Nuvve Holding Corp (NVVE) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Nuvve Holding Corporation fourth-quarter and full-year 2022 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 Nuvve Holding Corporation 第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Eduardo Royes, Managing Director, ICR. Please go ahead.

我現在想將會議轉交給 ICR 常務董事 Eduardo Royes。請繼續。

Thank you. On today's call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its fourth-quarter and full-year 2022 results. Following prepared remarks, we will open the call up for questions.

謝謝。參加今天電話會議的有首席執行官 Gregory Poilasne；和 Nuvve 的首席財務官 David Robson。今天早些時候，Nuvve 發布了一份新聞稿，宣布了其第四季度和 2022 年全年業績。在準備好的評論之後，我們將公開提問。

Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections. These risk factors are discussed in Nuvve's filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances.

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述。儘管這些前瞻性陳述反映了 Nuvve 當前的最佳判斷，但它們存在風險和不確定性，可能導致實際結果與這些前瞻性預測所暗示的結果存在重大差異。這些風險因素在 Nuvve 提交給美國證券交易委員會的文件和今天發布的收益報告中進行了討論，可在我們的網站上獲取。 Nuvve 不承擔修改或更新任何前瞻性陳述以反映未來事件或情況的義務。

With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

有了這個，我想把電話轉給 Nuvve 的首席執行官 Gregory Poilasne。格雷戈里？

Thank you, Eduardo, and hello to everybody joining us today. We thank you for joining our fourth-quarter and full-year 2022 results call.

謝謝你，愛德華多，向今天加入我們的每個人問好。感謝您加入我們的 2022 年第四季度和全年業績電話會議。

The fourth quarter is a watershed moment for school bus electrification with the awarding of grant funding as part of the EPA Clean School Bus Program in October. As discussed at length on our November call, we were thrilled to find out in October that Nuvve facilitated ten of its school district customers in receiving 61 EPA Clean School Bus rebate as part of the first phase of this five-year program.

第四季度是校車電氣化的分水嶺時刻，作為 10 月份 EPA 清潔校車計劃的一部分，授予贈款。正如我們在 11 月的電話會議上詳細討論的那樣，我們很高興在 10 月發現 Nuvve 幫助其 10 名學區客戶獲得了 61 EPA Clean School Bus 退款，作為這個五年計劃第一階段的一部分。

Over the past several months, we have been working closely with these school district partners, for which we were the grant writers, along with other potential customers with application process we facilitated. Receiving grant or rebate money is just step one in the process of electrification. Recall that our recipients received $20,000 in hardware and infrastructure rebate money per bus. This translates into $1.22 million in funding for Nuvve's high-powered chargers, infrastructure, and site design associated with the 61 buses. But customers have flexibility in how they spend it.

在過去的幾個月裡，我們一直與這些學區合作夥伴密切合作，我們是這些合作夥伴的撥款作者，以及我們協助申請流程的其他潛在客戶。獲得贈款或回扣資金只是電氣化過程的第一步。回想一下，我們的收件人每輛公共汽車收到 20,000 美元的硬件和基礎設施退款。這相當於為與 61 輛公交車相關的 Nuvve 高功率充電器、基礎設施和場地設計提供了 122 萬美元的資金。但是客戶可以靈活地使用它。

Nuvve's bidirectional charters has sold for more than twice the rebate amounts. As such, some customers may choose to pay the difference to purchase DC chargers, but more likely, we expect most to: one, seek more grant funding in addition to the EPA funding; two, start the EPA rebate so as to cover the full cost of DC chargers with more than one rebate per charger; or three, apply that funding for the purchase of AC chargers. Recall that DC chargers are more expensive than AC chargers. However, bidirectional DC chargers provide significant faster charging speed and, more importantly, allow Nuvve customers the opportunity to unlock valuable V2G revenues using our proprietary GIVe platform over the life of the vehicle.

Nuvve 的雙向包機已售出超過兩倍的回扣金額。因此，一些客戶可能會選擇支付差價購買直流充電器，但更有可能的是，我們最希望的是：一，在 EPA 資金之外尋求更多的補助資金；第二，啟動 EPA 回扣，以覆蓋直流充電器的全部成本，每個充電器有多個回扣；或者第三，申請這筆資金購買交流充電器。回想一下，直流充電器比交流充電器更貴。然而，雙向直流充電器提供更快的充電速度，更重要的是，讓 Nuvve 客戶有機會在車輛的整個生命週期內使用我們專有的 GIVe 平台釋放寶貴的 V2G 收入。

We take a consultative approach with our customers and partners, helping them to think through their projects in strategic fashion, which includes intelligent integration of their fleets with the grid, in order to help them understand how to maximize the value they get out of their government dollars. We're able to do this because Nuvve is not just a technology company; we're an experienced team executing time-tested and constantly applied process of deploying V2G-enabled infrastructure successfully across the world.

我們與我們的客戶和合作夥伴採取協商的方式，幫助他們以戰略方式思考他們的項目，包括將他們的車隊與電網智能整合，以幫助他們了解如何最大化他們從政府獲得的價值美元。我們能夠做到這一點，因為 Nuvve 不僅僅是一家技術公司；我們是一支經驗豐富的團隊，執行經過時間考驗和不斷應用的流程，在全球範圍內成功部署支持 V2G 的基礎設施。

With that said, we expect to receive the majority of the purchase orders for hardware associated with the EPA funding over the course of the second quarter and for shipments to then occur over subsequent quarters. As a reminder, the EPA Clean School Bus Program is trying to provide a total of $5 billion in funding by 2026. We expect to learn more in the coming weeks as applications are released for the 2023 phase in this program. We look forward to participating heavily in this trend as well and hope to outperform our Phase 1 results.

話雖如此，我們預計將在第二季度收到與 EPA 資金相關的大部分硬件採購訂單，然後在隨後的幾個季度發貨。提醒一下，EPA 清潔校車計劃正試圖在 2026 年之前提供總計 50 億美元的資金。隨著該計劃 2023 年階段的申請發布，我們希望在未來幾週內了解更多信息。我們也期待著積極參與這一趨勢，並希望超越我們的第一階段結果。

On the regulatory front, I want to update you on the regulatory tailwinds we continue to see for V2G as they underscore the critical role that V2G can and should play as vehicles electrify. California remains at the forefront of legislation to combat climate change and promote EV adoptions, where more than 60% of the new vehicle sales were electric in 2022. Earlier this year, since another Nancy Skinner introduced California State Bill 233 in what is yet another climate bill, but one that is V2G focused.

