Blink Charging Co. (NASDAQ:BLNK) Q4 2023 Earnings Call Transcript

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Brendan Jones: Yes, absolutely. So we moved out of the facility just now. And that was servicing up to 15,000 units. And now we expect that need to grow exponentially over time here. And that was a single line that we had there in a very cramped space. So now we have three automated lines. One line right now can make up what we were doing out of the old facilities with the second two lines, of course, getting that number up. Also, we’re working on what we call a standard daylight ship right now, where the technicians come in early in the morning around seven to eight, and they work to about three on the manufacturing side, and then they do cleanup and restocking before they punch out for the end of their shift. So we’re going to get up to the 50,000 unit capacity when we start to add additional shifts and stagger.

And even where needed, if we need capacity, for a major fleet player, et cetera, and we ramp up quickly. We’ll add shifts on Saturday and Sunday, which we’ve done in the past to make sure that we deliver on time for special customers in unique circumstances.

Noel Parks: Great. And then just one last one. It was very interesting to hear you talk about some of the reorganization you’ve done on the sales side and reorientation a bit in Europe. And I wonder if you could just talk a bit about the sort of Blink branded parts of the business versus, for example, on the product side, sort of white labeled or just entirely within a fleet customer deployment. I’m just interested to hear about the role branding plays in your expanding business model going forward.

Brendan Jones: Yes. So right now everything that we build is Blink branded. However, there are some circumstances and will allow an additional brand to be added to that and some additional circumstances, and most of these are OEM or particular customer related. We’ll rebrand the entire charger on a custom contract for them, the third-party chargers. We’re fortunate that all the third-party chargers, that are not Blink manufactured, we have agreements with them that they’re all Blink branded. So they come to us pre-branded and then we ship them out. So the strategy for Blink, as we said, we’re going to move to 80% of all products as Blink manufactured, and we’re well on our way to that. And the new Bowie facility is going to add greatly to that.

Then when we convert European operations over to Blink manufactured product, which we’re beginning, we’re actually working on the final stages of the design for that charger now. Then we’re going to do that even further. So the future is that 80% of all the products we sell are built, manufactured and branded Blink.

Noel Parks: Terrific. Thanks a lot.

Operator: Thank you. As we currently have no further questions in queue at this time, I would like to hand it back over to Mr. Stelea for any closing remarks.

Vitalie Stelea: Thank you, Ollie. And thank you to all of you who joined us on Blink’s fourth quarter 2023 earnings call. As we announced, another absolute record quarter of revenue growth and an industry leading gross margin. This marks the end of this call. We look forward to communicating with you in 2024 and at this time, you may disconnect.

Operator: Thank you ladies and gentlemen. This does conclude today’s call. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.

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