Nuvve Holding Corp. Reports 49% Revenue Growth to $1.39 Million in Q1 2026

Nuvve Holding Corp. reported a total revenue of $1.39 million for the first quarter of 2026, marking a 49% increase from $934,304 in the same period of 2025. This growth was primarily driven by a significant rise in service revenue, which surged to $706,361 from $267,304 year-over-year, largely due to technical service revenue from a grid interconnection agreement in Japan. However, product revenue declined to $440,831 from $565,551, reflecting lower sales orders and shipments. The company also received $245,928 in grants, up from $101,449, contributing to the overall revenue increase.

Operating expenses for the quarter rose to $7.24 million, an 11% increase from $6.52 million in the prior year. This rise was attributed to higher research and development costs, which increased by 82% to $1.61 million, as well as a 135% increase in the cost of services. Despite the increase in expenses, Nuvve's operating loss narrowed slightly to $5.84 million from $5.59 million in the previous year. The net loss attributable to Nuvve Holding Corp. was $5.17 million, a 25% improvement compared to the $6.87 million loss reported in Q1 2025.

In terms of strategic developments, Nuvve has been active in expanding its operations and partnerships. The company formed a new subsidiary, Nuvve New Mexico LLC, to support a recently awarded contract in New Mexico, and it has also established a joint venture, Deep Impact, to enhance its electric vehicle charging services. Additionally, Nuvve has been consolidating its interests in various entities, including Fermata Energy II LLC, which focuses on energy management and bidirectional charging technology.

Operationally, Nuvve's customer base and engagement metrics have shown positive trends. The company reported a backlog of $4.4 million as of March 31, 2026, which is expected to be recognized as revenue in the coming years. The company continues to focus on its GIVe platform, which integrates electric vehicles and stationary batteries into a virtual power plant, providing grid services and enhancing energy efficiency. As of the end of the first quarter, Nuvve had a cash balance of $1.73 million, down from $5.47 million at the end of 2025, indicating a need for ongoing capital management.

Looking ahead, Nuvve anticipates continued operating losses as it invests in expanding its technology and market presence. The company plans to fund its operations through increased revenues and additional capital raises, although it acknowledges the inherent risks and uncertainties in achieving these financial projections. The management has expressed a commitment to enhancing its internal controls and financial reporting processes to support its growth strategy and ensure compliance with regulatory requirements.