Nuvve Holding Corp.

Good morning and welcome to the Nuvi Holding Corp's first quarter of fiscal year 2021 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touchtone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Joe Dorme, Managing Partner. Please go ahead.

Thanks, Betsy. Good morning, and thanks for joining us today. On the call are Gregory Pilon, Chief Executive Officer, Ted Smith, Chief Operating Officer, and David Robson, Chief Financial Officer of Nuvi. This morning, Nuvi issued two press releases, one regarding its first quarter 2021 financial results, and another one regarding a transaction with Stone Peak Infrastructure Partners. The company also posted slides to accompany today's call on the investor relations page of its website. Following prepared remarks, we will open the call for questions. Before we begin, I'd like to remind you this call may contain forward-looking statements. While these forward-looking statements reflect Nuvi'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 periodic SEC filings and in the earnings release issued today, which are available on our website. Nuvi undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I'd like to turn the call over to Gregory Polan, Chief Executive Officer of Nuvi. Gregory?

Thank you, Joe, and good morning, everyone. I'm excited to kick off Nubit's first earning call as a public company today, following the completion of our transaction with Newborn Acquisition Corp. It's been an exciting few months, and as we begin our journey as a public company, we've been hard at work continuing to build on all that the team has accomplished in service funding in 2010. This is highlighted by the agreement to form a joint venture with StoneSick and Prospector Partners we announced today alongside our financial results. Ted, David, and I are looking forward to walking you through this joint venture as well as other recent developments, results, and outlook for the remaining of the year. To start, some of you have had the opportunity to hear the background of our business and our clear go-forward strategy, but we recognize that others are likely new to the story. So I want to take a few minutes to walk through our technology and how we are focused on driving value for our customers and ultimately our shareholders. At Nuvi, we are capitalizing on a transformational megatrend with a differentiated and proprietary mobility technology, an experienced team, and a compelling turnkey offering. The transition to electric mobility is among the largest microeconomic shifts in our lifetime, an opportunity to accelerate solutions to climate change. Our mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energies for a scalable and sustainable green society. Road vehicles account for 23% of US GHG emissions. In fact, the transportation sector emits more harmful pollutants than any other sector, and road vehicles are more than 80% of transportation emissions. The transportation world is rapidly equifying, which is key to solving the climate challenges we face. However, according to the theory, transportation electrification is forecast to result in a 40% increase in total U.S. electricity demand by 2050 on a grid that's often already strained. This increase would result in $2 trillion investment in necessary grid upgrades to keep the lights on. But there is a tremendous hidden opportunity in our increasingly electric transportations. Today, vehicles on average are parked and unused approximately 96% of the time. And if we could harness the battery in all the electric vehicles expected to be on the road globally in 2040, we could power 163 million households. This is equivalent to powering all of the homes in the U.S. for 1.2 years. At Nuvi, we take advantage of this hidden opportunity. We turned EV into power plants. So how do you do it? How do I do it? A proprietary vehicle to grid or V2G technology intelligently utilizes vehicle batteries to not only pull power from the grid for charging, but also store energy, including renewable, and then safely discharge part of that energy back to the grid when it's needed most. V2G technology enables a vehicle to make money or save on your electric bill when it's not in use. We do this while ensuring electric vehicles are always ready to pair up on daily driving needs. Nubia's system controls everything seamlessly behind the scenes. Nothing extra is needed from the EV owner point of view. Simply plug your electric vehicle, set your next scheduled trip, and you always remain in control of the vehicle's set of charge. Accounting for your needs, the platform will determine which grid services are most appropriate. Our technology enables the aggregation of multiple electric vehicle batteries in multiple locations through EV charging stations into a virtual power plant of VPP. Our platform has the capability to sell the aggregated energy back to the market and earn revenue that can be shared with our customers. This lowers the cost of ownership of EVs and helps customers save money on vehicles through intelligent, safe charging during non-peak hours when the electricity rates are low. An example of how our technology is working today is our operation in Friedrichsburg, Denmark. with our longest-standing customer there. This customer originally acquired 10 V2G-capable Nissan ENV200 vans. Each of these vehicles, outfitted with a rather small battery of 24 kWh and connected to a 10 kW charging station, has been generating $2,000 of grid service revenue per vehicle per year since it started using the aggregation platform of Nuvi called Give nearly five years ago. This is about a 25% total cost of ownership reduction over the life of the vehicle. Nubia's technology is backed by 25 years of research and development led by the Professor Willard Kenton at the University of Delaware and my partner in