Good afternoon. My name is Sherry, and I will be your conference operator today. At this time, I would like to welcome everyone to Volta Inc.'s Q2 2022 earnings conference call and webcast. All participant lines have been placed in a listen-only mode to prevent any background noise. The conference is being recorded. After the speaker's remarks, there will be a question-and-answer session. To join the question queue, you may press Star, then one on your telephone keypad. Should you need assistance during the conference, you may signal an operator by pressing Star and zero. Thank you. I will now turn the call over to Catherine Buan, Volta's Head of Investor Relations. Catherine, please go ahead. Yeah. Good afternoon. Thank you for joining us on today's conference call to discuss Volta's Q2 financial results. This call is being broadcast over the web and can be accessed on the investors section of our website at investors.voltacharging.com. Presenting on today's call are Vincent Cubbage, Interim CEO, Brandt Hastings, Chief Commercial Officer, and Stephen Pilatzke, Chief Accounting Officer. Also with us today is Drew Lipsher, Chief Development Officer, and Michelle Kley, Chief Legal Officer. We would like to remind you that during this conference call, management will be making forward-looking statements, including statements regarding our expectations related to financial guidance, outlook for the sector and company, and our expected investment and growth initiatives. Please note, these forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect the company's view only as of today, should not be relied upon as representative of views as of any subsequent date, and Volta undertakes no obligation to revise or publicly release results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to the company's filings with the SEC, including its quarterly report on Form 10-Q for the three months ended March 31, 2022, and its annual report on Form 10-K for the year ended December 31, 2021. In addition, during today's call, the company will discuss non-GAAP financial measures which they believe are useful as a supplemental measures of Volta's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed on today's call in Volta's press release issued this afternoon and its filings with the SEC, each of which is posted on the Volta Charging website. The webcast of this call will also be available on the investor relations section of the company website. With that, I will turn the call over to Vincent Cubbage, our CEO. Thanks, Catherine. Hello, everyone, and thank you for joining today. I'm very happy to be with you to report on our Q2 results. I'd like to start by opening with a few observations I've made during my time as interim CEO. It's clear that the world is waking up to the inevitability of EVs. Over the past two months, I've been immersed in meetings and interactions with all of Volta's stakeholders. You know, across the board, site partners, media customers, drivers, policymakers, especially our employees, everyone who really knows this company sees that Volta is uniquely positioned to succeed. We have a different approach to this enormous opportunity. We're not just building a network of chargers, we're building a powerful dual energy and digital advertising platform. Volta's charging network combines a convenient, safe, accessible EV charging experience for our drivers with the only digital ad network of its kind, all powered by industry-leading intelligence. This enables Volta to scale revenue ahead of the EV adoption curve. Volta grows by partnering with the largest commercial properties and national chains to build our EV charging network. Volta has MSAs, which are master services agreements, with seven of the ten largest U.S. commercial property owners, allowing us to install our chargers on their properties under long-term agreements. Last quarter, Volta signed three more MSA partners, further expanding our national footprint. Our differentiated model of building infrastructure in front of stores makes us the ideal partner for commercial and retail properties. This competitive advantage was proven in our Q2 results. We completed 372 new charging stalls, a 71% increase in installations over the this year, and a 180% increase over the Q2 of last year. Our Volta network now totals over 2,900 stalls as of June 30, a 15% increase from the and a 48% increase from last year. One thing I would point out is we only count stalls that are completed and fully commissioned in our numbers. Our growing platform is achieving scale and creating greater opportunities for both our charging and media customers. In the Q2, our charging network experienced significant growth in throughput, totaling 4.8 gigawatt hours, a 26% increase over the and a 106% increase over the Q2 last year. Driving revenue in the second half of this year. Volta's digital media network adds additional leverage to the platform as measured by the impact that an ad has on everyone who walks by one of our chargers. The Volta Media Network crossed a very important milestone this quarter, officially generating over 1 billion monthly impressions. Our high-value network is in demand and is demonstrated by our significant backlog. As of June 30, we had over 3,900 new stalls in our contracted backlog, including 88 stalls that are currently under construction, 1,341 stalls where site engineering or permitting work is underway, and over 4,200 additional stalls under technical evaluation. These numbers are a direct result of our efficient and effective MSA strategy. To assist in our evaluation of sites, Volta has developed a proprietary software program, PredictEV, which enables us to prioritize our locations and optimize the