Nuvve (US:NVVE)2024-11-12 21:41Financial 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]