Nuvve Holding Corp (NVVE) 2024 Q1 法說會逐字稿

Good morning and welcome to the Nuvve Holding Corporation first quarter 2024 earnings conference call.

早安，歡迎參加 Nuvve Holding Corporation 2024 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

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 2024 results. Following prepared remarks, we will be opening the call up for questions.

Nuvve 執行長 Gregory Poilasne 和財務長 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 2024 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, 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？

Thank you, and good afternoon to everyone here today. Thank you for joining our first quarter 2024 results call. We are pleased to have the ability to update you on the progress we are making in scaling our business and positioning Nuvve for our future growth.

謝謝大家，今天在座的各位下午好。感謝您參加我們的 2024 年第一季業績電話會議。我們很高興能夠向您通報我們在擴展業務和為 Nuvve 未來發展定位方面所取得的最新進展。

The global environment in the electric vehicle space remains tough. The negative perception is real, especially in the consumer space. We can also see that through the outcome of companies such as (inaudible), Tritium and in the free space, such as Proterra. SInce Nuvve became a public company our focus has been on the school bus business, which is a heavily supported by EPA funding. This funding is essential for school districts to adopt clean transportation and bring the cost of school buses down. The current process of raising funding makes the adoption (inaudible) in nature. School districts are waiting for the outcome of the funding before making the decisions.

電動車領域的全球環境仍然嚴峻。這種負面看法是真實存在的，尤其是在消費者領域。我們也可以透過（聽不清楚）、Tritium 等公司以及 Proterra 等自由空間公司的成果看到這一點。自從 Nuvve 成為上市公司以來，我們的重點一直是校車業務，該業務得到了 EPA 資金的大力支持。這筆資金對於學區採用清潔交通並降低校車成本至關重要。目前的籌集資金過程本質上是採用（聽不清楚）。學區在做出決定之前正在等待資金結果。

The first quarter 2024 otherwise has been expected to be in between two different fundings, and we have known it will be soft. We remain very excited about our leadership position in the school bus space, and it's still one of our key revenue drivers for 2024 so it makes the revenue very lumpy.

否則，2024 年第一季預計將介於兩種不同的融資之間，而且我們知道情況會很疲軟。我們對我們在校車領域的領導地位仍然感到非常興奮，它仍然是我們 2024 年的主要收入驅動因素之一，因此這使得收入非常不穩定。

In order to smooth out our revenue and expand our business we have recently announced two key projects. The first one is with the Fresno economic opportunities commission. In January, we announced that Nuvve has been selected by the Board of the commission to deliver on the $16 million transportation and renewable energy projects. I can share with you today that we have signed a contract with Fresno EOC to execute on this project, one key subsidies have been finalized, which we expect to be over the next 60 days.

為了平滑我們的收入並擴大我們的業務，我們最近宣布了兩個關鍵項目。第一個是弗雷斯諾經濟機會委員會。一月份，我們宣布 Nuvve 已被委員會董事會選中來交付價值 1,600 萬美元的交通和再生能源項目。今天我可以跟大家分享的是，我們已經與弗雷斯諾 EOC 簽署了執行該項目的合同，其中一項關鍵補貼已經敲定，我們預計將在未來 60 天內完成。

As a reminder, this project includes the deployment of 60 plus charging stations, 2.5 megawatt of solar generation and 1.6 megawatt hour of batteries. Nuvve will not only drive the project development but through its GIVe platform Nuvve will manage the energy on the site for the next 10 years. We are proud to support the Fresno EOC in achieving its vision in deploying clean transportation and renewable energy generation in order to reduce the pollution in the Fresno County. We also now expect that the initial $16 million will be recognized over the next 24 months.

