Andres Sheppard: Got it. And sorry and then just on the NEVI funding, yes.
Cathy Zoi: Yeah, So, look we’ve got we’re waiting – like we kind of expect Colorado and Pennsylvania announcements to happen sometime this summer roughly. And then the other announcements might follow later in the year of the next sort of swath of applications. And again, remember what follows then is this contracting process that can take some months. I mean people just think oh once the award is announced then people start digging. Unfortunately, it’s not the case. We’re really actually practically talking about NEVI projects are going to really get moving in – some are going to get moving maybe this year. But the bulk of them are going to get moving in 2024, with some of them getting energized by the end of 2024, but some of them going into 2025.
So, we are excited about our applications. We’re being, as you Craig asked about, how you do it. We do it with great care. So we’re hopeful that we get, we get our piece of the action because we’re identifying locations where we think we’re going to be able to achieve and realize great returns for our shareholders.
Andres Sheppard: Got it. That’s wonderful. Very, very, – very thankful. Thank you so much. I’ll pass it on.
Cathy Zoi: Thank you, Andres.
Operator: Our final question comes from Doug Becker from Reef Capital Group. Please go ahead.
Doug Becker: Thanks. Just curious about the expected timing for the BABA compliant chargers. It looks like Signet opened up its Plano Texas plant back in June, which really looks like a positive development.
Dennis Kish: So, hi Doug, this is Dennis. The BABA production is right on track. It’s a big job to ramp up the supply chain and open the facilities here in the US. And we are looking to see our first production units start in Q3, late Q3 or early Q4. After that, they’ll need to go through a UL certification cycle, as well. But the relationships with the charging vendors are going very well. And they are pushing on those dates as hard as they can.
Doug Becker: Well, it sounds good. And then revenue guidance was raised, EBITDA guidance was lowered just a little bit. And I know there was it sounded like some increasing investment in the growth engine. But just maybe a little more reconciliation between the higher revenue guidance and the EBITDA guidance, just a little bit lower.
Stephanie Lee: Yes, that’s a great question, and it’s true. So, we pulled forward revenue as you saw in Q2 in terms of the $50 million that was generated in the quarter. And we talked about the eXtend revenue for the second half, expected to be down as a result of more – less of the hardware sales kind of coming through. And so, our revenue guidance for the year at the higher end of the range, we kept at the $150 million. And you’re right on the adjusted EBITDA, we adjusted it differently, because of the additional investments, we are expecting to make in the second half. As we’ve seen with the growth of our business and all of us have been talking about we have determined that we do need to make some additional investments in areas like the ReNew program, we talked about the NACs cables, right?
And the connectors that have to get swapped out. So maintenance costs associated with that. We’re also going to be making additional investments in our PlugShare App. We’ve seen – continue to bring value to our partners. So, in a number of areas, just thinking about the growth trajectory of the business, we felt it was prudent to continue to make some additional investments in a lot of those areas, into our networks as well as, the people processes and tools that we have across the company.
Doug Becker: That makes sense. Cathy, congratulations.
Cathy Zoi: Thank you.
Operator: And it appears we do have one more question from the line of Andres Sheppard from Cantor. Please go ahead.
Andres Sheppard : Guys, thanks for taking one more question. Just a quick one. With the new growth proceeds of the roughly $130 million for the equity program and now $257 million in total cash and liquidity, just remind me, what is the runrate, but what is the expected runrate with that liquidity? Does that push it into 2025? Just trying to get my head around that. Thank you.
Stephanie Lee: It does, Andres. Thank you for that question. And so the additional equity that we raised, prior to that, we had indicated that we had runrate through most of 2024, this additional capital raise is going to take us well into 2025. As Cathy mentioned about all of the different financing opportunities that are out there, that are ahead of us, certainly our hope is that from a financing perspective we will have additional opportunities to monetize like some of these giant grant awards that we just talked about and these other opportunities with multi-millions ahead of us. So, but the equity raise was going to take us well into 2025.
