Nuvve (NVVE 3.11%), a company specializing in vehicle-to-grid (V2G) energy technology and virtual power plant solutions, reported second-quarter results on August 14, 2025, for the period ending June 30. The most notable headline was a steep year-over-year drop in revenue to $0.33 million, accompanied by a widening operating loss. Despite margin improvement mainly due to a shift in sales mix, overall gross profit stayed flat. The company did not provide earnings or revenue guidance, and there were no consensus estimates available for comparison. Overall, the quarter reflected ongoing operational and financial pressures as well as a major strategic pivot toward new digital asset and AI-related businesses.
| Metric | Q2 2025 | Q2 2024 | Y/Y Change |
|---|---|---|---|
| EPS (GAAP) | ($2.12) | ($6.70) | 68.4% |
| Revenue (GAAP) | $0.33 million | $0.80 million | (58.5 %) |
| Gross Profit | $0.20 million | $0.20 million | 0.0% |
| Operating Loss | ($14.80 million) | ($5.76 million) | 156.3 % |
| Cash and Cash Equivalents (as of quarter end) | $1.77 million | — |
Understanding Nuvve's Business and Recent Focus
Nuvve operates as a cleantech company offering V2G (vehicle-to-grid) technology. This technology allows electric vehicles (EVs) to discharge power back into the energy grid, effectively turning EVs into mobile energy storage units. The company's GIVe software aggregates EV and battery resources to create virtual power plants, enabling grid services such as frequency regulation and demand response.
Recently, Nuvve has focused on core markets like commercial fleet operators and school buses, where V2G applications can drive cost savings and energy resilience. Partnerships and collaborations with automotive makers and energy firms are key to its business strategy. As grid service and software margins become increasingly important, the company is also navigating a strategic shift toward integrating artificial intelligence and digital asset management, including cryptocurrency initiatives.
Quarter in Review: Revenue, Margins, and Key Events
The quarter was defined by a sharp topline decline. Revenue contracted by 58.5%, falling to $0.33 million, a significant decrease from $0.80 million in Q2 2024. The revenue mix was distributed across three company segments: product sales, primarily from direct-current and alternating-current chargers, contributed $0.14 million; grid services contributed $0.04 million; and engineering services contributed $0.15 million. No grant revenue was recognized, whereas Q2 2024 grant revenue was $0.13 million. Management attributed the revenue drop to a transition to a new hardware supplier, the adoption of a dropship model for charger sales, and reduced management fee accruals on certain infrastructure projects.
Gross profit remained flat at $0.20 million compared to the same period last year. However, the company's consolidated gross margin for products and services improved to 60.6%, up from 10.1% in Q2 2024. This shift was driven by a higher mix of engineering service revenue, which typically earns better margins than hardware sales. While the margin percentage rose, the actual dollar gross profit did not increase because of shrinking overall revenue.
Operating expenses ballooned, pushing GAAP operating loss up to $14.80 million from $5.76 million in Q2 2024. A substantial portion of the increase stemmed from non-cash warrant expenses totaling $8.1 million, paid out for cryptocurrency strategy consulting. Selling, general, and administrative expenses also included a $1.2 million increase in bad debt provisions, mainly tied to the Fresno infrastructure project, as well as moderate upticks in travel, marketing, and legal expenses. By contrast, Research and development expenses decreased by 25.8%, primarily due to lower compensation and subcontractor expenses used to advance platform functionality and integration with more vehicles.
Megawatts under management, a key metric representing the power capacity Nuvve controls via EV chargers and stationary batteries, declined to 25.6 MW, reflecting a 19.5% drop from Q1 2025 and a 5.5% decline from Q2 2024. This decline resulted from decommissioning aged stationary battery systems in California and an exit from legacy contracts in Japan.
The quarter also featured major strategic actions. Nuvve completed its acquisition and integration of Fermata, a firm known for its advanced behind-the-meter V2G technology and relationships with vehicle manufacturers. The company shifted to a capital-light hardware model, reducing inventory risk but also impacting hardware revenue. Management accelerated its entry into digital asset management, hiring cryptocurrency experts and allocating significant non-cash resources to support this pivot.
On the liquidity front, Nuvve raised $6.9 million through debt and equity, with an additional $5.5 million raised in July 2025 after the quarter. Cash and equivalents at quarter-end were $1.8 million, up from $0.4 million at December 31, 2024, though the company continues to absorb substantial cash operating losses. The balance sheet shows a stockholders’ deficit of $2.83 million and total liabilities outpacing assets, emphasizing the importance of ongoing new capital infusions to sustain operations in the face of continued operating losses.
Other notable themes included continued exposure to project execution risk, shown by increasing bad debt tied to legacy projects, and the reallocation of business focus away from unprofitable partnerships in international markets. There were no dividends declared or paid in the period.
Looking Forward: Management's Outlook and Items to Watch
Nuvve's management did not provide specific revenue, margin, or profit guidance for the upcoming quarter or remainder of fiscal 2025. Instead, leadership highlighted the integration of Fermata's technology and a renewed focus on digital asset management and artificial intelligence initiatives as key platforms for future growth. The company expects these changes to position it as a player at the intersection of energy management and emerging digital economies.
For investors and observers, the main areas to watch in the months ahead include the stabilization and growth of recurring revenue, conversion of pipeline opportunities into active contracts, and any early signs of success in the new digital asset and AI ventures. Sustainable improvement in the megawatts under management metric, as well as evidence of recurring, margin-expanding grid services income, will be critical signals of renewed business traction. NVVE does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