需要提醒的是，該專案包括部署 60 多個充電站、2.5 兆瓦太陽能發電和 1.6 兆瓦時電池。Nuvve 不僅將推動專案開發，還將透過其 GIVe 平台管理該場地未來 10 年的能源。我們很自豪能夠支持弗雷斯諾 EOC 實現其部署清潔交通和再生能源發電的願景，以減少弗雷斯諾縣的污染。我們現在也預計最初的 1,600 萬美元將在未來 24 個月內得到確認。

In February, we also announced that we had been selected in partnership with e-Formula, a prominent Taiwanese energy solution provider, in order to deliver on a project driven by Tai Power Corporation (sic - see website "Taiwan Power Company"). This project based in Hsinchu include 90 plus charging station for shuttles, solar and storage. Though the contract negotiations are being finalized the project is not only exciting on its own, but it opens the door to many of the projects on this island. You can find more details on our V2G hub projects on our hub website www.nuvvev2ghubs.com.

今年 2 月，我們也宣布已被選中與台灣著名能源解決方案提供商 e-Formula 合作，以交付由台電公司推動的項目（原文如此 - 請參閱網站「台灣電力公司」）。該項目位於新竹，包括 90 多個接駁車、太陽能和儲存充電站。儘管合約談判即將敲定，但該項目不僅本身令人興奮，而且為該島上的許多項目打開了大門。您可以在我們的中心網站 www.nuvvev2ghubs.com 上找到有關我們的 V2G 中心專案的更多詳細資訊。

As we have announced in 2023, battery deployments are always associated with the EV deployment. The capabilities of our platform to manage EV batteries make it perfect to manage both EV and stationary storage or stationary storage alone. In this critical moment of electrification of transportation our platform is the only one to provide a common place of electrification and energy management while providing grid services.

正如我們在 2023 年宣布的那樣，電池部署始終與電動車部署相關。我們的平台管理電動車電池的功能使其非常適合管理電動車和固定儲存或單獨管理固定儲存。在交通電氣化的關鍵時刻，我們的平台是唯一一個在提供電網服務的同時提供電氣化和能源管理公共場所的平台。

The integration of electric vehicles into the electric system is extremely challenging when also considering for many other segments that are increasing the electric energy consumption. We have always said that V2G is key to such integration. We are pleased to see that a couple of weeks ago was held a very significant conference on V2G in San Diego, the city where Nuvve was founded and where we are headquartered.

考慮到許多其他領域正在增加電能消耗，將電動車整合到電力系統中極具挑戰性。我們一直說V2G是這種融合的關鍵。我們很高興看到幾週前在聖地牙哥舉行了一次非常重要的 V2G 會議，聖地牙哥是 Nuvve 的創立地和我們的總部所在地。

But I keep on asking what is V2G. if it does not provide a service to the end users. V2G is a great technology, but to get it adopted, it requires to articulate the value proposition. We have developed a value proposition around three aspects. Vehicle readiness, guaranteeing to the user the vehicle will be ready when they need it. Energy management, which includes the trade-off between charging the vehicle at the lowest cost and providing grid services in order to generate revenue. And finally, battery life extension based on always charging the battery at the exact level that the driver needs.

但我一直在問什麼是V2G。如果它不向最終用戶提供服務。V2G 是一項偉大的技術，但要使其被採用，需要闡明價值主張。我們圍繞著三個方面製定了價值主張。車輛準備就緒，向使用者保證車輛在需要時準備就緒。能源管理，包括以最低成本為車輛充電和提供電網服務以產生收入之間的權衡。最後，電池壽命的延長是基於始終按照駕駛員所需的精確水平充電。

The combination of our game platform that manages the electric vehicle batteries and stationary storage in real time. With Astrea, our AI platform for the forecasting allows us to truly provide these services. Some of our competitors are reusing these terms that very often without experience in doing it. But the first step in the EV adoption should never be neglected, the deployment phase where fleet managers often left alone in making key decisions without the proper information. On our website, www.nuvve.com, you can find multiple testimonials for different customers, emphasizing how we have been here to help them execute their EV deployment vision and solve the different problems along the way. I'm proud of Nuvve's service and the feedback that we are getting.

我們的遊戲平台的結合可以即時管理電動車電池和固定儲存。借助 Astrea，我們的 AI 預測平台使我們能夠真正提供這些服務。我們的一些競爭對手常常在沒有經驗的情況下重複使用這些術語。但電動車採用的第一步永遠不應被忽視，即在部署階段，車隊經理經常在沒有適當資訊的情況下獨自做出關鍵決策。在我們的網站 www.nuvve.com 上，您可以找到不同客戶的多個推薦，強調我們如何幫助他們執行電動車部署願景並解決一路上的不同問題。我對 Nuvve 的服務和我們收到的回饋感到自豪。

Before I pass the microphone to David, I want to reaffirm our expectations for this year's 2024 of $15 to $20 million of revenue. We are managing our destiny and we are executing our business plan to achieve our targets.