selling Nubia. With more than 350 deployments on five continents and more than 11 years of market participation in PGM, our patented technology is ready today for large-scale deployment to lower the cost of electric vehicles and help solve the climate challenge. There are major benefits of NuViz V2G technology. These include the acceleration of EV penetration by monetizing an increased level of utilization, the improvement of grid resiliency, and the acceleration of renewable penetration. The market opportunity for V2G is vast, totaling over $6 trillion. We have identified the fleet market as our initial area of focus because of ease of scalability. School buses, in particular, are a key area of focus. Why school buses? They are by far the largest mass transit fleet here in the U.S. and are considered the ideal application of EPG technology. Given their consistent and predictable routes and the fact that they sit idle for most of the day and during the summer, which are times when utilities need power the most. Discharging power from aggregated electric buses into the grid at these times of high demand to express off-electric distribution equipment increases grid resiliency. In addition, 95% of these buses are diesel today, which represents a tremendous opportunity for electrification while possibly impacting the health of students, drivers, and the planet. If we can electrify all of the school buses in the U.S., it would be equivalent to planting 108 million acres of trees, The benefits would also be equivalent to electrifying 1.6 million passenger vehicles. Recently, school bus electrification has been gaining momentum and has an extremely strong support from the current administration. But obstacles remain to electrifying school buses. Today, the upfront cost of an electric school bus is often cost prohibitive for school districts. In addition, managing electric school bus fleets requires specialized expertise across technology power market, policy, and finance. Financially, sorry, finally, each school district has unique needs and concerns. We have always believed that in order to supercharge the adoption of electric vehicles, we would need a 100% turnkey infrastructure financing solution. As a result, we are excited to announce an agreement to form NEVO, a joint venture with SONTIC that plans to deliver a transportation as a service solution for the electrification of fleets with an initial focus on school buses. Stone Peak is a leading infrastructure investor with $32 billion of assets under management and significant experience investing in transportation and energy. Stone Peak plans to deploy up to $750 million to the JV to fund Levo's assets and infrastructure. David will provide specific details regarding the joint venture structure, but let me say how excited we are to announce this important step forward in our strategy with the support of Stone Peak. Upon closing, the joint venture will provide us with the ability to continue enhancing our core business, expanding our valuable partnership, and providing our V2G technology to more and more customers. Labor will bring together our proprietary V2G technology, electric vehicles, associated charging and grid infrastructure, maintenance services, seamless customer experience, and a financing solution to create a customized offering to Electrify Fleet. While the initial focus of labor will be school buses fleet, we see a vast opportunity in other fleet verticals such as commercial fleet, last mile delivery, ride hailing and ride sharing, as well as municipal services. We also intend to work with our OEM partners across the value chain with whom we have strong relationships to deliver this solution and meet the needs of customers of all sizes. Nuvi will continue to work with our global industry partners, including developers, fleet owner and operators, to enable widespread of VQG technology and complement labels offering. Upon closing, we believe our partnership with StoneSix will set newbies with a differentiated infrastructure funding solution and a well-regulated partner that bring much more than just capital to the table. We believe the label partnership will deliver a strong value creation for our shareholders while expanding the reach of our technology. We believe this is just the beginning of a differentiated approach that can be scaled and replicated to drive future revenue. Bringing us back to Nuvi's mission, we're excited about the acceleration of electric vehicle performance that our revolutionary technology enables, creating a greener and more equitable planet and helping to address the climate change. Before I turn the call over to Ted, I want to highlight a few key hires that recently were added to the team. We recently appointed Tim Hennessy as our Chief Revenue Officer and Jesse Bryson as Vice President of Utility Recruitment and Joint Venture Deployment. Tim will lead revenue opportunities and draft strategies to deploy our V2G solution across key markets, and Jesse will help lead the effort around our V2G and tax offering. For the last 15 years, Tim has been at the helm of energy storage. having developed the energy storage extension for the California Self-Generation Energy Program, SIGP, in 2008. GSE formerly served as SDP Global Market Development for Advanced Microgrid Solutions, an AI software company in the renewable energy storage space. Additionally, we appointed Steve Moran as our Chief Legal Officer, who brings decades of public company general counsel experience in telematics IoT, and mobility segments focusing on patents and intellectual property protection. We're excited to welcome all these three leaders, which it brings vital industry experience and relationships that will enhance our business. We continue to be excited about the future of Nuvi, and with that, I will turn the call over to Ted.

