Logo of jester cap with thought bubble.

Image source: The Motley Fool.

Date

Thursday, November 13, 2025 at 5 p.m. ET

Call participants

  • Chairman and Chief Executive Officer — Gregory Poilasne
  • Chief Financial Officer — David Robson

Need a quote from a Motley Fool analyst? Email [email protected]

Risks

  • Net loss attributed to Nuvve common stockholders increased to $4.5 million, up from $1.6 million, primarily due to higher operating expenses.
  • Nasdaq notified the company of bid price and shareholder equity deficiencies, with a deadline of December 31 to regain compliance.
  • Cash declined by $800,000 quarter over quarter, totaling $900,000 at quarter end, following $3.4 million in operating cash use and $2.3 million of debt repayment offset by stock proceeds.
  • Revenues decreased to $1.6 million from $1.9 million, mainly due to the absence of management fees related to the Fresno EV infrastructure project.

Takeaways

  • European battery projects -- Development underway for three two-megawatt battery projects in Denmark, totaling about $10 million in capital expenditure and projected internal rates of return above 25%.
  • Pipeline expansion -- "we expect the number of battery project opportunities in Europe and Japan to accelerate," with anticipation for similar trends in the United States.
  • Recurring revenue pipeline -- Battery installations are expected to generate annual revenues between $2.4 million and $3.6 million once operational, starting late 2026.
  • Japanese aggregation agreement -- Subsidiary completed an agreement to manage a two-megawatt stationary battery (8.2 MWh), targeting operations in 2026, with value per kilowatt year similar to Denmark.
  • Total revenue -- $1.6 million reported, down from $1.9 million, due to lower service revenues and the loss of Fresno EV project management fees.
  • Year-to-date revenue -- $2.8 million versus $3.5 million, impacted by similar service revenue trends.
  • Gross margin -- 52% for the quarter, nearly unchanged from last year; year-to-date margin increased to 46.8% from 42% due to higher service profitability.
  • Operating costs -- $5.9 million for 2025, down from $15 million in the previous quarter (which included nonrecurring $8.2 million in consulting grants tied to digital asset strategy), and compared to $2.8 million for 2024.
  • Cash operating expenses -- $5.4 million, higher than last year's $2.2 million, reflecting a $3.2 million increase in operating expenses.
  • Other income -- $400,000, doubled from last year's $200,000, attributable to favorable noncash changes in warrants or debt.
  • Cash balance -- $900,000 in cash (excluding $300,000 restricted), down $800,000 sequentially, after $3.4 million operating use and $2.3 million debt repayment offset by equity funding.
  • Megawatts under management -- Increased 3.1% sequentially to 26.4 megawatts, yet declined 9.6% year-over-year due to battery decommissioning; 0.2 megawatts from stationary batteries, 26.2 megawatts from EV chargers.
  • Backlog -- Hardware and service backlog at $19 million, decreasing slightly by $0.1 million from last quarter.
  • Organizational restructuring -- Structural changes completed, enabling growth focus and accountability, with "Fundraising is underway, and we shall be in a position to share more about our capitalization plan soon." and reverse stock split approval already secured.
  • Crypto and blockchain strategy -- No "full-scale move into the crypto space" yet; potential Hive token acquisition still under review as integration parameters are assessed.

Summary

Nuvve (NVVE +204.61%) highlighted the strategic transition toward stationary battery deployments in Europe and Japan, emphasizing several future large-scale projects with multiyear revenue streams. Management maintained that recent restructuring, new agreements, and ongoing fundraising have positioned the company to accelerate deployment and strengthen subsidiary effectiveness. A decline in hardware and service backlog was balanced against expectations for new project announcements, and the company reasserted confidence in its ability to address Nasdaq compliance issues before the December 31 deadline. The company’s mix of increased year-to-date margin and heightened operating expenses, combined with material cash outflows and shareholder capital actions, mark a pivotal operational and financial crossroads.

  • Chairman Poilasne said, "we are very confident we'll be able to address these deficiencies following that timeline," directly reaffirming intent to resolve exchange listing challenges within the prescribed period.
  • The company projects a few more wins in the next few weeks and plans to disclose finalized agreements as they materialize, underlining a near-term growth outlook.
  • Chief Financial Officer Robson noted that grid service revenue margins are generally 30%, and software and engineering service margins can be as high as 100%, signaling differentiated profitability by revenue stream.

