Investor Conference Call to be Held Today at
5:00 PM Eastern Time (2:00 PM PT)
SAN
DIEGO, Nov. 12, 2024 /PRNewswire/ -- Nuvve
Holding Corp. ("Nuvve", "we", the "Company") (Nasdaq: NVVE), 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 third quarter 2024 update.
Third Quarter Highlights and Recent
Developments
- Launched first V2G-capable electric school bus deployment in
New Mexico
- Unveiled groundbreaking AC V2G technology at Exelon event in
Delaware with our proprietary AC
bi-directional charger
- Partnered with WISE EV to create convenient public EV charging
station infrastructure in select markets
- Increased megawatts under management by 16.3% to 29.2 megawatts
as of September 30, 2024 from 25.1
megawatts as of December 31,
2023
- Reduced operating expenses excluding cost of sales by
$5.9 million in third quarter 2024 to
$2.8 million compared to the third
quarter 2023
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, said,
"Though third quarter of 2024 has remained a challenging quarter,
the delays we have seen in the first and second quarters of 2024
are finally going away. Our tight controls over expenses and
improved operating efficiencies helped our liquidity and financial
performance this quarter. We are expecting the improvements in
revenues that materialized during the third quarter of 2024 to
continue into the fourth quarter of 2024."
2024 Third Quarter Financial Review
Total revenue was $1.92 million
for the three months ended September 30, 2024, compared to
$2.71 million for the three months
ended September 30, 2023, a decrease of $0.79 million, or 29.3%. The decrease was
primarily attributable to a $1.23
million decrease in products revenue due to lower customers
sales orders and shipments, partially offset by $0.4 million, increase in services revenue, and
an increase in grants of $0.04
million. Products and services revenue for the three months
ended September 30, 2024, consisted of DC and AC Chargers of
$0.54 million, grid services revenue
of $0.15 million, and engineering
services of $1.11 million driven by
management fees earned for a certain V2G project management.
Cost of products and services revenue for the three months ended
September 30, 2024, decreased by $1.5
million to $0.9 million, or
61.8% compared to $2.4 million for
the three months ended September 30, 2023 due to lower
customers sales orders and shipments. Products and services margin
increased by 40.2% to 49.3% for the three months ended
September 30, 2024, compared to 9.0% 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
current quarter compared with the third quarter of 2023.
Selling, general and administrative expenses consist of selling,
marketing, advertising, payroll, administrative, legal, finance,
and professional expenses. Selling, general and administrative
expenses were $2.1 million for the
three months ended September 30, 2024, as
compared to $6.5 million for the three months ended
September 30, 2023, a decrease of $4.4
million, or 67.2%.
The decrease during the three months ended September 30,
2024 was primarily attributable to decreases in compensation
expenses of $3.9 million, including
share-based compensation, decreases in legal fees expenses
of $0.6 million, and decreases in bad debt expenses of
$0.1 million, partially offset by
increases in software subscriptions expenses of $0.2 million.
Research and development expenses decreased by $1.6 million, or 69.0%, from $2.3 million for the three months ended
September 30, 2023 to $0.7
million for the three months ended September 30, 2024.
The decrease during the three months ended September 30, 2024
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 warrants liability and derivative liability, and
other income (expense). Other income, net increased by $0.06 million from $0.13
million of other income for the three months ended
September 30, 2023, to $0.19
million in other income for the three months ended
September 30, 2024. The increase during the three months ended
September 30, 2024 was primarily attributable to the change in
fair value of the warrants liability, sublease income related to
the subleasing of part of our main office space, and interest
expense on debt obligations.
Net loss decreased by $6.7
million, or 80.2%, from $8.3
million for the three months ended September 30, 2023,
to $1.6 million for the three months
ended September 30, 2024. The decrease in net loss was
primarily due to an increase in other income of $0.1 million, and a decrease in operating
expenses of $7.4 million, which
includes a decrease in cost of product and services of $1.5 million, and a decrease in revenue of
$0.8 million, for the above
aforementioned reasons.
Net Income (Loss) Attributable to Non-Controlling
Interest
Net loss attributable to non-controlling interest was zero for
the three months ended September 30, 2024 compared to net
income attributable to non-controlling interest of $0.01 million for the three months ended
September 30, 2023.
Stonepeak and Evolve conditional capital contribution
commitments expired on August 4,
2024. On October 15, 2024, we,
Stonepeak, and Evolve entered into Sale Agreement, pursuant to
which Stonepeak and Evolve sold their combined 49% membership
interest in Levo to us for a de minimis price. As a result, we
became the 100% owner of Levo.
Megawatts Under Management
Megawatts under management refers to the potential available
charging capacity Nuvve is currently managing around the world.
Conference Call Details
The Company will hold a conference call to review its financial
results for the third quarter of 2024, along with other Company
developments, at 5:00 PM Eastern Time
(2:00 PM PT) today, Tuesday,
November 12, 2024.