在將麥克風交給 David 之前，我想重申我們對 2024 年收入 15 至 2000 萬美元的預期。我們正在管理我們的命運，我們正在執行我們的業務計劃以實現我們的目標。

Thanks, Gregory. I will start with a recap of first quarter 2024 for results. In the first quarter, we generated total revenues of $780,000 compared to $1.85 million in the first quarter of 2023. The decrease was primarily driven by the reduction in charger hardware sales impacted by the timing of EPA funding award. Margins on product and service revenues were 34.7% for the first quarter of 2024 compared to 21.2% in the year ago period. The increase is primarily due to a higher mix of service revenues and improved pricing on hardware sales this quarter compared with last year.

謝謝，格雷戈里。我將首先回顧 2024 年第一季的業績。第一季度，我們的總收入為 78 萬美元，而 2023 年第一季的總收入為 185 萬美元。下降的主要原因是受 EPA 資助時間的影響，充電器硬體銷量減少。2024 年第一季產品和服務收入利潤率為 34.7%，而去年同期為 21.2%。這一增長主要是由於本季度服務收入組合的增加以及硬體銷售定價與去年相比的提高。

As a reminder, margins have been 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 small fraction of the revenue of the DC charger. Risk service revenue margins are generally 30%, while software and engineering service margins are as high as 100%.

提醒一下，每季的利潤率都不穩定，這取決於組合。標準定價下直流充電器的毛利率一般為15%至25%，而交流充電器的毛利率約為50%。但以美元計算，只佔直流充電器收入的一小部分。風險服務收入利潤率一般為30%，而軟體和工程服務利潤率則高達100%。

Operating costs, excluding cost of sales was $7.5 million for the first quarter of 2024 compared to $7.9 million for the fourth quarter of 2023 and $8.3 million in the first quarter of 2023. We have continued to drive efficiencies through 2023 and into 2024, resulting in lower overhead costs. We expect to realize additional improvements in our operating expenses in future quarters this year.

2024 年第一季的營運成本（不包括銷售成本）為 750 萬美元，而 2023 年第四季為 790 萬美元，2023 年第一季為 830 萬美元。我們將在 2023 年和 2024 年持續提高效率，從而降低管理成本。我們預計今年未來幾季的營運支出將進一步改善。

Cash operating expenses, excluding cost of sales, stock compensation and depreciation and amortization expense, declined to $6.3 million in the first quarter of 2024 versus $6.9 million in the fourth quarter of 2023 and $7.2 million in the first quarter of 2023. Other income was $0.5 million in the first quarter of 2024, up from $0.2 million in the year-ago quarter. The current period benefits from a non-cash gain from the change in the fair value of warrants.

不包括銷售成本、股票報酬以及折舊和攤銷費用的現金營運費用在 2024 年第一季下降至 630 萬美元，而 2023 年第四季為 690 萬美元，2023 年第一季為 720 萬美元。2024 年第一季的其他收入為 50 萬美元，高於去年同期的 20 萬美元。本期受惠於認股權證公允價值變動所產生的非現金收益。

Net loss attributable to new B common stockholders decreased in the first quarter of 2024 to $6.7 million from a net loss of $7.7 million in Q1 of 2023. The improvement was primarily a result of lower operating expenses this quarter compared to the first quarter of 2023.

新 B 類普通股股東應佔的淨虧損從 2023 年第一季的 770 萬美元淨虧損減少至 2024 年第一季的 670 萬美元。這一改善主要是由於本季營運費用較 2023 年第一季有所下降。

Now turning to our balance sheet. We had approximately $5.3 million in cash as of March 31st, 2024, excluding half a million in restricted cash, which represents an increase of $3.7 million from December 2023. The increase was a result of net capital raise of $8.5 million during the quarter, primarily offset by $4.7 million used in operating activities. During the quarter. Inventories increased by $0.2 million to $6.1 million at March 31st, 2024, as we purchased additional DC charging stations to support our sales pipeline.

