Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)
SAN DIEGO--(BUSINESS WIRE)--November 13, 2025--
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) and stationary batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a third quarter 2025 update.
Third Quarter Highlights and Recent Developments
-- We raised $5.6 million in gross proceeds through an underwritten public
offering and debt obligations during the third quarter of 2025 to support
our operations and growth initiatives
-- Total revenues were $1.6 million for the third quarter of 2025 compared
to $1.3 million for the first six months of 2025 and $1.9 million for the
third quarter 2024
-- Gross profit margins were 52.0% for the third quarter of 2025 compared
to 52.1% for the third quarter 2024
-- Cash operating losses were $4.8 million in the third quarter 2025
compared to $1.2 million the third quarter 2024
-- We had $0.9 million in cash and cash equivalents as of September 30,
2025 compared to $0.4 million at December 31, 2024
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, said, "We were pleased with our accelerated sales growth in the third quarter after a soft start in the first half of the year. We also realized success in expanding our stationary battery pipeline during quarter which we anticipate to become a larger portion of our business success going forward in North America, Europe and Japan."
2025 Third Quarter Financial Review
Total revenue was $1.60 million for the three months ended September 30, 2025, compared to $1.92 million for the three months ended September 30, 2024, a decrease of $0.32 million, or 16.7%. The decrease was primarily attributable to a $0.88 million decrease in services revenue, partially offset by a $0.40 million increase in products revenue due to higher customers sales orders and shipments, and a $0.16 million increase in grants. Products and services revenue for the three months ended September 30, 2025, consisted of DC Chargers and AC Chargers of $0.95 million, grid services revenue of $0.01 million, and engineering services of $0.37 million. The decrease in service revenue is due to the absence of management fees earned related to the Fresno EV infrastructure project. We stopped accruing management fees earned for the Fresno EV infrastructure project during the second quarter of 2025.
Cost of products and services revenue was $0.8 million for the three months ended September 30, 2025, compared to $0.9 million for the three months ended September 30, 2024, a decrease of $0.15 million, or 16.5%. The decrease was primarily due to lower costs of service revenue. Products and services margin decreased by 7.0% to 42.3% for the three months ended September 30, 2025, compared to 49.3% in the same prior year period. Margin was negatively impacted by higher mix of hardware charging stations' sales and a lower mix of engineering services in the third quarter of 2025 compared with the third quarter of 2024.
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were $4.8 million for the three months ended September 30, 2025, as compared to $2.1 million for the three months ended September 30, 2024, an increase of $2.6 million, or 124.0%.
The increase during the three months ended September 30, 2025 was primarily attributable to increases in compensation expenses of $1.7 million, including share-based compensation, increases in public company related costs of $0.6 million, increases in legal fees expenses of $0.3 million, increases in office related expenses of $0.4 million, and increases in travel and marketing/promotions related expenses of $0.1 million, partially offset by decrease in software subscriptions expenses of $0.3 million, and decrease in professional fees of $0.1 million.
Research and development expenses were $1.2 million for the three months ended September 30, 2025, compared to $0.7 million for the three months ended September 30, 2024, an increase of $0.5 million, or 66.0%. The increase during the three months ended September 30, 2025 was primarily attributable to increases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles.
Other income, net was $0.32 million in other expenses for the three months ended September 30, 2025, compared to $0.19 million of other income for the three months ended September 30, 2024, an increase of $0.13 million. The increase during the three months ended September 30, 2025 was primarily attributable to the change in fair values of the convertible notes and warrants liability, and increase in sublease income related to the subleasing of part of our main office space, partially offset by increase in interest expense on debt obligations.
Net loss was $4.8 million for the three months ended September 30, 2025, compared to $1.6 million for the three months ended September 30, 2024, an increase of $3.1 million, or 190.6%. The increase in net loss was primarily due to an increase in total operating expenses of $3.0 million, an increase in other income of $0.1 million and a decrease of $0.3 million in revenue.
Net Income (Loss) Attributable to Non-Controlling Interest
Net loss attributable to non-controlling interest for the three months ended September 30, 2025 was $0.3 million, compared to zero net income attributable to non-controlling interest for the three months ended September 30, 2024.
Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in Fermata Energy II LLC and Deep Impact entity. We own 51% of Fermata Energy II LLC and Deep Impact common units during the nine months ended September 30, 2025. We had determined that Deep Impact only is a variable interest entity ("VIE") in which we are the primary beneficiary. We consolidated Fermata Energy II LLC and Deep Impact, and recorded a non-controlling interest for the share of Fermata Energy II LLC and Deep Impact owned by other parties during the three months ended September 30, 2025.
Megawatts Under Management
Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world.
Megawatts under management in the third quarter increased 3.1% over the second quarter of 2025, to 26.4 megawatts from 25.6 megawatts, and a (9.6)% decrease compared to the third quarter of 2024. In terms of its composition, 0.2 megawatts were from stationary batteries and 26.2 megawatts were from EV chargers. The stationary batteries we managed in California were decommissioned as they reached the end of their useful life. Our customer intends to replace these batteries in the future, and we are working with this customer to propose our battery aggregation services once their new batteries are installed. In Japan we elected to not continue the management of stationary batteries connected to our platform in partnership with Toyota Tsusho that we were had managed for several years, given the expected future revenue generation was limited under our existing agreement. Instead we have focused our efforts in driving new business development efforts in Japan, with a focus on battery aggregation services for commercial and governmental customers throughout the country. Megawatts under management excluding stationary batteries increased to 26.2 in the third quarter of 2025, an increase of 0.8 over the second quarter of 2025.
Conference Call Details
The Company will hold a conference call to review its financial results for the third quarter of 2025, along with other Company developments, at 5:00 PM Eastern Time (2:00 PM PT) today, Thursday, November 13, 2025.
To participate in the call, please dial (888) 349-0097 or (412) 902-4245; Passcode: 7689896, or register for and listen via a live webcast, which is 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 via Nuvve's investor relations website, or by calling (844) 512-2921 or (412) 317-6671, Access code 10204408 through November 27, 2025.
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 HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, 2025 December 31, 2024
-------------------- ---------------------
Assets
Current assets
Cash $ 939,415 $ 371,497
Restricted cash 320,000 320,000
Accounts receivable, net 1,109,255 2,148,198
Inventories 4,255,117 4,591,902
Prepaid expenses 838,876 494,986
Deferred costs - current 1,034,958 417,290
Other current assets 1,055,065 931,244
--------------- --------------
Total current assets 9,552,686 9,275,117
Property and equipment, net 666,590 613,958
Intangible assets, net 1,103,048 1,062,766
Goodwill 96,000 --
Investment in equity
securities 670,951 670,951
Investment in leases 98,896 101,415
Right-of-use operating lease
assets 3,907,809 4,493,360
Deferred costs - noncurrent 594,558 564,558
Security deposit, long-term 64,943 15,687
--------------- --------------
Total assets $ 16,755,481 $ 16,797,812
=============== ==============
Liabilities and Equity
Current liabilities
Accounts payable $ 2,944,507 $ 1,882,357
Due to customers -- --
Accrued expenses 5,662,373 3,393,205
Deferred revenue -
current 1,152,815 506,496
Debt - term loan 549,778 1,609,928
Due to related party -
promissory notes -
current 583,957 562,241
Convertible notes -
current 1,060,489 2,475,162
Operating lease
liabilities - current 864,139 914,800
Other liabilities 124,565 6,969
--------------- --------------
Total current liabilities 12,942,623 11,351,158
Operating lease liabilities -
noncurrent 3,698,514 4,254,173
Due to related party -
promissory notes -
noncurrent 840,500 840,500
Convertible notes -
noncurrent -- --
Deferred revenue - noncurrent 574,570 771,747
Warrants/investment rights
liability 409,454 699,087
Other long-term liabilities 208,297 170,794
--------------- --------------
Total liabilities 18,673,958 18,087,459
Commitments and Contingencies
Stockholders' equity
Preferred Class A units,
zero par value, 4,900,000
shares authorized;
4,900,000 units issued
and outstanding at
September 30, 2025, and
zero units issued and
outstanding at December
31, 2024, respectively 166,698 --
Class B units, zero par
value, 2,500,000 units
authorized; 150,000 units
issued and outstanding at
September 30, 2025, and
zero units issued and
outstanding at December
31, 2024, respectively 150,000 --
Preferred stock, $0.0001
par value, 1,000,000
shares authorized; zero
shares issued and
outstanding at September
30, 2025 and December 31,
2024, respectively -- --
Common stock, $0.0001 par
value, 200,000,000
shares authorized;
22,482,750 and 904,949
shares issued and
outstanding at September
30, 2025 and December
31, 2024, respectively 8,565 6,408
Treasury stock, at cost,
1,680 shares outstanding
at September 30, 2025 and
December 31, 2024,
respectively -- --
Additional paid-in
capital 188,584,935 164,285,336
Accumulated other
comprehensive income 40,488 46,494
Accumulated deficit (190,358,139) (165,599,076)
--------------- --------------
Nuvve Holding Corp.
