Good day, everyone, and welcome to today's Fourth Quarter and Year-End Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note that this call may be recorded. It is now my pleasure to turn today's program over to John Nesbett of IMS Investor Relations.

Good afternoon, everyone, and welcome to Blink Charging's fourth quarter and year-end 2020 investor call. On the call today, we have Michael Farkas, Founder and CEO; Brendan Jones, President; and Michael Rama, Chief Financial Officer. I'd like to take a moment to read the safe harbor statement. This conference call contains forward-looking statements as defined within Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements and terms such as anticipate, expect, intend, may, will, should, or other comparable terms involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the intent, belief, or current expectations of Blink and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink's periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. I will now turn the call over to Michael Farkas, Chief Executive Officer of Blink Charging. Go ahead, Michael.

Good afternoon, everyone. Thank you for joining us. We closed out 2020 with a very strong fourth quarter. Revenue grew over 250% and we made tremendous progress expanding our footprint. As we move through 2021, we remain focused on executing our aggressive rollout of charges to a wide variety of partners and locations, including healthcare networks, hotels, multifamily residences, and municipalities. As a pioneer in EV charging, we've watched what was a gradual transition to EV gain massive traction in 2020. The EV industry is experiencing tremendous momentum fueled by a combination of environmental concerns coupled with legislative initiatives on both the local and federal levels that have more and more drivers making the switch to EVs. It follows that the more EVs that are on the road, the more demand there will be for fast, accessible, and reliable charging stations to power these vehicles. With that in mind, we've been pursuing new exclusive partnerships and locations for the placement of our charging units. While EVs comprise a relatively small portion of vehicles today, they represent a rapidly growing segment of the transportation sector. We're focused on positioning our chargers in densely trafficked areas to capitalize on what we believe will be a substantial shift to EVs over the coming years. Importantly, in our own and operate models, exclusive agreements allow us to deploy chargers today and to add chargers to contracted locations as necessary to meet demand throughout the duration of our long-term exclusive agreements. We are aggressively deploying our chargers using a variety of business models by emphasizing our own and operate model. This key competitive advantage allows us to realize an economic benefit each time a vehicle is charged with one of our chargers. As EV adoption continues to accelerate and charger utilization increases, we expect our owned and operated units to represent a growing revenue stream for many years to come. We believe the opportunity in front of us is enormous, with few companies better positioned than Blink to benefit from the anticipated growth in demand for EV infrastructure. As we pointed out previously, BloombergNEF's Electric Vehicle Outlook 2020 noted that passenger EV sales increased from 450,000 in 2015 to 2.1 million in 2019 and are expected to reach over 15 million by 2040. BloombergNEF expects that more than 50% of new car sales will be EVs by 2040 and projects that we need many more charging stations, which should exceed 219 million by 2040, with a value of $500 billion worldwide. The EV revolution is underway, and Blink is strongly positioned for significant growth as we continue to play a leadership role in laying the groundwork for this transition. To support our growth, in January 2021, we completed a successful equity raise of $221.5 million, significantly strengthening our balance sheet. With a stronger capital structure, we're better positioned to expand the Blink owned charging infrastructure, improve internal systems, improve operations, increase our technology, and to prepare for anticipated exponential growth. It also allows us to secure new partnerships, acquire new locations, and to seek strategic acquisition opportunities. We have been adding new positions and people to improve our operational strength across our organization with additions to our sales staff, IT, and customer service departments. Bottom line, the greatest achievement that Blink has made over the last year is not our stock price or the money we've raised, but it's the team that we've built. Every one of our employees has allowed us to grow this business and we are completely dedicated to ensuring its success. Just after the close of the fourth quarter, we announced the purchase of a 10,000 square foot office condominium in Miami to house our corporate headquarters and to support our current and future growth. Additionally, following the close of the quarter, we opened a new Phoenix location, which has already begun making meaningful contributions to our operations. This is an extremely exciting time for our industry and specifically for Blink. We began 2021 in a solid position, and we plan to capitalize on the many opportunities we're seeing to provide accessible fast and reliable EV infrastructure that makes traveling with EVs both attractive and viable. Now I'll turn the call over to Michael Rama, our CFO, to run through some of the specific financial results of the quarter. Following that, Brendan Jones, our President, will provide details around some of our recent progress before we go to the Q&A. Go ahead, Michael.

