Nuvve Provides Fourth Quarter and Full Year 2024 Financial Update
Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)
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
in the fourth quarter of 2024 to$2.0 million compared to$5.9 million in the fourth quarter of 2023$7.9 million -
Generated cash and cash equivalents of
as of December 31, 2024, and during first three months of 2025 raised approximately$0.4 million in gross proceeds through debt obligations, private placement offerings, and exercise of warrants$2.6 million
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
2024 Fourth Quarter Financial Review
Total revenue was
Cost of product and service revenues for the three months ended December 31, 2024, increased by
Selling, general, and administrative expenses consist of selling, marketing, payroll, administrative, finance, and professional expenses. Selling, general, and administrative expenses were
Research and development expenses decreased by
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
Net loss decreased by
Net Loss Attributable to Non-Controlling Interest
Net loss attributable to non-controlling interest was
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
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
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
Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements or forward-looking information within the meaning of the
NUVVE HOLDING CORP. AND SUBSIDIARIES
|
||||||||
|
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 |
|
— |
|
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, |
|
— |
|
|
— |
|||
Common stock, |
|
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
|
||||||||||||
|
Three Months Ended
|
Years Ended
|
||||||||||
|
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
|
||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||
|
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
|
||||||
|
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331620055/en/
Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contact
press@nuvve.com
+1 (619) 483-3448
Source: Nuvve Holding Corp.