stockholders' deficit (1,407,453) (1,260,838)
Non-controlling interests (511,024) (28,809)
--------------- --------------
Total stockholders' deficit (1,918,477) (1,289,647)
--------------- --------------
Total deficit (1,918,477) (1,289,647)
--------------- --------------
Total Liabilities and Equity $ 16,755,481 $ 16,797,812
=============== ==============
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended September
September 30, 30,
-------------------------- ------------------------------
2025 2024 2025 2024
------------ ------------ ------------- ---------------
Revenue
Products $ 947,561 $ 543,834 $ 1,655,017 $ 1,389,495
Services 380,876 1,265,499 839,264 1,786,937
Grants 270,190 108,885 349,800 323,722
---------- ---------- ----------- -----------
Total revenue 1,598,627 1,918,218 2,844,081 3,500,154
---------- ---------- ----------- -----------
Operating expenses
Cost of products 735,730 409,390 1,277,069 1,002,964
Cost of services 31,246 508,697 182,216 1,027,282
Selling, general,
and administrative 4,763,634 2,126,681 23,723,683 12,544,563
Research and
development 1,179,288 710,291 3,156,223 3,773,435
---------- ---------- ----------- -----------
Total operating
expenses 6,709,898 3,755,059 28,339,191 18,348,244
---------- ---------- ----------- -----------
Operating loss (5,111,271) (1,836,841) (25,495,110) (14,848,090)
---------- ---------- ----------- -----------
Other income (expense)
Interest (expense)
income, net (477,482) (242,468) (1,720,316) (222,720)
Change in fair value
of convertible
notes (112,367) -- (60,663) --
Change in fair value
of
warrants/investment
rights liability 232,717 329,990 673,899 2,642,424
Change in fair value
of derivative
liability -- -- -- (3,626)
Other, net 674,188 99,476 1,360,912 104,417
---------- ---------- ----------- -----------
Total other income
(expense), net 317,056 186,998 253,832 2,520,495
---------- ---------- ----------- -----------
Loss before taxes (4,794,215) (1,649,843) (25,241,278) (12,327,595)
Income tax expense -- -- -- --
---------- ---------- ----------- -----------
Net loss $(4,794,215) $(1,649,843) $(25,241,278) $(12,327,595)
Less: Net loss
attributable to
non-controlling
interests (286,955) -- (482,215) --
---------- ---------- ----------- -----------
Net loss attributable
to Nuvve Holding
Corp. $(4,507,260) $(1,649,843) $(24,759,063) $(12,327,595)
Less: Preferred
dividends on redeemable
non-controlling
interests -- -- -- --
Less: Accretion on
redeemable
non-controlling
interests preferred
shares -- -- -- --
---------- ---------- ----------- -----------
Net loss attributable
to Nuvve Holding Corp.
common stockholders $(4,507,260) $(1,649,843) $(24,759,063) $(12,327,595)
========== ========== =========== ===========
Net loss per share
attributable to Nuvve
Holding Corp. common
stockholders, basic
and diluted $ (0.24) $ (2.47) $ (2.76) $ (21.72)
========== ========== =========== ===========
Weighted-average
shares used in
computing net loss
per share
attributable to
Nuvve Holding Corp.
