Core Insights - Nuvve Holding Corp. is a leader in grid modernization and vehicle-to-grid (V2G) technology, planning to create a crypto treasury and introduce Bitcoin payments [1] - The company will report its third-quarter earnings on November 13, with a plan to allocate up to 30% of excess cash for Bitcoin purchases [1] - Nuvve aims to introduce Bitcoin as a payment option for customers and suppliers [2] Cryptocurrency Strategy - Nuvve announced the establishment of a wholly owned subsidiary, Nuvve-DigitalAssets, focused on digital treasury operations, with at least 50% of its crypto portfolio allocated to Bitcoin [3] - The remaining allocation will include other cryptocurrencies such as Ethereum, Solana, Aave, Chainlink, and Avalanche [3] - James Altucher, a prominent Bitcoin advocate, will lead the Nuvve-DigitalAssets committee, supported by veteran financial commentator Tim Collins [4][5][6] Recent Developments - On November 12, NUUVE Japan Corporation secured an agreement targeting existing stationary storage batteries in Japan, leading to a significant stock price increase [7] - Following the Japan agreement, Nuvve's stock surged over 400%, reaching an intraday high of $0.6450 on November 13, with the stock currently trading at $0.5251 [8]

Core Insights - Nuvve Holding (NASDAQ: NVVE) experienced a significant increase in stock price, tripling in value after announcing a landmark battery storage aggregation deal in Japan [1] Company Summary - The agreement represents Japan's first battery storage aggregation deal involving existing infrastructure, indicating a major step forward in the country's energy sector [1] Industry Summary - This development highlights the growing importance of battery storage solutions in the energy market, particularly in Japan, which is increasingly focusing on renewable energy and energy efficiency [1]

Core Insights - Nuvve is expanding its operations in Denmark by developing three new Battery Energy Storage System (BESS) projects, each with a capacity of 2MW, totaling 6MW [1][2][4] Project Details - The new BESS projects are strategically located in Helsingør and Ringsted on the island of Zealand [2] - Each BESS will have a duration of 2 hours and will focus on providing ancillary services and energy arbitrage to the grid [8] - The projects are expected to be Ready-to-Build (RtB) in the first half of 2026 and operational by late 2026 [8] Market Opportunity - The Danish electricity market is poised for growth in Battery Energy Storage Systems due to the goal of achieving a 100% green electricity system by 2030, the retirement of conventional generation, and increasing market volatility from renewable energy sources [4] - Nuvve has a strong track record in Denmark, having operated its Vehicle-to-Grid (V2G) technology for over 9 years [4] Financial Projections - Nuvve anticipates that these new assets could generate revenues similar to its previous projects, which have yielded between $400 to $600 per kW-yr [5] - The total capital deployment for the three projects is estimated at $10 million, with a potential internal rate of return of 25% [8]

Core Viewpoint - Nuvve Holding Corp. will provide a financial update for the third quarter ended September 30, 2025, during a conference call scheduled for November 13, 2025 [1][2]. Company Overview - Nuvve Holding Corp. is a global leader in grid modernization and vehicle-to-grid (V2G) technology, focusing on accelerating the electrification of transportation through its proprietary V2G platform [4]. - The company's mission is to reduce the cost of electric vehicle ownership while facilitating the integration of renewable energy sources such as solar and wind [4]. Conference Call Details - The conference call will take place at 5:00 PM Eastern Time (2:00 PM PT) on November 13, 2025, to discuss financial results and other developments [2]. - Participants can join the call by dialing (888) 349-0097 or (412) 902-4245, with a passcode of 7689896, or by registering for a live webcast available on Nuvve's investor relations website [2]. Replay Information - A replay of the conference call will be accessible via Nuvve's investor relations website or by calling (844) 512-2921 or (412) 317-6671, with access code 10204408, available until November 27, 2025 [3].

