Good morning, and welcome to the Nuvve Holdings Corporation's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] 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 Q3 '25. 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 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 Q3 '25 results call. In our last call, I shared with you that we were finalizing the restructuring of the organization. Now that our structure is in place, we have been able to shift our focus to stationary battery deployment. And over the last few days, we have made a few exciting announcements. First, in Europe and more specifically in Denmark, we are in the process of developing 3 2-megawatt battery projects. These battery projects represent about $10 million of CapEx with the forecasted internal rate of return greater than 25%. Once the development is well underway, we will be working with financing partners interested in investing in the project. Once the installation, interconnection and commissioning are done, which is planned for late 2026, we will start generating recurring revenue for the life of the batteries, most likely 10 to 12 years. Our experience over the last 9 years has shown potential revenues ranging between $400 and $600 per kilowatt year or potential annual revenue generation of $2.4 million to $3.6 million for the combination of the 3 batteries. These 3 battery projects are also strategically positioned as they are next to different type of fleets, which will convert into electric vehicles over the next few years and for which we will be able to provide optimal energy costs. Then yesterday, we announced that our Japanese subsidiary has concluded an agreement -- an aggregation agreement targeting existing stationary energy storage in order to manage 2-megawatt battery with an energy capacity of 8.2 megawatt hour installed in Tainai City in Niigata Prefecture with a targeted operation date in the first half of 2026. The expected value on a per kilowatt year basis in Japan is similar or greater than…

Thanks, Gregory. I will start with a recap of third quarter 2025 results. In the third quarter, we generated total revenues of $1.6 million compared to $1.9 million in the third quarter of 2024. The decrease was primarily driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project versus the same period last year. Similarly, year-to-date through September 30, 2025, total revenues were $2.8 million, which compares to $3.5 million for the prior year period. The year-over-year decrease in revenues is also driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project this year versus last year. Margins on products, services and grant revenues were 52% for the third quarter of 2025 compared to 52.1% for the year-ago period. Year-to-date margins through September 30, 2025, were 46.8% compared with 42% for the year ago period. Our gross margins year-to-date have increased 480 basis points due to higher profitability on our service revenues. 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 $5.9 million for the third quarter of 2025 compared to $15 million for the second quarter of 2025 and $2.8 million for the third quarter of 2024. Operating costs were elevated last quarter due to nonrecurring grants of $8.2 million paid to consultants we engaged to support our digital asset strategy. Cash operating expenses,…

Thank you, David. In summary, we are very excited about our direction towards stationary storage. We expect a few more wins in the next few weeks and we'll share them as they become available and those agreements are signed and finalized. These battery deployments will come in addition to the charging station business that David just described. Thank you very much for listening to us today.

[Operator Instructions] Showing no questions. This will conclude our question-and-answer session. I would like to hand the conference back over to Gregory Poilasne for any closing remarks.

I would like to thank everybody who was listening to us today, and we are looking forward to sharing more with you about our progress over the next few weeks. Thank you very much. Bye-bye.

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