we are targeting repeat and recurring revenue streams to account for approximately 80% of total revenue, with hardware sales comprising the balance. We achieved this with a deliberate plan that progresses through various stage gates, from raising capital to site pipeline generation to construction and deployment and finally, to owned and operated cash-generating DC fast charging assets. Recurring revenue drives predictability and this transition drives structural margin expansion.

第 7 張投影片展示了推動毛利擴張的商業模式轉型。到 2028 年，我們的目標是讓重複性與經常性收入來源約占總營收的 80%，其餘由硬體銷售構成。我們透過一項審慎的計畫來達成，該計畫會依序通過多個階段關卡，從募資、站點管線開發、施工與部署，最終到自有並營運、可產生現金流的直流快充資產。經常性收入帶來可預測性，而這項轉型將推動結構性的毛利擴張。

Moving to slide 8. Our DC fast charging build-out plan totals 25 sites and 118 stalls, funded by the equity raise we completed in December of last year. We expect to have nearly all of those sites built by the end of 2026. This would bring our total DC charger footprint to about 169 sites, representing 519 stalls by year-end.

接著看第 8 張投影片。我們的直流快充建置計畫合計 25 個站點、118 個充電車位（stalls），資金來自我們去年 12 月完成的股權募資。我們預期在 2026 年底前完成幾乎所有站點的建置。這將使我們的直流充電器總佈建規模在年底達到約 169 個站點、共 519 個充電車位。

Slide 9 is a visual representation of where we're headed. This is a concept of one of our future DC fast charging sites. They're fast, incorporate energy management technologies and are located in high-density locations where people live, work and play.

第 9 張投影片以視覺方式呈現我們的目標方向。這是我們未來某個直流快充站點的概念示意。它們充電速度快，整合能源管理技術，並設置在人們居住、工作與休閒的高密度地點。

Turning to slide 10. We highlight Blink's focus on innovation. This month, we are launching EnergyConnect, this month, our new energy management platform. This marks an important evolution for Blink. EnergyConnect is an AI-driven energy management system that will eventually be live across our DC fast charging and Level 2 networks.

接著看第 10 張投影片。我們強調 Blink 對創新的聚焦。本月我們將推出 EnergyConnect，也就是我們全新的能源管理平台。這標誌著 Blink 的一項重要演進。EnergyConnect 是一套由 AI 驅動的能源管理系統，最終將在我們的直流快充與 Level 2 網路全面上線。

In simple terms, it transforms charging sites into a smarter, more valuable energy asset as it addresses four key areas for us and our site hosts. First, real-time load monitoring. We can see actual power draw against configured limits at every site. Second, automated load balancing. The system distributes power intelligently phase by phase. Third, demand charge mitigation.

簡單來說，它將充電站點轉化為更智慧、更有價值的能源資產，因為它為我們與站點業主解決四個關鍵面向。第一，即時負載監控。我們可以在每個站點看到實際用電功率相對於設定上限的情況。第二，自動負載平衡。系統會逐相（phase by phase）智慧分配電力。第三，需量費用（demand charge）緩解。

Scheduled load limits reduce or eliminate expensive peak hour utility charges. And fourth, it lets us grow without underlying infrastructure upgrades. We can add more chargers on the electrical service already in place. These capabilities save us future OpEx and CapEx dollars, and this is a platform, not a feature, and it's live today.

透過排程式負載上限，可降低或消除昂貴的尖峰時段公用事業費用。第四，它讓我們在不進行底層基礎設施升級的情況下擴張。我們可以在既有的電力服務容量下新增更多充電器。這些能力可為我們節省未來的營運費用（OpEx）與資本支出（CapEx），而且這是一個平台，而非單一功能，並且今天就已上線。

In the first half of 2027, we will bring battery storage under EnergyConnect control, unlocking peak shaving and electricity arbitrage. And beyond that, it's the foundation for aggregating and monetizing distributed energy through a virtual power plant and participating in grid services. This marks our progression from a pure charging company into a broader energy company with EnergyConnect serving as the operating system that powers it.

在 2027 年上半年，我們將把電池儲能納入 EnergyConnect 的控制之下，釋放削峰填谷與電力套利的能力。此外，這也將成為透過虛擬電廠聚合並變現分散式能源、並參與電網服務的基礎。這標誌著我們從一家純充電公司，邁向更廣泛的能源公司，而 EnergyConnect 將作為驅動其運作的作業系統。

So with that, I'll turn it over to Michael Bercovich, our Chief Financial Officer, to review the financials in more detail, and then I'll circle back at the end of the call with concluding remarks. Michael?

那麼，接下來我把時間交給我們的財務長 Michael Bercovich，請他更詳細地回顧財務表現，之後我會在電話會議結尾回來做總結。Michael？

Thank you, Mike, and good afternoon, everyone. Q2 2026 is a quarter where the numbers validate our plan. Margins are expanding as revenue quality improves. Our structural cost realignment is delivering tangible results. Costs are reset in control, operating leverage is expanding and adjusted EBITDA loss has reached a multiyear low as we drive the business towards sustained profitability.

謝謝你，Mike，各位下午好。2026 年第二季是一個用數字驗證我們計畫的季度。隨著營收品質提升，毛利率正在擴張。我們的結構性成本重新調整正在帶來具體成果。成本已重設並受到控管，營運槓桿正在擴大，隨著我們推動業務走向可持續獲利，調整後 EBITDA 虧損已降至多年低點。

And the balance sheet gives us the flexibility to invest in DC fast charging network and fund expansion with efficient capital. Let me walk you through the details, beginning with the selected financials on slide 12. Q2 2026 total revenues were $21.7 million compared to $28.7 million in Q2 of 2025.

