Nuvve Holding Corp (NVVE) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Nuvve Holding Corporation's second-quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加 Nuvve Holding Corporation 的 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Eduardo Royes, Managing Director, ICR. Please go ahead.

現在我很高興向您介紹 ICR 董事總經理 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 second-quarter 2023 results. Following prepared remarks, we will open the call up for questions.

謝謝。 Nuvve 首席執行官 Gregory Poilasne 和首席財務官 David Robson 出席了今天的電話會議。今天早些時候，Nuvve 發布新聞稿，宣布 2023 年第二季度業績。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 當前的最佳判斷，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存在重大差異。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 首席執行官 Gregory Poilasne。格雷戈里？

Thank you, Eduardo, and hello to all. We thank you for joining our second-quarter 2023 results call. We are proud to have yet again achieved a record order quarter in Q2 2023, topping the record set in Q1, and delivering yet another quarter of strong year-over-year growth across key metrics, including revenue, megawatts under management, and backlog.

謝謝你，愛德華多，大家好。我們感謝您參加我們的 2023 年第二季度業績電話會議。我們很自豪在 2023 年第二季度再次實現了創紀錄的季度訂單，超過了第一季度創下的記錄，並在收入、管理兆瓦和積壓訂單等關鍵指標上又實現了強勁的同比增長。

We came into 2023 discussing our optimism that we were finally hitting an overdue inflection point in both interest in and adoption of vehicle-to-grid technology, and specifically our differentiated Nuvve offering. Our results in the first half of the year evidenced this, and we are pleased to have increased visibility in our business.

進入 2023 年，我們樂觀地認為，我們對車輛到電網技術的興趣和採用終於達到了遲來的拐點，特別是我們差異化的 Nuvve 產品。我們上半年的業績證明了這一點，我們很高興我們的業務知名度有所提高。

Our conviction and optimism, however, are founded on much more than just improvement in orders and activity in the first half of the year. Nuvve remains the only pure-play public company today with a proven track record in deploying commercially available and scalable V2G technology worldwide, and players across the EV charging and grid infrastructure landscape are taking notice.

然而，我們的信念和樂觀情緒不僅僅建立在今年上半年訂單和活動的改善之上。 Nuvve 仍然是當今唯一一家在全球部署商用且可擴展的 V2G 技術方面擁有良好記錄的純粹上市公司，電動汽車充電和電網基礎設施領域的參與者都在關注。

As we sit here today, the interest from companies looking to explore ways in which to partner with us on leveraging our technology is noticeably higher than it was just six or nine months ago. Industry participants are increasingly recognizing, one, the value of our technology and IP across areas such as power flow control and EV charging management, and the work we are doing with AI, and two, the importance of our experience and relationship networks in being able to provide a holistic fleet electrification solution.

當我們今天坐在這裡時，那些尋求與我們合作利用我們的技術的公司的興趣明顯高於六九個月前。行業參與者越來越認識到，第一，我們的技術和知識產權在潮流控制和電動汽車充電管理等領域的價值，以及我們在人工智能方面所做的工作；第二，我們的經驗和關係網絡對於能夠實現這一目標的重要性。提供整體車隊電氣化解決方案。

The same cannot be said, we believe, about all aspiring V2G providers. We look forward to building on this momentum as we go through the second half of 2023 and beyond.

我們認為，對於所有有抱負的 V2G 提供商來說，情況並非如此。我們期待在 2023 年下半年及以後繼續保持這一勢頭。

Now, to summarize our key accomplishments in the quarter and since last call. As we did last time, we won't go into specifics on orders other than to point out that our DC fast chargers orders in Q2 saw a more than 15% sequential improvement over the prior quarters than record, and more than 75% increase over the second quarter of 2022.

現在，總結我們在本季度以及自上次電話會議以來取得的主要成就。正如我們上次所做的那樣，我們不會詳細介紹訂單，只是指出第二季度我們的直流快速充電器訂單比前幾個季度的記錄環比增長了15% 以上，比上一季度增長了75%以上。 2022 年第二季度。

The big driver of this increase was the 25-unit order, our largest single order to date, that we discussed on our May call. At the time, we noted that this was for a school district that was awarded funds via the EPA Clean School Bus Program, but was not one of the districts we supported in the grant procurement process. We have since disclosed that this order was for a member of the Beacon Mobility family of companies in Massachusetts. Beacon is a large fleet provider comprised of several independent companies through the US and operating over 11,000 vehicles.

這一增長的主要推動力是 25 台訂單，這是我們迄今為止最大的單筆訂單，我們在 5 月份的電話會議上對此進行了討論。當時，我們注意到這是一個通過 EPA 清潔校車計劃獲得資金的學區，但不是我們在撥款採購過程中支持的學區之一。我們後來透露，該訂單是為馬薩諸塞州 Beacon Mobility 家族公司的成員公司提供的。 Beacon 是一家大型車隊提供商，由美國多家獨立公司組成，運營著 11,000 多輛車輛。

We also received orders associated with rebates for the 2023 EPA awards across multiple school districts in line with our previously communicated expectations. While we have shipped some of the DC chargers associated with the EPA funding, a significant majority remain in the backlog and are likely to be shipped and recognized as revenue over the second half of the year.

