Good afternoon, and welcome to the Nuvve Holding Corporation Second Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this 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 second quarter 2024 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 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 Nuvve's 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 turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

Thank you and good afternoon to everyone here today. Thank you for joining our second quarter 2024 results call. We are pleased to have the opportunity to update you on the progress we believe we are making in scaling our business and positioning Nuvve for future growth. This second quarter has remained challenging for Nuvve as school districts have been awaiting EPA funding approval letters before placing orders. The good news is that the EPA funding rounds two and three are finally moving forward, but after significant delays. This situation forced us to be more aggressive and review our operational processes tightly. We are now seeing orders picking up and we expect that the following three quarters will see significant increase, but that also means that some recognized revenue expected in 2024 will slide into 2025. This is disappointing, but doesn't change our view on the school bus business in the long run. Concerning our project in Fresno, we had a great event in July where the different parties got together for a breaking ground event. This allowed us to share more details about the project and help other customers understand the value that Nuvve platform can bring for such developments. As a reminder, Nuvve GIVe software platform provides the ability to manage and optimize site-level EV charging and behind-the-meter solar and battery storage and to aggregate resources across multiple sites to participate in ancillary services and grid service markets. This allows fleet operators to save money, transition to EV fleets faster and optimize capital asset life. We also expect our other project in collaboration with Taiwan Power Corporation to kick off soon as we are finalizing a contract with e-Formula, our local partner. Expect to hear more soon on these projects with a total deployment of 90-plus charging stations.…

Thanks, Gregory. I will start with a recap of second quarter 2024 results. In the second quarter, we generated total revenues of $802,000 compared to $2.12 million in the second quarter of 2023. The decrease was primarily driven by the reduction in charger hardware sales and the related timing of EPA funding awards this year versus the prior year. Year-to-date, through June 30th, 2024, total revenues were $1.6 million, which compares to $4 million for the prior year period. The year-over-year decrease in revenues is also primarily driven by the reduction in charger hardware sales due to the timing of EPA funding awards this year versus last year. Margins on products, services and grant revenues were 24.9% for the second quarter of 2024 compared to 8% for the year ago period. Year-to-date margins through June 30th, 2024, were 29.9% compared with 14.2% for the year ago period. The increase is primarily due to improved pricing on hardware sales and a higher mix of service and grant revenues this quarter compared with last year. Excluding grant revenues, margins on product and service revenues were 10.1% for the second quarter of 2024 compared to 4.8% 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 smaller fraction of the revenue of a DC charger. Grid service revenue margins are generally 30% while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales, was $6 million for the second quarter of 2024 compared to $7.5 million for the first quarter of 2024 and $8.5 million for the second quarter of 2023. We have…

Thanks, David. For this quarter, 2024, the second quarter 2024 has remained challenging. We are very focused on closing on the last projects we have been awarded, while the school bus segment is getting back on track. We also believe that expanding our reach within segments where we can bring significant value and where government support is strong will allow us to diversify our sources of revenue and bring more quarter-to-quarter stability. These are also deployments where we feel like we have good control on the timing. Finally, we hope to share the progress we are making on our strategy path doing. Thank you.

We will now begin the question-and-answer session. [Operator Instructions] Seeing no questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

Again, I want to thank you for listening to us today and looking forward to sharing more with you in the very near future. Bye-bye.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. End of Q&A: