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Nuvve Provides Fourth Quarter and Full Year 2025 Financial Update

businesswire.com

Nuvve Provides Fourth Quarter and Full Year 2025 Financial Update SAN DIEGO--( BUSINESS WIRE)--Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global leader in advanced energy storage, grid modernization solutions and vehicle-to-grid (V2G) technology, today provided a fourth quarter and full-year 2025 financial update.

Fourth Quarter Highlights and Recent Developments

Management Discussion

Gregory Poilasne, Chief Executive Officer of Nuvve, said, “We were disappointed with the slowdown of EV adoption in the school bus market and the decline in revenues in 2025. We previously announced that we have pivoted our business strategy towards stationary storage aggregation services, and have seen an increase in our pipeline and backlog for stationary battery projects which we anticipate will accelerate the scaling of our platform in North America, Europe and Japan.”

2025 Fourth Quarter Financial Review

Total revenue was $1.95 million for the three months ended December 31, 2025, compared to $1.79 million for the three months ended December 31, 2024. The increase in revenue was attributed to increase in products due to higher customers sales orders and shipments, and increase in grants revenue, partially offset by decrease in services revenue. Products and services revenue for the three months ended December 31, 2025 consisted of sales of DC and AC Chargers of about $1.39 million, grid services revenue of $0.01 million, and engineering services of $0.34 million, compared to sales of DC and AC $1.18 million, grid services of $0.01 million, and engineering services of $0.51 million for the three months ended December 31, 2024. 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 product and service revenues was $1.46 million for the three months ended December 31, 2025, compared to $1.50 million for the three months ended December 31, 2024, a 2.8% decrease. Products and services margins for the three months ended December 31, 2025 increased by 4.5% to 16.0%, compared to 11.5% for the same prior year period. Margin was positively impacted by a higher mix of hardware charging stations sales and a lower mix of engineering services.

During the fourth quarter of 2025, we determined that certain 125 kW V2G DC Chargers held in inventory and purchased from our former third party supplier were not conforming to our commercial product reliability standards and they would no longer be offered for sale domestically. Given the commercial reliability issues with those DC chargers, we recognized a total inventory impairment charge of $3.47 million, reducing the carrying value of those inventories to zero. The inventory impairment loss is presented as a separate line item in the consolidated statements of operations due to its significance.

Selling, general and administrative expenses consist of selling, marketing, payroll, administrative, finance, and professional expenses. Selling, general and administrative expenses were $3.0 million for the three months ended December 31, 2025, as compared to $5.1 million for the three months ended December 31, 2024, a decrease of $2.1 million, or 40.9%. The decrease during the three months ended December 31, 2025 was primarily attributable to decreases in compensation expenses of $1.7 million, including share-based compensation, decrease in public company related expenses of $0.6 million, decrease in travel-related expenses of $0.2 million, decrease in office related expenses of $0.2 million, decrease in information technology related expenses of $0.1 million, partially offset by increase in insurance related expenses of $0.4 million, and increase in legal expenses of $0.3 million.

Research and development expenses increased by $0.1 million, or 12.1%, from $0.8 million for the three months ended December 31, 2024 to $0.7 million for the three months ended December 31, 2025. The increases during the three months ended December 31, 2025 were primarily attributable to increases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with vehicles and stationary batteries.

Other income, net consists primarily of interest expense, change in fair value of convertible notes, change in fair value of warrants liability, sublease income and other income (expense). Other income (expense) was $0.38 million in other income for the three months ended December 31, 2025, compared to $0.52 million of other income for the three months ended December 31, 2024, a decrease of $0.14 million of income. The decrease during the three months ended December 31, 2025 was primarily attributable to the change in fair values of the convertible notes and warrants liability, partially offset by increases in sublease income related to the subleasing of part of our main office space, and interest expense on debt obligations.

Net loss was $6.3 million for the three months ended December 31, 2025, compared to $5.1 million for the three months ended December 31, 2024, an increase of $1.2 million or 23.7%. The increase in net loss was primarily due to a increase in operating expenses of $1.2 million, partially offset by decrease in other income, net of $0.1 million and increase in revenue of $0.16 million.

Net Loss Attributable to Non-Controlling Interest

Net loss attributable to non-controlling interest was $0.23 million and $0.03 million for the three months ended December 31, 2025 and 2024, respectively.

Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in the entities.

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 fourth quarter increased 7.2% over the third quarter of 2025, to 28.3 megawatts from 26.4 megawatts, and a 7.8% decrease compared to the fourth quarter of 2024. 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 had managed for several years, given that 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.

Conference Call Details

Nuvve will hold a conference call to review its financial results for the fourth quarter of 2025, along with other company developments at 5:00 PM Eastern Time (2:00 PM PT) today, Tuesday, March 31, 2026.

