Good afternoon and welcome to the Nuvve Holding Corporation Third Quarter 2024 Earnings Conference Call. Please note this event is being recorded. On today’s call we have Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its third quarter 2024 results. Following prepared remarks, we will open the call up 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. Welcome to our third quarter 2024 results call. This quarter has been a very active one and has been very active in many ways and we are excited to share more details with you today. So this third quarter has remained challenging for Nuvve. We are seeing that the fruit of multiple efforts we have been carrying out during this period is now paying off. We have been able to reduce our expenses with minimum impact to our operational capabilities. We have been increasing our margins, while our top line sales are finally picking up, some of it driven by the kickoff of our hub project with the Fresno Economic Opportunity Commission. In the meantime, we have been working with new investors on a convertible loan that we have closed post end of the quarter. Through that period, David and myself, have provided a bridge loan to the company, showing our engagement and support into this business. Sales in our school bus business are finally picking up after an extremely sluggish start of the year, driven by a slower than expected process from the EPA notifying school districts that are approved for funding. The new progress is based on EPA round 2 and round 3 releases. Though we will see some benefits in our Q4 revenue, we also expect revenue will slide into 2025 and we are now working on our EPA round 4. Q3 also allowed us to finally recognize some revenue from the project with the Fresno EOC commission in the Fresno County. This key project has been for a long time in the making. It does not only bring us some critical cash through a project management fee, it’s also securing a strong baseline revenue for 2025. As…

Thanks, Gregory. I will start with a recap of third quarter 2024 results. In the third quarter, we generated total revenues of $1.9 million compared to $0.8 million in the second quarter of 2024 and $2.7 million in the third quarter of 2023. The $1.1 million quarter-over-quarter revenue increase this year was driven by $0.9 million increase in service revenues and a $0.2 million increase in hardware revenue. $0.6 million of the service revenues earned this quarter relates to our hub project in Fresno, California, which we kicked off earlier this year. When compared to last year, the third quarter decrease in revenues of $0.8 million was impacted by the non-recurring EV school bus sales sold last year of $0.9 million offset by higher service revenues. Year-to-date revenues through September 30, 2024 were $3.5 million compared to $6.7 million for the prior year period or a decline of $3.2 million. The $3.2 million decline was impacted by a reduction in charger hardware sales of $2.4 million and the non-recurring EV bus sales of $0.9 million. This year we have seen delays in EPA funding awards when compared to last year, which has negatively impacted the pace of hardware sales this year. Despite the reduction in revenues over last year, we have improved our gross margins. Gross margins for the third quarter 2024 were $1 million compared to $0.3 million for the third quarter last year. Year-to-date gross margins through September 30, 2024 were $1.5 million compared to $0.9 million for the same period last year. The increase in gross margins is primarily due to improved pricing on hardware sales and a higher mix of service revenues compared with last year. As a reminder, margins can be lumpy from quarter-to-quarter depending on the mix. DC charger gross margins at standard pricing…

Thank you, David. Though this third quarter 2024 has remained challenging, we see it as a turning point. We have finally been able to close on some of our big projects, not only securing short-term cash, but also certifying our 2025 revenue. We have been managing our cash tightly, personally supporting the company when required. We still see the extension of our reach within segments where we can bring significant value and where government support is essential just diversifying our source of revenue and bringing more quarter-to-quarter stability. These are also deployments where we feel like we have a better control on the timing. Mandates for renewable generation, storage and in some cases, EV deployments are being implemented in many places in the U.S. and in Europe. With such mandates, we see Nuvve GIVe platform as a key grid modernization tool. Finally, we hope to share the progress we are making a strategic path very soon with you. Thank you very much.

Thank you for listening to us today and we are looking to be able to share with you more with you soon. Thank you.

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