Nuvve Holding Corp (NVVE) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Nuvve Holding Corporation first-quarter 2025 earnings conference call. On today's call are Greg Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its first quarter 2025 results. (Operator Instructions)

早安，歡迎參加 Nuvve Holding Corporation 2025 年第一季財報電話會議。參加今天電話會議的有執行長 Greg Poilasne 和 Nuvve 財務長 David Robson。今天早些時候，Nuvve 發布了一份新聞稿，宣布了 2025 年第一季的業績。（操作員指示）

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.

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。

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.

Nuvve 向美國證券交易委員會提交的文件和今天發布的收益報告中討論了這些風險因素，這些文件和收益報告可在我們的網站上查閱。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。

Please note this event is being recorded. With that, I would like to turn the call over to Greg Poilasne, Chief Executive Officer of Nuvve. Gregory?

請注意，此事件正在被記錄。接下來，我想將電話轉給 Nuvve 執行長 Greg Poilasne。格雷戈里？

Thank you, and good afternoon to everyone here today. Welcome to our Q1 '25 results call. This quarter has been a good transition quarter. Though our top line revenue for the quarter is not yet where we want, we are in a much better position than Q1 '24.

謝謝大家，祝今天在座的各位下午好。歡迎參加我們的 2025 年第一季業績電話會議。本季度是一個良好的過渡季度。儘管本季我們的營業收入尚未達到預期，但我們的狀況比 24 年第一季好得多。

We have received 28 orders for new charging stations versus only one year ago. Our backlog is growing, but our revenue recognition slowed as we transition to a drop ship model with our new partner, Tellus Power Green that we announced in January. The quarter and the first half of Q2 have been rich in action.

與一年前相比，我們已收到 28 個新充電站訂單。我們的積壓訂單不斷增加，但由於我們與 1 月宣布的新合作夥伴 Tellus Power Green 過渡到直運模式，我們的收入確認速度有所放緩。本季和第二季上半段的活動豐富多彩。

In February, Nuvve was awarded a critical contract with the state of New Mexico. This framework agreement allows us to provide proposal to any governmental EV deployment either with school districts, municipalities or state organization without going through an RFP process. These infrastructure deployments, including charging station, solar, storage, and microgrid implementation, will be financed for the state of New Mexico by our partner, Jefferies.

今年 2 月，Nuvve 與新墨西哥州簽訂了一份重要合約。該框架協議允許我們向任何政府電動車部署專案（無論是學區、市政當局還是州組織）提供提案，而無需經過 RFP 流程。這些基礎設施部署，包括充電站、太陽能、儲存和微電網實施，將由我們的合作夥伴 Jefferies 為新墨西哥州提供資金。

This project represents a potential opportunity greater than $400 million of CapEx deployment over the next four years. In order to successfully support this opportunity, we have established a special company in the state of New Mexico name Nuvve New Mexico. The purpose of this LLC is to develop close ties with key stockholders in the state. Ted Smith, our former Chief Operating Officer, has been named CEO of Nuvve New Mexico.

該項目代表著未來四年內超過 4 億美元資本支出部署的潛在機會。為了成功支持這個機會，我們在新墨西哥州成立了一家名為 Nuvve New Mexico 的特殊公司。該有限責任公司的目的是與該州的主要股東建立密切聯繫。我們的前任營運長泰德史密斯 (Ted Smith) 被任命為 Nuvve New Mexico 的執行長。

He's our champion and will bring any component for -- from Nuvve in order to successfully support the state. We have also decided to open some of the capital of Nuvve New Mexico to local investors in order to align interest. I'm looking forward to sharing more of our progress in the state of New Mexico soon.

他是我們的冠軍，並將從 Nuvve 帶來任何組件以成功支持國家。我們也決定向當地投資者開放新墨西哥州努夫韋的部分首都，以協調利益。我期待著很快分享我們在新墨西哥州取得的更多進展。

Moving on to Japan. After many years of managing batteries for Chubu Electric in collaboration with Toyota Tsusho, we have decided to move on and create a new entity that will drive the energy storage business in Japan on its own. NUVVE Japan is now established, and we have brought onboard Masa Higashida to lead our operations in Japan.

