Good afternoon, and welcome to Blink Charging's second quarter 2022 earnings conference call. All participants are in listen-only mode, and there will be an opportunity for analysts to ask questions at the end of today's presentation. If you should need assistance during the conference, please press star zero on your touch tone phone. Please note, this conference is being recorded. A replay of this call will be available on the investor relations page of the company's website. At this time, I'd like to turn the presentation over to Vitalie Stelea, Vice President of Investor Relations. Thank you, Ali. Welcome to Blink's second quarter 2022 earnings call. On the call today, we Michael Farkas, Chairman and Chief Executive Officer, Brendan Jones, President, and Michael Rama, Chief Financial Officer. Today's discussions will include non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You can find the deck along with the rest of our earnings materials and other important content on Blink's investor relations website. Please note, today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated. The most significant factors that could cause actual results to differ are included on page two of the second quarter earnings deck. Unless otherwise noted, all comparisons are year-over-year. Now, regarding our institutional calendar, we have two upcoming engagements. On August 10th, Michael Farkas, Blink co-founder, will present at the JP Morgan Auto Conference in New York. On September 7th, Blink will participate in the Barclays CEO Energy-Power Conference also in New York City. Now, I will turn the call over to Michael Farkas, Founder and CEO of Blink Charging. Go ahead, Michael. Good afternoon, everyone. Thank you for joining us. We delivered a very strong second quarter of 2022, highlighted by record revenue of $11.5 million, an increase of over 664% over the second quarter of 2021. It is very important to note here that from an organic growth perspective, excluding 2022 acquisitions, our second quarter revenue doubled on a year-over-year basis, which proves that we have a solid strategy and robust growth on both our owner operator side and the ancillary sales models. During the second quarter, our product sales grew by 170%. Service revenue grew by 155%, and recurring network fees grew by nearly 350%. Our record second quarter results are reflective of our strong fundamentals as these results do not, and I repeat, do not yet fully reflect the integration of our recent acquisitions of SemaConnect and EB Charging. In fact, our second quarter results include only half of a month of SemaConnect's financials since this transaction closed on June 15th. Going forward, the recent acquisitions will only accelerate our momentum in sales, network expansion, and product development. In the quarter, we contracted, sold or deployed 5,630 commercial and residential chargers, an increase of 73% same quarter last year. During the same period, Blink was awarded an additional $2 million from a total of $32 million since the beginning of 2021. In addition, we are extremely encouraged by yesterday's passage of the Inflation Reduction Act in the Senate. We believe that the act's provisions for consumer incentives for both new and used electric vehicles, conversion of government fleets to EVs, and its favorable tax and CapEx implications will contribute to a faster transition to electric transportation, resulting in higher demand for EV charging infrastructure. This aligns well with Blink's strategy and our future growth plans. On slide five is the most important highlight of this quarter, which is Blink's acquisition of SemaConnect. The combination of Blink and SemaConnect creates a powerhouse of the charging industry, adding over 12,800 active chargers and 151,000 registered users to Blink's portfolio of chargers. As importantly, this acquisition provides Blink with vertically integrated manufacturing capabilities in the U.S., which instantly qualifies Blink for the Buy American mandate within the Biden administration's $7.5 billion EV charging investment plan. SemaConnect's large portfolio of technology and intellectual property includes level three DC fast chargers, which significantly accelerates Blink's go-to-market strategy in the fast charging DC space. Financially, SemaConnect has one of the highest, if not the highest margin profiles in the industry with a strong recurring sales and cash flow model and multiple revenue streams. We are very pleased with this acquisition and look forward to continuing the integration of SemaConnect into the Blink family. Mahi Reddy, Founder and Chief Executive Officer of SemaConnect, joined the Blink board of directors recently, a great addition which will positively impact the integration process. On page six, you can see that SemaConnect acquisition was preceded by two other very important transactions. In April 2022, we closed the EB Charging acquisition in the U.K., giving us access to the U.K. and Ireland markets and adding nearly 1,200 chargers to Blink's global footprint. As a part of that transaction, it acquired a confirmed order book of about $16 million, which is being fulfilled as we speak. Prior to that, in May 2021, we acquired Blue Corner in continental Europe, establishing an initial presence there with plans to grow significantly in the fast-growing European market. This includes countries such as Belgium, Netherlands, France, among many others. Our strategy is paying off, as demonstrated by the recently announced agreements with Q-Park to deploy nearly 600 chargers across 80 sites in the U.K. and Ireland. Q-Park is one of the three largest providers of parking facilities in Western Europe, so we're extremely excited about this new partnership. Blink's strategic and organic growth has contributed to our fast global expansion. As you can see on slide seven, our network is already established on three continents and key markets within each, and we're looking to expand further from here. We think that there is significant opportunity ahead for Blink because of our equipment, our new and updated, soon to be revealed software, and our network are compatible with the charging infrastructure in most places on the globe. Combined with strong projected growth rates in EV penetration and EV infrastructure needs, we think Blink is very well positioned for substantial organic and strategic growth. In fact, a recent study from McKinsey, published in April of this year, argues that the United States alone could have 48 million EVs on the road by 2030. 