我們還收到了與多個學區 2023 年 EPA 獎勵回扣相關的訂單，符合我們之前傳達的預期。雖然我們已經發貨了一些與 EPA 資金相關的直流充電器，但絕大多數仍處於積壓狀態，可能會在今年下半年發貨並確認為收入。

Looking ahead, we look forward to supporting additional school districts as part of the 2023 installment of this massive program, which has an application deadline that is less than two weeks away. Further, we continue to see an ever-expanding pipeline of potential orders beyond this.

展望未來，作為這一大規模計劃 2023 年分期付款的一部分，我們期待為更多學區提供支持，距離該計劃的申請截止日期還有不到兩週的時間。此外，我們繼續看到除此之外的潛在訂單渠道不斷擴大。

During this quarter and so far in Q3, we continue to make progress on our strategic initiatives as well. In Q2, we launched Nuvee K-12, a new dedicated division to provide a full range of service in order to support fleet electrification for North America student transportation.

在本季度和第三季度迄今為止，我們的戰略舉措也繼續取得進展。在第二季度，我們推出了 Nuvee K-12，這是一個新的專門部門，提供全方位的服務，以支持北美學生交通的車隊電氣化。

And importantly, we announced the hiring of David Bercik, an experienced student transportation and automotive sales and marketing executive from Blue Bird Corporation, to build out a program. At Blue Bird, Bercik has also seen significant growth in the EV bus sales, developed a supporting ecosystem, and enhanced relationships with their network of dealers.

重要的是，我們宣布聘請藍鳥公司 (Blue Bird Corporation) 經驗豐富的學生交通和汽車銷售及營銷主管 David Bercik 來製定一項計劃。在 Blue Bird，Bercik 還看到了電動巴士銷量的顯著增長，開發了支持生態系統，並增強了與經銷商網絡的關係。

As touched on during our May call and alluded to in my earlier remarks, fleet electrification is a process. It is not a simple yes-or-no decision. As future customers come up the learning curve, they may well decide that electrification is in their best interest, but it can take time for them to convince fellow stakeholders, or they may hesitate to commit without a better understanding or plan for how to optimize the transition to EV.

正如我們在五月份的電話會議中提到的以及我之前的講話中提到的，艦隊電氣化是一個過程。這不是一個簡單的是或否的決定。隨著未來的客戶不斷學習，他們很可能會認為電氣化符合他們的最佳利益，但他們可能需要時間來說服其他利益相關者，或者他們可能會在沒有更好地理解或計劃如何優化電氣化的情況下猶豫是否做出承諾。過渡到電動汽車。

People with relationships and an ability to walk through the electrification process on a step-by-step basis are invaluable, and this is exactly what we have gained by bringing on David. As I just alluded to, orders can be lumpy, but the lumps appear to be getting bigger and more frequent, and so Nuvee K-12 will be critical to ensure we maximize our opportunities as school districts look to scale up the electrification journey.

有關係並有能力逐步完成電氣化過程的人是無價的，而這正是我們聘請大衛所獲得的。正如我剛才提到的，訂單可能會很不穩定，但這種情況似乎會變得越來越大、越來越頻繁，因此當學區尋求擴大電氣化進程時，Nuvee K-12 對於確保我們最大限度地利用機會至關重要。

In the second quarter, we're also proud to advance commercialization of our AI capabilities. We have long held the view that leveraging and developing AI technology has the potential to be a tremendous differentiator and a sales enabler for us, which is why in early 2022, we entered into a JV called Astrea AI to explore AI integration into our V2G platform. The fruit of this work is now paying off, and we have announced both our strong capabilities in forecasting energy market values, EV schedule, and energy requirements.

在第二季度，我們還很自豪地推進了人工智能能力的商業化。我們長期以來一直認為，利用和開發人工智能技術有潛力成為我們巨大的差異化因素和銷售推動者，這就是為什麼我們在2022 年初成立了一家名為Astrea AI 的合資企業，以探索將人工智能集成到我們的V2G 平台中。這項工作的成果現已得到回報，我們宣布了我們在預測能源市場價值、電動汽車時間表和能源需求方面的強大能力。

The forecasting power harnessed by AI is, in our view, indispensable and invaluable in terms of the service it provides to the end customers. The more we maximize forecasting capabilities, the better we are able to optimize or address challenges related to vehicle readiness, energy management, and battery health. With the combined power of AI and V2G, we can thus eliminate the various pain points of owning an electric vehicle and ultimately make V2G a strong selling point in the consumer market.

我們認為，人工智能所利用的預測能力對於為最終客戶提供的服務來說是不可或缺且無價的。我們越是最大限度地提高預測能力，我們就越能夠優化或解決與車輛準備情況、能源管理和電池健康相關的挑戰。通過人工智能和V2G的結合，我們可以消除擁有電動汽車的各種痛點，最終使V2G成為消費市場的強大賣點。

Today, we are seeing our AI capability put into practice, starting with the enhanced frequency regulation capabilities our AI integration is enabling for us in the Nordics. With Astrea AI, our platform is able to continuously forecast price and capacity from Nordic primary reserve to optimize energy market bids and therefore optimize revenue for us and our customers. This technology leveraged Nuvve's six-plus years of experience providing frequency regulation services in the energy market and is just one example of the benefits that AI integration can deliver to our customers.

