NVVE · Nuvve Holding Corp.

Nuvve Holding Corp. reported financial results for the fourth quarter ended December 31, 2025, revealing a complex operational period characterized by strategic pivots and significant one-time charges. Total revenue increased modestly to $1.95 million from $1.79 million in the same quarter of the prior year. This growth was primarily driven by a shift in revenue mix toward higher hardware sales—specifically DC and AC chargers—which contributed $1.39 million compared to $1.18 million in the prior year. This shift favorably impacted margins, with gross profit margins expanding to 24.2% from 15.8%. However, service revenue declined due to the cessation of management fees from the Fresno EV infrastructure project.

The most material event of the quarter was a $3.47 million inventory impairment charge related to 125 kW V2G DC Chargers that failed to meet commercial reliability standards. This charge significantly inflated the net loss to $6.3 million, up from $5.1 million in Q4 2024. Excluding this non-cash charge, the company demonstrated operational discipline; selling, general, and administrative expenses fell 40.9% to $3.0 million, and cash operating losses narrowed to $1.5 million from $4.9 million in the prior year quarter.

Liquidity improved substantially, with cash and cash equivalents rising to $5.5 million as of December 31, 2025, compared to $0.4 million at the end of 2024, bolstered by capital raises through preferred stock and warrant exercises. Management acknowledged a slowdown in the school bus EV market and announced a strategic pivot toward stationary storage aggregation services. CEO Gregory Poilasne highlighted a growing pipeline in this new segment across North America, Europe, and Japan, signaling a shift in the company's growth trajectory away from its traditional V2G focus.