Nuvve Holding Corp (NVVE) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Nuvve Holding Corp.'s first quarter 2023 earnings call. As a reminder, this conference is being recorded.

下午好，歡迎參加 Nuvve Holding Corp. 的 2023 年第一季財報電話會議。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce Eduardo Royes. Thank you. You may begin the call.

現在我很高興向大家介紹愛德華多·羅耶斯。謝謝。您可以開始通話。

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 first quarter 2023 results. Following prepared remarks, we will open the call up for questions.

謝謝。執行長 Gregory Poilasne 出席了今天的電話會議；和 Nuvve 財務長 David Robson。今天早些時候，Nuvve 發布新聞稿，宣布 2023 年第一季業績。在準備好的發言之後，我們將開始提問。

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。雖然這些前瞻性陳述反映了 Nuvve 目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致實際結果與這些前瞻性預測所暗示的結果有重大差異。這些風險因素在 Nuvve 向 SEC 提交的文件以及今天發布的收益報告中進行了討論，這些報告可以在我們的網站上查看。 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?

說到這裡，我想將電話轉給 Nuvve 執行長 Gregory Poilasne。格雷戈里？

Thanks, Eduardo, and good day to all listening in. We thank you for attending our first quarter '23 results call.

謝謝 Eduardo，祝所有收聽者美好的一天。我們感謝您參加我們的 23 年第一季業績電話會議。

We are extremely encouraged by the improvement in the fundamentals of our business in Q1. 2023 is so far there, bearing the green shoots. We have always felt we're inevitable. It has just been a question of when, not if. This was evidenced by both record orders and deliveries for our DC chargers during the period.

我們對第一季業務基本面的改善感到非常鼓舞。 2023 年已經到來，已經萌芽。我們一直覺得自己是不可避免的。這只是時間的問題，而不是是否的問題。在此期間，我們的直流充電器創紀錄的訂單和交付就證明了這一點。

At the same time, we progress on additional lumpy orders, which is helping sustain momentum in order flow and sales of our DC chargers in the near term and evolve our plans to boost megawatts under management and grid service revenue streams more quickly via avenues that are not dependent on large-scale hardware rollouts.

同時，我們在額外的批量訂單方面取得了進展，這有助於在短期內維持直流充電器的訂單流和銷售勢頭，並製定我們的計劃，通過以下途徑更快地增加管理兆瓦和電網服務收入流：不依賴大規模硬體的部署。

To briefly summarize our key accomplishments in the quarter, while we do not get into specifics on orders and deliveries, we'll note the following. On the order front, we saw a fourfold increase in orders for DC chargers versus the fourth quarter of 2022, and so another increase of more than 3.5x on a year-over-year basis. In terms of deliveries, we more than doubled our fourth quarter DC charger shipments sequentially and more than triple shipments relative to Q1 2022.

為了簡要總結我們在本季度的主要成就，雖然我們沒有詳細介紹訂單和交付情況，但我們將注意以下幾點。在訂單方面，我們看到直流充電器的訂單較 2022 年第四季度增長了四倍，因此同比又增長了 3.5 倍以上。在出貨量方面，我們第四季的直流充電器出貨量連續增加了一倍以上，較 2022 年第一季增加了三倍多。

One big driver of the increase in both orders and shipments in the first quarter were the previously discussed record size order for 24 units from the Los Angeles Unified School District. Only a small portion of orders between now and Q1 were affiliated with rebates to customers that we directly supported in the 2022 inaugural funding round of the five-year EPA Clean School Bus Program.

第一季訂單和出貨量成長的一個重要推動因素是先前討論過的洛杉磯聯合學區 24 套單元的創紀錄規模訂單。從現在到第一季度，只有一小部分訂單與我們在 2022 年 EPA 五年清潔校車計畫首輪融資中直接支持的客戶回扣有關。

We're also thrilled to report that our strategic initiatives aimed at quickly growing and scaling up our megawatts under management by integrating into established third-party hardware networks led to the partnership we announced with Circle K in February. In summary, our agreement with Circle K is initially expected to yield an additional 40 megawatts under management from EV fast chargers at 50 Circle K's service stations and three to five stationary storage sites in Norway and Denmark.