48 million. Globally, BloombergNEF recently pointed to the need of between 340 million and 450 million chargers by 2040. I'm going to repeat that. 340 million to 490 million chargers. It's massive. Interestingly, when you think about it, only 3% of those are projected to be Superchargers. Blink is positioned to take advantage of this incredible growth environment due to our strong value proposition. As you can see on page eight, we believe Blink has the most advanced technology in the market right now, with strong intellectual property and vertical integration capabilities globally. We offer multiple business models to our customers, allowing them to choose how they want to deploy their capital, anywhere from full ownership to no capital requirement and minimal involvement. We have an extremely large footprint that we believe will only keep growing at a very, very accelerated pace. Next, another thing that I'm tremendously excited about is Blink's new global framework empowered by our recent acquisitions, which we believe is a game changer in the EV charging industry. Besides having manufacturing capabilities in the U.S., India and Taiwan, our international network and portfolio of equipment is unparalleled today. Anywhere from New York to Brussels, Tel Aviv, London, even to Guam, you can use the same Blink Network and branded chargers in six languages, 19 currencies across 21 countries. We're only getting started. We have a lot of other countries and many more features to follow. In essence, whether we own and operate or sell the hardware, Blink strives to deliver best-in-class products and services globally. This is what enables a faster transition to EVs and what helps our customers and site hosts to make the switch to EVs and to Blink Charging. With that, I'll turn the call over to Brendan Jones, President of Blink Charging, to discuss some of our recent developments. Thanks, Michael, and good afternoon to everyone. As Michael talked about, it has been a very important and exciting quarter for Blink. We're going to begin with slide 11. Not only in the last quarter did we have strong financial performance driven by solid fundamentals, but we also accomplished the acquisitions of EB Charging and SemaConnect. If we look just at EB Charging in the U.K., it has a unique business model for the owner/operator side of the business, where typically in the U.K., we are able to get 80% of the CapEx covered by government entities. This is particularly attractive to us, especially since the U.K. government recently increased its commitment for the number of chargers by tenfold to 300,000 by the end of the decade. Alongside of this, the government has committed to GBP 1.6 billion to increase public EV infrastructure. The acquisition of EB Charging will allow Blink to tap into the opportunities for growth and increase its footprint across Europe by leveraging synergies with Blue Corner, our other European entity in continental Europe. Now adding to that synergy, the SemaConnect acquisition brings Blink unmatched speed to market, reduced costs, lower expenses, revenue growth and flexibility. It is another step towards our vision of creating the leading global electric vehicle charging ecosystem. It added thousands of chargers and registered users to the Blink portfolio, while further enhancing our comprehensive suite of smart hardware and software solutions for both retail and commercial applications. We cannot say enough about the talented individuals at SemaConnect and the industry knowledge they bring to Blink. We have essentially doubled our headcount through this acquisition. If we transition now, look at slide 12. As the world continues to struggle with broken supply chains and chip shortages, SemaConnect's vertical integration is key to achieving end-to-end design in in-house manufacturing. It will allow us to control the timeline for delivering a product that will satisfy multiple customer demands. These will effectively contribute to better cost management and industry-leading margins. We also believe that the in-house manufacturing capacity will be key to leading increased demand. In the United States in particular, SemaConnect's manufacturing facility in Bowie, Maryland, allows us to become Buy America compliant, while we get to control the IP and the quality as well as the future ramp up in capacity. Same also applies to our manufacturing facility in India. As we combine our complementary in-house engineering and software capabilities, we will be looking to leverage economies of scale across the board. As a matter of fact, we are already doing it. Our sales teams have started working hand in hand in addressing opportunities as one team, complementing each other's lead generation and product offerings. If we flip now to slide 13. When it comes to synergies on the revenue side, our plan includes upgrading existing SemaConnect customers to new Level 2 Blink chargers and transitioning them to the new Blink Network. The hardware and accessories we revealed at CES this year have received great reviews from our existing customers. As a result, we are also looking to increase the number of chargers at high utilization SemaConnect sites, thus increasing hardware revenue for each incremental charger sold. As we evaluate each site and our relationship with those new owners, we plan on providing SemaConnect customers with the option to switch to the hybrid revenue model, thus increasing the LTV per charger by about 10-15 times. We believe this will be a win-win situation, especially with customers who are looking to ease the cost of owning and operating a charging site. Besides the revenue synergies, we believe we have multiple opportunities on the cost side in both cost optimization, revenue, expense avoidance, and cost reduction. When it comes to hardware, we'll be leveraging SemaConnect's low cost manufacturing capabilities with a targeted cost reduction per unit of approximately 30%. I will say that again, 30% cost reduction. This is significant. This is a decrease from our current costs. Regarding talent, we are very excited to welcome SemaConnect employees to the Blink family and scale these talented team members across the entire organization. More than a quarter of SemaConnect's employees are highly skilled engineers with complementary skill sets to what we have today. Last but definitely not least, we plan to optimize our sales and customer service efforts to leverage scale and deliver the best quality of service and sales experience in the EV industry today. If we transition to slide 14 now. Within the last 12 months, Blink has contracted, sold, deployed, or acquired over 5,631 chargers, both domestically and internationally, bringing the total charger count for the company to over 51,000 since Blink's inception, which also includes the SemaConnect chargers. We have a healthy mix of deployments in the United States and abroad, with 74% of the total company-wide Blink chargers deployed in North America and 26% deployed internationally. Consumer demand for electric vehicles is steadily increasing, and the forecast from reputable thought leaders looks very optimistic, as Michael outlined earlier. When it comes to growth in charging infrastructure, our global network of chargers has steadily expanded quarter-over-quarter, and we expect this to continue well into the future. On slide 15, as you can see from the logos and verticals, this is a very comprehensive list and speaks to the breadth and depth of our products and services. We've won numerous multiyear contracts