同時，資產負債表也讓我們具備彈性，以有效率的資本投資直流快速充電網路並為擴張提供資金。我將帶各位看細節，先從第 12 頁投影片的精選財務數據開始。2026 年第二季總營收為 2,170 萬美元，相較於 2025 年第二季的 2,870 萬美元。

Let me provide some context for this and also underlying story. As we communicated previously, Blink is prioritizing quality of revenue over quantity. From time to time, Blink renews contracts and commercial agreements.

我先提供一些背景與背後的故事。如同我們先前所溝通的，Blink 正在優先追求營收品質而非數量。Blink 會不定期續約合約與商業協議。

And with every renewal, we are evaluating profitability expectations. If it doesn't fit, we walk away, which explains some of this reduction. We also completed the divestiture of Envoy Technologies, which sharpens our focus on the core EV charging business and supports additional improvements in our EBITDA profile.

而在每一次續約時，我們都會評估獲利性預期。若不符合，我們就會選擇退出，這也解釋了部分下滑。我們也完成了 Envoy Technologies 的剝離，讓我們更聚焦於核心電動車充電業務，並支持我們 EBITDA 表現的進一步改善。

Product revenues were $7.4 million compared to $14.5 million in the second quarter of last year. This decline reflects deliberate strategic decisions. While some participants in the industry continue to prioritize top line growth at the expense of margins, we remain focused on profitable growth, higher-margin opportunities and disciplined deal selection. We believe this strategy positions Blink for stronger and long-term shareholder value creation.

產品營收為 740 萬美元，相較去年第二季的 1,450 萬美元。這一下滑反映了我們有意為之的策略決策。當產業中部分參與者仍以犧牲毛利為代價來優先追求營收規模成長時，我們仍專注於獲利性成長、更高毛利的機會，以及審慎的交易選擇。我們相信此策略能讓 Blink 為股東創造更強勁且長期的價值。

Service revenue, which includes repeatable charging revenues and recurring network fees, grew 6.2% year-over-year to $11.5 million compared to $10.8 million in Q2 of 2025. This is the growth engine for Blink, both from a revenue and margin perspective. Further, with our ongoing margin optimization efforts, we are experiencing margin expansion. We will address this in more detail momentarily.

服務營收（包含可重複的充電營收與經常性網路費）年增 6.2% 至 1,150 萬美元，較 2025 年第二季的 1,080 萬美元增加。這是 Blink 的成長引擎，無論從營收或毛利角度皆然。此外，隨著我們持續進行毛利優化，我們正經歷毛利擴張。我們稍後會更詳細說明。

Other revenues, which consist of warranty fees, grants and rebates and other revenue items were $1.9 million in the second quarter compared to $2.3 million in the prior year period. Car sharing revenues were $0.8 million, a decrease of 25.9% compared to prior year period, primarily attributable to the Blink strategic divestiture of Envoy Technologies on June 5, 2026. For modeling purposes, Envoy's last 12 months revenues were $4.7 million, and they will not be recurring.

其他營收（由保固費、補助與回饋以及其他營收項目構成）第二季為 190 萬美元，較去年同期的 230 萬美元下降。汽車共享營收為 80 萬美元，較去年同期下降 25.9%，主要歸因於 Blink 於 2026 年 6 月 5 日策略性剝離 Envoy Technologies。就建模而言，Envoy 過去 12 個月的營收為 470 萬美元，且未來不會再重複發生。

As a reminder, starting with the fiscal year 2026, we have redefined our non-GAAP metrics to align with peers and industry practices. You can see the definitions of these metrics in our earnings press release as well as in the appendix section of this presentation.

提醒各位，自 2026 會計年度起，我們已重新定義非 GAAP 指標，以與同業及產業慣例一致。您可在我們的財報新聞稿以及本簡報的附錄部分看到這些指標的定義。

The main difference is that we exclude noncash share-based compensation, other nonrecurring items as well as depreciation and amortization to better present the fundamental direction of our business. So let's get to it. GAAP gross profit in Q2 was $8.4 million or 38.9% of revenues compared to gross profit of $4.8 million or 16.8% of revenues in Q2 of 2025.

主要差異在於，我們排除非現金的股份基礎薪酬、其他非經常性項目，以及折舊與攤銷，以更好地呈現我們業務的基本走向。那我們開始。2026 年第二季 GAAP 毛利為 840 萬美元，占營收 38.9%，相較於 2025 年第二季毛利 480 萬美元、占營收 16.8%。

That is 75% improvement in gross profit dollars on lower revenue and more than 2,200 basis points of margin expansion. The gross margin percentage exceeded our expectations, driven by disciplined portfolio optimization, the shift to contract manufacturing and improved revenue mix.

在營收較低的情況下，毛利金額仍提升 75%，毛利率擴張超過 2,200 個基點。毛利率百分比超出我們預期，主要受惠於嚴謹的產品組合優化、轉向委外代工，以及營收組合改善。

On a non-GAAP basis, adjusted gross margin was a robust 47.9%. The fundamentals of our business are stronger than ever. Our focus on higher quality revenue, disciplined portfolio management, contract manufacturing optimization and a richer mix of repeat, recurring and higher-margin revenue streams continues to enhance our margin profile. These are sustainable improvements that we expect to support further profitability as the business grows.

