Nuvve Q4 net loss widens on inventory charge

Reuters04-01

Nuvve Q4 net loss widens on inventory charge

Overview

Energy storage and V2G tech firm's Q4 revenue rose slightly yr/yr, driven by higher product sales
Company's Q4 net loss widened, mainly due to $3.47 mln inventory impairment charge
Nuvve raised $8.1 mln in gross proceeds in Q4 to support operations and growth initiatives in Q4

Outlook

Nuvve expects growth in stationary battery project pipeline and backlog to accelerate platform scaling
Nuvve is focusing new business development efforts in Japan on battery aggregation services for commercial and governmental customers

Result Drivers

PRODUCT SALES MIX - Co said Q4 revenue increase was driven by higher customer sales orders and shipments of DC and AC chargers, and increased grants revenue, partially offset by lower services revenue
MARGIN IMPROVEMENT - Gross profit margin rose due to higher mix of hardware charging station sales and lower mix of engineering services
INVENTORY IMPAIRMENT - Co recorded $3.47 mln inventory impairment charge for DC chargers not meeting reliability standards

Company press release: ID:nBw8q4Tyra

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue		$1.90 mln
Q4 EPS		-$6.38
Q4 Net Income		-$6.30 mln

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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