Nuvve Provides Fourth Quarter and Full Year 2024 Financial Update

Rhea-AI Summary

Nuvve Holding Corp. (NVVE) has released its Q4 and full-year 2024 financial results, showing mixed performance. The company increased its megawatts under management by 22.3% to 30.7 megawatts compared to year-end 2023. Q4 revenue remained relatively flat at $1.79 million versus $1.64 million in Q4 2023.

Key financial metrics include:

• Operating expenses reduced by $2.0 million to $5.9 million in Q4 2024
• Product margins decreased to 11.5% from 24.0% year-over-year
• Net loss improved to $5.1 million from $7.3 million in Q4 2023
• Cash position of $0.4 million at year-end, with additional $2.6 million raised in early 2025

The company entered 2025 with over $18 million in customer backlog and secured a new contract with the State of New Mexico for turnkey electrification services.

Positive

• Reduced operating expenses by $2.0 million in Q4 2024
• 22.3% increase in megawatts under management to 30.7MW
• Net loss improved by $2.2 million to $5.1 million
• $18 million customer backlog entering 2025
• Secured new State of New Mexico contract

Negative

• Revenue remained nearly flat year-over-year at $1.79 million
• Product margins declined significantly from 24.0% to 11.5%
• Low cash position of $0.4 million at year-end
• Grid services revenue declined to $0.01 million from $0.05 million

Insights

Financial Analyst

Nuvve's Q4 2024 results reveal a company with significant financial challenges despite some cost-cutting success. Revenue was essentially flat at $1.79 million compared to $1.64 million in Q4 2023 - a concerning sign for a growth-stage company. More alarming is the severe margin compression from 24.0% to 11.5%, indicating substantial pricing pressure or cost inefficiencies.

The company has made progress reducing operating expenses by $2.0 million (25.3%) year-over-year, helping narrow net losses from $7.3 million to $5.1 million. However, with just $0.4 million in cash at year-end, liquidity is critically tight. The additional $2.6 million raised in early 2025 provides minimal runway at current burn rates.

The $18 million backlog offers potential revenue visibility, but conversion timeline remains unclear. The dissolution of the Levo joint venture for a "de minimis price" suggests this initiative underperformed expectations.

While the 22.3% increase in megawatts under management to 30.7 megawatts shows operational progress, this metric isn't translating to meaningful financial improvement. The combination of stagnant revenue, deteriorating margins, and precarious cash position raises serious questions about long-term viability without significant additional funding or dramatic operational improvements.

Energy Infrastructure Specialist

Nuvve's expansion of megawatts under management by 22.3% to 30.7 megawatts represents meaningful growth in their vehicle-to-grid network capacity. This metric is a leading indicator for future revenue potential as V2G technology gains market acceptance. However, the current revenue breakdown reveals a critical commercialization gap – grid services revenue was only $0.01 million in Q4, showing this core technology advantage remains largely monetarily untapped.

The recent State of New Mexico contract for turnkey electrification services represents a potential reference customer in the public sector, which could unlock similar opportunities. The $18 million backlog entering 2025 provides a foundation for potential growth, though historical conversion rates aren't specified.

The company's strategic realignment, including the Levo joint venture dissolution, suggests management is refocusing resources on core operations. This may indicate a recognition that the previous partnership structure wasn't delivering expected value.

The financial constraints are evident, but Nuvve maintains a differentiated position in the emerging V2G ecosystem. The fundamental challenge is accelerating revenue growth from their expanding megawatt base, particularly the higher-margin grid services component, before cash limitations restrict their ability to capitalize on their technology position. Without this acceleration, their early-mover advantage in V2G may not translate to sustainable business success.

Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)

SAN DIEGO--(BUSINESS WIRE)-- Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global leader in grid modernization and vehicle-to-grid (V2G) technology, today provided a fourth quarter and full-year 2024 update.

