Nuvve Holding Corp (NVVE) 2025 Q3 法說會逐字稿

Good morning and welcome to the Nuvve Holdings Corporation's third quarter 2025 Earnings Conference Call.

早安，歡迎參加Nuvve Holdings Corporation 2025年第三季財報電話會議。

(Operator Instructions)

（操作說明）

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 Q3 25. Following prepared remarks, we will open up the call for questions. 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.

今天參加電話會議的有 Nuvve 的執行長 Gregory Poilasne 和財務長 David Robson。今天早些時候，Nuvve 發布了一份新聞稿，宣布其 2025 年第三季業績。在發言結束後，我們將開放提問環節。在開始之前，我想提醒各位，本次通話可能包含前瞻性陳述。雖然這些前瞻性聲明反映了 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 向美國證券交易委員會提交的文件以及今天發布的收益報告中均有討論，這些文件可在我們的網站上查閱。

Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory.

Nuvve不承擔任何義務修改或更新任何前瞻性聲明以反映未來事件或情況。接下來，我想把電話交給 Nuvve 的執行長 Gregory Poilasne。格雷戈里。

Thank you and good afternoon to everyone here today. Welcome to our Q3 25 results call. In our last call, I shared with you that we were finalizing the restructuring of the organization. Now that our structure is in place, we have been able to shift our focus to stationary battery deployment, and over the last few days, we have made a few exciting announcements.

謝謝各位，大家下午好。歡迎參加我們2025年第三季業績電話會議。在上次通話中，我告訴您我們正在敲定組織架構重組事宜。現在我們的架構已經到位，我們能夠將重點轉移到固定式電池部署上，並且在過去幾天裡，我們發布了一些令人興奮的消息。

First in Europe and more specifically in Denmark, we are in the process of developing three two megawatt battery projects. These battery projects represent about $10 million of CapEx, with a forecasted internal rate of return greater than 25%. Once the development is well underway, we will be working with financing partners interested in investing in the project. Once the installation, interconnection, and commissioning are done, which is planned for late 2026, we will start generating recurring revenue for the life of the batteries, most likely 10 years to12 years.

首先，在歐洲，更具體地說是在丹麥，我們正在開發三個兩兆瓦的電池儲能專案。這些電池項目代表約 1000 萬美元的資本支出，預計內部收益率將超過 25%。一旦專案開發進展順利，我們將與有意投資專案的融資夥伴展開合作。預計在 2026 年底完成安裝、互連和調試後，我們將開始在電池的使用壽命內（很可能是 10 到 12 年）產生持續收入。

Our experience over the last nine years has shown potential revenues ranging between $400 and $600 per kilowatt year, or potential annual revenue generation of $2.4 million to $3.6 million for the combination of the three batteries. These three battery projects are also strategically positioned as they are next to different types of fleets which will convert into electric vehicles over the next few years and for which we will be able to provide optimal energy costs.

我們過去九年的經驗表明，每千瓦年潛在收入在 400 美元到 600 美元之間，或者說，這三個電池組合起來每年潛在收入可達 240 萬美元到 360 萬美元。這三個電池項目也具有戰略意義，因為它們毗鄰不同類型的車隊，這些車隊將在未來幾年內轉型為電動車，我們將能夠為他們提供最佳的能源成本。

Then yesterday we announced that our Japanese subsidiary had completed an agreement, an aggregation agreement targeting existing stationary energy storage in order to manage a two-megawatt battery with an energy capacity of 8.2-megawatt hour installed in Tainai City in Niigata Prefecture with a targeted operation date in the first half of 2026.

昨天我們宣布，我們的日本子公司已完成一項協議，即一項針對現有固定式儲能的聚合協議，旨在管理安裝在新潟縣台內市的一座 2 兆瓦電池，其能量容量為 8.2 兆瓦時，目標運營日期為 2026 年上半年。

The expected value on a per kilowatt year basis in Japan is similar or greater than the value in Denmark. The expansion of the use of our platform for stationary batteries is working well. It is going to help us accelerate our revenue growth over the next 18 months. Based on the growth for stationary batteries we are seeing, we expect the number of battery project opportunities in Europe and Japan to accelerate, and we anticipate the same trends in the United States, including territories covered by our Nuvve Holding Corp. subsidiary. The growth of the load on the electric system due to heat pumps and data standards is going to create a very large pool of energy.