我們也很高興地報告，我們的策略性舉措旨在透過整合到已建立的第三方硬體網路來快速成長和擴大我們管理的兆瓦容量，這促成了我們在二月份宣布與Circle K 的合作夥伴關係。總而言之，我們與 Circle K 達成的協議最初預計將透過位於挪威和丹麥的 50 個 Circle K 服務站以及三到五個固定儲存站點的電動車快速充電器管理額外產生 40 兆瓦的電力。

Importantly, Circle K has more than 560 locations combined across these two countries. We believe that a strong demonstration in this initial program should bode well for expansion in the region. For perspective, if all 560 locations were hooked up, this would represent nearly 500 megawatts under management in the Nordics alone. And if we look even further out, we know that Circle K has an estimated 17,000 locations worldwide.

重要的是，Circle K 在這兩個國家總共擁有超過 560 家門市。我們相信，這項初步計劃的強勁表現應該是該地區擴張的好兆頭。從長遠來看，如果所有 560 個地點都連接起來，那麼光是北歐地區就管理著近 500 兆瓦的電力。如果我們看得更遠，我們就會知道 Circle K 在全球約有 17,000 家門市。

We have been working closely with our colleagues at Circle K on integration. As of today, we are integrated and ready to demonstrate our agreed service guarantees on the stationary batteries, and we are progressing on integration activities with the charging stations. We expect to begin generating grid services revenue from this partnership in the back half of the year.

我們一直與 Circle K 的同事就整合問題密切合作。截至今天，我們已經完成整合並準備好展示我們商定的固定電池服務保證，並且我們正在推進與充電站的整合活動。我們預計將在今年下半年開始透過這種合作關係產生電網服務收入。

Turning to recent developments since our last call that underpin our optimism about 2023 showing a marked improvement in results for Nuvve over 2022, we are pleased to disclose today that in April, we secured a new record order from a large fleet operator with 25 DC chargers. We understand it's our to be for a school district that has been awarded funds via the EPA's Clean School Bus program. Importantly, it is not one of which we were involved. We've leading all supporting role during the application process, so it is incremental.

談到自上次電話會議以來的最新進展，這些進展支撐了我們對2023 年的樂觀態度，顯示Nuvve 的業績比2022 年有了顯著改善，我們今天很高興地透露，4 月份，我們從一家大型車隊營運商那裡獲得了一份包含25 個直流充電器的新紀錄訂單。我們知道，我們的學區已透過 EPA 的清潔校車計畫獲得了資金。重要的是，這不是我們參與的其中之一。我們在申請過程中主導了所有支援角色，因此它是漸進的。

Looking ahead, we expect to receive the majority of the purchase orders for hardware associated with the EPA rebates during the second quarter. As we discussed on our March call, we have been working closely with our school district partners to help them strategically evaluate the optimal use of the [government dollars] which includes their hardware selection. At a higher level, orders should translate to approximately $1.1 million in Nuvve hardware sales affiliated with the 10 school districts customers that we formally represented in the grant writing and submission process. In addition, we are receiving orders for other customers we have facilitated in the process.

展望未來，我們預計將在第二季收到與 EPA 退稅相關的大部分硬體採購訂單。正如我們在三月的電話會議上討論的那樣，我們一直在與學區合作夥伴密切合作，幫助他們策略性地評估[政府資金]的最佳使用，其中包括他們的硬體選擇。在更高的層面上，訂單應轉化為與我們在贈款撰寫和提交過程中正式代表的 10 個學區客戶相關的 Nuvve 硬體銷售額約 110 萬美元。此外，我們還收到了在此過程中為其他客戶提供的訂單。

Further, we're pleased to see that in late April, the EPA opened up the second round of funding for the Clean School Bus program. At least initially, they will be awarding $400 million as part of the 2023 round. Applications are due this August with awards expected between November 2023 and January 2024. This is an elongated timeline for approval and reflects a change in the structure of the program relative to 2022 rounds.

此外，我們很高興地看到，四月下旬，美國環保署為清潔校車計畫啟動了第二輪資助。至少在最初階段，他們將在 2023 年融資中獎勵 4 億美元。申請將於今年 8 月截止，預計在 2023 年 11 月至 2024 年 1 月之間授予獎項。這是一個拉長的批准時間表，反映了該計劃相對於 2022 年各輪的結構變化。

Round one last year award nearly $1 billion in rebates through a lottery system. With award spreading out of nearly 400 school districts, the average number of buses per recipient was in the order of a single digit. Round two, however, will be a competitive-brand based program and awards will be for larger-scale programs.

去年第一輪透過彩票系統獎勵了近 10 億美元的回扣。該獎項遍及近 400 個學區，每位獲獎者平均搭乘的公車數量約為個位數。然而，第二輪將是一個基於競爭品牌的計劃，獎項將頒發給更大規模的計劃。

Grants will allow a minimum of 15 above and up to 50 buses for applicant school districts. And unlike last year, third-party applicant such as transportation companies will be allowed to participate as well. They will be allowed a minimum of 50 and up to 100 school buses serving at least four school districts. The EPA ultimately plans to make on the 25 to 50 awards in total in this space.

