Revenue Performance - Total revenue for Q3 2024 was $1.92 million, a decrease of 29% compared to $2.71 million in Q3 2023[214]. - Revenue from products dropped by 69% to $543,834 in Q3 2024, down from $1.77 million in Q3 2023[214]. - Revenue from services increased by 46% to $1.27 million in Q3 2024, compared to $866,477 in Q3 2023[214]. - Total revenue for Q3 2024 was $1.92 million, a decrease of $0.79 million or 29.3% compared to Q3 2023, primarily due to a $1.23 million decrease in product revenue[216]. - For the nine months ended September 30, 2024, total revenue was $3.5 million, down $3.2 million or 47.7% from $6.7 million in the same period of 2023, mainly due to a $3.4 million decrease in product revenue[217]. Operating Loss and Expenses - Operating loss for Q3 2024 was $1.84 million, an improvement of 78% from an operating loss of $8.46 million in Q3 2023[214]. - Total operating expenses decreased by 66% to $3.76 million in Q3 2024, down from $11.18 million in Q3 2023[214]. - Selling, general and administrative expenses for Q3 2024 were $2.1 million, a decrease of $4.4 million or 67.2% compared to Q3 2023[220]. - Research and development expenses decreased by $1.6 million or 69.0% for Q3 2024, totaling $0.7 million compared to $2.3 million in Q3 2023[224]. Net Loss - Net loss attributable to Nuvve Holding Corp. for Q3 2024 was $1.65 million, a reduction of 80% from $8.34 million in Q3 2023[214]. - Net loss for Q3 2024 decreased by $6.7 million or 80.2%, amounting to $1.6 million compared to $8.3 million in Q3 2023[228]. - Net loss for the nine months ended September 30, 2024, was $12.3 million, a decrease of $11.6 million or 48.6% from $24.0 million in the same period of 2023[229]. Cash and Financing Activities - As of September 30, 2024, the company had a cash balance of $0.3 million and total equity of $3.0 million[234]. - The company completed a public offering on February 2, 2024, raising approximately $9.6 million before expenses[236]. - The Company raised $11.1 million in net cash from financing activities for the nine months ended September 30, 2024, compared to $3.2 million for the same period in 2023[257]. - Cash used in operating activities for the nine months ended September 30, 2024, was $12.2 million, an increase from $6.2 million in the prior year[255]. Debt and Loan Information - The Term Loan originated on August 9, 2024, with a principal amount borrowed of $1,000,000 and a maturity date of March 6, 2025[246]. - Weekly principal and interest payments of $50,750 are due on the Term Loan for thirty weeks, totaling expected interest of $522,501 over the loan period[246]. - Interest expense paid on the Term Loan for the nine months ended September 30, 2024, was $219,159, compared to no interest expense for the same period in 2023[247]. - Total outstanding principal balance as of September 30, 2024, is $2,504,063, with total debt net of current portion at $100,000[249]. Strategic Initiatives - The company expects growth in company-owned charging stations and related government grant funding to continue, although these projects will constitute a declining percentage of future business[200]. - A master services agreement was signed with Fresno Economic Opportunities Commission for a fleet electrification program, covering design and construction of a parking lot and electrification system[241][242]. - Total estimated fees and expenses payable to the Company by Fresno EOC for services related to the Project is approximately $15.7 million[243]. - The Company formed Levo to accelerate the deployment of electric fleets with conditional capital commitments of $750 million from Stonepeak and Evolve[252]. - On October 15, 2024, the Company acquired a 100% ownership of Levo by purchasing the 49% membership interest from Stonepeak and Evolve[253]. Company Classification - The Company is classified as an emerging growth company and intends to rely on the exemptions provided by the JOBS Act until certain conditions are met[265].