Financial Data and Key Metrics Changes - In Q2 2025, total revenues were $300,000, a decrease from $800,000 in Q2 2024, primarily due to lower charger hardware sales [16] - Year-to-date revenues through June 30, 2025, were $1,200,000 compared to $1,600,000 for the same period last year [16] - Margins on products, services, and grant revenues improved to 60.6% in Q2 2025 from 24.9% in Q2 2024, driven by a higher mix of service revenues [17] - Net loss attributable to common stockholders increased to $13,400,000 in 2025 from $4,200,000 in 2024, largely due to one-time expenses [21] - Cash as of June 30, 2025, was approximately $1,800,000, an increase of $600,000 from March 31, 2024 [22] Business Line Data and Key Metrics Changes - Hardware revenue was low due to the transition to new charging station models, with expectations to return to normal in Q3 [13] - The company decommissioned 4.4 megawatts of stationary batteries in Japan and 2.5 megawatts in California, leading to a 19.5% decrease in megawatts under management to 25.6 megawatts [23][24] - The acquisition of Thermador Energy LLC is expected to enhance efficiencies and services by year-end [11] Market Data and Key Metrics Changes - The company is focusing on expanding its energy business in Japan and Europe, with Nuvi Japan receiving its first private investment [8] - The New Mexico contract represents a potential opportunity exceeding $400,000,000 in capital expenditures over the next four years [9] Company Strategy and Development Direction - The company is strategically positioned at the intersection of energy, artificial intelligence, and cryptocurrency, aiming to capitalize on opportunities in these sectors [27] - The restructuring of the energy business and integration of recent acquisitions are key focuses for future growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about leading the energy management transition globally and capitalizing on opportunities in the cryptocurrency and blockchain economy [27] - The company is actively pursuing battery aggregation services in Japan to enhance disaster preparedness and resilience [24] Other Important Information - The company raised $6,900,000 in gross proceeds through debt and equity to support growth initiatives [15] - A $300,000,000 shelf registration was filed to support the digital asset strategy [15] Q&A Session Summary Question: Are there any questions from the participants? - There were no questions during the call [29]

[PART I—FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Interim Condensed Consolidated Financial Statements and Notes (Unaudited)](index=4&type=section&id=Item%201.%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20and%20Notes%20(Unaudited)) Nuvve Holding Corp. reported a significant increase in net loss and a decline in revenue for the six months ended June 30, 2025, with management expressing substantial doubt about its going concern ability [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Financial Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash | $1,767,406 | $371,497 | | Total Assets | $16,993,377 | $16,797,812 | | Total Liabilities | $19,821,616 | $18,087,459 | | Total Stockholders' Deficit | ($2,828,239) | ($1,289,647) | - The company's total liabilities (**$19.8 million**) exceeded its total assets (**$17.0 million**) as of June 30, 2025, resulting in a total stockholders' deficit of **$2.8 million**, an increase from a deficit of **$1.3 million** at the end of 2024[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (Q2) | Metric | Q2 2025 ($) | Q2 2024 ($) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $332,989 | $802,180 | -58.5% | | Operating Loss | ($14,797,225) | ($5,763,874) | +156.7% | | Net Loss | ($13,568,462) | ($3,949,015) | +243.6% | | Net Loss Per Share | ($2.12) | ($6.70) | N/A | Condensed Consolidated Statements of Operations (H1) | Metric | H1 2025 ($) | H1 2024 ($) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,245,454 | $1,581,936 | -21.3% | | Operating Loss | ($20,383,839) | ($13,011,249) | +56.7% | | Net Loss | ($20,447,063) | ($10,677,752) | +91.5% | | Net Loss Per Share | ($4.97) | ($21.51) | N/A | - The significant increase in operating and net loss in Q2 and H1 2025 was primarily driven by a sharp rise in Selling, General, and Administrative expenses, which included a one-time **$8.19 million** non-cash charge for warrants issued for cryptocurrency strategy consulting