Nuvve Provides Third Quarter 2024 Financial Update
Nuvve Holding Corp. (NVVE) reported Q3 2024 financial results with total revenue of $1.92 million, down 29.3% from $2.71 million in Q3 2023. The company reduced its net loss by 80.2% to $1.6 million from $8.3 million in the prior year period. Operating expenses excluding cost of sales decreased by $5.9 million to $2.8 million. Megawatts under management increased by 16.3% to 29.2 megawatts as of September 30, 2024. Notable developments include launching the first V2G-capable electric school bus deployment in New Mexico and unveiling new AC V2G technology in Delaware.
Nuvve Holding Corp. (NVVE) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato totale di $1,92 milioni, in calo del 29,3% rispetto ai $2,71 milioni del terzo trimestre 2023. L'azienda ha ridotto la sua perdita netta dell'80,2%, passando da $8,3 milioni dello stesso periodo dell'anno precedente a $1,6 milioni. Le spese operative, escluse le spese di vendita, sono diminuite di $5,9 milioni, arrivando a $2,8 milioni. I megawatt gestiti sono aumentati del 16,3%, raggiungendo 29,2 megawatt al 30 settembre 2024. Sviluppi significativi includono il lancio della prima distribuzione di autobus scolastici elettrici capaci di V2G in Nuovo Messico e la presentazione della nuova tecnologia AC V2G nel Delaware.
Nuvve Holding Corp. (NVVE) informó los resultados financieros del tercer trimestre de 2024, con ingresos totales de $1.92 millones, lo que representa una caída del 29.3% respecto a los $2.71 millones del tercer trimestre de 2023. La compañía redujo su pérdida neta en un 80.2%, bajando de $8.3 millones en el mismo período del año anterior a $1.6 millones. Los gastos operativos, excluyendo el costo de ventas, disminuyeron en $5.9 millones, alcanzando $2.8 millones. Los megavatios bajo gestión aumentaron un 16.3%, llegando a 29.2 megavatios al 30 de septiembre de 2024. Los desarrollos notables incluyen el lanzamiento del primer autobús escolar eléctrico capaz de V2G en Nuevo México y la presentación de una nueva tecnología AC V2G en Delaware.
Nuvve Holding Corp. (NVVE)는 2024년 3분기 재무 실적을 발표했으며, 총 수익은 $1.92 백만으로 2023년 3분기 $2.71 백만에 비해 29.3% 감소했습니다. 회사는 순손실을 80.2% 줄여 $1.6 백만에 도달했으며, 이는 지난해 같은 기간의 $8.3 백만에서 감소한 수치입니다. 매출원가를 제외한 운영비용은 $5.9 백만 감소하여 $2.8 백만이 되었습니다. 관리 중인 메가와트는 16.3% 증가하여 2024년 9월 30일 기준 29.2 메가와트에 이르렀습니다. 주요 개발 사항으로는 뉴멕시코에서 첫 번째 V2G 지원 전기 학교버스 배포를 시작하고 델라웨어에서 새로운 AC V2G 기술을 공개한 것이 있습니다.
Nuvve Holding Corp. (NVVE) a publié les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 1,92 million $, en baisse de 29,3 % par rapport à 2,71 millions $ au troisième trimestre 2023. L'entreprise a réduit sa perte nette de 80,2 %, passant de 8,3 millions $ à 1,6 million $ par rapport à l'année précédente. Les dépenses d'exploitation, hors coûts des ventes, ont diminué de 5,9 millions $, atteignant 2,8 millions $. Les mégawatts sous gestion ont augmenté de 16,3 %, atteignant 29,2 mégawatts au 30 septembre 2024. Parmi les développements notables, on peut citer le lancement du premier déploiement de bus scolaires électriques compatibles V2G au Nouveau-Mexique et le dévoilement d'une nouvelle technologie AC V2G dans le Delaware.