To participate, please register for and listen via a live
webcast, which is available in the 'Events' section under the 'News
& Events' tab of Nuvve's investor relations website at
https://investors.nuvve.com/. In addition, a replay of the call
will be made available for future access.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the
electrification of the planet, beginning with transportation,
through its intelligent energy platform. Combining the world's most
advanced vehicle-to-grid (V2G) technology and an ecosystem of
electrification partners, Nuvve dynamically manages power among
electric vehicle (EV) batteries and the grid to deliver new value
to EV owners, accelerate the adoption of EVs, and support the
world's transition to clean energy. By transforming EVs into mobile
energy storage assets and networking battery capacity to support
shifting energy needs, Nuvve is making the grid more resilient,
enhancing sustainable transportation, and supporting energy equity
in an electrified world. Since its founding in 2010, Nuvve has
successfully deployed V2G on five continents and offers turnkey
electrification solutions for fleets of all types. Nuvve is
headquartered in San Diego,
California, and can be found online at nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the European Union.
Any other trademarks or trade names mentioned are the property of
their respective owners.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements or
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of forward-looking terms
such as "may," "will," "expects," "believes," "aims,"
"anticipates," "plans," "looking forward to," "estimates,"
"projects," "assumes," "guides," "targets," "forecasts,"
"continue," "seeks" or the negatives of such terms or other
variations on such terms or comparable terminology, although not
all forward-looking statements contain such identifying words.
Forward-looking statements include, but are not limited to,
statements concerning Nuvve's expectations, plans, intentions,
strategies, prospects, business plans, product and service
offerings, new deployments, potential project successes, expected
timing of recently announced projects, anticipated growth of
various business areas and other statements that are not historical
facts. Nuvve cautions you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Nuvve. Such statements are based upon the current beliefs and
expectations of management and are subject to significant risks and
uncertainties that could cause actual outcomes and results to
differ materially. Some of these risks and uncertainties can
be found in Nuvve's most recent Annual Report on Form 10-K and
subsequent periodic reports filed with the Securities and Exchange
Commission (SEC). Copies of these filings are available online at
www.sec.gov, https://investors.nuvve.com or on request from Nuvve.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in the Nuvve's filings with the SEC. Such forward-looking
statements speak only as of the date made, and Nuvve disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Readers of this press release are cautioned not to
place undue reliance on these forward-looking statements, since
there can be no assurance that these forward-looking statements
will prove to be accurate. This cautionary statement is applicable
to all forward-looking statements contained in this press
release.
Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contacts
press@nuvve.com
+1 (619) 483-3448
FINANCIAL TABLES FOLLOW
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited)
|
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
$
325,245
|
|
$
1,534,660
|
|
Restricted
cash
|
480,000
|
|
480,000
|
|
Accounts receivable,
net
|
1,668,538
|
|
1,724,899
|
|
Inventories
|
5,658,741
|
|
5,889,453
|
|
Prepaid
expenses
|
636,825
|
|
994,719
|
|
Deferred costs -
current
|
899,594
|
|
1,145,608
|
|
Other current
assets
|
731,496
|
|
751,412
|
|
Total current
assets
|
10,400,439
|
|
12,520,751
|
|
Property and equipment,
net
|
671,197
|
|
766,264
|
|
Intangible assets,
net
|
1,097,625
|
|
1,202,203
|
|
Investment in equity
securities
|
670,951
|
|
670,951
|
|
Investment in
leases
|
104,186
|
|
112,255
|
|
Right-of-use operating
lease assets
|
4,624,783
|
|
