Q1 2024 Nuvve Holding Corp Earnings Call

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Operator: The Ultimate Parody Site! Good morning, and welcome to the Nuvve Holding Corporation first quarter 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press the star, then two.

Speaker Change: Good morning, and welcome to the New V holding Corporation first quarter 'twenty 'twenty four earnings conference call. All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero after today's presentation.

Speaker Change: There will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two please.

Operator: 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 first quarter 2024 results. Following prepared remarks, we will be opening the call up for questions.

Speaker Change: Please note. This event is being recorded on today's call are Greg Gregory Colon, Chief Executive Officer, and David Robson, Chief Financial Officer of Newbie earlier today, New V issued a press release announcing its first quarter 'twenty 'twenty four results following prepared remarks, we will be.

Speaker Change: Turning the call up for questions before.

Operator: 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 is available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that said, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve.

Speaker Change: Before we begin I would like to remind you that this call may contain forward looking statements.

Speaker Change: While these forward looking statements reflect new vs. 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 new vs filings with the S. E C.

Speaker Change: And in the earnings release issued today, which are available on our website new V undertakes no obligation to revise or update any forward looking statements to reflect future events or circumstances.

Speaker Change: With that I would like to turn the call over to Gregory Colon, Chief Executive Officer of Newbie Gregory.

Gregory Poilasne: Thank you, and good afternoon to everyone here today. Thank you for joining our first quarter 2024 results call. We are pleased to have the opportunity to update you on the progress we are making in scaling our business and positioning Nuvve for future growth. The global environment in the electric vehicle space remains tough. The negative perception is real, especially in the consumer space.

Gregory Poilasne: Thank you and good afternoon to everyone here today.

Gregory Poilasne: Thank you for joining our first quarter 'twenty 'twenty four results call. We are pleased to have your body to update you on the progress we are making in scaling our business and positioning <unk> for future growth.

Gregory Poilasne: The global environment in the electric vehicle space remains tough the Nic any perception is real especially in the consumer space.

Gregory Poilasne: And also see that through the outcome of companies such as pizza care treat him and in the fee space such as Portera.

Gregory Poilasne: We can also see that through the outcomes of companies such as PeaceCare, Tritium, and in a free space such as Proterra. Since Nuvve became a public company, our focus has been on the school bus business, which is heavily supported by EPA funding. This funding is essential for school districts to adopt clean transportation and bring the cost of school buses down. The current process of raising funding makes the adoption acronym-like in nature. School districts are waiting for the outcome of the funding before making a decision.

Steve: And Steve you became a public company I focus has been on the school bus business, which is heavily supported by E. T F funding.

Speaker Change: Funding is essential for school districts to adopt clean transportation and bring because of school buses down.

Speaker Change: The current process of breathing funding mix the adoption I called them like in nature could.

Speaker Change: Could be strict are waiting for the outcome of the funding before making the decisions.

Gregory Poilasne: The first quarter of 2024 has always been expected to be in between two different funding rounds, and we have known it would be soft. We remain very excited about our leadership position in the school bus space, and it's still one of our key revenue drivers for 2024, so it makes the revenue very lumpy. In order to smooth out our revenue and expand our business, we have recently announced two key projects. The first one is with the Fresno Economic Opportunities Commission.

Speaker Change: The first quarter 'twenty 'twenty four is always been expected to be between two different funding and we have known it would be it would be soft.

Speaker Change: We remain very excited about our leadership position in the school bus space and it's still one of our key revenue drivers for 2024. So it makes the route and you're very lumpy.

Speaker Change: In order to smooth out our revenue and expand our business. We have recently announced two key projects. The first one is with the phrase no economic opportunities Commission in January we announced that <unk> had been selected by the board of the commission to deliver on the $16 million in transportation and renewable energy project.

Gregory Poilasne: In January, we announced that Nuvve had been selected by the board of the commission to deliver on the $16 million transportation and renewable energy project. I can share with you today that we have signed a contract with Fresno EOC to execute on this project once key subsidies have been finalized, which we expect to be in the next 60 days. As a reminder, this project includes the deployment of 60-plus charging stations, 2.5 megawatts of solar generation, and 1.6 megawatt hours of batteries.

