Nuvve Holding Corp Financials

NVVE

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 3/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Nuvve Holding Corp has an operating margin of -387.8%, meaning the company retains $-388 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -385.3% the prior year.

Growth

Nuvve Holding Corp's revenue declined 36.6% year-over-year, from $8.3M to $5.3M. This contraction results in a growth score of 0/100.

Liquidity

Nuvve Holding Corp's current ratio of 0.82 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.

Cash Flow

While Nuvve Holding Corp generated -$15.7M in operating cash flow, capex of $45K consumed most of it, leaving -$15.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Nuvve Holding Corp passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.90x

For every $1 of reported earnings, Nuvve Holding Corp generates $0.90 in operating cash flow (-$15.7M OCF vs -$17.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Nuvve Holding Corp (NVVE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$5.3M

YoY-36.6%

Nuvve Holding Corp generated $5.3M in revenue in fiscal year 2024. This represents a decrease of 36.6% from the prior year.

EBITDA

-$20.3M

YoY+36.3%

Nuvve Holding Corp's EBITDA was -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.3% from the prior year.

Free Cash Flow

-$15.7M

YoY+26.7%

Nuvve Holding Corp generated -$15.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 26.7% from the prior year.

Net Income

-$17.4M

YoY+44.4%

Nuvve Holding Corp reported -$17.4M in net income in fiscal year 2024. This represents an increase of 44.4% from the prior year.

EPS (Diluted)

$-26.92

Nuvve Holding Corp earned $-26.92 per diluted share (EPS) in fiscal year 2024. This represents an increase of 93.3% from the prior year.

Cash & Debt

$371K

YoY-75.8%

Nuvve Holding Corp held $371K in cash against $841K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

904,949

Nuvve Holding Corp had 904,949 shares outstanding in fiscal year 2024. This represents an increase of 625.9% from the prior year.

Gross Margin

N/A

Operating Margin

-387.8%

YoY-2.6pp

Nuvve Holding Corp's operating margin was -387.8% in fiscal year 2024, reflecting core business profitability. This is down 2.6 percentage points from the prior year.

Net Margin

-329.1%

YoY+46.3pp

Nuvve Holding Corp's net profit margin was -329.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 46.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$4.5M

YoY-48.2%

Nuvve Holding Corp invested $4.5M in research and development in fiscal year 2024. This represents a decrease of 48.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$45K

YoY-75.9%

Nuvve Holding Corp invested $45K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 75.9% from the prior year.

NVVE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$5.3M-36.6%	$8.3M+55.1%	$5.4M+28.2%	$4.2M-0.4%	$4.2M
Cost of Revenue	N/A	N/A	$4.2M+109.6%	$2.0M+284.2%	$521K
Gross Profit	N/A	N/A	$1.2M-46.2%	$2.2M-40.7%	$3.7M
R&D Expenses	$4.5M-48.2%	$8.8M+9.8%	$8.0M+22.3%	$6.5M+125.8%	$2.9M
SG&A Expenses	$17.7M-28.4%	$24.7M-18.0%	$30.1M+31.5%	$22.9M+317.3%	$5.5M
Operating Income	-$20.5M+36.1%	-$32.1M+13.0%	-$36.9M-35.5%	-$27.2M-481.0%	-$4.7M
Interest Expense	N/A	$108K-19.6%	$135K+123.0%	-$585K-86.6%	-$314K
Income Tax	$2K0.0%	$2K+100.0%	$800-20.0%	$1K0.0%	$1K
Net Income	-$17.4M+44.4%	-$31.3M-30.3%	-$24.0M+66.9%	-$72.5M-1383.7%	-$4.9M
EPS (Diluted)	$-26.92	$-403.57	$-47.55	$-4.37-694.5%	$-0.55