繼續前往日本。在與豐田通商合作管理中部電力電池多年後，我們決定繼續前進，創建一個新實體，獨立推動日本的儲能業務。NUVVE 日本現已成立，我們已聘請 Masa Higashida 領導我們在日本的業務。

This new company is initially focused on stationary storage deployment monetization, with new deregulation in 2026 supporting the aggregation of distributed storage in order to participate across a variety of energy markets. We are very bullish on the Japanese market, and we are convinced that we are doing this transition at the right time.

這家新公司最初專注於固定儲存部署貨幣化，2026 年的新放鬆管制將支援分散式儲存的聚合，以參與各種能源市場。我們對日本市場非常看好，我們堅信我們正在正確的時機進行這項轉型。

In order to support and accelerate the development of NUVVE Japan, we have also made the decision to open a minority of the capital to local investors. This process is well underway, and we'll share more information as it becomes available. Later in the quarter, we also announced our Battery-as-a-Service model for electric cooperative, and we welcome Michael Smucker as our energy storage sales leader.

為了支持和加速NUVVE日本的發展，我們也決定向當地投資者開放少數資本。該過程正在順利進行，我們將在獲得更多資訊後分享。本季度晚些時候，我們還宣布了針對電力合作社的電池即服務模式，並歡迎 Michael Smucker 擔任我們的能源儲存銷售主管。

We believe that the problem of grid modernization is to be resolved between substation and the end customers. At the end of the quarter, we made two important announcements.

我們認為，電網現代化的問題需要在變電站和最終客戶之間解決。在本季末，我們發布了兩項重要公告。

First, in late April, we announced the acquisition of the assets of Fermata Energy into Fermata 2.0 with 100% of the common shares owned by Nuvve. We made this decision based on a few key elements. First, we felt that Fermata focus -- have been focusing, sorry, on behind-the-meter value extraction. The Fermata platform tool stack was very advanced also.

首先，4月下旬，我們宣布收購Fermata Energy的資產，並將其併入Fermata 2.0，Nuvve持有其100%的普通股。我們根據幾個關鍵因素做出了這個決定。首先，我們認為 Fermata 的重點一直集中在儀表背後的價值提取。Fermata 平台工具堆疊也非常先進。

Second, Fermata has developed solid relationship with vehicle manufacturers, an area where Nuvve has been less focused. We have been able to execute this acquisition without any cash coming from the Nuvve Holding balance sheet while acquiring a mature pipeline, allowing for expanded long-term opportunities. We are very excited about the future of Fermata under Nuvve umbrella, which provides us the opportunity to consolidate software development resources.

其次，Fermata 與汽車製造商建立了牢固的關係，而 Nuvve 在這方面的關注度還不夠。我們能夠在不從 Nuvve Holding 資產負債表中提取任何現金的情況下完成此次收購，同時獲得成熟的管道，從而擴大長期機會。我們對 Nuvve 旗下 Fermata 的未來感到非常興奮，這為我們提供了整合軟體開發資源的機會。

Finally, in late April, Nuvve also announced the creation of a new subsidiary in order to address another distributed asset management business, digital assets.

最後，4月下旬，Nuvve也宣布成立新的子公司，以因應另一項分散式資產管理業務—數位資產。

This effort led by James Altucher and supported by Tim Collins and me is focusing on building a diversified portfolio of cryptocurrency. The digital asset management committee is going to oversee the portfolio distribution by targeting multiple pick-and-shovel tokens from high-growth sectors such as decentralized finance, DeFi; decentralized physical infrastructure, DePIN; programming and tokenization of real-world assets.

這項工作由 James Altucher 領導，並得到 Tim Collins 和我的支持，致力於建立多元化的加密貨幣投資組合。數位資產管理委員會將透過瞄準去中心化金融 (DeFi)、去中心化實體基礎設施 (DePIN)、現實世界資產的編程和代幣化等高成長領域的多種代幣來監督投資組合的分配。

In summary, this quarter carries the fruit of many quarters of hard work to transform Nuvve, reducing our cash burn at the holding level and focusing the organization on profitability. This transformation is well underway, and we are very excited about the future.

總而言之，本季度取得了 Nuvve 轉型多個季度的辛勤工作的成果，減少了控股層面的現金消耗，並使組織專注於盈利能力。這一轉變正在順利進行中，我們對未來充滿期待。

And now I will let David take you through the details of our financials.

現在，我將讓大衛向您介紹我們的財務狀況的詳細資訊。

Thanks, Gregory. I will start with a recap of first quarter 2025 results. In the first quarter, we generated total revenues of $0.9 million compared to $0.8 million in the first quarter of 2024. The growth was primarily driven by increased charger hardware sales versus the same period last year.