Speaker Change: I can share with you today that we have signed a contract with the phrase know Yossi executive on these projects one Keith subsidies that have been finalized, which we expect to be over the next 60 days.

Speaker Change: As a reminder, these projects include the deployment of 60, plus charging stations 2.5 megawatt of solar generation and one six megawatt area of batteries.

Gregory Poilasne: Nuvve will not only drive the project development, but through its GEEV platform, Nuvve will manage the energy on the site for the next 10 years. We are proud to support the Fresno EOC in achieving its vision of deploying clean transportation and renewable energy generation in order to reduce pollution in Fresno County. We also now expect that the initial $16 million will be recognized over the next 24 months.

Speaker Change: <unk> will not only drive the project development, but through its give platform nobody will manage the energy on the site for the next 10 years.

Speaker Change: We are proud to support the phrase know youll see in achieving its vision in deploying clean transportation and renewable energy generation in order to reduce the pollution in the Fresno County.

Speaker Change: We also now expect that the initial $16 million will be recognized over the next 24 months.

Gregory Poilasne: In February, we also announced that Nuvve had been selected in partnership with eFormula, a prominent Taiwanese energy solution provider, in order to deliver on a project driven by Thai Power Corporation. These projects based in Sinshu include 90-plus charging stations for shuttles, solar, and storage. Though the contract negotiations are being finalized, the project is not only exciting on its own, but it opens the door to many other projects on this island

Speaker Change: In February we also announced that movie I've been selected in partnership with E Formula Permian Taiwanese energy solution provider.

Speaker Change: To deliver on our project driven by high Power Corporation.

Speaker Change: Project bids and seems to include 90 bus charging station for shuttles solar and storage.

Speaker Change: The contract negotiations are being finalized the project is not only exciting on its own but it opens the door to many of the projects on this island you can find more details on our <unk> hub projects on our hub website Www Dot New V V <unk> hubs dot com.

Gregory Poilasne: You can find more details on our V2G hub projects on our hub website, www.nuvv2ghubs.com. As we announced in 2023, battery deployments are always associated with the EV deployment. The capabilities of our platform to manage EV batteries make it perfect to manage both EV and stationary storage, or stationary storage alone. In this critical moment of electrification of transportation, our platform is the only one to provide a common platform of electrification and energy management while providing green services. The integration of electric vehicles into the electric system is extremely challenging when also considering so many other segments that are increasing electric energy consumption.

Speaker Change: As we have announced in 2023 battery deployments are always associated with the EZ deployments like everybody does a platform to manage the EV batteries much make it perfect to manage both EV and stationary storage all tissue stationary storage alone.

Speaker Change: In this critical moment of electrification of transportation platform is the only one to provide a commonplace of electrification and energy management, while providing greed services.

Speaker Change: The integration of electric vehicles into the electric system is extremely challenging when also considering for many of the segments that are increasing due to energy.

Speaker Change: Energy consumption.

Gregory Poilasne: We have always said that V2G is key to such integration, and we are pleased to see that a couple weeks ago a very significant conference on V2G was held in San Diego, the city where Nuvve was founded and where we are headquartered. But I keep on asking, what is V2G if it does not provide a service to the end users? V2G is a great technology, but to get it adapted, it needs to articulate a value proposition.

Speaker Change: We have always said that <unk> is key to such integration. We are pleased to see that a couple of weeks ago was held a very significant concerns on <unk> in San Diego The city, where <unk> was founded and then we are and where we're headquartered.

Speaker Change: But I keep on asking what is BTG if it does not provide the service to the end users.

Speaker Change: <unk> is a great technology, but to get it adopted it requires to articulate the value proposition, we have developed our value proposition around three aspects.