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.6M+380.1%	$333K-64.4%	$934K-47.7%	$1.8M+122.7%	$802K+2.9%	$780K-52.6%	$1.6M-39.4%	$2.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.2M+7.9%	$1.1M+23.7%	$884K+15.1%	$768K-47.9%	$1.5M-7.3%	$1.6M-19.8%	$2.0M-13.6%	$2.3M
SG&A Expenses	$4.8M-65.7%	$13.9M+174.0%	$5.1M-1.0%	$5.1M+14.2%	$4.5M-24.3%	$5.9M-0.3%	$5.9M-8.3%	$6.5M
Operating Income	-$5.1M+65.5%	-$14.8M-164.9%	-$5.6M+1.2%	-$5.7M+1.9%	-$5.8M+20.5%	-$7.2M+2.6%	-$7.4M+12.1%	-$8.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$9K+201.6%	$3K-81.6%	$16K
Income Tax	$0	$0	$0-100.0%	$2K	$0	$0-100.0%	$2K	$0
Net Income	-$4.5M+66.3%	-$13.4M-94.7%	-$6.9M-34.9%	-$5.1M-29.3%	-$3.9M+41.3%	-$6.7M+7.8%	-$7.3M+12.7%	-$8.3M
EPS (Diluted)	$-0.24+88.7%	$-2.12	$-3.88	$-0.86	$-6.70+60.3%	$-16.89	$-368.21	$-10.66

NVVE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$16.8M-19.8%	$21.0M-49.1%	$41.2M-22.1%	$52.9M+639.5%	$7.2M
Current Assets	$9.3M-25.9%	$12.5M-60.7%	$31.8M-31.9%	$46.8M+881.6%	$4.8M
Cash & Equivalents	$371K-75.8%	$1.5M-90.3%	$15.8M-51.3%	$32.4M+1321.9%	$2.3M
Inventory	$4.6M-22.0%	$5.9M-49.0%	$11.6M+3.9%	$11.1M+956.4%	$1.1M
Accounts Receivable	$2.1M+24.5%	$1.7M+58.2%	$1.1M-42.2%	$1.9M+88.7%	$1000K
Goodwill	$0	$0	N/A	N/A	N/A
Total Liabilities	$18.1M+29.6%	$14.0M0.0%	$14.0M-39.3%	$23.0M+186.2%	$8.0M
Current Liabilities	$11.4M+42.2%	$8.0M+1.1%	$7.9M-16.7%	$9.5M+18.0%	$8.0M
Long-Term Debt	$841K	$0	N/A	$0-100.0%	$4.5M
Total Equity	-$1.3M-116.9%	$7.5M-72.5%	$27.2M-7.9%	$29.5M+3447.4%	-$882K
Retained Earnings	-$165.6M-11.7%	-$148.2M-26.7%	-$117.0M-25.8%	-$92.9M-354.3%	-$20.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$16.8M-1.4%	$17.0M+3.1%	$16.5M-1.9%	$16.8M-9.3%	$18.5M-21.3%	$23.5M+12.3%	$21.0M-39.2%	$34.5M
Current Assets	$9.6M+8.8%	$8.8M-3.5%	$9.1M-1.9%	$9.3M-17.8%	$11.3M-29.9%	$16.1M+28.5%	$12.5M-52.7%	$26.5M
Cash & Equivalents	$939K-46.8%	$1.8M+48.6%	$1.2M+220.2%	$371K-74.0%	$1.4M-72.9%	$5.3M+244.2%	$1.5M-88.9%	$13.9M
Inventory	$4.3M-0.3%	$4.3M+2.9%	$4.1M-9.7%	$4.6M-24.0%	$6.0M-0.6%	$6.1M+3.3%	$5.9M-13.8%	$6.8M
Accounts Receivable	$1.1M+217.5%	$349K-76.5%	$1.5M-30.8%	$2.1M+316.2%	$516K-59.7%	$1.3M-25.7%	$1.7M-35.4%	$2.7M
Goodwill	$96K-86.4%	$704K	N/A	$0	N/A	N/A	$0	N/A
Total Liabilities	$18.7M-5.8%	$19.8M+0.5%	$19.7M+9.0%	$18.1M+14.5%	$15.8M-9.5%	$17.5M+25.0%	$14.0M-40.9%	$23.6M
Current Liabilities	$12.9M-2.6%	$13.3M+7.5%	$12.4M+8.8%	$11.4M+30.2%	$8.7M-0.7%	$8.8M+10.0%	$8.0M-55.4%	$17.9M
Long-Term Debt	$841K-42.5%	$1.5M-8.6%	$1.6M+90.3%	$841K	N/A	N/A	$0	N/A
Total Equity	-$1.4M+46.0%	-$2.6M+18.8%	-$3.2M-154.4%	-$1.3M-137.9%	$3.3M-49.7%	$6.6M-11.4%	$7.5M-33.6%	$11.3M
Retained Earnings	-$190.4M-2.4%	-$185.9M-7.8%	-$172.5M-4.2%	-$165.6M-4.2%	-$158.9M-2.5%	-$155.0M-4.5%	-$148.2M-5.2%	-$141.0M