with a variety of well-respected commercial enterprises, healthcare facilities, multifamily complexes, planned communities, and municipalities. SemaConnect's equally comprehensive portfolio significantly complements Blink's. In fact, we are seeing tremendous opportunities to grow our customer base in the near future. Now, if we move over to slide 16, this gives us an overview of our stations deployed in key geographic locations throughout the United States and Europe. As you can see, with the SemaConnect acquisition, our customer base has expanded significantly to over 423,000 drivers registered within our portfolio of chargers. We have offices in nine locations across five countries, serving customers in more than 21 countries. Internationally, we are building the momentum achieved by Blue Corner and combined with our recent acquisition of EB Charging. On slide 17, just to remind everyone, we have launched and will be launching several exciting projects, products in 2022, including Blink's advanced fleet management software and the accompanying mobile app designed to be used with the advanced MQ-200 hardware. MQ-200 was launched this past quarter, and the initial feedback is very positive. The combination of hardware and software will provide a 360-degree fleet ecosystem. Moreover, we are preparing for the launch of an entirely redesigned Blink mobile app and cloud application, which is based on the latest tech stack and will make EV charging even more easier for drivers and operators. We are excited about the innovative Vision charger designed for retail locations, which has now been completely redesigned, as can be seen on slide 17. In addition to that, the HQ-200 is a residential charger which is fully networked and will allow customers to stay within the Blink network, even in their homes. Also as important, the newly added Series 8 family of chargers, which allows customers to use their credit card to pay for service, which is in fact a requirement effective January 1, 2023 for retail and public locations in California. Overall, we have a comprehensive portfolio of charging solutions to fit the needs of any customers, public or private, with the capability to penetrate numerous different markets. If we now go to slide 18, this provides an overview of the historic 1.2 trillion federal infrastructure bill that includes an estimated $7.5 billion to be used for building the nationwide infrastructure to support the anticipated growth in the adoption of electric vehicles. Since January 2021, Blink has been awarded $32 million in grants from several different state organizations. We now have a tremendous opportunity to add to this number by capturing as much as possible of the 17.5 billion and aid in the expansion of our charging footprint. If we now flip to slide 19, this shows some of our big wins. Our business development teams from Blink, SemaConnect, Blue Corner, and EB are working together to develop and close deals across a large spectrum of customers, anywhere from established auto OEMs and suppliers to large real estate developments and management firms to local government fleets to retail and entertainment companies, among many others. On the government side, two recent examples of purchasing agreements with two governmental organizations are Region 1 Planning Council in Northern Illinois and Florida Sheriffs Association Cooperative Purchasing Program. The Northern Illinois Council of Governments helps local governments and agencies save time and money by leveraging the buying power of its 20+ members within six county jurisdictions. The contract for EV charging equipment services for up to 10 years will enable members of R1's Council of Governments to participate under any of Blink's deployment models with favorable negotiated terms as awarded. The initial plan estimates up to 700 charging stations to be installed over the term of the purchasing agreement. In July, excuse me, we announced the successful contract award with the Florida Sheriffs Association Cooperative Purchasing Program. As an official vendor for electric vehicle stations, CPP vendors, Blink products will be made available to CPP participants, providing them with direct access to Blink EV charging stations. Blink now has the potential to reach and contract with thousands of state and local agencies, municipalities, and educational organizations across Florida. All in all, we are very, very pleased with our performance in the second quarter. Our fundamentals are strong as we delivered record financial performance in Q2, even without realizing the full benefits and synergies from recent acquisitions. The SemaConnect acquisition is transformational for Blink. We not only doubled the size of our employee base with some of the best talent in the industry, but acquired key manufacturing capabilities and product know-how that positions us to continue to grow and benefit from the $7.5 billion infrastructure plan. We are excited for what's next for Blink. Now I will turn it over to our CFO, Michael Rama, to run through some of the specific results for the quarter. Go ahead, Michael. Thank you, Brendan, and good afternoon, everyone. Turning to slide 21, total revenue in the second quarter of 2022 grew to $11.5 million, another record for the company and an increase of 164% compared to the second quarter of 2021. Excluding the 2022 acquisitions, our revenues for the second quarter of 2022 doubled, which demonstrates the solid fundamentals of Blink's business and strong customer demand. We are at a point in the industry where more and more consumers are choosing EVs for their transportation needs, and Blink provides the flexibility helping site hosts and consumers make the switch. Year to date through June 30, 2022, our total revenues were $21.3 million compared to $6.6 million for the first six months of 2021. What's noteworthy here is that our year-to-date revenues through June 2022 have already surpassed total revenues of $20.9 million for all of 2021. Product sales in the second quarter of 2022 were $8.8 million, an increase of 170% over the same period in 2021 as customers purchased greater volumes of our commercial chargers, DC fast chargers, and residential chargers. Second quarter 2022 service revenues, which consist of charging service revenues, network fees, and ride-sharing service revenues were $1.5 million, an increase of 155% compared to the second quarter of 2021. The year-over-year growth is primarily due to the increased utilization of our chargers and an increased number of chargers in Blink's networks. As you know, we combine these three service revenue line items into one amount to differentiate between the product and service aspects of our business. This approach also aligns with our company's strategic goal of increasing the service component of our revenue mix and growing our recurring revenue base. In time, as EV adoption accelerates and utilization of our charging stations increases, we anticipate seeing a larger mix of revenues come from services. Gross profit for the second