Industry glossary

  • V2G (Vehicle-to-Grid): Technology enabling bidirectional flow of energy between electric vehicles and the grid, allowing stored battery power to be resold or utilized for grid services.
  • V1G: Unidirectional managed charging technology where electric vehicle charging is scheduled or controlled, but only power flows from the grid to the vehicle.
  • Grid service revenue: Income earned from providing services that support grid stability or flexibility, often by aggregating and dispatching distributed energy resources like batteries or EVs.
  • Hive token: A digital asset related to blockchain, referenced as a potential future integration component for Nuvve's energy platform.

Full Conference Call Transcript

Gregory Poilasne: Good afternoon to everyone here today. Welcome to our Q3 2025 results call. In our last call, I shared with you that we were finalizing the restructuring of the organization. Now that our structure is in place, we have been able to shift our focus to stationary battery deployment. Over the last few days, we have made a few exciting announcements. First, in Europe and most specifically in Denmark, we are in the process of developing three two-megawatt battery projects. These battery projects represent about $10 million of CapEx with the forecasted internal rate of return greater than 25%. Once the development is well underway, we will be working with financing partners interested in investing in the project.

Once the installation, interconnection, and commissioning are done, which is planned for late 2026, we will start generating recurring revenue for the life of the batteries, most likely ten to twelve years. Our experience over the last nine years has shown potential revenues ranging between $406,100 per kilowatt year or potential annual revenue generation of $2.4 to $3.6 million for the combination of the three batteries. The three battery projects are also strategically positioned as they are next to different types of fleets which will convert into electric vehicles over the next few years and for which we will be able to provide optimal energy cost.

Then yesterday, we announced that our Japanese subsidiary had completed an aggregation agreement, targeting existing stationary energy storage in order to manage a two-megawatt battery with an energy capacity of 8.2 megawatt-hour installed in Tainai City in Nagata Prefecture, with a targeted operation date in 2026. The expected value on a per kilowatt year basis in Japan is similar or greater than the value in Denmark. The expansion of the use of our platform for stationary batteries is working well. It's going to help us accelerate our revenue growth over the next eighteen months.

Based on the growth for stationary batteries we are seeing, we expect the number of battery project opportunities in Europe and Japan to accelerate, and we anticipate the same trend in the United States, including territories covered by our Nuvve Holding Corp. subsidiary. The growth of the load on the electric system due to heat pumps and data centers is going to create a very large pool of energy. Energy storage is the only way we'll be able to keep the cost of energy equitable. We believe Nuvve Holding Corp.'s platform can provide an optimum return on investment for battery projects, especially when speed and aggregation can bring more value.

In general, our subsidiary-based structure is working well, bringing more accountability to the organization. Fundraising is underway, and we shall be in a position to share more about our capitalization plan soon. Nasdaq gave us until December 31 to fix our bid price and shareholder equity deficiencies, and we are very confident we'll be able to address these deficiencies following that timeline. We have already received shareholder approval for the reverse stock split. Some updates on our crypto strategy now. Though we have not announced the full-scale move into the crypto space, we still could see the convergence of energy, artificial intelligence, and crypto at the core of our platform deployment.

We had announced the potential purchase of a Hive token. We still have not purchased such acquisition, as we are still analyzing our best opportunity for integration of the blockchain into our platform. Indeed, multiple parameters have to be considered, including technical, economic, regulatory, and operational, especially cybersecurity and smart contract capabilities. Looking closer into the quarter, the hardware revenue is more in line with our expectation, and we see a potential strong Q4. But for that, I will let David take you through the details of our financials. David?

David Robson: Thanks, Gregory. I will start with a recap of third quarter 2025 results. In the third quarter, we generated total revenues of $1.6 million compared to $1.9 million in 2024. The decrease was primarily driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project versus the same period last year. Year to date through 09/30/2025, total revenues were $2.8 million, which compares to $3.5 million for the prior year period. The year-over-year decrease in revenues is also driven by lower service revenues due to the absence of management fees earned related to the Fresno EV infrastructure project this year versus last year.