common
stockholders, basic
and diluted 18,557,638 666,894 8,954,465 567,486
========== ========== =========== ===========
NUVVE HOLDING CORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended Nine Months Ended September
September 30, 30,
-------------------------- ------------------------------
2025 2024 2025 2024
------------ ------------ ------------- ---------------
Net loss $(4,794,215) $(1,649,843) $(25,241,278) $(12,327,595)
Other
comprehensive
(loss) income,
net of taxes
Foreign currency
translation
adjustments,
net of taxes $ (13,393) $ 2,214 $ (6,006) $ (19,530)
---------- ---------- ----------- -----------
Total
comprehensive
loss $(4,807,608) $(1,647,629) $(25,247,284) $(12,347,125)
Less:
Comprehensive
loss
attributable to
non-controlling
interests $ (286,955) $ -- $ (482,215) $ --
---------- ---------- ----------- -----------
Comprehensive
loss
attributable to
Nuvve Holding
Corp. common
stockholders $(4,520,653) $(1,647,629) $(24,765,069) $(12,347,125)
========== ========== =========== ===========
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
-------------------------------------
2025 2024
------------------ -----------------
Operating activities
Net loss $ (25,241,278) $ (12,327,595)
Adjustments to reconcile net loss
to net cash used in operating
activities
Depreciation and amortization 245,796 254,275
Stock-based compensation 814,305 1,991,884
Amortization of discount on
debt and promissory notes 166,611 24,167
Change in fair value of
warrants/investment rights
liability (673,899) (2,642,424)
Change in fair value of
convertible notes 60,663 --
Change in fair value of
derivative liability -- 3,626
Fair value of warrants issued
for cryptocurrency strategy
consulting services 8,194,000 --
Loss on warrants issuance -- 305,065
Provision for credit losses 990,105 --
Noncash lease expense 592,386 223,892
Change in operating assets and
liabilities
Accounts receivable 48,838 56,361
Inventory 336,785 230,712
Prepaid expenses and other
assets (1,542,242) 728,999
Accounts payable 1,062,150 490,130
Accrued expenses and other
liabilities 2,146,135 (1,524,707)
Deferred revenue 451,661 (57,207)
------------- -------------
Net cash used in operating
activities (12,347,984) (12,242,822)
------------- -------------
Investing activities
Acquisition (340,200) --
Purchase of property and
equipment (57,099) (54,630)
------------- -------------
Net cash used in investing
activities (397,299) (54,630)
------------- -------------
Financing activities
Proceeds from exercise of
warrants 2,083,900 173,027
Proceeds from debt and promissory
notes obligations 8,972,199 2,565,500
Repayment of debt and promissory
notes obligations (3,401,943) (161,929)
Proceeds from common stock
offering, including pre-funded
warrants, net of issuance costs 5,509,874 8,516,741
Payment of finance lease
obligations (6,835) (7,816)
Proceeds from issuance of Class B
units 150,000 --
------------- -------------
Net cash provided in financing
activities 13,307,195 11,085,523
------------- -------------
Effect of exchange rate on cash 6,006 2,514
------------- -------------
Net increase (decrease) in cash
and restricted cash 567,918 (1,209,415)
Cash and restricted cash at
beginning of year 691,497 2,014,660
------------- -------------
Cash and restricted cash at end
of period $ 1,259,415 $ 805,245
============= =============
Supplemental Disclosure of cash
information:
Cash paid for interest $ 1,096,650 $ 193,322
Supplemental Disclosure of
Noncash Investing and Financing
Activities:
Conversion of Notes and accrued
interest to common shares $ 10,132,855 $ --
Payment of Promissory with
Contingent Receivable $ 283,578 $ --
Issuance of preferred class A
units for acquisition $ 166,698 $ --
View source version on businesswire.com: https://www.businesswire.com/news/home/20251113419297/en/
CONTACT: Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contacts
press@nuvve.com
+1 (619) 483-3448
(END) Dow Jones Newswires
November 13, 2025 16:30 ET (21:30 GMT)
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