Financial Performance - Total revenue for Q3 2024 was $1.92 million, a decrease of $0.79 million or 29.3% compared to $2.71 million in Q3 2023[4] - Net loss decreased by $6.7 million, or 80.2%, from $8.3 million in Q3 2023 to $1.6 million in Q3 2024[10] - Total revenue for the three months ended September 30, 2024, was $1,918,218, a decrease from $2,712,572 in the same period last year, representing a decline of approximately 29.3%[23] - Net loss for the three months ended September 30, 2024, was $(1,649,843), compared to a net loss of $(8,333,345) for the same period in 2023, indicating an improvement of approximately 80.2%[23] - Operating loss for the nine months ended September 30, 2024, was $(14,848,090), a reduction from $(24,657,090) for the same period in 2023, showing an improvement of about 39.9%[23] - The net loss for the nine months ended September 30, 2024, was $12,327,595, an improvement from a net loss of $23,977,547 in the same period of 2023, representing a reduction of approximately 48%[27] Operating Expenses - Operating expenses excluding cost of sales were reduced by $5.9 million to $2.8 million in Q3 2024, a decrease of 67.2% compared to $6.5 million in Q3 2023[6][10] - Research and development expenses decreased by $1.6 million, or 69.0%, from $2.3 million in Q3 2023 to $0.7 million in Q3 2024[8] - The company reported total operating expenses of $3,755,059 for the three months ended September 30, 2024, compared to $11,175,892 for the same period in 2023, a reduction of approximately 66.5%[23] - Stock-based compensation decreased to $1,991,884 from $3,197,471, a reduction of approximately 38%[27] - The company reported a depreciation and amortization expense of $254,275, up from $237,043 in the previous year, marking an increase of about 7%[27] - The company reported a noncash lease expense of $223,892, down from $355,133, representing a decrease of about 37%[27] Assets and Liabilities - Total current assets decreased to $10,400,439 as of September 30, 2024, down from $12,520,751 as of December 31, 2023, reflecting a decline of about 16.9%[21] - Total liabilities increased to $15,330,160 as of September 30, 2024, compared to $13,960,043 as of December 31, 2023, marking an increase of approximately 9.8%[21] - The total stockholders' equity as of September 30, 2024, was $3,004,987, down from $6,990,463 as of December 31, 2023, reflecting a decrease of about 57.0%[21] Cash Flow - Cash and cash equivalents decreased significantly to $325,245 as of September 30, 2024, down from $1,534,660 as of December 31, 2023, a decline of approximately 78.8%[21] - Net cash used in operating activities increased to $12,242,822 compared to $6,200,232 in the prior year, indicating a rise of about 97%[27] - Cash and restricted cash at the end of the period was $805,245, down from $14,344,646 at the end of the previous year, reflecting a decrease of approximately 94%[27] - Net cash provided in financing activities was $11,085,523, significantly higher than $3,226,403 in the same period last year, indicating an increase of approximately 243%[27] Business Developments - The company launched its first V2G-capable electric school bus deployment in New Mexico[2] - The company unveiled groundbreaking AC V2G technology at an Exelon event in Delaware[2] - The company partnered with WISE EV to create public EV charging station infrastructure in select markets[2] - The company became the 100% owner of Levo after acquiring a 49% membership interest from Stonepeak and Evolve[12] Management of Resources - Megawatts under management increased by 16.3% to 29.2 megawatts as of September 30, 2024, up from 25.1 megawatts as of December 31, 2023[2] - Products and services margin increased by 40.2% to 49.3% in Q3 2024, compared to 9.0% in the same prior year period[5] - The company experienced a change in fair value of warrants liability, resulting in a loss of $2,642,424 compared to a loss of $144,609 in the previous year[27] - The company had a significant change in accounts receivable, with a positive adjustment of $56,361 compared to a negative adjustment of $1,547,575 in the prior year[27]

Core Insights - Nuvve Holding Corp. reported a decrease in total revenue for Q3 2024, amounting to $1.92 million, down 29.3% from $2.71 million in Q3 2023, primarily due to a decline in product sales orders and shipments [4][3] - The company launched its first V2G-capable electric school bus in New Mexico and unveiled new AC V2G technology, indicating progress in its technology deployment [2][3] - Nuvve's management expressed optimism about continued revenue improvements into Q4 2024, attributing this to better expense controls and operational efficiencies [3] Financial Performance - Total revenue for Q3 2024 was $1.92 million, a decrease of $0.79 million from the previous year [4] - Products revenue decreased by $1.23 million, while services revenue increased by $0.4 million [4] - Operating expenses, excluding cost of sales, were reduced by $5.9 million to $2.8 million compared to Q3 2023 [4] - The net loss for Q3 2024 was $1.6 million, down 80.2% from $8.3 million in Q3 2023 [4][5] Operational Highlights - Nuvve increased megawatts under management by 16.3% to 29.2 megawatts as of September 30, 2024, from 25.1 megawatts at the end of 2023 [2] - The company partnered with WISE EV to enhance public EV charging infrastructure in select markets [2] - Selling, general, and administrative expenses decreased by 67.2% to $2.1 million in Q3 2024 [4] Strategic Developments - Nuvve became the 100% owner of Levo after acquiring the remaining 49% membership interest from Stonepeak and Evolve [6] - The company continues to focus on its vehicle-to-grid (V2G) technology, which allows EV batteries to store and resell unused energy back to the grid [1][9]

