Nuvve Holding Corp.

Good day and welcome to the new V. Holden Corporation second quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

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To withdraw your question, please press star, then two. Please note, this event is being recorded. On today's call are Gregory Poilasne, Chief Executive Officer, and David Robson, Chief Financial Officer of Nuvi. Earlier today, Nuvi issued a press release announcing its Q2 26. 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 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 Newby's filings with the SEC and in the earnings release issue 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 would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Doobie. Gregory?

Gregory Poilasne Thank you, and good afternoon to everyone here today. Welcome to our second quarter of 2026 Results Call. Let me start with a subject that is on everyone's mind. On July 22nd, we received the determination from NASDAQ hearing panel, and trading in our common stock was suspended on NASDAQ at the open of July 24th. I started trading on the OTC pink market that same day, and since August 10th, we have been trading on the OTC QB tier under the symbol MVVE. I want to be direct on this. We understand NAVDAG's decision. We did not meet the continued discount standard on tiling, on billing price, and on stockholders' equity, and though we have fixed these issues, but too late, the panel applied its rules. There is nothing more to say about it. What I do want to say is this. We are working very hard to return to a senior market, whether NASDAQ or NYSE, as fast as we possibly can. We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a timeline measured in months. That means executing on our business, rebuilding the balance sheet, and staying current on our filings as we are moving on all three. The business continues, and the timeline in front of us is the most exciting it has been. Getting to the quarter, total revenue was up 268% year-over-year. For the first six months, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business. That business remains real, it remains a source of cash, and it continues to give us deployed assets for the management. Netloss was down 46% compared to the same quarter last year. Backlog of June 30th was $5.3 million. I will not spend more time on the numbers. David will cover the financials in detail in a few minutes. I want to spend the rest of my time on stationary batteries because this is the call of the business movies now arriving. We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the first half of the year, including technical service revenue tied to agreed interconnection agreements delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity. We view interconnection capacity as one of the most valuable assets in this industry, and we are building a position there. The second is Europe. We continue to work with our partner Omnia. I want to thank our shareholders for the vote in favor of the transaction at this special meeting. That vote gives us the framework to move forward, and upon completion of the agreed milestone, Omnia will become a significant shareholder of Moody. We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it's a change from how we have talked about it before. In Europe, we are planning for the batteries to go on New Deal balance sheets. These will be assets we plan to own, that we control, that we optimize on our own platform, and where we capture the full energy revenue rather than services on somebody else's assets. This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stocks, and the financing environment support ownership, and owning these assets is what builds the base of our Our partnership with AMIA is what makes this possible. Projects, local executions, and TETL alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first two editions are out, covering the Nordics, Australia, and Switzerland. We'll keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well. That newsletter is not a marketing exercise. It is the visible surface of something bigger. It is built on the long work we have been doing on AI-based forecasting, combined with the skill sets we brought in through Tamarai. It supports a new product and service offering that we will be announcing shortly. I'm not going to get ahead of that announcement today, but I would encourage you to read the newsletter because they show you the quality of the work underneath. The third geography is the United States, and, specifically, New Mexico. New Mexico is our sandbox. It is where we showcase what a full movie department looks like. We have already announced several battery projects there, including Keep Crossing and Socorro. Beyond batteries, we are balancing microgrid work and school bus deployments in the same space. That combination, stationary storage, microgrid and B2G fit, all managed on one platform, is exactly the model that we are underwriting elsewhere. So, to summarize, We are trading on the OTC QB today. We understand how we got here, and we are not going to pretend otherwise. But the pattern in front of this company is stronger than it has been at any point in our history. Our cost base is meaningfully lower than a year ago, and three core geographies are all moving forward. We'll be sharing more with you about our path back to a similar market and about how our new product in the near future. This is an immediate priority for us, not a long-term one. With that, I will turn the call over to David to walk you through the financial detail.

David?

