Financial Data and Key Metrics Changes - Second quarter revenue was $99 million, landing at the top of the guidance range, with a non-GAAP gross margin of 33%, the highest since becoming a public company [5][17] - Cash management was strong, ending the quarter with $195 million, only $2 million below the previous quarter, reflecting structural OpEx changes [6][19] - Non-GAAP adjusted EBITDA loss was $22 million, an improvement from a loss of $23 million in the prior quarter and a loss of $34 million in the same quarter last year [18] Business Line Data and Key Metrics Changes - Network charging systems generated $50 million, accounting for 51% of total revenue, while subscription revenue was $40 million, representing 40% of total revenue, up 10% year on year [15][16] - Hardware gross margin increased by 1% sequentially despite higher tariffs, while subscription margin reached a record high of 61% on a GAAP basis [17][18] Market Data and Key Metrics Changes - In the U.S., passenger EV sales growth slowed to a 3% year-over-year increase, with concerns over the expiration of EV tax credits impacting future adoption [7][12] - European EV sales saw a 26% year-over-year increase in the first half of the year, indicating strong future charging demand [12] Company Strategy and Development Direction - The company is focusing on product innovation and commercialization to drive durable revenue growth, pushing out the EBITDA breakeven target to ensure funding for these efforts [8][20] - A strategic partnership with Eaton is being operationalized to accelerate the deployment of electric vehicle charging infrastructure across North America and Europe [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macro conditions in Europe compared to North America, anticipating growth driven by new products and a more favorable environment [25][26] - The company believes ongoing demand for EVs will persist despite current market challenges, with expectations of record EV sales in North America due to upcoming tax credit expirations [34][36] Other Important Information - The company is managing operating expenses closely, with a slight increase due to temporary R&D spending related to new product development [18] - The inventory balance remained flat at $212 million, with plans for gradual reduction to free up cash [19] Q&A Session Summary Question: Trajectory of OpEx - Management indicated that OpEx is slightly higher due to R&D investments, expecting it to persist in the next quarter but to decrease gradually thereafter [22][23] Question: Growth Opportunities in Europe - Management noted that the macro conditions in Europe are better, with new products targeted at the market expected to drive growth [25][26] Question: Customer Project Plans in North America - Management confirmed that while projects are delayed, there have been no cancellations, and clarity is expected post-tax credit expiration [40][41] Question: Gross Margin Improvement - Management highlighted that hardware margins improved due to lower costs from Asia and efficiencies in warranty costs [44][45] Question: Competitive Landscape and Software - Management emphasized the strength of their software platform and the value created by integrating software with hardware [48][50] Question: Inventory Management - Management stated that inventory is being managed based on new product releases, with no current shortages anticipated [56][62] Question: Cash Usage and Future Projections - Management expects to continue reducing cash usage and anticipates potential cash generation before achieving EBITDA profitability [61][62] Question: Industry Consolidation - Management noted that consolidation is typical after a hype cycle, with many companies facing economic challenges [88][89]

Core Insights - Tritium has launched the TRI-FLEX charging platform, which features a next-generation distributed architecture that allows charge point operators to scale from four to 64 charge points, addressing infrastructure challenges as the EV market grows [1][2] Industry Impact - The TRI-FLEX platform represents a paradigm shift in EV charging infrastructure, designed to meet the increasing demand as global EV sales approach 20% of total car sales and the U.S. EV fleet is projected to reach 27 million by 2030 [2] - Conventional charging infrastructure faces limitations in scalability, grid capacity, and flexibility, which TRI-FLEX aims to overcome through innovative design [2] Economic Benefits - The TRI-FLEX design significantly reduces the total cost of ownership compared to conventional architectures, allowing operators to avoid costly utility upgrades while maximizing charging capacity [3] Deployment and Flexibility - TRI-FLEX enables phased deployment strategies that align capital expenditure with actual utilization, simplifying permitting processes and maximizing return on investment [4] - The platform allows operators to start with current needs and scale seamlessly as demand increases without replacing initial investments [4] Technical Specifications - The TRI-FLEX Hub can provide power from 400kW to 1.6MW of AC power and up to 3.2MW of DC power, with a single Hub capable of powering two to 32 dispensers, significantly more than conventional systems [7] - The system features a 25kW power resolution with real-time load balancing for optimal energy distribution, and it is designed to perform reliably in extreme temperatures from -35°C to +55°C [7]