Thank you, Michael, and good afternoon, everyone. With our fourth quarter performance, we delivered a strong close to a challenging year. As Michael noted, despite the broad economic uncertainty that the COVID-19 pandemic created, we remained intent on driving growth and progress, and our financial results demonstrated that focus. Our solid fourth quarter results continued to build momentum from our second and third quarters, as represented by total revenue growth of 250% to $2.5 million. This growth was driven by increased product sales as well as increased network fees. Product revenues grew more than 1,000% in the fourth quarter related to robust demand for our commercial and residential chargers, while network fees grew 67% related to the increase in chargers within our network. The growth in these areas was offset slightly by a decrease in revenues from charging services for the quarter, primarily due to less EV travel because of the pandemic. Additionally, fourth quarter 2020 revenues were favorably impacted by the timing of certain orders that moved from the third quarter to the fourth quarter. The fourth quarter net loss was $7.9 million, or $0.24 per share, compared to a net loss of $2.9 million, or $0.11 per share for the fourth quarter of 2019. For the fourth quarter, the net loss included increases in compensation and operating expenses related to the onboarding of new employees primarily in our sales, IT, and customer service areas. Specifically, operating expenses for the quarter increased by $8.3 million from $2.9 million, driven primarily by increased operational expenses. This includes significant scaling up our infrastructure and operations as we continue to scale the business to prepare for anticipated demand for our products and services as EV use grows. Looking at full-year 2020, revenues increased by 121% to $6.2 million, compared to $2.8 million for the full year of 2019. Product sales grew more than fourfold to $4.4 million for the full year, while network fees improved by 14%. Charging service fees decreased by 43% for the full year, related to the stay-at-home orders that kept drivers largely off the road for a majority of the year. As the COVID-19 vaccination efforts continue and the economy reopens, we expect to see usage increase as drivers return to more regular travel behaviors. Over the medium to longer term, we expect to see growth in charging service revenue from our owned and operated stations as more electric vehicles take to the road, and as we continue our aggressive expansion of the Blink chargers network. The net loss for the year was $17.8 million, or $0.59 per share, compared to a net loss of $9.7 million, or $0.37 per share for the full year 2019. The net loss for the full year 2020 includes increases as previously described. Now I'll provide charging station stats as of December 31, 2020. As of December 31, 2020, we deployed 16,616 charging stations, of which 7,062 were on the Blink network. This consisted of 4,340 level two publicly accessible charging units, 1,404 level two private commercial charging units, 120 DC fast charging EV publicly accessible chargers, 14 DC fast charging EV private chargers, and 1,176 residential level two Blink EV charging units. The remaining units are non-network on other networks or international sales or deployments, which consist of 228 level two commercial charging units, 8,773 residential level two EV charging stations, 521 sold internationally, and 33 deployed internationally. Now a few comments on our cash and liquidity. At December 31, 2020, cash and marketable securities were $22.3 million, compared to $7.1 million at December 31, 2019. Following the close of 2020, we completed a successful equity raise resulting in net proceeds of $221.5 million.

Thanks, Michael. As I'm sure we can all agree, 2020 was quite the ride from an economic and public health standpoint. We are proud of our company's ability to stay focused and execute on the aggressive rollout of EV charging infrastructure both domestically and internationally. Despite a myriad of challenges throughout the year, including shutdowns, travel bans, and the advent of virtual-only sales calls and pitches, we will review some highlights which will illustrate the brand recognition and momentum we're experiencing. We're seeing tremendous interest and many opportunities in the marketplace, with both private partners and as part of grant structures being used by local governments at both the state and city level for the establishment of convenient, accessible EV charging to support the increasing number of EV drivers on the road. Likewise, we're seeing heightened interest from international partners also working to develop the infrastructure necessary to encourage the transition to EVs. We had many notable developments during the fourth quarter and have made substantial progress to date this year. I'll highlight a few that characterize our growth strategies for the expansion of our charging presence. Establishing new locations is a linchpin of our strategy, and we are literally adding new locations almost every week. Among our recently announced additions, we acquired U-Go Stations Incorporated and its portfolio of 44 DC fast charging locations as well as multiple grants awarded for the development of up to 45 additional charging stations. We also signed agreements with JSC Management, a large Burger King franchisee, for the deployment of Blink owned charging stations in key locations across the Northeast United States. Now internationally, we continue to have success deploying our chargers through partnerships and joint ventures. Our recently announced international opportunities include the sale of 45 dual port Blink charging stations for deployment across Greece by Blink Charging Hellas, our joint venture entity with Eunice Energy Group, and a follow-up order from InterEnergy for an additional 150 fast charging stations to be deployed in the Dominican Republic. Additionally, we received an initial order from InterEnergy for 15 charging stations as it expands the Evergo network in Panama. Switching gears, healthcare facilities, which operate 24/7, are typically highly trafficked by a mix of medical professionals, patients, and visitors, and they are natural locations for our charging stations and an important element of our focused growth strategy. We announced agreements with several healthcare networks during the fourth quarter, including the Lehigh Valley Health Network for Blink-owned charging stations across their extensive portfolio of healthcare facilities in Pennsylvania. We are further deploying Blink-owned charging stations at St. Luke's University Health Care facilities also in Pennsylvania, and we have an exclusive contract to provide Blink IQ 200 units at several Blessing Health System locations in Quincy, Illinois. Additionally, resale partners are also an important extension of our sales efforts and we expanded our reseller portfolio in this quarter. The line electric company, a leading manufacturer of zero-emissions buses and trucks, will now offer the Blink IQ 200 charging station to school systems and fleets they work with, and Ballantyne Strong will offer Blink’s full line of charging stations to their extensive customer base of cinema operators, theme parks, and other entertainment and leisure-related locations. We are seeing continued success when we compete for grants and for participation in the subsidized rollout of EV infrastructure by states and cities. Some recent highlights include our award after a competitive bidding process to provide EV charging infrastructure for the City of San Antonio's EVSA program. The award initially calls for us to deploy up to 140 Blink-owned charging stations throughout the city. We also announced two agreements that will expand our presence in the Northeast region of the U.S. We have our first deployment in New Hampshire in the resort town of Waterville Valley where our Blink owned units are the only chargers within 30 miles. We announced a collaboration with the State of Vermont to deploy 22 DC fast chargers and 22 Level 2 chargers at 11 sites across the state over the next two years. At five of these locations, we will deploy high-speed charging of 175 kilowatts for DC fast chargers. Needless to say, we have a very full and growing docket of deployments as we continue to execute against our goals of expanding the EV charging infrastructure to support and promote the increasing adoption of EVs. We are excited by the opportunities afforded to us by the recent capital raised to support our rollout of EV charging infrastructure. We are proud of the progress our sales team has made and energized about our potential as we move through 2021. With that, we will now open up calls for questions. Thank you very much.