Gregory Poilasne: We have developed our value proposition around three aspects. Vehicle readiness, guaranteeing to the user that the vehicle will be ready when they need it. Energy management, which includes the tradeoff between charging the vehicle at the lowest cost and providing grid services in order to generate revenue. And finally, battery life extension based on always charging the battery at the exact level that the driver needs. The combination of our GIF platform that manages electric vehicle batteries and stationary storage in real time with ASTREA, our AI platform for forecasting, allows us to truly provide these services.

Speaker Change: Vehicle readiness guaranteeing to the user the vehicle will be ready when they needed.

Speaker Change: Energy management, which includes the tradeoff between charging the vehicle at the lowest cost and providing great services in order to generate revenue.

Speaker Change: And finally battery life extension based on the always charging the battery at the exact level that the driver needs.

Speaker Change: The combination of our gift platform that manages the electric vehicle batteries and synchronized surge in real time with Austria.

Speaker Change: Our platform for the forecasting allows us to truly provide these services some of our competitors are using these terms veterinary often without experience in doing it.

Gregory Poilasne: Some of our competitors are reusing these terms, but very often without experience in doing so. But the first step in DV adoption should never be neglected, the deployment phase, where fleet managers are often left alone to make key decisions without the proper information. On our website, www.nuvve.com, you can find multiple testimonials from different customers emphasizing how we have been here to help them execute their EV deployment vision and solve different problems along the way.

fleet managers: But the first step in Dv adoption should never been neglected the deployment phase where fleet managers, Oliver and less demand in making TD season without the proper information.

fleet managers: On our website www dot <unk> dot com you can find multiple testimonials for different customers and advertising, how we have been here to help them.

fleet managers: Execute the EV deployment vision and solve the default problems along the way.

Gregory Poilasne: I'm proud of Nuvve's service and the feedback that we are getting. Before I pass the microphone to David, I want to reaffirm our expectations for this year 2024 of $15 to $20 million in revenue. We are managing our destiny, and we are executing our business plan to achieve our target.

fleet managers: I am proud of <unk> service and the feedback we are getting.

Speaker Change: Before I pass the microphone to David I want to reaffirm our expectations for these years 'twenty 'twenty, four or $15 million to $20 million of revenue. We are managing your destiny and we are executing our business plan to achieve our target.

David G. Robson: Thanks Gregory. I will start with a recap of the first quarter 2024 results. In the first quarter, we generated total revenues of $780,000, compared to $1.85 million in the first quarter of 2023. The decrease was primarily driven by a reduction in charger hardware sales impacted by the timing of EPA funding. Margins on product and service revenues were 34.7% for the first quarter of 2024, compared to 21.2% in the year-ago period. The increase is primarily due to a higher mix of service revenues and improved pricing on hardware sales this quarter compared with last year.

David G. Robson: Thanks, Craig I'll start with a recap of first quarter 2020 or results in the first quarter, we generated total revenues of $780000.

David G. Robson: Compared to $1 $85 million in the first quarter of 2023.

David G. Robson: The decrease was primarily driven.

Speaker Change: Why the reduction in charge of hardware sales impacted by the timing of EPA funding.

David G. Robson: Margins on product and service revenues were 34, 7% for the first quarter 2024, compared to 21, 2% in the year ago period. The increase is primarily due to a higher mix of service revenues and improved pricing on hardware sales this quarter.

David G. Robson: As with last year.

David G. Robson: 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 percent to 25 percent, while AC charger gross margins are approximately 50 percent, but in dollar terms, they are a small fraction of the revenue of a DC charger.

David G. Robson: As a reminder, margins can be lumpy from quarter to quarter, depending on the mix.

David G. Robson: <unk> charges gross margins that standard pricing.

David G. Robson: Only range, 14% to 25% while AC charter gross margins are approximately.

David G. Robson: But in dollar terms are a small fraction of the revenue of a decent target.

David G. Robson: Rich service revenue margins are generally 30% while software engineering service margins are as high as 100.

