Nuvve Holding Corp Financials
Nuvve Holding Corp (NVVE) reported $4.8M in revenue for fiscal year 2025, down 9.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Nuvve’s asset-light model still relies on external financing because revenue remains far below its operating cost base.
Operating cash flow nearly matched free cash flow at-$16.6M versus-$16.7M in FY2025, confirming that almost all cash use was operational rather than capex-driven. The cash balance rose to$5.5M only because financing brought in$21.2M , so the firmer liquidity position was externally supplied rather than earned.
FY2025 revenue of
A drop in inventory intensity from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nuvve Holding Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nuvve Holding Corp scores -21.52, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.2M) relative to total liabilities ($19.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nuvve Holding Corp passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Nuvve Holding Corp reported a net loss of $30.8M while operations used $16.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Nuvve Holding Corp generated $4.8M in revenue in fiscal year 2025. This represents a decrease of 9.3% from the prior year.
Nuvve Holding Corp's EBITDA was -$32.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 57.7% from the prior year.
Nuvve Holding Corp reported -$30.8M in net income in fiscal year 2025. This represents a decrease of 77.2% from the prior year.
Nuvve Holding Corp earned -$75.65 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Nuvve Holding Corp recorded an outflow of $16.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 5.8% from the prior year.
Nuvve Holding Corp held $5.5M in cash against $0 in long-term debt as of fiscal year 2025, with $9.8M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Nuvve Holding Corp invested $3.8M in research and development in fiscal year 2025. This represents a decrease of 15.6% from the prior year.
Nuvve Holding Corp invested $57K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 25.8% from the prior year.
Not reported for fiscal year 2025.
NVVE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $6.1M | $4.8M-9.3% | $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 | N/A | N/A | $4.2M+109.6% | $2.0M+284.2% | $521K |
| Gross Profit | N/A | N/A | N/A | N/A | $1.2M-46.2% | $2.2M-40.7% | $3.7M |
| R&D Expenses | $4.4M | $3.8M-15.6% | $4.5M-48.2% | $8.8M+9.8% | $8.0M+22.3% | $6.5M+125.8% | $2.9M |
| SG&A Expenses | $19.2M | $26.8M+51.4% | $17.7M-28.4% | $24.7M-18.0% | $30.1M+31.5% | $22.9M+317.3% | $5.5M |
| Operating Income | -$25.1M | -$32.2M-57.1% | -$20.5M+36.1% | -$32.1M+13.0% | -$36.9M-35.5% | -$27.2M-481.0% | -$4.7M |
| Interest Expense | N/A | N/A | N/A | $108K-19.6% | $135K+123.0% | -$585K-86.6% | -$314K |
| Income Tax | -$1K | -$1K-162.5% | $2K0.0% | $2K+100.0% | $800-20.0% | $1K0.0% | $1K |
| Net Income | -$22.7M | -$30.8M-77.2% | -$17.4M+44.4% | -$31.3M-30.3% | -$24.0M+66.9% | -$72.5M-1383.7% | -$4.9M |
| EPS (Diluted) | — | -$75.65 | -$1076.70 | -$403.57 | -$47.55 | -$4.37 | -$0.55 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NVVE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $17.4M+3.5% | $16.8M-19.8% | $21.0M-49.1% | $41.2M-22.1% | $52.9M+639.5% | $7.2M |
| Current Assets | $11.0M+19.0% | $9.3M-25.9% | $12.5M-60.7% | $31.8M-31.9% | $46.8M+881.6% | $4.8M |
| Cash & Equivalents | $5.5M+1371.7% | $371K-75.8% | $1.5M-90.3% | $15.8M-51.3% | $32.4M+1321.9% | $2.3M |
| Inventory | $801K-82.6% | $4.6M-22.0% | $5.9M-49.0% | $11.6M+3.9% | $11.1M+956.4% | $1.1M |
| Accounts Receivable | $1.1M-49.0% | $2.1M+24.5% | $1.7M+58.2% | $1.1M-42.2% | $1.9M+88.7% | $1000K |
| Goodwill | $96K | $0 | $0 | N/A | N/A | N/A |
| Total Liabilities | $19.1M+5.4% | $18.1M+29.6% | $14.0M0.0% | $14.0M-39.3% | $23.0M+186.2% | $8.0M |
| Current Liabilities | $9.8M-13.8% | $11.4M+42.2% | $8.0M+1.1% | $7.9M-16.7% | $9.5M+18.0% | $8.0M |
| Long-Term Debt | $0-100.0% | $841K | $0 | N/A | $0-100.0% | $4.5M |
| Total Equity | -$1.7M-32.7% | -$1.3M-116.9% | $7.5M-72.5% | $27.2M-7.9% | $29.5M+3447.4% | -$882K |
