Nuvve Holding Corp. Q4 FY2023 earnings call

• Strong year-over-year growth in orders, sales, and deployment of charging stations connected to the GIVe V2G software platform, along with grid service revenues.
• In the fourth quarter, 108 chargers were added to the V2G GIVe software, with a 18.2% increase in megawatts under management for the quarter and a 44.6% increase for the full year.
• Grid service revenues grew 8% in the fourth quarter compared to the prior year and 87% for the full year, with opportunities ranging from $85 to $300 per kilowatt per year in key markets.
• Partnerships with international companies like Toyota Tsusho and Chubu Electric Power Miraiz Company for scale deployments in Japan.
• AI forecasting capabilities optimized for electric vehicle readiness, energy management, and battery health, with the Astrea AI technology integrated into the FleetBox charge management app.
• V2G hub projects, including a $16 million project in Fresno and ongoing contract negotiations for a V2G hub project in Taiwan.

In the fourth quarter of 2023, total revenues were $1.64 million, compared to $1.15 million in the fourth quarter of 2022. The increase was due to a $0.3 million rise in product revenue and a $0.13 million increase in service revenue. For the full year 2023, total revenues reached $8.3 million, up from $5.4 million in 2022, representing a 55.1% increase. Product and service revenues for the full year were $8 million, while grant revenues decreased to $0.33 million from $0.5 million. In terms of megawatts under management, there was an 18.2% increase in the fourth quarter and a 44.6% increase for the full year. Megawatts under management consisted of 7.1 megawatts for stationary batteries and 18 megawatts from EV chargers.

• Expect continued strong growth in 2024, aiming for $15 million to $20 million in revenue.
• Backlog is expected to be at an all-time high, supported by current trends and ongoing projects.
• Anticipate acceleration in megawatts under management in 2024 as backlog of customer orders from 2023 is commissioned and new business is won.

• Supply chain challenges have slowed fuel certification since 2021, though efforts in 2023 to strengthen the supply chain are expected to help as challenges alleviate in the coming year.

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