services[15](index=15&type=chunk)[212](index=212&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($7,274,280) | ($8,736,566) | | Net cash used in investing activities | ($394,373) | ($53,103) | | Net cash provided by financing activities | $9,009,815 | $8,684,261 | - For the first six months of 2025, the company used **$7.3 million** in cash from operations, funding its activities primarily through **$9.0 million** in net cash from financing, which included proceeds from debt, warrants exercises, and stock offerings[26](index=26&type=chunk) [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Financial%20Statements) - The company executed two reverse stock splits in 2024: a **1-for-40 split** in January and a **1-for-10 split** in September, with all share and per-share data retroactively adjusted[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for the next twelve months, citing recurring losses, negative cash flows, a working capital deficit of **$4.5 million**, and **$4.1 million** of debt due within a year[44](index=44&type=chunk)[45](index=45&type=chunk) - In April 2025, the company acquired substantially all assets of Fermata Energy LLC for approximately **$1.1 million**, consisting of cash and preferred units, resulting in **$0.7 million** of goodwill[214](index=214&type=chunk)[215](index=215&type=chunk) - A legal dispute is ongoing with supplier Rhombus Energy Solutions, with Nuvve initiating legal action in February 2025 regarding warranty obligations, and Rhombus filing for arbitration claiming breach of a settlement agreement[202](index=202&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 58.5% year-over-year revenue decrease for Q2 2025, driven by lower product sales and grant income, leading to a substantially higher net loss due to increased SG&A expenses [Overview and Backlog](index=44&type=section&id=Overview%20and%20Backlog) - Nuvve is a green energy technology company focused on its commercial Vehicle-to-Grid (V2G) technology and Grid Integrated Vehicle (GIVe) platform, which allows EV batteries to store and sell energy back to the grid[221](index=221&type=chunk)[222](index=222&type=chunk) - As of June 30, 2025, the company had an estimated backlog of **$19.1 million**, though approximately **$14.7 million** of this backlog is considered at risk due to uncertain project financing for the Fresno EV infrastructure project[231](index=231&type=chunk) [Recent Developments - Digital Asset Strategy](index=45&type=section&id=Recent%20Developments%20-%20Digital%20Asset%20Strategy) - The Board approved a digital asset treasury strategy, initially allowing up to **30%** of excess cash to be allocated to bitcoin purchases, later expanded to include other digital assets like HYPE with a potential allocation of up to **100%** of the cryptocurrency portfolio[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - As of June 30, 2025, the company had not yet implemented the digital asset strategy but anticipates doing so in the latter half of 2025[236](index=236&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Results of Operations (Q2) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $0.33M | $0.80M | -58.5% | | Cost of Revenue | $0.13M | $0.60M | -78.3% | | SG&A Expenses | $13.9M | $4.5M | +209.7% | | R&D Expenses | $1.1M | $1.5M | -25.8% | | Operating Loss | ($14.8M) | ($5.8M) | +157% | | Net Loss | ($13.6M) | ($3.9M) | +243.6% | - The **58.5%** decrease in Q2 2025 revenue was due to lower customer sales orders for products, reduced services revenue, and a decline in grant revenue[239](index=239&type=chunk) - The sharp increase in Q2 2025 SG&A expenses was primarily driven by an **$8.1 million** non-cash expense for warrants issued for cryptocurrency strategy consulting services and a **$1.2 million** increase in bad debt expenses related to the Fresno project[244](index=244&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) - The company is an early-stage enterprise that has not achieved profitability and expects to continue incurring substantial losses, with a cash balance of **$1.8 million**, a working capital deficit of **$4.5 million**, and a total equity deficit of **$2.8 million** as of June 30, 2025[256](index=256&type=chunk) - To fund operations, the company relies on debt and equity financing, having raised approximately **$5.5 million** in gross proceeds from a registered public offering in July 2025[257](index=257&type=chunk)[259](index=259&type=chunk) - The company has a settlement