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DATE

Friday, May 15, 2026 at 5 p.m. ET

CALL PARTICIPANTS

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

TAKEAWAYS

  • Revenue -- $1.93 million for the quarter, up from $1.79 million driven by product sales and higher grant revenues, partially offset by a drop in service revenues as management fees from the Fresno EV infrastructure project were absent.
  • Annual Revenue -- $4.79 million for the year, down from $5.29 million due to lower service revenues after Fresno EV management fees ended, partially offset by higher product and grant revenues.
  • Gross Margin -- 24.2% for the quarter versus 15.8% reflecting a higher mix of grant revenues and improved product pricing.
  • Annual Gross Margin -- 39.1%, up from 33.1% in the prior year driven by revenue mix improvements.
  • Impairment Charge -- $3.47 million inventory impairment recognized for 125-kilowatt V2G DC Chargers deemed nonconforming, reducing their carrying value to zero and presented as a separate line item due to significance.
  • Operating Costs -- Operating costs (excluding cost of sales and inventory impairment) were $3.7 million in the quarter, down from $5.9 million in both the previous quarter and the same period last year, primarily from lower payroll expenses.
  • Cash Operating Expenses -- Cash operating expenses (excluding cost of sales, impairment, stock compensation, and non-cash expenses) were $2 million in the quarter, down from $5.2 million a year prior, with a $3.4 million reduction year over year.
  • Net Loss -- Net loss attributable to common stockholders was $6.1 million, widening from $5.1 million, mainly due to the impairment charge, partially offset by reduced operating expenses.
  • Cash Balance -- Cash was approximately $5.5 million as of period-end, up by $5.1 million from December of the prior year due to $8.1 million raised from preferred stock and warrant exercises and $0.9 million from the DREEV investment sale, offset by $4.5 million cash used in operations.
  • Backlog -- Hardware and service backlog at $3.3 million, down $15.7 million from $18.3 million, with the decline primarily from the termination of the Fresno EV project.
  • Megawatts Under Management -- Increased 7.5% sequentially to 28.3 megawatts, but down 7.6% year over year as deployment of DC chargers was offset by stationary battery decommissioning.
  • Stationary Battery Pivot -- The company is transitioning focus from vehicle-to-grid deployments towards stationary storage, citing anticipated value and stronger market signals, including a strategic partnership with OMNIA Global to build a 1-gigawatt-plus battery pipeline across Europe over 24 months.
  • European Projects Pipeline -- Three announced projects (Sweden: 50 MW/75 MWh; Austria: 40 MW/80 MWh; Romania: 60 MW/120 MWh) total 150 megawatts, with quoted annual compensation of $250,000 to $500,000 per megawatt.
  • Japan Market Entry -- Nuvve Japan sold a 2 MW/8 MWh battery for $3.35 million in Niigata, has received just under $1 million as a down payment, and has been selected as aggregator on another 2 MW project.
  • United States Pipeline -- U.S. stationary battery projects, such as Kit Carson in New Mexico, are progressing more slowly compared to Europe and Japan.

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RISKS

  • David Robson stated, "Given the commercial reliability issues of those DC chargers, we recognized a total inventory impairment charge of $3.47 million, reducing the carrying value of those inventories to zero," which negatively impacted quarterly results.
  • Backlog decreased by $15.7 million, primarily due to the termination of the Fresno EV project, which removes near-term revenue visibility in that business line.
  • Net loss attributable to common stockholders increased to $6.1 million, driven by a significant one-time write-down, highlighting continued financial challenges.

SUMMARY

Nuvve Holding Corp. (NVVE +3.35%) shifted strategic emphasis from vehicle-to-grid deployments to stationary storage, announcing a 1-gigawatt-plus battery pipeline partnership with OMNIA Global for Europe and new direct market activity in Japan, while reporting stalled progress in its U.S. stationary battery pipeline. The quarter included a $3.47 million impairment of 125-kilowatt V2G DC charger inventory and a $15.7 million drop in backlog primarily due to project termination, with a reduced quarterly cash operating expense base and a $5.1 million year-end cash balance increase from new financing and divestitures. The company cited near-term opportunities from European and Japanese stationary battery projects and efforts to integrate AI-driven operational efficiencies, while flagging significant cost reductions and targeted focus on scaling battery deployments.

  • Gregory Poilasne said, "Our partnership with OMNIA Global is absolutely transformative," directly framing the European pipeline as pivotal for Nuvve's next phase.
  • Grid revenue margins by product line were provided: DC charger gross margins are typically 15%-25%, AC charger margins about 50% but represent a small revenue share, and grid service revenue margins about 30%, while software and engineering services range up to 100% margin.
  • The company reported integration of AI-based forecasting, project management, and sales tools for scalability and ongoing cost reduction.
  • The Japanese project pipeline is said to be comparable in magnitude to Europe’s pipeline but to unfold over 36-48 months, with new business models including battery tolling agreements supplementing direct sales.
  • Impaired DC chargers, while written down to zero, will be used to support business development in Taiwan, indicating a shift in asset utilization strategy.