Margins on products, services, and grant revenues were 52% for 2025, compared to 52.1% for the year-ago period. Year to date margins through 09/30/2025 were 46.8% compared with 42% for the year-ago period. Our gross margins year to date have increased by 480 basis points due to higher profitability on our service revenues. As a reminder, margins can be lumpy from quarter to quarter depending on the mix. DC charger gross margins at standard pricing generally range from 15% to 25% while AC charger gross margins are approximately 50% but in dollar terms are a small fraction of the revenue of the DC charger.

Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales, were $5.9 million for 2025, compared to $15 million for 2025, and $2.8 million for 2024. Operating costs were elevated last quarter due to nonrecurring grants of $8.2 million paid to consultants we engaged to support our digital asset strategy. Cash operating expenses, excluding cost of sales, stock compensation, depreciation, and amortization expense, were $5.4 million in 2025 versus $5.7 million in 2025 versus $2.2 million in 2024. This represents an increase of $3.2 million in expenses over the same quarter last year. Other income was $400,000 in 2025, compared to $200,000 in 2024.

Both periods benefited from noncash gains from the change in the fair value of warrants or debt offset by interest expense. Net loss attributed to Nuvve Holding Corp. common stockholders increased in 2025 to $4.5 million from a net loss of $1.6 million in 2024. The increase was primarily a result of higher operating expenses, previously mentioned. Now turning to our balance sheet, we had approximately $900,000 in cash as of 09/30/2025, excluding $300,000 in restricted cash, which represents a decrease of $800,000 from last quarter. The decrease was a result of $3.4 million used in operating activities, and the repayment of debt of $2.3 million offset by proceeds from common stock offerings.

Turning to the quarter, inventories were flat at $4.3 million at 09/30/2025, compared to 2025. During the quarter, accounts receivable increased by $800,000 to $1.1 million at 09/30/2025, compared to 2025, due to higher shipments of DC chargers this quarter compared with last quarter. Accounts payable at the end of 2025 was $2.9 million, an increase of $1.5 million compared to 2025 of $1.4 million. Accrued expenses at the end of 2025 were $5.7 million, an increase of $100,000 compared to 2025 of $5.6 million. Now turning to our megawatts under management and estimated future grid service revenues.

As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the US and in light-duty fleet deployments in Europe, in addition to stationary batteries. Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in the third quarter increased 3.1% over 2025 to 26.4 megawatts from 25.6 megawatts and a 9.6% decrease compared to 2024. In terms of its composition, 0.2 megawatts were from stationary batteries, and 26.4 megawatts from EV chargers.

The year-over-year decline is primarily related to the decommissioning of batteries under management due to site requirements. Megawatts under management from EV chargers to 25.4 in 2025, an increase of 0.7 over 2025. We continue to expect further growth in our megawatts under management in 2025 as we continue to commission our backlog of customer orders we have heard. In addition to new business we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationary batteries. Now turning to our backlog on September 30, our hardware and service backlog decreased to $19 million, a decrease of $0.1 million from $19.1 million reported at 06/30/2025.

As we look out to the next several quarters, we expect to see more developments on our New Mexico contract and projects we are working on in Japan. We also anticipate improvements in our cash burn resulting from the benefits of lower operating costs compared with last year. That concludes my portion of the prepared remarks. Gregory, back to you to conclude.

Gregory Poilasne: Thank you, David. In summary, we are very excited about our direction towards stationary storage. We expect a few more wins in the next few weeks and we'll share them as they become available and those agreements are signed and finalized. These battery deployments will come in addition to the charging station business that David just described. Thank you very much for listening to us today.

Operator: We will now begin the question and answer session. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. At this time, we will pause momentarily to assemble our roster. Again, if you have a question, please press star and then one. Please stand by as we poll for questions. Showing no questions, this will conclude our question and answer session. I would like to hand the conference back over to Gregory Poilasne for any closing remarks.

Gregory Poilasne: I would like to thank everybody who was listening to us today. And we are looking forward to sharing more with you about our progress over the next few weeks. Thank you very much. Bye.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.