value of our charging and digital media assets. PredictEV sites in markets with the highest propensity for EV adoption and the best locations within those markets, providing our drivers with safe and convenient charging right in front of brightly lit commercial properties. Our network is also delivering financially. During the Q2, Volta's revenue was a record $15.3 million, an 83% increase over just last quarter and a 121% increase over the Q2 of 2021. This includes revenue from our Volta Media, network development, and licensing of PredictEV to third parties. Media sales contributed almost $4,000 per charger in this quarter alone. We are excited about this because as we turn on charging revenue, it will be completely incremental and further demonstrate the power of Volta's network. As we begin charging for electricity, we won't need a 200% or 300% margin on electricity just to make our model work. Our network is much, much more powerful than that. Volta's business model puts us in an enviable position for interacting with policymakers. As an example, we can install chargers in disadvantaged communities and generate industry-leading revenue without overcharging for electricity. We can offer communities important, highly visible public communications channels at absolutely no cost. We are all aware of the recent legislation and the multitude of existing financial grants, loans, incentives, and support structures to facilitate the nationwide expansion of EV charging infrastructure. Policymakers who allocate those funds are working very hard to determine efficient, impactful ways to accomplish their goals. We believe we have a clear competitive advantage and a more viable short and long-term business model, and we highlight it in our conversations with local, state, and federal decision-makers. Our recent win in Hoboken is a great example of this. Working with the mayor and town planners, Volta recently agreed to install a network of DCFC and L2 chargers, placing a Volta charging station within a five-minute walk of every resident in the entire downtown commercial district. This public-private partnership is an ideal example of how Volta enables communities to achieve their sustainability goals and provide the public with open-access, convenient EV charging, further encouraging the transition to electric vehicles. In summary, Volta's dual platform model creates an ecosystem that goes beyond electricity to generate significant revenue and drive value for our media customers, site partners, and our site partners' tenants. With that, I'd like to hand it over to Brandt to review our commercial operations. Thanks, Vince. Our commercial organization made tremendous progress in the Q2 with several key highlights that I'm pleased to share with you all today in greater detail. Before I do that, I'd like to address some of the current market conditions now we're thinking about Volta's revenue business. Jason Goldberg, Chief Commerce Strategy Officer at Publicis, a leading advertising agency holding company, recently said it really well. I quote, "In tight economic times, advertisers tend to ship more of their budget down funnel." End quote. I'd like to elaborate on Jason's remarks. Down funnel translates into advertisers becoming more judicious in their marketing spend to ensure that the dollars they are investing in media translate into measurable business results. Volta's digital-first media model offers our advertisers and commercial partners unique and measurable value, which sets us up better than most to protect against economic uncertainty. I'm gonna take a minute to expand on that thought. The Volta Media Network is a robust digital media platform. Our digitally native approach to managing advertising campaigns, including capabilities such as data-driven audience targeting, programmatic media buying, dynamic creative triggers, mobile retargeting, and a suite of measurement analytics, means brands rely on Volta for high-value branding campaigns and for down-funnel sales-centric campaigns, which are critical to converting out advertising dollars into measurable sales. I'm gonna highlight a few of these examples shortly. These campaigns are not a nice to have, but a need to have for brands of all kinds and are often associated with larger, always-on budgets. As Vince mentioned, in addition to our sophisticated digital advertising capabilities, another large part of Volta's unique value is the physical location of our EV chargers and media screens. We strategically place our infrastructure just steps away from the front doors of popular commercial locations. I'm happy to share that as of June 30, 2022, 77% of Volta screens are located within 500 feet of the front doors of businesses such as grocery stores and pharmacies. It's this valuable placement that ensures Volta's large digital screens are seen by as many consumers as possible, maximizing Volta's ability to grow awareness for advertisers and the very last message these consumers see before finalizing their shopping list, enabling Volta to directly influence in-store sales. As I just alluded to, we're working with a suite of industry-leading digital measurement companies to enable detailed and quick reporting on the metrics that marketers are prioritizing in today's economy. This leads me to our media business, previously referred to as behavior and commerce. Our media business has demonstrated solid repeat customers. In the last 6 quarters, 16 out of Volta's top 20 media customers have purchased advertising across multiple quarters, and 7 of the top 20 media customers have bought in all six of those quarters. In the Q2, 54% of Volta's media revenue was from repeat advertisers. We've also made significant strides in