今天，我們看到我們的人工智能能力付諸實踐，首先是我們的人工智能集成為北歐地區提供了增強的頻率調節功能。借助 Astrea AI，我們的平台能夠持續預測北歐主要儲備的價格和容量，以優化能源市場投標，從而優化我們和客戶的收入。這項技術利用了 Nuvve 在能源市場提供頻率調節服務六年多的經驗，這只是人工智能集成可以為我們的客戶帶來的好處的一個例子。

In July, we continue to evolve our AI capabilities by integrating Astrea AI into our Nuvve's FleetBox charge management app. Our customers on the FleetBox app can now use the enhanced function IDs to better manage their battery state of charge, charging status, charging equipment, and reports. In other words, our customers can optimize all of these activities and therefore truly maximize revenue generation thanks to the power of our Astrea AI technology.

7 月，我們通過將 Astrea AI 集成到 Nuvve 的 FleetBox 充電管理應用程序中，繼續發展我們的 AI 功能。我們的 FleetBox 應用程序客戶現在可以使用增強的功能 ID 更好地管理其電池充電狀態、充電狀態、充電設備和報告。換句話說，借助我們 Astrea AI 技術的力量，我們的客戶可以優化所有這些活動，從而真正最大限度地提高收入。

Lastly, on the strategy initiative front, as we have discussed on the last few calls, integrating Nuvve's [GIF] platform into established third-party hardware networks is a critical part of our strategy, and our partnership with Circle K announced in the first quarter is a great example of how Nuvve is executing on its strategy. We continue to work closely with Circle K on integrating, and we are in the process of rolling out the technology across the different sites selected. Our AI platform is also providing advanced services.

最後，在戰略舉措方面，正如我們在最近幾次電話會議中討論的那樣，將Nuvve 的[GIF] 平台集成到已建立的第三方硬件網絡中是我們戰略的重要組成部分，我們在第一季度宣布了與Circle K 的合作夥伴關係是 Nuvve 如何執行其戰略的一個很好的例子。我們繼續與 Circle K 密切合作進行集成，並且我們正在選定的不同站點上推廣該技術。我們的人工智能平台還提供先進的服務。

Before turning the call to David, a quick update on the California Senate bill or SB233, which I have discussed on the last few calls. SB233 intends to make bidirectional charging a requirement for consumer electric vehicles and electric school buses sold in California by 2030. We think this is a recognition of the societal benefits, energy cost equity, that B2G can unlock as more and more vehicles electrify.

在給 David 打電話之前，請快速介紹一下加州參議院法案或 SB233 的最新情況，我在最近幾次電話中已經討論過該法案。 SB233 計劃到2030 年將雙向充電作為加州銷售的消費類電動汽車和電動校車的要求。我們認為這是對社會效益和能源成本公平的認可，隨著越來越多的車輛實現電氣化，B2G 可以釋放這些效益。

At the end of May, we were pleased to see that the State Senate approved the bill with a vote of 29 to 9. It is expected that by the end of this month, the bill will go through appropriation in the State Assembly and, if successful, would go for the Assembly vote thereafter. I continue to have good dialogue with the legislators on this topic, and I'm optimistic on a favorable outcome for SB233.

5月底，我們高興地看到州參議院以29票對9票通過了該法案。預計本月底，該法案將在州議會獲得撥款，如果通過的話成功後將進入大會投票。我繼續就這個話題與立法者進行良好的對話，我對 SB233 的有利結果持樂觀態度。

With that, over to David to discuss our financial results.

接下來，請大衛討論我們的財務業績。

Thanks, Gregory. I will start with a recap of second-quarter 2023 results. In the second quarter, we generated total revenues of $2.1 million compared to $1.3 million in the second quarter of 2022. Further, as Gregory alluded to, unit orders of our DC fast chargers remained at elevated levels in Q2 2023, growing over 15% from Q1 and over 75% higher than Q2 of 2022, supporting an increase in backlog in excess of $6 million, which in turn will support solid revenue generation in the back half of 2023.

謝謝，格雷戈里。我將首先回顧 2023 年第二季度的業績。第二季度，我們的總收入為210 萬美元，而2022 年第二季度為130 萬美元。此外，正如Gregory 提到的那樣，我們的直流快速充電器的單位訂單在2023 年第二季度仍保持在較高水平，較2023 年第二季度增長了15% 以上。第一季度比2022 年第二季度高出75% 以上，支持積壓訂單增加超過600 萬美元，這反過來又將支持2023 年下半年的穩健收入產生。

Margins on product and service revenues were 4.8% for the second-quarter 2023, which was lower than the first quarter of 2023 of 17.9% due to the impact of the timing of expenses associated with a customer sale through a long-term lease arrangement and installation costs for two other long-term projects. Under the lease accounting rules, the sale, hardware, and installation costs were recognized as an expense up front, while a large portion of the associated revenues will be recognized over future periods.

