Nuvve Holding Corp. Q2 FY2025 earnings call

• Nuvve is strategically positioned at the intersection of energy, artificial intelligence, and crypto. Energy powers AI and crypto, AI optimizes energy and crypto operations, and crypto transforms energy markets.
• Energy business: Established subsidiaries in Japan, Europe, and the US (Nuvve CPO). Nuvve Japan received first private investment; Nuvve New Mexico, led by Ted Smith, received private investments; acquired Fermata Energy, with integration underway. Launched Nuvve-DigitalAssets subsidiary with James Altucher on board.
• Hardware: Transitioning main product caused low revenue in Q2, expecting Q3 recovery. Received same amount of orders in May 2025 as all of last year ($2.2 million), to be delivered in remaining 2025 and early 2026.
• Japan: Decommissioned 4.4 MW of stationary batteries, focusing on battery aggregation services for commercial and governmental customers, including a project with Matsuda town in Kanagawa Prefecture.
• Financials: Net loss attributable to Nuvve common stockholders was $13.4 million in Q2 2025 vs. $4.2 million in Q2 2024; cash as of June 30, 2025, was approximately $1.8 million (excluding restricted cash).

In the second quarter of 2025, total revenues were $0.3 million, down from $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 Q2 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% (though small in revenue terms). Grid service revenue margins are generally 30% and software and engineering service margins are as high as 100%.

• Capital for energy growth likely to come from private raises at the subsidiary level rather than public company fundraising, providing lower cost of capital.
• Expect Q3 hardware to be back on track.
• Anticipate more developments on New Mexico contract and Japan battery aggregation projects to boost backlog and revenue pipeline.

• Uncertainty in payment timing for the Fresno EV infrastructure project as the customer is still securing lender financing.
• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections, as discussed in Nuvve's SEC filings and earnings release.

Q: Are there any questions?

A: There are no questions at this time.