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Nuvve Holding Corp. (NASDAQ:NVVE) Q4 2021 Earnings Conference Call March 31, 2022 5:00 PM ET Company Participants Eduardo Royes - Investor Relations Gregory Poilasne - Chief Executive Officer David Robson - Chief Financial Officer Conference Call Participants Eric Stine - Craig Hallum Capital Group Brian Dobson - Chardan Capital Markets Operator Greetings. Welcome to Nuvve Holdings Corp. Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-an ...

Revenue Generation and Market Potential - Nuvve's V2G services have generated approximately $2,000 in revenue per electric vehicle (EV) per year in Denmark, with variations based on energy market prices[20]. - The global EV market is projected to reach 500 million vehicles by 2040, driving significant demand for charging infrastructure, which is expected to see an annual investment run-rate of $80 billion over the next 20 years[26]. - The addressable energy and capacity markets for targeted grid services are estimated to range from $3 billion to $250 billion per year[33]. - Nuvve expects to generate revenue primarily from grid services via its GIVe platform and sales of V2G-enabled charging stations, with recurring mobility fees from fleet customers[46]. - Nuvve anticipates significant growth in grid services revenue as fleet EVs increase in volume in the coming years[49]. - The company anticipates expanding revenues by selling EV charging equipment to various sectors, including school districts and fleet operators, with a focus on V2G-capable charging stations[73]. Technology and Innovation - Nuvve's GIVe software platform enables the aggregation of multiple EV batteries into a virtual power plant (VPP), providing grid services and generating revenue from energy markets[17]. - Nuvve's intelligent energy platform enhances the efficiency and cost-effectiveness of EVs, contributing to a more resilient grid[15]. - Nuvve's platform allows for real-time optimization of energy management, ensuring that the needs of drivers, batteries, and the grid are met simultaneously[23]. - Nuvve's GIVe software platform helps customers lower operating costs and achieve sustainability goals, targeting both light duty and heavy duty fleet segments[37][38]. - Nuvve's competitive advantage with its GIVe platform, which is qualified by multiple grid system operators for providing grid services[76][79]. - Nuvve's intellectual property portfolio includes key patents for V2G technology, which is critical for its competitive position in the market[65][79]. Operations and Market Strategy - Nuvve has been operating V2G services in Denmark for over five years, providing frequency regulation services to the local transmission system operator[18]. - The company aims to leverage the shift to electrification, with commercial fleet EVs identified as the best initial target market for V2G due to their potential for lower total cost of ownership[31]. - Nuvve is focused on expanding its operations across diverse segments and geographies, including partnerships in Europe, Asia, and North America[36]. - The North American school bus segment is a high priority for Nuvve, with over 600,000 school buses in the US and Canada, 95% of which are diesel[42]. - Nuvve has formed Levo Mobility LLC to provide turnkey V2G solutions, focusing on school buses and last-mile delivery, eliminating barriers to EV fleet adoption[43][44]. - Nuvve plans to pursue strategic acquisitions to enhance its market position and expand its service offerings[50]. Financial Performance and Customer Base - Nuvve's revenue for the years ended December 31, 2021, included one customer accounting for 12.4% and four customers collectively accounting for 62.3% of total revenue[74]. - Nuvve's top five customers represented approximately 44.0% of total revenue in 2021, down from 70.8% in 2020, indicating a shift in customer concentration[74]. Internal Controls and Compliance - The company concluded that its disclosure controls and procedures were not effective as of December 31, 2021, due to material weaknesses in internal control over financial reporting[335]. - Material weaknesses identified included deficiencies in segregation of duties and documentation of financial closing policies and procedures[341]. - The company has engaged outside accounting and financial reporting consultants to assist in remediating the identified material weaknesses[341]. - Additional finance and accounting personnel have been hired to improve segregation of duties and enhance resources for complex accounting matters[341]. - The remediation efforts are ongoing, and the company intends to formalize documentation of policies and procedures[342]. - The effectiveness of the internal control system is subject to inherent limitations, including the potential for misconduct and changes in conditions[343]. - The company has not completed the remediation of material weaknesses as of December 31, 2021, and ongoing evaluations will be necessary[340]. - Management's report on internal control over financial reporting was not subject to attestation by the independent registered public accounting firm[338]. - There have been no changes in internal control over financial reporting that materially affected the system during the year ended December 31, 2021[339]. - The company will continue to monitor and upgrade internal controls as necessary, but there is no assurance that improvements will be sufficient[343]. Workforce and R&D - Nuvve's research and development team consists of 17 full-time employees and 3 contract workers, focusing on enhancing its V2G technology and services[62]. - The company employs 61 full-time employees, with 17 engaged in research and development activities as of December 31, 2021[80]. - Nuvve maintains a capital-light business model, investing in R&D, marketing, and sales to expand its GIVe platform and V2G service capabilities[47][48]. - Nuvve's strategy includes assessing opportunities for patent protection to maintain a competitive edge, although financial constraints may limit this ability[70].

