Hello, and welcome to the Nuvve Holding Corporation's Second Quarter 2025 Earnings Conference Call. 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 Q2 '25. Following prepared remarks, we will open up the call for questions. [Operator Instructions] 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. Please go ahead.

Thank you, and good afternoon to everyone here today. Welcome to our Q2 '25 results call. In line with Q1, this quarter has allowed us to finalize the structural changes we have decided to implement late last year. These structural changes are now allowing us to position Nuvve at a very strategic intersection between energy, artificial intelligence and crypto. Here are a few reasons. Energy powers AI and crypto. Energy is foundational to both AI and cryptocurrency as both require massive computing infrastructure. AI optimizes energy and crypto operations. In energy, AI is used to predict demand, optimize grid efficiency and integrate renewables. And in crypto, AI can optimize mining efficiency, detect fraud and enhance trading strategies. AI models can manage when to run mining rigs or data centers based on real-time energy pricing or availability, reducing costs and emissions. Crypto enables energy markets innovation, blockchain can tokenize energy assets, e.g., solar panels, carbon credits, enabling peer-to- peer energy trading and smart contracts on blockchain can automate energy transactions. Decentralized AI and energy incentives. Crypto tokens can incentivize data sharing or AI model training and crypto-powered grids can reward users for sharing excess renewable energy while AI can ensure secure and efficient distribution of such decentralized networks. In summary, energy power, AI and crypto, AI enhances energy and crypto. Crypto transforms the energy market. This describes perfectly our road map where the [ strangular ] relationship is enabling a future of decentralized, intelligent and sustainable digital infrastructure. Let's look closer to our implementation starting with our Energy business. As shared earlier, we have established multiple subsidiaries, including Nuvve Japan, Nuvve Europe and our charge point operator business in the United States supporting our EV driver clients around the country. This unit is called Nuvve CPO. Both Nuvve Japan and Nuvve…

Thanks, Gregory. I will start with a recap of second quarter 2025 results. In the second quarter, we generated total revenues of $0.3 million compared to $0.8 million in the second quarter of 2024. The decrease in revenues was a result of lower charger hardware sales this quarter versus the same period last year. Hardware sales were impacted by the timing of EPA funding awards and our migration to new charging station models. Total revenues year-to-date through June 30, 2025 were $1.2 million compared to $1.6 million for the same period last year. Margins on products, services and grant revenues were 16.6% for the second quarter 2025 compared to 24.9% for the year ago period. Year-to- date margins through June 30, 2025 were 44.4% compared with 29.7% for the year ago period. The increase in margins was primarily due to a higher mix of service revenues compared with last year. 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 $15 million for the second quarter of 2025 compared to $6 million for the first quarter of 2025 and $6 million for the second quarter of 2024. Excluding a onetime noncash expense of $8.2 million associated with the issuance of warrants related to our new cryptocurrency strategy and a noncash write-off of bad debt expense related to the Fresno infrastructure projects of $0.9 million. The current period expenses were $5.9 million, a decline of $0.1 million…

Thank you, David. In summary, we feel that Nuvve is now strategically positioned at the intersection between energy, artificial intelligence and crypto. While revenues were soft, we successfully finished the restructuring of our energy business and integrated our recent acquisition at Fermata into the Nuvve organization. We also continue to focus on our digital asset strategy. We believe we are in a strong position to lead in the energy management transition occurring worldwide, and we are ready to capitalize on opportunities across the cryptocurrency and blockchain economy, all supported by our AI efforts started a few years ago. Thank you.

There are no questions at this time. I'll now hand the conference back to Gregory for any closing remarks.

Thank you for listening in today, and we are looking forward to sharing more with our progress, especially in New Mexico and in Japan over the next few weeks. Thank you.

That does conclude our conference for today. Thank you for participating. You may now disconnect.