日本每千瓦年預期價值與丹麥的價值相近或更高。我們的平台在固定式電池領域的應用推廣進展順利。這將有助於我們在未來18個月內加速營收成長。根據我們目前看到的固定式電池的成長情況，我們預計歐洲和日本的電池專案機會數量將會加速成長，我們也預期美國（包括我們 Nuvve Holding Corp. 子公司覆蓋的地區）也會出現同樣的趨勢。熱泵和數據標準導致電力系統負載增加，這將產生非常大的能源儲備。

Energy storage is the only way we'll be able to keep the cost of energy equitable. We believe Nuvve's platform can provide an optimum return on investment for battery projects, especially when speed and aggregation can bring more value. In general, our subsidiary based structure is working well, bringing more accountability across the organization. Fundraising is underway and we shall be in a position to share more about our capitalization plan soon.

儲能是維持能源成本公平的唯一方法。我們相信 Nuvve 的平台可以為電池專案提供最佳的投資回報，尤其是在速度和聚合能夠帶來更多價值的情況下。總的來說，我們以子公司為基礎的組織結構運作良好，並提高了整個組織的責任感。籌款活動正在進行中，我們很快將能夠分享更多關於我們融資計劃的資訊。

Nasdaq gave us until December 31, to fix our bid price and shareholder equity efficiencies, and we are very confident we'll be able to address these deficiencies following that timeline, and we have already received a shareholder approval for the reverse stock split. Some updates on our crypto strategy now. Though we have not announced a full scale move into the crypto space, we still could see the convergence of energy, artificial intelligence, and crypto at the core of our platform deployment. We had announced the potential purchase of high token. We still have not purchased such acquisition as we are still analyzing our best opportunity for integration of the blockchain into our platform. Indeed, multiple parameters have to be considered, including technical, economic, regulatory, and operational, especially cybersecurity and smart contract capabilities. Looking closer into the quarter, the hardware revenue is more in line with our expectations, and we see a potential strong Q4. But for that, I will let David take you through the details of our financials, David.

納斯達克給了我們到 12 月 31 日的時間來修正我們的投標價格和股東權益效率，我們非常有信心能夠按照該時間表解決這些缺陷，並且我們已經獲得了股東對反向股票分割的批准。關於我們的加密貨幣策略，現在有一些最新進展。雖然我們尚未宣布全面進軍加密貨幣領域，但我們仍然可以看到能源、人工智慧和加密貨幣的整合是我們平台部署的核心。我們曾宣布可能購買高價值代幣。我們尚未進行此類收購，因為我們仍在分析將區塊鏈整合到我們平台中的最佳時機。確實需要考慮多個參數，包括技術、經濟、監管和運營，特別是網路安全和智慧合約能力。深入分析本季度，硬體收入更符合我們的預期，我們預計第四季度可能會表現強勁。但是，關於這一點，就讓大衛來為你詳細介紹我們的財務狀況。

Thanks, Gregory. I will start with a recap of third quarter 2025 results. In the third quarter, we generated total revenues of $1.6 million compared to $1.9 million in the third quarter of 2024. The decrease was primarily driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project versus the same period last year.

謝謝你，格雷戈里。我將先回顧2025年第三季的業績。第三季度，我們的總收入為 160 萬美元，而 2024 年第三季為 190 萬美元。與去年同期相比，由於與弗雷斯諾電動車基礎設施項目相關的管理費收入減少，服務收入下降是導致收入下降的主要原因。

Similarly, year-to-date through September 30, 2025, total revenues were $2.8 million, which compares to $3.5 million for the prior year period. The year over year decrease in revenues is also driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project this year versus last year. Margins on products, services, and grant revenues were 52% for the third quarter of 2025 compared to 52.1% for the year ago period.

同樣，截至 2025 年 9 月 30 日，今年迄今的總收入為 280 萬美元，而去年同期為 350 萬美元。收入年減的另一個原因是服務收入減少，因為今年沒有像去年那樣獲得與弗雷斯諾電動車基礎設施項目相關的管理費收入。2025 年第三季產品、服務和撥款收入的利潤率為 52%，而去年同期為 52.1%。

Year-to-date margins through September 30, 2025, were 46.8% compared with 42% for the year ago period. Our gross margins year-to-date have increased 480 basis points. Due to higher profitability on our service revenues. As a reminder margin 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%.

