Good morning, and welcome to the Nuvve Holding Corporation First Quarter 2025 Earnings Conference Call. 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 2025 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 filing 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. Please note this event is being recorded. With that, I would like to turn the call over to Greg Poilasne, Chief Executive Officer of Nuvve. Gregory?

Thank you, and good afternoon to everyone here today. Welcome to our Q1 2025 results call. This quarter has been a good transition quarter. Though our top-line revenue for the quarter is not yet where we want, we are in a much better position than Q1 2024. We have received 28 orders for a new charging station versus only one a year ago. Our backlog is growing, but our revenue recognition slowed as we transitioned to a drop-ship model with our new partner, Tellus Power Green that we announced in January. The quarter and the first half of Q2 have been reached in action. In February, Nuvve was awarded a critical contract with the state of New Mexico. This framework agreement allows us to provide proposals to any governmental EV deployment, either with school districts, municipalities, or state organizations, without going through an RFP process. These infrastructure deployments, including charging stations, solar, storage, and microgrid implementation, will be financed for the state of New Mexico by our partner, Jefferies. This project represents a potential opportunity greater than $400 million of CapEx deployment over the next four years. In order to successfully support this opportunity, we have established a special company in the state of New Mexico named Nuvve New Mexico. The purpose of this LLC is to develop close ties with key stakeholders in the state. Ted Smith, our former Chief Operating Officer, has been named CEO of Nuvve New Mexico. He is our champion and will bring any component from Nuvve in order to successfully support the state. We have also decided to open some of the capital of Nuvve New Mexico to local investors in order to align interest. I'm looking forward to sharing more of our progress in the state of New Mexico soon. Moving on to…

Thanks, Gregory. I will start with a recap of first quarter 2025 results. In the first quarter, we generated total revenues of $0.9 million, compared to $0.8 million in the first quarter of 2024. The growth was primarily driven by increased charger hardware sales versus the same period last year. Margins on products, services, and grant revenues were 39.9% for the first quarter of 2025, compared to 34.7% for the year-ago period. The increase is primarily due to a higher mix of service revenues this quarter compared with last year. Excluding grant revenues, margins on product and service revenues were 32.6% for the first quarter of 2025, compared to 26.8% in the current year-ago period. 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 the DC charger. Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales was $6 million for the first quarter of 2025, compared to $5.9 million for the fourth quarter of 2024, and $7.5 million for the first quarter of 2024. We have continued to drive efficiencies in 2025, resulting in lower overhead costs. We expect the lower operating costs we have realized this quarter, compared to the prior year first quarter, to continue in future quarters. Cash operating expenses, excluding cost of sales, stock compensation, and depreciation and amortization expense, was $5.3 million in the first quarter of 2025, versus $5.2 million in the quarter of 2024, versus $6.6 million in the first quarter of 2024. This represents a decline of $1.3 million in…

Thank you, David. In summary, though our top-line revenue is still a work in progress, we have executed on some fundamental transformation aspects. We are reducing our cash burn while focusing the organization on profitability, and we have started to execute on our M&A plan. This quarter is a key stepping stone in our transformation. Thank you.

I want to again emphasize our expectation in terms of the transformation that we are going through and the opportunities that we are facing. We are looking forward to sharing more with you over the next few months. Thank you very much.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.