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Operator
Good morning and welcome to the Newby Holding Corps' 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.
Joe Dorme
Thanks, Betsy. Good morning and thanks for joining us today. On the call are Gregory Pallon, Chief Executive Officer, Ted Smith, Chief Operating Officer, and David Robson, Chief Financial Officer of Newby. This morning, Newby 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 Invest 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 Newby'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. Newby 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 Pallon, Chief Executive Officer of Newby. Gregory?
Newby
Thank you, Joe, and good morning, everyone. I'm excited to kick off Newby's first earnings call as a public company today following the completion of our transaction with Newborn Acquisition Corps. 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 Stone's Seek and Prosperity 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 weekend 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 shoulders. At Newby, we are capitalizing on a transformational mega-trend 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, and opportunities to accelerate solutions to climate change. Our mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy for a scalable and sustainable green society. Road vehicles account for 23% of USTUG 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 excrucifying, 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 US electricity demand by 2050 on a grid that's often already strained. This increase would result in 2 trillion investments in necessary grid upgrades to keep the lights on. But there is a tremendous hidden opportunity in our increasing electric transportation. 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 US 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 we do it? A properly -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 perform on daily driving needs. Nuvi's system controls everything seamlessly behind the scenes. Nothing extra is needed from the EV owner point of view. Simply plug in your electric vehicle, set your next schedule trip, and you always remain in control of the vehicle's set of charge. According to 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 EPP. Our platform has the capability to sell the aggregated energy back to the market in earned revenue that can be shared with our customers. This lowers the total cost of ownership of EVs and helps customers save money on vehicles through intelligent, safe charging during non-peak hours when electricity rates are low. An example of how our technology is working today is our operation in Pradesh's Denmark with our longest-standing customer there. This customer originally required 10 V2G capable Nissan ENV200 vans. Each of these vehicles outfitted with a rather small battery of 24 kilowatt-hours, and connected to a 10 kilowatt charging station, has been generating $2,000 of grid service revenue per vehicle per year since it started using the aggregation platform of Nuvi Co-Giv nearly five years ago. This is about a 25% total cost of ownership reduction over the life of the vehicle. Nuvi's technology is backed by 25 years of research and development led by the professor Wittet Kempsen at the University of Delaware and my partner in studying Nuvi. 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 Nuvi's 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 that, tolling 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 V2G 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 express of 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 for 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 markets, policy, and finance. And finally, each school district has unique needs and concerns. We have always believed that in order to support the adoption of electric vehicles, we would need a 100% certainty 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. SONTIC is a leading infrastructure investor with $32 billion of assets under management and significant experience investing in transportation and energy. SONTIC plans to deploy up to $750 million to the JV to fund NEVO'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 SONTIC. Upon closing, the joint venture will provide us with the ability to continue enhancing our core business, expanding our valuable partnerships, and providing our VQG technology to more and more customers. NEVO will bring together our proprietary VQG technology, electric vehicles, associated charging and grid infrastructure, maintenance services, seamless customer experience, and a financing solution to create a customized offering to electrified fleets. While the initial focus of NEVO will be school buses fleets, we see a vast opportunity in other fleets verticals such as commercial fleets, 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. NEVO will continue to work with our global industry partners, including developers, fleet owner and operators, to enable widespread of VQG technology and complement NEVO's offering. Upon closing, we believe our partnership with SONTIC will set NEVO with a differentiated infrastructure funding solution and a well-regulated partner that brings 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 NEVO'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 Bryerson as Vice President of Utility Recruitment and Joint Development and Joint Banking Deployment. Tim will lead revenue opportunities and draft strategies to deploy a VQG solution across key markets, and Jesse will help lead the efforts around our VQG and past offerings. 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 and Income Program, SIGP, in 2008. Jesse 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 Morin 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 their business. We continue to be excited about the future of NEVO, and with that, I will turn the call over to Ted.
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 Newby. With our partners at Bluebird, we're on a mission to make the electrification of school buses more affordable and efficient, and Newby'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 provide power to Con Edison's grid. The goal of this project is to explore the technological and economic
Joe Dorme
potential of using e-buses
Ted
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 continue to update you on these developments. And now I'll turn the call over to David. Thanks, Ted.
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 31, 2021. As a result of the recent guidance provided by the SEC on April 12, 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 newborns 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 31, 2020 to be restated such that some, if not all, of the warrants will be accounted for as liabilities and mark to market each reporting date. Because this analysis is ongoing, the filing of our Form 10Q for the quarter ended March 31, 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 newborns. Then I'll get into our outlook for the remainder of 2021. In the first quarter of 2021, we generated total revenues of .8 million compared to .9 million for the first quarter of 2020, a decrease of .1 million or 15%. The decrease is attributed to a .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 .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 .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 .7 million from .5 million for the first quarter of 2021, 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 .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 31, 2021, and remain in a strong position with the funding from the transaction 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 .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 D&O 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 2.2 million, 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 newbie 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 Stone Peak. As Gregory mentioned, upon closing, Stone Peak will provide a commitment of up to $750 million to fund LEVO's assets and infrastructure, with an upsize option of another $250 million. Upon formation, newbie will own 51% of the common stock, and LEVO and Stone Peak 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 very aggregate amounts of capital over time, as detailed in the AK file today. Stone Peak also has the option to purchase up to 5 million shares of newbie's common stock 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 stack process. As we outlined today, we have a lot of work underway and
Stone Peak
plans we're putting in place
Ted
to grow our business and drive revenues, including our CAS offering and joint venture with Stone Peak, 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% to 25% 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, excluding 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 forecast 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 NB that will be consolidated by NUV in accordance with our 51% ownership of the common stock. We will discuss the accounting treatment for Levo 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 are making to grow our business and generate additional revenues, we believe we will continue to have a long runway to pursue growth opportunities. And with that, I'll turn the call back to Gregory.