撥款將為申請學區提供至少 15 輛以上、最多 50 輛巴士。與去年不同的是，運輸公司等第三方申請人也將被允許參與。他們將被允許擁有最少 50 輛、最多 100 輛校車，為至少四個學區提供服務。 EPA 最終計劃在這一領域總共頒發 25 至 50 個獎項。

We believe this new format should play to our strengths. Nuvve differentiates itself not only through its tech, but also the stability to offer a turnkey solution and act as a trusted adviser for fleets as they electrify. We believe that applicants who have not only the desire, but we can demonstrate a plan for how to implement and scale up electrification program efficiently will be the best position to win EPA awards in this next round.

我們相信這種新形式應該能夠發揮我們的優勢。 Nuvve 的獨特之處不僅在於其技術，還在於提供交鑰匙解決方案的穩定性，並在車隊電氣化過程中充當值得信賴的顧問。我們相信，不僅有願望，而且能夠展示如何有效實施和擴大電氣化項目的計劃的申請人將是贏得下一輪 EPA 獎項的最佳人選。

With Nuvve's assistance, we can lead not only the grant writing initiatives, but also advise on design implementation strategy, financing, and project management as we interface with a variety of stakeholders involved in the process. We look forward to partnering with our applicants in the months ahead to build a pipeline for these award wins late this year and going into next year.

在 Nuvve 的幫助下，我們不僅可以領導撥款寫作計劃，還可以在與參與過程的各種利益相關者互動時就設計實施策略、融資和專案管理提供建議。我們期待在未來幾個月與申請人合作，為今年年底和明年的這些獎項獲獎建立管道。

Further, we believe our holistic solution will continue to position us to win new business outside EPA and we are optimistic that we will have more to say on this in the months ahead. Putting together a solid improvement in Q1 with the continued momentum we are seeing so far in Q2 supports our confidence that 2023 can be an inflection year for our business, both in terms of a ramp in hardware sales and via non-hardware related partnerships such as the one with Circle K.

此外，我們相信我們的整體解決方案將繼續幫助我們贏得 EPA 以外的新業務，我們樂觀地認為，我們將在未來幾個月對此有更多的發言權。將第一季的穩健改善與我們迄今為止在第二季度看到的持續勢頭結合在一起，支持了我們的信心，即2023 年可能成為我們業務的轉折年，無論是硬體銷售的增長還是透過非硬體相關的合作夥伴關係，例如帶有圓圈 K 的那個。

We continue to pursue large-scale program where we can lean into our differentiated ability to offer a holistic solution while simultaneously pursuing other agreements with charge point operators that are reliant only on our ability to integrate and manage third-party hardware.

我們繼續追求大規模計劃，利用我們的差異化能力提供整體解決方案，同時尋求與充電點運營商達成其他協議，這些協議僅依賴我們整合和管理第三方硬體的能力。

All the while, we continue to be a leading voice for the V2G and its benefits. On the March call, I discussed California Senate Bill 233, which aims to make bidirectional charging for electric vehicles or not; and which if passed, could facilitate widespread V2G adoption in the years ahead.

一直以來，我們仍然是 V2G 及其優勢的領先代言人。在 3 月的電話會議上，我討論了加州參議院第 233 號法案，該法案旨在是否為電動車提供雙向充電；如果該法案獲得通過，將有助於未來幾年 V2G 的廣泛採用。

In April, I testified before the California Senate energy utility and communication committee in support of this proposed legislation. The cost of a bidirectional capability is close to zero as our hardware capability exists today in widespread portions. As this bill goes for appropriation and through the Senate, we hope the politician that will recognize the transformative impact that V2G can have on grid resilience and EV total cost of ownership.

四月，我在加州參議院能源公用事業和通訊委員會作證，支持這項擬議的立法。由於我們的硬體功能如今已廣泛存在，因此雙向功能的成本接近零。隨著這項法案獲得撥款並在參議院獲得通過，我們希望政治家能夠認識到 V2G 對電網彈性和電動車總擁有成本的變革性影響。

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

現在，我將把電話轉給大衛，討論我們的財務表現。

Thanks, Gregory. I will start with a recap of first quarter 2023 results.

