Q2 2026 Nuvve Holding Corp Earnings Call

August 14, 2026

Operator: Good day, and welcome to the Nuvve Holding Corp Q2 2026 Earnings Conference Call. All participants will be in a 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 a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one, on a touch-tone phone. To withdraw your question, please press star, then two.

Speaker #1: 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 2026 results. Following prepared remarks, we will open up the call for questions.

Operator: 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 2026. 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.

Speaker #1: 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.

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.

Operator: How can I help you?

Speaker #1: 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 nuvveundertakesnoobligationtorevise or update any forward-looking statements to reflect future events or circumstances.

Operator: 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?

Speaker #1: With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

Speaker #2: Thank you, and good afternoon to everyone here today. Welcome to our second quarter 2026 results call. Let me start with a subject that is on everyone's mind.

Gregory Poilasne: Thank you, and good afternoon to everyone here today. Welcome to our Q2 2026 results call. Let me start with a subject that is on everyone's mind. On 22 July, we received the determination from Nasdaq Hearings Panel, and trading in our common stock was suspended on Nasdaq at the open of 24 July. Our stock began trading on the OTC Pink market that same day, and since 10 August, we have been trading on the OTCQB tier under the symbol NVVE. I want to be direct on this. We understand Nasdaq's decision. We did not meet the continued listing standard on filing, on bidding price, and on stockholders' equity. Though we have fixed these issues, by too late, the panel applied its rules. There is nothing more to say about it.

Speaker #2: On July 22nd, we received the determination from the NASDAQ hearing panel, and trading in our common stock was suspended on NASDAQ at the open on July 24th.

Speaker #2: Our stock began trading on the OTC Pink market that same day, and since August 10, we have been trading on the OTCQB tier under the symbol NVVE.

Gregory Poilasne: Our stock began trading on the OTC Pink market that same day, and since 10 August, we have been trading on the OTCQB tier under the symbol NVVE. I want to be direct on this. We understand Nasdaq's decision. We did not meet the continued listing standard on filing, on bidding price, and on stockholders' equity. Though we have fixed these issues, by too late, the panel applied its rules. There is nothing more to say about it.

Speaker #2: I want to be direct on this. We understand NASDAQ's decision. We did not meet the continued listing standard on filing, on bidding price, and on stockholders' equity, and though we have fixed these issues, it was too late. The panel applied its rules.

Speaker #2: There is nothing more to say about it. What I do want to say is this: we are working very hard to return to a senior market, whether that is NASDAQ or NYSE, as fast as we responsibly can.

Gregory Poilasne: What I do want to say is this: We are working very hard to return to a senior market, whether Nasdaq or NYSE, as fast as responsibly can. We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a timeline measured in months. That means executing on our business, rebuilding the balance sheet, and staying current on our filings as we are moving on all three. In the meantime, the business continues, and the pipeline in front of us is the most exciting it has been. Turning to the quarter, total revenue was up 268% year-over-year. For the H1, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business.

Speaker #2: We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a timeline measured in months.

Speaker #2: That means executing on our business, rebuilding the balance sheet, and staying current on our filings, as we are moving on all three. In the meantime, the business continues, and the pipeline in front of us is the most exciting it has been.

Gregory Poilasne: In the meantime, the business continues, and the pipeline in front of us is the most exciting it has been. Turning to the quarter, total revenue was up 268% year-over-year. For the H1, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business.

Speaker #2: Turning to the quarter, total revenue was up 268% year over year. For the first six months, revenue was up 110% compared to the same period last year.

Speaker #2: Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business. That business remains real, it remains a source of cash, and it continues to give us deployed assets under management.

Gregory Poilasne: That business remains real, it remains a source of cash, and it continues to give us deployed assets under management. Net loss was down 46% compared to the same quarter last year. Backlog as of 30 June was $5.3 million. I will not spend more time on the numbers. David will cover the financials in details in a few minutes. I want to spend the rest of my time on stationary batteries because this is the core of the business Nuvve is now driving. We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the H1 of the year, including technical service revenue tied to agreed interconnection agreements delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity.

Speaker #2: Net loss was down 46% compared to the same quarter last year. Backlog as of June 30th was $5.3 million. I will not spend more time on the numbers.

Speaker #2: David will cover the financials and details in a few minutes. I want to spend the rest of my time on stationary batteries because this is the core of the business Nuvve is now driving.

Speaker #2: We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the first half of the year, including technical service revenue tied to grid interconnection agreements delivered by our Japanese subsidiary.

Gregory Poilasne: We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the H1 of the year, including technical service revenue tied to agreed interconnection agreements delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity.

