Nuvve Holding Corp. reported a total revenue of $5.3 million for the fiscal year ending December 31, 2024, a decrease of 36.6% from $8.3 million in 2023. This decline was primarily driven by a significant drop in product sales, which fell by $3.3 million due to lower customer orders and shipments. However, the company saw a slight increase in service revenue and grants, which rose by 6.7% and 25.5%, respectively. The overall operating loss for the year was $20.5 million, a notable improvement from the $32.1 million loss reported in the previous year, attributed to reduced operating expenses and increased other income.
In terms of operational changes, Nuvve completed the acquisition of Levo Mobility LLC, a subsidiary focused on electrifying transportation fleets, for a nominal price in October 2024, subsequently dissolving the entity in December 2024. The company also formed Deep Impact 1 LLC in August 2024, which is aimed at operating and maintaining electric vehicle chargers. These strategic moves are part of Nuvve's broader efforts to enhance its market position in the vehicle-to-grid (V2G) technology sector.
Nuvve's customer base remains concentrated, with three customers accounting for 33.2% of total revenue in 2024, compared to 30.3% in 2023. The company is actively pursuing growth in the North American school bus market, anticipating significant demand for electrification solutions. Nuvve aims to triple its charging station unit sales and double hardware revenues by 2025, leveraging its established relationships and expertise in the sector.
The company reported a cash balance of $0.4 million as of December 31, 2024, with total debt amounting to approximately $5.5 million. Nuvve's liquidity is supported by recent financing activities, including a public offering that raised about $9.6 million in February 2024. However, the company continues to face challenges related to supply chain constraints and inflationary pressures, which could impact future operations and profitability.
Looking ahead, Nuvve remains optimistic about the growth potential of the EV market, projecting significant opportunities in grid modernization and V2G technology, estimated to be worth over $6 trillion. The company plans to continue investing in its GIVe software platform and expanding its market presence, particularly in North America and Europe, while navigating the competitive landscape and regulatory environment.
About Nuvve Holding Corp.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.