NVVE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$15.7M+26.3%	-$21.3M+37.5%	-$34.1M-216.8%	$29.2M+1041.9%	-$3.1M
Capital Expenditures	$45K-75.9%	$188K-57.0%	$438K+60.4%	$273K+1113.7%	$23K
Free Cash Flow	-$15.7M+26.7%	-$21.5M+37.8%	-$34.5M-219.4%	$28.9M+1026.4%	-$3.1M
Investing Cash Flow	-$45K-104.0%	$1.1M+179.0%	-$1.4M-441.7%	-$265K-1079.7%	-$23K
Financing Cash Flow	$14.5M+146.7%	$5.9M-69.2%	$19.1M-68.1%	$59.7M+1039.7%	$5.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0-100.0%	$6.0M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$5.1M+7.2%	-$5.5M-202.2%	-$1.8M+47.7%	-$3.5M+13.8%	-$4.0M+15.1%	-$4.7M+68.7%	-$15.1M-630.2%	$2.8M
Capital Expenditures	$3K-93.0%	$42K+241.0%	$12K+233.0%	-$9K-175.7%	$12K-70.2%	$41K+457.5%	-$11K-111.7%	$98K
Free Cash Flow	-$5.1M+7.8%	-$5.5M-202.4%	-$1.8M+47.5%	-$3.5M+13.9%	-$4.0M+15.6%	-$4.8M+68.5%	-$15.1M-649.5%	$2.7M
Investing Cash Flow	-$3K+99.2%	-$382K-3010.5%	-$12K-233.0%	$9K+175.7%	-$12K+70.2%	-$41K-457.5%	$11K+111.7%	-$98K
Financing Cash Flow	$4.3M-32.7%	$6.4M+143.9%	$2.6M-22.4%	$3.4M+1881.9%	$170K-98.0%	$8.5M+222.9%	$2.6M+2483.0%	$102K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVVE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	21.9%-30.3pp	52.2%-35.4pp	87.6%
Operating Margin	-387.8%-2.6pp	-385.3%+301.5pp	-686.7%-36.9pp	-649.8%-538.5pp	-111.3%
Net Margin	-329.1%+46.3pp	-375.5%+71.5pp	-447.0%+1282.5pp	-1729.5%-1613.4pp	-116.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-103.6%+45.8pp	-149.3%-91.0pp	-58.3%+78.7pp	-137.0%-68.7pp	-68.3%
Current Ratio	0.82-0.8	1.57-2.5	4.03-0.9	4.93+4.3	0.59
Debt-to-Equity	-0.67-0.7	0.00-0.5	0.51+0.5	0.00+5.1	-5.09
FCF Margin	-297.9%-40.0pp	-257.9%+384.9pp	-642.8%-1333.0pp	690.3%+764.4pp	-74.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-319.7%+4124.0pp	-4443.8%-3845.8pp	-597.9%-281.5pp	-316.4%+402.1pp	-718.5%+210.9pp	-929.4%-476.9pp	-452.6%-140.6pp	-312.0%
Net Margin	-281.9%+3735.8pp	-4017.8%-3282.2pp	-735.6%-450.4pp	-285.2%+205.8pp	-491.0%+370.1pp	-861.1%-418.2pp	-442.9%-135.3pp	-307.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-26.9%+51.8pp	-78.7%-37.0pp	-41.7%-11.4pp	-30.3%-9.1pp	-21.3%+7.3pp	-28.5%+6.2pp	-34.8%-10.6pp	-24.2%
Current Ratio	0.74+0.1	0.66-0.1	0.74-0.1	0.82-0.5	1.30-0.5	1.83+0.3	1.57+0.1	1.48
Debt-to-Equity	-0.60-0.0	-0.56-0.1	-0.50+0.2	-0.67-5.4	4.74+2.1	2.64+2.6	0.00-2.1	2.10
FCF Margin	-317.6%+1336.4pp	-1653.9%-1459.0pp	-194.9%-0.8pp	-194.1%+307.6pp	-501.7%+109.5pp	-611.2%+307.7pp	-918.8%-1020.2pp	101.4%

