Revenue and Financial Performance - Total revenue for Q4 2024 was $1.79 million, flat compared to $1.64 million in Q4 2023[4] - Total revenue for Q4 2024 was $1,786,075, a 8.6% increase from $1,644,677 in Q4 2023[22] - The company reported a total comprehensive loss of $5,126,469 for Q4 2024, compared to a loss of $7,330,103 in Q4 2023, reflecting a 30.1% improvement[24] - Net loss decreased by $2.2 million to $5.1 million in Q4 2024, compared to a net loss of $7.3 million in Q4 2023[9] - Net loss for Q4 2024 was $5,098,817, compared to a net loss of $7,319,240 in Q4 2023, representing a 30.3% improvement[22] - The net loss for 2024 was $17,426,412, a significant improvement from the net loss of $31,296,787 in 2023, representing a reduction of approximately 44%[26] - Operating loss for the year 2024 was $20,460,431, down from $32,105,275 in 2023, indicating a 36.3% reduction[22] Expenses and Cost Management - Operating expenses, excluding cost of sales, decreased by $2.0 million to $5.9 million in Q4 2024, down from $7.9 million in Q4 2023[3] - Research and development expenses decreased by 61.3% to $0.8 million in Q4 2024, down from $2.0 million in Q4 2023[7] - Selling, general and administrative expenses decreased by 13.7% to $5.1 million in Q4 2024, compared to $5.9 million in Q4 2023[6] - Research and development expenses for Q4 2024 were $767,558, a decrease of 61.3% from $1,981,189 in Q4 2023[22] - The company reported a depreciation and amortization expense of $337,971 in 2024, down from $396,210 in 2023, a decrease of approximately 15%[26] Assets and Liabilities - Total assets decreased to $16,797,812 in 2024 from $20,950,506 in 2023, a decline of 19.7%[20] - Total liabilities increased to $18,087,459 in 2024 from $13,960,043 in 2023, an increase of 29.5%[20] - Cash and cash equivalents decreased significantly to $371,497 in 2024 from $1,534,660 in 2023, a drop of 75.8%[20] - Accounts receivable increased to $2,148,198 in 2024 from $1,724,899 in 2023, an increase of 24.6%[20] Cash Flow and Financing - Net cash used in operating activities decreased to $15,734,334 in 2024 from $21,254,328 in 2023, indicating a 26% improvement[26] - Cash and restricted cash at the end of 2024 was $691,497, down from $2,014,660 at the end of 2023, reflecting a decrease of 66%[26] - The company raised $8,502,086 from common stock offerings in 2024, compared to $884,586 in 2023, marking an increase of over 867%[26] - The net cash provided by financing activities in 2024 was $14,462,917, a substantial increase from $5,862,746 in 2023, reflecting enhanced financing efforts[26] Operational Metrics - Customer backlog exceeded $18 million at the start of 2025, supporting growth prospects[3] - Megawatts under management increased by 22.3% to 30.7 megawatts as of December 31, 2024[3] - Cost of product and service revenues increased by 28.8% to $1.5 million in Q4 2024, up from $1.2 million in Q4 2023[5] - Other income (expense) shifted from $0.13 million of income in Q4 2023 to $0.52 million of expense in Q4 2024[8] - Inventory increased by $1,297,551 in 2024, contrasting with a decrease of $5,445,390 in 2023, indicating a shift in inventory management strategy[26] - The change in fair value of warrants liability resulted in a gain of $3,263,697 in 2024, compared to a loss of $216,263 in 2023[26] - The effect of exchange rate on cash resulted in a loss of $6,351 in 2024, compared to a gain of $35,624 in 2023, indicating potential currency risk[26] Ownership and Acquisitions - Nuvve became the 100% owner of Levo after acquiring the remaining 49% membership interest in October 2024[12] Shareholder Information - The weighted-average shares used in computing net loss per share increased to 881,144 in Q4 2024 from 107,711 in Q4 2023[22]
Nuvve (NVVE) - 2024 Q4 - Annual Results