Nuvve Holding Corp. (NASDAQ:NVVE) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET

Company Participants

Eduardo Royes - Investor Relations

Gregory Poilasne - Chief Executive Officer

David Robson - Chief Financial Officer

Conference Call Participants

Eric Stine - Craig-Hallum

Greg Pendy - Chardan

Operator

Good afternoon and welcome to Nuvve Holding Corp.’s First Quarter 2023 Earnings Call. As a reminder, this conference is being recorded.

It is now my pleasure to introduce Eduardo Royes. Thank you. You may begin the call.

Eduardo Royes

Thank you. 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 first quarter 2023 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?

Gregory Poilasne

Thanks, Eduardo and good day to all listening in. We thank you for attending our first quarter 2023 results call. We are extremely encouraged by the improvement in the fundamentals of our business in Q1.

2023 is so far bearing the green shoots we have always felt were inevitable. It has just been a question of when, not if. This was evidenced by both record orders and deliveries for our DC chargers during the period. At the same time, we progressed on additional lumpy orders which is helping sustain momentum in order flow and sales of our DC chargers in the near-term and evolve our plans to boost megawatts under management and reach service revenue streams more quickly via avenues that are not dependent on large scale hardware rollouts.

To briefly summarize our key accomplishments in the quarter, while we do not get into specifics on orders and deliveries, we will note the following. On the order front, we saw a fourfold increase in orders for DC chargers versus the fourth quarter 2022 and orders increased by more than 3.5x on a year-over-year basis. In terms of deliveries, we more than doubled our fourth quarter DC charger shipments sequentially and more than tripled shipments related to Q1 2022.