Nuvve (US:NVVE)2024-05-15 01:34Financial Data and Key Metrics Changes - In Q1 2024, total revenues were $780,000, a decrease from $1.85 million in Q1 2023, primarily due to reduced charger hardware sales impacted by EPA funding timing [13] - Margins on product and service revenues improved to 34.7% in Q1 2024 from 21.2% in the same period last year, attributed to a higher mix of service revenues and improved pricing on hardware sales [13] - Net loss attributable to common stockholders decreased to $6.7 million in Q1 2024 from $7.7 million in Q1 2023, mainly due to lower operating expenses [15] Business Line Data and Key Metrics Changes - The school bus business remains a key revenue driver, with expectations for revenue to be lumpy due to the timing of EPA funding [5] - The company has signed a contract for a $16 million project with Fresno Economic Opportunities Commission, expected to be recognized over the next 24 months [6][7] - A partnership with e-Formula for a project in Taiwan includes over 90 charging stations, enhancing future project opportunities [8] Market Data and Key Metrics Changes - Megawatts under management increased by 6% from Q4 2023 to 26.6 MW in Q1 2024, and a 45.4% increase compared to Q1 2023 [18] - The hardware and service backlog reached a record $19 million, up from $3.9 million at the end of 2023, driven by the Fresno project [18] Company Strategy and Development Direction - The company is focused on expanding its business and smoothing revenue through key projects, particularly in the school bus sector supported by EPA funding [5][6] - The integration of electric vehicles into the electric system is emphasized, with the GIVe platform managing both EV and stationary storage [9][10] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a tough global environment in the electric vehicle space but remains optimistic about the school bus business picking up in Q2 and Q3 [4][20] - Expectations for 2024 revenue remain between $15 million to $20 million, with ongoing execution of business plans [12][20] Other Important Information - Operating costs, excluding cost of sales, decreased to $7.5 million in Q1 2024 from $8.3 million in Q1 2023, reflecting continued efficiency improvements [14] - Cash as of March 31, 2024, was approximately $5.3 million, an increase of $3.7 million from December 2023, due to a net capital raise [15][16] Q&A Session Summary Question: What do you think a normalized year-end inventory level could be? - Management believes inventory levels can decrease by a couple of million dollars by year-end, depending on order delivery timing [22][23] Question: Can you provide notable dates for EPA rounds in Q2 and Q3? - Management indicated that the timing of announcements will depend on school districts, with no specific dates available [25][26]