Nuvve Holding Corp. Reports 20% Revenue Growth to $934,304 Despite Increased Net Loss

Nuvve Holding Corp. reported a total revenue of $934,304 for the three months ended March 31, 2025, marking a 20% increase from $779,756 in the same period of the previous year. The revenue growth was driven by increases in product sales, service revenue, and grants, with product revenue rising to $565,551, a 19% increase, and service revenue increasing by 22% to $267,304. Grants also saw a 22% rise, totaling $101,449. Despite the revenue growth, the company reported a net loss of $6,878,601, slightly higher than the $6,728,737 loss from the prior year, primarily due to a significant decrease in other income and expenses.

Operating expenses for the quarter decreased by 19% to $6,520,918, down from $8,027,131 in the previous year. This reduction was attributed to lower selling, general, and administrative expenses, which fell by 14% to $5,075,902, and a 44% decrease in research and development expenses, which totaled $883,772. The decrease in operating expenses contributed to a reduced operating loss of $5,586,614, compared to $7,247,375 in the prior year.

Nuvve's operational metrics indicate a strategic focus on expanding its customer base and enhancing service offerings. The company has consolidated its operations with the formation of Deep Impact 1 LLC, a joint venture aimed at the installation and maintenance of electric vehicle chargers. This venture is expected to enhance Nuvve's market presence and operational capabilities. As of March 31, 2025, Nuvve's total backlog was estimated at $19.7 million, which is anticipated to be recognized as revenue in future periods.

The company continues to face challenges related to its liquidity and capital resources, with a cash balance of $1.5 million as of March 31, 2025. Nuvve has incurred significant operating losses since its inception and plans to fund its operations through increased revenues and additional capital raising efforts. The company has also entered into various debt agreements, including a term loan and promissory notes, to support its financial needs. However, there is substantial doubt about its ability to continue as a going concern without additional funding.

Looking ahead, Nuvve is focused on expanding its commercialization efforts for its Grid Integrated Vehicle (GIVe) platform and enhancing its product offerings. The company is also exploring a bitcoin treasury strategy, which may involve allocating a portion of its cash reserves to bitcoin purchases, subject to market conditions. This strategy is part of a broader initiative to diversify its asset portfolio and generate long-term growth, although it introduces additional risks and uncertainties related to the volatile nature of cryptocurrency markets.