以非 GAAP 口徑計算，調整後毛利率強勁達 47.9%。我們的業務基本面比以往任何時候都更強。我們專注於更高品質的營收、嚴謹的產品組合管理、委外代工優化，以及更高比例的可重複、經常性與高毛利營收來源，持續提升我們的毛利結構。這些都是可持續的改善，我們預期將在業務成長時支持進一步的獲利能力提升。

Turning to operating expenses. Total operating expenses in Q2 were $14.7 million compared to $34.4 million in Q2 of last year, a 57% reduction year-over-year. This reflects the successful execution of our Blink Forward transformation initiative and the completion of the restructuring actions over the past year. Importantly, those are structural, not temporary improvements. We have rightsized the organization, streamlined our cost structure and instilled greater discipline across G&A and compensation spending, and we continue targeting more.

接著看營業費用。第二季總營業費用為 1,470 萬美元，較去年第二季的 3,440 萬美元年減 57%。這反映我們成功執行 Blink Forward 轉型計畫，並在過去一年完成重組措施。重要的是，這些改善是結構性的，而非暫時性的。我們已將組織規模調整到適當水準、精簡成本結構，並在一般及行政（G&A）與薪酬支出方面建立更高的紀律，同時仍持續鎖定更多改善空間。

As a result, Blink is operating as a leaner, more focused and more efficient organization that is well positioned to drive profitable and predictable growth. Compensation expenses were $8.4 million, down 39% from $13.8 million in Q2 2025, reflecting the benefit of our headcount reductions.

因此，Blink 正以更精實、更聚焦且更有效率的組織運作，並已具備推動獲利且可預測成長的良好定位。薪酬費用為 840 萬美元，較 2025 年第二季的 1,380 萬美元下降 39%，反映了我們裁減人力所帶來的效益。

G&A expenses were $1.8 million, down from (inaudible) $7 million in prior year quarter, and other operating expenses declined to $4.1 million from $6.7 million as our cost optimization efforts continue to compound across the organization. GAAP net loss for Q2 was $6 million or $0.04 loss per diluted share compared to a net loss of $29.3 million or $0.28 loss per diluted share in Q2 of last year. That's an improvement of over $23 million in reduced net loss.

一般及行政（G&A）費用為 180 萬美元，較去年同期（聽不清）700 萬美元下降；其他營業費用也從 670 萬美元降至 410 萬美元，顯示我們的成本優化努力持續在整個組織中累積成效。第二季 GAAP 淨損為 600 萬美元，或每股稀釋後虧損 0.04 美元，相較去年第二季淨損 2,930 萬美元、每股稀釋後虧損 0.28 美元。淨損減少超過 2,300 萬美元，顯著改善。

Adjusted EBITDA for the second quarter of 2026 was a loss of $2.2 million compared to an adjusted EBITDA loss of $7.9 million in Q2 of last year. That is a 72% improvement and it gets us closer to achieving profitability.

2026 年第二季調整後 EBITDA 虧損為 220 萬美元，相較去年第二季調整後 EBITDA 虧損 790 萬美元。這是 72% 的改善，讓我們更接近達成獲利。

Turning to our balance sheet and cash position. We ended Q2 with cash and cash equivalents of approximately $34 million. Days sales outstanding is now below 80 days, demonstrating the continued impact of enhanced working capital practices and refined liquidity management.

接著看資產負債表與現金部位。我們在第二季末的現金及約當現金約為 3,400 萬美元。應收帳款週轉天數（DSO）目前已低於 80 天，顯示強化營運資金作法與更精準的流動性管理持續發揮效果。

For the first six months of 2026, net cash burn was approximately $5.6 million compared to $30.1 million in the same period last year, an improvement of approximately $24.5 million. Tighter financial management across the business gives us the flexibility to invest in our future DC fast charging network. As we scale this infrastructure, we expect our cash burn to increase to support future repeatable cash flows from charging assets.

2026 年前六個月，淨現金消耗約為 560 萬美元，較去年同期的 3,010 萬美元改善約 2,450 萬美元。全公司更嚴謹的財務管理，讓我們具備彈性投資未來的直流快速充電網路。隨著我們擴大這些基礎設施，我們預期現金消耗將增加，以支持未來來自充電資產的可重複現金流。

Regarding the business outlook, I'd like to provide an update across three key areas. Number one, revenue. We are revising our full year 2026 revenue guidance to between $83 million to $90 million from $105 million to $115 million previously. Here is why. With the focus on revenue quality, the Envoy divestiture and other commercially disciplined decisions, we are consciously choosing to run a leaner and more focused company.

關於業務展望，我想就三個關鍵領域提供最新進展。第一，營收。我們將2026全年營收指引從先前的1.05億至1.15億美元，下修至8,300萬至9,000萬美元。原因如下。在聚焦營收品質、處分Envoy以及其他更具商業紀律的決策之下，我們有意識地選擇以更精實、更聚焦的方式經營公司。

The emphasis is on the durable profitability and not just the top line for the sake of the top line. Our updated guidance reflects thoughtful strategic choices, not a change in our confidence or long-term opportunities. While these actions reduce revenue in the short term, they improve overall business performance and financial health.

重點在於可持續的獲利能力，而不只是為了衝高營收而衝高營收。我們更新後的指引反映的是審慎的策略選擇，而非我們的信心或長期機會有所改變。雖然這些行動在短期內會降低營收，但能改善整體營運表現與財務健康。

Number two, gross margins. We are raising our full year gross margin outlook to approximately 38% on a GAAP reported basis from approximately 35% previously. The drivers are well understood, disciplined portfolio optimization, selective renewal of contracts, contract manufacturing efficiencies and improved revenue mix and increased utilization of our own charging assets.

