Nuvve Holding Corp (NVVE) 2025 Q2 法說會逐字稿

Hello, and welcome to the Nuvve Holding Corporation's second quarter 2025 earnings conference call. Please note, this event is being recorded. On today's call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve.

您好，歡迎您參加 Nuvve Holding Corporation 2025 年第二季財報電話會議。請注意，此事件正在被記錄。參加今天電話會議的有執行長 Gregory Poilasne 和 Nuvve 財務長 David Robson。

Earlier today, Nuvve issued a press release announcing its Q2 '25. Following prepared remarks, we will open up the call for questions. (Operator Instructions) 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.

今天早些時候，Nuvve 發布了一份新聞稿，宣布其 2025 年第二季業績。聽完準備好的發言後，我們將開始提問。（操作員指示）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。

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

接下來，我想將電話轉給 Nuvve 執行長 Gregory Poilasne。請繼續。

Thank you, and good afternoon to everyone here today. Welcome to our Q2 '25 results call. In line with Q1, this quarter has allowed us to finalize the structural changes we have decided to implement late last year. These structural changes are now allowing us to position Nuvve at a very strategic intersection between energy, artificial intelligence and crypto.

謝謝大家，祝今天在座的各位下午好。歡迎參加我們的 2025 年第二季業績電話會議。與第一季一致，本季讓我們能夠最終完成去年年底決定實施的結構性變革。這些結構性變化現在使我們能夠將 Nuvve 定位在能源、人工智慧和加密之間的一個非常具有戰略意義的交叉點上。

Here are a few reasons. Energy powers AI and crypto. Energy is foundational to both AI and cryptocurrency as both require massive computing infrastructure. AI optimizes energy and crypto operations. In energy, AI is used to predict demand, optimize grid efficiency and integrate renewables. And in crypto, AI can optimize mining efficiency, detect fraud and enhance trading strategies. AI models can manage when to run mining rigs or data centers based on real-time energy pricing or availability, reducing costs and emissions. Crypto enables energy markets innovation, blockchain can tokenize energy assets, e.g., solar panels, carbon credits, enabling peer-to-peer energy trading and smart contracts on blockchain can automate energy transactions.

原因如下。能源為人工智慧和加密技術提供動力。能源是人工智慧和加密貨幣的基礎，因為它們都需要大量的運算基礎設施。人工智慧優化能源和加密操作。在能源領域，人工智慧用於預測需求、優化電網效率和整合再生能源。在加密領域，人工智慧可以優化挖礦效率、偵測詐欺行為並增強交易策略。人工智慧模型可以根據即時能源價格或可用性來管理何時運行採礦設備或資料中心，從而降低成本和排放。加密貨幣推動能源市場創新，區塊鏈可以標記能源資產，例如太陽能板、碳信用額，實現點對點能源交易，區塊鏈上的智慧合約可以實現能源交易自動化。

Decentralized AI and energy incentives. Crypto tokens can incentivize data sharing or AI model training and crypto-powered grids can reward users for sharing excess renewable energy while AI can ensure secure and efficient distribution of such decentralized networks.

分散的人工智慧和能源激勵。加密代幣可以激勵資料共享或人工智慧模型訓練，加密電網可以獎勵共享多餘可再生能源的用戶，而人工智慧可以確保這種分散式網路安全且有效率地分配。

In summary, energy power, AI and crypto, AI enhances energy and crypto. Crypto transforms the energy market. This describes perfectly our road map where the strangular relationship is enabling a future of decentralized, intelligent and sustainable digital infrastructure.

總結一下，能源、人工智慧和加密，人工智慧增強能源和加密。加密技術改變了能源市場。這完美地描述了我們的路線圖，其中的嚴格關係正在實現分散、智慧和永續的數位基礎設施的未來。

Let's look closer to our implementation starting with our Energy business. As shared earlier, we have established multiple subsidiaries, including Nuvve Japan, Nuvve Europe and our charge point operator business in the United States supporting our EV driver clients around the country. This unit is called Nuvve CPO. Both Nuvve Japan and Nuvve Europe are in the process of raising private capital in order to support their development in their respective geographies with strong focus on stationary storage deployments.

