Good day and welcome to the Nuvve Holding Corporation Second Quarter [ph] Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note today's 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 quarterly report and fiscal year report. Following the 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?

Thank you and good afternoon to everyone here today. Welcome to our Q4 2024 and fiscal year 2024 results call. I'm not going to try to sugarcoat it, 2024 has been an extremely challenging year. I should say horrible for the first time since 2021, our revenue went down compared to last year. We know that we are not an isolated case as it has been for most of the companies in our industry with many of them going out of business. Delays have been hearing us across the board. Concerning our K-12 school bus business, during the first two quarters of the year, many of the school district partners were expecting to receive the final EPA approval letters, which arrive sometimes with up to six-month delay, forcing them to hold on their purchase orders until they got the final approval later for their grants. Q3, Q4 then picked up, but the damage was already done. In the same way, our hub projects have been impacted with delays due to their financing, taking more time than initially thought. And though we are confident that our financing will go through, we are still finalizing some terms. But we did not stay passive. First of all, we have been working hard on reducing our costs, especially our cash expenses. For fiscal year 2024, both our cash and non-cash operating expense, excluding cost of sales, went down by 33% compared to our fiscal year 2023 expenses. We are working every day on reducing our cash expenses, trying to minimize the impact into our operations, product development, and product qualification. I will give you more insight in a few minutes. We have also been working hard on expanding our business in order to reduce our exposure to governmental funding, especially federal subsidies and accelerate…

Thanks Gregory. I will start with a recap of fourth quarter 2024 results. In the fourth quarter, we generated total revenues of $1.8 million, compared to $1.6 million in the fourth quarter of 2023. The increase was primarily driven by higher charger hardware sales versus the same period last year. During the full year 2024, total revenues were $5.3 million, which compares to $8.3 million for the prior year period. The year-over-year decrease in revenues is also primarily driven by the reduction in charger hardware sales due to the timing of EPA funding awards this year versus last year, as well as the sales of school buses in the prior year period. Margins on products, services and grant revenues were 15.8% for the fourth quarter of 2024, compared with 29% for the year ago period. Our gross margin percentage in the fourth quarter of 2024 was impacted by competitive pricing pressures on the sale of DC chargers to a single large customer. Year-to-date margins through December 31, 2024 were 33.1%, compared with 16.2% for the year ago period. The increase in the gross margin percentage was primarily due to overall higher pricing on hardware sales, nonrecurring EV bus sales and a higher mix of service and grant revenues compared with last year. Excluding grant revenues, margins on product and services were 11.4% for the fourth quarter of 2024, compared to 24% in the year ago period. On a full year basis not including grant revenues, the margins on product and service revenues was 27.5% in 2024, compared with 12.8% in the prior year. As a reminder, margins can be lumpy from quarter-to-quarter depending on the mix. DC charger gross margins as stated standard pricing generally range from 15% to 25%, while AC charger gross margins are approximately 50%, but in…

Thanks, David. Though very challenging from a revenue perspective 2024 has allowed us to work on our expense reduction and we are keeping on further reducing our cash expense without impacting our operations and opportunities. Finally, concerning our strategic path expect to hear soon from us. But I want to thank you and open the floor to questions.

Thank you everybody.

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.