Nuvve Holding Corp. Q1 FY2025 earnings call

• Received 28 orders for new charging stations vs. 1 a year ago; backlog growing but revenue recognition slowed due to drop-ship model with Tellus Power Green.
• Awarded critical contract with the state of New Mexico allowing proposals for governmental EV deployments; potential $400M+ CapEx deployment over 4 years; established Nuvve New Mexico LLC with Ted Smith as CEO.
• Established Nuvve Japan to drive energy storage business in Japan, focused on stationary storage deployment monetization; opening capital to local investors.
• Announced Battery-as-a-Service model for electric cooperatives and welcomed Michael Smucker as energy storage sales leader.
• Acquired assets of Fermata Energy into Fermata 2.0 with 100% ownership, leveraging Fermata's platform and relationships with vehicle manufacturers.
• Created new subsidiary for digital asset management, focusing on diversified portfolio of cryptocurrency in sectors like DeFi and DePin.

In the first quarter of 2025, Nuvve Holding Corporation generated total revenues of $0.9 million, compared to $0.8 million in the first quarter of 2024. Margins on products, services, and grant revenues were 39.9% for Q1 2025, up from 34.7% in the year-ago period. Excluding grant revenues, margins on product and service revenues were 32.6% in Q1 2025, versus 26.8% in Q1 2024. DC charger gross margins at standard pricing generally range from 15% to 25%, while AC charger gross margins are approximately 50% (though a small fraction of DC charger revenue). Grid service revenue margins are generally 30%, and software and engineering service margins are as high as 100%.

• Expect lower operating costs seen in Q1 2025 to continue in future quarters.
• Anticipate growth in megawatts under management in 2025 as they commission backlog of customer orders and win new business.
• Expect more developments on the New Mexico contract and Fresno project in the coming quarters.