the quarter that position us as an even more compelling must-buy for big brands and demonstrates the efficacy of the Volta Media Network. We recently announced an important strategic relationship with Catalina, a leading shopper intelligence and omni-channel media provider. Catalina unlocks a new measurement capability for Volta campaigns in the form of incremental return on ad spend, which is a fundamental metric used in the world of advertising to both understand and benchmark media expenditure to measure efficacy. The ability to quickly report on this critical metric solidifies Volta as a digital-first, results-driven media network in the minds of advertisers, unlocking bigger and recurring advertising deals. Additionally, this collaboration makes Volta Media's inventory accessible to Catalina's sales team and their advertising clients, opening yet another revenue source for Volta. I'd like to highlight the results of one Volta Media campaign, which was jointly executed with Catalina and Dole Fresh Foods. Dole sought to drive incremental sales lift and grow its category share during a key selling season. Eye-catching marketing showcasing multiple Dole products was deployed on Volta screens near the entrances of grocery stores. Catalina's measurement capabilities helped document the campaign's efficacy. It delivered an 8% sales lift and an 8.5% increase in category share for Dole. Pointing to another partner in the consumer packaged goods category, Coca-Cola and Volta Media completed a case study in partnership with Quotient, who is a leading digital media and promotions technology company, to prove out return on ad spend. The 28-day study involved measuring sales of Sprite, Seagram's, and Fresca over the 2021 winter holidays. Purchase level data provided by A.D. Retail Media and attribution data provided by Quotient quantified the impact of the Volta Media network on Coca-Cola sales. The brands featured in the campaign saw $2.5 million in attributable sales and a return on ad spend 56% higher than the average digital out-of-home food and beverage campaign. The study also indicated that Coca-Cola was successful in converting new customers. In the previous twelve months before engaging with Volta stations, 8% of these consumers had not purchased these Coke products, and 7% had not purchased the category. It's these case studies that demonstrate Volta's ability to directly influence consumer behavior and purchase decisions and deliver those tangible metrics to advertising partners. Our stations' unique proximity to the point of sale ensures advertisements displayed across the Volta Media Network are some of the last messages that shoppers see before they walk through the store entrance and fill up their cart. This work demonstrates the measurable impact Volta campaigns can have on The Coca-Cola Company, Dole, and other consumer packaged goods brands. Now I'd like to move on to important developments in our charging solutions business and the terrific progress we are making with our real estate and retail partners. We're adding new cornerstone clients and increasing our footprint with our existing partners due to the work of our talented sales team and differentiated solutions-based business model. For example, we announced our relationship with Kroger, America's largest grocery retailer, to bring a mix of DC fast and Level two charging to Kroger customers nationwide. Volta recently launched at 16 Kroger locations in the Atlanta and Indianapolis areas and plans to expand to Columbus, Cincinnati, Louisville, Nashville, Michigan, and Southern California. The collaboration will also enable Kroger Precision Marketing, Kroger's retail media network, to sell Volta's media inventory to its clients, unlocking another source of revenue for Volta and highlighting the power of Volta's combined charging and media model to other retailers with advertising offerings. This is another example of where our charging and media model continues to resonate. Volta is more than just charging. We are a solutions-based partner delivering unmatched value to our clients. In closing, I want to reiterate the unique value Volta brings to advertisers, commercial properties, retailers, and municipalities that ultimately drives business growth. This value can be summarized by the strategic placement of our chargers and media screens near the front doors of businesses, and our suite of industry-leading measurement capabilities that prove the revenue-generating power of Volta Media campaigns to advertisers and the impact we can make on retailers' business goals. With that, I'll pass it over to Stephen Pilatzke, Volta's Chief Accounting Officer. Thanks, Brandt. Turning to our Q2 financial results. For the Q2, we delivered above our outlook range for revenue, with Q2 revenue growing 83% from our of 2022, and 121% year over year to $15.3 million. Q2 media revenue, which formerly was called behavior and commerce, grew 83% sequentially and 73% year over year to $11.2 million. We ended the quarter with an installed base of 927 sites, adding 127 new sites in the quarter, a Volta record. Volta's installed base of stalls was 2,920 on June 30, 2022, up 15% quarter over quarter and 48% year over year. The company installed an incremental 377 stalls during Q2. For the Q2, we signed 187 new sites and 618 stalls. We exited the quarter with 1,468 sites and 3,942 stalls in our signed construction pipeline. During the Q2, new brands to Volta Media's advertising platform included Michelin, Genesis, United Airlines, Lyft, Bank of America, and HP. In addition, during Q2, we had campaigns with repeat customers Kia, General Mills, Zoom, Jeep, Coca-Cola, and Apple. Our gross margin, excluding station depreciation for