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Nuvve Provides Second Quarter 2024 Financial Update
Nuvve Nuvve (US:NVVE) Prnewswire·2024-08-13 20:30

Core Insights - Nuvve Holding Corp. reported a significant decrease in total revenue for Q2 2024, amounting to $0.80 million, down 62.2% from $2.12 million in Q2 2023, primarily due to lower product and service sales [3] - The company has made strategic partnerships and advancements in its vehicle-to-grid (V2G) technology, including a collaboration with Great Power and the electrification of the Fresno EOC's shuttle fleet [2][3] - Operating expenses were reduced to $6.0 million in Q2 2024 from $8.5 million in Q2 2023, contributing to a net loss decrease of 50.5% to $3.9 million [3] Financial Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of $1.32 million from the previous year, with product revenue dropping by $1.18 million and service revenue by $0.2 million [3] - The cost of products and services revenue decreased by 69.1% to $0.6 million, leading to an increase in products and services margin to 10.1% from 4.8% year-over-year [3] - Selling, general, and administrative expenses fell by 26.4% to $4.5 million, driven by reductions in various expense categories [3] Operational Highlights - Nuvve increased megawatts under management by 8.0% to 27.1 megawatts as of June 30, 2024, compared to 25.1 megawatts at the end of 2023 [1] - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation [1][2] - A groundbreaking event for the Fresno EOC's $16 million shuttle fleet project was held, which will include electric shuttles and a solar generation system [2] Strategic Partnerships - Nuvve partnered with Great Power to enhance its V2G technology with advanced battery solutions, aiming to improve efficiency and affordability for electric vehicles [1][2] - The company highlighted its proprietary GIVeTM smart-charging software platform at various industry conferences, emphasizing its impact on total cost of ownership for fleet operators [2]