Nuvve Holding Corp. (NASDAQ:NVVE) Q2 2024 Earnings Conference Call August 13, 2024 5:00 PM ET
Company Participants
Gregory Poilasne - Chief Executive Officer
David Robson - Chief Financial Officer
Operator
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?
Gregory Poilasne
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.