在監管方面，我想向您介紹我們繼續看到的 V2G 監管順風，因為它們強調了 V2G 在車輛電氣化過程中可以而且應該發揮的關鍵作用。加利福尼亞州仍然處於應對氣候變化和促進電動汽車採用的立法的最前沿，到 2022 年，超過 60% 的新車銷售是電動的。今年早些時候，自從另一位南希·斯金納 (Nancy Skinner) 在另一個氣候變化中提出了加利福尼亞州法案 233賬單，但是一個專注於 V2G 的賬單。

Specifically, the bill calls for the establishment of state-wide vehicle grid integration goals, higher incentives for bidirectional-capable electric vehicles and charging stations, and a requirement that all electric vehicles and charging stations be bidirectional capable by model year 2027, in order for every driver to be able to reduce their energy bills while improving grid stability and so helping to avoid power outage. While this legislation is still working its way through the stages, it must pass to become law. This is a typical new development representing unprecedented policy support for Nuvve's products and services and the recognition by policymakers of the importance of V2G as a reliability resource.

具體而言，該法案要求制定全州範圍內的車輛電網整合目標，對具有雙向功能的電動汽車和充電站給予更高的激勵，並要求到 2027 年所有電動汽車和充電站都具備雙向功能，以便每個司機都能夠減少他們的能源費用，同時提高電網穩定性，從而幫助避免停電。雖然這項立法仍在各個階段進行，但它必須通過才能成為法律。這是一個典型的新發展，代表了對 Nuvve 產品和服務前所未有的政策支持，以及政策制定者對 V2G 作為可靠性資源的重要性的認可。

Further, Nuvve will begin its second year of participation in California's Emergency Load Reduction Program, or ELRP. Recall that in March 2021, the California Public Utility Commission, or CPUC, created the ELRP to pilot a new demand response approach to help avoid rotating outages typically seen in California's hot months. In short, ELRP pays the electricity customers for reducing energy consumption or increasing electricity supply during periods of electrical grid emergency. The program is in effect daily from May to October in the late afternoon and early evening hours, with a maximum yield dispatch limit of 60 hours.

此外，Nuvve 將開始第二年參與加州的緊急減載計劃 (ELRP)。回想一下，在 2021 年 3 月，加州公用事業委員會 (CPUC) 創建了 ELRP 來試行一種新的需求響應方法，以幫助避免加州炎熱月份常見的輪流停電。簡而言之，ELRP 向電力客戶支付在電網緊急情況下減少能源消耗或增加電力供應的費用。該計劃從 5 月到 10 月每天下午晚些時候和傍晚時段有效，最大產量調度限制為 60 小時。

In the summer of 2022, we launched our participation in this program by pairing our V2G technology and service with San Diego Gas & Electric, or SDG&E. We kicked this off in San Diego in July at the Cajon Valley Unified School District and expanded in October to the Ramona Unified School District. This past August, during an unprecedented 10-day streak that blew away over 1,000 hit records, this operation alone resulted in export of about 1 megawatt hour of energy to the grid, with impressive greenhouse gas reduction or equivalent houses served metrics of about 250 kilograms and 500 kilogram, respectively.

2022 年夏天，我們通過將我們的 V2G 技術和服務與 San Diego Gas & Electric (SDG&E) 相結合，開始參與該計劃。我們於 7 月在聖地亞哥的 Cajon Valley 聯合學區開始了這項工作，並於 10 月擴展到 Ramona 聯合學區。今年 8 月，在史無前例的連續 10 天打破 1,000 多項記錄的過程中，僅此一項操作就向電網輸出了約 1 兆瓦時的能源，令人印象深刻的溫室氣體減排量或相當於約 250 公斤的房屋服務指標和500公斤，分別。

We look forward to being able to leverage the entire calendar of ELRP program availability this year. Nuvve will have over megawatts of V2G resources participating in the 2023 ELRP season, by far the largest operator of V2G assets in California.

我們期待能夠利用今年 ELRP 計劃可用性的整個日曆。 Nuvve 將擁有超過兆瓦的 V2G 資源參與 2023 年 ELRP 季節，是迄今為止加州最大的 V2G 資產運營商。

Our North America sales and grant writing teams remain at the forefront of these developments, ensuring that we are building and strengthening relationships with markets that have V2G programs, such as ELRP, in place or soon to launch. California, both through ELRP and other V2G opportunities, remain at the forefront, but we see similar opportunities in other major markets like New York, Rhode Island, Massachusetts, and Delaware, in addition to those programs which exist outside of North America, including Europe and Asia.

我們的北美銷售和贈款編寫團隊始終處於這些發展的最前沿，確保我們正在建立和加強與已經實施或即將推出 V2G 計劃（例如 ELRP）的市場的關係。加州通過 ELRP 和其他 V2G 機會保持領先地位，但我們在紐約、羅德島、馬薩諸塞州和特拉華州等其他主要市場看到了類似的機會，此外還有北美以外的項目，包括歐洲和亞洲。

Also in the electric school bus market, in February, Nuvve accepted a purchase order from the Los Angeles Unified School District, or LAUSD, to sell 24 V2G-capable DC fast chargers, with shipments in the first half of the year. In fact, 18 chargers have already been shipped during the first quarter of 2023. This is our largest single DC fast charger purchase order to date, and as with many programs, we believe that this represents just the tip of the iceberg with respect to eventual potential opportunity set.

同樣在電動校車市場，2 月份，Nuvve 接受了洛杉磯聯合學區（LAUSD）的採購訂單，銷售 24 個支持 V2G 的直流快速充電器，並在今年上半年出貨。事實上，在 2023 年第一季度，我們已經出貨了 18 個充電器。這是我們迄今為止最大的單一直流快速充電器採購訂單，與許多計劃一樣，我們認為這只是最終產品的冰山一角潛在的機會集。

This order aligns with LAUSD's 2022-2026 project plan to modernize infrastructure for operational effectiveness. The school districts operate the second largest school bus fleet in the country, with 3,000 school buses. This is estimated to represent approximately 180 megawatts of electric school battery capacity if all 3,000 school buses of the LAUSD fleet's electrified, which we think is inevitable.

該訂單與 LAUSD 的 2022-2026 年項目計劃相一致，該計劃旨在實現基礎設施現代化以提高運營效率。這些學區擁有全國第二大校車車隊，擁有 3,000 輛校車。如果 LAUSD 車隊的所有 3,000 輛校車都實現電氣化，這估計代表了大約 180 兆瓦的電動學校電池容量，我們認為這是不可避免的。

Heading to other exciting updates at Nuvve since our last call. On our third-quarter call, we discussed pursuing opportunities with third-party charging station OEMs, whereby we interfaced with the unidirectional infrastructure already in place to layer in our V2G platform. We viewed it as means of accelerating the growth of grid services revenue in a way that is not reliant on us rolling out large-scale hardware and vehicles and which is working capital light for us.