quarter of 2022 was approximately $2 million, an increase of 204% over the same period last year. We continue to look at ways to drive higher margins, especially in light of ongoing supply chain disruptions occurring globally. Now operating expenses in the second quarter of 2022 were $23.9 million compared to $13 million in the prior year period. This increase reflects acquisition-related expenses of approximately $3 million associated with the acquisitions of SemaConnect and EB. It also reflects higher expenses in the areas of accounting, legal, marketing, investor relations, and consulting. Also included in the operating expenses for the second quarter of 2022 is increased amortization of intangible assets associated with the acquisitions of SemaConnect and EB. This expense will continue but is non-cash in nature. Furthermore, the increase in operating expenses includes operating expenses from SemaConnect and EB that were not included in the results for the second quarter of 2021. Because we strive to deliver best-in-class products and solutions, we continue to recruit talented individuals that will contribute to our company's growth and success. Many of those individuals participate in the research and development activities that will ensure that our products, software, and innovative solutions remain above competition. In 2021, we began presenting adjusted EBITDA. Our management team believes this non-GAAP measure is useful in evaluating our company's core operating performance because it excludes items that are either non-recurring or significant non-cash items. Adjusted EBITDA for the second quarter of 2022 was a loss of $15.6 million compared to a loss of $8 million in the prior year period due to the higher previously mentioned operating expenses. Adjusted EBITDA as a percentage of revenues for the second quarter of 2022 improved 49 basis points compared to the second quarter of 2021, and for the year has improved 88 basis points. This quarter, we are also introducing the non-GAAP measure adjusted earnings per share, which is earnings per share excluding significant non-cash items such as amortization of intangible assets and non-recurring expenses such as acquisition-related expenses. Adjusted earnings per share for the second quarter of 2022 was a loss of $0.41 per diluted share compared to a loss of $0.31 in the prior year period. Now turning to slide 22. Our revenues and gross profit performed well in the second quarter of 2022, continuing the upward trend that we've seen over the past several quarters now. As we execute on our flexible solutions of owner operator strategy and selling of hardware, we believe that we are well-positioned to continue driving increased revenues and gross profit moving forward. Moving to our cash position at June 30 of 2022, the company had approximately $85 million of cash compared to $175 million at the end of 2021. We believe we have sufficient cash on hand to fund our current operations. We are pleased with the second quarter of 2022 as we recorded another record quarter. These improvements in our operating results are a direct reflection of the solid foundation we've built over the past several years, and we believe we're well positioned to capitalize on the numerous opportunities and increased focus being placed on the EV industry. I will now turn the call back over Michael Farkas for a few final comments. Michael? Operator Second quarter was. Yes. Hello? Can you hear me? Go ahead, Michael. Second quarter of 2022 was a transformational quarter for Blink. Not only did our second quarter revenue double organically year-over-year, but we closed on two significant acquisitions that positioned Blink well to take advantage of the rapid industry growth. We are very excited to integrate EB and Sema into the Blink family, and we continue to expand on our hardware and software solutions globally. With that, we will now open the call for questions. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your questions, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Please hold while we poll for questions. Thank you. Your first question is coming from Matt Summerville with D.A. Davidson. Please pose your question. Thanks. Good evening. Couple questions. I want to start with the core business. Can you give us some sort of idea when you look organically, how much revenue is being derived on a quarterly basis from new customers versus those rebuying from Blink? Mike, do you want me to jump on that one or? Yes, that'd be fine. Yeah. No, obviously, Matt. Thanks, Matt, for joining. You know, organically, we're just seeing recurring nature of our revenues from, you know, our customers. You know, we have big customers that we've announced, you know, the OEMs and the many, you know, partners that we've had. You know, organically, they continue to buy, obviously, the chargers. They're deploying in the dealerships. So it's a continuous stream, but we're also adding new customers and new opportunities across the board. So, you know, organically, obviously, as we mentioned in our comments, we doubled our revenues, you know, over, you know, quarter over quarter excluding the acquisitions. We continue to see more, you know, obviously, our customers recurring, but also new ones added to the mix. I'll add to that a little bit. We do see a lot of new customers. Obviously, there have been a lot of property owners that have been sitting on the sidelines waiting to see more traction in the EV space. There's no longer a question of whether or not EVs are gonna be the mode of transportation moving forward. You're seeing a lot more of those that have sat on the fence are now putting in orders and looking at it across the portfolio of properties. There was literally one of the major developers, you know, in New York that's been sitting for years looking at EV. Now, you know, we were able to put in, you know, 50 units or so in some of their locations throughout the five boroughs. We're seeing guys that have been sitting on the fence, and we're seeing a lot more customers who have EV charging in their locations, needing more. It's a great combination of both new business and recurring. Got it. This one may be a little bit more for Brendan, but I was curious. You mentioned in your prepared remarks that Sema will provide, you know, a basis by which you can reduce your cost of goods sold, I believe you said by 30 percentage points. Is there a way to sort of break that out a little bit, Brendan, in terms of how much may be coming from labor versus supply chain/procurement? How should we be thinking about what sort of underpins that 30 percentage points? Yeah. Well, for obvious reasons, we're not gonna, you know, break it out by dollar amount, but it's a combination of both labor and the manufacturing type of the chargers and being direct. As you imagine, if you look at our current portfolio of chargers without SemaConnect, you know, some of that is it's our design. It's full contract manufacturing, meaning we contract our design. We tell them how we want