謝謝，格雷戈里。我將先回顧 2023 年第一季的業績。

In the first quarter, we generated total revenues of $1.9 million compared to $2.4 million in the first quarter of 2022. Recall that last year's Q1 results were impacted by unique strategic decision to directly sell five electric school buses. It has not been repeated since. On a more apples-to-apples basis, that excludes the bus sales, our product and service revenues increased by approximately 240% year over year, given the record high number of charger shipments that Gregory alluded to.

第一季的總收入為 190 萬美元，而 2022 年第一季的總收入為 240 萬美元。回想一下，去年第一季的業績受到直接銷售五輛電動校車的獨特策略決策的影響。此後就沒有再重複過。考慮到 Gregory 提到的充電器出貨量創歷史新高，我們的產品和服務收入年增了約 240%，不包括公車銷售。

Margins on product and service revenues were 18% for the first quarter 2023 compared to 5% for the first quarter 2022. Margins in the year-ago period were depressed due to the just-mentioned bus sale. As a reminder, margins can be lumpy from quarter to quarter depending on mix. DC charger gross margins as standard pricing generally ranged from 15% to 25%, while AC charger gross margins are approximately 50%. But in dollar terms are a small fraction of the revenue of a DC charger. Grid service revenue margins are generally 30%.

2023 年第一季產品和服務收入利潤率為 18%，而 2022 年第一季為 5%。由於剛才提到的客車銷售，去年同期的利潤率受到抑制。提醒一下，根據產品組合的不同，每季的利潤率可能會出現波動。直流充電器的毛利率標準定價一般為15%至25%，而交流電充電器的毛利率約為50%。但以美元計算，這僅佔直流充電器收入的一小部分。電網服務收入利潤率一般為30%。

Operating costs, excluding cost of sales, was $8.3 million for the first quarter of 2023 compared to $9.8 million in the first quarter of 2022. This decrease was primarily attributable to lower public company fees, payroll, and consulting costs. Cash operating expense, excluding cost of sales, stock compensation, and depreciation and amortization, was $7.2 million in the first quarter of 2023, declining from $8.2 million in the first quarter of 2022. The reduction in costs evidences our previously discussed initiatives to optimize our cost structure, and we believe we can continue to run expenses at approximately $7 million or lower per quarter in the near term.

2023 年第一季的營運成本（不包括銷售成本）為 830 萬美元，而 2022 年第一季為 980 萬美元。這一下降主要歸因於上市公司費用、工資和諮詢成本的降低。 2023 年第一季的現金營運費用（不包括銷售成本、股票報酬以及折舊和攤提）為720 萬美元，低於2022 年第一季的820 萬美元。成本的下降證明了我們之前討論的優化我們的措施成本結構，我們相信短期內我們可以繼續將開支維持在每季約 700 萬美元或更低的水平。

Other income was $0.2 million in the first quarter of 2023 versus income of $4.8 million in the year-ago quarter. The decline primarily reflects a $4.8 million non-cash gain from the change in the fair value of warrants in the year ago quarter. Net loss attributable to Nuvve common stockholders increased in the first quarter of '23 to $7.9 million from a net loss of $4.9 million in Q1 of 2022. The increase in net loss was also primarily a result of the just mentioned non-cash gain in the year-ago quarter, offset by a 17% improvement in operating losses of $1.7 million.

2023 年第一季的其他收入為 20 萬美元，而去年同期的收入為 480 萬美元。這一下降主要反映了去年同期認股權證公允價值變化帶來的 480 萬美元非現金收益。 Nuvve 普通股股東應佔淨虧損從 2022 年第一季的淨虧損 490 萬美元增加到 2023 年第一季的 790 萬美元。淨虧損的增加也主要是因為剛才提到的非現金收益與去年同期相比，營業虧損減少17%，達到170 萬美元。

Now turning to our balance sheet, we had approximately $11.8 million in cash as of March 31, 2023, excluding $0.5 million in restricted cash.

現在來看看我們的資產負債表，截至 2023 年 3 月 31 日，我們擁有約 1,180 萬美元的現金，不包括 50 萬美元的限制性現金。

On our last call, we provided an update on our capital raising initiatives, but I'll briefly summarize. In February, we raised $637,000 through a combination of proceeds from our ATM and a registered-direct offering of common stock. Further, during Q1, we were presented with an attractive opportunity to monetize our investment in Switch, a leader in charging infrastructure operation and maintenance software. This resulted in $1.3 million in new cash proceeds received near the end of the first quarter. We generated a 30% return on this investment in less than 12-months span, yet we were able to retain the same important commercial and technology benefits of the partnership that we had prior to our divestments.