Thanks, Gregory. I want to highlight the valuable partnerships we've built and some of the exciting work that's been accomplished since we completed the business combination with Newborn. We recently announced the first deployment of a series of V2G school buses with our partners, Bluebird, Cummins, and Rhombus. In March, school bus industry leader Bluebird delivered its first operational V2G-capable school bus, utilizing technology from Nuvi. With our partners at Bluebird, we're on a mission to make the electrification of school buses more affordable and efficient, and Nuvi's V2G technology positions us to do that. We also recently announced a project with Con Edison White Plains in New York in which we use e-buses from Lion Electric, whom we collaborate with to partner to provide power to Con Edison's grid. The goal of this project is to explore the technological and economic potential of using e-buses on a wider scale to improve air quality and grid reliability. There are approximately 1,000 school buses operating in Westchester and 8,000 in New York City that could make a significant difference to the environment if converted to electric with V2G capability. We are building alliances with both utilities and school bus manufacturers to enable a national rollout of V2G-enabled school buses, which we believe will eventually replace diesel buses at competitive prices, helping to achieve the objectives of President Biden's infrastructure plan. We're also working in the shuttle, delivery truck, transit bus, and refuse truck segments where the business case for V2G remains very compelling as battery and infrastructure costs go down. Heavy duty and the light duty fleets are very much at the forefront of our deployments right now. And therefore, we're working with a variety of leading OEMs. In short, we have a pipeline that we're building aggressively with significant opportunity ahead. As you can see, we have a lot of exciting partnerships and momentum underway that we believe will drive significant value for our company, our shareholders, and other stakeholders. We look forward to continuing to update you on these developments. And now, I'll turn the call over to David.