讓我們從能源業務開始更深入地了解我們的實施情況。如同先前所分享的，我們已經建立了多個子公司，包括 Nuvve Japan、Nuvve Europe 以及我們在美國設立的充電點營運商業務，為全國各地的電動車駕駛客戶提供支援。這個單位被稱為 Nuvve CPO。Nuvve Japan 和 Nuvve Europe 均在籌集私人資本，以支持其在各自地區的發展，並專注於固定儲存部署。

We are targeting to share about 20% of equity from each company in order to bring enough capital to drive these entities to profitability and share the reward with our co-investors. I'm happy to report that Nuvve Japan has received its first private investment, and I hope to report soon great progress in our platform rollout for battery management in Japan. In Q1, I had shared with you that we have been awarded a very critical contract with the state of New Mexico. This framework agreement allows us to provide proposals to any governmental EV deployment either with school districts, municipalities or state organization without going through an RFP process.

我們的目標是從每家公司分享約 20% 的股權，以便帶來足夠的資本來推動這些實體獲利並與我們的共同投資者分享回報。我很高興地報告，Nuvve Japan 已經獲得了第一筆私人投資，我希望很快能報告我們在日本的電池管理平台推廣上取得了巨大進展。在第一季度，我曾與大家分享過，我們已與新墨西哥州簽訂了一份非常重要的合約。此框架協議允許我們向任何政府電動車部署機構（包括學區、市政當局或州組織）提供提案，而無需經過 RFP 流程。

These infrastructure deployments, including charging stations, solar, storage and microgrid implementation will be financed for the state of New Mexico by our partner, Jeffries. As a reminder, this project represents a potential opportunity greater than $400 million of CapEx deployment over the next 4 years. In order to successfully support this opportunity, we have established a special company in the state of New Mexico named Nuvve New Mexico, led by Ted Smith, our former COO and now CEO of Nuvve New Mexico.

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 Jeffries 為新墨西哥州提供資金。提醒一下，該專案代表著未來 4 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，由我們的前任營運長、現任 Nuvve New Mexico 執行長 Ted Smith 領導。

We have also decided to open the capital of Nuvve New Mexico, LLC for up to 20% of its equity to local investors. I'm happy to report that Nuvve New Mexico has also received several private investments. Please stay tuned as we will be able to share more soon about first major projects in New Mexico.

我們也決定向當地投資者開放 Nuvve New Mexico, LLC 高達 20% 的股權。我很高興地報告，Nuvve New Mexico 也獲得了幾筆私人投資。請繼續關注，我們將很快分享有關新墨西哥州首個重大項目的更多資訊。

During Q2, we have also opportunistically acquired the asset of Fermata Energy LLC, a V2X focused company. We have made the decision in order to integrate both the Nuvve platform named GIVe with the Fermata platform as they were very complementary. The integration is well underway, and we expect to see efficiencies and more advanced services by the end of the year. The capital needed to bring the Fermata 2.0 LLC to profitability would also be carried through a fundraising at the private company level. The cost of the acquisition of Fermata Energy assets were financed through a private raise through convertible notes.

在第二季度，我們也抓住機會收購了專注於 V2X 的公司 Fermata Energy LLC 的資產。我們決定將名為 GIVe 的 Nuvve 平台與 Fermata 平台整合在一起，因為它們具有很強的互補性。整合工作正在順利進行中，我們預計到今年年底將看到效率的提升和更先進的服務。Fermata 2.0 LLC 獲利所需的資金也將透過私人公司層面的融資來獲得。收購 Fermata Energy 資產的成本是透過可轉換票據的私募融資來支付的。

In summary, the structuring of our energy business is now established in a way where capital needed for its growth will most likely come from private raise at the subsidiary level rather than fundraising at the public company level, giving us access to a lower cost of capital, especially when raising money in Japan and Europe.

總而言之，我們能源業務的結構現在已經建立，其成長所需的資本很可能來自子公司層面的私募，而不是上市公司層級的融資，這使我們能夠獲得較低的資本成本，特別是在日本和歐洲籌集資金時。

In late April, Nuvve also announced the creation of a new subsidiary in order to address digital asset management business, Nuvve-DigitalAssets. In order to lead our digital asset strategy, we have brought onboard James Altucher, a cryptocurrency specialist. James is also part of our Board of Directors. We have recently announced our initial purchase of Hype Token, which is still underway, though we are reviewing our energy strategy in real time in order to support the vision described earlier.