自我們上次通話以來，前往 Nuvve 的其他令人興奮的更新。在我們第三季度的電話會議上，我們討論了與第三方充電站 OEM 的合作機會，我們藉此與已經存在的單向基礎設施進行交互，以在我們的 V2G 平台中分層。我們將其視為加速電網服務收入增長的一種方式，這種方式不依賴於我們推出大規模硬件和車輛，而且對我們來說是輕型營運資金。

After several months of discussion and negotiations, we were incredibly proud to disclose our partnership with Circle K in the Nordics in February. Circle K operates across 24 countries, with approximately 14,800 stores offering roadside transportation fuel. Through our agreement, Nuvve's V1G unidirectional charging management and power capacity market participation technology is expected to manage an initial 40 megawatts of EV fast chargers at 50 of Circle K's service stations and three to five stationary storage sites in Norway and Denmark. We expect to begin to generate modest revenue in the second quarter and for a gradual ramp in the second half of the year. While hardware revenues remain the largest percentage of our revenue today and are likely to remain this way in the near term, we're increasingly excited about the faster growth trajectory of our recurring grid service revenue, as I will elaborate in on a bit.

經過幾個月的討論和談判，我們非常自豪地在 2 月份公佈了我們與北歐 Circle K 的合作夥伴關係。 Circle K 在 24 個國家開展業務，擁有大約 14,800 家商店，提供路邊運輸燃料。通過我們的協議，Nuvve 的 V1G 單向充電管理和功率容量市場參與技術有望在挪威和丹麥的 50 個 Circle K 服務站和三到五個固定存儲站點管理最初的 40 兆瓦電動汽車快速充電器。我們預計將在第二季度開始產生適度的收入，並在今年下半年逐漸增加。雖然硬件收入仍然是我們今天收入的最大比例，並且在短期內可能會保持這種狀態，但我們對經常性網格服務收入的更快增長軌跡感到越來越興奮，正如我將詳細說明的那樣。

After we complete our first phase of integration with Circle K, we would look to work with them to expand to additional locations across the Nordic high-speed charging network, which, in Norway and Denmark, is now apparent 60 stores strong and, eventually, other countries and regions. We applaud Circle K for seeking ways to monetize its EV charging assets through market participation with system operators in Norway and Denmark.

在我們完成與 Circle K 的第一階段整合後，我們希望與他們合作，將其擴展到北歐高速充電網絡的更多地點，在挪威和丹麥，目前顯然有 60 家門店，最終，其他國家和地區。我們讚賞 Circle K 通過與挪威和丹麥的系統運營商一起參與市場，尋求將其 EV 充電資產貨幣化的方法。

Further, we were happy to hear a few weeks ago that Couche-Tard, the parent company of Circle K, is expanding their portfolio in Europe through the proposed acquisition of a portfolio of retail assets owned by Total Energy that covered nearly 2,200 sites as of year-end of 2022. It seems to us that Couche-Tard and Circle K are going all in on transforming service stations into full-fledged service hubs, with EV charging and absolutely poised to be a key part of this, and where rising V2G technology can, in our view, be a true differentiator.

此外，我們很高興幾週前得知 Circle K 的母公司 Couche-Tard 正在通過擬議收購 Total Energy 擁有的零售資產組合來擴大其在歐洲的投資組合，截至 2018 年，該資產涵蓋近 2,200 個站點2022 年底。在我們看來，Couche-Tard 和 Circle K 正在全力將服務站轉變為成熟的服務中心，EV 充電絕對有望成為其中的關鍵部分，而 V2G 的興起在我們看來，技術可以成為真正的差異化因素。

Our primary focus today is to ensure a smooth ramp up of our operation with Circle K, making sure all of the key pieces of the technology are talking to one another is critical. And so we want to make sure we are working closely with our colleagues to maximize uptime so as to drive a successful program with Circle K and their customers.

我們今天的主要重點是確保我們與 Circle K 的運營順利進行，確保該技術的所有關鍵部分都相互通信是至關重要的。因此，我們希望確保與同事密切合作，最大限度地延長正常運行時間，從而與 Circle K 及其客戶一起推動成功的計劃。

To give you an idea of the scale, with 10 charging stations per site and 250 kilowatt per charging station, a standard value today, across 17,000 stores owned today, these represent more than 40 gigawatts of capacity in their management. We also remain in active discussion about additional opportunities similar to that one, and we hope to be able to provide an update on this later this year.

為了讓您了解規模，每個站點有 10 個充電站，每個充電站 250 千瓦，這是今天的標準值，在今天擁有的 17,000 家商店中，這些代表著他們管理的容量超過 40 吉瓦。我們還在積極討論與那個類似的其他機會，我們希望能夠在今年晚些時候提供最新情況。

To conclude my opening remarks, I'd like to tie these very things together and briefly revisit our remarks for last year as we've summarized 2022 and take a high-level view of 2023. As we discussed in November, we have been disappointed with the pace of the inflection in our business and specifically the sluggish pace of electrification in the school bus market in the US. The combination of inflation, power shortage, and the reliance on subsidies make the timing of the school bus opportunities unpredictable. This can be reflected in our orders for DC fast chargers in 2022, which declined in the back half of 2022, compared to the shipment growth we had in the forefront of 2022.

在結束我的開場白之前，我想將這些事情聯繫在一起，並簡要回顧一下我們去年的評論，因為我們總結了 2022 年並對 2023 年進行了高層次的展望。正如我們在 11 月討論的那樣，我們感到失望隨著我們業務變化的步伐，特別是美國校車市場電氣化步伐的放緩。通貨膨脹、電力短缺和對補貼的依賴使得校車機會的時間難以預測。這可以反映在我們 2022 年的直流快速充電器訂單中，與我們在 2022 年前半年的出貨量增長相比，該訂單在 2022 年下半年有所下降。

We do expect to see an improvement in 2023 EV bus sales, but those sales will likely still remain in the hundreds and not thousands this year. One thing we're very proud of, however, is our market share. We estimate that more than 20% of electric school buses are connected to Nuvve hardware. We believe this validates our technology is a step that we should not be taken lightly, and we are confident that we can grow our share even more.

我們確實預計 2023 年 EV 巴士銷量會有所改善，但今年這些銷量可能仍將保持在數百輛而非數千輛。然而，我們引以為豪的一件事是我們的市場份額。我們估計超過 20% 的電動校車連接到 Nuvve 硬件。我們相信這證明我們的技術是一個我們不應該掉以輕心的步驟，我們有信心我們可以進一步擴大我們的份額。

In the near medium term, the sale of our EV charging hardware will continue to be the bigger revenue generator for our business. As such, we are thrilled to have received the record order from LAUSD. With Q1 2023 nearly over, we can confidently say that we expect to report record orders this quarter and more than any quarter in 2022 and 2021.

在短期內，我們的 EV 充電硬件的銷售將繼續成為我們業務的更大收入來源。因此，我們很高興收到來自 LAUSD 的創紀錄訂單。隨著 2023 年第一季度即將結束，我們可以自信地說，我們預計本季度將報告創紀錄的訂單，並且超過 2022 年和 2021 年的任何一個季度。

We further expect another strong quarter in Q2 as the EPA program awards come in, which, of course, should provide a good baseline for shipments through the balance of the year. Put simply, we expect to see a more material improvement in our hardware sales in 2023 as the tide begins to turn.