第二，毛利率。我們將2026全年毛利率展望（以GAAP申報基礎）從先前約35%上調至約38%。推動因素相當明確，包括有紀律的投資組合優化、選擇性續約合約、委外製造效率提升，以及營收組合改善與自有充電資產使用率提高。

Lastly, number three, path to profitability. We anticipate a further reduced adjusted EBITDA loss in the second half of the year as we continue business optimization efforts. We recognize early that long-term success in this industry requires more than revenue growth. It requires a sustainable business model. Over the past year, we have focused on making the right decisions, not always the easiest ones, in order to build a stronger company.

最後，第三，通往獲利之路。隨著我們持續推動業務優化，我們預期下半年調整後EBITDA虧損將進一步收斂。我們很早就認知到，這個產業的長期成功不僅僅需要營收成長。它需要一個可持續的商業模式。過去一年，我們專注於做出正確的決策——不一定是最容易的決策——以打造更強健的公司。

We believe the progress we have made reflects this discipline, and we're committed to continue to execute with the same focus going forward. And we choose to confront market challenges head on rather than wait for the markets to solve them for us. I will now turn it back to Mike to wrap it up. Go ahead, Mike.

我們相信目前取得的進展正反映了這份紀律，而我們也承諾未來將以同樣的專注持續執行。我們選擇正面迎戰市場挑戰，而不是等待市場替我們解決。接下來我把時間交回給Mike做總結。Mike，請。

All right. Thanks, Michael. So the second quarter of 2026 was about broad execution and the results reflect that. At Blink, we are believers in intense focus and management accountability. We want to concentrate on the core, build the core and do what we do best.

好的。謝謝你，Michael。因此，2026年第二季的重點在於全面執行，而結果也反映了這一點。在Blink，我們相信高度聚焦與管理問責。我們希望專注於核心、打造核心，並把我們最擅長的事情做到最好。

As we move through the remainder of 2026, our focus is on deploying capital, scaling the DC fast charging network, deploying energy management capabilities through EnergyConnect, and building a business that generates durable, repeatable revenue and reaches adjusted EBITDA breakeven in the fourth quarter. We have accomplished the hard structural adjustments. Now we are scaling what works.

在2026年剩餘期間，我們的重點是資本部署、擴大DC快充網路、透過EnergyConnect部署能源管理能力，並打造一個能產生持久、可重複的營收，且在第四季達到調整後EBITDA損益兩平的業務。我們已完成艱難的結構性調整。現在我們要擴大那些有效的方法。

I want to close by highlighting a few milestones and notable achievements in Q2. Number one, GAAP gross margin of 38.9%, up from 16.8% a year ago. Quality of revenue is performing. Secondly, revenue up 4.3% sequentially. The business has stabilized.

我想在結尾強調第二季幾個里程碑與重要成果。第一，GAAP毛利率為38.9%，高於一年前的16.8%。營收品質表現良好。第二，營收較前一季成長4.3%。業務已趨於穩定。

Third, adjusted EBITDA loss improved 72% year-over-year. The cost structure is right. And fourth, $34 million in cash and days sales outstanding at about 80 days for the second straight quarter. Our balance sheet gives us options. As a result of these achievements, we are targeting to exit 2026 at approximately breakeven profitability.

第三，調整後EBITDA虧損年減72%。成本結構已到位。第四，現金3,400萬美元，且應收帳款週轉天數（DSO）連續第二季約為80天。我們的資產負債表讓我們有更多選擇。基於這些成果，我們的目標是在2026年結束時達到約損益兩平的獲利水準。

In 2027, we expect to return to revenue growth with a positive full year adjusted EBITDA, driven primarily by charging and energy services and increasing the repeatable and predictable revenue mix. We expect to provide formal 2027 guidance alongside our 2026 year-end results.

在2027年，我們預期將重回營收成長，並實現全年調整後EBITDA為正，主要由充電與能源服務帶動，同時提升可重複且可預測的營收組合占比。我們預計將在公布2026年年終結果時一併提供正式的2027年指引。

And overall, since I became CEO, I've been clear about what Blink will do, build a company with fundamentally sound financials, operate with discipline and scale profitably over time. Every quarter, the results move in that direction. So I would like to extend a thank you to the Blink team for their continued focus and execution.And I would like to thank our customers and drivers who rely on Blink to provide energy to their vehicles every day. With that, we can move on to Q&A. Operator?

整體而言，自我擔任CEO以來，我一直清楚說明Blink將會做什麼：打造一家具備根本健全財務體質的公司，以紀律營運，並隨時間推進實現獲利性擴張。每一季的結果都朝這個方向前進。因此，我要感謝Blink團隊持續的專注與執行；也要感謝每天仰賴Blink為其車輛提供能源的客戶與駕駛。接下來我們進入問答。接線員？

(Operator Instructions)

（接線員指示）

Chris Pierce, Needham.

Chris Pierce，Needham。

Just one financial question and one kind of bigger picture question. Like -- sorry if I missed it, but did you guys give -- I know you gave the gigawatt hours, and you have been giving that in the past four quarters. Did you give -- like how should we think about utilization on the network? I am just trying to think about where service revenue could go with your installed base and as you grow the installed base. So that's kind of top line.

