Blink Charging Co.

Greetings. Welcome to the Blink Charging Company's first quarter 2025 earnings call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Vitaly Stalia, Vice President of Capital Markets and FP&A at Blink Charging. Vitaly, you may begin.

Thank you, Paul, and welcome to Blink's first quarter 2025 earnings call. With us today, we have Michael Battaglia, President and Chief Executive Officer, 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 may find the deck, along with the rest of our earnings materials and other important content on Blink's Investor Relations website. Today's discussions may also include forward-looking statements about our expectations. Actual results may differ from those stated, and the most significant factors that could cause actual results to be different are included on page two of the first quarter 2025 earnings deck. Unless otherwise noted, all comparisons are year over year. And now, regarding the investor relations calendar. Blink will be participating in the Stifel 2025 Boston Cross-Sector Conference on June 3rd. Please follow our announcements on our website for additional investor events to be announced. At this point, I'd like to turn the call over to Mike Battaglia, President and CEO of Blink Charging. Please go ahead, Mike.

All right, great. Thanks, Vitaly. Good afternoon, everyone, and thank you for joining us today. Before we turn to the details of the quarter, I'd like to begin with some broader context. The first quarter proved to be a difficult operating environment impacted by ongoing macroeconomic pressures, some typical seasonal trends, and a noticeable shift in customer behavior, particularly among more price-sensitive segments. So while charging service revenue increased 35% year-over-year to a new record high, our product sales were $8.4 million for the quarter, down sharply from Q1 2024. During the quarter, it became evident that while extensive, our current product portfolio does not sufficiently address the value-oriented segment of the market, and that gap had a meaningful impact on our performance. The encouraging news is that we've been deploying, excuse me, we've been developing a new charger to meet this demand, and we've accelerated our efforts with the goal of bringing this product to market later this year within Q4. We believe our new charger will fill this demand gap and position us more competitively in the marketplace. As I mentioned, charging revenue increased 35% during the quarter, showing meaningful growth driven by higher utilization of our deployed infrastructure. In Europe, we saw charging revenue grow 22%, reflecting our expanding footprint and strengthening market positions. We also advanced our cost efficiency initiatives, achieving an 8% reduction in operating expenses, bringing total operating expenses down to $28.5 million for the quarter, the lowest we've had in nearly three years. Additionally, the Blink networks delivered approximately 50 gigawatt hours of electricity during the quarter, representing a 66% increase year over year underscoring the growing demand across our networks. One thing we've learned throughout our many years in this industry is the importance of focusing on what we can control. We remain confident that the transition to EVs will continue over the long term, driving the global build out of EV charging infrastructure needed to support EV drivers worldwide. In fact, EV sales grew in the US by 11.4% in the first quarter, versus the prior year, which is a healthy increase. In Europe, EV sales saw robust growth, increasing by 24% within Germany, Belgium, and the Netherlands, reporting significant gains in EV sales. Blink's advanced solutions and flexible offerings position us well to increase our leadership role and capitalize on these positive trends, especially with our strong presence in Europe. Turning to slide five, you can see the steady growth in our charging revenue from the first quarter of last year through the close of the first quarter of 2025. Service revenue for the quarter was $10.6 million, an increase of 29.2% compared to 8.2 million in the first quarter of last year, and a sequential increase of 7.5% compared to the fourth quarter of 2024. This growth was driven by increased utilization, a greater number of Blink-owned chargers in the field, and an increasing mix of DC fast chargers, which is another key focus area for us, as I talked about last quarter. These growing utilization numbers highlight the demand for our charging services and the need for more charging infrastructure. We close the quarter with 7,091 company-owned chargers, which is a 22% increase year over year. With more Blink-owned units, disciplined site selection, and the addition of more DC fast chargers, we expect to continue to deliver increased charging revenues as utilization grows. We are committed to having the right charger in the right place at the right time. The deployment of DC fast chargers is a key focus area. During the quarter, we announced an agreement to provide up to 50 DC fast chargers to the City of Alameda, California. We are aggressively pursuing more opportunities to grow our DCFC charging portfolio, as we believe DC offerings are the growth engine of our network. In fact, our DC fast charging revenues in the US increased over three times compared to the first quarter of last year. Service revenue also grew internationally, and we are one of the leading charging service providers in Belgium and the UK. Our international presence provides revenue diversification and heightens our brand recognition on the global stage. Europe was an early adopter of EVs and our geographic presence there strengthens our revenue and profitability models. Blink UK recently announced that they have been named as a preferred bidder by Brighton and Hove City Council for a 15-year contract valued at over 500,000 British pounds. This is one of the first contracts awarded through the local electric vehicle infrastructure fund or LEVI, which will add a minimum of 350 additional chargers to the more than 400 Blink chargers already operating across Brighton and Hove. This opportunity marks the latest in a series of key milestones for Blink's international growth, delivering an innovative, future-ready, sustainable charging network. The capabilities of our global network continue to expand. We are finishing up the process of folding our European software networks into our global Blink 2.0 network. This consolidation will provide operational and cost efficiencies. We are committed to improving the usability, reliability, and accessibility of our network through continued software development and pursuing roaming agreements and network integrations with industry partners. Now let's move to slide six. As I mentioned earlier, the reduction of cash burn and operating expenses is a priority to preserve liquidity. We reduced our operating cash firm by 45% and brought down total operating expenses by 8% in the quarter, and we have more coming. Now, I'll turn the call over to our CFO, Michael, for a more detailed look at our financial performance in the first quarter. Go ahead, Michael.