it built, and then they build it, right? With SemaConnect, that model flips. It is our design again. However, it's our technicians and everyone who's building it from the ground up. They're our employees. They're not contract employees. It's our manufacturing facilities, not contract. We're not selling from one end to the other to create a margin. So all that creates some reduced costs. For us to be able to sell. When we combine those two systems together, even on Blink products, that's gonna give us a reduced cost. Thanks. I'll get back in queue. Thank you. Our next question is coming from Stephen Gengaro with Stifel. Please pose your question. Thanks. Good afternoon, everybody. Two things for me. The first, when you talk about the deployed and sold units, I think there's like 51,000. Can you give us a sense for how many of those are revenue-generating assets for you from a service revenue perspective, from a charging perspective? Yeah, I'll jump in. There's about, you know, there's quite a few. Obviously, this includes all our networks. I just wanna be clear that they, you know, the 51,000, that includes, you know, between our core Blink, the Blue Corner that we acquired, EB, as well as SemaConnect. You know, so a lot of what's acquired through EB and SemaConnect are already all networked on their systems. You know, so probably a good of the 51,000 probably a good two-thirds maybe is on a network. On some sort of a network that we're in the process of combining, and that we'll see synergies on that as we move forward through integrations. Okay, good. I'm trying to sort of backfill and trying to figure out sort of how to think about utilization and kind of ultimately what kind of revenue per deployed chargers we can think about on the charging revenue line, right? I'm just sort of trying to see if there's any color you could add to that. Obviously, there are different business models that we have and some of the companies that we acquired really sold hardware. We're now gonna start introducing, you know, using our own and operate model on some of these companies we acquired. Our own and operate model has a much more robust potential for revenues than just having a charging station that we sold to a third party and it's on our network. I get a few dollars a month for it. Again, we believe long term, as more and more EVs on the road, utilization kicks up. And as that happens, these charging stations become potentially very profitable. You know, as things progress, as we integrate these networks together, we're gonna have a very, very nice mix of different products and services. Some of it will be, you know, monthly connectivity fees and processing fees and not much on the sale of the energy, similar to ChargePoint's model. You know, again, that's part of what we do as well. Our focus here is really to try to own and operate as many of the charging stations as possible. I'm sure you've run the models and seen how potentially profitable, especially level two charging stations can be once they're out in the field. You know, as things progress and as this integration takes place, we'll be able to give a lot more visibility on that. Great. Thank you. Just one other one. You started providing us with sort of the adjusted EBITDA numbers recently. I think it was last quarter or the quarter before. I was just curious, by doing that, you in some way suggest to me that that number is headed towards break-even/positive territory at some point, and it's a good measure of sort of progress for you as we look forward. Any guidance on sort of when we would see EBITDA get to the break-even level? You know, we look at that, you know, continuously. Obviously, we've been, you know, focused on investing in the business, obviously driving top-line revenue. Then obviously, as we start going through the integration and synergies with the recent acquisitions, you know, you know, we target and we have a target and a goal. You know, the first is to reduce the EBITDA losses, and then we get, you know, could be a couple years out, you know. But we're, you know, mindful. We wanna be proactive. We will be making a lot of efforts over the next, you know, 12 months as we're integrating the acquisitions to really, I like to call it chop down some of the wood, right? It's a high priority of all of ours and our initiatives. Great. Thank you. It seems like a lot of good. Yeah. I'd like- Thank you. I'd like to add to that a little bit. You know, operating and developing technology in our space is not inexpensive. Having four companies being able to share one footprint, one customer service, one back end, one mobile application, there are gonna be tremendous economies of scale in integrating all these companies and these networks. A lot of savings, a lot of really good features that we're combining from the different networks. There's some really interesting and good times ahead of us. Through this role, we are, as Michael mentioned, you know, we're looking to sharpen the pencils and really start focusing on, you know, chopping the wood and getting rid of, you know, expenses that are unnecessary. There's a bunch of them now that we have overlap. It's really a great opportunity for us. Oh, great. Thank you for the color, gentlemen. Thank you. Our next question is coming from Chris Souther with B. Riley. Please pose your question. Hey. Thanks for taking my question, you guys. Given all the moving pieces with EV and half a month of Sema financials, could you give us a sense of what the run rate would have looked like, you know, had SemaConnect been in the business for the full quarter? I just wanted to get a sense of what the, you know, revenue run rate from SemaConnect and EV would have, you know, looked like on a pro forma basis for, you know, revenue and as well as kinda gross margins for that product sales segment and a better sense of the OpEx that we should expect going forward after we add those and back out some of those acquisition expenses. Thanks. Yeah. This is Michael. I'll jump on that. You know, as we put in the deck, you'll see there's a bit of a pro forma in the appendix, and where we've called that, you know, what the company would have looked like on a combined basis from the beginning of the year, what it would have looked like. I believe the combined revenues for the quarter would have been about $17 million, you know, for the full quarter and about $32 million and change for the first six months. You know, but that doesn't take into consideration anything moving forward. You know, obviously, you know, there's growth anticipated, but it just gives a little bit of a hindsight look for what 2022 would look like for the first half on a combined basis. Pro forma. Okay. Yeah, no, that's real helpful. Maybe just on the gross margin piece then, given you've talked about, you know, SemaConnect having a really strong gross margin profile. I wanted to get a sense of, you know, where that would've stood, if you could? We didn't get that granular, to be honest, obviously, 'cause, you know, some moving