Nuvve Provides Fourth Quarter and Full Year 2025 Financial Update

Core Insights - Nuvve Holding Corp. reported a revenue increase in Q4 2025 but expressed disappointment over the slowdown in electric vehicle (EV) adoption in the school bus market and a decline in overall revenues for the year [1][2] - The company is pivoting its business strategy towards stationary storage aggregation services, which has led to an increase in its project pipeline and backlog [1] Financial Performance - Total revenue for Q4 2025 was $1.95 million, up from $1.79 million in Q4 2024, driven by higher product sales and grants revenue, despite a decrease in services revenue [2][3] - Gross profit margins improved to 24.2% in Q4 2025 from 15.8% in Q4 2024, while cash operating losses decreased to $1.5 million from $4.9 million year-over-year [3] - Selling, general, and administrative expenses decreased by 40.9% to $3.0 million in Q4 2025, primarily due to reductions in compensation and public company-related expenses [6] Inventory and Impairments - An inventory impairment charge of $3.47 million was recognized for non-conforming 125 kW V2G DC Chargers, reducing their carrying value to zero [5] - The cost of product and service revenues slightly decreased by 2.8% to $1.46 million in Q4 2025 compared to the same period in 2024 [4] Research and Development - Research and development expenses increased by 12.1% to $0.7 million in Q4 2025, attributed to higher compensation and subcontractor expenses [7] Net Loss and Other Income - The net loss for Q4 2025 was $6.3 million, an increase of 23.7% from $5.1 million in Q4 2024, primarily due to higher operating expenses [9] - Other income decreased to $0.38 million in Q4 2025 from $0.52 million in Q4 2024, mainly due to changes in the fair values of convertible notes and warrants liability [8] Cash Position - Cash and cash equivalents increased to $5.5 million as of December 31, 2025, compared to $0.4 million at the end of 2024 [3] Megawatts Under Management - Megawatts under management increased by 7.2% from Q3 2025 to 28.3 megawatts, although it represented a 7.8% decrease compared to Q4 2024 [11]