2023 年第二季度產品和服務收入利潤率為 4.8%，低於 2023 年第一季度的 17.9%，原因是通過長期租賃安排進行客戶銷售相關費用的時間安排以及另外兩個長期項目的安裝成本。根據租賃會計規則，銷售、硬件和安裝成本預先確認為費用，而大部分相關收入將在未來期間確認。

As a reminder, margins can be lumpy from quarter to quarter depending on the mix. DC charger gross margins at standard pricing generally range from 15% 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 are generally 30%.

提醒一下，根據產品組合的不同，每個季度的利潤率可能會出現波動。標准定價下的直流充電器毛利率一般為 15% 至 25%，而交流充電器毛利率約為 50%，但以美元計算，佔直流充電器收入的比例較小。電網服務收入利潤率一般為30%。

Operating costs, excluding cost of sales, was $8.5 million for the second quarter of 2023, compared to $10.3 million in the second quarter of 2022. The decrease was primarily attributable to lower public company fees.

2023 年第二季度的運營成本（不包括銷售成本）為 850 萬美元，而 2022 年第二季度為 1,030 萬美元。這一下降主要歸因於上市公司費用的降低。

Cash operating expenses, excluding cost of sales, stock compensation, and depreciation and amortization expense was $7.3 million in the second quarter of 2023, declining from $8.3 million in the second quarter of 2022, and relatively unchanged from $7.2 million in the first quarter of 2023. Our Q2 2023 results were in line with expectations set on our May earnings call for quarterly cash operating expenses to run at approximately $7 million.

2023 年第二季度的現金運營費用（不包括銷售成本、股票報酬以及折舊和攤銷費用）為730 萬美元，較2022 年第二季度的830 萬美元有所下降，與2023 年第一季度的720 萬美元相比基本持平我們 2023 年第二季度的業績符合我們 5 月份財報電話會議上設定的季度現金運營費用約為 700 萬美元的預期。

Other income was $0.3 million in the second quarter of 2023, down from $4.6 million in the year-ago quarter. The year-ago period benefited from a $4.6 million non-cash gain from the change in the fair value of warrants.

2023 年第二季度的其他收入為 30 萬美元，低於去年同期的 460 萬美元。去年同期受益於認股權證公允價值變動帶來的 460 萬美元非現金收益。

Net loss attributable to Nuvve common stockholders increased in the second quarter of 2023 to $8.2 million from a net loss of $5.5 million in Q2 of 2022. The increase was also primarily a result of the just-mentioned non-cash gain in the year-ago quarter.

Net loss attributable to Nuvve common stockholders increased in the second quarter of 2023 to $8.2 million from a net loss of $5.5 million in Q2 of 2022. The increase was also primarily a result of the just-mentioned non-cash gain in the year-ago四分之一.

Now, turning to our balance sheet, we had approximately $11.1 million in cash as of June 30, 2023, excluding $0.5 million in restricted cash. Included in our cash balance was approximately $3 million of EPA funds received. We expect to deliver these funds to customers during the third quarter of 2023.

現在，看看我們的資產負債表，截至 2023 年 6 月 30 日，我們擁有約 1110 萬美元的現金，不包括 50 萬美元的限制性現金。我們的現金餘額中包括收到的約 300 萬美元的 EPA 資金。我們預計將在 2023 年第三季度向客戶交付這些資金。

Total cash decreased by $0.8 million during the second quarter of 2023. Net cash used in operating activities was $3.2 million in the second quarter of 2023, improving from the first quarter of $5.8 million. Excluding the benefit of EPA funds, net cash used in operating activities was $6.1 million for the second quarter.

2023 年第二季度現金總額減少 80 萬美元。2023 年第二季度經營活動使用的現金淨額為 320 萬美元，較第一季度的 580 萬美元有所改善。不包括 EPA 資金的收益，第二季度經營活動使用的淨現金為 610 萬美元。

During the second quarter, we raised a net $2.5 million in capital, including $1.8 million through registered direct offerings, or RDOs, and approximately $0.7 million through our at-the-market, or ATM, facility. We remain focused on optimizing our ability to raise capital. As we've demonstrated over the past few quarters, our ATM facility and the RDO structure have allowed us to raise incremental funds to support the business.

第二季度，我們淨籌集了 250 萬美元的資本，其中包括通過註冊直接發行 (RDO) 籌集的 180 萬美元，以及通過我們的市場 (ATM) 設施籌集的約 70 萬美元。我們仍然專注於優化我們籌集資金的能力。正如我們在過去幾個季度所證明的那樣，我們的 ATM 設施和 RDO 結構使我們能夠籌集增量資金來支持業務。

Additionally, we are currently working to put in place a long-term asset-based lending facility, or ABL, which can provide additional liquidity. The borrowing capacity of the ABL is based upon our underlying inventories and accounts receivables. We believe this type of debt facility aligns well with our business model, given the ongoing inventory and accounts receivable amounts we carry on our balance sheet.

此外，我們目前正在努力建立長期資產貸款工具（ABL），它可以提供額外的流動性。 ABL 的借款能力取決於我們的基礎庫存和應收賬款。考慮到我們資產負債表上的持續庫存和應收賬款金額，我們相信這種類型的債務融資與我們的業務模式非常契合。

Rounding out our conversation on cash usage, inventory decreased by $1.1 million during the quarter to $8.9 million, compared to $10 million at the end of the first quarter of 2023. This is consistent with expectations in our prior commentary regarding anticipated declines in inventory as charger shipments pick up, a trend we expect to continue in the near term.

