Nuvve (NVVE) - 2025 Q4 - Annual Results

Revenue and Profitability - Total revenues for Q4 2025 were $1.9 million, a slight increase from $1.8 million in Q4 2024, driven by higher product sales and grants revenue[4] - Gross profit margin improved to 24.2% in Q4 2025, up from 15.8% in Q4 2024, reflecting a better product mix[4] - Total revenue for the year ended December 31, 2025, was $4,793,942, a decrease of 9.3% compared to $5,286,229 in 2024[24] - The company reported a total comprehensive loss attributable to Nuvve Holding Corp. of $30,831,004 for the year ended December 31, 2025[26] Expenses and Losses - Cash operating losses decreased to $1.5 million in Q4 2025, down from $4.9 million in Q4 2024[4] - Selling, general and administrative expenses were reduced by 40.9% to $3.0 million in Q4 2025, compared to $5.1 million in Q4 2024[8] - Research and development expenses increased by 12.1% to $0.7 million in Q4 2025, up from $0.8 million in Q4 2024[9] - Net loss for Q4 2025 was $6.3 million, an increase of 23.7% from $5.1 million in Q4 2024[11] - The net loss attributable to Nuvve Holding Corp. for the year ended December 31, 2025, was $30,822,551, compared to a net loss of $17,397,603 in 2024, representing a 77.5% increase in losses[24] - Operating expenses for the year ended December 31, 2025, totaled $36,974,022, an increase of 43.5% from $25,746,660 in 2024[24] - The company reported a net loss of $31,548,988 for the year ended December 31, 2025, compared to a net loss of $17,426,412 in 2024, indicating a significant increase in losses[28] Assets and Liabilities - Total current assets increased to $11,034,514 as of December 31, 2025, compared to $9,275,117 in 2024, reflecting a growth of 18.9%[22] - Total liabilities decreased to $14,862,538 as of December 31, 2025, from $18,087,459 in 2024, a reduction of 17.5%[22] - Cash and cash equivalents were not explicitly stated but are part of the total assets of $17,393,081 as of December 31, 2025[22] Cash Flow and Financing - Net cash used in operating activities was $16,627,127 in 2025, slightly higher than the $15,734,334 used in 2024[28] - The company generated $21,196,561 in net cash from financing activities in 2025, up from $14,462,917 in 2024, reflecting increased financing efforts[28] - Cash and restricted cash at the end of 2025 totaled $5,787,250, a substantial increase from $691,497 at the beginning of the year[28] - Proceeds from the issuance of common stock offerings, including pre-funded warrants, amounted to $5,509,874 in 2025, compared to $8,502,086 in 2024[28] - The company recorded a conversion of notes and accrued interest to common shares valued at $8,903,712 in 2025[28] Inventory and Impairment - Inventory impairment charge of $3.47 million was recognized due to non-conforming 125 kW V2G DC Chargers[7] - The company reported an inventory impairment loss of $3,469,895 for the year ended December 31, 2025[24] - The company incurred an inventory impairment loss of $3,469,895 in 2025, which was not present in 2024[28] Future Strategy - Future business strategy focuses on stationary storage aggregation services, with an increased pipeline and backlog anticipated[3] Management Metrics - Megawatts under management increased by 7.2% from Q3 2025 to 28.3 megawatts, but decreased by 7.8% compared to Q4 2024[14] - The weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders was 407,435 for the year ended December 31, 2025[24] - The company incurred a net interest expense of $1,955,781 for the year ended December 31, 2025[24] - Cash paid for interest increased to $1,654,799 in 2025 from $563,345 in 2024, indicating higher borrowing costs[28] - The company reported a fair value of warrants issued for cryptocurrency strategy consulting services amounting to $8,194,000 in 2025[28]