Nuvve Holding Corp. (NASDAQ:NVVE) Q4 2023 Results Conference Call March 28, 2024 5:00 PM ET

Company Participants

Caroline King - Director, Joele Frank
Gregory Poilasne - Chief Executive Officer
David Robson - Chief Financial Officer

Operator

Greetings, and welcome to Nuvve Holding Corp. Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Caroline King, Director of Joele Frank. Thank you, Ms. King. You may begin.

Caroline King

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 fourth quarter and full year 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

Thank you, Caroline, and hello to everyone here today.

Thank you all for joining our fourth quarter and full year 2023 results call. We are pleased to have the opportunity to update you on the progress we are making in scaling our business and positioning Nuvve for future growth.

In the fourth quarter, we saw strong year-over-year growth in orders, sales and deployment of charging stations connected to our GIVe V2G software platform, as well as grid service revenues. This positive momentum across the business allowed us to deliver revenue in line with our expectations of $8 million for the full year, and we see this growth tailwind continuing as we enter 2024.

In charging station deployments, we've achieved another strong quarter adding 108 chargers to our proprietary V2G GIVe software. We broke our own record of deployments in October and then again in November for a total increase in megawatts under management for the quarter of 18.2%. For the full year, this marked an increase of 44.6%.