4月下旬，Nuvve也宣布成立新的子公司Nuvve-DigitalAssets，以處理數位資產管理業務。為了領導我們的數位資產策略，我們聘請了加密貨幣專家 James Altucher。詹姆斯也是我們董事會的成員。我們最近宣布了首次購買 Hype Token 的消息，目前該消息仍在進行中，但我們正在即時審查我們的能源策略，以支持先前描述的願景。

Looking closer into the quarter, the hardware revenue was extremely low as we transition our main 60-kilowatt product from an on-end inventory to drop ship from a new vendor, which requires about 20 weeks between order and delivery. We expect Q3 to be back on track. The initial rollout shows some very strong improvements in terms of commissioning efficiency and overall product reliability.

仔細觀察本季度，硬體收入極低，因為我們將主要的 60 千瓦產品從終端庫存轉變為從新供應商直接發貨，從訂購到交貨大約需要 20 週的時間。我們預計第三季將重回正軌。初步展示在調試效率和整體產品可靠性方面有非常顯著的改進。

From a number perspective, at the end of May, we had received the same amount of orders that we had received all last year, which was about $2.2 million. These orders will be delivered in the remaining of the year and in early 2026. In Japan, we decommissioned 4.4 megawatts of stationary batteries. We elected to not continue the management of stationary batteries connected to our platform in partnership with our local partner, Toyota Tsusho.

從數位角度來看，截至五月底，我們收到的訂單金額與去年全年相同，約 220 萬美元。這些訂單將在今年剩餘時間和 2026 年初交付。在日本，我們淘汰了 4.4 兆瓦的固定電池。我們選擇不再與當地合作夥伴豐田通商合作管理連接到我們平台的固定電池。

We have managed these batteries for several years, but given the expected future revenue generation was limited under our existing agreement, we decided instead to focus our efforts in driving new business development efforts in Japan, with a focus on battery aggregation services for commercial and governmental customers throughout the country.

我們已經管理這些電池好幾年了，但考慮到現有協議下預期的未來收入有限，我們決定集中精力推動日本的新業務發展，重點是為全國的商業和政府客戶提供電池聚合服務。

Earlier this week, we announced one of the first of several projects we are working on with Matsuda town in Kanagawa Prefecture where we will use our proprietary platform to provide battery aggregation services to enhance the region's disaster preparedness and resilience. We're extremely excited about the battery business in Japan, which is also going to open its doors in 2026 to battery aggregation, Nuvve's core skill set.

本週早些時候，我們宣布了與神奈川縣松田町合作的幾個項目中的首批項目之一，我們將使用我們的專有平台提供電池聚合服務，以增強該地區的災難準備和復原能力。我們對日本的電池業務感到非常興奮，日本也將於 2026 年開放電池聚合業務，這是 Nuvve 的核心技能。

Financially, we reached $6.9 million in gross proceeds through debt and equity to support our growth initiatives and operations. In July 2025, we raised an additional $5.5 million in gross proceeds through a registered private offering. We have also filed a $300 million share registration to support our digital asset strategy, mostly as we issued 11 mostly -- sorry. As we issued 11 million warrants of Nuvve's common stock and recorded an associated $8.2 million noncash stock compensation expense to support the growth of our digital asset subsidiary, Nuvve-DigitalAssets. These warrants have an average exercise price of approximately $1.25.

在財務方面，我們透過債務和股權獲得了 690 萬美元的總收益，以支持我們的成長計劃和營運。2025 年 7 月，我們透過註冊私募額外籌集了 550 萬美元的總收益。我們還提交了 3 億美元的股票註冊，以支持我們的數位資產策略，主要是因為我們發行了 11 隻股票——抱歉。我們發行了 1,100 萬張 Nuvve 普通股認股權證，並記錄了相關的 820 萬美元非現金股票薪酬費用，以支持我們數位資產子公司 Nuvve-DigitalAssets 的發展。這些認股權證的平均行使價約為 1.25 美元。

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

現在，我將讓大衛向您介紹我們的財務細節。戴維？

Thanks, Gregory. I will start with a recap of second quarter 2025 results. In the second quarter, we generated total revenues of $0.3 million compared to $0.8 million in the second quarter of 2024. The decrease in revenues was a result of lower charger hardware sales this quarter versus the same period last year. Hardware sales were impacted by the timing of EPA funding awards and our migration to new charging station models.

