Nuvve Holding Corp. Q2 FY2025 earnings call

• Structural changes implemented allow Nuvve to be at the intersection of energy, AI and crypto. - Energy business has subsidiaries like Nuvve Japan, Nuvve Europe, Nuvve CPO. Nuvve Japan received first private investment, Nuvve Europe raising private capital. - New Mexico framework agreement with potential over $400 million CapEx over 4 years, Nuvve New Mexico established. - Acquired Fermata Energy LLC, integration underway, capital for Fermata 2.0 LLC to be raised privately. - Created Nuvve-DigitalAssets subsidiary, James Altucher onboarded, initial purchase of Hype Token. - Hardware revenue low due to product transition, expect Q3 back on track. - Decommissioned stationary batteries in Japan, focused on new business development there, announced project with Matsuda town. - Raised $6.9 million in gross proceeds through debt and equity in Q2, $5.5 million more in July, issued warrants with noncash expense.

In the second quarter, total revenues were $0.3 million compared to $0.8 million in the second quarter of 2024. Year-to-date through June 30, 2025, total revenues 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. Hardware revenue was extremely low due to transitioning the main 60-kilowatt product. DC charger gross margins at standard pricing generally range from 15% to 25%, while AC charger gross margins are approximately 50% but 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%. Megawatts under management decreased 19.5% over the first quarter of 2025 to 25.6 megawatts, with 0.2 megawatts from stationary batteries and 25.4 megawatts from EV chargers.

• Expect Q3 to be back on track for hardware business. - Cash operating expenses, excluding cost of sales, expected to be similar to Q2 2025 for next several quarters. - Anticipate more developments on New Mexico contract and Japan battery aggregation projects to benefit backlog and revenue pipeline.

• Fresno EV infrastructure project receivable balance reserve as payment timing uncertain. - Acquisition of Fermata Energy assets' capital needs met through private raise at subsidiary level with associated risks. - Uncertainties in fundraising for Japan and Europe subsidiaries. - Risks associated with digital asset strategy like the initial purchase of Hype Token.

Q: Are there any questions?

A: There are no questions at this time.