the quarter, was 36%, as compared to 26% gross margin in Q2 of 2021. We continue to forecast a 25%-30% gross margin for the full year. SG&A expenses, excluding stock-based compensation, were $37.6 million for the Q2, as compared to $16.1 million, also excluding stock-based compensation in the prior year period. The increase year-over-year was due principally to increasing headcount and related costs, as well as public company compliance costs. Including stock-based compensation and one-time expenses, SG&A was $43.9 million for the Q2, compared to $17.4 million in the prior year period. We have made improvements to our SG&A levels and continue to work to reduce our recurring SG&A spend. We have further work to do. Adjusted EBITDA was $33.4 million loss for the Q2 of 2022, as compared to a $15.1 million loss in the Q2 of 2021. Net loss was $37.4 million for the Q2, compared to a net loss of $20.6 million in the prior year period. The company had a cash and marketable securities balance of $105 million as of June 30, 2022. Volta's headcount during the Q2 was 421. Our anticipation for full year 2022 CapEx is now $110 million-$130 million to install our 2022 stations. Weighted average shares outstanding for the Q2 were 167.2 million. Turning to our outlook for 2022. Based on current market conditions and input from our customers and team, we are reiterating our outlook for 2022 revenue to be in the range of $70 million-$80 million. As we have stated previously, the seasonality of our revenue is a function of the media industry spending trends, which tends to build throughout the calendar year, with the being the lightest and the Q4 being the strongest. In addition, we are reiterating total incremental connected stalls in the range of 1,700-2,000. Finally, we are reiterating total incremental connected sites to be in the range of 650-750 sites. For the Q3 ending September 30, 2022, we are guiding for Q3 revenue to be in the range of $17-$18 million. Now I will turn it back over to Vince for some closing comments. Hey, thanks, Stephen. Over the past several months, we've transformed our management team. We've elevated a number of really exceptional people, as well as bringing in several new experienced leaders. Our team has taken important steps to improve our cost structure, finalized the development of new products, and lay the groundwork for our expansion into Europe. There's certainly much more to do, but I'm really pleased with the progress we've made to date and attribute much of that To the team that's on this page, my 20 colleagues and all of our other exceptional Volta colleagues across the firm. With that, I'd like to open the line for Q&A. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue, and for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Andres Sheppard with Cantor Fitzgerald. Please proceed. Hey, good afternoon, everyone. Congrats on the quarter, and thanks for taking my question. Could you give us an update on your financial needs? Just curious to see how things have progressed on that front. Thanks. All right. This is Vince. Thank you for the question. It is a key question. If you ask me what question I would want to know, it's where I would lead off as well. You know, there's two others that I'm sure is on everybody's mind. As it relates to the debt, we said on our May call that we were starting a process. Shortly after saying that and starting that process, both our CFO and GC abruptly left the company, and Drew and Brandt and I stepped in. We're very focused on this. The process is well underway. We're very optimistic that we will complete the capital raise on the timeline that we have. We think that it'll be well received in the market. You know, quite candidly, the people we're talking to who are spending the time to dig into this business are seeing it in the way that we think is differentiating. As soon as we're able to tell you more on the specifics of what we come up with, we will. Got it. I think. I appre- Sorry. Oh, great. I appreciate that. Thank you so much. Maybe as a follow-up, I'm curious, can we get your thoughts on, in regards to the Infrastructure and Jobs Act? Obviously, there's a big catalyst coming in in September with the state bids getting confirmed. I'm just wondering, you know, how big of a beneficiary do you anticipate Volta to be? I know it's a little bit hard to, you know, make some assumptions now as it's still a bit fluid, but I'm just trying to ideally quantify how big of a benefit and potentially how much funding you might receive. Any color you could add there? Thanks. It's a great follow-up question to the capital raising because there is a tremendous amount of capital that has been earmarked for that purpose, the nationwide build-out, and the allocation of that capital is still being determined, and it's being directed at both enabling long trips and kinda cross-country. It's also being allocated towards really making sure that kinda nobody's left behind in terms of the ability to adopt EV. Our Hoboken project is a great example of how to do that in a community-based approach. The numbers are in the $ billions. Every one of our competitors are as focused on it as we are. We have a policy team, we're very active on that front. Drew Lipsher, who's also here with us today, has spent a great deal of time and predates me for certain on that. Drew, do you wanna take a minute? Sure. Happy to. Thanks. Thanks, Andres. Nice to hear your voice again. You know, I think as Vince said, you know, with the IIJA, you know, the government has appropriated $7.5 billion. You know, as everyone now knows, $5 billion of that is allocated towards corridor charging, which is the common phrase that's being used. $2.5 billion is