Fourth Quarter Highlights and Recent Developments

• Increased megawatts under management by 22.3% to 30.7 megawatts as of December 31, 2024, from 25.1 megawatts as of December 31, 2023
• Reduced operating expenses excluding cost of sales by $2.0 million in the fourth quarter of 2024 to $5.9 million compared to $7.9 million in the fourth quarter of 2023
• Generated cash and cash equivalents of $0.4 million as of December 31, 2024, and during first three months of 2025 raised approximately $2.6 million in gross proceeds through debt obligations, private placement offerings, and exercise of warrants

Management Discussion

Gregory Poilasne, Chief Executive Officer of Nuvve, said: “We were encouraged by the acceleration of revenues in the back half of the year after a slow start. We began 2025 with over $18 million in customer backlog which, along with the recent State of New Mexico contract award to deliver turnkey electrification services, provides us with strong support for growth in 2025.”

2024 Fourth Quarter Financial Review

Total revenue was $1.79 million for the three months ended December 31, 2024, flat compared to $1.64 million for the three months ended December 31, 2023. The modest increase in revenue was due mostly to flat customers sales orders and shipments. Revenue for the three months ended December 31, 2024 consisted of sales of DC and AC Chargers of about $1.18 million, grid services revenue of $0.01 million, and engineering services of $0.51 million, compared to sales of DC and AC $1.10 million, grid services of $0.05 million, and engineering services of $0.39 million for the three months ended December 31, 2023.

Cost of product and service revenues for the three months ended December 31, 2024, increased by $0.3 million to $1.5 million, or 28.8%, compared to $1.2 million for the three months ended December 31, 2023 due mostly to flat customer sales orders and shipments. Products and services margins for the three months ended December 31, 2024 decreased by 12.5% to 11.5%, compared to 24.0% for the same prior year period. Margin was negatively impacted mostly by a higher mix of hardware charging stations sales and a lower mix of engineering services.

Selling, general, and administrative expenses consist of selling, marketing, payroll, administrative, finance, and professional expenses. Selling, general, and administrative expenses were $5.1 million for the three months ended December 31, 2024, as compared to $5.9 million for the three months ended December 31, 2023, a decrease of $0.8 million, or 13.7%. The decrease during the three months ended December 31, 2024 was primarily attributable to decreases in compensation expenses of $0.7 million, including share-based compensation, decrease in legal expenses of $0.4 million, decrease in insurance related expenses of $0.1 million, and decrease in office related expenses of $0.1 million, partially offset by increase in travel-related expenses of $0.3 million and increase in public company related expenses of $0.2 million.

Research and development expenses decreased by $1.2 million, or 61.3%, from $2.0 million for the three months ended December 31, 2023 to $0.8 million for the three months ended December 31, 2024. The decreases during the three months ended December 31, 2024 were primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles.

Other income (expense) consists primarily of interest expense, change in fair value of warrants liability and derivative liability, and other income (expense). Other income (expense) decreased by $0.38 million of expense, from $0.13 million of other income for the three months ended December 31, 2023, to $0.52 million in other expense for the three months ended December 31, 2024. The decrease during the three months ended December 31, 2024 was primarily attributable to the change in fair value of the warrants/investment rights liability, convertible notes, and increase in interest expense on debt obligations.

Net loss decreased by $2.2 million from net loss of $7.3 million for the three months ended December 31, 2023, to $5.1 million of net loss for the three months ended December 31, 2024. The decrease in net loss was primarily due to a decrease in operating expenses of $1.7 million, increase in revenue of $0.14 million, and an increase in other income, net of $0.4 million.

Net Loss Attributable to Non-Controlling Interest

Net loss attributable to non-controlling interest was $0.03 million and $0.04 million for the three months ended December 31, 2024 and 2023, respectively.

Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non- controlling interests in Deep Impact and Levo entities. Nuvve owns 51% of Deep Impact common units during the three months ended December 31, 2024, and 51% of Levo's common units during the three months ended December 31, 2023. Nuvve had determined Deep Impact and Levo were variable interest entities (“VIE”) in which Nuvve was the primary beneficiary. Accordingly, Nuvve consolidated Deep Impact and Levo, and recorded a non-controlling interest for the share of Deep Impact and Levo owned by other parties during the three months ended December 31, 2024 and 2023.