agreement with Rhombus requiring payments of up to **$2.40 million** for DC Chargers, but a legal dispute has arisen regarding warranty obligations and purchase commitments[266](index=266&type=chunk)[267](index=267&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this item is not applicable for the reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[280](index=280&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[281](index=281&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[282](index=282&type=chunk) [PART II—OTHER INFORMATION](index=55&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and legal proceedings in the ordinary course of business, with specific details incorporated by reference from Note 17 of the financial statements - Information regarding legal proceedings is incorporated by reference to Note 17, which details the ongoing dispute with supplier Rhombus Energy Solutions[285](index=285&type=chunk) [Item 1A. Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) The company highlights significant risks, including potential delisting from Nasdaq for failing to meet the minimum stockholders' equity requirement and substantial risks related to its new digital asset treasury strategy - The company received a notice from Nasdaq on April 7, 2025, for non-compliance with the minimum stockholders' equity requirement of **$2.5 million**, posing a risk of delisting from the Nasdaq Capital Market[288](index=288&type=chunk) - The new digital asset treasury strategy introduces significant risks, including the high volatility of assets like HYPE, evolving and uncertain legal and regulatory frameworks, and potential cyberattacks or loss of private keys[291](index=291&type=chunk)[292](index=292&type=chunk)[306](index=306&type=chunk) - There is a risk that if HYPE is classified as a security, the company could be deemed an "investment company" under the 1940 Act, which would subject it to significant additional regulatory controls and could require changes to its business operations[309](index=309&type=chunk)[310](index=310&type=chunk) - The company's holdings in HYPE and other digital assets will be less liquid than cash and may not be protected by FDIC or SIPC insurance, exposing the company to counterparty and insolvency risks with custodians[320](index=320&type=chunk)[314](index=314&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the quarter that were not previously disclosed in a Form 8-K - There were no unregistered sales of equity securities during the reporting period that have not been previously reported[330](index=330&type=chunk) [Item 3. Defaults Upon Senior Securities](index=63&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[331](index=331&type=chunk) [Item 5. Other Information](index=63&type=section&id=Item%205.%20Other%20Information) During the three months ended June 30, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter[333](index=333&type=chunk) [Item 6. Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, forms of various notes and warrants, an asset purchase agreement, consulting agreements, and officer certifications - The report includes numerous exhibits, such as forms of convertible notes and warrants issued in April and May 2025, the Asset Purchase Agreement for the Fermata acquisition, and CEO/CFO certifications[334](index=334&type=chunk)

[Second Quarter Highlights and Recent Developments](index=1&type=section&id=Second%20Quarter%20Highlights%20and%20Recent%20Developments) Nuvve is undergoing a strategic transition, focusing on Energy, AI, and Crypto, marked by the Fermata acquisition and new advisors, despite a significant Q2 revenue decline to **$0.3 million** and slightly increased cash operating losses [Management Discussion](index=1&type=section&id=Management%20Discussion) CEO Gregory Poilasne characterized Q2 as a transition quarter, emphasizing Nuvve's strategic repositioning at the intersection of Energy, AI, and Crypto, alongside successful Fermata integration and a new digital asset focus - The company is strategically repositioning itself at the intersection of **Energy, Artificial Intelligence, and Crypto**[3](index=3&type=chunk) - Q2 revenue softness was attributed to a transition to a new hardware supplier for charging stations and a shift to a dropship model, reducing the need to carry inventory[3](index=3&type=chunk) - Nuvve has successfully integrated the recent acquisition of Fermata and is enhancing its digital asset strategy