Core Insights - Nuvve Holding Corp. reported a decrease in total revenue for Q3 2024, amounting to $1.92 million, down 29.3% from $2.71 million in Q3 2023, primarily due to a decline in product sales orders and shipments [4][3] - The company launched its first V2G-capable electric school bus in New Mexico and unveiled new AC V2G technology, indicating progress in its technology deployment [2][3] - Nuvve's management expressed optimism about continued revenue improvements into Q4 2024, attributing this to better expense controls and operational efficiencies [3] Financial Performance - Total revenue for Q3 2024 was $1.92 million, a decrease of $0.79 million from the previous year [4] - Products revenue decreased by $1.23 million, while services revenue increased by $0.4 million [4] - Operating expenses, excluding cost of sales, were reduced by $5.9 million to $2.8 million compared to Q3 2023 [4] - The net loss for Q3 2024 was $1.6 million, down 80.2% from $8.3 million in Q3 2023 [4][5] Operational Highlights - Nuvve increased megawatts under management by 16.3% to 29.2 megawatts as of September 30, 2024, from 25.1 megawatts at the end of 2023 [2] - The company partnered with WISE EV to enhance public EV charging infrastructure in select markets [2] - Selling, general, and administrative expenses decreased by 67.2% to $2.1 million in Q3 2024 [4] Strategic Developments - Nuvve became the 100% owner of Levo after acquiring the remaining 49% membership interest from Stonepeak and Evolve [6] - The company continues to focus on its vehicle-to-grid (V2G) technology, which allows EV batteries to store and resell unused energy back to the grid [1][9]

Core Viewpoint - Nuvve Holding Corp. is set to provide an update on its third quarter 2024 financial results and company developments during a conference call scheduled for November 12, 2024 [1][2]. Group 1: Company Overview - Nuvve is a green energy technology company that specializes in vehicle-to-grid (V2G) technology, allowing electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid [1][3]. - The company's mission focuses on reducing the cost of electric vehicle ownership while facilitating the integration of renewable energy sources such as solar and wind [3]. Group 2: Conference Call Details - The conference call will take place at 5:00 PM Eastern Time (2:00 PM PT) on November 12, 2024, and will be accessible via a live webcast on Nuvve's investor relations website [2]. - A replay of the conference call will be available for future access [2].

Core Viewpoint - Nuvve Holding Corp. has successfully completed a private placement of senior convertible notes and warrants, raising approximately $3.375 million for working capital and corporate purposes [1][4]. Financing Details - The company issued $3,750,000.01 principal amount of senior convertible notes with a 10% original issue discount, resulting in gross proceeds of $3,375,000.01 [1]. - The notes carry an interest rate of 8.0% per annum and have an 18-month maturity, with a possible six-month extension [3]. - The notes are convertible into up to 1,102,295 shares of common stock at a conversion price of $3.402 per share, reflecting a 10% discount to the closing price prior to the placement [3]. - Investors have the option to purchase an additional $12.5 million in notes and warrants [3]. Warrants Information - As part of the private placement, Nuvve issued warrants to purchase up to 1,102,295 shares at an exercise price of $3.78 per share, exercisable for five years [4]. Use of Proceeds - The net proceeds from the private placement will be utilized for working capital and general corporate purposes [4]. Regulatory Compliance - Nuvve will file a registration statement for the resale of shares issuable upon conversion of the notes and exercise of the warrants, and will seek stockholder approval for the issuance of these shares [5].