Nuvve Holding Corp. (NVVE) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, mit einem Gesamtumsatz von 1,92 Millionen $, was einem Rückgang von 29,3 % gegenüber 2,71 Millionen $ im dritten Quartal 2023 entspricht. Das Unternehmen verringerte seinen Nettoverlust um 80,2 % auf 1,6 Millionen $, im Vergleich zu 8,3 Millionen $ im Vorjahreszeitraum. Die Betriebskosten ohne die Kosten der verkauften Waren sanken um 5,9 Millionen $ auf 2,8 Millionen $. Die verwalteten Megawatt stiegen um 16,3 % auf 29,2 Megawatt zum 30. September 2024. Zu den bemerkenswerten Entwicklungen gehört die Einführung des ersten V2G-fähigen elektrischen Schulbus-Deployments in New Mexico sowie die Enthüllung neuer AC V2G-Technologie in Delaware.
- Net loss reduced significantly by 80.2% to $1.6 million
- Operating expenses decreased by $5.9 million to $2.8 million
- Products and services margin increased to 49.3% from 9.0% YoY
- Megawatts under management grew 16.3% to 29.2 megawatts
- Acquired remaining 49% stake in Levo for minimal cost
- Revenue declined 29.3% YoY to $1.92 million
- Products revenue decreased by $1.23 million due to lower sales orders
- Stonepeak and Evolve capital contribution commitments expired
Insights
The Q3 2024 results reveal concerning trends for Nuvve.
The net loss reduction to
Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)
Third Quarter Highlights and Recent Developments
- Launched first V2G-capable electric school bus deployment in
New Mexico - Unveiled groundbreaking AC V2G technology at Exelon event in
Delaware with our proprietary AC bi-directional charger - Partnered with WISE EV to create convenient public EV charging station infrastructure in select markets
- Increased megawatts under management by
16.3% to 29.2 megawatts as of September 30, 2024 from 25.1 megawatts as of December 31, 2023 - Reduced operating expenses excluding cost of sales by
in third quarter 2024 to$5.9 million compared to the third quarter 2023$2.8 million
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, said, "Though third quarter of 2024 has remained a challenging quarter, the delays we have seen in the first and second quarters of 2024 are finally going away. Our tight controls over expenses and improved operating efficiencies helped our liquidity and financial performance this quarter. We are expecting the improvements in revenues that materialized during the third quarter of 2024 to continue into the fourth quarter of 2024."
2024 Third Quarter Financial Review
Total revenue was
Cost of products and services revenue for the three months ended September 30, 2024, decreased by
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were
The decrease during the three months ended September 30, 2024 was primarily attributable to decreases in compensation expenses of
Research and development expenses decreased by
Other income, net consists primarily of interest expense, change in fair value of warrants liability and derivative liability, and other income (expense). Other income, net increased by
Net loss decreased by
Net Income (Loss) Attributable to Non-Controlling Interest
Net loss attributable to non-controlling interest was zero for the three months ended September 30, 2024 compared to net income attributable to non-controlling interest of
Stonepeak and Evolve conditional capital contribution commitments expired on August 4, 2024. On October 15, 2024, we, 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
The Company will hold a conference call to review its financial results for the third quarter of 2024, along with other Company developments, at 5:00 PM Eastern Time (2:00 PM PT) today, Tuesday, November 12, 2024.
To participate, please register for and listen via a live webcast, which is available in the 'Events' section under the 'News & Events' tab 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 Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contacts
press@nuvve.com
+1 (619) 483-3448
FINANCIAL TABLES FOLLOW
NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) | |||
September 30, 2024 | December 31, 2023 | ||
Assets | |||
Current assets | |||
Cash | $ 325,245 | $ 1,534,660 | |
Restricted cash | 480,000 | 480,000 | |