by adding specialist consultants and a cryptocurrency strategist to its Board of Directors[3](index=3&type=chunk) [Key Developments Summary](index=1&type=section&id=Key%20Developments%20Summary) Nuvve raised **$6.9 million** in Q2 and an additional **$5.5 million** in July 2025, while Q2 2025 revenue dropped to **$0.3 million** from **$0.8 million** year-over-year, cash operating losses widened slightly, and a significant **$8.19 million** non-cash expense was recorded for warrants - Raised **$6.9 million** in gross proceeds during Q2 2025 and an additional **$5.5 million** in July 2025 through an underwritten public offering[4](index=4&type=chunk) Q2 2025 vs Q2 2024 Financial Snapshot | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $0.3M | $0.8M | -$0.5M | | Gross Profit | $0.2M | $0.2M | $0.0M | | Cash Operating Losses | $5.5M | $5.2M | +$0.3M | - Recorded a non-cash expense of **$8.19 million** for the fair value of **11,000,004 warrants** granted to consultants for cryptocurrency strategy services[4](index=4&type=chunk) - Cash and cash equivalents increased to **$1.8 million** as of June 30, 2025, from **$0.4 million** at December 31, 2024[4](index=4&type=chunk) [2025 Second Quarter Financial Review](index=2&type=section&id=2025%20Second%20Quarter%20Financial%20Review) Q2 2025 revenue fell **58.5%** year-over-year to **$0.33 million**, driven by declines across all segments, while gross margin significantly improved to **60.6%**, but operating expenses surged **209.7%** to **$13.9 million** due to a large non-cash warrant expense, widening the net loss to **$13.6 million** [Revenue](index=2&type=section&id=Revenue) Total revenue for Q2 2025 decreased by **58.5%** to **$0.33 million** compared to **$0.80 million** in Q2 2024, with declines across products, services, and grants Revenue Breakdown (Q2 2025 vs Q2 2024) | Revenue Source | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Products | $141,905 | $369,192 | -61.6% | | Services | $191,084 | $301,567 | -36.6% | | Grants | $0 | $131,421 | -100.0% | | **Total Revenue** | **$332,989** | **$802,180** | **-58.5%** | [Cost of Revenue and Gross Margin](index=2&type=section&id=Cost%20of%20Revenue%20and%20Gross%20Margin) Cost of products and services revenue decreased by **78.3%** to **$0.1 million**, while gross margin significantly improved to **60.6%** from **10.1%** due to a favorable sales mix shift towards higher-margin engineering services - Cost of products and services revenue decreased by **78.3%** to **$0.1 million**, corresponding with lower sales orders[6](index=6&type=chunk) - Products and services margin increased significantly to **60.6%** in Q2 2025 from **10.1%** in Q2 2024[6](index=6&type=chunk) - The margin improvement was driven by a sales mix shift towards higher-margin engineering services and away from lower-margin hardware sales[6](index=6&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total operating expenses surged, with Selling, General, and Administrative (SG&A) expenses rising **209.7%** to **$13.9 million** primarily due to an **$8.1 million** non-cash warrant expense, while Research and Development (R&D) expenses decreased by **25.8%** to **$1.1 million** Operating Expenses (Q2 2025 vs Q2 2024) | Expense Category | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Selling, General & Administrative | $13.9M | $4.5M | +209.7% | | Research & Development | $1.1M | $1.5M | -25.8% | - The primary driver for the increase in SG&A was an **$8.1 million** non-cash expense for the fair value of warrants issued for cryptocurrency strategy consulting services[8](index=8&type=chunk) - Other significant SG&A increases included **$1.2 million** in bad debt expenses and **$0.5 million** in travel and marketing, partially offset by a **$0.6 million** decrease in compensation[8](index=8&type=chunk) [Other Income (Expense) and Net Loss](index=2&type=section&id=Other%20Income%20(Expense)%20and%20Net%20Loss) The company recorded a net other expense of **$1.23 million**, a shift from **$1.81 million** in income, leading to a dramatically widened net loss of **$13.6 million** for Q2 2025, a **243.6%** increase from the prior year Net Loss Summary (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Other Income (Expense), Net | ($1.23M) | $1.81M | | Net Loss | ($13.6M) | ($3.9M) | | Net Loss per Share | ($2.12) | ($6.70) | - The increase in net loss was primarily due to an **$8.6 million** increase in total operating expenses, a **$0.6 million** decrease in other income, and a **$0.5 million** decrease in revenue[11](index=11&type=chunk) [Net Income (Loss) Attributable to Non-Controlling Interest](index=2&type=section&id=Net%20Income%20(Loss)%20Attributable%20to%20Non-Controlling%20Interest) The net loss attributable to non-controlling interests remained flat year-over-year, reflecting Nuvve's **51%** ownership in consolidated entities Fermata Energy II LLC and Deep Impact - Nuvve owns **51%** of Fermata Energy II LLC and Deep Impact common units[13](index=13&type=chunk) - The company consolidates these entities and records a non-controlling interest for the share owned by other parties[13](index=13&type=chunk) [Key Operating Metrics](index=2&type=section&id=Key%20Operating%20Metrics) Megawatts under Management, a primary operating metric, declined to **25.6 MW** in Q2 2025 from **31.8 MW** in the prior quarter, primarily due to the decommissioning of end-of-life stationary batteries and strategic discontinuation of certain Japanese operations [Megawatts Under Management](index=2&type=section&id=Megawatts%20Under%20Management) Megawatts under management decreased by **19.5%** quarter-over-quarter and **5.5%** year-over-year to **25.6 MW**, primarily due to the decommissioning of stationary batteries in California and Japan Megawatts Under Management (MW) | Period | Total MW | Change (QoQ) | | :--- | :--- | :--- | | Q2 2025 | 25.6 | -19.5% | | Q1 2025 | 31.8 | N/A | - The quarterly decline was caused by the decommissioning of **2.5 MW** of stationary batteries in California (end of useful life) and **4.4 MW** in Japan (strategic decision)[15](index=15&type=chunk) - Excluding stationary batteries, megawatts under management from EV chargers increased by **0.7 MW** over the first quarter of 2025 to **25.4 MW**[15](index=15&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements provide a detailed view of Nuvve's financial position as of June 30, 2025, and its performance for the three and six months then ended, including the Balance Sheet, Statement of Operations, Statement of Comprehensive Loss, and Statement of Cash Flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Nuvve reported total assets of **$17.0 million** and total liabilities of **$19.8 million**, resulting in a total stockholders' deficit of **$2.8 million**, with cash and cash equivalents increasing to **$1.8 million** Selected Balance Sheet Data (Unaudited) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash | $1,767,406 | $371,497 | | Total Current Assets | $8,783,101 | $9,275,117 | | Total Assets | $16,993,377 | $16,797,812 | | Total Current Liabilities | $13,285,044 | $11,351,158 | | Total Liabilities | $19,821,616 | $18,087,459 | | Total Stockholders' Deficit | ($2,828,239) | ($1,289,647) | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Nuvve reported total revenues of **$0.33 million**, an operating loss of **$14.8 million**, and a net loss of **$13.6 million**, significantly wider than the prior year due to higher operating expenses and a large non-cash warrant expense Statement of Operations Summary (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $332,989 | $802,180 | | Total Operating Expenses | $15,130,214 | $6,566,054 | | Operating Loss | ($14,797,225) | ($5,763,874) | | Net Loss | ($13,568,462) | ($3,949,015) | | Net Loss per Share | ($2.12) | ($6.70) | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) The comprehensive loss for Q2 2025 was **$13.6 million**, closely aligning with the net loss, with **$13.4 million** attributable to Nuvve's common stockholders after minor foreign currency translation adjustments Comprehensive Loss Summary (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Loss | ($13,568,462) | ($3,949,015) | | Total Comprehensive Loss | ($13,561,311) | ($3,957,108) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$7.3 million**, offset by **$9.0 million** provided by financing activities, resulting in a net increase in cash and restricted cash to **$2.1 million** Cash Flow Summary (Six Months Ended June 30, 2025) | Activity | Net Cash Flow | | :--- | :--- | | Operating Activities | ($7,274,280) | | Investing Activities | ($394,373) | | Financing Activities | $9,009,815 | | **Net Increase in Cash** | **$1,395,909** | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) This section provides logistical details for investors, including conference call information, a corporate overview, and mandatory