4,839,526
|
|
Deferred costs -
noncurrent
|
748,353
|
|
521,994
|
|
Financing
receivables
|
—
|
|
288,872
|
|
Security deposit,
long-term
|
17,613
|
|
27,690
|
|
Total
assets
|
$
18,335,147
|
|
$
20,950,506
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
2,184,455
|
|
$
1,694,325
|
|
Accrued
expenses
|
3,251,493
|
|
4,632,101
|
|
Deferred revenue -
current
|
243,731
|
|
697,105
|
|
Debt - term
loan
|
902,242
|
|
—
|
|
Due to related party -
promissory notes - current
|
1,501,821
|
|
—
|
|
Operating lease
liabilities - current
|
971,631
|
|
856,250
|
|
Other
liabilities
|
7,279
|
|
105,141
|
|
Total current
liabilities
|
9,062,652
|
|
7,984,922
|
|
Operating lease
liabilities - noncurrent
|
4,391,413
|
|
4,646,383
|
|
Due to related party -
promissory notes - noncurrent
|
100,000
|
|
—
|
|
Deferred revenue -
noncurrent
|
721,050
|
|
332,951
|
|
Warrants
liability
|
914,841
|
|
4,621
|
|
Derivative liability -
non-controlling redeemable preferred shares
|
—
|
|
309,728
|
|
Other long-term
liabilities
|
140,204
|
|
681,438
|
|
Total
liabilities
|
15,330,160
|
|
13,960,043
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
Redeemable
non-controlling interests, preferred shares, zero par value,
1,000,000 shares authorized,
0 shares issued and
outstanding at September 30, 2024 and 3,138 shares issued and
outstanding at
December 31, 2023;
aggregate liquidation preference of $0 and $3,750,201 at
September 30, 2024
and December 31, 2023,
respectively
|
—
|
|
4,193,629
|
|
Class D Incentive
units, zero par value, 1,000,000 units authorized; 0 units issued
and outstanding at
September 30, 2024 and
50,000 units issued and outstanding a December 31, 2023,
respectively
|
—
|
|
216,229
|
|
Stockholders'
equity
|
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; zero shares
issued and outstanding
at September 30, 2024
and December 31, 2023, respectively
|
—
|
|
—
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized; 874,949 and 124,659
shares issued
and outstanding at
September 30, 2024 and December 31, 2023, respectively
|
6,406
|
|
5,927
|
|
Additional paid-in
capital
|
163,468,322
|
|
155,615,962
|
|
Accumulated other
comprehensive income
|
74,146
|
|
93,676
|
|
Accumulated
deficit
|
(160,543,887)
|
|
(148,240,859)
|
|
Nuvve Holding Corp.
Stockholders' Equity
|
3,004,987
|
|
7,474,706
|
|
Non-controlling
interests
|
—
|
|
(4,894,101)
|
|
Total stockholders'
(deficit) equity
|
3,004,987
|
|
2,580,605
|
|
Total
Equity
|
3,004,987
|
|
6,990,463
|
|
Total Liabilities
and Equity
|
$
18,335,147
|
|
$
20,950,506
|
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
|
|
|
|
|
|
|
|
|
Products
|
$
543,834
|
|
$
1,772,532
|
|
$
1,389,495
|
|
$
4,748,141
|
|
Services
|
1,265,499
|
|
866,477
|
|
1,786,937
|
|
1,720,262
|
|
Grants
|
108,885
|
|
73,563
|
|
323,722
|
|
219,082
|
|
Total
revenue
|
1,918,218
|
|
2,712,572
|
|
3,500,154
|
|
6,687,485
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Cost of
products
|
409,390
|
|
2,314,854
|
|
1,002,964
|
|
5,037,756
|
|
Cost of
services
|
508,697
|
|
86,371
|
|
1,027,282
|
|
775,489
|
|
Selling, general, and
administrative
|
2,126,681
|
|
6,481,759
|
|
12,544,563
|
|
18,751,119
|
|
Research and
development
|
710,291
|
|
2,292,908
|
|
3,773,435
|
|
6,780,211
|
|
Total operating
expenses
|
3,755,059
|
|
11,175,892
|
|
18,348,244
|
|
31,344,575
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,836,841)
|
|
(8,463,320)
|
|
(14,848,090)
|
|
(24,657,090)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Interest (expense)
income, net
|
(242,468)
|
|
16,213
|
|
(222,720)
|
|
105,194
|
|
Change in fair value
of warrants liability
|
329,990
|
|
214,573
|
|
2,642,424
|
|
144,609
|
|
Change in fair value
of derivative liability
|
—
|
|
67,366
|
|
(3,626)
|
|
73,585
|
|
Other, net
|
99,476
|
|
(168,177)
|
|
104,417
|
|
356,155
|
|
Total other income,
net
|
186,998
|
|
129,975
|
|
2,520,495
|
|
679,543
|
|
Loss before
taxes
|
(1,649,843)
|
|
(8,333,345)
|
|
(12,327,595)
|
|
(23,977,547)
|
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
Net loss
|
$
(1,649,843)
|
|
$
(8,333,345)
|
|
$
(12,327,595)
|
|
$ (23,977,547)
|
|
Less: Net (loss) income
attributable to non-controlling interests
|
—
|
|
8,285
|
|
—
|
|
23,039
|
|
Net loss attributable
to Nuvve Holding Corp.