Thank you. Good afternoon, everyone. You guys mentioned COVID-19 obviously had a big impact on the business in 2020. Maybe whether or not it was supply chain issues for some other folks in the sector, or there's simply less deployments, given less driving and less charging revenues you mentioned? But now that vaccinations are accelerating here, could you just give us a sense of what type of visibility you have into orders or deployments for 2021? And where you think this could lead to both top line revenue and also CapEx requirements?

I'll jump in part of that. This is Michael Rama. Hey, Gabe, nice talking to you again. We're expecting our Q1 2021 revenues to be strong compared to Q1 2020. We're on track to have a very good 2021. We're seeing a lot of orders come in from a variety of property owners and partners. So we're expecting a strong 2021.

Gabe, this is Michael Farkas. I'll add to that. Yes, there's been an update across the board in EVs. We're seeing many more cars hitting the market now than ever before, especially from mainstream manufacturers like Volkswagen. The more cars on the road today, we have low single-digit EV sales as a percentage of total sales. As that increases, we believe that'll directly impact our revenues and the charging stations that we sell to others as well as own and operate. In addition, a lot of business owners and property owners are now more cognizant of what's going on with EVs and they're taking initiatives which they haven't done in the past. This should also positively affect deployment numbers.

Got it. Thanks. Thanks, guys. That's helpful. And then I guess just as a follow-up. Could you maybe just talk a little bit about the margin profile as it progresses throughout 2021? Again, I know 2020, a little bit kind of funky, just given COVID-19. But particularly on charging revenues, I think you could say on how the margin on that line item and opportunity progression throughout 2021. Should we expect it to improve as utilization kind of increases? Curious about how that trend?

We've been working on getting our costs down. Our average cost of electricity today is about $0.12 per kilowatt hour. We're working on opportunities to bring that down. Our average sale price is a little bit north of $0.39. We would like to save on electricity, dedicate green energy if possible, and then bring down costs to our customers accordingly. But there are very nice margins in our business, both on the sale of the fuel, as well as the hardware itself and the networking services and processing fees.

Thanks, Michael. And then just one last one. Just on G&A, you guys obviously mentioned getting the staff boosted up to support growth initiatives ahead. I guess just curious if we should expect further increases in G&A from more hiring? Or do you think maybe you're kind of well-staffed now for the opportunity ahead in the near term?

We see a lot of growth ahead of us. We're roughly about 100 bodies today, and this business is growing at an exponential rate. Everyone's takeaway from here should be very clear. We're in an industry today where there are roughly 300,000 viable charging stations out in the field. Estimates suggest we could be looking at anywhere between 12 million to 14 million, maybe higher by 2030 in the U.S. alone. That's going to take steps to build. It's all about having the right team, being able to really get into all of those different aspects of the real estate space and knowing all the owners, operators, managers, and so on to take care of them and service them. It's going to take money to invest in our team, so we expect increases for a while.

Great. Thank you so much, guys.

You're welcome.

Good evening. And first, I should say, congratulations on the strong revenue in the quarter.

Thank you.

Thank you.

It seems from your disclosures around international deployments that you guys are starting to get some nice early traction there. Can you maybe give us a little bit more color on where these units are being deployed? Where you're seeing greater success? Would you expect this to be a material contribution over the course of 2021? Any color you can provide on how we could think about the relative contribution?