現在轉向我們的資產負債表。截至 2024 年 3 月 31 日，我們擁有約 530 萬美元現金，不包括 50 萬限制性現金，比 2023 年 12 月增加了 370 萬美元。這一增長是由於本季淨資本籌集 850 萬美元，主要被經營活動所用的 470 萬美元所抵消。本季期間。截至 2024 年 3 月 31 日，庫存增加了 20 萬美元，達到 610 萬美元，因為我們購買了額外的直流充電站來支援我們的銷售管道。

Accounts payable at the end of the first quarter of 2024 decreased by $0.2 million to $1.5 million. At the end of the first quarter of 2024., the balance sheet reflects the addition of a warrant liability related to warrants issued in connection to our capital raise in January. The warrants were valued at $3.8 million on the issuance date and $3.1 million at March 31, 2024, resulting in a $700,000 gain during the quarter recorded to other income.

2024 年第一季末應付帳款減少 20 萬美元，至 150 萬美元。2024 年第一季末，資產負債表反映了與 1 月份融資相關發行的認股權證相關的認股權證負債的增加。這些認股權證在發行之日的價值為 380 萬美元，截至 2024 年 3 月 31 日的價值為 310 萬美元，導致本季計入其他收入的收益為 70 萬美元。

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 battery. 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數和預計的未來電網服務收入，提醒一下，管理兆瓦數是我們用來量化部署我們的V1G 和V2G 充電器的總電量的指標，這些充電器主要部署在電動車中。目前，這些充電器和電池遍布美國各地。歐洲和日本。

Megawatts under management in the first quarter increased 6% over the fourth quarter of 2023, 26.6 from 25.1, a 45.4% increase compared to the first quarter of 2023. In terms of its composition, 7.1 megawatts were from stationary batteries and 19.5 megawatts were from EV chargers. We continue to expect an acceleration of our megawatts under management as we go through the remainder of the year and continue to commission our backlog of customer orders we have earned in '23 and the beginning of 2024. In addition to new business, we anticipate winning, which we have visibility to on our pipeline for both EV chargers and stationary batteries.

第一季管理兆瓦較2023年第四季成長6%，從25.1兆瓦成長26.6兆瓦，較2023年第一季成長45.4%。就其組成而言，7.1兆瓦來自固定電池，19.5兆瓦來自電動車充電器。我們繼續預計，隨著今年剩餘時間的到來，我們管理的兆瓦容量將加速成長，並繼續委託我們在 23 年和 2024 年初贏得的積壓客戶訂單。除了新業務外，我們還預計會獲勝，因為我們在電動車充電器和固定電池的管道中都可以看到這些業務。

Now turning to backlog, on March 31, our hardware and service backlog reached a milestone record for Nuvve at $19 million, increasing by $15.1 million from $3.9 million at December 31, 2023. Our hub project in Fresno, California, which we closed during Q1 of this year was the primary driver of the increase.

現在轉向積壓，3 月 31 日，我們的硬體和服務積壓達到了 Nuvve 的里程碑記錄，達到 1900 萬美元，比 2023 年 12 月 31 日的 390 萬美元增加了 1510 萬美元。我們在加州弗雷斯諾的樞紐項目於今年第一季關閉，是成長的主要動力。

That concludes my portion of the prepared remarks. Gregory, back to you to conclude.

我準備好的發言部分到此結束。格雷戈里，回到你的結論。

Thanks David. Though this first quarter 2024 has been soft this does not come as a surprise. Our expectations for 2024 have not changed. We expect the school bus business to pick up in the second and third quarter with the EPA round two and round three. We are also executing on the awards that we have received at the beginning of the year with some of them contributing to our 2024 revenue. We look forward to sharing more with you in the near future.

謝謝大衛。儘管 2024 年第一季表現疲軟，但這並不令人意外。我們對 2024 年的期望沒有改變。我們預計，隨著 EPA 第二輪和第三輪的批准，校車業務將在第二季和第三季回升。我們還在執行年初獲得的獎項，其中一些獎項為我們 2024 年的收入做出了貢獻。我們期待在不久的將來與您分享更多。

We will now begin the question and answer session to ask a question.