我只有一個財務問題，以及一個比較宏觀的問題。像是——如果我漏聽了先說聲抱歉——你們有沒有提供——我知道你們提供了GWh（吉瓦時），而且過去四個季度你們一直都有提供。你們有沒有提供——例如我們應該如何看待網路的使用率？我只是想思考，隨著你們的裝機基礎以及裝機基礎的成長，服務營收可能會走到哪裡。所以這算是營收端的問題。

And then within OpEx, should we sort of think of this? I kind of just want to go a little deeper on your comments, Michael, about further room from here, if this is sort of a steady state of the business going forward, which is -- I mean, versus last year, sort of get where we are? I just want to understand how to think about modeling OpEx going forward.

另外在營業費用（OpEx）方面，我們是否應該這樣看待？我想更深入追問一下你剛才的評論，Michael，關於從這裡開始是否還有進一步空間；也就是說，這是否會是未來業務的某種穩態——我的意思是，相較於去年，我們大概理解目前的位置？我想了解未來在建模OpEx時應該如何思考。

Yes. I will take the first part, Chris, and then Michael can take the second. So obviously, good question. I will answer it this way. We are seeing increasing utilization among the core group of assets where we have executed with the tools and analytics available to us.

是的。Chris，我先回答第一部分，第二部分Michael可以回答。這確實是個好問題。我會這樣回答。我們看到在一組核心資產上的使用率正在提升，這些資產是我們運用手上可用的工具與分析能力有效執行的成果。

So call it the assets that have been installed in the last 18 months. And the new sites that we are putting in, so again, we raised about $20 million in equity in December. We committed to the majority of that being put in the ground in order to build out DC fast charging assets. And as I pointed out in the deck, we are going to have a lot of those built by the end of the year. And we are very confident in the utilization that those sites are going to deliver.

也就是說，大致是過去18個月內安裝的資產。以及我們正在建置的新站點；再說一次，我們在12月透過股權融資募集了約2,000萬美元。我們承諾其中大部分會投入到實際建置中，用於擴建DC快充資產。如同我在簡報中指出的，我們將在年底前完成其中相當多的建置。而我們對這些站點將帶來的使用率非常有信心。

So to answer the question, overall, we see the overall network utilization increasing, but especially among the assets that we have installed, call it, in the last 18 months.

因此回答你的問題：整體而言，我們看到整體網路使用率正在上升，尤其是我們在過去18個月內安裝的那些資產。

Okay. Perfect. And then on OpEx?

好的。完美。那OpEx方面呢？

Chris, it is a very good question. Let me answer that. I think the key takeaway is that the vast majority of the structural cost actions are now behind us. Over the past 15 months, we fundamentally reset our operating expense base, and we believe that the current run rate is a good rep for the business going forward. You should expect operating expenses to remain relatively stable with some improvements as we move on because we are just not going to give up and we will continue looking.

Chris，這是個非常好的問題。我來回答。我認為關鍵重點是：絕大多數結構性成本措施現在都已經完成。過去15個月，我們從根本上重置了營業費用基礎，我們相信目前的費用運行水準能很好地代表未來業務的狀態。你應該預期營業費用將大致維持相對穩定，並在我們持續推進的過程中有些許改善，因為我們不會鬆懈，會持續尋找機會。

And then you will see some normal quarter-over-quarter fluctuations driven by timing and some investments in growth initiatives. But as the revenue grows, right, our objective is essentially to leverage this existing cost structure rather than just grow operating expenses. So part of what we did is really reset the operating structure to help us to grow in the future with some additional changes that we plan to do in the next few quarters.

接著你會看到一些正常的季比波動，主要由時點因素以及對成長計畫的部分投資所驅動。但隨著營收成長，對吧，我們的目標基本上是運用（槓桿化）既有的成本結構，而不是單純讓營業費用跟著成長。因此，我們所做的一部分工作，確實是重新調整營運架構，協助我們在未來成長，並且在接下來幾個季度還計畫進行一些額外的調整。

Okay. Perfect. Can you just remind us what equipment you are putting in the ground? I know you had a factory outside of DC And then I think you had been using some third-party contracting on DC.Like what is happening with your prior production capabilities? And what equipment are you putting in the ground, like kind of where are you sourcing it from?

好的。完美。你能再提醒我們一下，你們要把哪些設備埋設到地下嗎？我知道你們在華盛頓特區外有一座工廠，然後我想你們一直在特區使用一些第三方承包服務。你們先前的生產能力現在是什麼狀況？以及你們要埋設哪些設備，大概是從哪裡採購來源？

Yes, sure. I will take that. So it's different as we talk about Level 2 versus DC. So let's start with Level 2 because that's what we were assembling in Maryland. So we took that production and we shifted it to third-party contract manufacturers, both here in the United States as well as overseas, in India.

是的，當然。我來回答。所以我們在談 Level 2 與 DC（直流）時是不同的。我們先從 Level 2 開始，因為那是我們先前在馬里蘭州組裝的。我們把那部分生產轉移給第三方合約製造商，包含在美國本土以及海外的印度。

That is Blink product. So that's our IP, that's our software development, firmware development. It's just sitting in the hands of a third-party contract manufacturer to manage the supply chain, to snap them together and deliver it to our warehouses here in the US. So that's L2 or AC.

那是 Blink 的產品。所以那是我們的 IP（智慧財產）、我們的軟體開發、韌體開發。只是交由第三方合約製造商負責供應鏈管理、把它們組裝起來，並交付到我們在美國的倉庫。所以那是 L2 或 AC（交流）。

Secondly, on DC, our strategy has not changed. We are using third-party hardware to support our DC build-out as well as product sales. And that typically sits with three companies: Tellus Power, Kempower and Sinexcel.

