STOCK TITAN

Nuvve Provides Third Quarter 2024 Financial Update

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Negative)
Tags

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.

Positive
  • 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
Negative
  • 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. $1.92 million in revenue represents a 29.3% decline year-over-year, primarily due to lower product sales. While operating expenses were significantly reduced by $5.9 million, this appears more defensive than strategic. The improved gross margin of 49.3% is positive but stems from a shift away from hardware sales rather than operational improvements.

The net loss reduction to $1.6 million from $8.3 million came primarily from cost-cutting rather than business growth. The 16.3% increase in megawatts under management to 29.2 MW shows some operational progress, but revenue generation remains a challenge. The acquisition of Stonepeak and Evolve's stake in Levo for a nominal amount suggests potential difficulties in the partnership.

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

SAN DIEGO, Nov. 12, 2024 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve", "we", the "Company") (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a third quarter 2024 update. 

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 $5.9 million in third quarter 2024 to $2.8 million compared to the third quarter 2023

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 $1.92 million for the three months ended September 30, 2024, compared to $2.71 million for the three months ended September 30, 2023, a decrease of $0.79 million, or 29.3%. The decrease was primarily attributable to a $1.23 million decrease in products revenue due to lower customers sales orders and shipments, partially offset by $0.4 million, increase in services revenue, and an increase in grants of $0.04 million. Products and services revenue for the three months ended September 30, 2024, consisted of DC and AC Chargers of $0.54 million, grid services revenue of $0.15 million, and engineering services of $1.11 million driven by management fees earned for a certain V2G project management.

Cost of products and services revenue for the three months ended September 30, 2024, decreased by $1.5 million to $0.9 million, or 61.8% compared to $2.4 million for the three months ended September 30, 2023 due to lower customers sales orders and shipments. Products and services margin increased by 40.2% to 49.3% for the three months ended September 30, 2024, compared to 9.0% in the same prior year period. Margin benefited from a lower mix of hardware charging stations' sales and a higher mix of engineering services in the current quarter compared with the third quarter of 2023.

Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were $2.1 million for the three months ended September 30, 2024, as compared to $6.5 million for the three months ended September 30, 2023, a decrease of $4.4 million, or 67.2%

The decrease during the three months ended September 30, 2024 was primarily attributable to decreases in compensation expenses of $3.9 million, including share-based compensation, decreases in legal fees expenses of $0.6 million, and decreases in bad debt expenses of $0.1 million, partially offset by increases in software subscriptions expenses of $0.2 million.

Research and development expenses decreased by $1.6 million, or 69.0%, from $2.3 million for the three months ended September 30, 2023 to $0.7 million for the three months ended September 30, 2024. The decrease during the three months ended September 30, 2024 was primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles.

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 $0.06 million from $0.13 million of other income for the three months ended September 30, 2023, to $0.19 million in other income for the three months ended September 30, 2024. The increase during the three months ended September 30, 2024 was primarily attributable to the change in fair value of the warrants liability, sublease income related to the subleasing of part of our main office space, and interest expense on debt obligations.

Net loss decreased by $6.7 million, or 80.2%, from $8.3 million for the three months ended September 30, 2023, to $1.6 million for the three months ended September 30, 2024. The decrease in net loss was primarily due to an increase in other income of $0.1 million, and a decrease in operating expenses of $7.4 million, which includes a decrease in cost of product and services of $1.5 million, and a decrease in revenue of $0.8 million, for the above aforementioned reasons.

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 $0.01 million for the three months ended September 30, 2023.

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 49% membership interest in Levo to us for a de minimis price. As a result, we became the 100% owner of Levo.

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 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 European Union. 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 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 $0 and  $3,750,201 at September 30, 2024

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, $0.0001 par value, 1,000,000 shares authorized;  zero shares issued and outstanding

at September 30, 2024 and  December 31, 2023, respectively


Common stock, $0.0001 par value, 100,000,000 shares authorized; 874,949 and 124,659 shares issued

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


$                               —

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/nuvve-provides-third-quarter-2024-financial-update-302303304.html

SOURCE Nuvve Holding Corp.

FAQ

What was Nuvve's (NVVE) revenue in Q3 2024?

Nuvve reported total revenue of $1.92 million for Q3 2024, representing a 29.3% decrease from $2.71 million in Q3 2023.

How much did Nuvve (NVVE) reduce its net loss in Q3 2024?

Nuvve reduced its net loss by 80.2%, from $8.3 million in Q3 2023 to $1.6 million in Q3 2024.

What was Nuvve's (NVVE) megawatts under management growth in Q3 2024?

Nuvve's megawatts under management increased by 16.3% to 29.2 megawatts as of September 30, 2024, compared to 25.1 megawatts as of December 31, 2023.

What was Nuvve's (NVVE) products and services margin in Q3 2024?

Nuvve's products and services margin increased to 49.3% in Q3 2024, compared to 9.0% in Q3 2023.

Nuvve Holding Corp.

NASDAQ:NVVE

NVVE Rankings

NVVE Latest News

NVVE Stock Data

2.97M
646.87k
34.89%
22.69%
2.55%
Specialty Retail
Power, Distribution & Specialty Transformers
Link
United States of America
SAN DIEGO