parts with synergies. Okay. Obviously, I look at it as upside for us from a post-acquisition that we would, you know, realize going forward. Okay. That's great to hear. Any sense, you know, if you could kinda quantify the revenue opportunity as well as the cost side of upgrading SemaConnect's, you know, existing footprint. I'm sure it's early days kinda working through conversations with some of those customers, you know, to the Blink owner model and, you know, as well as expanding footprints at some of those sites. Just wanted to get a sense of how you guys would quantify what that opportunity looks like, you know, just with the existing footprint over the next, you know, year or three years or kind of the roadmap there. Let me jump in and answer this one. We're cracking the numbers on that as we speak. So far they're very promising. As some of you might know, we contracted with McKinsey Group to do two things. First, the initial synergies analysis between the organizations, and then second, the roadmap to achieving those with definitive numbers and a plan to be implemented to achieve that. We're in the final stages now of validating the numbers, and then we're gonna kick off the plan. As soon as we validate those numbers, we can make them available. At this point, we need one or two more weeks to get those. The big number is, it's very lucrative both in the revenue enhancement pieces and in the cost avoidance pieces. Michael, you wanna add any clarity to that? No, I'm fine. Okay. Maybe my last one here. Could you give us a sense? I understand kinda with the, you know, large, you know, Blink network base, you know, a lot of the acquisitions were, you know, just kinda strict product sales. I wanted to get a sense of, you know, the mix, you know, more recently, like, you know, this past quarter, even if you could, between, you know, owner-operator, you know, commercial, residential sales of the deployments. It seems like we're getting really good momentum on the product side even before SemaConnect. You know, maybe just, you know. I think you've kinda given a clear, like, hey, where long term you think, you know, that mix sounds like it should, you know, you think it'll be going, but curious, you know, where it is today and kind of the next couple quarters, you know, based on what visibility you do have. Brendan? Is that one going to me? I'm sorry. I thought Michael. It was about the mix of sales and revenue. Mike, are you? Yeah. I guess on the sales, right, side of it. You know, so obviously you could still see we're generating 75% of our revenue is still coming from the product side of it. But we're still, again, across the board, you know, looking at, you know, when we contracted, we're still looking at a pretty good even split between owner operator and hardware sales. As we move forward. You know, again, it takes a little bit more time, obviously, as the service revenues, you know, as you get them deployed and start realizing, and as the utilization start to really kick in, that's where we're gonna start seeing the, as we saw, they'll call it the turn towards more service revenues as opposed to the product mix, if you will. The sales have been pretty mixed, right, pretty close to 50/50 on the, you know, sales versus owner operated type sales. Okay. That's helpful. I'll open the queue. Thanks, guys. Thank you. Our next question is coming from Oliver Huang with Tudor, Pickering, Holt. Please pose your question. Good afternoon, and thanks for taking my questions. First one, just, on the compensation and G&A line item. The quarterly increase understandably is coming from growing the business in addition to acquisitions and acquisition-related costs. Was wondering if there is any incremental color on how we should be thinking about the run rate for each of those line items, especially with the comment of doubling the headcount from the SemaConnect acquisition over, call it, the next 12 months or so. Well, obviously we'll see that accelerate a little bit, right? I mean, not through the June. You know, remember, it's gonna be relative to the acquisition side, you know, from the SemaConnect standpoint. You know, we'll be able to give a bit more color, you know, coming on later this month to that because we're actually gonna be filing the pro forma financials with SemaConnect. Towards the end of the month. That is, you know, from an acquisition standpoint. We'll be able to provide a bit more color on some of that. But obviously, there will be an increase in the salaries, but that's not gonna consider any synergies that, as Brendan mentioned, that's gonna be developed that we're gonna work through as well as the scale that we're gonna have that will relate to the increased volume that we anticipate. Okay. Thank you. For a second question, I was just wondering on the manufacturing facility, is there a timeline in terms of being able to expand that facility from the 10,000-50,000 units? In terms of going beyond that, is there any sort of rule of thumb in terms of how we should be thinking about costs and how long such a build-out would kind of take? The timeline is being established now. We're not ready for prime time, but we'll have it within the next two-three weeks. The cost is low. Our first, when we're going up over a period of time, getting up to, let's call it the 40,000 unit mark, and you know, that's coming out of our facility in India, and our facility in India is basically manufacturing the parts, and the facility in Bowie is assembling the chargers, is the way to look at it. The first aspect of that, we're gonna be able to do with just added shifts from going from one to two to three shifts. The second stage of that, it's increasing the line capacity out of our building three and four there, in India, and then increasing the capacity out of SemaConnect, in Bowie by adding additional shifts there as well. Your first stage, added shifts up capacity. Second stage, add some tables and tooling. In the original estimate, the tooling and table adds are very low in comparison. We're not looking at a massive CapEx to get it expanded out. We're looking at additional shifts primarily and some minor upgrades in tooling and equipment, in order to get there. We'll have more definitive data out in the next two-three weeks as we finalize the synergy plan. Okay, perfect. That's helpful. Thanks for the time. Thank you, ladies and gentlemen. Our next question is coming from Noel Parks with Tuohy Brothers. Please pose your question. Hi, good afternoon. Kind of a few things I wanted to run by you. I guess sort of as just a reality check, could you sort of ballpark how many models, in other words, ones that you plan to either have going live or are gonna continue in production, will the combined companies have that they'll be selling? I imagine there's gonna be some rationalization, you know, some overlaps where you'll, you know, favor, you know, one company's existing model from another. Yeah, sure. I can touch on it briefly. The product or what we're calling the product