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 a global leader in the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the 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

CONSOLIDATED BALANCE SHEETS

(Unaudited)

December 31, 2025

December 31, 2024

Assets

Current Assets

Cash

$

5,467,250

$

371,497

Restricted cash

320,000

320,000

Accounts receivable, net

1,094,651

2,148,198

Inventories

800,819

4,591,902

Prepaid expenses

883,301

494,986

Deferred costs

709,286

417,290

Due from related party

574,503

Other current assets

1,184,704

931,244

Total Current Assets

11,034,514

9,275,117

Property and equipment, net

618,444

613,958

Intangible assets, net

1,065,705

1,062,766

Goodwill

96,000

Investment in equity securities

670,951

Investment in leases

98,321

101,415

Right-of-use operating lease assets

3,779,757

4,493,360

Deferred costs - noncurrent

594,558

564,558

Security deposit, long-term

105,782

15,687

Total Assets

$

17,393,081

$

16,797,812

Liabilities and Equity

Current Liabilities

Accounts payable

$

3,406,969

$

1,882,357

Accrued expenses

1,842,722

3,393,205

Deferred revenue - current

1,022,453

506,496

Debt -term loan

1,609,928

Due to related party - promissory notes - current

1,113,564

562,241

Convertible notes - current

616,179

2,475,162

Operating lease liabilities - current

860,130

914,800

Other liabilities

2,340

6,969

Customer deposits

918,631

Total Current Liabilities

9,782,988

11,351,158

Operating lease liabilities - noncurrent

3,558,659

4,254,173

Deferred revenue - noncurrent

874,779

771,747

Due to related party - promissory notes - noncurrent

840,500

Warrants/investment rights liability

474,023

699,087

Other long-term liabilities

172,089

170,794

Total Liabilities

14,862,538

18,087,459

Commitments and Contingencies

Mezzanine equity

Series A Convertible Preferred stock, $0.0001 par value, 35,000 shares authorized, 6,000 issued and outstanding at December 31, 2025, and zero shares issued and outstanding at December 31, 2024; aggregate liquidation preference of $6,000,000 and $0 at December 31, 2025 and December 31, 2024, respectively

4,958,840

Stockholders’ Equity

Preferred Class A units, zero par value, 4,900,000 shares authorized; 4,900,000 units issued and outstanding at December 31, 2025, and zero units issued and outstanding at December 31, 2024, respectively

166,698

Series 3 J-Kiss units, zero par value, 100,000,000 shares authorized; 10,090 units issued and outstanding at December 31, 2025, and zero units issued and outstanding at December 31, 2024, respectively

615,960

Class B units, zero par value, 2,500,000 units authorized; 300,000 units issued and outstanding at December 31, 2025, and zero units issued and outstanding at December 31, 2024, respectively

300,000

Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

Common stock, $0.0001 par value, 400,000,000 shares authorized; 2,069,882 shares issued and 2,069,840 shares outstanding at December 31, 2025; 22,624 shares issued and 22,582 shares outstanding at December 31, 2024.

11,758

6,408

Treasury stock, at cost, 42 shares outstanding at December 31, 2025; 42 shares outstanding at December 31, 2024.

Additional paid-in capital

193,616,119

164,285,336

Accumulated other comprehensive income

38,041

46,494

Accumulated deficit

(196,421,627

)

(165,599,076

)

Nuvve common stockholders’ deficit

(1,673,051

)

(1,260,838

)

Non-controlling interests

(755,246

)

(28,809

)

Total Nuvve stockholders’ deficit

(2,428,297

)

(1,289,647

)

Total mezzanine equity

4,958,840

Total Liabilities, Nuvve stockholders' deficit and mezzanine equity

$

17,393,081

$

16,797,812

NUVVE HOLDING CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended December 31,

Years Ended December 31,

2025

2024

2025

2024

Revenue

Products

$

1,391,133

$

1,179,078

$

3,046,150

$

2,568,573

Services

349,317

520,742

1,188,581

2,307,679

Grants

209,411

86,255

559,211

409,977

Total revenue

1,949,861

1,786,075

4,793,942

5,286,229

Operating expenses

Cost of products

1,141,168

1,121,542

2,418,237

2,124,506

Cost of services

320,823

382,769

503,039

1,410,051

Inventory impairment loss

3,469,895

3,469,895

Selling, general, and administrative

3,028,635

5,126,547

26,752,318

17,671,110

Research and development

674,310

767,558

3,830,533

4,540,993

Total operating expenses

8,634,831

7,398,416

36,974,022

25,746,660

Operating loss

(6,684,970

)

(5,612,341

)

(32,180,080

)

(20,460,431

)

Other income

Interest expense, net

(235,465

)

(544,653

)

(1,955,781

)

(767,373

)

Change in fair value of convertible notes

(79,912

)

444,656

(140,575

)

444,656

Change in fair value of warrants/investment rights liability

266,601

1,019,946

940,500

3,662,370

Change in fair value of derivative liability

(3,626

)

Other, net

425,036

(404,825

)

1,785,948

(300,408

)

Total other (expense) income, net

376,260

515,124

630,092

3,035,619

Loss before taxes

(6,308,710

)

(5,097,217

)

(31,549,988

)

(17,424,812

)

Income tax (benefit) expense

(1,000

)

1,600

(1,000

)

1,600

Net loss

$

(6,307,710

)

$

(5,098,817

)

$

(31,548,988

)

$

(17,426,412

)

Less: Net loss attributable to non-controlling interests

(231,308

)

(28,809

)

(726,437

)

(28,809

)

Net loss attributable to Nuvve Holding Corp.