Okay. Europe is a tremendous market, and the international market is huge as well. We have certain areas of the world where there's a lot more utilization than there is in the U.S. today. Our responsibility is to deploy our hardware in areas where we will get the best utilization in our own and operate model. Our hardware is very high quality, priced very economically. As a company with global aspirations, we are expanding where we are today in Israel, in Greece, in the Dominican Republic, in Panama, and other areas where we believe there will be demand for our hardware. This year, we have some very interesting news that may be on the horizon in the European market, especially with new hardware, and I believe everyone will be excited about our progress outside of the U.S. in the coming years.

Excellent. Excellent. So then a follow-on question there is, obviously, this is a Greenfield opportunity for us to have to invest. Can you maybe talk about the relative contribution to the increase in SG&A in salaries and compensation? Is this primarily staffing up for Europe? Or are you staffing up for other opportunities in the U.S. and internationally at the same time?

It is just a wholesale growth of our business across the board. Some of those resources are focused on our expansion in Europe, yes. But we're an American company and we still have a lot to do here. We're looking forward to introducing next-generation DC fast chargers for our accelerating U.S. deployment. We have amazing relationships in the U.S. and tremendous opportunities globally.

Great. So, Michael, one of your most exciting wins these past couple of months was with San Antonio. Can you maybe talk about what they found most interesting, compelling about your product? Whether or not this translates to other open RFP processes and your competitiveness, given that this has been a thorough process?

Yes, it was a very thorough process and we came out ahead. We've been performing well in these open competitions by offering better services, customer service, and by providing a superior product. Our level two charging stations have significant advantages over many competitors' solutions in capacity and performance. Sustainability groups and municipalities are keen on this long-term view. Essentially, we convey the message that buying a charger with lesser capacity leads to obsolescence. Our hardware not only provides faster charging but is also designed to be future-proof and adaptable, which is a vital factor. This positions us strongly moving forward.

Great. That definitely makes sense. Thank you. So last question if I may. Line Electric, that's a pretty nice customer win. Can you talk about where you might expect to participate with Lion? Do you expect broad participation over there? Or would it be on a project-by-project basis? Can we translate these other purchase orders that they have into potential purchase orders for Blink assuming everything goes well over the next year or two?

Well, I believe we have a much more viable solution for Lion, that's why they decided to work with us. They typically sell buses and chargers together. As they deploy their buses, our Blink chargers will support their operations efficiently. Our stations will also adapt to different charging capacities, which we offer through software upgrades, ensuring they are always up-to-date. This future-proofing positions us well to be one of the largest vendors of hardware for electric bus fleets like theirs.

Thank you. Congratulations on the progress. Appreciate you taking my questions. Thanks.

Thank you.

Thanks. Thanks for taking my questions. The first question is about your involvement with the carbon offset credit program with the Connecticut Green Bank. Can you help us understand how that program works for you? Are you planning to do similar programs with other parties?

Yes, we generate low carbon fuel credits from the State of California and Oregon. We monetize these continuously, similarly pairing them with renewable credits as well. As utilization increases, we expect credits will continue to come in.

Moreover, with the Biden administration's plans to significantly invest in EV infrastructure, there will be substantial funding available for initiatives like ours. They aim to put in place 500,000 charging stations throughout the country. Each EV charging station can host multiple plugs, meaning the actual number of charging ports will be much higher. This illustrates the scope of opportunity, and with our experience, Blink is well-positioned to capitalize on grants and funding to support widespread EV infrastructure deployment.

Understood. Yes. Thanks for that color. Just stepping back and looking at your near-term opportunities, especially in Panama and the Dominican Republic. Are these sales through normal Blink operations, or how does that work? Are you still owning part of the unit that you are deploying there?

It depends on where we're operating. In South Latin America, certain areas, we do own and operate. In others, we sell very similar models to what we have, but in our relationship with InterEnergy, they will purchase hardware from us.

Understood. And then just one last one. With over $220 million in the bank, how do you see that utilized? Which areas are you going to focus on more than others?

Historically, we've been a very acquisitive company. We’ve completed around nine acquisitions now. We plan on growing both domestically and globally through acquisitions, while also looking to grow current operations organically. We'll be focusing our capital on areas where we can drive new utilization and expand our network.

Thanks, Michael. Thanks for taking my questions.

You're welcome.

It appears we have no further questions. At this time, I will now turn the program back over to our presenters for any additional or closing remarks.

Thank you for joining us. This is an extremely exciting time for our company, and we remain focused on expanding our footprint, growing our customer base, and establishing new partnerships. We are very excited and looking forward to speaking with you on our next quarter. Thank you very much.

This does conclude today's program. Thank you for your participation. You may disconnect at any time.