Financial Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of 62.2% from $2.12 million in Q2 2023, primarily due to a $1.18 million decrease in products revenue[4] - Net loss decreased by 50.5% to $3.9 million in Q2 2024 from $8.0 million in Q2 2023, driven by an increase in other income and a decrease in operating expenses[8] - Operating loss for Q2 2024 was $(5,763,874), compared to $(8,315,540) in Q2 2023, showing an improvement of 30.8%[20] - Net loss attributable to Nuvve Holding Corp. common stockholders for Q2 2024 was $(4,176,717), a decrease from $(8,224,707) in Q2 2023, representing a 49.1% improvement[20] - The company reported a comprehensive loss attributable to Nuvve Holding Corp. of $(3,946,840) for Q2 2024, compared to $(7,991,264) in Q2 2023[23] Operating Expenses - Operating expenses excluding cost of sales were reduced to $6.0 million in Q2 2024 from $8.5 million in Q2 2023, a decrease of 29.4%[2] - Total operating expenses for Q2 2024 were $6,566,054, down from $10,435,667 in Q2 2023, a reduction of 37.1%[20] - Selling, general and administrative expenses decreased by 26.4% to $4.5 million in Q2 2024 from $6.1 million in Q2 2023[5] - Research and development expenses decreased by 38.3% to $1.5 million in Q2 2024 from $2.4 million in Q2 2023[7] - Research and development expenses for Q2 2024 were $1,473,567, compared to $2,387,215 in Q2 2023, a decrease of 38.2%[20] Cash and Equity - Cash and cash equivalents were $1.4 million as of June 30, 2024[2] - Cash and restricted cash at the end of Q2 2024 was $1,911,414, down from $11,539,004 at the end of Q2 2023[25] - Total stockholders' equity as of June 30, 2024, was $(2,062,490), a decline from $2,580,605 at the end of 2023[19] - Total liabilities and equity as of June 30, 2024, amounted to $18,527,025, down from $20,950,506 at the end of 2023[19] Business Developments - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation[2] - The partnership with Great Power aims to combine advanced batteries with V2G solutions for more efficient EVs[2] - Megawatts under management increased by 8.0% to 27.1 megawatts as of June 30, 2024, up from 25.1 megawatts on December 31, 2023[2] Other Income - Other income increased by $1.5 million to $1.8 million in Q2 2024, primarily due to changes in fair value of warrants liability[7]
Nuvve (NVVE) - 2024 Q2 - Quarterly Results