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| DC Fast Charger, it's a different story, right? You're not going to get as highest margin, but if you can get the volume in, it's very good for revenue |
| We also wanted to note that in the first nine months, Blink has already generated $98 million in revenue, putting us significantly ahead of our full-year 2022 revenue of -- that was $61.1 million |
| This second consecutive quarter -- of a record quarter results a clear indication that our financial and operating strategy is effective |
| Really nice to see the revenue growth |
| As mentioned by Brendan earlier, our strategy of vertical integration and insourcing of manufacturing as well as cost avoidance and cost optimization efforts have contributed to the continuous increases in our gross profit and margins |
| So, these are quite impressive results |
| And we actually significantly beat a quarter that was our best quarter in the history |
| Our ability to provide flexible models is a unique component of our business and it provides us with a competitive advantage over other companies |
| So, when we break out the two, of course, on our L2 in our Series line, we have very, very robust gross profit on a new unit retailed |
| We are very proud of this team and the effort this past quarter |
| Now, while we expect that L2 chargers will continue to represent the majority of our installed chargers in the near-term, we are pleased to see the growth in DC Fast Chargers sales |
| Our goal has been to demonstrate the strong operating results of Blink's business along with profit-generation potential as we entertain additional sourcing of shareholder-friendly funding |
| We are thrilled to have delivered our second consecutive quarter of absolutely record-breaking revenue growth |
| This gross margin and profit increase demonstrates our success in increasing service revenues, managing our manufacturing costs and expenses, and of course, selling more chargers |
| We've improved the gross margin on that product and we expect to see as we sell more of those in the balance of this year and the next year |
| So, our third quarter performance surpassed our second quarter results to take over the title of the best quarter in the history of Blink |
| Our network fees are recurring by nature and represent a reliable high-margin revenue stream as we continue to build the foundation for our continued growth |
| We feel very good about the choices we've been making over the last three-plus years |
| Our strategy of increasing our in-house manufacturing is boosting margins, and we expect to see the benefit reoccurring and expanding in the long-term |
| It's simple, the more EVs that are produced and deployed, the cheaper they become to own and operate, significantly benefiting Blink and the entire EV infrastructure market |
| So, despite various industry reports, we expect the EV market to continue to grow and we view competition as a positive catalyst for EV consumers in the U.S |
| Our record quarter is evident that our business model and our disciplined plan to achieve continuous improvement are working |
| We believe our achievements this quarter directly reflect the success of synergies, the vertical integration we've been doing, pro-active cost saving actions, comprehensive product portfolio, and positive trends in our revenue backlog |
| The great thing about the post office deal is we've won other fleet deals, both commercial fleet deals, and we got another one in just the other day of a $2 million deal in, is that competitive advantage from manufacturing and from this cost-effective model that we can get in there and maintain high margins |
| On Slide 7, we are able to scale our revenue and achieve higher gross margin because Blink is the only [fully-vertegrated] (ph), U.S.-based, full-service EV infrastructure provider, and we've said this many, many times |
| Importantly, these factors will continue to provide us with tailwinds as we go into 2024 |
| So, great job to the team |
| On Blink's network, we upgraded it last year, and that upgrade continues to drive growth for the company |
| Our management team is focused on prioritizing sustained profitability and achieving positive adjusted EBITDA run rate by December 2024 through revenue growth, gross margin expansion, cost savings, and streamlining our processes to foster a culture of continuous improvements |
| Given our performance to date and the visibility we have, we've raised our revenue target for the full year to $128 million to $133 million, and we have reiterated our goal of targeting positive adjusted EBITDA by December 2024 |
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| Please note that the impact of the non-cash accounting adjustments to our goodwill and intangible assets negatively impacted Q3 and year-to-date earnings per share by $1.54 |
| Now in the nine months ended September 30, 2023, adjusted EBITDA was a loss of $43 million, a decrease from a loss of $45.6 million in the same period of last year |
| Adjusted earnings per share for the third quarter of 2023 was a loss of $0.16 per share compared to a loss of $0.47 per diluted share in the prior-year period |
| Now, earnings per share for the third quarter of 2023 was a loss of $1.74 per diluted share, compared to a loss of $0.51 per diluted share in the prior-year period |
| In the nine months ended September 30, 2023, the adjusted earnings per share was a loss of $1.15 per share compared to a loss of $1.23 per share in the same period of the prior year |
| In the nine months in the September 30, 2023, the earnings per share was a loss of $3.02 per share, compared to a loss of $1.39 per share in the same period of the prior year |
| DC Fast Charger, on an aggregate level, lags behind |
| So a lot of DC Fast Charger took us down from the higher number that we had in that and there's still -- we have quite a bit, we had less legacy that we worked through in Q2 |
| Now adjusted EBITDA for the third quarter of 2023 was a loss of $11.7 million compared to a loss of $17.6 million in the prior-year period |
| Could you just talk about -- I know you talked about it on the last call reasons why gross margins might be down sequentially in the second half of '23, but then they might accelerate in '24 |
| The elevated operating expense number in Q3 2023 includes a non-cash, goodwill, and intangible asset impairment charge of $94.2 million related to a quantitative impairment analysis which determined that the fair value of all reporting units within the company were less than the carry amount |
| And we're also not subject to supply constraints |
| And frankly, you have to be aggressive |
| We're not seeing much fallout at all in any customer segments |
| I just wondered if any of the -- you saw any of that filtering down through charger sales, fleet discussions, and so forth |
| Would you say Level 2 demand is slowing? Or you wouldn't frame it that way, you would just say Level 3 demand is growing at a faster rate than you expected? Brendan Jones So, I've been blessed with getting to work for big DC fast charger companies, and then getting to work for Blink that's predominately L2 that does some DC fast charging |
| And sometimes you have to negotiate with the owner to say, "Hey, we keep getting bad knocks on this, because you won't buy a new charger or won't upgrade this." And those are difficult conversations |
| We had to push the team to think outside of the box and while adopting a methodical and consistent approach to reducing operating expenses |
| Others can't do that |
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