Revenue 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 drop in product revenue [188]. - For the six months ended June 30, 2024, total revenue was $1.6 million, down 60.2% from $4.0 million in the same period of 2023, with a $2.1 million decrease in product revenue [189]. - Grants revenue increased by 85% to $0.13 million in Q2 2024 compared to $0.07 million in Q2 2023 [186]. Cost and Margin Analysis - Cost of products and services revenue for Q2 2024 decreased by 69.1% to $0.6 million compared to $2.0 million in Q2 2023, leading to a margin increase to 10.1% from 4.8% [190]. - For the six months ended June 30, 2024, cost of products and services revenue decreased by $2.3 million to $1.1 million, with a margin increase to 18.6% from 10.9% [191]. Loss and Improvement Metrics - Operating loss for Q2 2024 was $5.76 million, a 31% improvement from a loss of $8.32 million in Q2 2023 [186]. - Net loss attributable to Nuvve Holding Corp. for Q2 2024 was $3.94 million, a 51% improvement from a loss of $7.99 million in Q2 2023 [186]. - Net loss decreased by $4.0 million, or 50.5%, to $3.9 million for the three months ended June 30, 2024, compared to $8.0 million for the same period in 2023 [200]. Operational Expenses - Selling, general and administrative expenses decreased by $1.7 million, or 26.4%, to $4.5 million for the three months ended June 30, 2024, compared to $6.1 million for the same period in 2023 [192]. - Research and development expenses decreased by $0.9 million, or 38.3%, to $1.5 million for the three months ended June 30, 2024, compared to $2.4 million for the same period in 2023 [195]. Cash Flow and Financing - Cash used in operations was $8.7 million for the six months ended June 30, 2024, compared to $21.3 million for the year ended December 31, 2023 [204]. - The company completed a public offering on February 2, 2024, raising gross proceeds of approximately $9.6 million [206]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $8.7 million, primarily from $8.5 million in proceeds from a public offering of common stock [222]. Future Outlook and Backlog - The estimated backlog as of June 30, 2024, was $18.2 million, expected to be recognized as revenue from 2024 through 2026 [184]. - The company expects growth in company-owned charging stations, although these projects will constitute a declining percentage of future business as commercial operations expand [180]. Subsidiary and Business Model - Levo Mobility LLC, a consolidated subsidiary, focuses on electrifying transportation and reducing barriers to EV fleet adoption through a Fleet-as-a-Service model [182]. - Levo was formed with conditional capital contribution commitments of $750 million to fund electric fleet acquisitions and infrastructure construction [215]. Debt and Interest Obligations - The Term Loan requires weekly payments of $50,750 for thirty weeks, totaling $522,501 in expected interest payments [214]. - The weighted weekly average interest rate on the term loan is 2.96% [216]. Cash Position and Changes - The net decrease in cash and restricted cash for the six months ended June 30, 2024, was $103,246, compared to a decrease of $4.7 million in the same period of 2023 [220]. - Net cash used in operating activities for the six months ended June 30, 2024, was $8.7 million, a decrease of $0.3 million compared to $9.0 million for the same period in 2023 [220]. - Cash used for investing activities was $0.05 million for the six months ended June 30, 2024, compared to net cash provided of $1.2 million in the same period of 2023 [221]. Regulatory and Compliance - The company has no off-balance sheet arrangements [224]. - There has been no change in internal control over financial reporting that materially affected the company during the quarter ended June 30, 2024 [234]. - The company is classified as an "emerging growth company" under the JOBS Act and intends to rely on the exemptions provided [230]. - The company expects to remain an emerging growth company until at least December 31, 2025, unless certain revenue or securities thresholds are met [231].
Nuvve (NVVE) - 2024 Q2 - Quarterly Report