謝謝，格雷戈里。我先回顧 2025 年第二季的業績。第二季度，我們的總收入為 30 萬美元，而 2024 年第二季為 80 萬美元。收入下降是由於本季充電器硬體銷售額與去年同期相比下降。硬體銷售受到美國環保署資助獎勵時機和我們遷移到新充電站模式的影響。

Total revenues year-to-date through June 30, 2025, were $1.2 million compared to $1.6 million for the same period last year. Margins on products, services and grant revenues were 16.6% for the second quarter 2025 compared to 24.9% for the year ago period. Year-to-date margins through June 30, 2025, were 44.4% compared with 29.7% for the year ago period. The increase in margins was primarily due to a higher mix of service revenues compared with last year.

截至 2025 年 6 月 30 日的年初至今總收入為 120 萬美元，而去年同期為 160 萬美元。2025 年第二季產品、服務和補助收入的利潤率為 16.6%，而去年同期為 24.9%。截至 2025 年 6 月 30 日的年初至今利潤率為 44.4%，而去年同期為 29.7%。利潤率的成長主要是由於與去年相比服務收入結構有所提高。

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，利潤率可能會因組合的不同而各季度有所不同。標準定價的直流充電器毛利率一般在 15% 至 25% 之間。雖然交流充電器的毛利率約為 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 $15 million for the second quarter of 2025 compared to $6 million for the first quarter of 2025 and $6 million for the second quarter of 2024. Excluding a onetime noncash expense of $8.2 million associated with the issuance of warrants related to our new cryptocurrency strategy and a noncash write-off of bad debt expense related to the Fresno infrastructure projects of $0.9 million. The current period expenses were $5.9 million, a decline of $0.1 million over the same period last year.

2025 年第二季的營運成本（不包括銷售成本）為 1,500 萬美元，而 2025 年第一季為 600 萬美元，2024 年第二季為 600 萬美元。不包括與我們的新加密貨幣策略相關的認股權證發行相關的 820 萬美元的一次性非現金支出，以及與弗雷斯諾基礎設施項目相關的 90 萬美元的非現金壞帳費用註銷。本期費用為 590 萬美元，比去年同期減少 10 萬美元。

We reserve for the entire outstanding receivable balance on the Fresno EV infrastructure project, as the customer is still working to secure lender financing for the project. So the timing of the payment is uncertain. Cash operating expenses, excluding cost of sales, stock compensation, depreciation and amortization expense and onetime expenses mentioned previously was $5.7 million in the second quarter of 2025 versus $5.3 million in the first quarter of 2025 versus $5.4 million in the second quarter of 2024. The increase of $0.4 million in expense over the same period last year primarily relates to incremental operating expenses associated with Fermata business, which we acquired in April.

我們為弗雷斯諾電動車基礎設施專案的全部未償應收帳款餘額進行儲備，因為客戶仍在努力為該專案爭取貸款人融資。因此付款時間尚不確定。2025 年第二季的現金營運費用（不包括銷售成本、股票薪酬、折舊和攤銷費用以及前面提到的一次性費用）為 570 萬美元，而 2025 年第一季為 530 萬美元，2024 年第二季為 540 萬美元。與去年同期相比，費用增加了 40 萬美元，主要與我們 4 月收購的 Fermata 業務相關的增量營運費用有關。

Other income was $1.2 million in the second quarter of 2025 compared to $1.8 million in the second quarter of 2024. Both periods benefited from non-cash gains from the change in the fair value of warrants or debt, offset by higher interest expense of $0.7 million in the current period. Net loss attributable to Nuvve common stockholders increased in the second quarter of 2025 to $13.4 million from a net loss of $4.2 million in Q2 of 2024. The increase was primarily a result of the previously mentioned onetime expenses.

