Nuvve Holding Corp Reports
Nuvve Holding Corp Reports a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a second quarter 2025 update.
Second Quarter Highlights and Recent Developments
- We raised $6.9 million in gross proceeds through debt obligations and equity during the second quarter of 2025 to support our operations and growth initiatives. In July 2025, we raised an additional $5.5 million in gross proceeds through an underwritten public offering.
- We filed a shelf registration statement on Form S-3 with the SEC which allows us, subject to certain limitations, to issue unspecified amounts of equity shares from time to time and in one or more offerings up to a total dollar amount of $300 million
- We granted warrants to purchase an aggregate of 11,000,004 shares of warrants to certain consultants as compensation for cryptocurrency strategy related consulting services, and recorded a noncash fair value of the warrants of $8.19 million
- Total revenue declined by $0.5 million to $0.3 million in the second quarter of 2025 compared to $0.8 million in the second quarter of 2024, while gross profit remained flat at $0.2 million compared to the same period last year
- Cash operating losses increased by $0.3 million to $5.5 million in the second quarter 2025 compared to $5.2 million the second quarter 2024
- We had $1.8 million in cash and cash equivalents as of June 30, 2025 compared to $0.4m at December 31, 2024
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, said, “This has been a transition quarter. Nuvve is now strategically positioned at the intersection between Energy, Artificial Intelligence and Crypto. While revenues were soft during this quarter as we transitioned to a new hardware supplier for bidirectional charging stations and a dropship model vs. carrying the inventory ourselves, we successfully integrated our recent acquisition of Fermata into the Nuvve organization. We also continued our focus on our digital asset strategy, bringing on leading digital assets advisory consultants and adding James Altucher, a cryptocurrency strategist, to our Board of Directors. With the addition of Fermata’s advanced technology to our platform, and our expanded bench of experienced leadership in digital asset management, we believe we are in a strong position to lead in the energy management transition occurring worldwide and we are ready to capitalize on opportunities across the cryptocurrency and blockchain economy all supported by our AI effort started a few years ago.”
2025 Second Quarter Financial Review
Total revenue was $0.33 million for the three months ended June 30, 2025, compared to $0.80 million for the three months ended June 30, 2024, a decrease of $0.47 million, or 58.5%. The decrease was primarily attributable to a $0.23 million decrease in products revenue due to lower customers sales orders and shipments, a $0.11 million decrease in services revenue, and a $0.13 million decrease in grants. Products and services revenue for the three months ended June 30, 2025, consisted of DC Chargers and AC Chargers of $0.14 million, grid services revenue of $0.04 million, and engineering services of $0.15 million. During the second quarter of 2025, we stopped accruing management fees earned for the Fresno EV infrastructure project.
Cost of products and services revenue for the three months ended June 30, 2025, decreased by $0.47 million to $0.1 million, or 78.3% compared to $0.6 million for the three months ended June 30, 2024 primarily due to lower customers sales orders and shipments. Products and services margin increased by 50.5% to 60.6% for the three months ended June 30, 2025, compared to 10.1% in the same prior year period. Margin benefited from a lower mix of hardware charging stations’ sales and a higher mix of engineering services in the second quarter of 2025 compared with the second quarter of 2024.
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were $13.9 million for the three months ended June 30, 2025, as compared to $4.5 million for the three months ended June 30, 2024, an increase of $9.4 million, or 209.7%.
The increase during the three months ended June 30, 2025 was primarily attributable to increases in the fair value of warrants expenses issued for cryptocurrency strategy consulting services of $8.1 million, increases in bad debt expenses of $1.2 million mostly related to management fees earned in the Fresno EV infrastructure project, increases in travel and marketing/promotions related expenses of $0.5 million, and increases in legal fees expenses of $0.3 million, partially offset by decreases in compensation expenses of $0.6 million, including share-based compensation, and decrease in software subscriptions expenses of $0.1 million.
Research and development expenses decreased by $0.4 million, or 25.8%, from $1.5 million for the three months ended June 30, 2024 to $1.1 million for the three months ended June 30, 2025. The decrease during the three months ended June 30, 2025 was primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles.
Other income, net consists primarily of interest expense, change in fair value of convertible notes, change in fair value of warrants liability and derivative liability, and other income (expense). Other income, net decreased by $0.59 million from $1.81 million of other income for the three months ended June 30, 2024, to $1.23 million in other expenses for the three months ended June 30, 2025. The decrease during the three months ended June 30, 2025 was primarily attributable to the change in fair values of the convertible notes and warrants liability, partially offset by increases in sublease income related to the subleasing of part of our main office space and interest expense on debt obligations.
Net loss increased by $9.6 million, or 243.6%, from $3.9 million for the three months ended June 30, 2024, to $13.6 million for the three months ended June 30, 2025. The increase in net loss was primarily due to an increase in total operating expenses of $8.6 million, a decrease in other income of $0.6 million and a decrease of $0.5 million in revenue.
Net Income (Loss) Attributable to Non-Controlling Interest
Net loss attributable to non-controlling interest for the three months ended June 30, 2025 was flat compared to net income attributable to non-controlling interest for the three months ended June 30, 2024.
Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in Fermata Energy II LLC and Deep Impact entity. We own 51% of Fermata Energy II LLC and Deep Impact common units during the six months ended June 30, 2025. We had determined that Deep Impact only is a variable interest entity (“VIE”) in which we are the primary beneficiary. We consolidated Fermata Energy II LLC and Deep Impact, and recorded a non-controlling interest for the share of Fermata Energy II LLC and Deep Impact owned by other parties during the six months ended June 30, 2025.
Megawatts Under Management
Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world.
Megawatts under management in the second quarter decreased 19.5% over the first quarter of 2025, to 25.6 megawatts from 31.8 megawatts, and a 5.5% decrease compared to the second quarter of 2024. In terms of its composition, 0.2 megawatts were from stationary batteries and 25.4 megawatts were from EV chargers. The decline this quarter relates to the decommissioning of 2.5 megawatts of stationary batteries in California and 4.4 megawatts of stationary batteries in Japan. The stationary batteries we managed in California were decommissioned as they reached the end of their useful life. Our customer intends to replace these batteries in the future, and we are working with this customer to propose our battery aggregation services once their new batteries are installed. In Japan we elected to not continue the management of stationary batteries connected to our platform in partnership with Toyota Tsusho that we were had managed for several years, given the expected future revenue generation was limited under our existing agreement. Instead we have focused our efforts in driving new business development efforts in Japan, with a focus on battery aggregation services for commercial and governmental customers throughout the country. Megawatts under management excluding stationary batteries increased to 25.4 in the second quarter of 2024, an increase of 0.7 over the first quarter of 2025.