Accounts receivable, net | 1,668,538 | 1,724,899 | |
Inventories | 5,658,741 | 5,889,453 | |
Prepaid expenses | 636,825 | 994,719 | |
Deferred costs - current | 899,594 | 1,145,608 | |
Other current assets | 731,496 | 751,412 | |
Total current assets | 10,400,439 | 12,520,751 | |
Property and equipment, net | 671,197 | 766,264 | |
Intangible assets, net | 1,097,625 | 1,202,203 | |
Investment in equity securities | 670,951 | 670,951 | |
Investment in leases | 104,186 | 112,255 | |
Right-of-use operating lease assets | 4,624,783 | 4,839,526 | |
Deferred costs - noncurrent | 748,353 | 521,994 | |
Financing receivables | — | 288,872 | |
Security deposit, long-term | 17,613 | 27,690 | |
Total assets | $ 18,335,147 | $ 20,950,506 | |
Liabilities and Equity | |||
Current liabilities | |||
Accounts payable | $ 2,184,455 | $ 1,694,325 | |
Accrued expenses | 3,251,493 | 4,632,101 | |
Deferred revenue - current | 243,731 | 697,105 | |
Debt - term loan | 902,242 | — | |
Due to related party - promissory notes - current | 1,501,821 | — | |
Operating lease liabilities - current | 971,631 | 856,250 | |
Other liabilities | 7,279 | 105,141 | |
Total current liabilities | 9,062,652 | 7,984,922 | |
Operating lease liabilities - noncurrent | 4,391,413 | 4,646,383 | |
Due to related party - promissory notes - noncurrent | 100,000 | — | |
Deferred revenue - noncurrent | 721,050 | 332,951 | |
Warrants liability | 914,841 | 4,621 | |
Derivative liability - non-controlling redeemable preferred shares | — | 309,728 | |
Other long-term liabilities | 140,204 | 681,438 | |
Total liabilities | 15,330,160 | 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 September 30, 2024 and 3,138 shares issued and outstanding at December 31, 2023; aggregate liquidation preference of and December 31, 2023, respectively | — | 4,193,629 | |
Class D Incentive units, zero par value, 1,000,000 units authorized; 0 units issued and outstanding at September 30, 2024 and 50,000 units issued and outstanding a December 31, 2023, respectively | — | 216,229 | |
Stockholders' equity | |||
Preferred stock, at September 30, 2024 and December 31, 2023, respectively | — | — | |
Common stock, and outstanding at September 30, 2024 and December 31, 2023, respectively | 6,406 | 5,927 | |
Additional paid-in capital | 163,468,322 | 155,615,962 | |
Accumulated other comprehensive income | 74,146 | 93,676 | |
Accumulated deficit | (160,543,887) | (148,240,859) | |
Nuvve Holding Corp. Stockholders' Equity | 3,004,987 | 7,474,706 | |
Non-controlling interests | — | (4,894,101) | |
Total stockholders' (deficit) equity | 3,004,987 | 2,580,605 | |
Total Equity | 3,004,987 | 6,990,463 | |
Total Liabilities and Equity | $ 18,335,147 | $ 20,950,506 |
NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue | |||||||
Products | $ 543,834 | $ 1,772,532 | $ 1,389,495 | $ 4,748,141 | |||
Services | 1,265,499 | 866,477 | 1,786,937 | 1,720,262 | |||
Grants | 108,885 | 73,563 | 323,722 | 219,082 | |||
Total revenue | 1,918,218 | 2,712,572 | 3,500,154 | 6,687,485 | |||
Operating expenses | |||||||
Cost of products | 409,390 | 2,314,854 | 1,002,964 | 5,037,756 | |||
Cost of services | 508,697 | 86,371 | 1,027,282 | 775,489 | |||
Selling, general, and administrative | 2,126,681 | 6,481,759 | 12,544,563 | 18,751,119 | |||
Research and development | 710,291 | 2,292,908 | 3,773,435 | 6,780,211 | |||
Total operating expenses | 3,755,059 | 11,175,892 | 18,348,244 | 31,344,575 | |||
Operating loss | (1,836,841) | (8,463,320) | (14,848,090) | (24,657,090) | |||
Other income (expense) | |||||||
Interest (expense) income, net | (242,468) | 16,213 | (222,720) | 105,194 | |||
Change in fair value of warrants liability | 329,990 | 214,573 | 2,642,424 | 144,609 | |||
Change in fair value of derivative liability | — | 67,366 | (3,626) | 73,585 | |||
Other, net | 99,476 | (168,177) | 104,417 | 356,155 | |||
Total other income, net | 186,998 | 129,975 | 2,520,495 | 679,543 | |||
Loss before taxes | (1,649,843) | (8,333,345) | (12,327,595) | (23,977,547) | |||
Income tax expense | — | — | — | — | |||
Net loss | $ (1,649,843) | $ (8,333,345) | $ (12,327,595) | $ (23,977,547) | |||