being allocated towards urban and equity and community-based charging as well. You know, we think based on the feedback that we've gotten from meetings that we've had in Washington and the way that we're setting up focusing on this, everyone knows, you know, the amount of money that's been allocated to the states. The states have recently published. Many of them have published their plans now to take advantage of these NEVI funds and how they're gonna set up the grant and rebate types of programs. We're in the process of going through all of those, as we speak, as I'm sure everyone is. We believe that we're uniquely positioned to garner more than our fair share of the revenue, that's gonna be available. Or I should say, the dollars that are gonna be available, which are gonna be, you know, important not just for Volta, to be able to accelerate our deployments, but also for the industry to accelerate deployments and help meet the goals of the administration's 500,000 public charger target. Got it. Thanks, Drew. That's very thorough. If I could squeeze maybe one last one. Could you give us an update on how the partnership with Walgreens is progressing? I think in the past you've mentioned that you'd expect some of those DC fast chargers to potentially get installed later this year, although I think the expectation is heavier installations in 2023. I'm just wondering, can you maybe give us an update on how that's progressing and some things to look for there? Thanks. Hey, it's Brandt. I'd love to jump in on that one, and thanks for the question. So, you know, I would start off by saying both Walgreens and Volta remain, you know, extremely excited and committed to the rollout of building and charging across 500 Walgreens stores nationally. In terms of an update, we're in the early phases of DCFC deployment with Walgreens right now, and we're going through the diligence process of evaluating the requirements at each of their properties within that. That 500 store portfolio. We've done the construction design work, and we believe that we will have the first new sites live in the latter part of 2022. You know, at the same time, I think that we're also mindful of some of the constraints associated that we're seeing with the availability of local utility services that are required to operate these stalls successfully. We're gonna also factor that into the timing of the rollout as well. Wonderful. Thank you very much, and congrats again. I'll pass it on. Thanks. Our next question is from Pavel Molchanov with Raymond James. Please proceed. Thanks for taking the question. First of all, can we get an update on your European initiative? What are deployments like in Germany, Switzerland, France, any other countries where you are entering? That is a great question, Vince. I'll take it. Vincent in Europe has done a terrific job of setting us up. There are several pieces to that. We are very much in the organizational phase that has yielded some tremendous wins that we hope to be able to describe to you in the future. We won't finalize anything until we have both the business opportunity as well as the execution plan as well as the financing plan all coupled, because we're gonna execute things. We're only gonna announce and sign and announce things that we can execute. We really very much look forward to telling you all about that, in the future. It's a tremendous opportunity. Europe is ahead of the U.S. in terms of this. I'll tell you that, the European conversations we're having are responding very, very well to the Volta product offering. The dual model where we can deploy profitably ahead of the EV adoption curve is something that they understand the power of, very well. Understood. You mentioned a focus on getting into kind of underserved, under-penetrated lower income communities. From a perspective of advertisers, how is that conversation different given that by definition, lower income communities are, you know, have less disposable income for prospective marketing campaigns? Does that make sense? There's two parts to that. It's a great question. There's two components. It's really our dual model. I wanna start by answering the EV infrastructure charging question and then the overlay of advertising on top of it. The fact is for EV adoption to roll out the way everyone expects it to and the way policymakers want it to, it needs to be ubiquitous. It needs to be available in the coastal, you know, high income communities. It needs to be available in the inner cities. It needs to be available everywhere. There is a tremendous amount of capital and resources that are coming from the federal government that are focused on just that. Our business model is uniquely positioned to do that because our business model is we don't make all of our money on electrons or electricity. We can deploy our network ahead of actually. Look, most of our revenue to date is from things other than selling electrons. Now, we're turning that feature on. In the second half of the year, you'll see charge for charging, as we refer to it, start to contribute to our revenue going forward. If we're being asked to deploy our network into a community that might be disadvantaged, we can do so without overcharging those constituents for electricity. At the same time, we can make money for our stakeholders because of Brandt's business. Brandt, you should talk about the second half of that question. Yeah. Thanks, Vince, and thanks for the question. When I think about our advertising business, one of the great parts and strengths of our business is that we reach a wide range of audiences of consumers. If you look at the breadth of advertising categories on our platform, from consumer packaged goods to entertainment