截至 2025 年 9 月 30 日，年初至今的利潤率為 46.8%，而去年同期為 42%。今年迄今為止，我們的毛利率已增加了 480 個基點。由於我們的服務收入利潤較高。需要提醒的是，利潤率可能會因產品組合的不同而出現季度波動。直流充電器以標準價格計算的毛利率一般在 15% 到 25% 之間，而交流充電器的毛利率約為 50%，但以美元計算，交流充電器的收入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高達 100%。

Operating costs, excluding cost of sales was $5.9 million for the third quarter of 2025 compared to $15 million for the second quarter of 2025 and $2.8 million for the third quarter of 2024. Operating costs were elevated last quarter.

2025 年第三季的營運成本（不包括銷售成本）為 590 萬美元，而 2025 年第二季為 1,500 萬美元，2024 年第三季為 280 萬美元。上季營運成本較高。

Due to non-recurring grants of $8.2 million paid to consultants we engaged to support our digital asset strategy. Cash operating expenses, excluding cost of sales, stock compensation, depreciation and amortization expense was $5.4 million in the third quarter of 2025 versus $5.7 million in the second quarter of 2025 versus $2.2 million in the third quarter of 2024. This represents an increase of $3.2 million in expenses over the same quarter last year. Other income was $0.4 million in the third quarter of 2025 compared to $0.2 million in the third quarter of 2024. Both periods benefited from non-cash gains from the change in the fair value of warrants or debt offset by interest expense. Net loss attributed to Nuvve Corp. Common stockholders increased in the third quarter of 2025 to $4.5 million from a net loss of $1.6 million in Q3 of 2024. The increase was primarily a result of higher operating expenses previously mentioned.

由於我們向聘請的顧問支付了 820 萬美元的非經常性撥款，以支持我們的數位資產策略。2025 年第三季現金營運費用（不包括銷售成本、股票補償、折舊和攤提費用）為 540 萬美元，而 2025 年第二季為 570 萬美元，2024 年第三季為 220 萬美元。這比去年同期支出增加了 320 萬美元。2025 年第三季其他營收為 40 萬美元，而 2024 年第三季為 20 萬美元。這兩個時期都受益於認股權證或債務公允價值變動帶來的非現金收益，但被利息支出抵銷。歸屬於 Nuvve Corp. 普通股股東的淨虧損從 2024 年第三季的淨虧損 160 萬美元增加到 2025 年第三季的淨虧損 450 萬美元。成長的主要原因是前面提到的營運費用增加。

Now turning to our balance sheet, we had approximately $0.9 million in cash as of September 30, 2025, excluding $0.3 million in restricted cash, which represents a decrease of $0.8 million from last quarter. The decrease was a result of $3.4 million used in operating activities. And the repayment of debt of $2.3 million offset by proceeds from common stock offerings. Turning to the quarter inventories. We're flat at $4.3 million at September 30, 2025, compared to the second quarter of 2025. During the quarter, accounts receivable increased by $0.8 million to $1.1 million at September 30, 2025, compared to the second quarter of 2025 due to higher shipments of DC chargers this quarter compared with last quarter.

現在來看我們的資產負債表，截至 2025 年 9 月 30 日，我們約有 90 萬美元現金，不包括 30 萬美元受限現金，這比上一季減少了 80 萬美元。減少的原因是營運活動使用了 340 萬美元。償還債務 230 萬美元，所得款項由普通股發行所得抵銷。接下來看一下季度庫存狀況。截至 2025 年 9 月 30 日，我們的營收與 2025 年第二季持平，為 430 萬美元。本季度，截至 2025 年 9 月 30 日，應收帳款較 2025 年第二季增加 80 萬美元至 110 萬美元，原因是本季直流充電器的出貨量較上季增加。

Accounts payable at the end of the third quarter of 2025 was $2.9 million an increase of $1.5 million compared to the second quarter of 2025 of $1.4 million. Accrued expenses at the end of the third quarter of 2025 was $5.7 million an increase of $0.1 million compared to the second quarter of 2025 of $5.6 million.