2025 年第二季的其他收入為 120 萬美元，而 2024 年第二季的其他收入為 180 萬美元。兩個期間均受益於認股權證或債務公允價值變動的非現金收益，但本期利息支出增加 70 萬美元，抵銷了這項收益。2025 年第二季度，歸屬於 Nuvve 普通股股東的淨虧損從 2024 年第二季的 420 萬美元增至 1,340 萬美元。增加的主要原因是前面提到的一次性費用。

Now turning to our balance sheet. We had approximately $1.8 million in cash as of June 30, 2025, excluding $0.3 million in restricted cash, which represents an increase of $0.6 million from March 31, 2024. The increase was a result of capital raised through the issuance of common stock and the exercise of warrants of $1.2 million and an increase in borrowings of $5 million, offset by $5.4 million used in operating activities and $0.4 million used in investing activities to acquire Fermata.

現在轉向我們的資產負債表。截至 2025 年 6 月 30 日，我們擁有約 180 萬美元現金，不包括 30 萬美元的受限現金，比 2024 年 3 月 31 日增加 60 萬美元。增加的原因是，透過發行普通股和行使認股權證籌集了 120 萬美元的資金，以及借款增加了 500 萬美元，但經營活動中使用的 540 萬美元和收購 Fermata 的投資活動中使用的 40 萬美元抵消了這一增加。

During the quarter, inventories increased by $0.1 million to $4.3 million at June 30, 2025, compared to the first quarter of 2025. The increase in inventory relates to inventory acquired with the Fermata acquisition this past April. During the quarter, accounts receivables declined by $1.1 million to $0.3 million at June 30, 2025, and due to collections of customer balances and the write-off of accounts receivable related to the ongoing project with Fresno.

本季度，與 2025 年第一季相比，庫存增加了 10 萬美元，達到 2025 年 6 月 30 日的 430 萬美元。庫存增加與今年 4 月收購 Fermata 時獲得的庫存有關。本季度，應收帳款減少 110 萬美元至 2025 年 6 月 30 日的 30 萬美元，原因是收取了客戶餘額並註銷了與弗雷斯諾正在進行的專案相關的應收帳款。

Accounts payable at the end of the second quarter of 2025 was $1.4 million, a decrease of $0.8 million compared to the first quarter of 2025 of $2.2 million. Accrued expenses at the end of the second quarter of 2025 was $5.3 million, an increase of $0.5 million compared to the first quarter of 2025 of $4.8 million.

2025 年第二季末的應付帳款為 140 萬美元，與 2025 年第一季的 220 萬美元相比減少 80 萬美元。2025 年第二季末的應計費用為 530 萬美元，與 2025 年第一季的 480 萬美元相比增加 50 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 electrical school bus market in the US 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以及固定電池中。

Currently, these chargers and batteries are located throughout the United States, Europe and Japan. Megawatts under management in the second quarter decreased 19.5% over the first quarter of 2025 to 25.6 megawatts from 31.8 megawatts and a 5.5% decrease compared to the second quarter of 2024. In terms of its composition, 0.2 megawatts were from stationary batteries and 25.4 megawatts were from EV chargers. The decline this quarter relates to the decommissioning of 2.5 megawatts of stationary batteries in California and 4.4 megawatts of stationary batteries in Japan.

目前，這些充電器和電池遍布美國、歐洲和日本。2025 年第二季管理的兆瓦數較第一季的 31.8 兆瓦下降 19.5% 至 25.6 兆瓦，與 2024 年第二季相比下降 5.5%。從其組成來看，0.2兆瓦來自固定電池，25.4兆瓦來自電動車充電器。本季的下降與加州 2.5 兆瓦固定電池和日本 4.4 兆瓦固定電池的退役有關。

The stationary batteries we managed in California were decommissioned as they reached the end of their useful life. Our customer intends to replace these batteries in the future and we are working closely with this customer to provide our battery aggregation services once their new batteries are installed. In Japan, we elected to not continue the management of two stationary batteries connected to our platform in partnership with Toyota Tsusho that we had managed for several years, given the expected future revenue generation was limited under our existing agreement.