David G. Robson: Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales, were $7.5 million for the first quarter of 2024, compared to $7.9 million for the fourth quarter of 2023 and $8.3 million in the first quarter of 2023. We have continued to drive efficiencies through 2023 and into 2024, resulting in lower overhead costs. We expect to realize additional improvements in our operating expenses in future quarters this year.

Speaker Change: Operating costs, excluding cost of sales was $7 5 million dollar for the first quarter of 2024 compared to $7 $9 million for the fourth quarter of 2023, and $8 3 million in the first quarter 2020.

David G. Robson: We have continued to drive efficiencies through 2023 and ended 2024, resulting in lower overhead costs, we expect to realize additional improvements in our operating expenses.

David G. Robson: In future quarters this year.

David G. Robson: Cash operating expenses, excluding cost of sales, stock compensation, and depreciation or amortization expense, declined to $6.3 million in the first quarter of 2024 versus $6.9 million in the fourth quarter of 2023 and $7.2 million in the first quarter of 2023. Other income was $0.5 million in the first quarter of 2024, up from $0.2 million in the year-ago quarter. The current period benefits from a non-cash gain from the change in the fair value of warrants.

David G. Robson: Cash operating expenses, excluding cost of sales stock compensation, and depreciation and amortization expense declined to $6 3 million in the first quarter of 2024 versus $6 9 million in the fourth quarter of 2023 and $7 2 million.

David G. Robson: In the first quarter of 2023.

David G. Robson: Other income was <unk> 5 million in the first quarter of 2024 up from $4 million in the year ago quarter.

David G. Robson: The current period benefit from a non cash gain from the change in the fair value of warrants.

David G. Robson: The net loss attributable to Nuvve common stockholders decreased in the first quarter of 2024 to $6.7 million from a net loss of $7.7 million in Q1 of 2023. The improvement was primarily a result of lower operating expenses this quarter compared to the first quarter of 2023. Now, turning to our balance sheet, we had approximately $5.3 million in cash as of March 31, 2024, excluding a half a million in restricted cash, which represents an increase of $3.7 million from December 2023.

David G. Robson: Net loss attributable to newly common stockholders decreased in the first quarter of 2024 to $6 7 million from a net loss of $7 7 million in Q1 of 2003.

David G. Robson: The improvement was primarily a result of lower operating expenses this quarter compared to the first quarter of 2023.

David G. Robson: Now turning to our balance sheet, we had approximately $5 3 million in cash as of March 31 2004.

David G. Robson: Getting a half a million and restricted cash.

David G. Robson: Which represents an increase of $3 7 million.

David G. Robson: Remember 2023.

David G. Robson: The increase was a result of a net capital raise of $8.5 million during the quarter, primarily offset by $4.7 million used in operating activities. During the quarter, inventories increased by $0.2 million to $6.1 million at March 31, 2024 as we purchased additional DC charging stations to support our sales pipeline. Accounts payable at the end of the first quarter of 2024 decreased by $.2 million to $1.5 million. The balance sheet reflects the addition of a warrant liability related to warrants issued in connection to our capital raise in January. The warrants were valued at $3.8 million on the issuance date and $3.1 million on March 31, 2024, resulting in a $700,000 gain during the quarter according to other income.

David G. Robson: The increase was a result of net capital raise of $8 5 million during the quarter, primarily offset by $4 7 million used in operating activities.

David G. Robson: During the quarter inventory increased by 2 million $6 1 million at March 31, 2024.

David G. Robson: We purchased additional boost charging stations to support our sales pipeline.

David G. Robson: Payable at the end of the first quarter of 2024 decreased by <unk> 2 million to $1 5 million.

David G. Robson: At the end of the first quarter of 2024, the balance sheet reflects the addition of a warrant liability related to warrants issued in connection to our capital raise in January.

David G. Robson: Warrants for valued at $3 8 million on the issuance date and $3 1 million at March 2nd quarter 2024.

David G. Robson: Resulting in a $700000 gain during the quarter. According to other income.

David G. Robson: Now, turning to our megawatts under management and estimated future good service revenues, as a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the U.S. and in light-duty fleet deployments in Europe. Currently, these chargers and batteries are located throughout the United States, Europe, and Japan.