結束我們關於現金使用情況的討論後，本季度庫存減少了110 萬美元，達到890 萬美元，而2023 年第一季度末的庫存為1,000 萬美元。這與我們之前關於充電器庫存預期下降的評論中的預期一致出貨量回升，我們預計這一趨勢將在短期內持續。

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 aggregate 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 the 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，轉向管理兆瓦並估計未來的電網服務收入。提醒一下，管理兆瓦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中除了固定電池外，還在歐洲進行了部署。目前，這些充電器和電池遍布美國、歐洲和日本。

Megawatts under management in the second quarter increased 9% over the first quarter, 2023, to 20 megawatts from 18.3. In terms of its composition, 8.2 megawatts were from stationary batteries and 11.8 megawatts were from EV chargers. On a year-over-year basis, megawatts under management increased by 24%. We continue to expect an acceleration in our megawatts under management in the second half of 2023 as we deploy more charging stations in North America and as Circle K ramps up.

2023 年第二季度管理的電量較第一季度增加 9%，從 18.3 兆瓦增至 20 兆瓦。就其構成而言，8.2兆瓦來自固定電池，11.8兆瓦來自電動汽車充電器。管理的兆瓦數同比增長 24%。隨著我們在北美部署更多充電站以及 Circle K 的擴張，我們繼續預計 2023 年下半年我們管理的兆瓦電量將加速增長。

Depending on the geographic regions of our deployments, our grid service revenue opportunities will vary. We are currently seeing grid service revenue opportunities for vehicles for grid services ranging between $85 per kilowatt-year to $300 per kilowatt-year in certain key markets we are focusing on.

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，在我們重點關注的某些關鍵市場中，我們發現電網服務車輛的電網服務收入機會在每千瓦年 85 美元到每千瓦年 300 美元之間。

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。這些收入包括合同服務和商家提供的服務的組合。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 our backlog, on June 30th, our hardware and services backlog was $6.1 million, up 47% from $4.2 million on March 31, reflecting an acceleration of EV adoption.

現在，轉向我們的積壓訂單，6 月 30 日，我們的硬件和服務積壓訂單為 610 萬美元，比 3 月 31 日的 420 萬美元增長了 47%，反映出電動汽車採用的加速。

Before turning the call back to Gregory, I would like to note that in the first half of 2023, we have delivered on the optimism we came into the year with regarding an improvement across operating methods. For example, through the first six months of the year, we recorded 2.5 times more DC fast charger unit orders compared to the first six months of 2022. And we realized a 2.4 times year-over-year increase in grid service revenues while managing costs to maximize our liquidity.

在將電話轉回 Gregory 之前，我想指出，在 2023 年上半年，我們對今年的運營方法的改進表現出了樂觀態度。例如，今年前六個月，我們的直流快速充電樁訂單量比 2022 年前六個月增加了 2.5 倍。在管理成本的同時，我們實現了電網服務收入同比增長 2.4 倍最大化我們的流動性。

Additionally, our elevated backlog has set us up for a strong performance in the back half of 2023. When looking at the underlying customer delivery dates within our existing backlog, we anticipate approximately 50% of this backlog, or $3 million, will be recognized as revenue in the back half of 2023, while the remaining balance of the backlog is expected to be recognized in future periods after 2023.

此外，我們增加的積壓訂單為我們在2023 年下半年實現強勁業績奠定了基礎。在查看現有積壓訂單中的基礎客戶交付日期時，我們預計積壓訂單中的大約50%（即300 萬美元）將被視為收入將在 2023 年下半年實現，而積壓的剩餘餘額預計將在 2023 年之後的未來期間確認。

Taking into account the future revenue generation from our existing backlog, in addition to potential future revenues from our existing proposal pipeline, we believe we are in a very good position for solid expansion in megawatts under management and revenues during the balance of 2023.

考慮到我們現有積壓的未來收入，以及我們現有提案渠道的潛在未來收入，我們相信，我們處於非常有利的位置，可以在 2023 年餘下的時間裡實現管理兆瓦數和收入的穩健擴張。

Of course, as we have said on previous earnings calls, revenues can be lumpy and customers may request at any time to push out their delivery dates, which could negatively impact this revenue forecast. We have not previously provided any sort of visibility into revenue expectations, but we are optimistic that as our backlog builds, more EV programs come online and the supply chain issues that have plagued much of the early days of the energy transition abate. Our revenues will become more and more predictable such that we can regularly provide more clarity on our outlook for revenues.

當然，正如我們在之前的財報電話會議上所說，收入可能不穩定，客戶可能隨時要求推遲交貨日期，這可能會對收入預測產生負面影響。我們之前沒有提供任何收入預期的可見性，但我們樂觀地認為，隨著我們積壓的積壓，更多的電動汽車項目上線，並且困擾能源轉型早期的供應鏈問題得到緩解。我們的收入將變得越來越可預測，這樣我們就可以定期提供更清晰的收入前景。

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

格雷戈里，接下來請您結束我們準備好的發言。

Thanks, David. To conclude, myself and the team are pleased with the progress we have seen in our business so far in 2023. The EPA Clean School Bus program has underpinned strong growth, and in Q2, we continue to enhance our offering with the formation of Nuvee K-12 and further evolving Astrea AI while progressing on getting our Circle K program up and running. Interest in V2G and Nuvve and its technology specifically continue to increase as the role of V2G will play in the energy transition becomes increasingly apparent.