在上次電話會議上，我們提供了融資計劃的最新情況，但我將簡要總結一下。 2 月份，我們透過 ATM 收益和註冊直接發行普通股籌集了 637,000 美元。此外，在第一季度，我們獲得了一個誘人的機會，可以將我們對 Switch 的投資貨幣化，Switch 是充電基礎設施營運和維護軟體領域的領導者。這導致第一季末收到 130 萬美元的新現金收益。我們在不到 12 個月的時間內就獲得了 30% 的投資回報，而且我們能夠保留與撤資之前相同的重要商業和技術優勢。

Subsequent to the quarter end and as previously disclosed, we raised an additional $1 million through a registered direct offering of common stock in April. We continue to remain focused on securing capital in the (technical difficulty) ways amidst turbulent market conditions. This includes using our ATM facility and other potential equity offerings.

在季度末之後，正如先前所披露的，我們在 4 月透過註冊直接發行普通股額外籌集了 100 萬美元。我們繼續專注於在動盪的市場條件下以（技術難度）方式獲取資金。這包括使用我們的 ATM 設施和其他潛在的股權產品。

Total cash decreased by $3.9 million during the first quarter, primarily attributed to net cash used in operating activities ex-working capital of $6.5 million, offset by the sale of our investment in Switch of $1.3 million, $0.6 million raised through the sale of equity, and the balance from positive working capital. As we have previously discussed, we expect to continue to generate positive working capital in future quarters as we bring down our net investment in inventory.

第一季現金總額減少了390 萬美元，主要是由於營運活動中使用的淨現金（除去營運資金）為650 萬美元，被出售Switch 投資的130 萬美元、透過出售股權籌集的60 萬美元所抵消，以及來自正營運資金的餘額。正如我們之前所討論的，隨著我們減少庫存淨投資，我們預計在未來幾季將繼續產生正的營運資金。

Inventory decreased by $1.5 million during this quarter to $10 million compared to $11.6 million at the end of 2022. This is consistent with expectations and our prior commentary regarding anticipated declines in inventory as charger shipments pick up. Accounts receivables increased by $1.4 million during the quarter to $2.6 million compared to $1.1 million at the end of 2022. The increase is attributable to higher sales activities late in the first quarter of 2023 compared to last quarter.

本季庫存減少 150 萬美元，降至 1000 萬美元，而 2022 年底為 1,160 萬美元。這與預期以及我們先前關於隨著充電器出貨量增加而預期庫存下降的評論一致。本季應收帳款增加了 140 萬美元，達到 260 萬美元，而 2022 年底為 110 萬美元。這一增長歸因於 2023 年第一季末的銷售活動較上一季增加。

Now turning to our 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.

現在轉向我們管理的兆瓦電量和預計的未來電網服務收入。提醒一下，管理兆瓦是我們用來量化 V1G 和 V2G 充電器部署的總電量的指標，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 5.7% over the fourth quarter of 2022, up 0.9 to 18.3 at the end of the first quarter 2023 from 17.4. In terms of its composition, 8.2 megawatts were from stationary batteries and 10.1 megawatts were from EV chargers. On a year over year basis, megawatts under management increased by 24.8%.

管理的兆瓦數較 2022 年第四季成長 5.7%，從 17.4 增加 0.9 至 2023 年第一季末的 18.3。就其組成而言，8.2兆瓦來自固定電池，10.1兆瓦來自電動車充電器。管理兆瓦年增 24.8%。

While the sequential increase in megawatts under management from Q4 '22 levels may seem low relative to the aforementioned improvement in charger deployments, this simply reflects a timing issue as many chargers shipped late in the first quarter have yet to be commissioned. As such, we would expect to report an acceleration in growth in megawatts under management with our second quarter 2023 results and in the back half of the year driven by the Circle K ramp.

雖然相對於上述充電器部署的改善而言，管理下的兆瓦數較22 年第4 季的水平連續增長似乎較低，但這只是反映了一個時間問題，因為許多在第一季末發貨的充電器尚未投入使用。因此，我們預計在 2023 年第二季和下半年的業績中，在 Circle K 產能成長的推動下，所管理的兆瓦數將加速成長。

As we noted in March, we expect grid service revenue growth to outpace our strong hardware revenue growth in 2023, resulting in grid service revenues, making up a larger share of total 2023 revenues relative to its share of 2022 revenues. And in other 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.