Speaker #2: Japan is a market where the opportunity set keeps expanding, and where we are actively securing battery interconnection capacity. We view interconnection capacity as one of the scarcest and most valuable assets in this industry, and we are building a position there.

Gregory Poilasne: We view interconnection capacity as one of the scarcest and most valuable assets in this industry, and we are building a position there. The second is Europe, where we continue to work with our partner, OMNIA Global. I want to thank our shareholders for the vote in favor of the transaction at the special meeting. That vote gives us the framework to move forward, and upon completion of the agreed milestone, OMNIA Global will become a significant shareholder of Nuvve. We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it is a change from how we have talked about it before. In Europe, we are planning for the batteries to go on Nuvve's balance sheet.

Speaker #2: The second is Europe, where we continue to work with our partner, Omnia. I want to thank our shareholders for the vote in favor of the transaction at the special meeting.

Speaker #2: That vote gives us the framework to move forward, and upon completion of the agreed milestone, Omnia will become a significant shareholder of Nuvve. We welcome them, and we are aligned with them on where this goes.

Gregory Poilasne: We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it is a change from how we have talked about it before. In Europe, we are planning for the batteries to go on Nuvve's balance sheet.

Speaker #2: The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it's a change from how we have talked about it before.

Speaker #2: In Europe, we are planning for the batteries to go on Nuvve's balance sheet. These will be assets we plan to own, that we control, that we optimize on our own platform, and where we capture the full energy revenue, rather than service fees on somebody else's assets.

Gregory Poilasne: These will be assets we plan to own, that we control, that we optimize on our own platform, and where we capture the full energy revenue rather than service fees on somebody else assets. This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stacks, and the financing environment support ownership, and owning these assets is what builds a base of hard assets and recurring cash flow underneath this company. Our partnership with OMNIA Global is what makes this possible. Projects, local execution, and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first two editions are out, covering the Nordics, Austria, and Switzerland. We will keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well.

Speaker #2: This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stacks, and the financing environment support ownership—owning these hard assets and the recurring cash flow underneath this company.

Speaker #2: Our partnership with Omnia is what makes this possible—projects, local execution, and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter.

Gregory Poilasne: Our partnership with OMNIA Global is what makes this possible. Projects, local execution, and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first two editions are out, covering the Nordics, Austria, and Switzerland. We will keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well.

Speaker #2: The first two editions are out, covering the Nordics, Austria, and Switzerland. We'll keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well.

Speaker #2: That newsletter is not a marketing exercise. It is the visible surface of something bigger. It is built on the long work we have been doing on AI-based forecasting, combined with the skill set we brought in through Kamerae.

Gregory Poilasne: That newsletter is not a marketing exercise. It is the visible surface of something bigger. It is built on the long work we have been doing on AI-based forecasting, combined with the skill set we brought in through Astrea AI. It supports a new product and service offering that we will be announcing shortly. I am not going to get ahead of that announcement today, but I would encourage you to read the newsletter because they show you the quality of the work underneath. The third geography is the United States, and specifically New Mexico. New Mexico is our sandbox. It is where we showcase what a full Nuvve deployment looks like. We have already announced several battery projects there, including Kit Carson Electric Cooperative and Socorro. Beyond batteries, we are advancing microgrid work and school bus deployments in the same state.

Speaker #2: It supports a new product and service offering that we will be announcing shortly. I'm not going to get ahead of that announcement today, but I would encourage you to read the newsletter because it shows you the quality of the work underneath.

Speaker #2: The third geography is the United States, and specifically New Mexico. New Mexico is our sandbox; it is where we showcase what a full Nuvve deployment looks like.

Gregory Poilasne: The third geography is the United States, and specifically New Mexico. New Mexico is our sandbox. It is where we showcase what a full Nuvve deployment looks like. We have already announced several battery projects there, including Kit Carson Electric Cooperative and Socorro. Beyond batteries, we are advancing microgrid work and school bus deployments in the same state.

Speaker #2: We have already announced several battery projects there, including Kip Carson and Socorro. Beyond batteries, we are advancing microgrid work and school bus deployments in the same state.

Speaker #2: That combination—stationary storage, microgrid, and V2G fleet—all managed on one platform is exactly the model that we want to replicate elsewhere. So, to summarize, we are trading on the OTCQB today.