INDUSTRY GLOSSARY

  • V2G (Vehicle-to-Grid): Technology enabling electric vehicle batteries to discharge stored energy back to the electricity grid or for ancillary services.
  • V1G: Single-direction managed charging of electric vehicles, allowing charging rates to be optimized in response to grid conditions.
  • DC Charger: Charging infrastructure providing direct current charging for electric vehicles, often supporting higher power and faster charging speeds compared to AC chargers.
  • Megawatts Under Management: Metric quantifying the total aggregated electrical capacity (in megawatts) managed by deployed equipment or systems.
  • Tolling: A contractual arrangement in which the company receives fixed income for operating and managing battery assets it does not own.

Full Conference Call Transcript

Gregory Poilasne: Thank you, and good afternoon to everyone here today. Welcome to our Q4 '25 and Full Year '25 Results Call. 2025 has been a transition year where we have been pivoting from vehicle-to-grid deployments to stationary storage. Stationary battery were not new to Nuvve. We have been managing batteries for a few years in the U.S., for example, at the University of California, San Diego and in Japan with our partner at the time, Toyota Tsusho. Nuvve's platform has been designed to manage batteries from the ground up, either on wheels or stationary with the benefits of aggregation, second by second control and advanced stacking services, including behind-the-meter energy cost optimization, distribution grid support and ancillary services.

We also started to integrate artificial intelligence-based functionalities 3 years ago with a focus on forecasting for battery usage and market values. Nuvve has now moved on into a full end-to-end AI-based product development cycle and is currently integrating AI-based project management, sales support and finance functionalities in order to scale our business while we are reducing our cost base. Though we are not stopping our current activities in school bus and fleets, all the market signals we are receiving are confirming that our pivot towards stationary battery deployments is the right path. In Europe, we have recently announced a partnership with OMNIA Global, a Zug Switzerland-based family office.

The partnership with OMNIA is really a meeting of the minds as OMNIA has developed a 1 gigawatt plus battery pipeline across multiple countries in Europe that will be deployed over the next 24 months. The purpose of the partnership is to deploy batteries across Europe, batteries that will be owned by Nuvve. We have already announced 3 projects, a 50-megawatt 75-megawatt hour project in Sweden, a 40-megawatt 80-megawatt hour project in Austria, and a 60-megawatt 120-megawatt hour project in Romania. Different process are underway in order for Nuvve to ultimately own these batteries. The combination of these 3 battery projects represents 150 megawatts.

Compensation for such battery projects can vary between $250,000 per megawatt per year to more than $500,000 per megawatt per year. This is an extremely exciting opportunity with tremendous upside for Nuvve and our shareholders. In Japan, following the termination of our partnership with Toyota Tsusho, we have then started our own entity, Nuvve Japan. The Japanese market is a less mature market, and therefore, we are pursuing different business models. We recently announced the sale of a 2-megawatt 8-megawatt hour battery for $3.35 million battery in Niigata Prefecture. We have already received a little less than $1 million as a down payment while we are targeting a battery delivery by November 2026.

More recently, we have also announced that Nuvve Japan had been selected as the aggregator platform for another 2-megawatt battery projects. Outside of selling and managing batteries, other business models in Japan also include tolling, which is basically a rental agreement with a battery owner, receiving a fixed income on these assets while our advanced platform can generate high return with the battery. Our pipeline of opportunities in Japan has a similar size to our European project pipeline, but over a slightly longer period of time, about 36 to 48 months. Finally, we have similar battery opportunities in the United States, such as Kit Carson in New Mexico, driven by a New Mexico subsidiary.

The U.S.-based battery projects don't seem to be moving as fast as projects in Europe and Japan. The exposure of these geographies to the conflict in Iran is making this project even more valuable. This effort to pivot the company started more than a year ago and is now on the verge of paying off. The future of Nuvve in the stationary battery space looks bright. Our partnership with OMNIA Global is absolutely transformative. Our team in Japan is doing an extraordinary job developing the business, and we are looking forward to sharing more with you on our progress very soon with a tight focus on battery deployment and reducing our operating costs.

Now I will let David take you through the financial details of the quarter and the year. David?

David Robson: Thanks, Gregory. I will start with a recap of fourth quarter 2025 results. In the fourth quarter, we generated total revenues of $1.93 million compared to $1.79 million in the fourth quarter of 2024. The increase was primarily driven by higher product sales and increased grant revenues, partially offset 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. Total revenues year-to-date through December 31, 2025, were $4.79 million, which compares to $5.29 million for the prior year period.

