Nuvve Holding Corp.

Listed Company

NVVECIK 0001836875NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 29

Period

FY 2025

Revenue

$4.79M

Net Income

$-30.82M

Total Assets

$17.39M

Equity

$-1.67M

Shares Out

5.31M

Op. Cash Flow

$-16.60M

Business

Nuvve Holding Corp. is a grid modernization company that develops and operates vehicle-to-grid (V2G) technology to link electric vehicle batteries and stationary batteries into virtual power plants. It offers the GIVe cloud-based software platform, V2G-capable charging stations, networked charging infrastructure, professional services, fleet management tools and recurring grid services via a SaaS model. Key business segments include light-duty and heavy-duty fleets, school buses, automotive OEM integrations, charge point operators, stationary storage and strategic partnerships. The company operates and sells through direct sales, worldwide channel partners, utilities, resellers and government-funded demonstration projects across Europe, Asia (including Japan) and North America.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	5	5	8	5	4
Inventory impairment loss	3	0	—	—	—
Selling, general, and administrative	27	18	25	30	23
Research and development	4	5	9	8	7
Total operating expenses	37	26	40	42	31
Operating loss	−32	−21	−32	−37	−27
Interest expense, net	−2	−767,373	108,182	—	—
Change in fair value of convertible notes	−140,575	444,656	0	—	—
Change in fair value of warrants/investment rights liability	940,500	4	216,263	—	—
Change in fair value of derivative liability	0	−3,626	49,497	152,723	−14,342
Other, net	2	−300,408	436,146	85,074	282,183
Total other income, net	630,092	3	810,088	12	−47
Loss before taxes	−32	−17	−31	−25	−75
Income tax (benefit) expense	−1,000	1,600	1,600	800	1,000
Net loss	−32	−17	−31	−25	−75
Less: Net loss attributable to non-controlling interests	−726,437	−28,809	−12,456	−538,841	−2
Net loss attributable to Nuvve Holding Corp.	−31	−17	−31	−24	−72
Net loss attributable to Nuvve Holding Corp. common stockholders	−31	−17	−32	−25	−73
Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic (in dollars per share)	−75.65	−1,077	−403.57	−47.55	−4.37
Net loss per share attributable to Nuvve Holding Corp. common stockholders, diluted (in dollars per share)	−75.65	−1,077	−403.57	−47.55	−4.37
Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic (in shares)	407,435	16,158	79,827	524,297	17
Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, diluted (in shares)	407,435	16,158	79,827	524,297	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	5	371,497	2	16	32
Restricted cash	320,000	320,000	480,000	480,000	380,000
Accounts receivable, net	1	2	2	1	2
Inventories	800,819	5	6	12	11
Prepaid expenses	883,301	494,986	994,719	1	—
Deferred costs	709,286	417,290	1	—	—
Due from related party	574,503	0	—	—	—
Other current assets	1	931,244	751,412	314,528	—
Total Current Assets	11	9	13	32	47
Property and equipment, net	618,444	613,958	766,264	636,944	356,194
Intangible assets, net	1	1	1	1	1
Goodwill	96,000	0	0	—	—
Investment in equity securities	0	670,951	670,951	2	670,951
Investment in leases	98,321	101,415	112,255	97,054	0
Right-of-use operating lease assets	4	4	5	5	3
Deferred costs - noncurrent	594,558	564,558	521,994	—	—
Security deposit, long-term	105,782	15,687	27,690	8,682	3,057
Total Assets	17	17	21	41	53
Accounts payable	3	2	2	2	6
Accrued expenses	2	3	5	3	3
Deferred revenue - current	1	506,496	697,105	1	719,771
Convertible notes - current	616,179	2	0	—	—
Operating lease liabilities - current	860,130	914,800	856,250	824,326	41,513
Other liabilities	2,340	6,969	105,141	113,844	110,574
Customer deposits	918,631	0	—	—	—
Total Current Liabilities	10	11	8	8	9
Operating lease liabilities - noncurrent	4	4	5	5	3
Deferred revenue - noncurrent	874,779	771,747	—	—	—
Due to related party - promissory notes - noncurrent	0	840,500	0	—	—
Warrants/investment rights liability	474,023	699,087	4,621	220,884	10
Other long-term liabilities	172,089	170,794	681,438	393,179	18,860
Total Liabilities	15	18	14	14	23
Commitments and Contingencies	—	—	—	—	—
Series A Convertible Preferred stock, $0.0001 par value, 35,000 shares authorized, 6,000 issued and outstanding at December 31, 2025, and zero shares issued and outstanding at December 31, 2024; aggregate liquidation preference of $6,000,000 and $0 at December 31, 2025 and December 31, 2024, respectively	5	0	—	—	—
Common stock, $0.0001 par value, 400,000,000 shares authorized; 2,069,882 shares issued and 2,069,840 shares outstanding at December 31, 2025; 22,624 shares issued and 22,582 shares outstanding at December 31, 2024.	11,758	6,408	5,927	2,427	1,888
Treasury stock, at cost, 42 shares outstanding at December 31, 2025; 42 shares outstanding at December 31, 2024.	0	0	0	—	—
Additional paid-in capital	194	164	156	144	122
Accumulated other comprehensive income	38,041	46,494	93,676	76,182	113,446
Accumulated deficit	−196	−166	−148	−117	−93
Nuvve common stockholders deficit	−2	−1	7	27	30
Non-controlling interests	−755,246	−28,809	−5	−4	−3
Total Nuvve stockholders deficit	−2	−1	3	23	27
Total Liabilities, Nuvve stockholders' deficit and mezzanine equity	17	17	21	41	53