Gregory Poilasne: That combination, stationary storage, microgrid, and V2G fleet, all managed on one platform, is exactly the model that we want to replicate elsewhere. To summarize, we are trading on the OTCQB today. We understand how we got here, and we are not going to pretend otherwise. But the pipeline in front of this company is stronger than it has been at any point in our history. Our cost base is meaningfully lower than a year ago, and three core geographies are all moving forward. We will be sharing more with you about our path back to a senior market and about how our new product in the near future. This is an immediate priority for us, not a long-term one. With that, I will turn the call over to David to walk you through the financial detail. David?

Speaker #2: We understand how we got here, and we are not going to pretend otherwise. But the pipeline in front of this company is stronger than it has been at any point in our history.

Speaker #2: Our cost base is meaningfully lower than a year ago, and our three core geographies are all moving forward. We'll be sharing more with you about our path back to a senior market and about our new product in the near future.

Gregory Poilasne: Our cost base is meaningfully lower than a year ago, and three core geographies are all moving forward. We will be sharing more with you about our path back to a senior market and about how our new product in the near future. This is an immediate priority for us, not a long-term one. With that, I will turn the call over to David to walk you through the financial detail. David?

Speaker #2: This is an immediate priority for us, not a long-term one. With that, I will turn the call over to David to walk you through the financial details.

Speaker #2: David?

Speaker #3: Thanks, Gregory. I will start with a recap of the second quarter 2026 results. In the second quarter, we generated total revenues of $1.23 million, compared to $0.33 million in the second quarter of 2025.

Gregory Poilasne: Thanks, Gregory. I will start with a recap of Q2 2026 results.

David Robson: Thanks, Gregory. I will start with a recap of Q2 2026 results. In the second quarter, we generated total revenues of $1.23 million compared to $0.33 million in the second quarter of 2025. The increase was primarily driven by increases in products revenue due to higher customer sales orders and shipments, and increased grant revenues. Margins on product services and grant revenues were 2.6% for the second quarter of 2026, compared to 26.1% for the year-ago period.

David Robson: In the second quarter, we generated total revenues of $1.23 million compared to $0.33 million in the second quarter of 2025. The increase was primarily driven by increases in products revenue due to higher customer sales orders and shipments, and increased grant revenues. Margins on product services and grant revenues were 2.6% for the second quarter of 2026, compared to 26.1% for the year ago period. Margin was negatively impacted quarter-over-quarter, primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers. Excluding grant revenues, margins on products and service revenues decreased to a -14.5% for the second quarter of 2026, compared to 11.6% in the year ago period. As a reminder, margins can be lumpy from quarter to quarter, depending on the mix.

Speaker #3: The increase was primarily driven by increases in product revenue due to higher customer sales orders and shipments, as well as increased grant revenues. Margins on product, services, and grant revenues were 2.6% for the second quarter of 2026 compared to 26.1% for the year-ago period.

Speaker #3: Margin was negatively impacted quarter over quarter, primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers.

David Robson: Margin was negatively impacted quarter-over-quarter, primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers. Excluding grant revenues, margins on products and service revenues decreased to a -14.5% for the second quarter of 2026, compared to 11.6% in the year-ago period. As a reminder, margins can be lumpy from quarter to quarter, depending on the mix.

Speaker #3: Excluding grant revenues, margins on product and service revenues decreased to a negative 14.5% for the second quarter of 2026, compared to 11.6% in the year-ago period.

Speaker #3: 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.

David Robson: 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 $7.5 million for the second quarter of 2026, compared to $6.5 million for the first quarter of 2026 and $15 million for the second quarter of 2025. Expenses increased over last quarter due to higher public company and legal expenses.

Speaker #3: 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 second quarter of 2026, compared to $6.5 million for the first quarter of 2026 and $15 million for the second quarter of 2025.

David Robson: Operating costs, excluding cost of sales, was $7.5 million for the second quarter of 2026, compared to $6.5 million for the first quarter of 2026 and $15 million for the second quarter of 2025. Expenses increased over last quarter due to higher public company and legal expenses.

Speaker #3: Expenses increased over last quarter due to higher public company and legal expenses. Expenses declined over the year-ago period due to prior year non-recurring expenses of $8.2 million for warrants issued for the cryptocurrency strategy consulting services and bad debt expense of $1 million related to unpaid management fees for the Fresno EV infrastructure project.

David Robson: Expenses declined over the year ago period due to prior year non-recurring expenses of $8.2 million for warrants issued for the cryptocurrency strategy consulting services, and bad debt expense of $1 million related to unpaid management fees for the Fresno EV infrastructure project, offset by higher public company fees and legal expenses in the current quarter. Cash operating expenses excluding cost of sales, stock compensation, depreciation, amortization expense and other one-time costs, was $7.3 million in the second quarter of 2026 versus $6.4 million in the first quarter of 2026, versus $5.7 million in the second quarter of 2025. This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026, compared to $1.2 million of other income in the second quarter of 2025.