Note: Shareholder equity is negative (-$1.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.82), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Nuvve Holding Corp's annual revenue?

Nuvve Holding Corp (NVVE) reported $5.3M in total revenue for fiscal year 2024. This represents a -36.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nuvve Holding Corp's revenue growing?

Nuvve Holding Corp (NVVE) revenue declined by 36.6% year-over-year, from $8.3M to $5.3M in fiscal year 2024.

Is Nuvve Holding Corp profitable?

No, Nuvve Holding Corp (NVVE) reported a net income of -$17.4M in fiscal year 2024, with a net profit margin of -329.1%.

What is Nuvve Holding Corp's earnings per share (EPS)?

Nuvve Holding Corp (NVVE) reported diluted earnings per share of $-26.92 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Nuvve Holding Corp's EBITDA?

Nuvve Holding Corp (NVVE) had EBITDA of -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nuvve Holding Corp have?

As of fiscal year 2024, Nuvve Holding Corp (NVVE) had $371K in cash and equivalents against $841K in long-term debt.

What is Nuvve Holding Corp's operating margin?

Nuvve Holding Corp (NVVE) had an operating margin of -387.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Nuvve Holding Corp's net profit margin?

Nuvve Holding Corp (NVVE) had a net profit margin of -329.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Nuvve Holding Corp's free cash flow?

Nuvve Holding Corp (NVVE) generated -$15.7M in free cash flow during fiscal year 2024. This represents a 26.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nuvve Holding Corp's operating cash flow?

Nuvve Holding Corp (NVVE) generated -$15.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Nuvve Holding Corp's total assets?

Nuvve Holding Corp (NVVE) had $16.8M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Nuvve Holding Corp's capital expenditures?

Nuvve Holding Corp (NVVE) invested $45K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Nuvve Holding Corp spend on research and development?

Nuvve Holding Corp (NVVE) invested $4.5M in research and development during fiscal year 2024.

How many shares does Nuvve Holding Corp have outstanding?

Nuvve Holding Corp (NVVE) had 904,949 shares outstanding as of fiscal year 2024.

What is Nuvve Holding Corp's current ratio?

Nuvve Holding Corp (NVVE) had a current ratio of 0.82 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Nuvve Holding Corp's debt-to-equity ratio?

Nuvve Holding Corp (NVVE) had a debt-to-equity ratio of -0.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nuvve Holding Corp's return on assets (ROA)?

Nuvve Holding Corp (NVVE) had a return on assets of -103.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Nuvve Holding Corp's cash runway?

Based on fiscal year 2024 data, Nuvve Holding Corp (NVVE) had $371K in cash against an annual operating cash burn of $15.7M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Nuvve Holding Corp's debt-to-equity ratio negative or unusual?

Nuvve Holding Corp (NVVE) has negative shareholder equity of -$1.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Nuvve Holding Corp's Piotroski F-Score?

Nuvve Holding Corp (NVVE) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nuvve Holding Corp's earnings high quality?

Nuvve Holding Corp (NVVE) has an earnings quality ratio of 0.90x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Nuvve Holding Corp?

Nuvve Holding Corp (NVVE) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.