David G. Robson: Now turning four megawatts under management and estimated future service revenues.

David G. Robson: As a reminder megawatts under management is a metric we use quantify the aggregated amount of electrical capacity from the deployment of our <unk> and atg charters, which are primarily deployed in the electric school bus market in the U S and in light duty fleet deployments in Europe in.

David G. Robson: Addition of stationary batteries currently these chargers and batteries are located throughout the United States Europe and Japan.

David G. Robson: Megawatts under management in the first quarter increased 6% over the fourth quarter of 2023, 26.6 from 25.1, a 45.4% increase compared to the first quarter of 2023. In terms of its composition, 7.1 megawatts were from stationary batteries, and 19.5 megawatts were from EV chargers.

David G. Robson: Megawatts under management in the first quarter increased 6% over the fourth quarter of 2023.

David G. Robson: $6 six from.

David G. Robson: $25, one a 45, 4% increase compared to the first quarter of 2023.

David G. Robson: In terms of its composition seven one megawatts for stationary batteries and $19 five megawatts, we're kind of in charge.

David G. Robson: We continue to expect an acceleration in our megawatts under management as we go through the remainder of the year and continue to commission our backlog of customer orders we have earned in 23 and the beginning of 2024. In addition to new business, we anticipate winning, which we have visibility into in our pipeline for both EV chargers and stationary batteries. Now, turning to backlog, on March 31st, our hardware and service backlog reached a milestone record for Nuvve at 19 million, increasing by $15.1 million from $3.9 million at December 31, 2023.

David G. Robson: We continue to expect an acceleration of our megawatts under management as we go through the remainder of the year and continue to commission our backlog of customer orders. We have earned in 'twenty three and the beginning of 2024. In addition to new business, we anticipate winning.

David G. Robson: Visibility to our pipeline for bolt EV Chargers and stationary batteries.

David G. Robson: Now turning to backlog on March 31, our hardware and service backlog reached a milestone record for annuity at $19 million increase.

David G. Robson: Increasing by $15 1 million from $3 9 million at December 31, 2023 or.

David G. Robson: Our HUC project in Fresno, California, which we closed during Q1 of this year, was the primary driver of the impact of COVID-19. That concludes my portion of the prepared remarks. Gregory, back to you to conclude. Thanks, David.

David G. Robson: Our hub project in Fresno, California, which we closed in Q1 of this year was the primary driver of the increase.

Gregory: That concludes my portion of the prepared remarks Gregory back to you to conclude.

Gregory Poilasne: David. Though this first quarter of 2024 has been soft, this does not come as a surprise. Our expectations for 2024 have not changed. We expect the school bus business to pick up in the second and third quarters with EPA round two and round three. We are also executing on the hours that we received at the beginning of the year, with some of them contributing to our 2024 revenue. We look forward to sharing more with you in the near future.

Speaker Change: Thanks, David <unk>.

Speaker Change: Moodys first quarter 'twenty 'twenty four is being soft this does not come as a surprise.

Gregory: Expectations for 2024, I've not changed risks.

Speaker Change: We expect the school bus business to pick up in the second and third quarter with the EPA round two and round. Three we are also executing on the outwards that we have received at the beginning of the year with some of them contributing to our 2020 full revenue.

David G. Robson: We look forward to sharing more with you in the near future.

Operator: We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the key. If at any time your question has been answered and you would like to withdraw your question, please press star, then two.

Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone if youre using a speakerphone. Please pick up your handset before pressing the keys if at any.

Speaker Change: Your question has been addressed and you would like to withdraw your question. Please press Star then two.

Speaker Change: Our first question comes from Brian Dobson with.

Speaker Change: Sure Dan. Please go ahead.

Gregory Poilasne: Hey, it's Greg Pendian on behalf of Brian Dobson. Just a question, in light of the $15 to $20 million in revenue guidance and right now, it looks like the inventory uptick to, I think you said $6.1 million, what do you think a normalized year-end inventory level could be? Do you think it could be around $2 million, or just trying to get a feel for where the $15 to $20 million will be spent on working capital and inventory? Thanks.

