Nuvve Holding Corp. Annual Report: A Performance Summary

I’ve put together this guide to help you understand how Nuvve Holding Corp. performed this year. My goal is to turn complex filings into plain English so you can decide if this company fits your investment strategy.

1. What does this company do?

Nuvve specializes in "Vehicle-to-Grid" (V2G) technology. Instead of just charging electric vehicles (EVs), Nuvve’s software turns them into mobile batteries. When the power grid is stressed, their "GIVe" platform pulls energy from parked cars to support the grid. When power is cheap, the cars charge up.

They focus on fleets, like school buses, which spend most of their time parked. Nuvve generates revenue by selling charging hardware, managing installations, and charging recurring software fees for their grid-balancing platform.

2. Financial Performance: The Struggle for Profit

Nuvve is currently in a "survival and growth" phase. They are not yet profitable, and their operating losses have increased.

• The Losses: They reported an operating loss of $32.2 million for 2025, up from $20.5 million in 2024. This 57% increase in losses reflects high research and administrative spending.
• Revenue: Revenue reached $8.4 million in 2025, compared to $10.2 million in 2024. This reflects the challenges of scaling hardware sales in a competitive market.
• Customer Concentration: Two customers accounted for 20.3% of total revenue. Reliance on a small number of partners creates significant income volatility.
• The Reality Check: The company has an "accumulated deficit" of $196.4 million. This indicates that total historical spending has significantly outpaced earnings, necessitating frequent capital raises.

3. Major Wins and Challenges

Nuvve is betting its future on its technology, but they face several hurdles:

• Regulatory & Trade Risks: Nuvve’s business model is sensitive to government energy policies and global trade dynamics. Because they rely on hardware from Chinese supply chains, new trade restrictions or tariffs could increase their costs.
• Compliance Costs: Operating as a public company is resource-intensive. In 2025, they spent approximately $18.5 million on general and administrative costs, largely driven by legal and accounting requirements.
• Nasdaq Listing: Nuvve is currently under a "Mandatory Panel Monitor" following previous concerns regarding their stock price. Failure to meet ongoing financial requirements could lead to immediate delisting, which would limit their ability to raise future capital.

4. Financial Health and Your Ownership

Nuvve operates with a lean cash position. Because they are not yet profitable, they frequently raise money by issuing new shares. For example, they recently issued over 800,000 shares to partners as payment for services to preserve cash.

This process—known as dilution—reduces the percentage of the company owned by existing shareholders. With $4.2 million in cash remaining, the company will need to secure additional funding to sustain operations over the coming year.

5. Future Outlook

Nuvve is in a high-stakes "build-out" phase. They are betting that as the world adopts more EVs, the power grid will increasingly require their V2G technology. This is a speculative investment; the company is currently prioritizing the scaling of its technology over immediate profitability. Success depends on their ability to secure large-scale fleet contracts and transition toward a software-driven revenue model while stabilizing a fragile balance sheet.

Investor Takeaway: When considering Nuvve, ask yourself if you are comfortable with a company that is still in the "proof of concept" stage. The investment case relies on the belief that their V2G software will become essential infrastructure, but you must weigh this against the risks of ongoing dilution, cash shortages, and the difficulty of scaling hardware sales.