Stonepeak and Evolve conditional capital contribution commitments expired on August 4, 2024. On October 15, 2024, Nuvve, Stonepeak, and Evolve entered into Sale Agreement, pursuant to which Stonepeak and Evolve sold their combined 49% membership interest in Levo to Nuvve for a de minimis price. As a result of the closing of the Sale Agreement, Nuvve became the 100% owner of Levo. On December 13, 2024, the Company dissolved Levo as an entity.

Megawatts Under Management

Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world.

Conference Call Details

Nuvve will hold a conference call to review its financial results for the fourth quarter of 2024, along with other company developments at 5:00 PM Eastern Time (2:00 PM PT) today, Thursday, March 31, 2025.

To participate in the call, please register for and listen via a live webcast, available in the ‘Events' section of Nuvve’s investor relations website at https://investors.nuvve.com/. In addition, a replay of the call will be made available for future access.

About Nuvve Holding Corp.

Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world’s most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world’s transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, California, and can be found online at nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning Nuvve’s expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new deployments, potential project successes, expected timing of recently announced projects, anticipated growth of various business areas and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve’s filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

NUVVE HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited)
		December 31, 2024				December 31, 2023
Assets
Current Assets
Cash		$	371,497			$	1,534,660
Restricted cash			320,000				480,000
Accounts receivable, net			2,148,198				1,724,899
Inventories			4,591,902				5,889,453
Prepaid expenses			494,986				994,719
Deferred costs			417,290				1,145,608
Other current assets			931,244				751,412
Total Current Assets			9,275,117				12,520,751
Property and equipment, net			613,958				766,264
Intangible assets, net			1,062,766				1,202,203
Investment in equity securities			670,951				670,951
Investment in leases			101,415				112,255
Right-of-use operating lease assets			4,493,360				4,839,526
Deferred costs - noncurrent			564,558				521,994
Financing receivables			—				288,872
Security deposit, long-term			15,687				27,690
Total Assets		$	16,797,812			$	20,950,506
Liabilities and Equity
Current Liabilities
Accounts payable		$	1,882,357			$	1,694,325
Accrued expenses			3,393,205				4,632,101
Deferred revenue - current			506,496				697,105
Debt -term loan			1,609,928				—
Due to related party - promissory notes - current			562,241				—
Convertible notes - current			2,475,162				—
Operating lease liabilities - current			914,800				856,250
Other liabilities			6,969				105,141
Total Current Liabilities			11,351,158				7,984,922
Operating lease liabilities - noncurrent			4,254,173				4,646,383
Deferred revenue - noncurrent			771,747				332,951
Due to related party - promissory notes - noncurrent			840,500				—
Warrants/investment rights liability			699,087				4,621
Derivative liability - non-controlling redeemable preferred shares			—				309,728
Other long-term liabilities			170,794				681,438
Total Liabilities			18,087,459				13,960,043
Commitments and Contingencies
Mezzanine equity
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2024 and 3,138 shares issued and outstanding at December 31, 2023; aggregate liquidation preference of $0 and $3,750,201 at December 31, 2024 and December 31, 2023, respectively.			—				4,193,629
Class D Incentive units, zero par value, 1,000,000 units authorized, 0 and 50,000 units issued and outstanding at December 31, 2024 and December 31, 2023, respectively.			—				216,229
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively			—				—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 904,949 issued and 903,269 outstanding at December 31, 2024; 124,659 shares issued and outstanding at December 31, 2023.			6,408				5,927
Treasury stock, at cost, 1,680 shares outstanding at December 31, 2024; 0 shares outstanding at December 31, 2023.			—				—
Additional paid-in capital			164,285,336				155,615,962
Accumulated other comprehensive income			46,494				93,676
Accumulated deficit			(165,599,076	)			(148,240,859	)
Nuvve Holding Corp. Stockholders’ Equity			(1,260,838	)			7,474,706
Non-controlling interests			(28,809	)			(4,894,101	)
Total Stockholders’ (Deficit) Equity			(1,289,647	)			2,580,605
Total (deficit) equity			(1,289,647	)			6,990,463
Total Liabilities and Equity		$	16,797,812			$	20,950,506

