Nuvve (US:NVVE)2025-11-13 22:25Revenue Performance - Total revenue for Q3 2025 was $1.60 million, a decrease of 17% compared to $1.92 million in Q3 2024[257]. - Total revenue for the three months ended September 30, 2025, was $1.60 million, a decrease of 16.7% from $1.92 million in the same period of 2024, primarily due to a $0.88 million decrease in services revenue[259]. - For the nine months ended September 30, 2025, total revenue was $2.84 million, down 18.7% from $3.50 million in the same period of 2024, with a $0.95 million decrease in services revenue[260]. Revenue Breakdown - Product revenue increased by 74% to $947,561 in Q3 2025 from $543,834 in Q3 2024, while service revenue decreased by 70% to $380,876 from $1,265,499[258]. - Cost of products and services revenue decreased to $0.8 million for the three months ended September 30, 2025, down 16.5% from $0.9 million in the same period of 2024[261]. Operating Loss and Expenses - Operating loss for Q3 2025 was $5.11 million, a 178% increase from a loss of $1.84 million in Q3 2024[258]. - Selling, general and administrative expenses increased by 124% to $4.76 million in Q3 2025 from $2.13 million in Q3 2024[258]. - Research and development expenses rose by 66% to $1.18 million in Q3 2025 compared to $710,291 in Q3 2024[258]. - Net loss for the three months ended September 30, 2025, was $4.8 million, an increase of 190.6% from $1.6 million in the same period of 2024[273]. - The company incurred operating losses of approximately $25.5 million as of the nine months ended September 30, 2025[278]. Financial Position - As of September 30, 2025, the company had a cash balance of $0.9 million and a total equity deficit of $1.9 million[278]. - As of September 30, 2025, total outstanding principal balance of debt is $3,112.7 million, down from $5,572.0 million as of December 31, 2024, representing a reduction of approximately 44.0%[286]. - Long-term debt, net of current portion, remains stable at $840.5 million as of September 30, 2025, unchanged from December 31, 2024[286]. Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $12.3 million, slightly higher than $12.2 million for the same period in 2024, indicating a marginal increase of 0.8%[291]. - Cash used for investing activities increased to $0.40 million in the nine months ended September 30, 2025, compared to $0.05 million in the same period of 2024, reflecting an increase of 700%[292]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $13.3 million, compared to $11.1 million in 2024, marking an increase of approximately 19.8%[293]. Legal and Operational Developments - The company has initiated legal action against Rhombus for warranty and commissioning obligations related to DC Chargers purchased, indicating ongoing disputes affecting operations[290]. - The company expects to pay approximately $2.40 million for certain DC Chargers upon shipment, with a minimum of 50% to be paid within 12 months after the settlement date[289]. - The company formed Deep Impact 1 LLC, holding a 51% equity interest, to operate and maintain electric vehicle chargers[246]. - Nuvve New Mexico LLC was established to support a recently awarded contract, with two members admitted holding 150,000 Class B units at $1.00 per unit[250]. Strategic Initiatives - The company has not yet implemented any measures related to its digital asset strategy and did not hold any cryptocurrency assets as of September 30, 2025[256]. - The company filed a shelf registration statement allowing it to issue up to $300.0 million in various securities, effective July 7, 2025[280]. - The July 2025 Offering generated approximately $5.5 million in gross proceeds before expenses[281]. - The company has not engaged in any off-balance sheet arrangements, indicating a straightforward financial structure[295]. - The company continues to rely on the exemptions provided by the JOBS Act as an emerging growth company, which may affect comparability with other public companies[301].