我們在加州管理的固定電池由於使用壽命已到而退役。我們的客戶打算在未來更換這些電池，我們正在與該客戶密切合作，以便在他們的新電池安裝完成後提供我們的電池聚合服務。在日本，我們選擇不再繼續管理與豐田通商合作多年的、連接到我們平台的兩個固定電池，因為根據現有協議，預期未來的收入有限。

Instead, we have focused our efforts on driving new business development efforts in Japan with a focus on battery aggregation services for commercial and governmental customers throughout the country. Earlier this week, we announced one of the first of several projects we are working on with Matsuda Town in Kanagawa Prefecture, where we will use our proprietary platform to provide battery aggregation services to enhance the region's disaster preparedness and resilience. Megawatts under management from EV chargers increased to $25.4 million in the second quarter of 2024, an increase of 0.7 megawatts over the first quarter of 2025.

相反，我們專注於推動日本的新業務發展，重點是為全國的商業和政府客戶提供電池聚合服務。本週早些時候，我們宣布了與神奈川縣松田町合作的幾個項目中的首批項目之一，我們將使用我們的專有平台提供電池聚合服務，以增強該地區的災難準備和復原能力。2024 年第二季度，電動車充電器管理的兆瓦數增加到 2,540 萬美元，比 2025 年第一季增加了 0.7 兆瓦。

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

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來自已獲得的客戶訂單的積壓訂單以及我們預計將贏得的新業務，這些新業務在我們的電動車充電器和固定電池的渠道中都有可見性。

Now turning to backlog on June 30, our hardware and service backlog decreased to $19.1 million, a decrease of $0.6 million from $19.7 million reported at March 31, 2025. The decrease relates to deployment of existing backlog this quarter in addition to the reduction in value during the quarter of certain existing contracts with customers that we expect to install later this year.

現在來看看 6 月 30 日的積壓訂單，我們的硬體和服務積壓訂單減少至 1,910 萬美元，比 2025 年 3 月 31 日報告的 1,970 萬美元減少了 60 萬美元。這一下降與本季度現有積壓訂單的部署有關，此外還與我們預計今年稍後簽訂的某些現有客戶合約的價值在本季度減少有關。

As we look out to the next several quarters, we expect to share more developments on our New Mexico contract and battery aggregation projects we are currently negotiating in Japan that will benefit future backlog and our revenue pipeline. From an operating sense perspective, we expect cash operating expenses, excluding cost of sales for the next several quarters to be similar to what we experienced in Q2 of 2025. That concludes my portion of prepared remarks.

展望未來幾個季度，我們期望分享更多有關新墨西哥合約和我們目前正在日本談判的電池聚合項目的進展，這將有利於未來的積壓訂單和我們的收入管道。從營運角度來看，我們預計未來幾季的現金營運費用（不包括銷售成本）將與 2025 年第二季的水平相似。我的準備好的發言部分到此結束。

Gregory, back to you to conclude.

格雷戈里，回到你來做結論。

Thank you, David. In summary, we feel that Nuvve is now strategically positioned at the intersection between energy, artificial intelligence and crypto. While revenues were soft, we successfully finished the restructuring of our energy business and integrated our recent acquisition at Fermata into the Nuvve organization. We also continue to focus on our digital asset strategy. We believe we are in a strong position to lead in the energy management transition occurring worldwide, and we are ready to capitalize on opportunities across the cryptocurrency and blockchain economy, all supported by our AI efforts started a few years ago. Thank you.

謝謝你，大衛。總而言之，我們認為 Nuvve 現在的戰略定位是能源、人工智慧和加密技術的交匯點。儘管收入疲軟，但我們成功完成了能源業務的重組，並將我們最近收購的 Fermata 整合到 Nuvve 組織中。我們也將繼續關注我們的數位資產策略。我們相信，我們有能力引領全球能源管理轉型，並且我們已準備好利用加密貨幣和區塊鏈經濟中的機遇，所有這些都得到了我們幾年前開始的人工智慧努力的支持。謝謝。

There are no questions at this time. I'll now hand the conference back to Gregory for any closing remarks.

目前沒有問題。現在我將會議交還給格雷戈里，請他做結束語。

Thank you for listening in today, and we are looking forward to sharing more with our progress, especially in New Mexico and in Japan over the next few weeks. Thank you.

感謝您今天的收聽，我們期待在接下來的幾週內分享更多進展，特別是在新墨西哥州和日本的進展。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。