Nuvve Releases Fourth Quarter and Full Year 2024
Nuvve Holding Corp a global leader in grid modernization and vehicle-to-grid (V2G) technology, has announced its financial results for the fourth quarter and full year of 2024. The company continues to expand its role in advancing clean energy solutions, with significant growth in megawatts under management and strategic cost reductions. Despite a challenging economic landscape, Nuvve has demonstrated resilience and adaptability, positioning itself for continued growth in 2025.
Fourth Quarter Highlights and Recent Developments
- Increased megawatts under management by 22.3%, reaching 30.7 megawatts as of December 31, 2024, compared to 25.1 megawatts as of December 31, 2023.
- Reduced operating expenses (excluding cost of sales) by $2.0 million, bringing total operating expenses down to $5.9 million in Q4 2024 from $7.9 million in Q4 2023.
- Generated $0.4 million in cash and cash equivalents as of December 31, 2024.
- Raised approximately $2.6 million in gross proceeds during the first three months of 2025 through various financial mechanisms, including debt obligations, private placement offerings, and warrant exercises.
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, expressed optimism regarding the company’s performance, stating: “We were encouraged by the acceleration of revenues in the back half of the year after a slow start. We began 2025 with over $18 million in customer backlog which, along with the recent State of New Mexico contract award to deliver turnkey electrification services, provides us with strong support for growth in 2025.”
2024 Fourth Quarter Financial Review
Revenue Performance
Nuvve reported total revenue of $1.79 million for the three months ending December 31, 2024, marking a slight increase from $1.64 million in the same period of 2023. This growth was primarily driven by steady customer sales orders and shipments. Revenue streams included:
- Sales of DC and AC chargers: $1.18 million (compared to $1.10 million in Q4 2023)
- Grid services revenue: $0.01 million (compared to $0.05 million in Q4 2023)
- Engineering services revenue: $0.51 million (compared to $0.39 million in Q4 2023)
Cost of Revenues and Gross Margin
The cost of product and service revenues increased to $1.5 million in Q4 2024, representing a 28.8% rise from $1.2 million in Q4 2023. This increase was primarily due to a higher proportion of hardware sales and a lower mix of engineering service revenue.
The gross margin declined from 24.0% in Q4 2023 to 11.5% in Q4 2024, reflecting the impact of revenue mix changes.
Operating Expenses
Selling, General, and Administrative Expenses
Nuvve’s selling, general, and administrative (SG&A) expenses dropped by $0.8 million (13.7%) to $5.1 million in Q4 2024 from $5.9 million in Q4 2023. The decrease was largely due to:
- Reduction in compensation expenses: $0.7 million, including share-based compensation.
- Lower legal expenses: $0.4 million.
- Decrease in insurance costs: $0.1 million.
- Decline in office-related expenses: $0.1 million.
- Offset by increased travel expenses: $0.3 million.
- Increase in public company-related expenses: $0.2 million.
Research and Development Expenses
The company significantly reduced its research and development (R&D) expenses by 61.3%, from $2.0 million in Q4 2023 to $0.8 million in Q4 2024. This reduction was due to:
- Decreased compensation expenses.
- Lower subcontractor expenses associated with platform functionality enhancements and vehicle integration.
Other Income (Expense)
Nuvve recorded $0.52 million in other expenses for Q4 2024, a significant shift from $0.13 million in other income in Q4 2023. The decline was attributed to:
- Changes in fair value of warrants and investment rights liabilities.
- Higher interest expenses on debt obligations.
Net Loss Improvement
The company successfully reduced its net loss by $2.2 million, from $7.3 million in Q4 2023 to $5.1 million in Q4 2024. This improvement resulted from:
- Lower operating expenses: $1.7 million reduction.
- Slight increase in revenue: $0.14 million.
- Increase in other income (net): $0.4 million.
Net Loss Attributable to Non-Controlling Interest
The net loss attributable to non-controlling interest was $0.03 million in Q4 2024, compared to $0.04 million in Q4 2023.
Nuvve held 51% ownership in Deep Impact and Levo entities during Q4 2024 and Q4 2023. As variable interest entities (VIEs), Nuvve consolidated these subsidiaries and recorded a non-controlling interest share accordingly.
Strategic Changes and Acquisitions
On August 4, 2024, the conditional capital contribution commitments from Stonepeak and Evolve expired. Subsequently, on October 15, 2024, Nuvve entered into a sale agreement with Stonepeak and Evolve to acquire their 49% membership interest in Levo for a nominal price. With this transaction, Nuvve became the sole owner of Levo.
On December 13, 2024, Nuvve officially dissolved Levo as an entity, streamlining its corporate structure.
Megawatts Under Management
The company’s megawatts under management, which represents the available charging capacity managed globally, grew by 22.3% year-over-year. Nuvve continues to expand its footprint in the V2G and energy management space, reinforcing its position as an industry leader.
- Expanding its customer base through strategic partnerships and new contract acquisitions.
- Enhancing financial performance by improving cost efficiencies and increasing recurring revenue streams.
- Strengthening its V2G and grid services portfolio to capitalize on growing market demand.
With a strong customer backlog exceeding $18 million and a major contract award from the State of New Mexico, Nuvve is well-positioned for continued growth in 2025 and beyond.