Financial Data and Key Metrics Changes - The consolidated revenue for Q4 2024 was $30 million, a sequential increase of 20% compared to Q3 2024 [7] - Full year total revenues were $126 million, down from $140.6 million in 2023 [21] - Service revenues for Q4 2024 grew 24% year over year to $9.8 million, while full year service revenues reached $34.8 million, representing a year over year growth of 31.8% [19][21] - Gross margin for the full year was 32%, with an adjusted gross margin of over 35% for Q4 2024 when excluding asset adjustments [19][20] - Loss per share for Q4 was $0.73, improving from $0.28 in the prior year [20][21] Business Line Data and Key Metrics Changes - Service revenue for the year was driven by increased utilization and a greater number of Blink-owned chargers, which increased by 33% to 6,867 units [11][12] - Revenue from DC fast chargers grew nearly 500% in 2024 compared to 2023 [12] - Charging revenue for the year reached $21.4 million, a 37% increase [11] Market Data and Key Metrics Changes - New electric vehicle sales in January 2025 were up nearly 30% compared to January 2024, marking the tenth consecutive month of over 100,000 EVs sold in the U.S. [9] - Used EV sales grew by nearly 31% year over year in January 2025, contributing to increased demand for charging services [10] - In the UK, nearly 20% of vehicles sold in 2024 were electric, with a 57% increase in used electric vehicle sales [14] Company Strategy and Development Direction - The company is focused on becoming a leading global EV infrastructure provider, emphasizing the growth of Blink-owned DC fast chargers [6][23] - The strategic plan, "Blink Forward," aims to reduce operating expenses and cash burn while promoting profitability [23][26] - The company is exploring market consolidation opportunities to enhance growth and market share [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of service revenues throughout 2025, with expectations for product revenue to improve in the second half of 2025 [21][22] - The company is actively pursuing non-dilutive capital sources to support its growth strategy [76] - Management acknowledged the challenges in the current market but emphasized the company's resilience and commitment to achieving profitability [27] Other Important Information - The company reduced cash burn by 51% in 2024, with operating expenses down 24% year over year [17][20] - The company ended 2024 with cash liquidity of $55 million and no cash debt [21] Q&A Session Summary Question: What is the outlook for product sales visibility in 2025? - Management expects some shortfall in product sales in the first half of 2025 but is optimistic about the second half due to new sales strategies [28][31] Question: Are there acquisition targets in Europe or South America? - Management confirmed that there are companies under consideration for acquisition, focusing on the right fit and avoiding overpayment [32][33] Question: What is the timeline for the Envoy IPO? - The company is on track for an IPO in the spring, with administrative processes proceeding as planned [34] Question: How will margins be affected as the company shifts towards owner-operator models? - Management indicated that margins are expected to remain stable, with potential for improvement on the owner-operator side [42][56] Question: How is the company addressing regulatory changes and tariffs? - The company has production facilities in the U.S. and India, which helps mitigate the impact of tariffs [78] Question: What progress has been made in alternative customer channels? - Significant progress has been made with electrical distributors and local municipalities, which are seen as key growth areas [70][71] Question: How is the company positioned in the residential EV charging market? - The company focuses on commercial and multifamily markets, capitalizing on building codes that require EV charging infrastructure [87] Question: What measures are being taken to improve working capital management? - The company is implementing measures to improve cash flow from accounts receivable and inventory management [63][64]

Financial Data and Key Metrics Changes - In Q4 2024, consolidated revenue was $30 million, a sequential increase of 20% compared to Q3 2024 [8] - Full year 2024 total revenues were $126 million, down from $140.6 million in 2023 [21] - Service revenues for Q4 2024 were $9.8 million, a 24% increase year over year [21] - Gross margin for the full year was 32%, with an adjusted gross margin of over 35% in Q4 2024 without asset adjustments [22][23] - Loss per share for Q4 2024 was $0.73, improved from $0.28 in the prior year [24] Business Line Data and Key Metrics Changes - Service revenue for the full year was $35 million, driven by increased utilization and a greater number of Blink-owned chargers [10] - Revenue from DC fast chargers grew nearly 500% in 2024 compared to 2023 [14] - Network fees increased 9% year over year to $2.4 million [8] Market Data and Key Metrics Changes - New electric vehicle sales in January 2025 were up nearly 30% compared to January 2024, marking the tenth consecutive month of over 100,000 EVs sold in the U.S. [11] - Used EV sales grew by nearly 31% year over year in January 2025 [12] - In the UK, nearly 20% of vehicles sold in 2024 were electric, with a 57% increase in used EV sales [16] Company Strategy and Development Direction - The company is focused on becoming a leading global EV infrastructure provider, emphasizing the growth of Blink-owned DC fast chargers [7][27] - The strategic plan, Blink Forward, aims to reduce operating expenses and cash burn while promoting profitability [27][30] - The company is exploring market consolidation opportunities to enhance growth [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of service revenues throughout 2025 [25] - The company is monitoring political developments and market conditions regarding tariffs but does not expect significant impacts on gross margins [13] - Management highlighted the importance of operational strategies to navigate the challenging industry landscape [27] Other Important Information - The company reduced cash burn by 51% in 2024, with operating expenses down 24% [20][27] - The company ended 2024 with cash liquidity of $55 million, including liquid marketable securities and no cash debt [25] Q&A Session Summary Question: What is the outlook for product sales visibility in 2025? - Management expects some challenges in the first half of 2025 but is optimistic about the second half due to new sales strategies [32][36] Question: Are there acquisition targets being considered? - Management confirmed that there are companies under consideration for acquisition, particularly in Europe [37][38] Question: What is the timeline for the Envoy IPO? - The company is on track for an IPO in the spring [39] Question: How will margins be affected as the company shifts towards owner-operator models? - Management indicated that margins are expected to remain stable, with potential for improvement on the owner-operator side [47][61] Question: How is the company addressing regulatory changes and tariffs? - The company has production facilities in the U.S. and India, which helps mitigate tariff impacts [83] Question: What is the status of the residential EV charging market? - The company focuses on commercial and multifamily markets, with increasing demand for charging infrastructure [93][94]