Good afternoon and welcome to Nuvve Holding Corp.’s Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference today is being recorded. It is now my pleasure to introduce Eduardo Royes. Thank you. You may begin.

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 third 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?

Thanks, Eduardo and good evening to all. Thank you for joining our third quarter 2023 results call. We came into 2023 with optimism that we were going to experience a well overdue inflection in growth in our business. In the first half of the year, we began laying the foundation of this to play out with record orders and much higher sales than in 2022. Momentum continued to build in the third quarter and so far in Q4. As discussed on our August call, we continue to evolve our AI capabilities by integrating Astrea AI into Nuvve’s FleetBox charge management app in July. The enhanced functionality helps us maintain our differentiated edge and comes at a critical time as we accelerate deployments of our software kits hardware. With a 97% accuracy rate, Astrea AI is set to maximize revenue generation and bolster our V2G technology globally, revolutionizing EV usage and preparation. In October, we deployed a record number of 38 AC and DC bidirectional charging stations connected to our GIVe platform. While growing our megawatt on the management does not immediately correlate to revenue dollars, it is critical to our growth strategy as one, it increases our pipeline of potential future grid service revenue and two, with more and more people benefiting from the value of our V2G software, market awareness expands, which in turn accelerates demand for our products and services. These deployments were carried out by Nuvve K-12 which was only launched in June of this year, in order to provide a full range of services in order to support fleet electrification from North American student transportation. We expect for record deployments in Q4 as the supply chain challenges that have plugged the last 2 years continue to abate. Last month, we are proud to hit a big…

Thanks, Gregory. I will start with a recap of third quarter 2023 results. In the third quarter we generated total revenues of $2.7 million compared $0.6 million in the third quarter of 2022. The increase was primarily driven by a large increase in charger hardware sales, higher grid service revenues and the sale of five buses. Grid service revenues of $0.6 million represented 21% of total revenues this quarter and 3.4x increase from the prior year quarter. Year-to-date through September 30, 2023 grid service revenues were $0.8 million, which compares with $0.3 million for the prior year period, representing approximately a three fold increase. Margins on products and service revenues were 9% for the third quarter 2023 compared to 43.3% in the year ago period, margins were heavily impacted by the affirmation sale of five busses. As a reminder, margins can be lumpy from quarter to quarter depending on the mix. DC charger gross margins at standard pricing generally range from 15% to 25%. While AC charger gross margins are approximately 50%, but in dollar terms are a small fraction of the revenue of a DC charger. Grid service revenue margins are generally 30%. Operating costs, excluding cost of sales was $8.8 million for the third quarter of 2023, compared to $8.9 million in the third quarter of 2022 declining mainly due to lower payroll and public company fees offset by higher consulting and legal expenses. Cash operating expenses excluding cost of sales, stock compensation, and depreciation and amortization was $7.6 million in the third quarter of 2023 versus $7.7 million in the third quarter of 2022 and $7.3 million in the second quarter of 2023. Other income was $0.3 million in the third quarter of 2023, down from $1.94 million in the year ago quarter. The year ago period…

To finish up, I would like to discuss the big picture and provide a high level view of the main revenue drivers of our business as we look ahead. One, Nuvve K-12, which I briefly touched earlier on. Our value proposition here relies on vehicle readiness, energy management and battery life extension is offering 45 strong positions as a service provider in the space. With more than 500 school buses connected to our platform today, we are confident we will keep on leading in this segment. Two, stationary storage, where our growth is accelerating in 2023. Our core business is to provide grid services with highly unreliable batteries and EVs can be employed at any time. As a result, it’s not sudden surprise that we can also manage stationary storage. And with our advanced platform, we believe that we can extract more value for these batteries than any other player in the space. Such batteries are included into our deployments today with Circle K, the University of California, San Diego, and the University of Delaware. More and more developers and battery manufacturers are coming to us to manage battery deployments that are underway. We see this as the pathway to accelerate growth in megawatts under management and flexing our grid service muscles with over the multiple megawatts in the pipeline. And likely, three, Astrea forecasting capabilities for transport operators or CTOs and utilities. Our fundamental work on predictive analytics, which is based on our partnership with 2021 for AI as well as to developing very advanced features that allow us to predict with a very high level of confidence when an electric vehicle is going to be connected to a charging station and the amount of kilowatt-hour it will need to onboard during the session. This allows us to offer energy services to CTO companies and provide grid usage forecast utilities. The ability to predict where EV charging bottlenecks seems likely to happen over the subsequent two days or three days is a very valuable service for utilities. The ability to address this by adjusting charging time without impacting end users is critical to enabling an equitable cost of energy while we go through the EV adoption period. Beyond this, we also continue to explore opportunities in the Microgrid and consumer EVC. And with that, we thank all of you not only for joining us today, but for sticking with us during what have been challenging times. Your trusting our vision and technology continues to propel us forward and we remain grateful. Operator, please open up the line for any questions.

Thank you very much for listening to us today. We are again very excited about the opportunities that are in front of us and remain available at any time if any of our shareholders has any questions for us. So, thank you very much and have a good evening.

This concludes today’s conference call. Thank you for attending.