and others, we're not only a partner for companies who are marketing electric vehicles, we're also in the business of helping connect consumer packaged goods brands like Coca-Cola, Dole, and others to the audiences that matter to them. When you think about our network, with, you know, a large portion sitting in front of, you know, places like Stop & Shop and Kroger, and Walgreens and others, these are places that everybody shops. Millions of Americans go to these types of stores every week to buy the products that they need to you know to fuel up their household and really fall into the category of what I would deem an essential business. It's that you know one to many model of our advertising reaching every shopper walking into a store. You're valuable consumers to many brands across our portfolio. Look, we can give you a really long answer to that question 'cause we're excited about the opportunity. That's a competitive advantage of our business model. Look, advertisers wanna reach consumers at all income levels. Our charging business is available in markets where those that are only making their money from electron sales or electricity sales are not gonna prioritize those markets. They're not gonna move into a market where the average cost today of an EV is $65,000, and they know that the population isn't buying those cars, and they don't have the opportunity to charge them four or five or six times the price of electricity. We can move into that same community, and we can build the infrastructure out ahead of EV adoption. It's the key to why this is the winning business model in EV charging. We can build it out. We can reach consumer packaged goods customers with profitable advertising. We can put charging in those communities, and we can do it in a way that the policymakers are trying to find the answer. We are the answer to how to bring EV charging to those types of communities. Okay. Lastly, can I just clarify, gross margin guidance for the calendar year is what? It's Stephen. Twenty-five to, twenty-five to thirty percent. Given that it was negative in the first half of the year, the math implies something close to 50% in the second half? Well, we had 36% in the Q2. As we previously discussed, the seasonality of our advertising industry is comparable to others, where it's low in the and ramps throughout the rest of the year. For the full year, we continue to forecast 25%-30%. Right. On a cash basis? Yes. Excluding depreciation. Yep. Excluding depreciation. Okay. Got it. Thank you very much. Our next question is from Matthew Summerville with D.A. Davidson. Please proceed. Thanks. A couple questions. First, Vince, to your comment around, you know, potential, you know, capital raising. You know, Francois was, when he was there, very specific about seeking sources of, I believe he referred to it as, quote, "nondilutive capital." Is that still the case for the firm? You mentioned that you had a timeline. I was hoping you could add a little specificity around what that timeline looks like. Then I have a follow-up. Hey, Matt, great question. I would tell you it's something that we're working on real-time and have been since I landed, and it was going on before me. Look, it's a transitional quarter for sure. You know, we seek feedback, and the feedback has been, you know, kind of, you guys have a lot on your plate, and it's certainly true. This is an exceptional management team. The talent is rising to the top of this organization. We've made some tremendous hires. The people that are interacting with us on the capital raising process are watching that, they're underwriting that, they're diligencing that, and they're indicating to us that they're happy with what they're seeing. In order to be at that point where I could make that statement, you would have a sense of where we are in the process, and I'll leave it at that. In terms of Francois's comments on non-dilutive, look, we all heard it. You know, I think that some of us maybe were as surprised as you were to hear that at the time because it was premature given where he was in that process. I think the market is what it is, and the market clearing price for a capital raise will be what it is when we finish negotiating. I would tell you this, that we think that the opportunity ahead for this business is tremendous and that the capital availability we're optimistic will be there. With capital, this is the winning business model. With capital and this business model and the tailwind from policy and all of the helping features along the way, we're very optimistic. I appreciate that color. The other thing that I wanna make sure sorta gets addressed, if I did the math right, and I apologize if I didn't, but it's implied that there's a really big second half of new install additions. I feel like it's almost double the 590 or so you did, again, kinda back-of-the-envelope in the first half of the year. I feel like we had the same setup a year ago coming out of your Q2, and we kinda know where that ended up. I'm wondering why we should feel that this year is different. Thank you. It's a fair question. I guess I can't say it's a great question, but it's a fair question because I think you're pointing out that execution could have been better last year, and I candidly would agree with you. Look, since the time the business went public, management team has been simultaneously trying to execute this enormous opportunity ahead of them. The past install pace wasn't as consistent as we would hope it would be. What I would point you to is, 2022 included, a management team that had built the model from the bottom up, had laid out the quarterly progression, met it in the, beat it in the Q2, and is optimistic towards the second