| Retained Earnings | -$196.4M-18.6% | -$165.6M-11.7% | -$148.2M-26.7% | -$117.0M-25.8% | -$92.9M-354.3% | -$20.5M |
NVVE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.7M | -$16.6M-5.7% | -$15.7M+26.3% | -$21.3M+37.5% | -$34.1M-216.8% | $29.2M+1041.9% | -$3.1M |
| Capital Expenditures | $298K | $57K+25.8% | $45K-75.9% | $188K-57.0% | $438K+60.4% | $273K+1113.7% | $23K |
| Free Cash Flow | -$19.0M | -$16.7M-5.8% | -$15.7M+26.7% | -$21.5M+37.8% | -$34.5M-219.4% | $28.9M+1026.4% | -$3.1M |
| Investing Cash Flow | $617K | $518K+1240.8% | -$45K-104.0% | $1.1M+179.0% | -$1.4M-441.7% | -$265K-1079.7% | -$23K |
| Financing Cash Flow | $17.0M | $21.2M+46.6% | $14.5M+146.7% | $5.9M-69.2% | $19.1M-68.1% | $59.7M+1039.7% | $5.2M |
| Share Buybacks | N/A | N/A | N/A | N/A | $0-100.0% | $6.0M | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NVVE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | 21.9%-30.3pp | 52.2%-35.4pp | 87.6% |
| Operating Margin | -671.7% | -387.8% | -385.3% | -686.7% | -649.8% | -111.3% |
| Net Margin | -643.0% | -329.1% | -375.5% | -447.0% | -1729.5% | -116.0% |
| Return on Equity | N/A | N/A | -418.5%-330.2pp | -88.3%+157.3pp | -245.6% | N/A |
| Return on Assets | -177.2%-73.6pp | -103.6%+45.8pp | -149.3%-91.0pp | -58.3%+78.7pp | -137.0%-68.7pp | -68.3% |
| Current Ratio | 1.13+0.3x | 0.82-0.8x | 1.57-2.5x | 4.03-0.9x | 4.93+4.3x | 0.59 |
| Debt-to-Equity | N/A | N/A | 0.00-0.5x | 0.51+0.5x | 0.00 | N/A |
| FCF Margin | -347.5% | -297.9% | -257.9% | -642.8% | 690.3% | -74.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$1.7M), 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.
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Where Nuvve Holding Corp Ranks
Frequently Asked Questions
What is Nuvve Holding Corp's annual revenue?
Nuvve Holding Corp (NVVE) reported $4.8M in total revenue for fiscal year 2025. This represents a -9.3% 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 9.3% year-over-year, from $5.3M to $4.8M in fiscal year 2025.
Is Nuvve Holding Corp profitable?
No, Nuvve Holding Corp (NVVE) reported a net income of -$30.8M in fiscal year 2025.
What is Nuvve Holding Corp's EBITDA?
Nuvve Holding Corp (NVVE) had EBITDA of -$32.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nuvve Holding Corp have?
As of fiscal year 2025, Nuvve Holding Corp (NVVE) had $5.5M in cash and equivalents against $0 in long-term debt.
What is Nuvve Holding Corp's free cash flow?
Nuvve Holding Corp (NVVE) recorded an outflow of $16.7M in free cash flow during fiscal year 2025. This represents a -5.8% 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) recorded an outflow of $16.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nuvve Holding Corp's total assets?
Nuvve Holding Corp (NVVE) had $17.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nuvve Holding Corp's capital expenditures?
Nuvve Holding Corp (NVVE) invested $57K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nuvve Holding Corp spend on research and development?
Nuvve Holding Corp (NVVE) invested $3.8M in research and development during fiscal year 2025.
What is Nuvve Holding Corp's current ratio?
Nuvve Holding Corp (NVVE) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.
What is Nuvve Holding Corp's return on assets (ROA)?
Nuvve Holding Corp (NVVE) had a return on assets of -177.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nuvve Holding Corp's cash runway?
Based on fiscal year 2025 data, Nuvve Holding Corp (NVVE) had $5.5M in cash against an annual operating cash burn of $16.6M. This gives an estimated cash runway of approximately 4 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 not reported?
Nuvve Holding Corp (NVVE) has negative shareholder equity of -$1.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Nuvve Holding Corp (NVVE) has an Altman Z-Score of -21.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nuvve Holding Corp's Piotroski F-Score?
Nuvve Holding Corp (NVVE) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $30.8M while operations used $16.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.