Thanks, Ted. Before I go over the financial results for the quarter, I wanted to briefly comment on the disclosure we made in our press release this morning regarding the filing of our 10Q for the quarter ended March 31st, 2021. As a result of the recent guidance provided by the SEC on April 12th, 2021, for SPAC related companies regarding the accounting and reporting of warrants, we intend to file an extension with the SEC to file our 10Q. We require this extension in order to complete our analysis related to the accounting and reporting policies raised by the SEC. However, we do not expect the company's financial position or our first quarter results or the financial information disclosed in today's press release to change as a result of this analysis. This analysis includes evaluating whether some of the warrants issued in Newborn's initial public offering and the pipe warrants that were issued in the pipe offering should have been reclassified as liabilities from equity in the previously issued financial statements of newborns. The results of our analysis may require newborns' historical financial statements for the year ended December 31st, 2020 to be restated such that some, if not all, of the warrants will be accounted for as liabilities and marked to market each reporting date. Because this analysis is ongoing, the filing of our Form 10-Q for the quarter ended March 31st, 2021, will be delayed until a final conclusion is reached. With that, let me now provide an overview of our results for the quarter and our current financial position following the completion of the transaction with Newborn. Then I'll get into our outlook for the remainder of 2021. In the first quarter of 2021, we generated total revenues of 0.8 million compared to 0.9 million for the first quarter of 2020, a decrease of 0.1 million, or 15%. The decrease is attributed to a 0.1 million decrease in grants revenue. We believe such grant-funded project revenues will be a smaller part of our revenues in the future as we focus more of our efforts on commercial customers. Cost of product and service revenues primarily consisted of the cost of charging station goods and related services costs. Cost of product and service revenue increased by $0.1 million, or 468%, primarily due to the sales of charging stations in the U.S. SG&A expenses were $4.5 million for the quarter, as compared to $0.8 million for the first quarter last year, which is an increase of $3.7 million. The increase was primarily attributable to an increase in compensation expenses, including deferred compensation and professional fees, which were associated with the completion of the business combination. R&D expenses increased by $0.7 million from $0.5 million for the first quarter of 2020 to $1.3 million for the first quarter of the current year. The increase was primarily due to an increase in compensation expenses and subcontractor expenses used to advance our platform's functionality and integration with more vehicles. Net loss for the quarter was $5.4 million compared to $0.5 million for the first quarter last year. Now turning to our balance sheet, we had approximately $62 million in cash on our balance sheet as of March 31st, 2021, and remain in a strong position with the funding from the transactions and our pipe investment. We used $2.6 million in operating cash flows during the quarter. Inventory increased by $1.9 million from $1.1 million at the end of the fourth quarter of 2020 to $2.9 million at the end of the first quarter of the current year. We increased our inventory position in anticipation of increased charging station installations in the future. Prepaid expenses increased by 1.5 million from 0.4 million at the end of the fourth quarter of 2020 to 1.9 million at the end of the first quarter of the current year. The increase in prepaid expenses was primarily associated with our DNO insurance program. Accounts payable and accrued expenses increased by 5.6 million from 3.5 million at the end of the fourth quarter of 2020 to $9.2 million at the end of the first quarter of the current year. The increase was driven by higher accrued expenses associated with the completion of our business combination, higher inventory levels, and amounts due for our D&O insurance. Finally, at March 31, 2021, we had a stock liability of $2 million, which is associated with EDF renewables exercising its option to sell $2 million worth of shares of Newby Common Stock back to the company at a price per share of approximately $14.88. The price per share paid was based upon the average closing price over the five preceding days trading after EDF exercised the option. The share repurchase was completed on April 23, 2021. Before turning to our outlook, I'll briefly review the key terms of the announced agreement to form Levo, a joint venture with Stonepeak. As Gregory mentioned, upon closing, Stonepeak will provide a commitment of up to $750 million to fund Levo's assets and infrastructure, with an upside option of another $250 million. Upon formation, Newby will own 51% of the common stock, and Levo and Stonepeak will own 49%. Stone Peak will also own 100% of Levo's Class B preferred shares and receive a preferred distribution of 8% per year, as well as up to 6 million warrants. Vesting of certain of the warrants is conditioned upon Levo's deploying varied aggregate amounts of capital over time as detailed in the 8K file today. Stone Peak also has the option to purchase up to 5 million shares of Newby's common stocks at a strike price of $50 per share. Now, turning to our outlook. As many of you are aware, we've provided revenue, cost of goods sold, and operating profit and loss projections as part of our SPAC process. As we outlined today, we have a lot of work underway and plans we're putting in place to grow our business and drive revenues, including our TAS offering and joint venture with Stolpey to provide opportunity for us to achieve our top-line targets. While many of these projects are still in the early phases, we are seeing strong interest from large customers, many of which we already have partnerships, and we believe we have multiple paths forward to drive significant revenue growth. With respect to gross margins, for the current customers we have under contract, in the terms of customer contracts we are currently negotiating, Our gross margins are ranging between 20 percent to 25 percent on average for the sale of charging stations. Regarding operating expenses, we expect SG&A and R&D expenses, which totaled $5.8 million in the first quarter, to increase as we bring on additional headcount to support our sales, technology, and business development efforts. We currently expect quarterly expenses including the cost of product and service revenues, to range between $6 million to $7 million per quarter for the next several quarters, depending on the timing of new headcount we are planning to onboard. The operating expense forecasts I just discussed do not include any one-time expenses nor ongoing costs associated with the completion and the rollout of our new joint venture, Levo. which will be a separate NV that will be consolidated by Nuvi in accordance with our 51% ownership of the common stock. We will discuss the accounting treatment per level in more detail upon completion of the transaction. In closing, we have a solid cash position with $62 million in cash on our balance sheet at the end of the quarter. Given our expected future operating expenses, and the significant progress we're making to grow our business and generate additional revenues, we believe we'll continue to have a long runway to pursue growth opportunities. And with that, I'll turn the call back to Gregory.

Thanks, David. In summary, there are three major points about Newby's position and future growth prospects we want you to take away from today's call. We have a leading and differentiated technology that meets a pressuring need to lower the cost of EV ownership that is growing rapidly. Second, we already have customers in place and partner relationships that position Nuvi well to drive revenue. And third, our strong future venture presents a compelling future opportunity to gain customers and achieve a new revenue stream. All of us at Nuvi are excited by what is ahead. And we appreciate you taking the time this morning to join us. With that, I will now turn back to the operator to begin the question and answer session. Operator?