rationalization study, it's in its second phase. In the first phase, we reviewed all the products. You know, we looked at COGS, production capacity, acceptance in the market, all the relevant data you wanna look at. Now we're gonna go to the second phase of that is, okay, what do we move forward with and what we don't? There's some favorites identified within that, but those, also there's nuances. We mentioned earlier the Series 8 charger, which has a credit card reader already built into it, which is unique 'cause it's not a slap-on version of a credit card. That is gonna be Blink, SemaConnect combined together, a charger for sale in California for all publicly accessible places. Because in 2023, beginning in January, that's the only charger you can install there as a result of California mandate on that topic. We're gonna continue to rationalize that portfolio out, and we're gonna combine together. Now, down the road in the future, we'll talk about, you know, the different changes to look and feel and everything. We got about a week or less in that rationalization study. It's along with all the other synergy products we're going through. First review looked great. Well, you know, the idea is on making sure we can get the right amount of the product, the highest quality product at the right cost of goods sold out to the public. As you know, we're gonna be hesitant at first to shutting off any one of our producers of chargers because chargers are in demand right now. Most manufacturers cannot deliver upon the orders that they have today. There'll be a degree of running parallel to make sure we can fulfill the backlog of orders we have. That's right. Okay. I do wanna add to that just a bit. This is Michael Farkas. You know, it's very important for us not only to trim our product line to make sure it satisfies our customer base, but really, you know, what we call Gen 3. That's really the combined integration of Sema strengths and Blink strengths and having that, you know, hardware fill that role. While we're already on Gen 2, and we have amazing equipment across the board, you know, we do look towards the future, and that future is gonna be where we're gonna receive really just tremendous amounts of benefit from the integration of the companies. There is tremendous savings today, great product line. As Brendan mentioned, you know, the requirements in California is not only California to have a credit card swipe on those chargers. There are many other states that follow exactly what California does. One of the attractive things about Sema was the fact that they had a product readily available to meet those needs in California, and there are very few, if any, other of our competitors that can fulfill those requirements. We have the major advantage from most of our competitors in that regard. Huh. That's interesting. I wasn't aware of that. I guess You know what's interesting? It's very interesting 'cause, you know, people look at the transaction that we had with Sema and, you know, the purchase price was $200 million. People aren't really familiar with the fact that, you know, one of the largest investment banks in the world was gonna do a $2 billion pre-money deal on Sema when the markets were at its height. I agree with you. Those were very frothy valuations. The bottom line, when you look at how we purchased companies in the past, we've always bought them for very good pricing. We really look at the deal, although again, the valuations of the past are not the valuations of today. You know, being able to buy a company for 10% of the value, you know, that a Goldman Sachs of the world was willing to offer them, and we were able to take advantage of, you know, market timing, as well as all the amazing things that Sema brings. It's another transaction that the Street today just doesn't really fully value. Very similar to the acquisition we had in Europe. You know, if it's standing on its own two feet, the market would value that company at $1 billion and change. But being a part of Blink, we still have not received that value. Really look at us according to some of our competitors, EVgo and ChargePoint, and they have many multiples of our market cap. We own and operate where some of them don't, and we have, you know, thousands or tens of thousands of charging stations in the ground and they're, you know, 10% of our size with maybe two or three times our market cap. So, you know, again, I think when the Street really fully realizes the acquisitions that we've made and what their independent and individual value adds them together with Blink, I think that there'll be a repricing, and a re- Right. No, I absolutely agree. There's definitely a disconnect there. I guess one other thing I wanted to ask sort of about, just on the ground with the current Sema business. Can you just talk a little bit about what the logistics and maybe if you can even speak a bit to the cost of their sort of maintenance, repair, module replacement or, you know, equipment upgrade cycle is like? I'm just curious, are there expenses in those lines pretty similar, analogous to yours? Different in some ways, I don't know, 'cause of regulation or anything? I would say very different. The reason why is, you know, as an owner and an operator, you have a different philosophy in developing hardware. Our competitors, which none of them own and operate the charging infrastructure after it's sold, they build equipment with upgrades built in. Mm-hmm. That's their model, like a cell phone. We look at our equipment more like a hot water heater or a refrigerator, and we want it to last many years without upgrade cycles. If there has to be an upgrade cycle, we don't wanna have to rip out the entire machine. We wanna be able to use that machine and maybe change the modem or change an RFID card if those things change. Obsolescence is extremely important to us. Our competitors, it is to them as well, but what their philosophy is, they want a unit to become obsolete, and we don't. Our business is to have those units in the field as long as possible 'cause we're gonna generate the money off of the sale of the electricity through those charging stations. There's a reason why General Motors selected our hardware to be in their dealerships. There's a reason why Subaru did. There's a reason why Audi did. These are industry veterans that literally benchmarked all of this hardware against each other. This is not just some property owner that doesn't know what they're doing. They literally rip these things apart, and there's a reason why some of the biggest investors in EV are using our charging stations. This is not just blindly. This is something that they went through by benchmarking, by putting one unit against each other. There's a reason why Blink is getting chosen. It's because of our philosophy in how we build the hardware, which is we're an owner and operator, and there's no others that do what we do. If you look at any of the other owner-operators, you're looking at EVgo. They don't make their own hardware. They don't have