謝謝，大衛。總而言之，我和團隊對 2023 年迄今為止我們的業務所取得的進展感到滿意。EPA 清潔校車計劃支撐了強勁的增長，在第二季度，我們通過成立 Nuvee K 繼續增強我們的產品和服務-12 並進一步發展Astrea AI，同時逐步啟動和運行我們的Circle K 程序。隨著 V2G 在能源轉型中發揮的作用越來越明顯，人們對 V2G 和 Nuvve 及其技術的興趣不斷增加。

We thank you for joining us today and look forward to updating you on our November call. With that said, I would like to now turn the call back to the operator to begin our Q&A. Operator?

感謝您今天加入我們，並期待在 11 月份的電話會議上向您通報最新情況。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 Gregory. Hi David. Hey Eric. Maybe just starting out, I know that your primary focus or a big part of the focus is on the school bus industry, but a lot of OEMs making more and more noise about bidirectional charging, bidirectional capabilities. So just curious, how do you view those offerings? Potentially, we'd love to hear if there's any interest coming out of the auto OEM world in partnering with Nuvve. Just any thoughts along those lines would be helpful.

嗨格雷戈里。嗨大衛。嘿埃里克。也許剛開始，我知道您的主要關注點或大部分關注點是校車行業，但許多原始設備製造商對雙向充電、雙向功能發出越來越多的噪音。只是好奇，您如何看待這些產品？我們很想知道汽車 OEM 界是否有興趣與 Nuvve 合作。任何沿著這些思路的想法都會有幫助。

I think we are definitely perceived as the leader in the subject, not just in the US, but also in Europe and in Japan. And so, I would say there is always interest. I think the big question for the OEMs in general is always, do I do it myself or do I do it with a partner? And the other piece, the next question are really, what are the features and functionalities that my customers are going to care about?

我認為我們絕對被認為是該領域的領導者，不僅在美國，而且在歐洲和日本也是如此。所以，我想說，興趣總是存在的。我認為對於原始設備製造商來說，最大的問題始終是，我是自己做還是與合作夥伴一起做？另一方面，下一個問題實際上是，我的客戶會關心哪些特性和功能？

And you see that now, Ford with the F-150 and basically vehicle-to-home. That's what they are pushing. Now, the truth is, once you have that functionality in place and it's a cost-effective way of doing it, then you can really think about what are the full features that I can promote to my customers. And it's what we call the charge management piece. It's really how do we make life easier for somebody who is choosing to get an A3 car. And that's definitely an area where we spend a lot of time today. And we see that not just applicable to fleets, but also applicable to customers.

現在你看到了，福特推出了 F-150，基本上是車到家。這就是他們正在推動的。現在，事實是，一旦您擁有了該功能並且這是一種經濟高效的實現方式，那麼您就可以真正考慮我可以向客戶推廣的完整功能是什麼。這就是我們所說的充電管理部分。這實際上是我們如何讓選擇購買 A3 汽車的人的生活變得更輕鬆。這絕對是我們今天花費大量時間的領域。我們發現這不僅適用於車隊，也適用於客戶。

This is something, as this gets out into the market and people realize the potential of that and how it could be expanded, is this an area where we would expect Nuvve to play at some point?

這是一件事情，隨著它進入市場，人們意識到它的潛力以及如何擴展它，我們是否期望 Nuvve 在某個時候涉足這一領域？

Yes. We are very focused on fleet today because one, this is where we see the volume today. This is also another school, but it's a killer app for V2G. But we are involved in different areas. One example is Circle K, which is really addressing the consumers and how do we extract more value with infrastructure that is being rolled out to support the consumers, but then interfacing with our platform in order to provide certain grid services.

是的。我們今天非常關注機隊，因為第一，這就是我們今天看到的銷量。這也是另一所學校，但它是 V2G 的殺手級應用。但我們涉及不同的領域。 Circle K 就是一個例子，它真正面向的是消費者，以及我們如何利用正在推出的支持消費者的基礎設施來獲取更多價值，然後與我們的平台進行交互以提供某些網格服務。

Got it. And then, I guess, sticking with Circle K, I think your plan was that you would start generating grid service revenue in the second half. I might have missed it earlier in the call, but I'm curious if you've kind of started those, or that rollout, and is it still the plan that you would expect revenues here in the second half?

知道了。然後，我想，堅持使用 Circle K，我認為您的計劃是在下半年開始產生電網服務收入。我可能在電話會議的早些時候錯過了它，但我很好奇你是否已經開始了這些或推出，這仍然是你預計下半年收入的計劃嗎？

Yes, we have a few sites connected to our platform now. And we definitely expect revenues to happen in the second half of the year.

