Nuvve Holding Corp. reported its financial results for the third quarter of 2025, revealing a total revenue of $1.60 million, a decrease of 17% from $1.92 million in the same period last year. The decline was primarily driven by a significant drop in service revenue, which fell by 70% to $380,876, while product revenue increased by 74% to $947,561. For the nine months ended September 30, 2025, total revenue was $2.84 million, down 19% from $3.50 million in the prior year. The company attributed the decrease in service revenue to the cessation of management fees related to the Fresno EV infrastructure project.
Operating expenses for the third quarter surged to $6.71 million, up 79% from $3.76 million a year earlier, largely due to a 124% increase in selling, general, and administrative expenses, which reached $4.76 million. This increase was driven by higher compensation costs, legal fees, and public company-related expenses. The company reported an operating loss of $5.11 million for the quarter, compared to a loss of $1.84 million in the same quarter of 2024. For the nine-month period, the operating loss was $25.50 million, significantly higher than the $14.85 million loss reported in the previous year.
Nuvve's balance sheet as of September 30, 2025, showed total assets of $16.76 million, slightly down from $16.80 million at the end of 2024. The company’s cash position improved to $939,415 from $371,497, while accounts receivable decreased to $1.11 million from $2.15 million. The total liabilities increased to $18.67 million, up from $18.09 million, with current liabilities rising to $12.94 million. The company reported a stockholders' deficit of $1.92 million, compared to a deficit of $1.29 million at the end of 2024.
Strategically, Nuvve has made significant moves, including the acquisition of Fermata Energy II LLC, which closed in April 2025, and the formation of Nuvve New Mexico LLC to support a state contract. The company also formed a joint venture, Deep Impact, to enhance its electric vehicle charging services. As of September 30, 2025, Nuvve had 33,566,009 shares of common stock outstanding and continues to focus on expanding its GIVe platform for vehicle-to-grid technology.
Looking ahead, Nuvve anticipates ongoing challenges in achieving profitability, with management indicating that additional funding will be necessary to support operations and repay upcoming debt obligations. The company is actively pursuing strategies to increase revenue and improve its financial position, but it acknowledges the inherent risks and uncertainties associated with its business model and market conditions.
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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