NVVE

Pivot to Stationary Storage

• 2025 was a transition year pivoting from vehicle-to-grid deployments to stationary storage. Nuvi had been managing batteries for years and its platform supports aggregation, second-by-second control, and advanced stacking services.

AI Integration

• Nuvi started integrating artificial intelligence-based functionalities three years ago and is now in a full end-to-end AI-based product development cycle, integrating AI into project management, sales support, and finance.

European Partnership

• Partnered with Omnia Global with a 1 gigawatt plus battery pipeline in Europe over 24 months, including 150 megawatts in projects in Sweden, Austria, and Romania.

Japan Operations

• Started Nuvi Japan after terminating partnership with Toyota Tsusho, sold a 2-megawatt battery, selected as aggregator for other projects, and has tolling business models. Pipeline in Japan similar in size to Europe but longer, 36 to 48 months.

US Operations

• Had battery opportunities in the US like Kit Carson in New Mexico, but projects not moving as fast due to geopolitical factors.

Forward-looking

• Expect further growth in megawatts under management in 2026 from commissioning backlog and new business.
• Anticipate improvements in cash burn due to lower operating costs.
• More developments expected from Europe and Japan stationary battery projects.

In the fourth quarter of 2025, total revenues were $1.93 million compared to $1.79 million in the fourth quarter of 2024. The increase was primarily driven by higher product sales and increased grant revenues partially offset by lower service revenues. Year-to-date through December 31st, 2025, total revenues were $4.79 million compared to $5.29 million for the prior year period, with the year-over-year decrease due to lower service revenues partially offset by higher product and grant revenues. Margins on products, services, and grant revenues were 24.2% for the fourth quarter of 2025 compared to 15.8% for the year-ago period. Year-to-date margins were 39.1% compared with 33.1% for the year-ago period. Excluding grant revenues, margins on product and service revenues increased. DC charger gross margins generally range from 15% to 25%, AC charger gross margins are approximately 50%, grid service revenue margins are generally 30%, and software and engineering service margins are as high as 100%. A $3.47 million inventory impairment charge was recognized for non-conforming DC chargers. Megawatts under management in the fourth quarter increased to 28.3 megawatts, with 0.2 megawatts from stationary batteries and 28.1 megawatts from EV chargers.

Risks

• Inventory impairment of DC chargers due to non-conformance with commercial product reliability standards.
• Geopolitical factors affecting US battery projects.
• Forward-looking statements subject to risks and uncertainties causing actual results to differ from projections, as detailed in SEC filings.

Question and Answer

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