NUVVE HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended December 31,						Years Ended December 31,
	2024			2023			2024			2023
Revenue
Products	$	1,179,078		$	1,095,046		$	2,568,573		$	5,843,187
Services		520,742			441,956			2,307,679			2,162,218
Grants		86,255			107,675			409,977			326,757
Total revenue		1,786,075			1,644,677			5,286,229			8,332,162
Operating expenses
Cost of products		1,121,542			766,255			2,124,506			5,804,011
Cost of services		382,769			401,844			1,410,051			1,177,333
Selling, general, and administrative		5,126,547			5,943,574			17,671,110			24,694,693
Research and development		767,558			1,981,189			4,540,993			8,761,400
Total operating expenses		7,398,416			9,092,862			25,746,660			40,437,437
Operating loss		(5,612,341	)		(7,448,185	)		(20,460,431	)		(32,105,275	)
Other income
Interest (expense) income, net		(544,653	)		2,988			(767,373	)		108,182
Change in fair value of convertible notes		444,656			—			444,656			—
Change in fair value of warrants/investment rights liability		1,019,946			71,654			3,662,370			216,263
Change in fair value of derivative liability		—			(24,088	)		(3,626	)		49,497
Other, net		(404,825	)		79,991			(300,408	)		436,146
Total other (expense) income, net		515,124			130,545			3,035,619			810,088
Loss before taxes		(5,097,217	)		(7,317,640	)		(17,424,812	)		(31,295,187	)
Income tax expense		1,600			1,600			1,600			1,600
Net loss	$	(5,098,817	)	$	(7,319,240	)	$	(17,426,412	)	$	(31,296,787	)
Less: Net loss attributable to non-controlling
interests		(28,809	)		(35,495	)		(28,809	)		(12,456	)
Net loss attributable to Nuvve Holding Corp.	$	(5,070,008	)	$	(7,283,745	)	$	(17,397,603	)	$	(31,284,331	)
Less: Preferred dividends on redeemable non-controlling interests		—			73,533			—			285,595
Less: Accretion on redeemable non-controlling interests preferred shares		—			161,466			—			645,864
Net loss attributable to Nuvve Holding Corp. common stockholders	$	(5,070,008	)	$	(7,518,744	)	$	(17,397,603	)	$	(32,215,790	)
Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted	$	(5.75	)	$	(69.80	)	$	(26.92	)	$	(403.57	)
Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted		881,144			107,711			646,329			79,827

NUVVE HOLDING CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
	Three Months Ended December 31,								Years Ended December 31,
	2024				2023				2024				2023
Net income (loss)	$		(5,098,817	)	$		(7,319,240	)	$		(17,426,412	)	$		(31,296,787	)
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments, net of taxes			(27,652	)			(10,863	)			(47,182	)			17,494
Total Comprehensive income (loss)	$		(5,126,469	)	$		(7,330,103	)	$		(17,473,594	)	$		(31,279,293	)
Less: Comprehensive income (loss) attributable to non-controlling interests, net taxes			(28,809	)			(35,495	)			(28,809	)			(12,456	)
Comprehensive income (loss) attributable to Nuvve Holding Corp.	$		(5,097,660	)	$		(7,294,608	)	$		(17,444,785	)	$		(31,266,837	)
Less: Preferred dividends on redeemable non- controlling interests			—				(73,533	)			—				285,595
Less: Accretion on redeemable non-controlling interests preferred shares			—				(161,466	)			—				(645,864	)
Comprehensive income (loss) attributable to Nuvve Holding Corp. common stockholders	$		(5,097,660	)	$		(7,059,609	)	$		(17,444,785	)	$		(30,335,378	)

