Nuvve (US:NVVE)2024-03-28 23:48Financial Data and Key Metrics Changes - In Q4 2023, total revenues were $1.64 million, up from $1.15 million in Q4 2022, attributed to increases in product and service revenues [13] - For the full year 2023, total revenues reached $8.3 million, a 55.1% increase from $5.4 million in 2022 [15] - Net loss attributable to common stockholders decreased to $7.52 million in Q4 2023 from $7.86 million in Q4 2022 [14] - Full year net loss increased to $32.2 million from $24.9 million in 2022 [17] Business Line Data and Key Metrics Changes - Product and service revenues for Q4 2023 included approximately $1.1 million from sales of DC and AC chargers and $0.2 million from grid service revenues [13] - Margins on product and service revenues were 24% in Q4 2023, down from 32.7% in Q4 2022, primarily due to a change in sales mix [14] - Megawatts under management increased by 18.2% in Q4 2023 and by 44.6% for the full year [5][18] Market Data and Key Metrics Changes - Grid service revenues grew by 8% in Q4 2023 and by 87% for the full year [6] - The potential revenue opportunity for grid services ranges from $85 to $300 per kilowatt annually in key markets [6] Company Strategy and Development Direction - The company is focusing on scaling its business and expanding its partnerships, particularly in the Japanese stationary battery market [7][10] - Nuvve is investing in AI technology to enhance its offerings and optimize energy management [8] - The company aims to reach $15 million to $20 million in revenue for 2024, supported by a strong backlog and ongoing projects [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about overcoming supply chain challenges and expects continued growth momentum into 2024 [5][12] - The company anticipates an acceleration in megawatts under management and increased grid service revenues in 2024 [19] Other Important Information - The company raised $9.6 million in new capital in Q1 2024 to support major projects and improve its cash position [11][18] - A dedicated website for V2G hubs has been launched to provide information and updates on ongoing projects [10] Summary of Q&A Session - There were no questions during the Q&A session, and the call concluded without further inquiries [20]