their own network. You look at Electrify America, it's the same thing. It's just a different philosophy. Again, our hardware is lasting longer because it's designed to do that. Our competitors' hardware is designed to become obsolete after a couple cycles, so you have to buy new hardware. You follow? I did just wanna ask just a little bit tied to that. Given that you're gonna be seeing ultimately about a 30% lower cost with the manufacturing integrated through Sema, I'm just wondering, does that cost differential have any impact on sort of maybe your regional growth in different areas of the country? I'm just thinking of EV adoption and EV charging trends have sorta correlated in some places with, you know, high power cost markets versus low power cost markets, just the speed of deployment. I just wonder if your big cost savings is gonna change that map for you any. You know, ultimately, when you see what's going on globally from a legislative perspective, the world is going EV. You see what's going on with the Biden administration, you see what's going on in China, it's all over Europe. It's not necessarily about the cost of the fuel, which is electricity, because it just happens to be a hell of a lot cheaper than wherever you're gonna go with using gasoline. It's not necessarily about the cost of the power in different areas right now. There's a concerted effort by every single OEM globally to manufacture EVs. Even those holdouts like Toyota and Hyundai, look at their portfolio of plug-ins now. There are no more holdouts. It's every single major brand, and those are committing to stopping making internal combustion engine cars within some of the next 5, 10, 15 years. This is no longer about choice. I mean, yes, you have a choice of what car to buy. You can still buy a Ford or a Mercedes-Benz or a BMW, but really the power source for mobility has been chosen, and it's EV. The only shortcoming that EVs have is what we do, which is making sure that there is a fuel supply for them, and it's us and other companies in the space. You know, there's a whole switchover of mobility that's taking place right in front of our eyes, and you're just gonna see all that investment, all that capital, all that revenue that was generated from building automobiles of the past, going from those legacy companies to those that are now supplying fully vertically integrated EV charging company that can provide. As we mentioned earlier, we have owners that wanna own everything from A to Z. They wanna charge, they wanna make money with this additional revenue stream. We have other property owners that literally just wanna provide for the parking space. We can handle everything from A to Z. They make no capital expenditure whatsoever on their part, and we have a revenue share model with them. And we have every single, you know, different form of methodology in between. It really gives us an advantage over our competitors, and especially with you know the team that we've built. You know, a lot of these calls in the past, you know, we were always taken to task about not spending enough on R&D. We weren't you know big on technology. We were big on just getting a footprint, big on you know building our base of locations and our model was frowned upon. Now look at the base of locations we have and all the property owners we have, and now the technology that we've developed after we built an amazing tech team both here and in India. Now we're leaders in that space. Look at our equipment comparative you know again our competitors. It speaks for itself. Great. Thanks a lot. Thank you, ladies and gentlemen. We have time for one more question from Sameer Joshi with H.C. Wainwright. Please pose your question. Hey, guys. Thanks for taking my question. Just a quick one actually on the products that have been launched or are in the process of being launched. Would the SemaConnect manufacturing capability be able to manufacture those, the MQ200, the Vision IQ, the Series 8 and the HQ200? The current plan for the products listed right there, let me address the HQ. The HQ is following its current manufacturing trajectory right now. As we get through the synergy study, we could see a transition to being produced out of the Indian facility. The same thing with the MQ is following that trajectory. Now, the MQ is a very well-received charger in the market today, with a very good COGS compared to other competitive fleet chargers in the market, also with the new state-of-the-art software added to that for fleet management on that. As we talked about earlier, you're gonna see some products that may and then some that may not. The MQ is one that we may maintain the current course. The Vision is in final design now. As we finish the design of the Vision, and we have a new concept that we're working through and looking at, we'll determine the manufacturing facility for that. Again, we're gonna look for the best COGS we can get into the market where it's highly acceptable. We're gonna keep in mind Buy America qualifications, 'cause those chargers do qualify, the Vision type charger. All of that is gonna be taken into account. I don't wanna tip the hand one way or another until we finish the study, but I wanted to give you a flavor for you gotta follow each individual product and some might have a different plan than others. Got it. Actually just one more. Are you seeing or looking at your existing customer base, do you have a concentration of a particular type of customer and/or a particular type of product that is being adopted more than others? I think if you look at this is factual. If you look at the combined portfolio, you know, the chargers that are being focused on are the higher powered AC chargers for both commercial and public use. Those are the volume players for both companies out there. Both of them can go up to 19.2 kW on there. The new emerging space that is now going to start to see higher volume is fleet charging. Specific L2 fleet chargers that are designed to be economical and cost-effective. 'Cause in the fleet situation, the customers typically own their equipment or go into charging as a service model are the two dominant models that are in the fleet space. Those are picking up in volume, but you're still not seeing the same level as you're gonna see for chargers at libraries, chargers in parking lots, chargers in multifamily dwellings. Now, when we look at what we're gonna put in multifamily dwellings, again, that's the least penetrated market in the United States. Like fleet, we're gonna see a big increase in that segment as well. That's not always the 19.2, sometimes it is. Look for an increase there. Right now it's the 19.2, it's the IQ200, and the similar, complementary charger on the SemaConnect side. Those are the volume players. Thanks for that. I'll take my other questions offline. Thanks. All right. Perfect. Ladies and gentlemen, this concludes our Q&A session today. We would like to thank you for your interest and participation, and you may disconnect your lines at this time. Thank you.