Q4 2024 Nuvve Holding Corp Earnings Call Transcript
Key Points
- Nuvve Holding Corp (NVVE) successfully reduced its cash and noncash operating expenses by 33% in fiscal year 2024 compared to 2023.
- The company expanded its business into the stationary battery sector, launching its first Battery-as-a-Service model in the United States.
- Nuvve Holding Corp (NVVE) is expanding its stationary battery business in Japan, establishing a new entity to pursue local capital raising activities.
- The company was selected by the state of New Mexico for a significant electric vehicle and infrastructure deployment project, with an estimated market opportunity of $400 million.
- Nuvve Holding Corp (NVVE) increased its megawatts under management by 22.2% year-over-year, reaching 30.7 megawatts by the end of Q4 2024.
- Nuvve Holding Corp (NVVE) experienced a decrease in total revenues for the full year 2024, dropping to $5.3 million from $8.3 million in 2023.
- The company's gross margin percentage for Q4 2024 was negatively impacted by competitive pricing pressures, particularly on DC charger sales.
- Operating costs, excluding cost of sales, were $5.9 million for Q4 2024, which is higher than the $2.28 million reported in Q3 2024.
- Nuvve Holding Corp (NVVE) reported a net loss of $5.1 million in Q4 2024, although this was an improvement from the $7.5 million loss in Q4 2023.
- The company had only $0.4 million in cash as of December 31, 2024, indicating a decrease of $1.2 million from the previous year.
Good day, and welcome to the Nuvve Holding Corporation Second Quarter Earnings Conference Call.
(Operator Instructions)
Please note today's event is being recorded. On today's call are Gregory Poilasne Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve.
Earlier today, Nuvve issued a press release announcing its quarterly report and fiscal year report. Following the prepared remarks, we will open up the call for questions. Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections.
These risk factors are discussed in these filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances.
With that, I would like to
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