Nuvve Holding Corp., a global leader in grid modernization and vehicle-to-grid (V2G) technology, has released its financial results for the fourth quarter and full year 2024. The company, headquartered in San Diego, California, continues to advance its mission of electrifying transportation and enhancing grid resilience through its intelligent energy platform.

Financial Highlights

For the fourth quarter of 2024, Nuvve reported total revenue of $1.79 million, a slight increase from $1.64 million in the same period of 2023. The company’s net loss for the quarter decreased to $5.1 million from $7.3 million in the previous year. Operating expenses were reduced by $2.0 million, reflecting cost-saving measures and operational efficiencies.

Key financial metrics include:

Total revenue for Q4 2024: $1.79 millionNet loss for Q4 2024: $5.1 millionOperating expenses for Q4 2024: $5.9 millionCash and cash equivalents as of December 31, 2024: $0.4 million

Business and Operational Highlights

Nuvve increased its megawatts under management by 22.3% to 30.7 megawatts as of December 31, 2024. The company also secured a significant contract with the State of New Mexico to deliver turnkey electrification services, contributing to a customer backlog of over $18 million at the start of 2025.

Revenue for the quarter was driven by sales of DC and AC chargers, which amounted to $1.18 million, and engineering services, which contributed $0.51 million. However, the company experienced a decrease in product and service margins due to a higher mix of hardware sales and a lower mix of engineering services.

Strategic Initiatives and Corporate Developments

During the first three months of 2025, Nuvve raised approximately $2.6 million in gross proceeds through debt obligations, private placement offerings, and the exercise of warrants. Additionally, the company completed the acquisition of the remaining 49% membership interest in Levo from Stonepeak and Evolve, making Nuvve the 100% owner of Levo. Subsequently, Levo was dissolved as an entity in December 2024.

Management’s Perspective

Gregory Poilasne, Chief Executive Officer of Nuvve, commented, “We were encouraged by the acceleration of revenues in the back half of the year after a slow start. We began 2025 with over $18 million in customer backlog which, along with the recent State of New Mexico contract award to deliver turnkey electrification services, provides us with strong support for growth in 2025.”

Future Outlook

Nuvve’s management remains optimistic about the company’s growth prospects in 2025, supported by a robust customer backlog and new contract awards. The company aims to continue expanding its megawatts under management and enhancing its V2G technology platform to drive future revenue growth.

SEC Filing: Nuvve Holding Corp. [ NVVE ] – 8-K – Mar. 31, 2025