Nuvve Holding Corp. Q2 FY2024 earnings call

• Second quarter remained challenging due to school districts awaiting EPA funding approval letters, but EPA funding rounds two and three are moving forward with orders picking up, though some 2024 revenue will slide to 2025.
• Fresno project had a breaking ground event in July to share details about the project.
• Collaboration with Taiwan Power Corporation to kick off soon with finalizing a contract with e-Formula for over 90 charging stations.
• Launched joint SPV with WISE-EV LLC headquartered in Nevada, targeting public infrastructure deployment in Nevada using Nevada Energy funding.
• Engaged Cappello Global for strategic investment process, underway with update expected in next few months.

In the second quarter of 2024, Nuvve generated total revenues of $802,000, down from $2.12 million in the second quarter of 2023. Year-to-date through June 30th, 2024, total revenues were $1.6 million, compared to $4 million in the prior year period. Margins on products, services, and grant revenues were 24.9% in Q2 2024 vs. 8% in the year-ago period. Year-to-date margins through June 30th, 2024, were 29.9% compared with 14.2% for the prior year period. Megawatts under management in the second quarter increased 1.7% over the first quarter of 2024 to 27.1 megawatts. On June 30th, 2024, the hardware and service backlog decreased to $18.2 million from $19 million at March 31st, 2024.

• Originally guided full-year 2024 revenue to range $15M to $20M, but now no longer anticipate achieving this target.
• Won't update 2024 revenue guidance.
• Expect orders to pick up over the following three quarters but some recognized revenue in 2024 will slide to 2025.

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