Financial Data and Key Metrics Changes - In Q2 2024, total revenues were 2.12 million in Q2 2023, primarily due to reduced charger hardware sales and timing of EPA funding awards [11][12] - Year-to-date revenues through June 30, 2024, were 4 million in the prior year period, reflecting a similar decline driven by hardware sales [11] - Net loss attributable to common stockholders decreased to 8 million in Q2 2023, attributed to lower operating expenses and noncash gains [14] Business Line Data and Key Metrics Changes - Margins on products, services, and grant revenues improved to 24.9% in Q2 2024 from 8% in the prior year, driven by better pricing on hardware and a higher mix of service revenues [12] - Excluding grant revenues, margins on product and service revenues were 10.1% in Q2 2024 compared to 4.8% in the year-ago period [12] Market Data and Key Metrics Changes - Megawatts under management increased by 1.7% from Q1 2024 to 27.1 megawatts, a 35.3% increase compared to Q2 2023 [16] - The backlog for hardware and services decreased to 19 million at the end of Q1 2024, but increased by 3.9 million at the end of 2023 [17] Company Strategy and Development Direction - The company is focusing on closing awarded projects while the school bus segment is recovering, aiming to diversify revenue sources and enhance stability [19][20] - A new partnership with WISE-EV LLC aims to launch a special purpose vehicle (SPV) for public infrastructure deployment in Nevada, which is expected to accelerate technology deployment and provide upfront cash [8][9] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 2024 due to delays in EPA funding approvals but expressed optimism about order increases in the upcoming quarters [5] - The company does not anticipate achieving the previously guided revenue target of 20 million for 2024 due to project delays and funding timing issues [9][10] Other Important Information - Operating costs, excluding cost of sales, decreased to 8.5 million in Q2 2023, reflecting ongoing efficiency improvements [13] - Cash as of June 30, 2024, was approximately $1.4 million, with a decrease attributed to operating activities [15] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [21]
Nuvve (NVVE) - 2024 Q2 - Earnings Call Transcript