Nuvve Holding Corp. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $332,989, a decrease of 58% compared to $802,180 in the same period last year. For the first half of 2025, revenue totaled $1,245,454, down 21% from $1,581,936 in the first half of 2024. The decline was attributed to reduced sales orders and shipments of products, a decrease in service revenue, and the absence of grant income, which had previously contributed $131,421 in Q2 2024.
Operating expenses surged to $15.1 million for the second quarter, up 130% from $6.6 million a year earlier, primarily due to a significant increase in selling, general, and administrative expenses, which rose to $13.9 million from $4.5 million. This increase was largely driven by a $8.2 million expense related to the fair value of warrants issued for cryptocurrency strategy consulting services, alongside higher bad debt expenses and legal fees. The company reported an operating loss of $14.8 million for the quarter, compared to a loss of $5.8 million in Q2 2024.
In terms of strategic developments, Nuvve completed the acquisition of Fermata Energy II LLC in April 2025, which added $703,957 in goodwill to its balance sheet. The company also formed a new subsidiary, Nuvve New Mexico LLC, to support a recently awarded contract in the state. As of June 30, 2025, Nuvve had 18,868,425 shares of common stock outstanding, reflecting a significant increase in share count due to various equity transactions.
Operationally, Nuvve's backlog stood at $19.1 million as of June 30, 2025, with expectations to recognize this revenue over the next few years. However, the backlog includes $14.7 million related to the Fresno EV infrastructure project, which has not secured necessary financing, posing a risk to revenue recognition. The company continues to face challenges in achieving profitability, with an accumulated deficit of $185.9 million as of the end of the quarter.
Looking ahead, Nuvve plans to fund its operations through increased revenues and additional capital raises, including a recent shelf registration statement allowing for the issuance of up to $300 million in securities. The company remains focused on expanding its GIVe platform and enhancing its market position in the electric vehicle charging sector, despite the ongoing financial losses and operational challenges.
About Nuvve Holding Corp.
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