Core Viewpoint - Nuvve Holding Corp. is set to provide an update on its third quarter 2024 financial results and company developments during a conference call scheduled for November 12, 2024 [1][2]. Group 1: Company Overview - Nuvve is a green energy technology company that specializes in vehicle-to-grid (V2G) technology, allowing electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid [1][3]. - The company's mission focuses on reducing the cost of electric vehicle ownership while facilitating the integration of renewable energy sources such as solar and wind [3]. Group 2: Conference Call Details - The conference call will take place at 5:00 PM Eastern Time (2:00 PM PT) on November 12, 2024, and will be accessible via a live webcast on Nuvve's investor relations website [2]. - A replay of the conference call will be available for future access [2].

Core Viewpoint - Nuvve Holding Corp. has successfully completed a private placement of senior convertible notes and warrants, raising approximately $3.375 million for working capital and corporate purposes [1][4]. Financing Details - The company issued $3,750,000.01 principal amount of senior convertible notes with a 10% original issue discount, resulting in gross proceeds of $3,375,000.01 [1]. - The notes carry an interest rate of 8.0% per annum and have an 18-month maturity, with a possible six-month extension [3]. - The notes are convertible into up to 1,102,295 shares of common stock at a conversion price of $3.402 per share, reflecting a 10% discount to the closing price prior to the placement [3]. - Investors have the option to purchase an additional $12.5 million in notes and warrants [3]. Warrants Information - As part of the private placement, Nuvve issued warrants to purchase up to 1,102,295 shares at an exercise price of $3.78 per share, exercisable for five years [4]. Use of Proceeds - The net proceeds from the private placement will be utilized for working capital and general corporate purposes [4]. Regulatory Compliance - Nuvve will file a registration statement for the resale of shares issuable upon conversion of the notes and exercise of the warrants, and will seek stockholder approval for the issuance of these shares [5].

Core Insights - Nuvve Holding Corp. has demonstrated significant advancements in Vehicle-to-Grid (V2G) technology, showcasing scalable solutions for grid stabilization at a recent event hosted by Exelon [1][4] - The global V2G market is projected to reach USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034, driven by the adoption of electric vehicles and the need for energy optimization [2] - Nuvve's proprietary GIVe™ aggregator software enhances the integration of multiple EVs into a unified V2G power resource, ensuring efficient grid integration [3] Company Developments - Nuvve's deployment of 3-phase PowerPort3 Ultra chargers allows Ford Mach-E EVs to provide grid services while parked, emphasizing the practical benefits of AC bi-directional power flow [1] - The company is positioned to capture a significant share of the growing V2G market through its innovative solutions and compliance with regulatory requirements [2][4] - Nuvve's strategic leadership in adhering to FERC Order 2222 strengthens its ability to leverage distributed energy resources [4] Market Opportunities - The integration of V2G technologies presents opportunities for Nuvve and its customers to generate recurring revenue streams through services like grid balancing and resource flexibility [3] - The performance of V2G-enabled Ford Mach-E vehicles will be monitored to assess their effectiveness as both fleet vehicles and grid assets, contributing to long-term value creation [4]

Core Viewpoint - Nuvve Holding Corp. has taken significant steps to regain compliance with Nasdaq's Bid Price Rule, including executing a 1-for-10 reverse stock split [1] Group 1: Company Actions - Nuvve executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding [1] - The company encourages shareholders to protect their shares against market manipulation by holding shares in cash accounts and requesting "no loan" status [1] Group 2: Company Overview - Nuvve Holding Corp. is a leader in vehicle-to-grid (V2G) technology, transforming electric vehicles into grid resources to support the transition to a net-zero future [1]