The year-over-year decrease in revenues was 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, partially offset by higher product revenues and grant revenues. Margins on products, services and grant revenues were 24.2% for the fourth quarter of 2025 compared to 15.8% for the year ago period. Year-to-date margins through December 31, 2025, were 39.1% compared with 33.1% for the year ago period. Margin was positively impacted quarter-over-quarter by a higher mix of grant revenues and improved pricing on product revenues this quarter compared with last year.

Excluding grant revenues, margins on product and service revenues increased to 16% for the fourth quarter of 2025 compared to 11.5% in the year ago period. Year-to-date margins, excluding grant revenues through December 31, 2025, was 31% compared to 27.5% in the year ago period. 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%.

During the fourth quarter of 2025, we determined that certain 125-kilowatt V2G DC Chargers held in inventory and purchased from our former third-party supplier were not conforming to our commercial product reliability standards, and they would no longer be offered for sale domestically. Given the commercial reliability issues of those DC chargers, we recognized a total inventory impairment charge of $3.47 million, reducing the carrying value of those inventories to zero. This inventory impairment loss is presented as a separate line item in the consolidated statements of operations due to its significance.

Operating costs, excluding cost of sales and inventory impairment was $3.7 million for the fourth quarter of 2025 compared to $5.9 million for the third quarter of 2025 and $5.9 million for the fourth quarter of 2024. The decline in operating costs during the quarter was primarily driven by lower payroll expenses. Cash operating expenses, excluding cost of sales, inventory impairment, stock compensation and depreciation and amortization was $2 million in the fourth quarter of 2025 versus $5.4 million in the third quarter of 2025 versus $5.2 million in the fourth quarter of 2024. This represents a decrease of $3.4 million in expenses over the same quarter last year.

Other income was $0.4 million in the fourth quarter of 2025 compared to $0.5 million in the fourth quarter of 2024. Both periods benefited from noncash gains from the change in the fair value of warrants and debt, offset by interest expense. Net loss attributable to Nuvve common stockholders increased in the fourth quarter of 2025 to $6.1 million from a net loss of $5.1 million in the fourth quarter of 2024. The increase in net loss was primarily a result of onetime inventory impairment charge, partially offset by lower operating expenses previously mentioned. Now turning to our balance sheet.

We had approximately $5.5 million in cash as of December 31, 2025, excluding $0.3 million in restricted cash, which represents an increase of $5.1 million from December 2024. The increase during the fourth quarter was primarily the result of capital raised through the issuance of preferred stock and the exercise of warrants totaling $8.1 million, $0.9 million from the sale of its equity investment in DREEV, primarily offset by $4.5 million used in operating activities. Inventories were $0.8 million at December 31, 2025, compared to $4.3 million at the end of the third quarter of 2025.

The decline of $3.5 million relates to the $3.47 million impairment charge for 125-kilowatt V2G DC Chargers held in inventory, reducing the carrying value of this inventory to zero. The impaired DC chargers were subsequently transferred to property, plant and equipment at zero carrying value and will be used to support our business development efforts in Taiwan. During the quarter, accounts receivable was flat at $1.1 million at December 31, 2025, compared to the third quarter of 2025. Accounts payable at the end of the fourth quarter of 2025 was $3.4 million, an increase of $0.5 million compared to the third quarter of 2025 of $2.9 million.

Accrued expenses at the end of the fourth quarter of 2025 was $1.8 million, a decrease of $3.8 million compared to the third quarter of 2025 of $5.7 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 aggregate 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 U.S. 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 fourth quarter increased 7.5% over the third quarter of 2025 to 28.3 megawatts from 26.4 megawatts and decreased 7.6% compared to the fourth quarter of 2024. In terms of its composition, 0.2 megawatts were from stationary batteries and 28.1 megawatts were from EV chargers. The quarter-over-quarter increase relates to the deployment of DC chargers, while the year-over-year decrease relates to the decommissioning of stationary batteries we managed in California and Japan, offset by the deployment of DC chargers.

We continue to expect further growth in our megawatts under management in 2026 as we commission our backlog of customer orders we have earned 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. At December 31, 2025, our hardware and service backlog decreased to $3.3 million, a decrease of $15.7 million from $18.3 million reported at December 31, 2024. The decrease primarily relates to the termination of the Fresno EV infrastructure project in early February 2026. As we look out to the next several quarters, we expect to see more developments from our Europe and Japan stationary battery projects.

We also anticipate improvements in our cash burn resulting from the benefit 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. We are confident that our pivot towards stationary storage was the right choice. And we know that moving forward, our success is going through battery deployments, especially in Europe and Japan. Expect to hear more about our deployments soon. Thank you.

Operator: [Operator Instructions] Showing no questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

Gregory Poilasne: Thank you for listening to us today, and we're looking forward to sharing more with you in the near future. Bye-bye.

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