Financial Performance - Total revenue for the three months ended March 31, 2025, was $934,304, an increase of 20% compared to $779,756 for the same period in 2024[199]. - Products revenue increased by 19% to $565,551, while services revenue rose by 22% to $267,304, and grants increased by 22% to $101,449[199]. - Operating loss decreased by 23% to $5,586,614 for the three months ended March 31, 2025, compared to $7,247,375 for the same period in 2024[199]. - Net loss for the three months ended March 31, 2025, was $6,878,601, a 2% increase from $6,728,737 in the same period in 2024[199]. Expenses - Research and development expenses decreased by 44% to $883,772 for the three months ended March 31, 2025, down from $1,589,577 in the prior year[205]. - Selling, general and administrative expenses decreased by 14% to $5,075,902 for the three months ended March 31, 2025, compared to $5,928,110 in 2024[203]. Cash Flow and Debt - The cash used in operations was $1.8 million for the three months ended March 31, 2025, compared to $15.7 million and $21.3 million for the years ended December 31, 2024, and 2023, respectively[212]. - Net cash used in operating activities decreased by $2.9 million to $1.8 million for the three months ended March 31, 2025, compared to $4.7 million for the same period in 2024[225]. - Net cash provided for financing activities was $2.6 million for the three months ended March 31, 2025, compared to $8.5 million for the same period in 2024[227]. - The total outstanding principal balance of debt as of March 31, 2025, was $4,967,360, down from $5,572,001 as of December 31, 2024[218]. - The company entered into Term Loans totaling $3.75 million with a weighted average interest rate of 2.96% and 2.16% for different maturities[216]. - Interest expense paid on the Term Loan for the three months ended March 31, 2025, was $363,042, with no interest expense for the same period in 2024[216]. Future Outlook - Estimated backlog as of March 31, 2025, was $19.7 million, expected to be recognized as revenue from 2025 through 2026[195]. - The company plans to allocate up to 30% of excess cash towards bitcoin purchases as part of its treasury management program[196]. - The company expects to implement its bitcoin and digital asset strategy in the latter half of 2025[197]. - The company plans to fund current operations through debt obligations, increased revenues, and raising additional capital, although future fundraising success is uncertain[213]. Legal Matters - The company has initiated legal action against Rhombus Energy Solutions, Inc. regarding warranty and commissioning obligations related to DC Chargers purchased[223]. Equity and Financial Position - The company had a total equity deficit of $3.2 million and a cash balance of $1.2 million as of March 31, 2025[212]. - As of March 31, 2025, the company incurred operating losses of approximately $5.6 million for the three months ended March 31, 2025, and $20.5 million and $32.1 million for the years ended December 31, 2024, and 2023, respectively[212].
Nuvve (NVVE) - 2025 Q1 - Quarterly Report