我們現在開始問答環節來提問。

(Operator Instructions) Brian Dobson, Chardan.

（操作員說明）Brian Dobson，Chardan。

Hey, it's Greg Pendy in for Brian Dobson. Just a question in light of the $15 to $20 million in revenue guidance and right now, it looks like the inventory uptick too -- I think you said $6.1 million. How much -- what do you think a normalized year end inventory level could be? Do you think it could be around $2 million or just trying to get a feel where that the $15 to $20 million -- how much you can burn off for working capital and inventory? Thanks.

嘿，格雷格·潘迪 (Greg Pendy) 代替布萊恩·多布森 (Brian Dobson)。只是考慮到 1500 至 2000 萬美元的收入指導而提出的一個問題，而現在，庫存似乎也在增加——我想你說的是 610 萬美元。您認為正常化的年末庫存水準會是多少？您認為可能是 200 萬美元左右，還是只是想了解一下 1500 至 2000 萬美元——您可以為營運資金和庫存消耗多少資金？謝謝。

Hey Greg, I think that inventory level come down a couple more million dollars between now and the end of the year. Of course, it really depends on the timing of when we deliver orders. But I think about it is call it -- longer term three to four months of inventory on hand -- of future sales.

嘿格雷格，我認為從現在到今年年底，庫存水準會再下降幾百萬美元。當然，這實際上取決於我們交付訂單的時間。但我認為這就是所謂的未來銷售——長期三到四個月的現有庫存。

Okay, thanks. And then just one more question, you mentioned EPA rounds hitting in 2Q and 3Q. Can you kind of give us a little bit more color on notable dates that we should be looking at or within those two quarters?

好的謝謝。還有一個問題，您提到 EPA 回合將在第二季和第三季進行。您能否為我們提供一些關於我們應該關注的重要日期或這兩個季度內的更多資訊？

David, do you want to take that?

大衛，你想接受這個嗎？

Greg, I just cut out one second, can you just repeat it one more time? I didn't hear.

格雷格，我剛剛刪掉了一秒鐘，你能再重複一遍嗎？我沒聽見。

Sure. sorry about that. Just in light of the EPA rounds heading in 2Q and 3Q, can you call out any notable dates we should be looking out on that would be publicly released on some of the school bus orders or time lines.

當然。對於那個很抱歉。鑑於第二季和第三季的 EPA 輪次，您能否指出我們應該關注的任何重要日期，這些日期將在一些校車訂單或時間表上公開發布。

You know from what Gregory said in his remarks, is really the timing of when we see those announcements coming out in the Q2 to Q3 timing but I don't have any more precision than that.

從格雷戈里在演講中所說的你知道，這確實是我們在第二季到第三季發布這些公告的時間，但我沒有比這更精確的時間了。

Okay, no problem. Alright, thats all I have.

好的沒問題。好吧，我只有這些了。

And may be to answer -- more the question there is really about when we get the orders from the school districts right? So in the round two there are few -- there are some that could be larger orders, and so we might publicize that. But it's really -- the timeline is really in the hand of the school districts very often right.

可能是要回答——更多的問題是我們何時收到學區的命令，對嗎？所以在第二輪中，有一些訂單可能會更大，所以我們可能會公佈這一點。但事實上，時間表實際上掌握在學區手中，而且往往是正確的。

Okay, understood. Okay, that's all I have. Thanks.

好的，明白了。好吧，我只有這麼多了。謝謝。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Gregory Poliasne 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·波利亞斯內 (Gregory Poliasne) 發表閉幕詞。

And we appreciate everybody listening in today, and we are looking forward to sharing more with you of the progress we are making. We're very excited about 2024 and on and looking forward to our communication at this -- about Q2. Thank you. Bye-bye.

我們感謝今天收聽的每個人，我們期待與您分享更多我們正在取得的進展。我們對 2024 年及以後感到非常興奮，並期待我們就此進行關於第二季度的溝通。謝謝。再見。

The conference has 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。您現在可以斷開連線。