Nuvve Announces Select Preliminary 2023 Financial Results; Reaffirms 2024 Revenue Outlook

Rhea-AI Summary

Nuvve Holding Corp. announces strong 2023 financial results and positive 2024 revenue outlook, with revenue exceeding $8 million in 2023 and expected to reach $15-20 million in 2024. The Company anticipates a decline in cash expenses and has strengthened its balance sheet through capital raising.

Financial Analyst

The preliminary financial results and revenue outlook for Nuvve Holding Corp. reflect the company's strategic focus on cost-saving measures and its ability to align with market expectations. The anticipated revenue exceeding $8 million for 2023, in line with prior guidance, suggests management's competence in achieving set targets. The projected increase to $15-$20 million for 2024 indicates optimism about the company's growth trajectory and market opportunities. The reduction in cash selling, general and administrative expenses from $27 million in 2023 to an estimated range of $18.5-$19.5 million in 2024 demonstrates effective cost control and operational efficiency.

Investors should note the company's improved cash position due to the recent capital raise and the potential additional cash from Series B Warrants. This enhanced liquidity is crucial for executing Nuvve's business strategy, particularly in a capital-intensive industry like electric vehicle (EV) infrastructure. The company's focus on vehicle-to-grid technology positions it in a niche market that is expected to grow with the increase in EV adoption, making its financial health a key factor for its ability to capitalize on this trend.

Market Research Analyst

The electric vehicle sector and associated technologies such as vehicle-to-grid systems are rapidly evolving. Nuvve's reaffirmation of its revenue outlook and its reported year-over-year improvement in orders and sales underscore the company's potential to leverage market expansion. The global shift towards sustainable energy and electrification of transportation presents a significant opportunity for companies like Nuvve that offer innovative solutions like the GIVe™ V2G software platform.

Strategic alliances and global expansion mentioned by CEO Gregory Poilasne are crucial for maintaining competitive advantage and market share in this high-growth industry. Investors should consider the implications of Nuvve's technology and intellectual property in the context of the broader industry trends, such as regulatory support for green energy, the rise of smart grid technologies and the increasing demand for energy-efficient EV charging solutions.

Energy Sector Analyst

Nuvve's vehicle-to-grid technology represents a convergence of the energy and automotive sectors, with implications for energy storage, grid stability and renewable energy integration. The company's GIVe™ platform enables EV batteries to store and discharge electricity, contributing to grid services. This technology is not only innovative but also aligns with global energy policies aimed at reducing carbon emissions.

The financial performance and strategic direction of Nuvve should be analyzed in the context of energy sector trends. The potential for V2G technology to support peak load management and renewable energy sources can create new revenue streams for the company. However, the technology's adoption depends on regulatory frameworks, the pace of smart grid development and the penetration of EVs in the market. These factors collectively influence the long-term viability and profitability of Nuvve's business model.

SAN DIEGO, Feb. 20, 2024 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today announced select preliminary 2023 financial results and reaffirmed the Company's 2024 revenue outlook.

Nuvve anticipates revenue for the full year ended December 31, 2023 will exceed $8 million, as planned, in line with its previously provided guidance.  As a result of cost savings measures implemented successfully in the second half of 2023, the Company anticipates full year 2023 cash selling, general and administrative expenses¹ of approximately $27 million.

Nuvve continues to expect revenue will further increase to a range of $15 million to $20 million for the full year ending December 31, 2024, assuming the continued market expansion being forecasted for the industry and Nuvve's ability to maintain its share of this market. The Company also anticipates a further decline in cash selling, general and administrative expenses¹ to a range of $18.5 million to $19.5 million for the full year ending December 31, 2024.

With Nuvve's cash on hand after the $9.6 million of capital raised through its underwritten offering announced on January 31, 2024, along with the additional cash that could be raised through the Series B Warrants issued through the same offering, the Company has strengthened its balance sheet with an improved cash position to execute its business strategy for the foreseeable future.

Gregory Poilasne, Chief Executive Officer of Nuvve, said, "As we closed out 2023, we saw substantial year-over-year improvement in orders, sales and deployments of charging stations connected to our GIVe™ V2G software platform, as well as grid service revenues. We continue to make advancements in our growth strategy, adding strategic alliances to our global expansions. We look forward to continuing our momentum in the coming year as we capitalize on strong interest in our technology and our IP as well as our integrated solution. We remain focused on driving enhanced stockholder value and are pleased to move ahead with a stronger balance sheet that provides a solid foundation to support our continued growth."

About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information, please visit nuvve.com. 

Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448

Nuvve Press Contacts

Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Aaron Palash / Carly King
212-355-4449

(W)right On Communications, Larry Smalheiser
lsmalheiser@wrightoncomm.com
+1 (925) 413-3137

Nuvve 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 the Company's expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new product launches, potential clinical successes, 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. 

¹ Cash selling, general and administrative expenses excludes stock compensation, depreciation and amortization

 

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SOURCE Nuvve Holding Corp.

What is Nuvve Holding Corp.'s ticker symbol?

Nuvve Holding Corp.'s ticker symbol is NVVE.

What were Nuvve Holding Corp.'s revenue for the full year ended December 31, 2023?

Nuvve Holding Corp.'s revenue for the full year ended December 31, 2023, exceeded $8 million.

What is Nuvve Holding Corp.'s revenue outlook for the full year ending December 31, 2024?

Nuvve Holding Corp. anticipates revenue will be in the range of $15 million to $20 million for the full year ending December 31, 2024.

How has Nuvve Holding Corp. strengthened its balance sheet?

Nuvve Holding Corp. strengthened its balance sheet through capital raising, including $9.6 million raised through an underwritten offering announced on January 31, 2024, and additional cash that could be raised through Series B Warrants.

Who is the Chief Executive Officer of Nuvve Holding Corp.?

Gregory Poilasne is the Chief Executive Officer of Nuvve Holding Corp.