正如我們在3 月指出的那樣，我們預計2023 年電網服務收入成長將超過我們強勁的硬體收入成長，從而導致電網服務收入在2023 年總收入中所佔的份額相對於2022 年收入中所佔的佔比更大。在我們部署的其他地理區域，我們的網格服務收入機會會有所不同。目前，在我們重點關注的某些關鍵市場中，我們發現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。

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. Given the long-term nature of our customer deployments, these revenues are generally recurring up to periods as long as 10 to 12 years.

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。這些收入包括合約服務和商家公開服務的組合。鑑於我們客戶部署的長期性質，這些收入通常會持續長達 10 至 12 年。

Now turning to backlog, on March 31st, our hardware and services backlog was $4.2 million, up from $4.1 million. The modest growth reflects the fact that while orders were high, we also shipped a record number of units. Subsequent to Q1, we saw a strong increase in our backlog, increasing to $5.7 million by the end of April.

現在轉向積壓，3 月 31 日，我們的硬體和服務積壓為 420 萬美元，高於 410 萬美元。溫和的成長反映出這樣一個事實：儘管訂單量很大，但我們的出貨量也創下了紀錄。第一季之後，我們的積壓訂單大幅增加，到 4 月底已增至 570 萬美元。

Before turning the call back to Gregory, I would like to reiterate that we believe Nuvve is on track to deliver strong growth in its key operating metrics in 2023 compared to 2022, including acceleration of megawatts under management, increased charging station revenues, and higher grid service revenues while lowering our operating expense structure. We saw this play out in Q1. And while it is still early days in Q2, our key operating metrics are improving as evidenced by the win of our largest single order in Nuvve's history recognized in April and a 27% increase in hardware and services backlog through April compared to the end of Q1.

在將電話轉回 Gregory 之前，我想重申，我們相信 Nuvve 預計在 2023 年實現關鍵營運指標較 2022 年的強勁增長，包括管理兆瓦數的加速增長、充電站收入的增加以及電網水平的提高服務收入，同時降低我們的營運費用結構。我們在第一季就看到了這種情況。雖然第二季仍處於初期階段，但我們的關鍵營運指標正在改善，4 月贏得了Nuvve 史上最大的單筆訂單，以及與第一季末相比，截至4 月的硬體和服務積壓量增加了27%，這證明了我們的關鍵營運指標正在改善。 。

While our charging station deployments and megawatts under management continued to increase, at the same time, our operating costs have come down as we materially scale up the business and demonstrate our ability to generate valuable grid service revenues through opportunities with charge point operators such as Circle K.

雖然我們的充電站部署和管理的兆瓦電量持續增加，但與此同時，我們的營運成本有所下降，因為我們大幅擴大了業務規模，並透過與Circle 等充電點營運商合作，展示了我們創造寶貴電網服務收入的能力K.

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

格雷戈里，接下來請您結束我們準備好的演講。

Thanks, David.

謝謝，大衛。

To wrap up, by the record orders and deliveries for our DC chargers in Q1 and Q2 is poised to be another strong quarter given the large award we've already won, others we are working on, and the EPA's funding 2022 onwards coming in.

總而言之，考慮到我們已經贏得的巨額獎項、我們正在努力的其他獎項以及EPA 2022 年以後的資助，我們的直流充電器在第一季度和第二季度創下了創紀錄的訂單和交付量，這將是又一個強勁的季度。

We are making good progress, getting our Circle K partnership up and running and look forward to revenue generation later this year and to more materially showcase the benefits of this partnership to Circle K, their customers, and ultimately, others who we think stand to benefit from such agreements over the balance of the year. At the same time, we continue to work on other similar opportunities with charge point operators that we hope to announce in the coming quarters.

我們正在取得良好進展，我們的Circle K 合作夥伴關係已建立並運行，並期待在今年晚些時候產生收入，並向Circle K、他們的客戶以及最終我們認為受益的其他人更實質性地展示這種合作關係的好處從今年剩餘時間的此類協議中可以看出。同時，我們繼續與充電點營運商合作尋找其他類似的機會，我們希望在未來幾季宣布這些機會。

We thank you for your participation and look forward for speaking with you in August. With that said, I would like to now turn the call back to the operator to begin our Q&A. Operator?

我們感謝您的參與，並期待在八月與您交談。話雖如此，我現在想將電話轉回接線員以開始我們的問答。操作員？

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作員說明）Eric Stine，Craig-Hallum。

Hi, everyone. Thanks for taking the questions. I've been jumping between calls this afternoon, so I apologize if I ask anything that you discussed at the beginning of the call. But maybe I'll start just taking a step back. It's a question I think I've asked you over time. There's always a lot of noise about vehicle to grid, and I guess not all vehicle to grid is created equally. And I know it's still early, but as the market develops as the EPA program service rollout and things move forward, do you sense that the customers are starting to get a better sense of Nuvve's capabilities, your V2G solution versus others who may call it that, but just doesn't have the same functionality?