legal disclaimers regarding forward-looking statements [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) The company will hold an investor conference call on August 14, 2025, at 5:00 PM Eastern Time to discuss Q2 financial results, with a live webcast and replay available on its investor relations website - A conference call to review financial results is scheduled for **5:00 PM Eastern Time** on **August 14, 2025**[17](index=17&type=chunk) - A live webcast and replay will be accessible via the 'Events' section of Nuvve's investor relations website[18](index=18&type=chunk) [About Nuvve Holding Corp.](index=4&type=section&id=About%20Nuvve%20Holding%20Corp.) Nuvve Holding Corp. is a leader in vehicle-to-grid (V2G) technology, founded in 2010, utilizing its intelligent energy platform to manage power between EV batteries and the electric grid, with deployments across five continents - Nuvve is a leader in **vehicle-to-grid (V2G) technology**, utilizing an intelligent energy platform to manage power between EV batteries and the grid[19](index=19&type=chunk) - The company's mission is to support the transition to clean energy by transforming EVs into mobile energy storage assets, making the grid more resilient[19](index=19&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning investors that the press release includes forward-looking statements subject to numerous risks and uncertainties, advising readers to consult SEC filings for comprehensive risk discussions - The press release contains forward-looking statements that are subject to numerous risks and uncertainties, which could cause actual results to differ materially[21](index=21&type=chunk) - Readers are advised not to place undue reliance on these statements and are directed to Nuvve's SEC filings for a comprehensive list of risks[21](index=21&type=chunk)

Core Insights - DeFi Technologies Inc. has launched a new DeFi Advisory business line to act as the asset manager for Nuvve Holding Corp.'s HYPE treasury strategy, marking a significant step in bridging traditional capital markets with decentralized finance [1][7][4] Company Overview - DeFi Technologies is a financial technology company focused on integrating traditional capital markets with decentralized finance, offering services such as asset management, trade execution, and strategic advisory [7][8] - Nuvve Holding Corp. is a leader in vehicle-to-grid technology, enhancing the electrification of transportation and enabling electric vehicles to act as mobile energy resources [6] Advisory Services - The DeFi Advisory division will provide institutional-grade digital asset treasury solutions, including secure custody, OTC transactions, and performance optimization for Nuvve's HYPE token [3][4] - Compensation for DeFi Advisory's services will be based on a percentage of assets under management (AUM), paid quarterly in equity or cash, depending on Nuvve's choice [3][7] Strategic Positioning - The establishment of DeFi Advisory is seen as a transformation of DeFi Technologies' business model, catering to the growing demand for credible and compliant advisory solutions in the digital asset space [4][5] - DeFi Technologies aims to capitalize on the increasing number of public companies exploring digital asset treasury strategies, leveraging its existing infrastructure in trading, custody, and research [4][5] Future Prospects - Additional mandates for the DeFi Advisory division are anticipated, indicating a growing interest in digital asset management among public companies [5]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $900,000, an increase from $800,000 in Q1 2024, primarily driven by increased charger hardware sales [12] - Margins on products, services, and grant revenues improved to 39.9% from 34.7% year-over-year, with product and service revenue margins at 32.6% compared to 26.8% in the previous year [12][13] - Net loss attributable to common stockholders decreased to $6,900,000 from $7,000,000 in the prior year, attributed to lower operating expenses [15] Business Line Data and Key Metrics Changes - The company received 28 orders for new charging stations in Q1 2025, compared to only one in Q1 2024, indicating significant growth in demand [3] - Hardware and service backlog increased to $19,700,000 from $18,300,000 at the end of 2024, reflecting contracts expected to convert into sales [20] Market Data and Key Metrics Changes - Megawatts under management increased by 3.6% from