謝謝，格雷戈里。我先回顧 2025 年第一季的業績。第一季度，我們的總收入為 90 萬美元，而 2024 年第一季為 80 萬美元。這一成長主要得益於充電器硬體銷售量與去年同期相比的成長。

Margins on products, services and grant revenues were 39.9% for the first quarter of 2025 compared to 34.7% for the year ago period.

2025 年第一季產品、服務和補助收入的利潤率為 39.9%，而去年同期為 34.7%。

The increase is primarily due to a higher mix of service revenues this quarter compared with last year. Excluding grant revenues, margins on product and service revenues were 32.6% for the first quarter of 2025 compared to 26.8% in the current year ago period.

成長的主要原因是本季服務收入組合較去年同期增加。不包括補助收入，2025 年第一季產品和服務收入的利潤率為 32.6%，而去年同期為 26.8%。

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 small fraction of the revenue of the DC charger. Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%.

需要提醒的是，利潤率可能會因產品組合的不同而各季度之間出現波動。標準定價的直流充電器毛利率一般在 15% 至 25% 之間，而交流充電器毛利率約為 50%，但以美元計算，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%，而軟體和工程服務利潤率則高達100%。

Operating costs, excluding cost of sales, was $6 million for the first quarter of 2025 compared to $5.9 million for the fourth quarter of 2024 and $7.5 million for the first quarter of 2024. We have continued to drive efficiencies in 2025 resulting in lower overhead costs. We expect the lower operating costs we have realized this quarter compared to the prior year first quarter to continue in future quarters.

2025 年第一季的營運成本（不包括銷售成本）為 600 萬美元，而 2024 年第四季為 590 萬美元，2024 年第一季為 750 萬美元。我們將在 2025 年持續提高效率，進而降低管理成本。我們預計，與去年同期相比，本季的營運成本較低，且這種趨勢將在未來幾季持續下去。

Cash operating expenses, excluding cost of sales, stock compensation and depreciation and amortization expense was $5.3 million in the first quarter of 2025 versus $5.2 million in the fourth quarter of 2024 versus $6.6 million in the first quarter of 2024. This represents a decline of $1.3 million in expenses over the same quarter last year.

2025 年第一季的現金營運費用（不含銷售成本、股票薪資及折舊及攤提費用）為 530 萬美元，2024 年第四季為 520 萬美元，2024 年第一季為 660 萬美元。這意味著與去年同期相比，支出減少了 130 萬美元。

Other expense was $1.3 million in the first quarter of 2025 compared to $0.5 million of other income in the first quarter of 2024. The prior year period benefited from noncash gains from the change in the fair value of warrants, while the current period had noncash losses from the change in the fair value of convertible debt and warrants in addition to interest expense from borrowings.

2025 年第一季的其他支出為 130 萬美元，而 2024 年第一季的其他收入為 50 萬美元。去年同期受惠於認股權證公允價值變動的非現金收益，而本期則因可轉換債務和認股權證公允價值變動以及借款利息支出而產生非現金損失。

Net loss attributable to Nuvve common stockholders decreased in the first quarter of 2025 to $6.9 million from a net loss of $7 million in Q1 of 2024. The improvement was primarily a result of lower operating expenses offset by higher nonoperating expenses. Now turning to our balance sheet.

2025 年第一季度，歸屬於 Nuvve 普通股股東的淨虧損從 2024 年第一季的 700 萬美元減少至 690 萬美元。這一改善主要是由於營業費用的降低被營業外費用的增加所抵消。現在轉向我們的資產負債表。

We had approximately $1.2 million in cash as of March 31, 2025, excluding $0.3 million in restricted cash, which represents an increase of $0.8 million from December 2024. The increase was a result of capital raised through the issuance of common stock and the exercise of warrants totaling $1.4 million and an increase in net borrowings of $1.2 million, primarily offset by $1.8 million used in operating activities.

截至 2025 年 3 月 31 日，我們擁有約 120 萬美元現金，不包括 30 萬美元的受限現金，比 2024 年 12 月增加 80 萬美元。這一增長是由於透過發行普通股和行使認股權證籌集的資金總額為 140 萬美元，以及淨借款增加 120 萬美元，主要被經營活動中使用的 180 萬美元所抵消。

During the quarter, inventory decreased by $0.5 million to $4.1 million at March 31, 2025, as we continue to improve our inventory turnover. During the quarter, accounts receivable decreased by $0.7 million to $1.5 million at March 31, 2025, due to improved collections of our customer balances. Accounts payable at the end of the first quarter of 2025 was $2.2 million, an increase of $0.3 million compared to the fourth quarter of 2024 of $1.9 million. Accrued expenses at the end of the first quarter of 2025 was $4.8 million, an increase of $1.4 million compared to the fourth quarter of 2024 of $3.4 million.