NUVVE HOLDING CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Years Ended December 31,
	2024			2023
Operating activities
Net loss	$	(17,426,412	)	$	(31,296,787	)
Adjustments to reconcile to net loss to net cash used in operating activities
Depreciation and amortization		337,971			396,210
Share-based compensation		2,620,127			4,107,634
Change in fair value of warrants liability		(3,263,697	)		(216,263	)
Change in fair value of convertible notes		(444,656	)		—
Change in fair value of derivative liability		3,626			(49,497	)
Loss on warrants issuance		305,065			—
Gains from the sale of investments securities		—			(325,155	)
Loss on disposal of asset		—			862
Amortization of discount on debt and promissory notes		87,222			—
Noncash lease expense		357,118			476,208
Change in operating assets and liabilities
Accounts receivable		(148,299	)		(634,432	)
Inventory		1,297,551			5,445,390
Prepaid expenses and other assets		1,506,991			(447,604	)
Accounts payable		196,413			(696,098	)
Accrued expenses and other liabilities		(1,422,380	)		2,191,845
Deferred revenue		259,026			(206,641	)
Net cash used in operating activities		(15,734,334	)		(21,254,328	)
Investing activities
Purchase of property and equipment		(45,395	)		(188,433	)
Proceeds from sale of investments in equity securities		—			1,325,155
Net cash provided by (used in) investing activities		(45,395	)		1,136,722
Financing activities
Proceeds from debt and promissory notes obligations, net of issuance costs		6,470,500			—
Repayment of debt and promissory notes obligations		(654,655	)		—
Payment of finance lease obligations		(10,074	)		(8,140	)
Proceeds from exercise of warrants		155,060			—
Proceeds from Direct Offering of common stock, net of offering costs		—			4,986,300
Proceeds from common stock offering, net of offering costs		8,502,086			884,586
Net cash provided by financing activities		14,462,917			5,862,746
Effect of exchange rate on cash		(6,351	)		35,624
Net decrease in cash and restricted cash		(1,323,163	)		(14,219,236	)
Cash and restricted cash at beginning of year		2,014,660			16,233,896
Cash and restricted cash at end of year	$	691,497		$	2,014,660
Supplemental Disclosure of cash information:
Cash paid for interest	$	563,345		$	—
Cash paid for income taxes	$	1,600		$	—
Supplemental Disclosure of Noncash Investing Activity
Transfer of inventory to property and equipment		—			216,988

 

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Nuvve Investor Contact

investorrelations@nuvve.com

+1 (619) 483-3448

Nuvve Press Contact

press@nuvve.com

+1 (619) 483-3448

Source: Nuvve Holding Corp.

FAQ

What was Nuvve's (NVVE) revenue performance in Q4 2024?

Nuvve reported Q4 2024 revenue of $1.79 million, slightly up from $1.64 million in Q4 2023, with sales primarily coming from DC and AC Chargers ($1.18M), engineering services ($0.51M), and grid services ($0.01M).

How much did Nuvve (NVVE) reduce its operating expenses in Q4 2024?

Nuvve reduced its operating expenses excluding cost of sales by $2.0 million to $5.9 million in Q4 2024, compared to $7.9 million in Q4 2023.

What is Nuvve's (NVVE) current megawatts under management as of December 2024?

Nuvve increased its megawatts under management by 22.3% to 30.7 megawatts as of December 31, 2024, up from 25.1 megawatts at the end of 2023.

How much customer backlog did Nuvve (NVVE) have entering 2025?

Nuvve began 2025 with over $18 million in customer backlog, supported by a new State of New Mexico contract for turnkey electrification services.

What happened to Nuvve's (NVVE) product margins in Q4 2024?

Nuvve's product and services margins decreased to 11.5% in Q4 2024 from 24.0% in Q4 2023, primarily due to a higher mix of hardware charging stations sales and lower engineering services.