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.

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?

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%. Growth in our megawatts under management represents long-term upside potential terms of both future grid service revenue and increased market awareness of and demand for our products and services as more people benefit from the value of our V2G software. While our deployments continue to be impacted by supply chain challenges that have slowed fuel certification since 2021. We are optimistic that the significant work we have done to strengthen our supply chain in 2023 has led a strong foundation for our success as these challenges alleviate in the coming year. As deployments continue to accelerate, we expect to see corresponding boost in market awareness and receptivity to Nuvve's offering, bringing new customers and powering continued growth. Grid service revenues continue to grow in the fourth quarter, coming in at 8% increase…

Thanks, Gregory. I will start with a recap of fourth quarter 2023 results. In the fourth quarter, we generated total revenues of $1.64 million, compared to $1.15 million in the fourth quarter of 2022. The increase is attributed to a $0.3 million increase in product revenue and a $0.13 million increase in service revenue due to higher customer sale orders and shipments and an increase of $0.07 million in grant revenues. Product and service revenues for the quarter consisted of sales of DC and AC chargers of approximately $1.1 million, grid service revenues of $0.2 million and the balance primarily consisting of engineering services. Margins on product to service revenues were 24% for the fourth quarter 2023 compared to 32.7% for the fourth quarter 2022. The decrease of 8.7% was primarily driven by the change in year-over-year sales mix between hardware and services. Operating costs, excluding cost of sales, was $7.9 million for the fourth quarter of 2023 compared to $9.2 million in the fourth quarter of 2022. The decrease was primarily attributed to lower compensation and benefits, marketing, insurance and travel, offset by increases in legal expense. As a result of our ongoing efforts to reduce costs, cash operating expenses excluding cost of sales, stock compensation and depreciation and amortization was $7 million in the fourth quarter of 2023, a $0.7 million decrease from $7.7 million in the third quarter. Net loss attributed to Nuvve common stockholders decreased in the fourth quarter of 2023 by $0.34 million to $7.52 million from $7.86 million in the prior year. The decrease is primarily due to decreases in operating costs discussed earlier. Turning to our full year results, for the full year 2023, we generated total revenues of $8.3 million, compared to $5.4 million in 2022, representing a 55.1% increase. Full year…

Thanks, David. In summary, we are pleased with our results and the momentum we are seeing across our business as we are entering 2024. The key progress we are making across the business is reflective of our commitment to environmental sustainability, demonstrate the promises of our technology and is laying the ground for continued expansion and value creation in 2024 and beyond. Thank you all for attending this call and, more importantly, trusting our vision. With that, I will turn the call to the operator and will open the line for any questions. Operator?

There are no questions at this point of time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.