Nuvve Holding Corp. reported a total revenue of $4.8 million for the fiscal year ending December 31, 2025, a decrease of 9.3% from $5.3 million in 2024. This decline was primarily driven by a significant drop in service revenue, which fell by 48.5% to $1.2 million, largely due to the absence of management fees from the Fresno EV infrastructure project. In contrast, product sales increased by 18.6% to $3.0 million, attributed to higher customer orders and shipments. Additionally, grant revenue rose by 36.4% to $559,211, reflecting ongoing support for the company's initiatives.
Operating expenses surged by 43.6% to $37.0 million, up from $25.7 million in the previous year. This increase was largely due to a $3.5 million inventory impairment loss related to non-conforming DC chargers, as well as a 51.4% rise in selling, general, and administrative expenses, which included significant costs associated with cryptocurrency strategy consulting services. Research and development expenses decreased by 15.6% to $3.8 million, reflecting a reduction in compensation and subcontractor costs.
Nuvve's net loss for 2025 was $31.5 million, compared to a loss of $17.4 million in 2024, marking an 81.0% increase in losses. The rise in net loss was attributed to decreased revenue, lower other income, and increased operating expenses. The company also reported a significant increase in interest expenses, which rose by 154.9% to $1.96 million, reflecting the costs associated with its debt obligations.
In terms of operational developments, Nuvve has been focusing on expanding its market presence, particularly in the North American school bus segment, which it views as a key growth opportunity. The company has also formed strategic partnerships and joint ventures, including the establishment of Deep Impact 1 LLC and the acquisition of Fermata Energy II LLC, aimed at enhancing its service offerings and market reach. As of December 31, 2025, Nuvve had a cash balance of $5.5 million and a working capital deficit of $1.3 million, indicating ongoing liquidity challenges.
Looking ahead, Nuvve anticipates continued investment in research and development to enhance its Grid Integrated Vehicle (GIVe) platform and expand its service capabilities. The company remains optimistic about the long-term growth potential of the electric vehicle market, driven by increasing adoption rates and supportive government policies. However, it acknowledges the risks associated with competition, regulatory changes, and the need for effective management of its growth strategy to achieve profitability in the future.
About Nuvve Holding Corp.
Nuvve Holding Corp. specializes in grid modernization through proprietary vehicle-to-grid (V2G) technology that integrates electric vehicle (EV) and stationary batteries into virtual power plants. Its cloud-based GIVe platform manages bidirectional energy flow, enabling grid services, demand response, and energy optimization. Serving fleet operators, utilities, OEMs, and charge point providers worldwide, the company enhances energy resilience, reduces EV ownership costs, and supports clean energy transition with scalable, patent-protected solutions.
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