我們進一步預計，隨著 EPA 計劃獎勵的到來，第二季度將出現另一個強勁的季度，當然，這應該為今年餘下時間的出貨量提供良好的基線。簡而言之，隨著趨勢開始轉變，我們預計 2023 年我們的硬件銷售將有更多實質性改善。

At the same time, we discussed in the last call how it was important to pursue opportunities such as the one we have secured with Circle K. The ability to significantly expand our megawatts under management and provide great services is, of course, the end game for Nuvve and where we provide true differentiated values to our customers.

與此同時，我們在上次電話會議中討論了尋求機會的重要性，例如我們通過 Circle K 獲得的機會。顯著擴大我們管理的兆瓦和提供優質服務的能力當然是最終目標對於 Nuvve，我們為客戶提供真正差異化的價值。

Hardware is just step one. Partnering with companies that are deploying infrastructure themselves is accelerating the growth of our megawatts under management and, more importantly, the growth in our grid service revenue. Through commercial opportunities such as Circle K partnership and other similar agreements we're pursuing, we believe there's a possible pathway to significant growth in megawatts under management in 2023 and for a solid improvement in grid services.

硬件只是第一步。與自己部署基礎設施的公司合作正在加速我們管理的兆瓦的增長，更重要的是，我們的電網服務收入的增長。通過 Circle K 合作夥伴關係和我們正在尋求的其他類似協議等商業機會，我們相信有可能在 2023 年實現管理的兆瓦數顯著增長並穩步改善電網服務。

We remain hesitant to guide on grid service revenue as it can be very tough to predict, especially in these early days. But I wanted to be sure we expressed our optimism around making some real gains in 2023.

我們仍然對指導網格服務收入猶豫不決，因為它很難預測，尤其是在早期。但我想確保我們對在 2023 年取得一些實際進展表示樂觀。

And with that, I will now turn the call over to David to discuss our financial results.

有了這個，我現在將把電話轉給大衛討論我們的財務業績。

Thanks, Gregory. I will start with a recap of fourth-quarter 2022 results.

謝謝，格雷戈里。我將從回顧 2022 年第四季度的業績開始。

In the fourth quarter, we generated total revenues of $1.15 million, compared to $1.25 million in the fourth quarter of 2021. One half of the decline is driven by lower grant revenues, falling more than 50% year over year, and the balance of the decline is attributed to lower product and service revenues, which declined by 5%. Note that relative to the third quarter of 2022, sales more than doubled in the fourth quarter, and we have seen a continued revenue acceleration into Q1 of 2023.

第四季度，我們的總收入為 115 萬美元，而 2021 年第四季度為 125 萬美元。下降的一半是由於贈款收入減少，同比下降超過 50%，以及下降歸因於產品和服務收入下降，下降了 5%。請注意，相對於 2022 年第三季度，第四季度的銷售額增長了一倍多，我們看到到 2023 年第一季度收入持續加速增長。

Margins on product and service revenues were 32.7% for the fourth quarter 2022, compared to 3% for the fourth quarter 2021. The strong improvement in margins on a year-over-year basis primarily reflects the decision in Q4 of 2021 to engage in the sale of DC chargers at a discount with a particular customer, in return for the contractual rights for a larger share of future grid service revenues. In addition, margins also benefited this year from grid service revenues being a higher mix of total revenues in the fourth quarter of 2022 compared with the prior year quarter. Margins can be lumpy from quarter to quarter depending on mix. As a reminder, DC charger gross margins at standard pricing generally range from 20% to 25%, while AC charger gross margins are approximately 50%. But in dollar terms are a smaller fraction of the revenue of a DC charger. Grid service revenue margins generally ranged between 30% to 40%.

2022 年第四季度產品和服務收入的利潤率為 32.7%，而 2021 年第四季度為 3%。利潤率同比的強勁增長主要反映了 2021 年第四季度決定從事以折扣價向特定客戶銷售直流充電器，以換取未來電網服務收入中更大份額的合同權利。此外，與去年同期相比，2022 年第四季度電網服務收入佔總收入的比例更高，今年的利潤率也有所提高。根據組合的不同，每個季度的利潤率可能會出現波動。提醒一下，標准定價的直流充電器毛利率通常在 20% 到 25% 之間，而交流充電器的毛利率約為 50%。但以美元計算，這只佔直流充電器收入的一小部分。網格服務的收入利潤率一般在 30% 到 40% 之間。

Operating costs, excluding cost of sales, was $9.2 million for the fourth quarter of 2022, compared to $8.5 million in the fourth quarter of 2021. The increase was primarily attributed to increases in professional fees, rent, and legal expenses, partially offset by a decrease in compensation expenses, including a reduction in share-based compensation. As Gregory discussed previously, in the second half of 2022, we implemented steps to reduce costs in order to maximize operating efficiencies and liquidity. As such, cash operating expenses, excluding cost of sales, stock compensation, and depreciation and amortization, was $7.7 million in the fourth quarter of 2022, declining from $7.8 million in the third quarter. We expect additional declines and efficiencies in future quarters with such expenses running at approximately $7 million or lower for the first quarter of 2023.

運營成本（不包括銷售成本）在 2022 年第四季度為 920 萬美元，而 2021 年第四季度為 850 萬美元。增加的主要原因是專業費用、租金和法律費用的增加，部分被薪酬支出減少，包括基於股份的薪酬減少。正如格雷戈里之前討論的那樣，在 2022 年下半年，我們實施了降低成本的措施，以最大限度地提高運營效率和流動性。因此，2022 年第四季度，不包括銷售成本、股票薪酬以及折舊和攤銷的現金運營費用為 770 萬美元，低於第三季度的 780 萬美元。我們預計未來幾個季度將進一步減少和提高效率，2023 年第一季度此類費用約為 700 萬美元或更低。

Other income was $1 million in the fourth quarter of 2022, versus an expense of $1 million in the year ago quarter. The $2 million increase in other income is primarily due to the change in the fair value of warrants issued to Stone Peak and evolved transition infrastructure related to the formation of Levo in 2021 and the change in the fair value of warrants issued to an accredited investor during the third quarter of 2022, associated with the security purchase agreement.

2022 年第四季度的其他收入為 100 萬美元，而去年同期的支出為 100 萬美元。其他收入增加 200 萬美元主要是由於向 Stone Peak 發行的認股權證的公允價值變化以及與 2021 年成立 Levo 相關的不斷發展的過渡基礎設施，以及在 2021 年向合格投資者發行的認股權證的公允價值變化2022 年第三季度，與證券購買協議相關。

Net loss attributable to Nuvve common stockholders decreased in the fourth quarter of 2022 by $1.6 million to $7.9 million from a net loss of $9.5 million in the prior year. The decrease in net loss is primarily due to an increase in other income.

歸屬於 Nuvve 普通股股東的淨虧損在 2022 年第四季度減少了 160 萬美元至 790 萬美元，而去年同期為 950 萬美元。淨虧損減少主要是由於其他收入增加所致。

Turning to our full-year results. For the full year 2022, we generated total revenues of $5.4 million, compared to $4.2 million in 2021, representing a 28% increase. Full-year product and service revenues increased to $4.9 million from $2.9 million in the prior year, representing a 68% increase, while grant revenues declined to $0.5 million from $1.3 million, representing a 64% decrease.

