Nuvve Holding Corp. Q4 FY2024 earnings call

• 2024 was extremely challenging with revenue down; industry-wide delays affected school bus and hub projects.
• Worked on cost reduction: cash and non-cash operating expenses excluding cost of sales decreased 33% from 2023.
• Expanded into stationary battery business: announced Battery-as-a-Service model for electric cooperatives and a new entity in Japan.
• Selected by New Mexico to deploy electric vehicle infrastructure; COO will focus on this opportunity, leading a new LLC for green energy and transportation electrification.

In Q4 2024, total revenues were $1.8 million, up from $1.6 million in Q4 2023, driven by higher charger hardware sales. Full-year 2024 revenues were $5.3 million, down from $8.3 million in 2023, primarily due to reduced charger hardware sales. Q4 2024 gross margin on products, services, and grant revenues was 15.8% vs 29% in Q4 2023. Full-year 2024 gross margin excluding grant revenues was 27.5% vs 12.8% in 2023. Megawatts under management in Q4 increased 5.2% over Q3 2024 to 30.7 megawatts, with 7.1 megawatts from stationary batteries and 23.6 megawatts from EV chargers. Backlog at Dec 31, 2024 was $18.3 million, up from $17.5 million on Sep 30, 2024, with year-to-date backlog up $14.4 million from 2023, related to a large hub project in Fresno.

• Expect lower operating costs to continue into future quarters.
• Anticipate improvements in cash burn due to lower operating costs and improved gross margin dollars.
• More activity expected on the Fresno Hub opportunity as it gets built out.

• Delays in EPA approval letters for school district partners, impacting purchase orders.
• Delays in hub project financing due to longer-than-expected terms.