Financial Data and Key Metrics Changes - In Q4 2025, total revenues increased to $1.93 million from $1.79 million in Q4 2024, driven by higher product sales and increased grant revenues [10] - Year-to-date revenues for FY 2025 were $4.79 million, down from $5.29 million in the prior year, primarily due to lower service revenues [11] - Margins on products, services, and grant revenues improved to 24.2% in Q4 2025 from 15.8% in the previous year [11] - Net loss attributable to common stockholders increased to $6.1 million in Q4 2025 from $5.1 million in Q4 2024, mainly due to a one-time inventory impairment charge [15] Business Line Data and Key Metrics Changes - The company is transitioning from vehicle-to-grid deployments to stationary storage, with a focus on battery management and AI integration [3][4] - The inventory impairment charge of $3.47 million was recognized for non-conforming DC chargers, reducing their carrying value to zero [13] - Cash operating expenses decreased significantly to $2 million in Q4 2025 from $5.2 million in Q4 2024, reflecting lower payroll expenses [14] Market Data and Key Metrics Changes - The megawatts under management increased by 7.5% quarter-over-quarter to 28.3 MW, but decreased by 7.6% year-over-year [19] - The company has a similar pipeline of opportunities in Japan as in Europe, with a longer timeline of 36 to 48 months for realization [7] Company Strategy and Development Direction - The company is focusing on battery deployments in Europe and Japan, with a partnership with OMNIA Global to deploy over 1 GW of battery capacity [4] - Nuvve Japan has been established to pursue different business models in the less mature Japanese market [6] - The strategic pivot towards stationary battery deployments is viewed as the right path, with expectations for significant future growth [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pivot towards stationary storage and anticipates further developments in battery deployments [22] - The company expects improvements in cash burn due to lower operating costs compared to the previous year [21] Other Important Information - The hardware and service backlog decreased to $3.3 million from $18.3 million year-over-year, primarily due to the termination of the Fresno EV infrastructure project [20] Q&A Session Summary - No questions were raised during the Q&A session, leading to the conclusion of the call [23]

Core Insights - Ford is shifting its electric vehicle strategy, focusing more on hybrid and plug-in vehicles while reducing emphasis on pure EVs [2][4] - The company anticipates incurring approximately $19.5 billion in one-time charges related to this restructuring, with most of these charges recognized in Q4 [2][8] - Ford aims for its electric vehicle unit to be profitable by 2029 and plans to convert some battery plants to produce stationary batteries for various applications [5] Company Strategy - Ford's CEO, Jim Farley, stated that the shift is customer-driven, aiming to create a more resilient and profitable company by reallocating capital to higher-return opportunities [3] - The next generation of the F-150 Lightning will be an extended-range EV instead of a fully electric vehicle, while plans for smaller, more efficient EVs are still on track for 2027 [3] Industry Context - Ford's decision reflects a broader trend among automakers, including General Motors, to scale back EV plans due to declining demand in the U.S. and the expiration of EV tax credits [4][6] - By 2030, Ford expects that about 50% of its vehicle lineup will consist of hybrids, EVs, or extended-range EVs, up from approximately 17% currently [7]