大家好。感謝您提出問題。今天下午我一直在打電話，所以如果我問你在通話開始時討論的任何問題，我深表歉意。但也許我會開始退後一步。我想這個問題我已經問過你很久了。關於車輛到電網的問題總是存在著許多噪音，而且我想並非所有車輛到電網的創建都是平等的。我知道現在還為時過早，但隨著市場隨著EPA 計劃服務的推出和事情的進展而發展，您是否感覺到客戶開始更好地了解Nuvve 的功能、您的V2G 解決方案（與其他可能稱之為「V2G 解決方案」的其他解決方案相比） ，但只是沒有相同的功能？

I think in the segments where we have a presence such as school bus, for example, here in the US, it is clear and we see that because more and more people are coming in reaching out to us, initially have been mostly working with school districts, but we also see now a fleet operators coming and wanting to work with us. So yes, I think there is a key understanding in that space that we are a clear leader. Similarly, now we said at the CPO such as Circle K, there's a reason why they chose us. It's because they know that our platform is the must-happen platform in order to aggregate those charging stations that they have and to control them at a very fast pace, which is where there is the highest value in providing those grid services.

我認為，在我們存在的領域，例如校車，例如在美國，很明顯，我們看到，因為越來越多的人來聯繫我們，最初主要是與學校合作地區，但我們現在也看到車隊運營商前來並希望與我們合作。所以，是的，我認為在這個領域有一個關鍵的認識，那就是我們是一個明確的領導者。同樣，現在我們在Circle K等CPO上說過，他們選擇我們是有原因的。這是因為他們知道我們的平台是必須的平台，以便聚合他們擁有的充電站並以非常快的速度控制它們，這就是提供這些網格服務的最高價值。

So the good news is the awareness and building up. This is why, for example, SB 233. The bill here -- the Senate in California is going through and would mean that by 2027, each and every vehicle -- electric vehicle sold in California will have bidirectional capabilities. And that's obviously very, very important for the growth of our business. And that shows that now it's not just as the fleet managers and the school bus business, but also at the political level, the understanding of how critical V2G is building appropriately.

所以好消息是意識和建立。這就是為什麼，例如，SB 233。加州參議院正在通過該法案，這意味著到 2027 年，在加州銷售的每輛電動車都將具有雙向功能。這顯然對於我們業務的成長非常非常重要。這表明，現在不僅是車隊經理和校車企業，而且在政治層面上，對 V2G 建設的重要性的理解也得到了適當的重視。

Got it. That's helpful. And you brought up Circle K. I mean, I know that in that industry, people watch what others are doing. I mean, I guess I'd love to hear kind of next steps for Circle K. But beyond that, just thinking about -- do you think that this is something you could replicate, have others reached out upon seeing this announcement and just to at least start to think about going that same route or how should we think about that?

知道了。這很有幫助。你提到了 Circle K。我的意思是，我知道在這個行業，人們會觀察其他人在做什麼。我的意思是，我想我很想聽聽Circle K 的下一步。但除此之外，只是想一想——你認為這是你可以複製的東西嗎？讓其他人在看到這個公告後伸出援手，只是為了至少開始考慮走同樣的路線，或者我們應該如何考慮？

So first on where we are on Circle K, we know there's some integration work that needs to happen and rolling out certain potential hardware in some cases on some of the sites in order to create a communication link between our platform and the infrastructure that is already deployed today. And so we are right in the middle of this and still on plan for our expectations in terms of this integration and targeting 50 sites to integrate with them.

因此，首先就我們在Circle K 上的情況而言，我們知道需要進行一些整合工作，並在某些情況下在某些網站上推出某些潛在的硬件，以便在我們的平台和已經建立的基礎設施之間建立通訊連結。今天部署。因此，我們正處於這一階段，並且仍在計劃我們對整合的期望，並瞄準 50 個站點與之整合。

Now how is it replicable? I think, first of all, Circle K is headquartered in Norway. And so they are very exposed to the EV rollout that's why they understand so well. But also for us, it's an essential demonstration because once you demonstrate the value that we can bring to such an infrastructure rollout, then it will become a no brainer for the others to come and work with us. And so yes, it's definitely a replicable with other players in the space now.