Core Insights - Nuvve Holding Corp. has demonstrated significant advancements in Vehicle-to-Grid (V2G) technology, showcasing scalable solutions for grid stabilization at a recent event hosted by Exelon [1][4] - The global V2G market is projected to reach USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034, driven by the adoption of electric vehicles and the need for energy optimization [2] - Nuvve's proprietary GIVe™ aggregator software enhances the integration of multiple EVs into a unified V2G power resource, ensuring efficient grid integration [3] Company Developments - Nuvve's deployment of 3-phase PowerPort3 Ultra chargers allows Ford Mach-E EVs to provide grid services while parked, emphasizing the practical benefits of AC bi-directional power flow [1] - The company is positioned to capture a significant share of the growing V2G market through its innovative solutions and compliance with regulatory requirements [2][4] - Nuvve's strategic leadership in adhering to FERC Order 2222 strengthens its ability to leverage distributed energy resources [4] Market Opportunities - The integration of V2G technologies presents opportunities for Nuvve and its customers to generate recurring revenue streams through services like grid balancing and resource flexibility [3] - The performance of V2G-enabled Ford Mach-E vehicles will be monitored to assess their effectiveness as both fleet vehicles and grid assets, contributing to long-term value creation [4]

Core Viewpoint - Nuvve Holding Corp. has taken significant steps to regain compliance with Nasdaq's Bid Price Rule, including executing a 1-for-10 reverse stock split [1] Group 1: Company Actions - Nuvve executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding [1] - The company encourages shareholders to protect their shares against market manipulation by holding shares in cash accounts and requesting "no loan" status [1] Group 2: Company Overview - Nuvve Holding Corp. is a leader in vehicle-to-grid (V2G) technology, transforming electric vehicles into grid resources to support the transition to a net-zero future [1]

Core Insights - Nuvve Holding Corp. has partnered with Las Cruces Public Schools to enhance electric vehicle infrastructure in the educational sector, marking a significant milestone in this initiative [1][2][3] Group 1: Partnership Details - The collaboration involves the deployment of 5 Vehicle-to-Grid (V2G)-capable DC Fast Chargers and 7 Nuvve Level II PowerPorts to support the transition to electric school buses and other electric vehicles [2][3] - Nuvve's CEO emphasizes the importance of this partnership in promoting sustainability and energy savings for the school district [2][3] Group 2: Technology and Benefits - Nuvve will utilize its GIVe™ platform for bidirectional energy management, allowing the school district's electric vehicles to serve as grid-integrated energy storage resources [3] - The project aims to optimize energy usage, reduce costs, and facilitate the integration of renewable energy sources like solar and wind [3] Group 3: Future Implications - The successful deployment of this project is expected to encourage broader adoption of electric school buses across New Mexico, showcasing the reliability of Nuvve's technology [2][3] - Both Nuvve and Las Cruces Public Schools are committed to driving innovation and sustainability in the electric vehicle and renewable energy sectors [3]

Core Points - Nuvve Holding Corp. announced a 1-for-10 reverse stock split effective September 16, 2024, to comply with Nasdaq's minimum bid price requirement of $1.00 per share [1][3] - The reverse stock split will reduce the number of outstanding shares from approximately 6.5 million to about 0.7 million, while the total authorized shares will remain unchanged [2][3] - The reverse stock split will not affect the par value of the shares, which remains at $0.0001 per share [2] Company Overview - Nuvve Holding Corp. specializes in vehicle-to-grid (V2G) technology, enabling electric vehicle (EV) batteries to store and resell unused energy back to the grid [1][5] - The company aims to enhance sustainable transportation and support the transition to clean energy by transforming EVs into mobile energy storage assets [5] - Nuvve has deployed V2G technology on five continents since its founding in 2010 and offers electrification solutions for various fleet types [5]