2025 年第三季末的應付帳款為 290 萬美元，比 2025 年第二季的 140 萬美元增加了 150 萬美元。截至 2025 年第三季末，應計費用為 570 萬美元，比 2025 年第二季末的 560 萬美元增加了 10 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.

現在讓我們來看看我們管理的兆瓦數和預計的未來電網服務收入。提醒一下，管理的兆瓦數是我們用來量化 V1G 部署所帶來的總電力容量的指標。

V2G chargers which are primarily deployed in the electric school bus market in the U.S. and in light duty fleet deployments in Europe, in addition to stationary battery. Currently these chargers and batteries are located throughout the United States and Europe. Megawatts under management in the third quarter increased 3.1% over the second quarter of 2025 to 26.4 megawatts from 25.6 megawatts.

V2G 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部署中，此外還有固定式電池。目前這些充電器和電池分佈在美國和歐洲各地。2025 年第三季管理的兆瓦數比第二季成長 3.1%，從 25.6 兆瓦增加到 26.4 兆瓦。

And a 9.6% decrease compared to the third quarter of 2024. In terms of its composition, 0.2 megawatts were from stationary batteries and 26.4 megawatts were from EV chargers.

與 2024 年第三季相比，下降了 9.6%。從構成上看，0.2 兆瓦來自固定式電池，26.4 兆瓦來自電動車充電器。

The year over year decline is primarily related to the decommissioning of batteries under management due to site requirements. Megawatts under management from EV chargers increased to 25.4 in the third quarter of 2025, an increase of 0.7 over the first quarter of 2025. 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.

年比下降主要與場地要求導致所管理電池退役有關。2025 年第三季度，電動車充電樁的管理容量增至 25.4 兆瓦，比 2025 年第一季增加了 0.7 兆瓦。我們預計到 2025 年，隨著我們繼續交付已贏得的客戶訂單以及我們預期將贏得的新業務（我們已在電動車充電器和固定式電池的項目中看到了這些新業務的前景），我們的管理兆瓦數將繼續增長。

Now turning to our backlog on September 30, our hardware and service backlog decreased to $19 million, a decrease of $0.1 million from $19.1 million reported on June 30, 2025, as we look out to the next several quarters, we expect to see more developments on our New Mexico contract. And projects we are working on in Japan. We also anticipate improvements in our cash burn resulting from the benefits of lower operating costs compared with last year. That concludes my portion of the prepared remarks. Gregory, back to you to conclude.

現在來看看我們 9 月 30 日的積壓訂單，我們的硬體和服務積壓訂單減少至 1,900 萬美元，比 2025 年 6 月 30 日報告的 1,910 萬美元減少了 10 萬美元。展望未來幾個季度，我們預計新墨西哥州的合約將有更多進展。以及我們在日本開展的項目。我們也預計，由於營運成本較去年降低，現金消耗情況將會改善。我的發言部分到此結束。格雷戈里，現在輪到你來總結了。

Thank you, David.

謝謝你，大衛。

In summary, we are very excited about our direction towards stationary storage. We expect a few more wins in the next few weeks, and we'll share them as they become available and those agreements are signed and finalized. These battery deployments will come in addition to the charging station business that David just described. Thank you very much for listening to us today.

總而言之，我們對向固定儲存方向發展感到非常興奮。我們預計未來幾週還會取得更多勝利，一旦相關協議簽署完成，我們將第一時間與大家分享。除了大衛剛才所描述的充電站業務之外，這些電池部署也將隨之而來。非常感謝各位今天收聽我們的節目。

(Operator Instructions)

（操作說明）

Showing no questions, this will conclude our question-and-answer session. I would like to hand the conference back over to Gregory Poilasne for any closing remarks.

由於沒有問題，我們的問答環節到此結束。我謹將會議交還給格雷戈里·波伊拉斯內，請他作閉幕致詞。

I would like to thank everybody who was listening to us today and we are looking forward to sharing more with you about our progress over the next few weeks.

感謝今天所有收聽我們節目的朋友們，我們期待在接下來的幾週內與大家分享我們取得的更多進展。

Thank you very much. Bye.

非常感謝。再見。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。