Business Operations and Strategy - Nuvve's proprietary V2G technology enables linking multiple EV batteries into a virtual power plant, providing grid services such as frequency regulation and energy optimization[238]. - The company expects to generate revenue primarily from services to the grid via its GIVe software platform and sales of V2G-enabled charging stations[240]. - Nuvve formed Levo Mobility LLC to advance electrification of transportation, focusing on Fleet-as-a-Service for school buses and last-mile delivery[242]. - The Business Combination with Newborn generated net proceeds of $14.25 million and an estimated net increase in cash of approximately $62.02 million[245][246]. - Nuvve's revenue growth is tied to the overall acceptance of commercial fleet and passenger EVs, which is influenced by factors such as perceptions of EV features and government incentives[254][256]. - The company plans to increase sales and marketing activities and pursue strategic acquisitions in North America and Europe using proceeds from the Business Combination[260]. - Nuvve's competition includes other electric vehicle charging technologies, and its market share growth is essential for future revenue and profit generation[259]. - Nuvve's growth in North America and Europe requires differentiation from existing competitors to ensure future revenue growth and profits[260]. Financial Performance - Total revenue for the three months ended September 30, 2021, was $1.2 million, a decrease of 13.3% from $1.3 million in the same period of 2020[266]. - Total revenue for the nine months ended September 30, 2021, was $2.9 million, an increase of 7.1% from $2.7 million in the same period of 2020[267]. - Cost of product and service revenues for the three months ended September 30, 2021, increased by 1,106.5% to $387,582, primarily due to sales of charging stations[268]. - Selling, general and administrative expenses for the three months ended September 30, 2021, were $6.6 million, an increase of 383.0% from $1.4 million in the same period of 2020[270]. - Research and development expenses for the three months ended September 30, 2021, increased by 110.5% to $1.6 million[272]. - Net loss for the three months ended September 30, 2021, was $7.0 million, an increase of 790.8% from $0.8 million in the same period of 2020[277]. - Net loss for the nine months ended September 30, 2021, was $18.5 million, an increase of 693.3% from $2.3 million in the same period of 2020[278]. - Nuvve's net loss for the nine months ended September 30, 2021, was $18.5 million, influenced by lower net revenues and increased expenses[285]. Cash Flow and Financial Position - Nuvve raised net proceeds of $61.8 million from the Business Combination and related transactions as of September 30, 2021[282]. - As of September 30, 2021, Nuvve had a cash balance of $40.7 million, working capital of $43.9 million, and stockholders' equity of $89.0 million[282]. - Net cash used in operating activities for the nine months ended September 30, 2021, was $23.5 million, an increase of $22.2 million compared to the same period in 2020[285]. - Net cash provided by financing activities for the nine months ended September 30, 2021, was $62.2 million, primarily from the Business Combination and PIPE offering[287]. Internal Controls and Compliance - Nuvve's management concluded that its disclosure controls and procedures were not effective as of September 30, 2021, due to material weaknesses in internal control over financial reporting[334]. - The company identified material weaknesses in internal control over financial reporting related to segregation of duties and lack of formal documentation in financial processes[336]. - The company is utilizing outside consultants to improve financial reporting and compliance with U.S. GAAP[337]. - Additional finance and accounting personnel have been hired to enhance segregation of duties and support complex accounting matters[339]. - The remediation of identified material weaknesses is ongoing and requires validation and testing over multiple financial reporting cycles[340]. - The company acknowledges inherent limitations in the effectiveness of internal controls, which may not provide absolute assurance[341]. - The company intends to formalize documentation of policies and procedures to further address material weaknesses[339]. - The design and implementation of remediation efforts are subject to ongoing senior management review and audit committee oversight[340]. Market and Competitive Landscape - The company has a significant competitive advantage in the V2G market, which is estimated to be over $6 trillion[262]. - The company has collected a substantial amount of data, which is crucial for rapid development and monetization of its technology[262]. - Nuvve received a grant of approximately $0.1 million from Innovate UK for disaster relief related to specific contracts[284]. - There are no material legal proceedings against the company, but it may face claims in the ordinary course of business[343]. Accounting and Valuation - Nuvve's revenue recognition follows the five-step model under ASC 606, requiring significant judgment in contract terms[297]. - Nuvve utilizes the asset and liability method for accounting income taxes, reflecting estimated future tax consequences of temporary differences[326]. - The company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the position will be sustained upon examination[327]. - Nuvve's stock-based compensation is measured at grant date fair value and recognized as an expense over the requisite service period[311]. - The expected life of stock options granted during the nine months ended September 30, 2021, is 6.0 years, with a risk-free interest rate of 1.02%[313]. - Nuvve's common stock valuation is based on the market and income approaches, with future cash flows discounted at a risk-adjusted rate[319]. - The company applies a discount for lack of marketability (DLOM) to arrive at the fair value of common stock[323]. - Nuvve is classified as an emerging growth company under the JOBS Act, allowing it to take advantage of extended transition periods for new accounting standards[329]. - The company expects to remain an emerging growth company until it meets certain revenue or market capitalization thresholds[332].