Financial Data and Key Metrics Changes - In Q2 2024, total revenues were $802,000, down from $2.12 million in Q2 2023, primarily due to reduced charger hardware sales and timing of EPA funding awards [11][12] - Year-to-date revenues through June 30, 2024, were $1.6 million compared to $4 million in the prior year period, reflecting a similar decline driven by hardware sales [11] - Net loss attributable to common stockholders decreased to $3.9 million in Q2 2024 from $8 million in Q2 2023, attributed to lower operating expenses and noncash gains [14] Business Line Data and Key Metrics Changes - Margins on products, services, and grant revenues improved to 24.9% in Q2 2024 from 8% in the prior year, driven by better pricing on hardware and a higher mix of service revenues [12] - Excluding grant revenues, margins on product and service revenues were 10.1% in Q2 2024 compared to 4.8% in the year-ago period [12] Market Data and Key Metrics Changes - Megawatts under management increased by 1.7% from Q1 2024 to 27.1 megawatts, a 35.3% increase compared to Q2 2023 [16] - The backlog for hardware and services decreased to $18.2 million as of June 30, 2024, down from $19 million at the end of Q1 2024, but increased by $14.3 million year-to-date from $3.9 million at the end of 2023 [17] Company Strategy and Development Direction - The company is focusing on closing awarded projects while the school bus segment is recovering, aiming to diversify revenue sources and enhance stability [19][20] - A new partnership with WISE-EV LLC aims to launch a special purpose vehicle (SPV) for public infrastructure deployment in Nevada, which is expected to accelerate technology deployment and provide upfront cash [8][9] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 2024 due to delays in EPA funding approvals but expressed optimism about order increases in the upcoming quarters [5] - The company does not anticipate achieving the previously guided revenue target of $15 million to $20 million for 2024 due to project delays and funding timing issues [9][10] Other Important Information - Operating costs, excluding cost of sales, decreased to $6 million in Q2 2024 from $8.5 million in Q2 2023, reflecting ongoing efficiency improvements [13] - Cash as of June 30, 2024, was approximately $1.4 million, with a decrease attributed to operating activities [15] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [21]

Revenue Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of 62.2% from $2.12 million in Q2 2023, primarily due to a $1.18 million drop in product revenue [188]. - For the six months ended June 30, 2024, total revenue was $1.6 million, down 60.2% from $4.0 million in the same period of 2023, with a $2.1 million decrease in product revenue [189]. - Grants revenue increased by 85% to $0.13 million in Q2 2024 compared to $0.07 million in Q2 2023 [186]. Cost and Margin Analysis - Cost of products and services revenue for Q2 2024 decreased by 69.1% to $0.6 million compared to $2.0 million in Q2 2023, leading to a margin increase to 10.1% from 4.8% [190]. - For the six months ended June 30, 2024, cost of products and services revenue decreased by $2.3 million to $1.1 million, with a margin increase to 18.6% from 10.9% [191]. Loss and Improvement Metrics - Operating loss for Q2 2024 was $5.76 million, a 31% improvement from a loss of $8.32 million in Q2 2023 [186]. - Net loss attributable to Nuvve Holding Corp. for Q2 2024 was $3.94 million, a 51% improvement from a loss of $7.99 million in Q2 2023 [186]. - Net loss decreased by $4.0 million, or 50.5%, to $3.9 million for the three months ended June 30, 2024, compared to $8.0 million for the same period in 2023 [200]. Operational Expenses - Selling, general and administrative expenses decreased by $1.7 million, or 26.4%, to $4.5 million for the three months ended June 30, 2024, compared to $6.1 million for the same period in 2023 [192]. - Research and development expenses decreased by $0.9 million, or 38.3%, to $1.5 million for the three months ended June 30, 2024, compared to $2.4 million for the same period in 2023 [195]. Cash Flow and Financing - Cash used in operations was $8.7 million for the six months ended June 30, 2024, compared to $21.3 million for the year ended December 31, 2023 [204]. - The company completed a public offering on February 2, 2024, raising gross proceeds of approximately $9.6 million [206]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $8.7 million, primarily from $8.5 million in proceeds from a public offering of common stock [222]. Future Outlook and Backlog - The estimated backlog as of June 30, 2024, was $18.2 million, expected to be recognized as revenue from 2024 through 2026 [184]. - The company expects growth in company-owned charging stations, although these projects will constitute a declining percentage of future business as commercial operations expand [180]. Subsidiary and Business Model - Levo Mobility LLC, a consolidated subsidiary, focuses on electrifying transportation and reducing barriers to EV fleet adoption through a Fleet-as-a-Service model [182]. - Levo was formed with conditional capital contribution commitments of $750 million to fund electric fleet acquisitions and infrastructure construction [215]. Debt and Interest Obligations - The Term Loan requires weekly payments of $50,750 for thirty weeks, totaling $522,501 in expected interest payments [214]. - The weighted weekly average interest rate on the term loan is 2.96% [216]. Cash Position and Changes - The net decrease in cash and restricted cash for the six months ended June 30, 2024, was $103,246, compared to a decrease of $4.7 million in the same period of 2023 [220]. - Net cash used in operating activities for the six months ended June 30, 2024, was $8.7 million, a decrease of $0.3 million compared to $9.0 million for the same period in 2023 [220]. - Cash used for investing activities was $0.05 million for the six months ended June 30, 2024, compared to net cash provided of $1.2 million in the same period of 2023 [221]. Regulatory and Compliance - The company has no off-balance sheet arrangements [224]. - There has been no change in internal control over financial reporting that materially affected the company during the quarter ended June 30, 2024 [234]. - The company is classified as an "emerging growth company" under the JOBS Act and intends to rely on the exemptions provided [230]. - The company expects to remain an emerging growth company until at least December 31, 2025, unless certain revenue or securities thresholds are met [231].