David Robson: Expenses declined over the year-ago period due to prior-year non-recurring expenses of $8.2 million for warrants issued for the cryptocurrency strategy consulting services, and bad debt expense of $1 million related to unpaid management fees for the Fresno EV infrastructure project, offset by higher public company fees and legal expenses in the current quarter.

Speaker #3: Offset by higher public company fees and legal expenses in the current quarter. Cash operating expenses, excluding cost of sales, stock compensation, depreciation and amortization expense, and other one-time costs, were $7.3 million in the second quarter of 2026, versus $6.4 million in the first quarter of 2026, and $5.7 million in the second quarter of 2025.

David Robson: Cash operating expenses excluding cost of sales, stock compensation, depreciation, amortization expense and other one-time costs, was $7.3 million in the second quarter of 2026 versus $6.4 million in the first quarter of 2026, versus $5.7 million in the second quarter of 2025. This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026, compared to $1.2 million of other income in the second quarter of 2025.

Speaker #3: This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026, compared to $1.2 million of other income in the second quarter of 2025.

Speaker #3: The current period was impacted by lower non-cash gains from the change in the fair value of warrants and debt, offset by interest expense. The prior period had higher non-cash gains from the change in the fair value of convertible debt and warrants, partially offset by interest expense from borrowings.

David Robson: The current period was impacted by lower non-cash gains from the change in the fair value of warrants and debt, offset by interest expense, while prior period higher non-cash gains from the change in the fair value of convertible debt and warrants, partially offset by interest expense from borrowings. Net loss attributed to Nuvve common stockholders decreased in the second quarter of 2026 to $7 million from a net loss of $13.4 million in the second quarter of 2025. The decrease in net loss was primarily a result of lower operating losses, partially offset by higher non-operating income. Now turning to our balance sheet. We had approximately $0.5 million in cash as of 30 June 2026, excluding $0.3 million in restricted cash, which represents a $1.4 million decrease from 31 March 2026.

Speaker #3: Net loss attributed to Nuvve common stockholders decreased in the second quarter of 2026 to $7 million from a net loss of $13.4 million in the second quarter of 2025.

David Robson: Net loss attributed to Nuvve common stockholders decreased in the second quarter of 2026 to $7 million from a net loss of $13.4 million in the second quarter of 2025. The decrease in net loss was primarily a result of lower operating losses, partially offset by higher non-operating income. Now turning to our balance sheet. We had approximately $0.5 million in cash as of 30 June 2026, excluding $0.3 million in restricted cash, which represents a $1.4 million decrease from 31 March 2026.

Speaker #3: The decrease in net loss was primarily a result of lower operating losses, partially offset by higher non-operating income. Now, turning to our balance sheet, we had approximately $0.5 million in cash as of June 30, 2026, excluding $0.3 million in restricted cash, which represents a $1.4 million decrease from March 31, 2026.

Speaker #3: The decrease was a result of $3.6 million used in operating activities, and $0.3 million for the purchase of charging station six assets, primarily offset by capital raised through the issuance of common stock and preferred stock and the exercise of warrants totaling $1.2 million, and borrowings of debt totaling $1.4 million.

David Robson: The decrease was a result of $3.6 million used in operating activities, $0.3 million for the purchase of charging station fixed assets, primarily offset by capital raised through the issuance of common stock and preferred stock, and the exercise of warrants totaling $1.2 million and borrowings of debt totaling $1.4 million. Inventories decreased during the quarter to $0.6 million at 30 June 2026, compared to $0.8 million at 31 March 2026. During the quarter, accounts receivable decreased to $0.7 million at 30 June 2026, compared to $1.3 million at 31 March 2026. Accounts payable at the end of Q2 2026 was $4.4 million, representing a decrease of $0.4 million compared to Q1 2026 of $4.7 million.

Speaker #3: Inventories decreased during the quarter to $0.6 million at June 30, 2026, compared to $0.8 million at March 31, 2026. During the quarter, accounts receivable decreased to $0.7 million at June 30, 2026, compared to $1.3 million at March 31, 2026.

David Robson: During the quarter, accounts receivable decreased to $0.7 million at 30 June 2026, compared to $1.3 million at 31 March 2026. Accounts payable at the end of Q2 2026 was $4.4 million, representing a decrease of $0.4 million compared to Q1 2026 of $4.7 million.

Speaker #3: Accounts payable at the end of the second quarter of 2026 was $4.4 million, representing a decrease of $0.4 million compared to the first quarter of 2026, which was $4.7 million.