Less: Net (loss) income attributable to non-controlling interests | — | 8,285 | — | 23,039 | |||
Net loss attributable to Nuvve Holding Corp. | $ (1,649,843) | $ (8,341,630) | $ (12,327,595) | $ (24,000,586) | |||
Less: Preferred dividends on redeemable non-controlling interests | — | 72,092 | — | 212,062 | |||
Less: Accretion on redeemable non-controlling interests preferred shares | — | 161,466 | — | 484,398 | |||
Net loss attributable to Nuvve Holding Corp. common stockholders | $ (1,649,843) | $ (8,575,188) | $ (12,327,595) | $ (24,697,046) | |||
Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted | $ (2.47) | $ (10.66) | $ (21.72) | $ (35.07) | |||
Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted | 666,894 | 804,775 | 567,486 | 704,310 |
NUVVE HOLDING CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss | $ (1,649,843) | $ (8,333,345) | $ (12,327,595) | $ (23,977,547) | |||
Other comprehensive (loss) income, net of taxes | |||||||
Foreign currency translation adjustments, net of taxes | $ 2,214 | $ 18,124 | $ (19,530) | $ 28,357 | |||
Total comprehensive loss | $ (1,647,629) | $ (8,315,221) | $ (12,347,125) | $ (23,949,190) | |||
Less: Comprehensive income (loss) attributable to non-controlling interests | $ — | $ 8,285 | $ — | $ 23,039 | |||
Comprehensive loss attributable to Nuvve Holding Corp. | $ (1,647,629) | $ (8,323,506) | $ (12,347,125) | $ (23,972,229) | |||
Less: Preferred dividends on redeemable non-controlling interests | $ — | $ (72,092) | $ — | $ (212,062) | |||
Less: Accretion on redeemable non-controlling interests preferred shares | — | (161,466) | — | (484,398) | |||
Comprehensive loss attributable to Nuvve Holding Corp. common stockholders | $ (1,647,629) | $ (8,089,948) | $ (12,347,125) | $ (23,275,769) |
NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities | |||
Net loss | $ (12,327,595) | $ (23,977,547) | |
Adjustments to reconcile to net loss to net cash used in operating activities | |||
Depreciation and amortization | 254,275 | 237,043 | |
Stock-based compensation | 1,991,884 | 3,197,471 | |
Loss on disposal of asset | — | (1,088) | |
Amortization of discount on debt and promissory notes | 24,167 | — | |
Change in fair value of warrants liability | (2,642,424) | (144,609) | |
Change in fair value of derivative liability | 3,626 | (73,585) | |
Warrants issuance costs | 305,065 | — | |
Gains from sale of investments in equity securities | — | (325,155) | |
Noncash lease expense | 223,892 | 355,133 | |
Change in operating assets and liabilities | |||
Accounts receivable | 56,361 | (1,547,575) | |
Inventory | 230,712 | 4,717,894 | |
Prepaid expenses and other assets | 728,999 | 304,031 | |
Accounts payable | 490,130 | (705,658) | |
Due to customers | — | 9,830,000 | |
Accrued expenses and other liabilities | (1,524,707) | 2,056,210 | |
Deferred revenue | (57,207) | (122,797) | |
Net cash used in operating activities | (12,242,822) | (6,200,232) | |
Investing activities | |||
Purchase of property and equipment | (54,630) | (199,877) | |
Proceeds from sale of investments in equity securities | — | 1,325,155 | |
Net cash (used) provided in investing activities | (54,630) | 1,125,278 | |
Financing activities | |||
Proceeds from exercise of warrants | 173,027 | — | |
Proceeds from debt and promissory notes obligations | 2,565,500 | — | |
Repayment of debt and promissory notes obligations | (161,929) | — | |
Proceeds from Direct Offering of common stock, net of issuance costs | — | 2,347,192 | |
Proceeds from common stock offering, net of issuance costs | 8,516,741 | 884,586 | |
Payment of finance lease obligations | (7,816) | (5,375) | |
Net cash provided in financing activities | 11,085,523 | 3,226,403 | |
Effect of exchange rate on cash | 2,514 | (40,699) | |
Net decrease in cash and restricted cash | (1,209,415) | (1,889,250) | |
Cash and restricted cash at beginning of year | 2,014,660 | 16,233,896 | |
Cash and restricted cash at end of period | $ 805,245 | $ 14,344,646 | |
Supplemental Disclosure of cash information: | |||
Cash paid for interest | $ 193,322 | $ — |
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SOURCE Nuvve Holding Corp.
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