本季度，由於我們持續提高庫存週轉率，庫存減少 50 萬美元，截至 2025 年 3 月 31 日為 410 萬美元。本季度，由於客戶餘額收回情況改善，應收帳款減少 70 萬美元至 2025 年 3 月 31 日的 150 萬美元。2025 年第一季末的應付帳款為 220 萬美元，與 2024 年第四季的 190 萬美元相比增加了 30 萬美元。2025 年第一季末的應計費用為 480 萬美元，與 2024 年第四季的 340 萬美元相比增加了 140 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 United States and in light-duty fleet deployments in Europe, in addition to stationary batteries.

現在來談談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 V1G 和 V2G 充電器所產生的總電力容量的指標，這些充電器主要部署在美國的電動校車市場和歐洲的輕型車隊中，此外還有固定電池。

Currently, these chargers and batteries are located throughout the United States, Europe and Japan. Megawatts under management in the first quarter increased 3.6% over the fourth quarter of 2024 to 31.8 megawatts from 30.7 megawatts, a 19.5% increase compared to the first quarter of 2024.

目前，這些充電器和電池遍布美國、歐洲和日本。2024 年第一季管理的兆瓦數較第四季成長 3.6%，從 30.7 兆瓦增至 31.8 兆瓦，較 2024 年第一季成長 19.5%。

In terms of its composition, 7.1 megawatts were from stationary batteries and 24.7 megawatts were from EV chargers. We continue to expect further growth in our megawatts under management in 2025 as we continue to commission our backlog of customer orders we have earned in addition to new business we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationary batteries.

從組成來看，7.1兆瓦來自固定電池，24.7兆瓦來自電動車充電器。我們繼續預計，到 2025 年，我們管理的兆瓦數量將進一步增長，因為我們將繼續委託已獲得的積壓客戶訂單以及我們預計將贏得的新業務，我們在電動汽車充電器和固定電池的渠道中都可以看到這些新業務。

Now turning to backlog. On March 31, our hardware and service backlog increased to $19.7 million, an increase of $1.4 million from $18.3 million reported at December 31, 2024. This increase is related to contracts with customers that are expected to convert in sales in 2025.

現在轉向積壓。截至 3 月 31 日，我們的硬體和服務積壓訂單增加至 1,970 萬美元，較 2024 年 12 月 31 日報告的 1,830 萬美元增加了 140 萬美元。這一增長與預計 2025 年轉化為銷售額的客戶合約有關。

As we look out to the next several quarters, we expect to see more developments on our New Mexico contract and the Fresno project. We also anticipate improvements in our cash burn resulting for the benefits of lower operating costs compared with last year. That concludes my portion of the prepared remarks. Gregory, back to you to conclude.

展望未來幾個季度，我們預計新墨西哥合約和弗雷斯諾項目將取得更多進展。我們也預期現金消耗將有所改善，從而帶來與去年相比營運成本降低的好處。我的準備發言部分到此結束。格雷戈里，回到你來做結論。

Thank you, David. In summary, though our top line revenue is still work in progress, we have executed on some fundamental transformation aspects. We are reducing our cash burn while focusing the organization on profitability, and we have started to execute on our M&A plan. This quarter is a key stepping stone in our transformation. Thank you.

謝謝你，大衛。總而言之，雖然我們的營業收入仍在不斷提高，但我們已經執行了一些根本性的轉型措施。我們正在減少現金消耗，同時將組織重點放在獲利能力上，我們已經開始執行我們的併購計劃。本季是我們轉型的關鍵基石。謝謝。

(Operator Instructions)

（操作員指示）

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。我想將會議交還給 Gregory Poilasne 做最後發言。

I want to again emphasize our expectation in terms of the transformation that we are going through and the opportunities that we are facing, and we are looking forward to sharing more with you over the next few months. Thank you very much.

我想再次強調我們對正在經歷的轉型和麵臨的機會的期望，我們期待在接下來的幾個月與大家分享更多。非常感謝。

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。