half of the year. We also provided guidance, and you heard Stephen Pilatzke's words around that guidance, that we think those ranges are still viable. There's a lot of work to be done. I would kind of overlay that with the first question around capital availability. In order to get into that range, we need the capital to be on the terms and kind of the pace and timing that we expect it to be. If you piece all that together, you can see that we're confident of the road ahead. Got it. Appreciate it, Vince. Thank you for the call. Our next question is from Mark Delaney with Goldman Sachs. Please proceed. Yes. Good afternoon, and thank you very much for taking the questions. The first one was on the updated CapEx guidance. You know, I believe you lowered it to $110-$130, if I heard correctly. I think it was perhaps $140-$160 previously, if I have my numbers right. You kept the number of stations the same. Maybe you can talk about where you're finding the savings on CapEx, even though the plan on new additions is unchanged. Hey, Mark, thanks for the question. It's a good one. The financial planning team reports to Drew. Drew, do you wanna take that? Sure, I'm happy to. Thanks for the question, Mark. I think there are a couple of factors that we look at in the CapEx guidance. You know, one, we've got to look at market conditions, and as was alluded to earlier in the call, you know, certainly, the availability of power from the utilities puts a little bit of a different lens when we think about the mix of AC or Level two stations versus DC fast chargers. So some of the CapEx shift is gonna be due to the balance or the shift in mix, and/or I shouldn't say shift, but prioritization of the mix between Level two charger stations and our DC fast chargers. So that's the largest contributor to the change in CapEx. I think we're also starting to see some ability to garner better supply chain relationships, which are helping to improve our overall CapEx numbers. Okay. Understood. That's helpful. The second one, just, you know, thinking of the cash use, I don't know if you can be helpful in terms of how to think about cash use, you know, second half of the year or even in 3Q, any color on cash burn would be helpful. Sure. I mean, look, I think, you know, what we've been focusing on, particularly since Vince joined the team and has helped to sort of bring this team together, you know, really every dollar that we're spending, we're trying to put against one of two of our key goals. Every dollar is going towards a revenue-oriented goal and/or a steel in the ground or a station deployment goal. As we think about CapEx spend, you know, and Stephen Pilatzke alluded to this in his remarks as well, you know, we're getting more efficient on the OpEx side, and we've got work to do, and part of that work is around how we allocate capital and deploy capital. We wanna make sure that we continue to do that in a way that we are generating revenue and focusing on installations in the most effective and efficient ways possible. That's a lot of the work that we've been doing to make sure that we're deploying capital effectively. Okay, understood. One more from me, if I could please. You know, just any updates on the timing for a CEO search and CFO search that you can share? Yeah, that sounds like one for me. It's Vince Cubbage. You know, let's just level set. We had said on an earlier call that the board had hired Heidrick & Struggles. It's an international executive search firm. The search is ongoing. We are speaking with a number of high caliber individuals, and we're not gonna settle for anyone who isn't exceptional because the rest of the management team that I showed on my last slide, if you look at it. If you spend a little bit of time looking at the background of that team, it's an exceptional team, and we do think Volta clearly has the winning strategy. The company obviously has a couple of issues directly in front of it. The capital raise is one, and the cost structure is the other. We're This team is very focused on it. The team that's in place is a direct result of the need for change around those issues, and we are making changes that we expect will become more evident in future quarters and future results. That is hand in hand with finding the right CEO. The right CEO is someone that's going to seize the opportunity, continue the strategy, coalesce this team, and execute. It's an interesting role. We have a number of people that would like it, but the best people wanna see some of these issues resolved before we get more serious with them. The board wants to make sure that we have a company that matches the caliber of the person that we wanna have at CEO. Now, the other thing I would say to add on that is, this board is very, very active and very supportive. Across the board of this business, whether it's energy or technology or the media side or programmatic ads, leadership, our chair is exceptionally involved and is very granularly involved in goal setting and cost cutting and operations. You know, Kathy Savitt's terrific. Bonita is an expert on all of the media side and is helping make connections on the programmatic side. This board is involved and supportive and is not gonna hand this company to someone that has a different perspective of how to execute the opportunity that's so obviously right ahead. Excellent. Thank you. I'll turn it over. Our next question is Craig Shere with Tuohy Brothers. Please proceed. Hi, Craig. Hi. Thanks for taking the question. The Q2 certainly looks in line or better than expected relative to the outlook from the call. The Q3 is a bit light relative to the progression that was shared before. That kind of looks like it puts pressure on the Q4 to achieve