轉向我們的全年業績。 2022 年全年，我們的總收入為 540 萬美元，與 2021 年的 420 萬美元相比增長了 28%。全年產品和服務收入從上一年的 290 萬美元增加到 490 萬美元，增長 68%，而贈款收入從 130 萬美元下降到 50 萬美元，下降 64%。

Margins on product and service revenues was 14.6% for the full year, compared to 31.4% last year. The lower margins for the full year reflects lower margins realized in the first half of 2022 of 5%, compared to 36% realized in the second half of 2022. We realized lower margins than the first half of 2022 because of a few strategic decisions we made early in the year to sell EV buses and discounted hardware as an avenue in exchange for future hardware and grid service revenue opportunities.

全年產品和服務收入的利潤率為 14.6%，而去年為 31.4%。全年利潤率較低反映了 2022 年上半年實現的 5% 利潤率低於 2022 年下半年實現的 36%。由於我們的一些戰略決策，我們實現了低於 2022 年上半年的利潤率今年年初，該公司出售電動汽車和打折硬件，以此作為換取未來硬件和電網服務收入機會的途徑。

Operating costs, excluding cost of sales, was $38.1 million for the full year 2022, compared to $29.4 million for the full year 2021. This increase was primarily attributable to higher public company fees, professional fees, and payroll and consulting costs.

2022 年全年運營成本（不包括銷售成本）為 3810 萬美元，而 2021 年全年為 2940 萬美元。這一增長主要歸因於上市公司費用、專業費用以及工資和諮詢費用的增加。

Other income was $12.4 million for the full year, compared with $47.4 million of expense in the prior year, an increase of $57.9 million. The year-over-year increase in other income was primarily driven by the non-cash financing cost associated with the formation of Levo of $46.8 million in 2021, plus non-cash income associated with the change in the fair value of warrants issued in connection with the formation of Levo and non-cash income associated with the change in the fair value of warrants issued in connection with the security purchase agreement entered into during the third quarter of 2022.

全年其他收入為 1240 萬美元，與上年的 4740 萬美元支出相比增加了 5790 萬美元。其他收入的同比增長主要是由於 2021 年與 Levo 的成立相關的非現金融資成本為 4680 萬美元，加上與相關發行的認股權證公允價值變化相關的非現金收入與 Levo 的形成和與 2022 年第三季度簽訂的證券購買協議相關發行的認股權證的公允價值變化相關的非現金收入。

Net loss attributable to common stockholders for the full year improved by $47.9 million to $24.9 million, compared with $72.8 million for the full year 2021.

全年歸屬於普通股股東的淨虧損減少了 4790 萬美元，達到 2490 萬美元，而 2021 年全年為 7280 萬美元。

We had approximately $15.8 million in cash as of December 31, 2022, excluding $0.5 million in restricted cash. In the fourth quarter, we did not raise any capital. However, subsequent to the fourth quarter end, we disclosed in January that we had entered into an at-the-market, or ATM, offering agreement related to shares of our common stock. Given pressure on our stock price, we have used this facility sparingly in the first quarter of 2023.

截至 2022 年 12 月 31 日，我們擁有約 1580 萬美元的現金，不包括 50 萬美元的受限制現金。第四季度，我們沒有籌集任何資金。然而，在第四季度末之後，我們在 1 月份披露，我們已經就我們的普通股股份達成了在市場上或 ATM 上的發售協議。鑑於我們股價的壓力，我們在 2023 年第一季度很少使用該工具。

We also raised just under $500,000 in February through our registered direct offering. We believe our existing self-registration, in addition to our ability to free up cash from working capital, along with our continued optimization of operating expenses, will provide us with liquidity and flexibility as we scale megawatts under management and revenues into 2023.

2 月份，我們還通過註冊直接發售籌集了不到 500,000 美元。我們相信，我們現有的自我註冊，除了我們從營運資金中釋放現金的能力，以及我們對運營費用的持續優化，將為我們提供流動性和靈活性，因為我們將管理的兆瓦數和收入擴展到 2023 年。

We are also excited to announce that we have recently agreed to monetize our investment in Switch, a leader in charging infrastructure operation and maintenance software, that resulted in $1.3 million in new cash proceeds received in 2023. As a reminder, Switch has developed the only charging platform that is native to plug and charge and vehicle to everything. We have worked with Switch for years, and in June 2022, we entered into an agreement with them for energy management and technology integration in order to further advance and strengthen our technology and development of V2G. At the time, we made a $1 million investment into Switch. Recently, a financing event came about that allowed us to sell our stake for a 30% return, while at the same time retaining important commercial and technology benefits of the partnership. The ability to put cash on our balance sheet, in a non-dilutive way and at a favorable return, while still maintaining the various strategic benefits of this partnership, in our view, is an all-around win.

我們還很高興地宣布，我們最近同意將我們對 Switch 的投資貨幣化，Switch 是充電基礎設施運營和維護軟件的領導者，這導致 2023 年收到 130 萬美元的新現金收益。提醒一下，Switch 開發了唯一的充電平台，即插即用，可隨車隨用隨用。我們與 Switch 合作多年，並於 2022 年 6 月與他們簽訂了能源管理和技術集成協議，以進一步推進和加強我們的 V2G 技術和開發。當時，我們向 Switch 投資了 100 萬美元。最近，發生了一項融資事件，使我們能夠出售我們的股份以獲得 30% 的回報，同時保留合作夥伴關係的重要商業和技術利益。在我們看來，能夠以非攤薄的方式和有利的回報將現金存入我們的資產負債表，同時仍然保持這種夥伴關係的各種戰略利益，是一個全面的勝利。

Looking ahead, as we have seen year to date, our stock price remains very volatile and subject to a macro outlook that remains uncertain and subject to exogenous shocks. That being said, we remain focused on opportunities to raise capital and leverage the momentum in the underlying fundamentals of our business in the most efficient manner for our shareholders.

展望未來，正如我們今年迄今所看到的那樣，我們的股價仍然非常不穩定，並且受制於仍然不確定的宏觀前景和外生衝擊。話雖如此，我們仍然專注於以最有效的方式為股東籌集資金和利用業務基本面勢頭的機會。

Total cash decreased by $5.9 million during the fourth quarter, primarily attributed to cash operating losses of $7 million, offset by positive working capital. As we previously discussed, we expect to continue to generate positive working capital in future quarters, which will improve our cash burn in 2023 as we bring down our net investment and inventory and accounts receivable.

第四季度現金總額減少了 590 萬美元，這主要是由於 700 萬美元的現金運營虧損被正營運資本所抵消。正如我們之前討論的那樣，我們預計在未來幾個季度將繼續產生正的營運資金，這將隨著我們降低淨投資、庫存和應收賬款而改善我們 2023 年的現金消耗。

Inventory decreased by $0.2 million to $11.6 million at the end of the fourth quarter, from $11.8 million at the end of the third quarter 2022. We expect the inventory to decline in a more meaningful fashion as our anticipated charger shipments pick up in the beginning of the year, as alluded to by Gregory.

