Nuvve (US:NVVE)2025-11-13 21:31Revenue Performance - Total revenue for Q3 2025 was $1.6 million, a decrease of 16.7% from $1.92 million in Q3 2024[4] - Total revenue for Q3 2025 was $1,598,627, a decrease of 16.7% compared to $1,918,218 in Q3 2024[25] - Products and services revenue for Q3 2025 included $0.95 million from DC and AC Chargers, $0.01 million from grid services, and $0.37 million from engineering services[4] - Product revenue increased to $947,561 in Q3 2025, up 74.4% from $543,834 in Q3 2024[25] - Service revenue decreased significantly to $380,876 in Q3 2025 from $1,265,499 in Q3 2024, a decline of 69.9%[25] - The decrease in service revenue was primarily due to the absence of management fees from the Fresno EV infrastructure project[4] Profitability and Losses - Gross profit margin for Q3 2025 was 52.0%, slightly down from 52.1% in Q3 2024[3] - Operating loss for Q3 2025 was $5,111,271, compared to a loss of $1,836,841 in Q3 2024, representing an increase in losses of 178.5%[25] - Net loss attributable to Nuvve Holding Corp. was $4,507,260 in Q3 2025, compared to $1,649,843 in Q3 2024, an increase of 173.5%[25] - Total comprehensive loss for Q3 2025 was $4,807,608, compared to $1,647,629 in Q3 2024, indicating a significant increase in losses[26] - Net loss for the nine months ended September 30, 2025, was $25,241,278, compared to a net loss of $12,327,595 for the same period in 2024, indicating an increase in losses[29] Expenses - Cash operating losses increased to $4.8 million in Q3 2025, compared to $1.6 million in Q3 2024, marking a 190.6% increase[10] - Selling, general and administrative expenses rose to $4.8 million in Q3 2025, an increase of 124.0% from $2.1 million in Q3 2024[6] - Research and development expenses increased by 66.0% to $1.2 million in Q3 2025, up from $0.7 million in Q3 2024[8] - Research and development expenses for Q3 2025 were $1,179,288, an increase from $710,291 in Q3 2024, reflecting a growth of 66.0%[25] Financial Position - Total assets as of September 30, 2025, were $16,755,481, a slight decrease from $16,797,812 as of December 31, 2024[23] - Total liabilities increased to $18,673,958 as of September 30, 2025, up from $18,087,459 at the end of 2024[23] - Cash and cash equivalents rose to $939,415 as of September 30, 2025, compared to $371,497 at the end of 2024[23] - Cash and restricted cash at the end of the period increased to $1,259,415 from $805,245 at the end of the same period in 2024[29] Cash Flow and Financing - Net cash used in operating activities was $12,347,984 for the nine months ended September 30, 2025, slightly higher than $12,242,822 for the same period in 2024[29] - Proceeds from debt and promissory notes obligations amounted to $8,972,199, significantly higher than $2,565,500 in the previous year[29] - Net cash provided in financing activities was $13,307,195, an increase from $11,085,523 in the same period of 2024[29] - The company raised $5.6 million in gross proceeds during Q3 2025 to support operations and growth initiatives[3] Other Financial Metrics - The company recorded a provision for credit losses of $990,105, which was not reported in the previous year[29] - Cash paid for interest increased to $1,096,650 compared to $193,322 in the same period last year[29] - The company made an acquisition costing $340,200 during the nine months ended September 30, 2025[29] - The change in fair value of warrants/investment rights liability was a loss of $673,899, compared to a loss of $2,642,424 in the previous year[29] - The company reported a fair value of warrants issued for cryptocurrency strategy consulting services at $8,194,000, which was not present in the previous year[29]