第二，關於 DC（直流），我們的策略沒有改變。我們使用第三方硬體來支持我們的 DC 佈建以及產品銷售。而這通常由三家公司提供：Tellus Power、Kempower 和 Sinexcel。

Okay. Perfect. And then just one last one for me. I guess it would be hard not to mention that we have seen companies in this space, across the space really talk about getting adjusted EBITDA positive in '23, '24, and that's sort of a reset.

好的。完美。然後我最後一個問題。我想很難不提到，我們看到這個領域的公司，整個產業都在談 2023、2024 年要達到調整後 EBITDA 轉正，而那有點像是一種重置。

I guess, what's different or what are you seeing now that kind of gives you the confidence that you can sort of kind of talk about exiting this year flattish and positive adjusted EBITDA next year given sort of how volatile the environment has been that's sort of made it hard for people to sort of stick to their predictions?

我想問的是，現在有什麼不同？或你們現在看到什麼，讓你們有信心可以談到今年年底大致持平、明年調整後 EBITDA 轉正？畢竟環境一直很波動，讓很多人很難堅持原先的預測。

Yes, I will start with that. So I'm sure Michael will have some comments on this. So number one, just look at the progress we've made. I mean this isn't theoretical. We are not talking about this as a conceptual thing. We are demonstrating our progress to it. Adjusted EBITDA loss in Q2 of $2.2 million, we are not that far off. So right there, I think, is evidence -- tangible evidence that we mean what we say. And I think we have a pretty good track record over the last 18 months or so of delivering what we said we were going to deliver.

是的，我先回答。我相信 Michael 也會對此補充一些看法。第一，只要看看我們已經取得的進展。這不是理論推演。我們不是把它當作概念在談。我們正在用實際成果證明我們的進展。第二季調整後 EBITDA 虧損為 220 萬美元，我們距離損益兩平並不遠。所以我認為這本身就是證據——具體的證據——證明我們說到做到。而且我認為在過去大約 18 個月，我們在交付我們承諾要交付的成果方面，有相當不錯的紀錄。

The other thing is, two, as we continue to build our repeat and recurring revenue mix, we can see what type of revenue we need to generate in order to get to profitability. So as we look out and we have, I would say, relatively conservative assumptions on product sales, that's how we're modeling this.

第二點是，隨著我們持續提高可重複與經常性收入的組合占比，我們可以看出為了達到獲利，我們需要創造什麼樣的營收規模。因此在往前看時，我會說，我們對產品銷售採取相對保守的假設，並以此來建模。

We are not modeling this, as Michael said in his comments, based on the market recovering us. We are adjusting our business based on where the market is. So when you combine all of those things, again, press -- continuing to press down on the operating expenses, the increased mix of repeat and recurring revenue and being conservative in the outlook for product sales, we're not saying this flippantly.

我們並不是像 Michael 在他的評論中所說的那樣，假設市場會復甦來拯救我們。我們是依據市場現況來調整我們的業務。所以把這些因素綜合起來——持續壓低營業費用、提高可重複與經常性收入的占比、並且對產品銷售前景保持保守——我們不是隨口說說。

We are demonstrating that we are getting it. So Michael, anything to add?

我們正在證明我們確實做得到。所以 Michael，你還有要補充的嗎？

Yes. Maybe just a couple of points, Chris. Let me say this, profitability is the priority. And the revenue reset you see was intentional. It's not demand driven. And cost structure has fundamentally changed. It's a completely, completely new company. And Blink is positioned to return to growth from a much healthier base, and that's what we can tell you today, and that's where we're driving.

有的。Chris，我可能補充幾點。我想說的是，獲利是首要優先事項。你看到的營收重置是刻意為之。這不是需求所驅動。而且成本結構已經從根本上改變。這是一家完全、完全不同的新公司。Blink 已經站在更健康的基礎上，準備重回成長；這就是我們今天能告訴你的，也是我們正在推動的方向。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

First, could you give some more specifics around the decisions that you made that ultimately led to the revenue guidance reduction and the expected enhancement of gross margin?

首先，你能否更具體說明一下，你們做了哪些決策，最終導致下調營收指引，以及預期毛利率提升？

Yes. So you're talking about like when we talk about quality of revenue, just to be clear?

是的。所以你指的是我們談到「營收品質」時的那些內容，先確認一下？

Yes, exactly. Yes.

是的，正是。是的。

Yes. Sure, sure. So first of all, it really probably encompasses three things. So first of all, we're ensuring that our owned and operated chargers are optimized. And that means validating driver pricing, so what drivers pay for the electricity at our Blink-owned sites.And just as importantly, ensuring that we are procuring energy at the cheapest rate possible. So that's number one.

是的。當然、當然。首先，這大概涵蓋三件事。第一，我們確保自有並自營的充電樁達到最佳化。這代表要驗證駕駛端定價，也就是駕駛在我們 Blink 自有站點為電力所支付的價格。同樣重要的是，確保我們以可能最低的費率採購電力。這是第一點。

Secondly, when customer contracts come up for renewal, we are evaluating the true cost of the business, not just the gross margin, but think about contribution margin impact. So if it make sense, we continue, if not, we walk away. And there are a couple of areas that were meaningful from a revenue standpoint that we recently walked away from because the profitability was nonexistent. And we don't feel like that's an efficient use of capital or resources at Blink.

