Nuvve Holding Corp.

Good morning and welcome to the Nuve Holding Corporation first quarter 2025 earnings conference call.

On today's call are Greg Glasney, Chief Executive Officer, and David Robson, Chief Financial Officer of Nuve. Earlier today, Nuve issued a press release announcing its first quarter 2025 results. Following 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 Nuve'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 Nuve's filing with the SEC 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. Please note this event is being recorded. With that, I would like to turn the call over to Greg Palazni, Chief Executive Officer of Nuvi. Gregory?

Thank you, and good afternoon to everyone here today. Welcome to our Q125 results call. This quarter has been a good transition quarter. Though our top-line revenue for the quarter is not yet where we want, we are in a much better position than Q124. We have received 28 orders for new charging stations versus only one a year ago. Our backlog is growing, but our revenue recognition slowed as we transitioned to a drop-ship model with our new partner, TELUS PowerGreen, that we announced in January. The quarter and the first half of Q2 have been reached in action. In February, Nuvi was awarded a critical contract with the State of New Mexico. This framework agreement allows us to provide proposals to any governmental EV deployment, either with school districts, municipalities, or state organizations, without going through an RFP process. These infrastructure deployments, including charging station, solar, storage, and microgrid implementation, will be financed for the state of New Mexico by our partner, Jefferies. This project represents a potential opportunity greater than $400 million of CAPEX deployment over the next four years. In order to successfully support this opportunity, we have established a special company in the state of New Mexico named Nuvi New Mexico. The purpose of this LLC is to develop close ties with key stakeholders in the state. Ted Smith, our former chief operating officer, has been named CEO of Nuvi New Mexico. He is our champion and will bring any component from Nuvi in order to successfully support the state. We have also decided to open some of the capital of Nuvi New Mexico to local investors in order to align interests. I'm looking forward to sharing more of our progress in the state of New Mexico soon. Moving on to Japan, after many years of managing batteries for Chubu Electric in collaboration with Toyota Tsusho, we have decided to move on and create a new entity that will drive the energy storage business in Japan on its own. Nuvi Japan is now established and we have brought on board Masai Gashida to lead our operations in Japan. This new company is initially focused on stationary storage deployment monetization. with new deregulation in 2026, supporting the aggregation of distributed storage in order to participate across a variety of energy markets. We are very bullish on the Japanese market, and we are convinced that we are doing this transition at the right time. In order to support and accelerate the deployment of Nuvi Japan, we have also made the decision to open a minority of the capital to local investors. This process is well underway, and we'll share more information as it becomes available. Later in the quarter, we also announced our battery-as-a-service model for Electric Cooperative, and we welcomed Michael Smoker as our energy storage sales leader. We believe that the problem of grid modernization needs to be resolved between substation and the end customers. At the end of the quarter, we made two important announcements. First, in late April, we announced the acquisition of the assets of Fermata Energy into Fermata 2.0, with 100% of the common shares owned by Nuvi. We made this decision based on a few key elements. First, we felt that Fermata had been focusing on behind-the-meter value extraction. The Fermata platform tool stack was very advanced also. Second, Fermata has developed a solid relationship with vehicle manufacturers, an area where Nuvi has been less focused. We have been able to execute this acquisition without any cash coming from the Nuvi Holding balance sheet, while acquiring a mature pipeline allowing for extended long-term opportunities. We're very excited about the future of Fermata under the Nuvi umbrella, which provides us the opportunity to consolidate software development resources. Finally, in late April, Nuvi also announced the creation of a new subsidiary in order to address another distributed asset management business, Digital Assets. This effort led by James Altucher and supported by Tim Collins and me, is focusing on building a diversified portfolio of cryptocurrency. The Digital Asset Management Committee is going to oversee the portfolio distribution by targeting multiple picks and shovel tokens from high-growth sectors such as decentralized finance, DeFi, decentralized physical infrastructure deepening, programming, and tokenization of real-world assets. In summary... This quarter carries the fruit of many quarters of hard work to transform Nuvi, reducing our cash burn at the holding level, and focusing the organization on profitability. This transformation is well underway, and we are very excited about the future. And now, I will let David take you through the details of our financials.