Nuvve Holding Corp. (NASDAQ:NVVE) Q3 2021 Earnings Conference Call November 11, 2021 11:00 AM ET Company Participants Gregory Poilasne - Co Founder, Chairman and CEO David Robson - Chief Financial Officer Ted Smith - President and Chief Operating Officer Conference Call Participants Aaron Spychalla - Craig Hallum Capital Craig Irwin - Roth Capital Partners Operator Good morning and welcome to Nuvve Holdings Corp. Third Quarter 2021 Earnings Conference Call. [Operator Instructions] It is my pleasure to intr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-40296 NUVVE HOLDING CORP. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | --- | --- | | ...

Nuvve Holding Corp. (NASDAQ:NVVE) Q2 2021 Earnings Conference Call August 12, 2021 4:30 PM ET Company Participants Joe Dorame - Managing Partner Gregory Poilasne - Chief Executive Officer David Robson - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Operator Good afternoon, and welcome to Nuvve Holding Corporation's Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-40296 NUVVE HOLDING CORP. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | |----------- ...

Call Start: 09:00 January 1, 0000 9:41 AM ET Nuvve Holding Corp (NASDAQ:NVVE) Q1 2021 Earnings Conference Call May 17, 2021, 09:00 ET Company Participants Joe Dorame - Managing Partner Gregory Poilasne - Co-Founder, Chairman & CEO Ted Smith - President & COO David Robson - CFO Conference Call Participants Eric Stine - Craig-Hallum Craig Irwin - ROTH Capital Partners Operator Good morning and welcome to the Nuvve Holding Corp.'s first-quarter of fiscal year 2021 financial results conference call. [Operator I ...