第四季度末庫存從 2022 年第三季度末的 1180 萬美元減少 20 萬美元至 1160 萬美元。我們預計隨著我們預期的充電器出貨量在 2022 年初回升，庫存將以更有意義的方式下降這一年，正如格雷戈里所暗示的那樣。

Accounts payable increased $2.4 million at the end of the fourth quarter, compared to $1.7 million at the end of the third quarter.

第四季度末應付賬款增加了 240 萬美元，而第三季度末為 170 萬美元。

Now, turning to megawatts under management and estimated future grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the US and in light-duty fleet deployments in Europe, in addition to stationary batteries. Currently, these chargers and batteries are located throughout the United States, Europe, and Japan.

現在，轉向管理的兆瓦和估計未來的電網服務收入。提醒一下，管理兆瓦數是我們用來量化部署 V1G 和 V2G 充電器的總電量的指標，這些充電器主要部署在美國的電動校車市場和輕型車隊部署中在歐洲，除了固定電池。目前，這些充電器和電池遍布美國、歐洲和日本。

Megawatts under management increased by 7% over the third quarter, up 1.1 to 17.4 at the end of the fourth quarter 2022, from 16.3. For the full year, megawatts under management increased by 38%. Megawatts under management comprised of 9.4 megawatts for stationary batteries and 8 megawatts from EV chargers. We expect our megawatts under management to increase nicely in the coming quarters, driven by the Circle K opportunity, new school bus charging station deployments, and other commercial proposals we are working on in North America and Europe.

管理的兆瓦比第三季度增長了 7%，從 16.3 上升到 2022 年第四季度末的 1.1 至 17.4。全年，管理的兆瓦增長了 38%。管理的兆瓦包括 9.4 兆瓦的固定電池和 8 兆瓦的電動汽車充電器。在 Circle K 機會、新校車充電站部署以及我們正在北美和歐洲開展的其他商業提案的推動下，我們預計我們管理的兆瓦在未來幾個季度將有很好的增長。

This brings me to estimated future grid service revenues associated with our megawatts under management and megawatts to be deployed, which is based on a combination of contractor grid service revenues and merchant-exposed revenues. As Gregory mentioned, we expect our charger hardware orders in Q1 of 2023 to be the strongest compared to any historical quarter in 2022 and 2021. In addition to this growth, with our expanded megawatts under management reaching 17.4 at the end of 2022 and growing further in 2023, we are now at the early stages of reaping incremental benefits of recurring grid service revenues generated by our platform. In 2023, we expect grid service revenues to outpace our strong hardware revenue growth, therefore resulting in grid service revenues making up a larger share of total revenues compared to the prior year.

這讓我估計了與我們管理的兆瓦數和將要部署的兆瓦數相關的未來電網服務收入，這是基於承包商電網服務收入和商家暴露的收入的組合。正如 Gregory 所提到的，我們預計我們在 2023 年第一季度的充電器硬件訂單將是 2022 年和 2021 年曆史上任何一個季度中最強勁的。除了這一增長之外，我們管理的擴展兆瓦在 2022 年底達到 17.4 並進一步增長到 2023 年，我們現在正處於從我們的平台產生的經常性網格服務收入中獲得增量收益的早期階段。到 2023 年，我們預計網格服務收入將超過我們強勁的硬件收入增長，因此與上一年相比，網格服務收入佔總收入的比例更大。

Depending on the geographic regions of our deployments, our grid service revenue opportunities will vary. We are currently seeing grid service revenue opportunities for vehicle to grid services ranging between $85 per kilowatt year up to $300 per kilowatt year in certain key markets we are focusing on. And with our planned expansion of V1G charging management services in Europe, we are seeing further grid service revenue opportunities. These revenues include a combination of contracted services and merchant-exposed services, as I previously mentioned. Given the long-term nature of our customer deployments, these revenues are generally recurring up to periods as long as 10 to 12 years.

根據我們部署的地理區域，我們的網格服務收入機會會有所不同。目前，在我們關注的某些關鍵市場，我們看到車輛到電網服務的電網服務收入機會從每千瓦年 85 美元到每千瓦年 300 美元不等。隨著我們計劃在歐洲擴展 V1G 充電管理服務，我們看到了更多的電網服務收入機會。正如我之前提到的，這些收入包括合同服務和商家公開服務的組合。鑑於我們客戶部署的長期性，這些收入通常會在長達 10 到 12 年的時間內重複出現。

Now, turning to backlog, at December 31, our hardware and services backlog was $4.1 million, nearly flat with Q3 of $4.2 million. We didn't realize growth in backlog in the fourth quarter, as many of our customers were holding off on placing orders during the quarter in anticipation of placing orders in 2023 associated with EPA grant awards.

現在，轉向積壓訂單，截至 12 月 31 日，我們的硬件和服務積壓訂單為 410 萬美元，與第三季度的 420 萬美元幾乎持平。我們沒有意識到第四季度積壓訂單的增長，因為我們的許多客戶在本季度推遲下訂單，因為他們預計 2023 年會下達與 EPA 贈款相關的訂單。

To conclude, our outlook for 2023 is bullish. We already see this in our early 2023 results, with Q1 2023 performance expected to be strong for charger sales, and with grid service revenues expected to grow at even a faster pace, expanding our top line in both categories, as well as expanding our gross margin dollars. In addition, we expect operating expenses, excluding cost of sales, to decline in Q1 '23 compared to the fourth quarter of 2022.

總而言之，我們對 2023 年的前景持樂觀態度。我們已經在 2023 年初的業績中看到了這一點，預計 2023 年第一季度的充電器銷售表現強勁，電網服務收入預計將以更快的速度增長，從而擴大我們在這兩個類別中的收入，並擴大我們的毛利率保證金美元。此外，我們預計與 2022 年第四季度相比，23 年第一季度的運營費用（不包括銷售成本）將下降。

Finally, we expect to realize meaningful reductions in net working capital, further improving our cash burn. As we look out past the first quarter, we will start to realize the revenues from EPA grants awarded last year and the benefits of new grid service revenues coming online, both through V1G services in Europe that we have already announced and expanded participation in V2G services in North America. Finally, we expect to grow our megawatts under management materially in 2023, which provides us the ability to earn valuable grid service revenues for Nuvve and our customers in the future.

最後，我們希望實現淨營運資本的顯著減少，進一步改善我們的現金消耗。展望第一季度之後，我們將開始意識到去年授予的 EPA 贈款的收入以及通過我們已經宣布的歐洲 V1G 服務和擴大參與 V2G 服務的新電網服務收入上線的好處在北美。最後，我們希望在 2023 年大幅增加我們管理的兆瓦，這使我們能夠在未來為 Nuvve 和我們的客戶賺取寶貴的電網服務收入。

And with that, Gregory, back to you to wrap up our prepared remarks.