Q4 2024 to 31.8 megawatts, with a 19.5% increase compared to Q1 2024 [19] - The composition of megawatts includes 7.1 megawatts from stationary batteries and 24.7 megawatts from EV chargers, indicating a diversified energy management strategy [19] Company Strategy and Development Direction - The company is focusing on reducing cash burn and enhancing profitability while executing on its M&A strategy, including the acquisition of Fermata Energy [10][21] - Establishment of NuVi New Mexico aims to capitalize on a $400,000,000 CapEx opportunity for EV infrastructure deployment in collaboration with state partners [5] - A new entity, NuVi Japan, has been created to drive energy storage business in Japan, indicating a strategic expansion into international markets [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transition to a drop ship model and the potential of the New Mexico contract, which is expected to yield significant future revenues [4][21] - The company is bullish on the Japanese market and believes the timing for its energy storage initiatives is favorable [7] Other Important Information - Operating costs, excluding cost of sales, were $6,000,000 for Q1 2025, a slight increase from $5,900,000 in the previous year, but overall efficiencies are being driven to lower future costs [14] - The company is also focusing on a new subsidiary for Digital Asset Management, targeting cryptocurrency investments [10][11] Q&A Session Summary - The Q&A session was not detailed in the provided content, and thus no specific questions or answers are available for summary.

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $900,000, an increase from $800,000 in Q1 2024, primarily driven by increased charger hardware sales [11] - Margins on products, services, and grant revenues improved to 39.9% from 34.7% year-over-year, with product and service revenue margins rising to 32.6% from 26.8% [11][12] - Operating costs, excluding cost of sales, were $6,000,000 in February 2025, down from $7,500,000 in February 2024, indicating improved operational efficiency [13] - Net loss attributable to common stockholders decreased to $6,900,000 from $7,000,000 year-over-year, reflecting lower operating expenses [14] - Cash position improved to approximately $1,200,000 as of March 31, 2025, an increase of $800,000 from December 2024 [15] Business Line Data and Key Metrics Changes - The company received 28 orders for new charging stations in Q1 2025, compared to only one order in Q1 2024, indicating significant growth in demand [3] - The hardware and service backlog increased to $19,700,000 from $18,300,000 at the end of 2024, suggesting a positive outlook for future sales [18] Market Data and Key Metrics Changes - Megawatts under management increased by 3.6% from Q4 2024 to 31.8 megawatts, and by 19.5% compared to Q1 2024, with 7.1 megawatts from stationary batteries and 24.7 megawatts from EV chargers [17] Company Strategy and Development Direction - The company is focusing on reducing cash burn and enhancing profitability while executing on its M&A strategy, including the acquisition of Fermata Energy [10][20] - A new subsidiary, NuVi Japan, has been established to drive energy storage business in Japan, indicating a strategic expansion into international markets [6][7] - The company is also opening capital in New Mexico to local investors to align interests and support infrastructure projects [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transition to a drop ship model and the potential of the New Mexico contract, which could represent over $400 million in capital deployment [4][5] - The management is confident in the timing of their entry into the Japanese market and the establishment of NuVi Japan [7] - Future growth is anticipated in megawatts under management as the company continues to commission its backlog of customer orders [17] Other Important Information - The company announced the acquisition of Fermata Energy assets, which is expected to enhance its software development capabilities and expand long-term opportunities [9] - A new Digital Asset Management Committee has been formed to oversee a diversified portfolio of cryptocurrency investments [10] Q&A Session Summary Question: What are the expectations for the transformation and opportunities ahead? - Management emphasized the ongoing transformation and the opportunities being pursued, looking forward to sharing more updates in the coming months [23]