Speaker Change: Hey, it's Greg can be in for Brian Dobson.

Speaker Change: Just a question in light of the $15 million to $20 million in revenue guidance and right now it looks like the inventory uptick due I think you said $6 1 million.

Greg: How much what do you think a normalized year end inventory level could be do you think it could be around 2 million are just just trying to get a feel of where that the $15 million to $20 million how much you can burn off.

Greg: Our working capital and inventory.

David G. Robson: Hey, Greg. I think that inventory level can come down a couple more million dollars between now and the end of the year. Of course, it really depends on the timing of when we deliver orders. But I think about it as, call it, longer term, three to four months of inventory on hand for future sales. Okay, thanks.

Greg: Hey, Greg I think that inventory level can come down a couple more million dollars between now and the end of the year of course, it really depends on the timing on when we deliver orders that I'd think about it as call it.

Greg: Longer term three to four months of inventory on hand.

Greg: Our future sales.

Gregory Poilasne: Okay, thanks. And then just one more question. You mentioned the EPA rounds hitting in 2Q and 3Q. Can you... Kind of give us a little bit more color on the notable dates that we should be looking out for within those two quarters?

EPA representative: Okay. Thanks, and then just one more question you mentioned the EPA rounds heading in Q3 Q can you.

Speaker Change: Kind of give us a little bit more color on notable.

Speaker Change: Dates that we should be looking out for within those two quarters.

David G. Robson: David, you don't want to take this?

David G. Robson: David Joe Thanks, Greg.

Gregory Poilasne: Greg, it just cut out for one second; can you just repeat it one more time? Sure, sorry about that.

Greg: Hey, Greg, Greg and just cut out once and can you just repeat it one more time that I didnt hear sure sorry about that.

Gregory Poilasne: Just in light of the EPA rounds hitting in 2Q and 3Q, can you call out any notable dates we should be looking out for that would be publicly released on some of these school bus orders or timelines? You know, from what Gregory said in his remarks, it's really the timing of when we see those announcements coming out in the Q2 to Q3 timing, but I don't have any more precision.

Speaker Change: Just in light of the EPA round heading into Q3 Q can you call out any notable dates we should be looking out.

Speaker Change: That would be publicly released on on some of these school bus orders our timeline.

Speaker Change: You know from what what what Gregory said in his remarks is really the timing of when we see those announcements coming out in the Q2 to Q3 timing, but I don't have any more precision than that.

Gregory Poilasne: Okay, no problem. All right, that's all I have.

Speaker Change: Okay No problem alright.

Gregory Poilasne: To answer more of the question there, it's really about when we get the orders from the school districts, right? So in round two, there are a few, you know, there are some that could be larger orders, and so we might politicize that. But it's really, the timeline is really in the hand of the school districts very often.

Speaker Change: To answer your question there is really about.

Speaker Change: When we get the orders from the school districts right. So I went around who they are if you know that.

Speaker Change: There are some that could be larger orders and so we we might but besides that but it's really the timeline is really in the hand of the school district very often right.

Gregory Poilasne: Okay, I understand. Okay, that's all I have. Thanks.

Speaker Change: Okay understood.

Speaker Change: That's all I have thanks.

Speaker Change: Thank you.

Speaker Change: Yeah.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

Greg: This concludes our question and answer session I would like to turn the conference back over to Greg <unk>.

Greg: <unk> for any closing remarks.

Gregory Poilasne: We appreciate everybody listening in today, and we are looking forward to sharing more with you of the progress we are making. We are very excited about 2024 and on and looking forward to our communication with you about Q2. Thank you.

Greg: We appreciate everybody listening in today and we're looking forward to sharing more with you of the progress we're making we're very excited about 2024 and on and are looking forward to it.

Greg: Communication.

Speaker Change: Sure about Q2, thank you bye bye.

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

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