Nuvve (US:NVVE)2022-05-13 01:30Financial Data and Key Metrics Changes - Total revenues for Q1 2022 were $2.4 million, a nearly 200% increase from $799,000 in Q1 2021, primarily driven by hardware and service revenues growing over 7 times [17][18] - Product and service revenues constituted 95% of total revenues in Q1 2022, compared to 39% in Q1 2021, with gross margins decreasing to 4.9% from 59.2% year-over-year [18][19] - Net loss attributable to common stockholders was $9.2 million in Q1 2022, compared to $5.4 million in Q1 2021 [20] Business Line Data and Key Metrics Changes - The company sold 5 electric school buses in Q1 2022, contributing to the increase in hardware and service revenues [17] - Megawatts under management increased to 16.9 megawatts as of March 31, 2022, reflecting a 15% increase from the previous quarter and tripling compared to the prior year [13][23] Market Data and Key Metrics Changes - The qualified pipeline stands at approximately $225 million, indicating strong potential for future growth despite not all being expected to convert into backlog [14][25] - The backlog for hardware and services was $4 million, which declined due to strong sales in Q1 [25] Company Strategy and Development Direction - The company is focused on expanding partnerships and diversifying its product offerings, including collaborations with 2021.AI and Cenntro to enhance its V2G capabilities [8][12] - The recent MOU with the US Department of Energy highlights the company's strategic positioning in the vehicle-to-grid technology space, emphasizing the importance of V2G in the energy transition [5][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for vehicle-to-grid technology and the ongoing partnerships that are expected to drive future growth [26] - The company is not solely reliant on infrastructure funding for growth, indicating confidence in existing opportunities and partnerships [41][44] Other Important Information - The company received approval to start commercial operations in the Japanese energy market, which is expected to enhance its presence in that region [10] - The company is actively pursuing partnerships with universities to explore new B2G verticals, leveraging their expertise and resources [15] Q&A Session Summary Question: What long-term opportunities does the MOU with the US Department of Energy present? - Management highlighted the importance of market accessibility for EVs and the need for standardization in the energy market, aligning with the company's strategy [30][31] Question: What strategic opportunities arise from the approval from the Japanese transmission system operator? - Management noted that the approval allows for the introduction of renewable generation and stabilization of the grid, with plans to expand stationary storage and V2G vehicles in Japan over the next 12 to 18 months [34][35] Question: Will there be more opportunities for partnerships similar to the one with Wallbox? - Management confirmed a focus on fleet opportunities while also exploring partnerships with charging station and vehicle manufacturers to support V2G deployment [36][38] Question: Is the infrastructure funding critical for adoption in the next 9 to 12 months? - Management indicated that there is already significant planning and activity occurring, and they are excited about the opportunities without waiting for infrastructure funding [41][42] Question: What is the focus of Levo beyond school buses? - Management acknowledged that while school buses are the primary focus, there are opportunities in other fleet segments as well [45][47] Question: Update on DYB collaboration? - Management stated that integration work is ongoing and they expect to share updates soon [49]