Core Insights - Nuvve Holding Corp. has partnered with Las Cruces Public Schools to enhance electric vehicle infrastructure in the educational sector, marking a significant milestone in this initiative [1][2][3] Group 1: Partnership Details - The collaboration involves the deployment of 5 Vehicle-to-Grid (V2G)-capable DC Fast Chargers and 7 Nuvve Level II PowerPorts to support the transition to electric school buses and other electric vehicles [2][3] - Nuvve's CEO emphasizes the importance of this partnership in promoting sustainability and energy savings for the school district [2][3] Group 2: Technology and Benefits - Nuvve will utilize its GIVe™ platform for bidirectional energy management, allowing the school district's electric vehicles to serve as grid-integrated energy storage resources [3] - The project aims to optimize energy usage, reduce costs, and facilitate the integration of renewable energy sources like solar and wind [3] Group 3: Future Implications - The successful deployment of this project is expected to encourage broader adoption of electric school buses across New Mexico, showcasing the reliability of Nuvve's technology [2][3] - Both Nuvve and Las Cruces Public Schools are committed to driving innovation and sustainability in the electric vehicle and renewable energy sectors [3]

Core Points - Nuvve Holding Corp. announced a 1-for-10 reverse stock split effective September 16, 2024, to comply with Nasdaq's minimum bid price requirement of $1.00 per share [1][3] - The reverse stock split will reduce the number of outstanding shares from approximately 6.5 million to about 0.7 million, while the total authorized shares will remain unchanged [2][3] - The reverse stock split will not affect the par value of the shares, which remains at $0.0001 per share [2] Company Overview - Nuvve Holding Corp. specializes in vehicle-to-grid (V2G) technology, enabling electric vehicle (EV) batteries to store and resell unused energy back to the grid [1][5] - The company aims to enhance sustainable transportation and support the transition to clean energy by transforming EVs into mobile energy storage assets [5] - Nuvve has deployed V2G technology on five continents since its founding in 2010 and offers electrification solutions for various fleet types [5]

Financial Data and Key Metrics Changes - In Q2 2024, total revenues were $802,000, down from $2.12 million in Q2 2023, primarily due to reduced charger hardware sales and timing of EPA funding awards [11][12] - Year-to-date revenues through June 30, 2024, were $1.6 million compared to $4 million in the prior year period, reflecting a similar decline driven by hardware sales [11] - Net loss attributable to common stockholders decreased to $3.9 million in Q2 2024 from $8 million in Q2 2023, attributed to lower operating expenses and noncash gains [14] Business Line Data and Key Metrics Changes - Margins on products, services, and grant revenues improved to 24.9% in Q2 2024 from 8% in the prior year, driven by better pricing on hardware and a higher mix of service revenues [12] - Excluding grant revenues, margins on product and service revenues were 10.1% in Q2 2024 compared to 4.8% in the year-ago period [12] Market Data and Key Metrics Changes - Megawatts under management increased by 1.7% from Q1 2024 to 27.1 megawatts, a 35.3% increase compared to Q2 2023 [16] - The backlog for hardware and services decreased to $18.2 million as of June 30, 2024, down from $19 million at the end of Q1 2024, but increased by $14.3 million year-to-date from $3.9 million at the end of 2023 [17] Company Strategy and Development Direction - The company is focusing on closing awarded projects while the school bus segment is recovering, aiming to diversify revenue sources and enhance stability [19][20] - A new partnership with WISE-EV LLC aims to launch a special purpose vehicle (SPV) for public infrastructure deployment in Nevada, which is expected to accelerate technology deployment and provide upfront cash [8][9] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 2024 due to delays in EPA funding approvals but expressed optimism about order increases in the upcoming quarters [5] - The company does not anticipate achieving the previously guided revenue target of $15 million to $20 million for 2024 due to project delays and funding timing issues [9][10] Other Important Information - Operating costs, excluding cost of sales, decreased to $6 million in Q2 2024 from $8.5 million in Q2 2023, reflecting ongoing efficiency improvements [13] - Cash as of June 30, 2024, was approximately $1.4 million, with a decrease attributed to operating activities [15] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [21]