是的，我們現在有一些網站連接到我們的平台。我們肯定預計收入將在今年下半年實現。

Got it. Well, maybe last one for me, just on megawatts under management, I know you've got the two buckets, stationary and EV. I mean, is it fair to say that the EV side is going to be the majority, or is stationary an area where there actually is an opportunity beyond what you've got in Japan? And maybe, I'm just curious, could you remind me how the economics might differ between both of those applications?

知道了。好吧，也許對我來說是最後一個，就管理兆瓦而言，我知道你有兩個桶，固定式和電動式。我的意思是，可以公平地說電動汽車方面將佔多數，還是靜止不動，實際上存在比日本更多的機會？也許，我只是好奇，你能提醒我這兩種應用程序之間的經濟性有何不同嗎？

Yes. So, I mean, I think that what we see in general is that on a site, you might have some stationary storage that is deployed at the same time as the EV. And so, we want to be able to provide your unidirectional, bidirectional EVs, and the storage. So, we definitely want to be providing -- extract value from all those resources. But what we see very often is that the storage very rapidly is [dropped] compared to the size of the capacity of the EV deployment, and is really there to provide more resiliency.

是的。所以，我的意思是，我認為我們通常看到的是，在一個站點上，您可能有一些與電動汽車同時部署的固定存儲。因此，我們希望能夠為您提供單向、雙向電動汽車和存儲。因此，我們肯定希望提供——從所有這些資源中提取價值。但我們經常看到的是，與電動汽車部署的容量大小相比，存儲空間迅速[下降]，並且確實可以提供更大的彈性。

Now, ideally, what we have done, like in Japan, where we have quite a bit of storage, we also like to look at multipurpose storage, right? Not just one thing you can do with that storage, but how do you provide multiple services, which is what we are doing with EVs, right? EVs, the primary purpose is to drive around, but then we are doing a variety of great services depending on the region where the vehicle is connected. And so, we really look at the stationary storage in the same way as we are looking at EVs and developing multiple purposes.

現在，理想情況下，我們所做的，就像在日本一樣，我們擁有相當多的存儲空間，我們也喜歡考慮多功能存儲，對吧？您不僅可以利用該存儲做一件事，還可以提供多種服務，這就是我們在電動汽車上所做的，對吧？電動汽車的主要目的是四處行駛，但我們正在根據車輛連接的區域提供各種優質服務。因此，我們真正以與電動汽車和開發多種用途相同的方式來看待固定存儲。

Got it. But you would say that, I mean, not surprisingly, EVs, that's the real growth driver that will be the vast majority of megawatts under management as we look at a couple of years. Okay. All right. I appreciate it. Thanks.

知道了。但你可能會說，我的意思是，毫不奇怪，電動汽車才是真正的增長動力，未來幾年，電動汽車將成為管理下的絕大多數兆瓦電力。好的。好的。我很感激。謝謝。

(Operator Instructions) Brian Dobson, Chardan.

（操作員說明）Brian Dobson，Chardan。

Looking at your order momentum in 2Q, those are impressive stats. I guess, how do you expect that to continue through the back half of the year? And with the EPA rebate deadline looming later this month, would you expect that to, you know, also potentially spur demand in the back now?

看看第二季度的訂單勢頭，這些數據令人印象深刻。我想，您預計這種情況將如何持續到今年下半年？隨著本月晚些時候美國環保署退款截止日期的臨近，您是否認為這也有可能刺激後面的需求？

I think I can start, and then David, I'll let you follow up. But I think this makes orders lumpy, right? And we saw that last year. So, on the one hand, it's great we have this backlog that we are delivering on, too. This new round of EPA is ready to build next year's deployments. And we are very excited about it. And it's a different rule, it's a different way of deploying. It's more larger projects. But we are very excited about the opportunity associated with those.

我想我可以開始了，然後大衛，我會讓你跟進。但我認為這會使訂單變得不穩定，對吧？我們去年就看到了這一點。因此，一方面，很高興我們也正在交付這些積壓的訂單。新一輪的 EPA 已準備好構建明年的部署。我們對此感到非常興奮。這是不同的規則，不同的部署方式。這是更多更大的項目。但我們對與這些相關的機會感到非常興奮。

And I'd add to that, Brian, just reiterate what Gregory said. Our backlog is up about 50% because we're seeing such strong order activity, which really helps us think about our revenue generation for the balance of the year that we already -- once you get the contract locked in, just a matter of timing.

布萊恩，我想補充一點，只是重申格雷戈里所說的話。我們的積壓訂單增加了約 50%，因為我們看到如此強勁的訂單活動，這確實有助於我們思考今年剩餘時間的收入生成——一旦鎖定合同，這只是時間問題。

And as we said in the prepared remarks that roughly, $3 million of that's likely to flow through the back half of the year, based on the customer dates we've been given. So we feel pretty good about our revenue going into the back half of the year.

正如我們在準備好的評論中所說，根據我們收到的客戶日期，其中大約 300 萬美元可能會在今年下半年流入。因此，我們對今年下半年的收入感到非常滿意。

And of course, we're going to have incremental organic growth because we can see that in our proposal pipeline. And what you're starting to see is people are starting to get their hands on a lot more vehicles, which really helps us get our pipeline higher and close on the order activity.

