Nuvve Provides Fourth Quarter and Full Year 2025 Financial Update

Key Terms

vehicle-to-grid (v2g) technical

Vehicle-to-grid (V2G) is a technology that lets electric vehicles send stored battery power back to the electrical grid as well as draw power from it, turning each car into a small, reversible power source. For investors, V2G can create new revenue streams for vehicle owners and utilities, reduce peak power costs, and increase demand for compatible chargers and software—similar to how homeowners earn money by renting out spare space, it monetizes otherwise idle batteries.

preferred stock financial

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

warrants financial

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

inventory impairment financial

Inventory impairment is an accounting adjustment that reduces the recorded value of unsold goods when their market worth falls below what the company paid for them, like marking down spoiled food or outdated electronics on a store shelf. It matters to investors because it lowers reported profits and asset values, signals possible demand, production or pricing problems, and can foreshadow future cash flow pressures.

convertible notes financial

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

warrants liability financial

Warrants liability is an accounting label for warrants when they are treated as a company obligation rather than equity. Think of a warrant like a coupon that might force the company to hand over cash or change the amount of stock depending on future events; when those outcomes aren’t fixed, accountants put it on the liabilities side of the balance sheet. For investors this matters because it can increase a company’s reported debt, affect future cash needs, and change potential share dilution and valuation.

megawatts under management technical

The total generation capacity, measured in megawatts (MW), of power plants or renewable energy assets that a company operates, maintains, or manages on behalf of owners. Investors use this number like a store’s square footage: it signals the scale of a firm’s business, potential revenue and cash flow from electricity production, and how much growth or operational risk the company carries as it expands or contracts its portfolio.

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Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)

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

• We raised $8.1 million in gross proceeds through a private preferred stock offering, warrants exercises and debt obligations during the fourth quarter of 2025 to support our operations and growth initiatives
• Total revenues were $1.9 million for the fourth quarter of 2025 compared to $1.8 million for the fourth quarter 2024
• Gross profit margins were 24.2% for the fourth quarter of 2025 compared to 15.8% for the fourth quarter 2024
• Cash operating losses were $1.5 million in the fourth quarter 2025 compared to $4.9 million the fourth quarter 2024
• Reduced operating expenses excluding cost of sales and inventory impairment by $2.2 million in the fourth quarter of 2025 to $3.7 million compared to $5.9 million in the fourth quarter of 2024
• We had $5.5 million in cash and cash equivalents as of December 31, 2025 compared to $0.4 million at December 31, 2024.

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			$	—

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331384214/en/

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

Nuvve Press Contacts
press@nuvve.com
+1 (619) 483-3448

Source: Nuvve Holding Corp.