• Q4 2024 Revenue: $1.8 million, up from $1.6 million in Q4 2023.
• Fiscal Year 2024 Revenue: $5.3 million, down from $8.3 million in 2023.
• Q4 2024 Gross Margin: 15.8%, down from 29% in Q4 2023.
• Fiscal Year 2024 Gross Margin: 33.1%, up from 16.2% in 2023.
• Q4 2024 Operating Costs: $5.9 million, down from $7.9 million in Q4 2023.
• Fiscal Year 2024 Operating Expenses: $22.2 million, down from $33.5 million in 2023.
• Q4 2024 Net Loss: $5.1 million, improved from $7.5 million in Q4 2023.
• Cash as of December 31, 2024: $0.4 million, excluding $0.3 million in restricted cash.
• Megawatts Under Management Q4 2024: 30.7 MW, up 22.2% from Q4 2023.
• Backlog as of December 31, 2024: $18.3 million, up from $3.9 million at the end of 2023.

• Warning! GuruFocus has detected 5 Warning Signs with NVVE.

Release Date: March 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Nuvve Holding Corp (NASDAQ:NVVE) successfully reduced its cash and noncash operating expenses by 33% in fiscal year 2024 compared to 2023.
• The company expanded its business into the stationary battery sector, launching its first Battery-as-a-Service model in the United States.
• Nuvve Holding Corp (NASDAQ:NVVE) is expanding its stationary battery business in Japan, establishing a new entity to pursue local capital raising activities.
• The company was selected by the state of New Mexico for a significant electric vehicle and infrastructure deployment project, with an estimated market opportunity of $400 million.
• Nuvve Holding Corp (NASDAQ:NVVE) increased its megawatts under management by 22.2% year-over-year, reaching 30.7 megawatts by the end of Q4 2024.

Negative Points

• Nuvve Holding Corp (NASDAQ:NVVE) experienced a decrease in total revenues for the full year 2024, dropping to $5.3 million from $8.3 million in 2023.
• The company's gross margin percentage for Q4 2024 was negatively impacted by competitive pricing pressures, particularly on DC charger sales.
• Operating costs, excluding cost of sales, were $5.9 million for Q4 2024, which is higher than the $2.28 million reported in Q3 2024.
• Nuvve Holding Corp (NASDAQ:NVVE) reported a net loss of $5.1 million in Q4 2024, although this was an improvement from the $7.5 million loss in Q4 2023.
• The company had only $0.4 million in cash as of December 31, 2024, indicating a decrease of $1.2 million from the previous year.

Q & A Highlights

Q: Can you elaborate on the challenges faced in 2024 and how they impacted your revenue? A: Gregory Poilasne, CEO: 2024 was extremely challenging, with revenue declining for the first time since 2021. Delays in EPA approval letters affected our K-12 school bus business, causing partners to hold purchase orders. Our hub projects also faced financing delays. Despite these challenges, we reduced cash and noncash operating expenses by 33% compared to 2023.

Q: What strategic steps are you taking to mitigate reliance on government funding? A: Gregory Poilasne, CEO: We are expanding into the stationary battery business to reduce exposure to government subsidies. Our GIVE platform is effective in managing both electric vehicle and stationary batteries. We launched a Battery-as-a-Service model in the U.S. and are expanding our stationary battery business in Japan.

Q: Can you provide more details on the New Mexico project and its significance? A: Gregory Poilasne, CEO: We were selected by New Mexico to deploy electric vehicle infrastructure, with an estimated $400 million market opportunity. Ted Smith, our COO, will focus on this project as CEO of our local organization. This initiative includes EV charging infrastructure, V2G technology, and more.

Q: How did your financial performance in Q4 2024 compare to the previous year? A: David Robson, CFO: Q4 2024 revenues were $1.8 million, up from $1.6 million in Q4 2023, driven by higher charger hardware sales. However, full-year 2024 revenues were $5.3 million, down from $8.3 million in 2023, mainly due to reduced charger sales and timing of EPA funding.

Q: What are your expectations for future growth and backlog? A: David Robson, CFO: Megawatts under management increased by 5.2% in Q4 2024. Our backlog grew to $18.3 million, with significant contributions from a large hub project in Fresno, California. We anticipate further growth in megawatts under management and improvements in cash burn due to lower operating costs and better gross margins.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.