第二，當客戶合約到期續約時，我們會評估這筆業務的真實成本，不只是毛利率，而是要看對貢獻毛利（contribution margin）的影響。所以如果合理，我們就續約；如果不合理，我們就退出。而且有幾個近期我們退出的領域，從營收角度看原本相當可觀，但因為幾乎沒有獲利。我們不認為那是 Blink 有效率運用資本或資源的方式。

And then finally, when we are evaluating hardware sales, we are considering the add-on opportunities that can create longer-term value. So things like whether or not there's a network subscription attached to it, an extended warranty purchase, a revenue share model perhaps. And these considerations help us understand the true margin contribution beyond just the hardware margin itself. So that's how we are thinking about the business now kind of every day we wake up.

最後，當我們評估硬體銷售時，我們會考量能創造長期價值的加值機會。例如是否附帶網路訂閱、是否購買延長保固、或可能採用分潤模式等。這些考量能幫助我們理解，除了硬體毛利本身之外，真正的毛利貢獻。所以這就是我們現在每天醒來都在思考業務的方式。

Make sense. I appreciate that. And then just to clarify on EBITDA guidance. Should we think about the target being exiting the year at a breakeven run rate or breakeven for the fourth quarter?

了解。謝謝你的說明。然後再釐清一下 EBITDA 指引。我們應該把目標理解為：年底退出時達到損益兩平的 run rate（運行率），還是第四季本身損益兩平？

Michael, do you want to start?

Michael，你要先開始嗎？

Yes, absolutely. So we're driving towards profitability to the end of the year and the drop to this record low of $2.2 million, just a good example. So we plan, again, as I said, profitability is the top priority. We plan to exit the year at a breakeven around that. And then we're building a plan now from where we are and those decisions that we're making right now to become profitable in 2027 with a much leaner, much more focused company and then derisking that as well.

是的，當然。所以我們正朝著年底達成獲利推進，而降到創紀錄低點的 220 萬美元（虧損）就是一個很好的例子。所以我們的計畫——我再說一次，獲利是最優先事項。我們計畫在年底退出時大致達到損益兩平。然後我們正在以目前的位置、以及我們現在正在做的那些決策為基礎，建立一個計畫：在 2027 年以更精實、更聚焦的公司達到獲利，並同時降低相關風險。

Understood. Appreciate that. And then last one on EnergyConnect. Could you just dig into the battery storage strategy a little bit more and maybe some of the new opportunities that this can provide?

了解。感謝。接著最後一題關於 EnergyConnect。你能否再更深入談談電池儲能策略，以及這可能帶來的一些新機會？

Sure. So I think it's really interesting, I think, where Blink is and the opportunity that's available to us here. So we've been working on EnergyConnect for a while, and we are initially deploying it at our Blink-owned sites. So we're rolling it out. We're testing it against things like load balancing and some of the things that I mentioned in my comments, with the intent of trying to maximize the profitability opportunity at those Blink-owned sites.

當然。我認為這非常有意思，尤其是 Blink 目前所處的位置，以及我們在這裡可把握的機會。我們已經在 EnergyConnect 上投入一段時間，並且一開始會在我們 Blink 自有站點部署。所以我們正在推進上線。我們會針對負載平衡等項目，以及我在評論中提到的一些事項進行測試，目標是盡可能在這些 Blink 自有站點上最大化獲利機會。

And then once we have validated that, we then get to bring it to the market. So there are kind of additional SaaS opportunities above and beyond just network fees that will -- that we can bring to customers. That's number one.

接著，一旦我們完成驗證，就可以把它推向市場。因此，除了單純的網路費用之外，還會有一些額外的 SaaS 機會——我們可以提供給客戶。這是第一點。

The second piece of it is then incorporating battery energy storage. And this is what I mentioned in the comments again is that when we look to early 2027, we should be able to bring battery energy storage capabilities underneath EnergyConnect. And that opens up a whole different set of opportunities for us in terms of, obviously, peak shaving, demand event mitigation and also providing energy back to the grid, which obviously is something that's top of mind for everyone.

第二個部分就是納入電池儲能。我在評論中也再次提到，當我們展望 2027 年初時，我們應該能夠在 EnergyConnect 之下導入電池儲能能力。這將為我們開啟一整套不同的機會，包含（顯然）削峰填谷、需求事件緩解，以及向電網回送電力；而這顯然是大家都非常關注的議題。

And I kidded around before and I've said, that used to be the conversation for EV charging. And now that whole conversation, thankfully, has shifted over to data center. So we're no longer sort of the looming evil child out there. It's the data center. So we think that that is a really big opportunity for us to leverage the EnergyConnect platform to be at the core of all of those things.

我之前也開玩笑說過，那以前是針對電動車充電的對話。而現在那整個對話，幸好，已經轉移到資料中心上了。所以我們不再是外界眼中那個陰影下的「壞孩子」。現在是資料中心。因此我們認為，這是一個非常大的機會，讓我們能夠運用 EnergyConnect 平台，成為所有這些事情的核心。

(Operator Instructions)

（接線員指示）

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

So I'd like to just dig in a little bit deeper on the EnergyConnect strategy. Is there a possibility for you to go back to already installed DCFC locations and upgrade those with batteries? Or is this only going to be for new installation coming in 2027?

我想再更深入一點探討 EnergyConnect 策略。你們是否有可能回到已經安裝的 DCFC 站點，並加裝電池進行升級？還是說這只會用於 2027 年的新裝設？

Sameer, thanks for the question. It's a great one. There is absolutely a big opportunity to retrofit existing DC fast chargers. And I think order of magnitude, as an example, we have sold upwards of 1,500 DC fast chargers into automotive dealers across the country. That's a pretty good -- and I think probably some of those dealers are struggling with things like demand charges, and that can represent a very interesting opportunity for us. So absolutely.