the full year revenue outlook. Now I understand Q4 is seasonally strong for advertising, but is your charge for charging not really materially rolling out till the Q4? And once it is rolled out, how broad-based is it, or can we expect an ongoing improvement in electron revenue beyond Q4? Hey Craig, great question. Thank you for it. Thank you for the time working with us on this. The business model, as you really well understand, is dual. It has a media component to it, which we talked a little bit about the seasonality of that and the back-end build. It has the electricity, which is a lever that we're beginning to pull, and those electron sales will show up in revenue. I don't think that we have given guidance on what the forward charge for charge revenue will be. We're more indicating that kinda everybody else's business model is available to us when we flip a switch. Our business model of making money on the media side is not available to anyone that hasn't built the team or the technology or the MSA portfolio or the backlog or the installed base that we have. On the revenue side, the back-end weighting of the guidance that we're giving around media, really, that's a Brandt question. Brandt, how would you like to address that? Yeah. No, I appreciate it. Thanks, Craig. We've talked a bit about this before and how our revenue business builds sequentially throughout the year. You know, which I think is mainly driven by how advertising spend increases sequentially, quarter-over-quarter throughout the year. You know, so when I think about this, it really comes down to three key areas. I think, you know, first, for Volta, more stalls in the ground means more impressions for our media sales team to monetize. I think that's underscored by the announcement that we just made with the Volta Media Network crossing that threshold of over 1 billion impressions a month that they're now bringing out to the marketplace. You know, I think the second piece is that ad spend seasonality throughout the year, advertisers are simply spending more of their investments, particularly around the holiday period in Q4. You know, the third piece for me, and this is something that I've been very focused on, is, you know, we're building a mature digital media business that is driving recurring revenue with advertisers. The reason why we're doing it is because we are demonstrating favorable returns to these marketers in the form of advertising efficacy. When they're investing with Volta, it's because they like the return profile that they're seeing in terms of metrics back to their bottom line. That's also driving our ability to grow our revenue as well. Thanks. While we're on the subject of the media, I was under the impression, and I forget the exact figure, but there's a certain number of screens that's kind of nationwide that's kind of a breaking point at which you kind of step more into the big leagues and get more dollars for, you know, every, you know, advertising campaign run. How real and how close are you to breaking into that, I don't know what to call it, the big leagues? Yeah. Maybe next year? Yeah. No, it's a good question, Craig. We have talked about that before. The number that we've used is kind of as the line is this 10,000 screen mark. That is certainly a number that we will continue to march towards and surpass. You know, I think if you look at you know kind of the numbers that we put in the deck that we sent out, which you know today is I believe around you know just over 5,400 screens on our network. Layer on our guidance for full year with the idea that there's very close to a two-to-one correlation between install and media screens. We generally have two screens per stall. You can. You know, you can kinda see where we look to end up by the end of the year. I think, you know, you think about that coupled with the 1 billion impression mark per month on the media network. I don't know, it's interesting. You know, I was on the phone with a CMO just the other day and, you know, she was telling me how her company is going through and reprioritizing all of their marketing spend for the back half of the year really to focus on media companies that can deliver measurable results and sort of cutting the nice to have and prioritizing the must-have. You know, this is what gets me most excited about where Volta now sits in the advertising ecosystem. It's this ability to demonstrate a return profile to marketers that they like. I think, you know, you combine, you know, our scaling towards 10,000, the billion impressions, which will continue to grow, and this ability to prove out the efficacy of advertising is what, you know, we are in the big leagues now at Volta. So that's something we're really excited about. Thank you. We have reached the end of our question and answer session. I would like to turn the conference back over to management for closing comments. Hey, thank you, Sherry. We appreciate that. Everyone, thank you for your time and all of the questions that you've had. I've been really just genuinely impressed with the exceptional work being done across Volta's business. We have extremely dedicated employees and it's clear that there's tremendous opportunity ahead for this company. You know, I'd like to really conclude by thanking all of the employees that made this quarter what it was, for their contributions to Volta's success, for their steady leadership and work through this transitionary quarter, and for really all of our customers for their commitment. We look forward to providing you future updates. We have a lot to update you on. As we make progress, we'll be talking to you in the future. Thank you, everyone. Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.