Nuvve Holding Corp. ( (NVVE) ) has released its Q4 earnings. Here is a breakdown of the information Nuvve Holding Corp. presented to its investors.
Nuvve Holding Corp., a leader in grid modernization and vehicle-to-grid (V2G) technology, is at the forefront of the electrification of transportation through its intelligent energy platform. The company, headquartered in San Diego, California, dynamically manages power among electric vehicle (EV) batteries and the grid to enhance sustainable transportation and support energy equity.
In its latest earnings report for the fourth quarter and full year 2024, Nuvve Holding Corp. highlighted a significant increase in megawatts under management, reaching 30.7 megawatts, a 22.3% rise from the previous year. The company also reported a reduction in operating expenses by $2.0 million in the fourth quarter, alongside generating $0.4 million in cash and cash equivalents by the end of the year.
Key financial metrics showed a slight increase in total revenue to $1.79 million for the fourth quarter of 2024, compared to $1.64 million in the same period of 2023. However, the cost of product and service revenues rose, impacting the product and service margins, which decreased to 11.5% from 24.0% the previous year. Despite these challenges, Nuvve managed to decrease its net loss by $2.2 million, primarily due to reduced operating expenses and increased revenue.
The company also reported a decrease in research and development expenses by 61.3%, reflecting a strategic focus on optimizing costs while advancing platform functionality. Additionally, Nuvve’s recent acquisition of full ownership of Levo, a previously jointly owned entity, marks a strategic consolidation move.
Looking ahead, Nuvve’s management remains optimistic about the company’s growth prospects in 2025, supported by a robust customer backlog and a new contract with the State of New Mexico for turnkey electrification services. This positions Nuvve to capitalize on the growing demand for sustainable energy solutions in the transportation sector.