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	329,500	337,971	396,210	289,536	167,558
Share-based compensation	2	3	4	5	4
Change in fair value of warrants liability	−940,500	−3	−216,263	—	—
Change in fair value of derivative liability	0	3,626	−49,497	−152,723	0
Fair value of warrants issued for cryptocurrency strategy consulting services	8	0	—	—	—
Loss on warrants issuance	0	305,065	0	—	—
Provision for credit losses	990,105	0	—	—	—
Amortization of discount on debt and promissory notes	162,312	87,222	0	0	116,147
Gains from the sale of equity investment interest	−244,214	0	−325,155	0	—
Noncash lease expense	721,870	357,118	476,208	421,183	3,636
Accounts receivable	63,442	−148,299	−634,432	763,302	−887,697
Inventory	321,188	1	5	−433,644	−10
Prepaid expenses and other assets	−1	2	−447,604	−2	−693,756
Accounts payable	2	196,413	−696,098	−3	3
Advance deposit from customer	918,631	0	—	—	—
Accrued expenses and other liabilities	−3	−1	2	1	2
Deferred revenue	622,083	259,026	−206,641	417,481	626,265
Net cash used in operating activities	−17	−16	−21	−34	−29
Cash used in acquisition	−340,200	0	—	—	—
Purchase of property and equipment	−57,099	−45,395	−188,433	−438,045	−273,124
Proceeds from sale of equity investment interest	915,165	0	1	0	—
Net cash provided by (used in) investing activities	517,866	−45,395	1	−1	−265,475
Proceeds from debt and promissory notes obligations, net of issuance costs	9	6	0	—	—
Repayment of debt and promissory notes obligations	−3	−654,655	0	—	—
Payment of finance lease obligations	−8,267	−10,074	−8,140	−9,691	−5,839
Proceeds from issuance of Class B units	300,000	0	—	—	—
Proceeds from exercise of warrants	4	155,060	0	185	0
Proceeds from convertible series A preferred, net of offering costs	5	0	—	—	—
Proceeds from common stock offering, including pre-funded warrants, net of offering costs	6	9	884,586	4	0
Proceeds from issuance of series 3 J-Kiss units	41,457	0	—	—	—
Net cash provided by financing activities	21	14	6	19	60
Effect of exchange rate on cash	8,453	−6,351	35,624	−50,228	199,592
Net decrease in cash and restricted cash	5	−1	−14	−17	30
Cash paid for interest	2	563,345	0	—	0
Cash paid for income taxes	1,600	1,600	0	0	800
Conversion of Notes and accrued interest to common shares	9	0	—	0	4
Payment of Promissory with Receivable	283,578	0	—	—	—
Issuance of preferred class A units for acquisition	166,698	0	—	—	—
Issuance of common shares in exchange for payment of promissory note	277,786	0	—	—	—
Issuance of Series 3 J-Kiss units in exchange for loan receivable	574,503	0	—	—	—

Filings

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