格雷戈里，就此結束我們準備好的發言。

Thanks, David. To conclude, we are in close collaboration with our school district customers we have been awarded at EPA Clean School Bus Program, and we look forward to accepting orders in the coming months and shipping them in the quarters ahead.

謝謝，大衛。總而言之，我們正在與我們的學區客戶密切合作，我們在 EPA 清潔校車計劃中獲得了獎勵，我們期待在未來幾個月內接受訂單並在未來幾個季度發貨。

We are happy to see momentum building now that we are a few months into 2023, both on the hardware side, as evidence of the LAUSD order, and on the grid service revenue side, as we seek out opportunities to layer our technology into existing infrastructure, such as through the Circle K partnership. These recently disclosed agreements, as well as our pipeline, point to an improvement in our business in 2023. This is what we are -- what was a rather flattish and disappointing 2022. And we, of course, remain optimistic about the medium and long-term growth prospect for our business as endorsed by the myriad of regulatory V2G tailwind.

我們很高興看到進入 2023 年還有幾個月的勢頭，無論是在硬件方面，作為 LAUSD 訂單的證據，還是在網格服務收入方面，因為我們正在尋找機會將我們的技術分層到現有基礎設施中，例如通過 Circle K 夥伴關係。這些最近披露的協議以及我們的管道表明我們的業務在 2023 年有所改善。這就是我們的情況 - 2022 年相當平淡和令人失望。當然，我們對中長期保持樂觀-我們業務的長期增長前景得到無數監管 V2G 順風的認可。

We thank you for your participation, and we'd like to now turn the call back to the operators to begin our Q&A. Operator?

感謝您的參與，我們現在想把電話轉回接線員，開始我們的問答。操作員？

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作員說明）Eric Stine，Craig-Hallum。

Hi, Gregory. Hi, David.

嗨，格雷戈里。嗨，大衛。

Good morning.

早上好。

Hey, Eric.

嘿，埃里克。

Good morning. Hey, so good to see the Circle K announcement; obviously, pretty exciting. Just curious, could you maybe talk about how you expect that to play out in terms of the rollout over 2023 and into 2024? And then you did mention that you've got similar opportunities out there. Any color you can provide on those would be helpful.

早上好。嘿，很高興看到 Circle K 公告；顯然，非常令人興奮。只是好奇，您能否談談您期望在 2023 年和 2024 年推出時如何發揮作用？然後你確實提到你有類似的機會。您可以提供的任何顏色都會有所幫助。

I mean, I think it's going to be a gradual rollout. I mean, there are two type of resources right there: stationary storage and then there are the charging station. The storage, right now, is more in one region, and the charging stations are more than in some other regions.

我的意思是，我認為這將是一個漸進的推出。我的意思是，那裡有兩種類型的資源：固定存儲和充電站。現在，存儲更多地在一個地區，充電站比其他一些地區更多。

So though there is more that can be rolled out here along the year. So we need to manage those -- this rollout process. We need to also build a better understanding of -- because obviously, to do grid services, you have a charging station, but also you need to have a vehicle connected to it in order to provide those grid services.

因此，儘管全年可以在這裡推出更多內容。所以我們需要管理這些——這個推出過程。我們還需要更好地理解——因為顯然，要提供電網服務，您需要有一個充電站，而且您還需要有一輛汽車與之相連，以便提供這些電網服務。

And so we are in the process of gathering very high level of data to give us a very deep understanding of the full optimization we can do out of those combination. And I'm sure we're going to go through iteration. So I would expect some revenue probably in Q2, but very small. But then growing into Q3 and definitely achieving full scale, maybe not yet fully optimized, by the end of the year for the first 40 megawatts.

因此，我們正在收集非常高水平的數據，以使我們對我們可以從這些組合中進行的全面優化有一個非常深刻的理解。我確信我們將經歷迭代。所以我預計第二季度可能會有一些收入，但非常小。但隨後進入第三季度，到年底前 40 兆瓦肯定會達到全面規模，也許還沒有完全優化。

Got it. And then just any additional opportunities?

知道了。然後還有其他機會嗎？

Yeah. I mean, obviously, we haven't disclosed those. But obviously, there is a large amount of fast chargers that are being deployed in Europe and in the US, and those are with no freeway type of cash inflations.

是的。我的意思是，很明顯，我們還沒有透露這些。但顯然，歐洲和美國正在部署大量快速充電器，而且這些充電器沒有高速公路類型的現金膨脹。

Now, you also have some other type of depots, maybe, that our vehicle depots that are maybe less supportive of a full bi-directional application, but that may be a great application for a new directional. So I would consider those two.

現在，您可能還有一些其他類型的站點，我們的車輛站點可能不太支持完整的雙向應用程序，但這可能是新方向的一個很好的應用程序。所以我會考慮這兩個。

Okay, got it. And then maybe as we think about megawatts under management, you obviously have the announcement related to stationary batteries in Japan. I'm just curious, could you talk about the stationary opportunity? I guess it's basically equal right now to the vehicle side in terms of megawatts under management now. How do you see that? If you look out three to five years, do you think -- what does the mix look like? Is stationary -- does it remain a meaningful percentage of the mix?

好，知道了。然後也許當我們考慮管理的兆瓦時，您顯然已經發布了與日本固定電池相關的公告。我只是好奇，你能談談固定的機會嗎？我想就現在管理的兆瓦而言，它現在基本上與車輛方面相等。你怎麼看？如果你展望三到五年，你認為 - 組合是什麼樣的？是固定的——它在組合中是否保持有意義的百分比？

I would say that there's a high probability that vehicles will be a very large proportion of the kilowatt hours that are being managed and the kilowatt that we are providing to the grid. So definitely, vehicle would be a big part, but when you look at a site and you have a combination of some local generation like solar, some local loads, some local storage, and some unidirectional and bidirectional, so V1G and V2G, now you have a lot of flexibility in how you can manage a site like that.

我想說的是，車輛很可能會佔正在管理的千瓦時和我們提供給電網的千瓦的很大一部分。所以肯定地，車輛將是一個很大的部分，但是當你看一個站點時，你有一些本地發電的組合，比如太陽能、一些本地負載、一些本地存儲，以及一些單向和雙向，所以 V1G 和 V2G，現在你在如何管理這樣的站點方面具有很大的靈活性。

And we've always talked about those items of powers that are representing this mix of local generation, local storage, local load, and V1G, V2G. And the other piece is if our platform is really good at managing EVs, we are also really, really good at managing stationary storage and then managing the combination of two and optimizing the value we can extract from that combination, I think we are far ahead over the years in how we are positioning ourselves in that specific point.

我們一直在談論那些代表本地發電、本地存儲、本地負載和 V1G、V2G 混合的電力項目。另一點是，如果我們的平台真的擅長管理電動汽車，我們也真的非常擅長管理固定存儲，然後管理兩者的組合併優化我們可以從該組合中提取的價值，我認為我們遙遙領先多年來，我們如何在那個特定點上定位自己。

Okay. And so is it better to think about this that stationary, it's each site will have a mix of all kinds; there's going to be some stationary there, as opposed to, potentially opportunities where it's very heavily focused on stationary storage. Is that the way to think about it?

