Nuvve Holding Corp. (NASDAQ:NVVE) Q1 2024 Earnings Conference Call May 14, 2024 5:00 PM ET

Company Participants

Gregory Poilasne – Chief Executive Officer
David Robson – Chief Financial Officer

Conference Call Participants

Greg Pendy – Chardan

Operator

Good morning, and welcome to the Nuvve Holding Corporation First Quarter 2024 Earnings Conference Call. All participants will be in 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 first quarter 2024 results. Following prepared remarks, we will be opening 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 and good afternoon to everyone here today. Thank you for joining our first quarter 2024 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. The global environment in the electric vehicle space remains tough.

The negative perception is real, especially in the consumer space. We can also see that through the outcome of companies such as [indiscernible], Tritium and in a free space such as Proterra.

Since Nuvve became a public company, our focus has been on the school bus business, which is heavily supported by EPA funding. This funding is essential for school districts to adopt clean transportation and bring the cost of school buses down. The current process of releasing funding makes the adoption accordion like in nature. School districts are waiting for the outcome of the funding before making the decisions. The first quarter 2024 has always been expected to be in between two different fundings and we have known it will be soft. We remain very excited about our leadership position in the school bus space and it's still one of our key revenue drivers for 2024, so it makes the revenue very lumpy.