Thanks, Gregory. I will start with a recap of second quarter 2026 results. In the second quarter, we generated total revenues of 1.23 million compared to .33 million in the second quarter of 2025. The increase was primarily driven by increases in products revenue due to higher customer sales orders and shipments and increased grant revenues. Margins on products, services, and grant revenues were 2.6% for the second quarter of 2026 compared to 26.1% for the year-ago period. Margin was negatively impacted quarter-over-quarter primarily by a $1.2 million write-down of certain costs related to the Troy project along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers. Excluding grant revenues, margins on product and service revenues decreased to a negative 14.5% for the second quarter of 2026, compared to 11.6% in the year-ago period. As a reminder, margins can be lumpy from quarter to quarter, depending on the mix. DC Charger gross margins at standard pricing generally range from 15% to 25%, While AC Charger gross margins are approximately 50%, but in dollar terms are a small fraction of the revenue of the DC Charger. Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, the screening cost of sales was $7.5 million for the second quarter of 2026, compared to $6.5 million for the first quarter of 2026. and $15 million for the second quarter of 2025. Expenses increased over the last quarter due to higher public company and legal expenses. Expenses declined over the year-ago period due to prior-year non-recurring expenses of $8.2 million for warrants issued for the Cryptocurrency Strategy Consulting Services and bad debt expense of $1 million related to unpaid management fees for the Cresno EV infrastructure project, offset by higher public company fees and legal expenses in the current quarter. Cash operating expenses excluding cost of sales, stock compensation, depreciation and amortization expense and other one-time costs was $7.3 million in the second quarter of 2026. versus $6.7 million in the first quarter of 2026 versus $5.7 million in the second quarter of 2025. This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026 compared to $1.2 million of other income in the second quarter of 2025. The current period was impacted by lower non-cash gains from the change in the fair value of warrants and debt offset by interest expense, while prior period higher non-cash gains from the change in the fair value of convertible debt and warrants partially offset by interest expense from borrowings. Net loss attributed to Newby Commons stockholders decreased in the second quarter of $2,026 to $7 million from a net loss of $13.4 million in the second quarter of 2025. The decrease in net loss is primarily a result of lower operating losses partially offset by higher non-operating income. Now, turning to our balance sheet, we had approximately $0.5 million in cash as of June 30th, 2026. excluding $0.3 million in restricted cash, which represents a $1.4 million decrease from March 31, 2026. The decrease was a result of $3.6 million used in operating activities, $0.3 million for the purchase of charging station fixed assets, primarily offset by capital raised through the issuance of common stock and preferred stock, and the exercise of warrants totaling $1.2 million. and borrowers of debt totaling $1.4 million. Inventories decreased during the quarter to $0.6 million at June 30, 2026, compared to $0.8 million at March 31, 2026. During the quarter, accounts receivable decreased to $0.7 million at June 30, 2026, compared to $1.3 million at March 31, 2026. Accounts payable at the end of the second quarter of 2026 was $4.4 million, representing a decrease of $24 million compared to the first quarter of 2026 of $4.7 million. Accrued expenses at the end of the second quarter of 2026 was $5 million, an increase of $2.8 million compared to the first quarter of 2026 of $2.1 million. Now, turning to our megawatts under management and estimated teacher grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the U.S. and might be fleet developments in Europe, in addition to stationary batteries. Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in the second quarter increased 3.1% over the first quarter of 2026 to 29.9 megawatts from 29.0 megawatts and a 16.8% increase compared to the second quarter of 2025. In terms of its composition, 0.2 megawatts were from stationary batteries and 29.8 were from EV chargers. We continue to expect further growth in our megawatts under management in 2026 as we continue to commission our backlog of customer orders we have earned. In addition to new business, we anticipate winning if we have visibility to our pipeline for both EV chargers and stationary batteries. Now, during the backlog on June 30, 2026, our hardware and service backlog increased to 5.3 million, and increase of 0.9 million from 4.4 million reported at March 31st, 2026. This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan, and New Mexico projects. We also anticipate improvements in our cash firms looking for the benefit of lower operating costs compared with last year. This concludes my portion of prepared remarks. Gregory, back to you to conclude. Thank you, David.

I want to close where I started. The listing venue changed. The business did not. Our revenue is growing, our cost base is lower, and the free markets we are focused on sharpen. Europe and New Mexico are all moving forward at the same time. Batteries are what these companies know about and owning and operating them is what will build real value here.

That is where our energy goes every day.

To our shareholders who have stayed with us through this period, thank you.

We know what we owe you and we intend to deliver it.

Expect to hear more from us soon. Thank you very much.

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