Sameer，謝謝你的問題。這個問題很好。把既有的直流快充（DC fast chargers）進行加裝改造（retrofit）絕對有很大的機會。舉例來說，以量級而言，我們已經向全國各地的汽車經銷商售出超過 1,500 台直流快充。這是相當可觀的——而且我想其中一些經銷商可能正面臨像是需量費（demand charges）之類的問題，這對我們而言可能代表非常有意思的機會。所以絕對是。

That sounds wonderful. And then second question is about -- I think concluding your prepared remarks, you mentioned the balance sheet and optionality. I understand to the extent that you would be -- you want to deploy as many of your own chargers, and then also use some of this for the battery rollout. But what other options are on the table that you may be considering?

聽起來很棒。第二個問題是關於——我想在你準備好的結語中，你提到了資產負債表與彈性（optionality）。我理解在某種程度上，你們會——希望部署更多自有充電樁，同時也會把部分資源用於電池的推廣。但除此之外，你們還在考慮哪些其他選項？

Yes. So let me -- I'm sure Michael would like to jump in here, too. I'll start. So to me, this is a kind of a multi-faceted opportunity, I'll say, for capitalizing the company. So number one, we've talked about profitability on this call. And when we achieve profitability, we believe it's going to open up a world of options for us that perhaps aren't available to companies like us in the position we're in right now. So that's number one.

是的。我想——Michael 也會想在這裡補充。我先說。對我而言，這是一個多面向的機會，可以說是為公司資本化（capitalizing the company）提供多種途徑。第一，我們在這通電話中談到了獲利能力。當我們達成獲利時，我們相信這將為我們打開一個充滿選項的世界，而這些選項對於像我們這種目前所處位置的公司而言，可能現在還不可得。這是第一點。

The second thing is that we believe that this strategy opens up an investment community to us that, again, hasn't been interested or visible, however you want to word it, and that when we start to show that our DC -- owned and operated DC fast charging footprint gives us a beachhead into this market that's real, we believe that the financing opportunities could be -- some very interesting ones could be available to us. So Michael, anything to add?

第二點是，我們相信這個策略也會為我們打開一個投資人社群——同樣地，過去可能不感興趣或不太關注（你想怎麼表達都可以）——而當我們開始展現我們自有並營運的直流快充版圖，能讓我們在這個市場取得一個真實的立足點（beachhead）時，我們相信融資機會可能會——有一些非常有意思的選項會出現。Michael，有沒有要補充的？

Yes, absolutely. Thanks, Mike. Sameer, liquidity remains a key focus for us. We finished the quarter with approximately $34 million in cash, no debt, which we believe differentiates Blink from many of our peers. Our focus continues to be disciplined cash management, improving operating performance and reducing cash burn.

是的，當然。謝謝，Mike。Sameer，流動性仍然是我們的關鍵重點。本季結束時，我們約有 3,400 萬美元現金、沒有負債；我們相信這讓 Blink 與許多同業有所區隔。我們的重點仍是嚴謹的現金管理、改善營運表現並降低現金消耗（cash burn）。

Every transformation decision we have made over the last year have been centered around extending runway while building business capable of generating sustainable profitability.And that's one of the reasons why profitability, as Mike said, is such an important priority.

過去一年我們所做的每一項轉型決策，都以延長資金跑道（runway）為核心，同時打造一個能夠產生可持續獲利能力的業務。而這也是為什麼，如同 Mike 所說，獲利能力是如此重要的優先事項之一。

A business that consistently generates stronger operating results, creates more strategic options, whether it's funding growth internally or accessing capital with lower cost when opportunity arise. Our goal is to put Blink in a position where we have choices and where every financing decision is made from a position of strength rather than necessity.

一個能夠持續產生更強營運成果的企業，會創造更多策略選項——無論是以內部資金支持成長，或是在機會出現時以更低成本取得資本。我們的目標是讓 Blink 處於一個我們有選擇的狀態，並且每一項融資決策都是在強勢地位下做出，而不是出於不得已。

Understood. And I should congratulate you on the very successful cost reduction efforts. I mean it is really impressive what you have achieved over the last few quarters. And good luck with your 4Q breakeven EBITDA.

了解。我也要恭喜你們在成本削減上的成果非常成功。我的意思是，你們在過去幾個季度所達成的成績真的令人印象深刻。也祝你們第四季 EBITDA 損益兩平順利。

With all questions having been addressed from the Q&A, we turn the floor back over to your management.

由於問答環節的所有問題都已處理完畢，我們把時間交回給管理團隊。

We appreciate all of you who joined Blink today for our second quarter announcement, highlighting significant improvements in our GAAP gross margin and adjusted EBITDA. These are critical KPIs that our management follows on our path to profitability as reflected in our updated guidance today. We look forward to keeping you updated. Reach out to the Investor Relations team and be well. Thank you.

感謝各位今天參加 Blink 的第二季公告電話會議，我們重點說明了 GAAP 毛利率與調整後 EBITDA 的顯著改善。這些都是管理團隊在邁向獲利的過程中所追蹤的關鍵 KPI，也反映在我們今天更新的財測指引中。我們期待持續向各位更新進展。如有需要，請聯繫投資人關係團隊，祝各位安好。謝謝。

This does conclude today's conference call. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛線。