Good evening, and welcome to the Nuvve Holding Corporation Fourth 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 Q4 '25 and FY '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 Q4 '25 and Full Year '25 Results Call. 2025 has been a transition year where we have been pivoting from vehicle-to-grid deployments to stationary storage. Stationary battery were not new to Nuvve. We have been managing batteries for a few years in the U.S., for example, at the University of California, San Diego and in Japan with our partner at the time, Toyota Tsusho. Nuvve's platform has been designed to manage batteries from the ground up, either on wheels or stationary with the benefits of aggregation, second by second control and advanced stacking services, including behind-the-meter energy cost optimization, distribution grid support and ancillary services. We also started to integrate artificial intelligence-based functionalities 3 years ago with a focus on forecasting for battery usage and market values. Nuvve has now moved on into a full end-to-end AI-based product development cycle and is currently integrating AI-based project management, sales support and finance functionalities in order to scale our business while we are reducing our cost base. Though we are not stopping our current activities in school bus and fleets, all the market signals we are receiving are confirming that our pivot towards stationary battery deployments is the right path. In Europe, we have recently announced a partnership with OMNIA Global, a Zug Switzerland-based family office. The partnership with OMNIA is really a meeting of the minds as OMNIA has developed a 1 gigawatt plus battery pipeline across multiple countries in Europe that will be deployed over the next 24 months. The purpose of the partnership is to deploy batteries across Europe, batteries that will be owned by Nuvve. We have already announced 3 projects, a 50-megawatt 75-megawatt hour project in Sweden, a 40-megawatt 80-megawatt hour project in Austria, and…

Thanks, Gregory. I will start with a recap of fourth quarter 2025 results. In the fourth quarter, we generated total revenues of $1.93 million compared to $1.79 million in the fourth quarter of 2024. The increase was primarily driven by higher product sales and increased grant revenues, partially offset 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. Total revenues year-to-date through December 31, 2025, were $4.79 million, which compares to $5.29 million for the prior year period. The year-over-year decrease in revenues was 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, partially offset by higher product revenues and grant revenues. Margins on products, services and grant revenues were 24.2% for the fourth quarter of 2025 compared to 15.8% for the year ago period. Year-to-date margins through December 31, 2025, were 39.1% compared with 33.1% for the year ago period. Margin was positively impacted quarter-over-quarter by a higher mix of grant revenues and improved pricing on product revenues this quarter compared with last year. Excluding grant revenues, margins on product and service revenues increased to 16% for the fourth quarter of 2025 compared to 11.5% in the year ago period. Year-to-date margins, excluding grant revenues through December 31, 2025, was 31% compared to 27.5% in the 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…

Thank you, David. We are confident that our pivot towards stationary storage was the right choice. And we know that moving forward, our success is going through battery deployments, especially in Europe and Japan. Expect to hear more about our deployments soon. Thank you.

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

Thank you for listening to us today, and we're looking forward to sharing more with you in the near future. Bye-bye.

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