當然，我們將實現增量有機增長，因為我們可以在我們的提案渠道中看到這一點。你開始看到的是，人們開始購買更多的車輛，這確實有助於我們提高渠道並接近訂單活動。

Yeah, very good. I guess just turning to your AI initiatives, why did you choose to roll those out in the Nordic countries? And should we expect to see that technology further integrated into the United States in the near future?

是的，非常好。我想談談你們的人工智能計劃，你們為什麼選擇在北歐國家推出這些計劃？我們是否應該期望看到該技術在不久的將來進一步融入美國？

For sure, question two for sure is going to be -- it's being rolled out everywhere, right? The reason why we started in the Nordics is because it's the combination of two things, right? One is the fact that we are bidding in markets there. And so, forecasting the market is something that is important in our demonstration here of the rollout of the AI platform, combined with the forecasting of the vehicles.

當然，第二個問題肯定是——它正在到處推廣，對吧？我們從北歐開始的原因是因為它是兩件事的結合，對吧？一是我們正在那裡的市場競標。因此，在我們演示人工智能平台的推出以及車輛的預測時，預測市場非常重要。

And so, that's why we like there. But think about if we are capable of forecasting when the vehicles are going to be there, when they're going to be leaving, the amount of energy they're going to need to recharge. And if we are able to forecast energy prices, we are able to basically procure energy very early for our customers, I mean, 72 hours in advance, potentially, so that we avoid being exposed to potential volatility on the energy cost.

這就是我們喜歡那裡的原因。但想一想，我們是否能夠預測車輛何時到達、何時離開以及需要充電的電量。如果我們能夠預測能源價格，我們基本上就能夠很早就為我們的客戶採購能源，我的意思是，可能提前 72 小時，這樣我們就可以避免面臨能源成本潛在波動的風險。

And finally for me, regarding the California school bus market, it's very likely that California leads the way in electrification for school buses. I know that you have some good relationships with school districts in that region. Do you think you could quantify the potential size of that market for us?

最後對我來說，關於加州校車市場，加州很可能在校車電氣化方面處於領先地位。我知道你們與該地區的學區有良好的關係。您認為您能為我們量化該市場的潛在規模嗎？

We look at it in different ways. Well, you look at it at -- first of all, as you might know, there is 480,000 school bus on the roads in the US. They usually have a life of 12 years, a replacement rate of about 40,000 per year. Those are average, right, because there is volatility. So, it's a very large number, 24 million kids that are transported by school bus every year.

我們以不同的方式看待它。嗯，你看一下——首先，你可能知道，美國道路上有 480,000 輛校車。它們的使用壽命通常為 12 年，每年更換率約為 40,000 個。這些是平均水平，對吧，因為存在波動。所以，每年有 2400 萬兒童乘坐校車，這是一個非常大的數字。

Now, there is a variety of how those buses are being run. You've got three large fleet owners, first, student being the largest and owning about 50,000 school buses. But you got a bunch of medium operators that are running fleets of 10 to a few hundred school bus.

現在，這些公交車的運行方式多種多樣。共有三個大型車隊所有者，首先是最大的學生車隊，擁有大約 50,000 輛校車。但有一群中型運營商運營著 10 到幾百輛校車的車隊。

But the bulk of the market in terms of who owns the buses are the school districts. The bulk of that market is the smaller school districts that are very distributed. It's 274,000 school buses that are owned by small school districts. So, it's a very various market and how you're addressing it is important.

但就公交車擁有者而言，市場的大部分是學區。該市場的大部分是分佈非常分散的較小學區。小型學區擁有 274,000 輛校車。因此，這是一個非常多樣化的市場，如何應對這個市場很重要。

At the end of the day, it's really about how do you make the transition from internal combustion engine to electric as easy as possible for those either fleet operators or school districts. And that's why we are in the process of releasing our next -- we'll be releasing in September our next generation of platform that is really integrating a lot of what we call the charge management. Helping the school districts understand where the buses are going to be ready. If there is a problem, how do we, how do they deal with it? And the V2G piece is fully integrated into that and help reducing the cost of owning those vehicles.

歸根結底，真正的問題是如何讓車隊運營商或學區盡可能輕鬆地從內燃機過渡到電動汽車。這就是為什麼我們正在發布下一代平台——我們將在 9 月份發布我們的下一代平台，該平台真正集成了許多我們所謂的充電管理功能。幫助學區了解公交車將在哪裡準備好。如果出現問題，我們、他們如何處理？ V2G 部分完全集成到其中，有助於降低擁有這些車輛的成本。

But the priority for school districts is number one, making sure the bus is ready for the driver so that driver can be on time. Number two, if there is a problem, it needs to be fixed as soon as possible so that they can go back on schedule.

但學區的首要任務是確保公交車為司機做好準備，以便司機能夠準時到達。第二，如果出現問題，需要盡快修復，以便他們能夠按計劃恢復。

All right. Very good. Thank you.

好的。非常好。謝謝。

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。我想將會議轉回格雷戈里·波伊拉斯內 (Gregory Poilasne) 發表閉幕詞。

Thank you, everybody, for listening to us today. And we are looking forward for our next talk in three months from now. Thank you.

謝謝大家今天聆聽我們的講話。我們期待著三個月後的下一次演講。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。