Speaker #3: Accrued expenses at the end of the second quarter of 2026 was $5 million, an increase of $2.8 million compared to the first quarter of 2026 of $2.1 million.

David Robson: Accrued expenses at the end of Q2 2026 was $5 million, an increase of $2.8 million compared to Q1 2026 of $2.1 million. Now turning to our megawatts under management and estimated future grid 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 US and in light-duty fleet developments in Europe, in addition to stationary battery. Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in Q2 increased 3.1% over Q1 2026 to 29.9 megawatts from 29.0 megawatts, and a 16.8% increase compared to Q2 2025.

Speaker #3: Now, turning to our megawatts under management and estimated future grid 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 developments in Europe.

Speaker #3: In addition to stationary batteries, these chargers and batteries are currently located throughout the United States and Europe. Megawatts under management in the second quarter increased 3.1% over the first quarter of 2026.

David Robson: Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in Q2 increased 3.1% over Q1 2026 to 29.9 megawatts from 29.0 megawatts, and a 16.8% increase compared to Q2 2025.

Speaker #3: 2, 29.9 megawatts, up from 29.0 megawatts, and a 16.8% increase compared to the second quarter of 2025. In terms of its composition, 0.2 megawatts were from stationary batteries and 29.7 megawatts were from EV chargers.

David Robson: In terms of its composition, 0.2 megawatts were from stationary batteries and 29.7 megawatts were from EV chargers. We continue to expect further growth in our megawatts under management in 2026 as we continue to commission our backlog of customer orders we have earned, in addition to new business we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationary batteries. Now, turning to backlog. On 30 June 2026, our hardware and service backlog increased to $5.3 million, an increase of $0.9 million from $4.4 million reported at 31 March 2026. This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan, and New Mexico projects.

Speaker #3: We continue to expect further growth in our megawatts under management in 2026 as we continue to commission our backlog of customer orders we have earned, in addition to new business we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationary batteries.

Speaker #3: Now turning to backlog, on June 30th, 2026, our hardware and service backlog increased to $5.3 million, an increase of $0.9 million from $4.4 million reported at March 31st, 2026.

David Robson: Now, turning to backlog. On 30 June 2026, our hardware and service backlog increased to $5.3 million, an increase of $0.9 million from $4.4 million reported at 31 March 2026. This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan, and New Mexico projects.

Speaker #3: This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan, and New Mexico projects.

Speaker #3: We also anticipate improvements in our cash burn, resulting from the benefit of lower operating costs compared with last year. This concludes my portion of prepared remarks.

David Robson: We also anticipate improvements in our cash burn resulting from the benefit of lower operating costs compared with last year. This concludes my portion of prepared remarks. Gregory, back to you to conclude.

Speaker #3: Gregory, back to you to conclude.

Speaker #1: Thank you, David. I want to close where I started. The listing venue changed. The business did not. Our revenue is growing, our cost base is lower, and the three markets we are focused on—Japan, Europe, and New Mexico—are all moving forward at the same time.

Gregory Poilasne: Thank you, David. I want to close where I started. The listing venue changed, the business did not. Our revenue is growing, our cost base is lower, and the three markets we are focused on, Japan, Europe, and New Mexico, are all moving forward at the same time. Batteries are what this company is now about, and owning and operating them is what will build real value here. That is where our energy goes every day. To our shareholders who have stayed with us through this period, thank you. We know what we owe you, and we intend to deliver it. Expect to hear more from us soon. Thank you very much.

Speaker #1: Batteries are what these companies know about, and owning and operating them is what will build real value here. That is where our energy goes every day.

Speaker #1: To our shareholders who have stayed with us through this period, thank you. We know what we owe you, and we intend to deliver it.

Speaker #1: Expect to hear more from us soon. Thank you very much.

Speaker #2: 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 are using a speakerphone, please pick up your handset before pressing the keys.

Operator: We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then 2. At this time, we'll pause momentarily to assemble our roster. Once again, that is star then 1 to ask a question. Showing no questions, this will conclude our question and answer session, as well as conference call. Thank you all for attending today's presentation. You may now disconnect.

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 are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. At this time, we'll pause momentarily to assemble our roster.

Speaker #2: If at any time your question has been addressed, or if you would like to withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster.

Speaker #2: Once again, that is star, then one, to ask a question. Showing no questions, this will conclude our question and answer session as well as the conference call.

Operator: Once again, that is star then one to ask a question. Showing no questions, this will conclude our question-and-answer session, as well as conference call. Thank you all for attending today's presentation. You may now disconnect.