Newby
Thanks, David. In summary, there are three major points about NUV's position and future growth prospects we want you to take away from today's call. First, 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 NUV well to drive revenue. And third, our Stonemake venture presents a compelling future opportunity to gain customers and achieve a new revenue stream. All of us at NUV are excited by what is ahead, and we appreciate you taking the time this morning to join us. With that, I will now turn turning back to the operator to begin the question and answer session. Operator?
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.
Eric Stein
Good morning, everyone. Good morning.
Operator
Hey,
Joe Dorme
so obviously
Eric Stein
over the last 6 to 12 months, there's certainly been a pickup of vehicle to grid 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.
Newby
Yes, this is a good question. I think the way I like to answer that is I decompose the VQD implementation in two aspects. One is the infrastructure and communication. So that relates to, you know, having a bidirectional capability, right, 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, you know, our IP that we have that was initially developed at 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, possibly paid 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 human response and time of use optimization of human charge management. You know, people are sometimes doing one of those, but the ability of a platform to do all these combined services today, to our knowledge, we are the only one that can do that.
Eric Stein
Got it. Very helpful on that. And maybe, you know, 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, or 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.
Newby
So, you know, I mean, first of all, we are very, very excited to work with the StonePeak team. You know, over the last few months, we've been building a great relationship all together and we see tremendous opportunity there. Obviously, you know, StonePeak has done some very good work, we've been going through the process and I've been validating all what we've shared so far. Now 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, and I think this will be very, very exciting.
Ted
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 objectives, long-term capital funding. There's a need for that in the space and we've talked about it.
Stone Peak
So this is the first step, announcing this joint venture with StonePeak and providing the capital to put forth that strategy.
Eric Stein
Yep, got it. And maybe the last one for me, just kind of sticking with that topic. I mean, third party financing options, you're starting to see it. Maybe, you know, 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 that that is a potential solution going forward.
Newby
Yeah, I think a couple of 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 partnership that we are working on today with developers and other, you know, As NUVI, 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, you know, 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,
Eric Stein
everyone.
Craig Irwin
Thanks. Thank
Eric Stein
you.
Operator
The next question comes from Craig Irwin with Roth Capital Partners. Please go ahead.
Craig Irwin
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 four 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 is a reasonable target, that that's something that you can make? Is that something you can make, you think, for 2021?
Newby
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 in here, I will let David give a little more light to it. But as we do this joint venture with Stone Peak and we'll be 51% owner of the common shares, that means we will also be consolidating the revenue from level, 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, you know, like Tim Hennessy, she's probably an 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? Yeah,
Ted
I mean, as Gregory said, I mean, 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 offering 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. Our revenues can be lumpy. And so what we formally provided was an update,
Eric Stein
you
Ted
know, on our partnerships that are going to drive the business forward. And then we gave some more specific guidance on SMA
Stone Peak
expenses
Ted
going forward.
Craig Irwin
Understood. If I could ask a question specifically about LEVO and Stone Peak. So if we look at the front end revenue for Newby 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, you know, in the range of $125 million in revenue. If it was fully invested in school buses, you know, is that ballpark? And, you know, would you expect this first capacity here to be largely invested in school buses or will we potentially see, you know, the other services like taxis and commercial vehicles potentially in there as well?
Newby
So I think the calculation that we 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 our school bus, 12 years is a good assumption. But and the school bus is a great entry point in what we are doing with the 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, identification of transportation across the mid-term and heavy duty. And so, you know, those school buses, you know, are key points. All the segments we spoke to know that that's had 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.
Craig Irwin
Great. And then last question, if I may, seasonality tends to be a very big factor for infrastructure in the school bus market. Do you expect that similar seasonality to play for a newbie 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?
Newby
You know, I don't think we're going to change the seasonality especially with the acquisition of school buses. Now, the electric school bus might have a more flat distribution over the year. But on the overall, I think that seasonality will remain. That's when you transition from one to another where there's more, 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, the seasonality is not going to show as much, I think, in the overall on the earnings.
Craig Irwin
Thank you. Congratulations on a very successful coming public process.
Newby
Thank you. Thank
Stone Peak
you.
Operator
This concludes our question and answer session. I would like to turn the conference back over to Gregory Poinan for any closing remarks.
Newby
Thank you very much. We appreciate, you know, you coming and listening to us. I think we are very excited about the support really with StonePick. This is probably at this point the largest commitment in terms of the size. In order to support the electrification of fleets and 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 change. 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 goal in Q2. Thank you very much.
Operator
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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