We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster. The first question comes from Eric Stein with Craig Hallam. Please go ahead.

Good morning, everyone. Good morning.

Good morning.

Hey, so obviously, I mean, over the last six to 12 months, I mean, there's certainly been a pickup of vehicle-to-grid vehicles. activity and companies talking about how they play in this space, but also, you know, certainly not all created equally. So maybe, you know, just talk about your technology, how it differs from a lot of what is out there or what is talked about. And then maybe just broadly, you know, if there's a way to kind of talk about your level of involvement with a number of these projects out there relative to some of the other companies that are talking about it.

Yes, this is a good question. I think the way I like to answer that is I decompose the V2G implementation in two aspects. One is the infrastructure and communication. So that relates to having a bidirectional capability where either the charging station or the onboard charger inside the vehicle has the ability not just to get energy from the grid, so taking AC to DC, but then pushing back the DC that's inside the battery into AC back to the grid. And I don't want to get too technical, but that's one step. And then the other step is also all the information that you would like to know that is necessary in order to make the appropriate decisions. That's the infrastructure and communication piece. On top of that, you also need to have a platform, a cloud platform that basically gets all this information and makes decisions in terms of how to dispatch certain needs that it gets from the grid onto the vehicle that are available at that specific time. And really, our IP that we have that was initiated by the University of Delaware covers those two aspects. And there is a lot of focus on The first part, the bidirectional piece and the communication of data. And very often when people are talking about B2G, that's what they talk about is the bidirectional capability and the data. In terms of having a platform that has the ability to be considered as a virtual power plant, participate across a variety of energy markets. You know, to our knowledge today, we are really the only one that is able to do that across multiple continents and across a variety of energy markets, going from frequency regulation to demand response and time of use optimization or demand charge management. You know, people are sometimes doing one of those, but the ability of our platform to do all these combined services today, to our knowledge, we are the only one who can do that.

Got it. Very helpful on that. And maybe your capabilities, I guess that speaks to why you signed or plan to form this joint venture with Stonepeak on that. I mean, any pipeline details you can share there? Do you have specific opportunities that are targeted for that initial $750 million, which I know can be upsized? Or just any details there would be helpful.

So, you know, I mean, first of all, you know, these We are very, very excited to work with the Stone Peak team. Over the last few months, we've been building a great relationship all together, and we see tremendous opportunity there. Obviously, Stone Peak has done some very good due diligence as we've been going through the process and have been validating all what we've shared so far. The opportunities are definitely arising. We're not in position at this point to share a lot more detail about these opportunities, but in the very near future, we'll be able to start sharing some of those. So I think this will be very, very exciting.

You know, and I would just add to that, you know, we only just announced this agreement today, but it's been part of our long-term objective, long-term capital funding. There's a need for that in the space, and we've talked about it. So this is the first step in announcing this joint venture with Stone Peak and providing the capital to put forth that strategy.

Yep, got it. And maybe last one for me, just kind of sticking with that topic. I mean, third-party financing options, you're starting to see it. Maybe just talk about what you're seeing outside of your plans and then just how receptive school districts are to that, because I would think there's some level of needing to educate school districts. So that is a potential solution going forward.

Yeah, I think a couple points that are important there, right? And we kind of addressed that earlier. One is it's very important to be flexible because school districts work in many different ways. And so it's very important to be able to adjust to that. And also, you know, I need to emphasize a few things is that We have some partnerships that we are working on today with developers and other owner-operators. And we know as newbies, we remain very excited about all these opportunities, right? I mean, the target of achieving 20% of the school bus to be electrified that the administration has set, to give you an idea, it takes about a billion dollars to convert 1% of those buses. So 20% is about $20 billion that we need to be used over the next four years in order to convert 20% of the school buses. So there are many opportunities, and we see that, as we said, as a complementary solution to some work that is already underway today. So I think that's what I want to emphasize on addressing your point here. Okay.

Thanks, everyone. Thanks. Thank you.

The next question comes from Craig Irwin with Roth Capital Partners. Please go ahead.

Good morning and thanks for taking my questions. So Gregory, I know the revenue progression is going to be lumpy, given the nature of your business and the size of the individual projects. But there's a little bit of controversy out there as far as the outlook for revenue this year. A lot of people have been asking you know, what's realistic for an outlook. You know, I understand the earn out in your filings is 4 million shares based on a $30 million revenue number in your 2021 10K. Can you confirm that for us? And then, you know, what gives you confidence that that's a reasonable target, that that's something that you can make? Is that something you can make, you think, for 2021?