好的。因此，最好考慮固定的，因為每個站點都會混合各種類型；那裡會有一些固定的，而不是非常專注於固定存儲的潛在機會。是這樣想的嗎？

Yeah, I mean, our position is always, hey, our competitive edge is in the EV space. But EV combined with stationary storage is very valuable. And so -- but the entry point is starting with transportation, electrification, starting with transportation. That's our position.

是的，我的意思是，我們的立場始終是，嘿，我們的競爭優勢在於電動汽車領域。但是 EV 與固定存儲相結合非常有價值。所以——但切入點是從交通開始，電氣化，從交通開始。這就是我們的立場。

Okay. Got it. Maybe last one for me. Just curious, I guess we're still waiting on or in process in terms of the first tranche of EPA funding. But any indications about your involvement, how are things coming together as you get prepared for that next stage of EPA funding?

好的。知道了。也許最後一個適合我。只是好奇，我想我們仍在等待或處理 EPA 的第一筆資金。但是關於您參與的任何跡象，當您為下一階段的 EPA 資金做準備時，事情是如何結合在一起的？

Yeah. I mean, first, we're still working very closely with the school districts. It's a big step. I mean, there was a lot of money on the school bus side in this round, but a lot of school districts were surprised by the amount of money they would have to spend on the infrastructure piece. And not just the charging station but potential grid upgrades.

是的。我的意思是，首先，我們仍在與學區密切合作。這是一大步。我的意思是，在這一輪中，校車方面投入了大量資金，但許多學區對他們必須在基礎設施方面花費的金額感到驚訝。不僅是充電站，還有潛在的電網升級。

We expect the next round to be a lot more balanced and to have a lot more -- to be a lot more balanced and to have a lot more implementation looking. So basically, how is the project, maybe a project that that more firm up than what they were in the first round. And this is what you would expect because now we're the first one people who have been thinking about it. So we expect the next one to be something where people will have more thoughts about what they need to put in place.

我們預計下一輪會更加平衡並且有更多 - 更加平衡並且有更多的實施。所以基本上，這個項目怎麼樣，也許是一個比他們在第一輪中更堅定的項目。這就是您所期望的，因為現在我們是第一個一直在考慮它的人。因此，我們希望下一個能夠讓人們對他們需要採取的措施有更多的想法。

Okay. Thank you.

好的。謝謝。

Brian Dobson, Chardan Capital Markets.

Chardan 資本市場的 Brian Dobson。

Yeah, thanks very much for taking my question. So the Circle K partnership is very positive. I suppose, as you're thinking about Europe and growth there, can you speak a little bit to the environment and tone of business there and also the opportunity for potential subsidies coming from European governments?

是的，非常感謝你回答我的問題。所以 Circle K 的合作關係非常積極。我想，當你在考慮歐洲和那裡的增長時，你能談談那裡的環境和商業基調，以及來自歐洲政府的潛在補貼機會嗎？

So yeah, I think Europe is very interesting because this is -- obviously, with the war in Ukraine and Russia, and this have been creating a lot of volatility on the cost of energy and the cost of electric energy being one part of it. So one, volatility in the market; two, markets such as what's called the CRN, the CRD, FFR, like the market that are helping keeping the grid balanced are a lot more advanced than they are in the US.

所以是的，我認為歐洲非常有趣，因為很明顯，隨著烏克蘭和俄羅斯的戰爭，這在能源成本上造成了很大的波動，而電能成本是其中的一部分。第一，市場波動；第二，所謂的 CRN、CRD、FFR 等市場有助於保持電網平衡，這些市場比美國先進得多。

There is some diversity there, and that brings quite a few opportunities for us to be able to provide those great services with as minimum as possible impact to the end user. When you go to a fast charger, you're not going to discharge your car. You're not here to even wait half an hour or more in order to save your money. But if you lose 30 seconds, one minute, it's not a big deal, and that can make a big difference in the cost of that infrastructure and how that infrastructure can be deployed. So I think that's really the advantage in this case of the European market.

那裡存在一些多樣性，這為我們帶來了很多機會，使我們能夠提供那些對最終用戶影響盡可能小的優質服務。當你使用快速充電器時，你不會讓你的車放電。您在這裡甚至不是為了省錢而等待半小時或更長時間。但是，如果您損失 30 秒、1 分鐘，這沒什麼大不了的，這會對基礎設施的成本以及基礎設施的部署方式產生重大影響。所以我認為這真的是歐洲市場的優勢。

Yeah, very good. And then also positive for next year that potential order from the Los Angeles Unified School District, as grants are paid out from the government, what kind of incentivization do you think you'll see from other large school districts to enhance their EV bus orders?

是的，非常好。然後對於明年來自洛杉磯聯合學區的潛在訂單也是積極的，因為政府支付了補助金，您認為您會從其他大型學區看到什麼樣的激勵措施來增加他們的 EV 巴士訂單？

I think this -- that wave is happening right now and it's not going to go back. I think the biggest hurdle is really EV -- the manufacturing process which is, we said we expect maybe not thousands yet, not a hundred, but not thousands. That's probably the biggest impediment to those school bus deployment. But I think the mindset has turned, and the school districts we are ready to embrace it. They are still discovering what it takes to get there, but they are really embracing it.

我認為這一點——那股浪潮正在發生，而且不會倒退。我認為最大的障礙真的是電動汽車——製造過程，我們說我們預計可能還不到數千個，不是一百個，但不是數千個。這可能是部署校車的最大障礙。但我認為心態已經轉變，我們學區已經準備好接受它。他們仍在探索如何才能到達那裡，但他們真的在擁抱它。

And essentially, I think the big school districts, some of the big feet owners also have been clearly pointing that out, and I think that tidal wave is moving. And this is -- what's really exciting about us focusing about market is this is coming in hundreds this year, thousands next year. That's what we can expect.

從本質上講，我認為大學區，一些大腳業主也已經清楚地指出了這一點，我認為潮流正在發生。這就是——我們關注市場的真正令人興奮的是，今年將有數百個，明年將有數千個。這是我們可以期待的。

All right. Very good. Thank you.

好的。非常好。謝謝。

Thanks, Brian.

謝謝，布萊恩。

This concludes our question-and-answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Gregory Poilasne 作閉幕詞。

Thank you, everybody, for joining us today. We are very excited about 2023. And we're looking forward to sharing more about the progress that we are doing into rolling out our technology with partners, such as Circle K, and the further wins that we are making into the school bus business.

謝謝大家今天加入我們。我們對 2023 年感到非常興奮。我們期待與 Circle K 等合作夥伴分享更多關於我們在推廣技術方面取得的進展，以及我們在校車業務中取得的進一步勝利。

I look forward to sharing more with you at the end of the first quarter of 2023. Thank you.

我期待在 2023 年第一季度末與您分享更多。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。