現在它如何可複製？我認為，首先，Circle K的總部位於挪威。因此，他們非常了解電動車的推出，這就是為什麼他們如此了解。但對我們來說，這也是一個重要的演示，因為一旦你展示了我們可以為此類基礎設施部署帶來的價值，那麼其他人就會毫不猶豫地來與我們合作。所以，是的，它現在絕對可以與該領域的其他參與者複製。

Now, you have a different type of infrastructure, right? This is fast charger in gas station -- you might have also some charging infrastructure, for example, for transit bus depots where V2G may not be the most suitable, but the V1G can be very variable in charging those vehicles at the lowest cost and potentially reducing the total cost of ownership of the infrastructure that goes with them.

現在，您擁有不同類型的基礎設施，對吧？這是加油站的快速充電器 - 您可能還有一些充電基礎設施，例如，對於公車巴士站，V2G 可能不是最合適的，但 V1G 可以以最低的成本為這些車輛充電，並且有可能變化很大降低與之相關的基礎設施的總擁有成本。

So it's a question of use case on the type of CPO implementation. But we are very confident that this is going to be rolled out across a variety of CPOs over time.

所以這是 CPO 實作類型的用例問題。但我們非常有信心，隨著時間的推移，這將在各種 CPO 中推廣。

And do you think that the demonstration project with Circle K needs to run for a bit before you really see interest coming your way or is it something you've already seen some inquiries just based on the announcement to start?

您是否認為 Circle K 的示範項目需要運行一段時間才能真正引起您的興趣，或者您只是根據公告開始就已經看到了一些詢問？

We have not announced any of those things. So I can't disclose things. But on the overall, I think from my perspective, at least, what are we -- I'm looking forward is and we're going to see that there rapidly is the value we can bring to session infrastructure and putting a number on that is going to be a very important outcome of this rollout.

我們還沒有宣布任何這些事情。所以我不能透露事情。但總的來說，我認為至少從我的角度來看，我們是什麼——我期待的是，我們很快就會看到我們可以為會話基礎設施帶來的價值，並對此進行數位化這將是此次推出的一個非常重要的成果。

(Operator Instructions) Brian Dobson, Chardan.

（操作員說明）Brian Dobson，Chardan。

It's Greg Pendy in for Brian Dobson. Thanks for taking my questions. Can you just share with us any color on what you're seeing in the school bus market in terms of pricing. I think in 2022 prices were pretty elevated given a lot of the supply chain issues that were going on and also buses. We're never even at places like Blue Bird spending any time on the lot, they are just leaving right away. So are prices normalizing at all in EV school buses?

格雷格·彭迪 (Greg Pendy) 取代布萊恩·多布森 (Brian Dobson)。感謝您回答我的問題。您能否與我們分享您在校車市場的定價方面看到的任何顏色？我認為，考慮到正在發生的許多供應鏈問題以及公共汽車，到 2022 年，價格會相當高。我們從來沒有在像藍鳥這樣的地方待過任何時間，他們只是馬上離開。那麼電動校車的價格是否已經正常化呢？

Normalizing, I don't know if this is a term I would use yet. I think things are still pretty tight, but I think the trend is going to be to go back where you would think they would go, which is price going down over time. I think what we see also is battery size are increasing in those school buses. Initially, we had a lot of them. They run it in the order of 120 to 150 kilowatt hours. Now 200 or 300 kilowatt hours is becoming more of a norm. So maybe prices are stabilizing, but the capabilities of those vehicles are increasing at the same time.

標準化，我不知道我是否會使用這個術語。我認為情況仍然相當緊張，但我認為趨勢將回到你認為會去的地方，即價格隨著時間的推移而下降。我認為我們也看到這些校車的電池尺寸正在增加。最初，我們有很多。他們的運行量約為 120 至 150 千瓦時。現在，200 或 300 千瓦時已成為常態。因此，也許價格正在穩定，但這些車輛的功能同時也在增強。

That's helpful. And then can you share any color on what you're seeing, I guess, with your Wallbox relationship with the Quasar. Anything on that on the residential front?

這很有幫助。然後你可以分享你所看到的任何顏色嗎，我想，與你的 Wallbox 與類星體的關係有關。住宅方面有什麼相關的嗎？

Not anything that we can share at this point.

目前我們無法分享任何內容。

And ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回格雷戈里·波伊拉斯內 (Gregory Poilasne) 發表閉幕詞。

Thank you very much, everybody, and we are looking forward to seeing you in 90 days for some hopefully very exciting news at the time. So thank you very much. Bye.

非常感謝大家，我們期待在 90 天後見到你們，屆時我們會帶來一些非常令人興奮的消息。非常感謝。再見。

And thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝您，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。