$

(6,076,402

)

$

(5,070,008

)

$

(30,822,551

)

$

(17,397,603

)

Net loss attributable to Nuvve Holding Corp. common stockholders

$

(6,076,402

)

$

(5,070,008

)

$

(30,822,551

)

$

(17,397,603

)

Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted

$

(6.38

)

$

(230.16

)

$

(75.65

)

$

(1,076.70

)

Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted

952,168

22,029

407,435

16,158

NUVVE HOLDING CORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

Three Months Ended December 31,

Years Ended December 31,

2025

2024

2025

2024

Net income (loss)

$

(6,307,710

)

$

(5,098,817

)

$

(31,548,988

)

$

(17,426,412

)

Other comprehensive (loss) income, net of taxes

Foreign currency translation adjustments, net of taxes

(2,447

)

(27,652

)

(8,453

)

(47,182

)

Total Comprehensive income (loss)

$

(6,310,157

)

$

(5,126,469

)

$

(31,557,441

)

$

(17,473,594

)

Less: Comprehensive income (loss) attributable to non-controlling interests, net taxes

(231,308

)

(28,809

)

(726,437

)

(28,809

)

Comprehensive income (loss) attributable to Nuvve Holding Corp.

$

(6,078,849

)

$

(5,097,660

)

$

(30,831,004

)

$

(17,444,785

)

Comprehensive income (loss) attributable to Nuvve Holding Corp. common stockholders

$

(6,078,849

)

$

(5,097,660

)

$

(30,831,004

)

$

(17,444,785

)

NUVVE HOLDING CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Years Ended December 31,

2025

2024

Operating activities

Net loss

$

(31,548,988

)

$

(17,426,412

)

Adjustments to reconcile to net loss to net cash used in operating activities

Depreciation and amortization

329,500

337,971

Share-based compensation

2,432,132

2,620,127

Inventory impairment loss

3,469,895

Change in fair value of warrants liability

(940,500

)

(3,263,697

)

Change in fair value of convertible notes

140,575

(444,656

)

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

Gains from the sale of equity investment interest

(244,214

)

Amortization of discount on debt and promissory notes

162,312

87,222

Noncash lease expense

721,870

357,118

Change in operating assets and liabilities

Accounts receivable

63,442

(148,299

)

Inventory

321,188

1,297,551

Prepaid expenses and other assets

(1,190,901

)

1,506,991

Accounts payable

1,524,612

196,413

Advance deposit from customer

918,631

Accrued expenses and other liabilities

(2,592,869

)

(1,422,380

)

Deferred revenue

622,083

259,026

Net cash used in operating activities

(16,627,127

)

(15,734,334

)

Investing activities

Cash used in acquisition

(340,200

)

Purchase of property and equipment

(57,099

)

(45,395

)

Proceeds from sale of equity investment interest

915,165

Net cash provided by (used in) investing activities

517,866

(45,395

)

Financing activities

Proceeds from debt and promissory notes obligations, net of issuance costs

9,422,198

6,470,500

Repayment of debt and promissory notes obligations

(3,323,948

)

(654,655

)

Payment of finance lease obligations

(8,267

)

(10,074

)

Proceeds from issuance of Class B units

300,000

Proceeds from exercise of warrants

4,296,407

155,060

Proceeds from convertible series A preferred, net of offering costs

4,958,840

Proceeds from common stock offering, including pre-funded warrants, net of offering costs

5,509,874

8,502,086

Proceeds from issuance of series 3 J-Kiss units

41,457

Net cash provided by financing activities

21,196,561

14,462,917

Effect of exchange rate on cash

8,453

(6,351

)

Net decrease in cash and restricted cash

5,095,753

(1,323,163

)

Cash and restricted cash at beginning of year

691,497

2,014,660

Cash and restricted cash at end of year

$

5,787,250

$

691,497

Supplemental Disclosure of cash information:

Cash paid for interest

$

1,654,799

$

563,345

Cash paid for income taxes

$

1,600

$

1,600

Supplemental Disclosure of Noncash Investing and Financing Activities:

Conversion of Notes and accrued interest to common shares

$

8,903,712

$

Payment of Promissory with Receivable

$

283,578

$

Issuance of preferred class A units for acquisition

$

166,698

$

Issuance of common shares in exchange for payment of promissory note

$

277,786

$

Issuance of Series 3 J-Kiss units in exchange for loan receivable

$

574,503

$