Nuvve Holding Corp. Q1 FY2025 earnings call

• This quarter was a transition quarter; top-line revenue was not where desired but better than Q1 2024. Received 28 orders for new charging stations vs. 1 in Q1 2024. - Awarded a critical contract with the state of New Mexico, a framework agreement allowing proposals for EV deployments with potential over $400M CapEx over 4 years; established Nuvve New Mexico LLC. - Established Nuvve Japan, with Masa Higashida leading operations, initially focused on stationary storage deployment monetization. - 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. - Created a new subsidiary for digital asset management, focusing on a diversified portfolio of cryptocurrency.

In the first quarter of 2025, Nuvve 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 Q1 2024. Excluding grant revenues, margins on product and service revenues were 32.6% in Q1 2025 vs. 26.8% in Q1 2024. The backlog increased to $19.7 million as of March 31, 2025, from $18.3 million at December 31, 2024. Megawatts under management in the first quarter were 31.8 megawatts, a 3.6% increase from Q4 2024 and a 19.5% increase from Q1 2024, with 7.1 megawatts from stationary batteries and 24.7 megawatts from EV chargers.

• Expect lower operating costs to continue in future quarters. - Anticipate more developments on the New Mexico contract and Fresno project. - See improvements in cash burn due to lower operating costs compared to prior year. - Execution of M&A plan is ongoing.