So, you know, the earn out is definitely an important piece, and we are working hard to make sure we'll be able to achieve it. We see multiple paths to get there. Now, as you said, those paths tend to be very lumpy, and, you know, when you build a forecast, we want to make sure we are accurate. The other thing, and here I will let David give a little bit more light to it, but as we do this joint venture with Stonepeak, and we'll be 51% owner of the common shares. That means we'll also be consolidating the revenue from Levo, which will bring some complexity in how we need to look at the future, and we are very actively looking at that. We also, as we said earlier, bringing Team Hennessy, Chief Revenue Officer, to work with us on setting up that. And the way we want to communicate there is really you know, a matrix that makes sense for us and that makes sense for you as well in order for you to keep on tracking the progress of the company. And I can tell you we are very, very actively working on how to set up this matrix. David, do you want to add anything to that?

Yeah, I mean, as Gregory said, and I mentioned in my remarks, we're seeing a very strong interest from large customers, many of which we already have partnerships with, So we think there's multiple paths to drive revenue growth. And as Gregory mentioned, the TAS operating in our joint venture with Stone Peak is another opportunity to hit our top-line targets. You know, I would call out, you know, we're an early-stage business. You mentioned it. Revenues can be lumpy. And so what we, you know, formally provided was an update, you know, on our partnerships that are going to drive the business forward. And then we gave some more specific guidance on SMA expenses going forward.

Understood, understood. If I could ask a question specifically about Levo and Stone Peak. So if we look at the front end revenue for Nuvi and sort of, you know, use the breakdown versus the cost of the electric school buses and other pieces in the system, it looks like total investment of the $750 million in capacity you identify in your release that that could translate into something in the range of $125 million in revenue if it was fully invested in school buses. Is that ballpark? And would you expect this first capacity here to be largely invested in school buses, or will we potentially see the other services like taxis and commercial vehicles potentially in there as well?

So I think the calculation that you did here is a good approximation. And so that becomes, you know, a recurring revenue, right, over the life of the vehicle. You know, in the case of a school bus, 12 years is a good assumption. And the school bus is a great entry point in what we are doing. We see tons of opportunity in that space. But as you said, many of the fleets also present a lot of interest to us, and we want to provide support to the electrification of transportation across the medium and the heavy duty. And so, you know, those robots is the entry point. All the segments we hope to know that Ted addressed during the call today, you know, refuse trucks, no shuttles, you know, delivery vans, Municipal vehicles as well, there are many pickup truck type of vehicles that municipalities are usually using that are going to be available over the next few months. And so those are going to be very attractive vehicles to convert and to be part of the B2G assets that we are managing with our platform.

Great. And then the last question, if I may, seasonality tends to be a very big factor in for infrastructure in the school bus market. Do you expect that similar seasonality to play for Nuvi where, you know, really July and August most of the deliveries and most of the installations are made and then you see sort of incremental deliveries at points throughout the rest of the year? Or is it possible that we see large installations done outside of that typical window?

You know, I don't think we're going to change the seasonality associated with the acquisition of school buses. Now, the electric school bus might have a more flat distribution over the years. But, you know, on the overall, I think that seasonality will remain. That's when you transition from one to another, where there's a larger window to do that. So, you know, I think that seasonality in terms of new assets that we roll out will probably be there. Then in terms of our revenue, once the assets are deployed, you know, without seasonality, it's not going to show as much, I think, in the overall on the earnings.

Thank you. Congratulations on a very successful coming public process.

Thank you.

Thank you.

This concludes our question and answer session. I would like to turn the conference back over to Gregory Poinan for any closing remarks.

Thank you very much. We appreciate you coming and listening to us. I think we are very excited about this opportunity with StoneSig. This is probably at this point the largest commitment in terms of the size in order to support the electrification of fleets. But also I need to emphasize we see many opportunities And we want to engage with as many partners as possible in supporting the deployment of electric fleets and supporting and addressing the climate challenge. So, again, we want to thank you for listening to us this morning. We are very excited and we're looking forward for our next call in Q2. Thank you very much.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.