|
$
(1,649,843)
|
|
$
(8,341,630)
|
|
$
(12,327,595)
|
|
$ (24,000,586)
|
|
Less: Preferred
dividends on redeemable non-controlling interests
|
—
|
|
72,092
|
|
—
|
|
212,062
|
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
—
|
|
161,466
|
|
—
|
|
484,398
|
|
Net loss attributable
to Nuvve Holding Corp. common stockholders
|
$
(1,649,843)
|
|
$
(8,575,188)
|
|
$
(12,327,595)
|
|
$ (24,697,046)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Nuvve Holding Corp. common stockholders,
basic and
diluted
|
$
(2.47)
|
|
$
(10.66)
|
|
$
(21.72)
|
|
$
(35.07)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss per share attributable
to Nuvve Holding
Corp. common stockholders, basic and diluted
|
666,894
|
|
804,775
|
|
567,486
|
|
704,310
|
|
NUVVE HOLDING CORP
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net loss
|
$
(1,649,843)
|
|
$
(8,333,345)
|
|
$
(12,327,595)
|
|
$
(23,977,547)
|
|
Other comprehensive
(loss) income, net of taxes
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
$
2,214
|
|
$
18,124
|
|
$
(19,530)
|
|
$
28,357
|
|
Total comprehensive
loss
|
$
(1,647,629)
|
|
$
(8,315,221)
|
|
$
(12,347,125)
|
|
$
(23,949,190)
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
$
—
|
|
$
8,285
|
|
$
—
|
|
$
23,039
|
|
Comprehensive loss
attributable to Nuvve Holding Corp.
|
$
(1,647,629)
|
|
$
(8,323,506)
|
|
$
(12,347,125)
|
|
$
(23,972,229)
|
|
Less: Preferred
dividends on redeemable non-controlling interests
|
$
—
|
|
$
(72,092)
|
|
$
—
|
|
$
(212,062)
|
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
—
|
|
(161,466)
|
|
—
|
|
(484,398)
|
|
Comprehensive loss
attributable to Nuvve Holding Corp. common stockholders
|
$
(1,647,629)
|
|
$
(8,089,948)
|
|
$
(12,347,125)
|
|
$
(23,275,769)
|
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
Operating
activities
|
|
|
|
|
Net loss
|
$
(12,327,595)
|
|
$
(23,977,547)
|
|
Adjustments to
reconcile to net loss to net cash used in operating
activities
|
|
|
|
|
Depreciation and
amortization
|
254,275
|
|
237,043
|
|
Stock-based
compensation
|
1,991,884
|
|
3,197,471
|
|
Loss on disposal of
asset
|
—
|
|
(1,088)
|
|
Amortization of
discount on debt and promissory notes
|
24,167
|
|
—
|
|
Change in fair value
of warrants liability
|
(2,642,424)
|
|
(144,609)
|
|
Change in fair value
of derivative liability
|
3,626
|
|
(73,585)
|
|
Warrants issuance
costs
|
305,065
|
|
—
|
|
Gains from sale of
investments in equity securities
|
—
|
|
(325,155)
|
|
Noncash lease
expense
|
223,892
|
|
355,133
|
|
Change in operating
assets and liabilities
|
|
|
|
|
Accounts
receivable
|
56,361
|
|
(1,547,575)
|
|
Inventory
|
230,712
|
|
4,717,894
|
|
Prepaid
expenses and other assets
|
728,999
|
|
304,031
|
|
Accounts
payable
|
490,130
|
|
(705,658)
|
|
Due to
customers
|
—
|
|
9,830,000
|
|
Accrued
expenses and other liabilities
|
(1,524,707)
|
|
2,056,210
|
|
Deferred
revenue
|
(57,207)
|
|
(122,797)
|
|
Net cash used in
operating activities
|
(12,242,822)
|
|
(6,200,232)
|
|
Investing
activities
|
|
|
|
|
Purchase of property
and equipment
|
(54,630)
|
|
(199,877)
|
|
Proceeds from sale of
investments in equity securities
|
—
|
|
1,325,155
|
|
Net cash (used)
provided in investing activities
|
(54,630)
|
|
1,125,278
|
|
Financing
activities
|
|
|
|
|
Proceeds from exercise
of warrants
|
173,027
|
|
—
|
|
Proceeds from debt and
promissory notes obligations
|
2,565,500
|
|
—
|
|
Repayment of debt and
promissory notes obligations
|
(161,929)
|
|
—
|
|
Proceeds from Direct
Offering of common stock, net of issuance costs
|
—
|
|
2,347,192
|
|
Proceeds from common
stock offering, net of issuance costs
|
8,516,741
|
|
884,586
|
|
Payment of finance
lease obligations
|
(7,816)
|
|
(5,375)
|
|
Net cash provided in
financing activities
|
11,085,523
|
|
3,226,403
|
|
Effect of exchange rate
on cash
|
2,514
|
|
(40,699)
|
|
Net decrease in cash
and restricted cash
|
(1,209,415)
|
|
(1,889,250)
|
|
Cash and restricted
cash at beginning of year
|
2,014,660
|
|
16,233,896
|
|
Cash and restricted
cash at end of period
|
$
805,245
|
|
$
14,344,646
|
|
|
|
|
|
Supplemental
Disclosure of cash information:
|
|
|
|
|
Cash paid for
interest
|
$
193,322
|
|
$
—
|
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SOURCE Nuvve Holding Corp.