Financial Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of 62.2% from $2.12 million in Q2 2023, primarily due to a $1.18 million decrease in products revenue[4] - Net loss decreased by 50.5% to $3.9 million in Q2 2024 from $8.0 million in Q2 2023, driven by an increase in other income and a decrease in operating expenses[8] - Operating loss for Q2 2024 was $(5,763,874), compared to $(8,315,540) in Q2 2023, showing an improvement of 30.8%[20] - Net loss attributable to Nuvve Holding Corp. common stockholders for Q2 2024 was $(4,176,717), a decrease from $(8,224,707) in Q2 2023, representing a 49.1% improvement[20] - The company reported a comprehensive loss attributable to Nuvve Holding Corp. of $(3,946,840) for Q2 2024, compared to $(7,991,264) in Q2 2023[23] Operating Expenses - Operating expenses excluding cost of sales were reduced to $6.0 million in Q2 2024 from $8.5 million in Q2 2023, a decrease of 29.4%[2] - Total operating expenses for Q2 2024 were $6,566,054, down from $10,435,667 in Q2 2023, a reduction of 37.1%[20] - Selling, general and administrative expenses decreased by 26.4% to $4.5 million in Q2 2024 from $6.1 million in Q2 2023[5] - Research and development expenses decreased by 38.3% to $1.5 million in Q2 2024 from $2.4 million in Q2 2023[7] - Research and development expenses for Q2 2024 were $1,473,567, compared to $2,387,215 in Q2 2023, a decrease of 38.2%[20] Cash and Equity - Cash and cash equivalents were $1.4 million as of June 30, 2024[2] - Cash and restricted cash at the end of Q2 2024 was $1,911,414, down from $11,539,004 at the end of Q2 2023[25] - Total stockholders' equity as of June 30, 2024, was $(2,062,490), a decline from $2,580,605 at the end of 2023[19] - Total liabilities and equity as of June 30, 2024, amounted to $18,527,025, down from $20,950,506 at the end of 2023[19] Business Developments - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation[2] - The partnership with Great Power aims to combine advanced batteries with V2G solutions for more efficient EVs[2] - Megawatts under management increased by 8.0% to 27.1 megawatts as of June 30, 2024, up from 25.1 megawatts on December 31, 2023[2] Other Income - Other income increased by $1.5 million to $1.8 million in Q2 2024, primarily due to changes in fair value of warrants liability[7]