Nuvve Holding Corp.

What they do

Nuvve develops a proprietary V2G technology platform, Grid Integrated Vehicle (GIVe), that aggregates EV batteries and stationary batteries into a virtual power plant to provide bidirectional grid services. It sells networked charging stations, infrastructure, batteries, software, professional services and warranties to light- and heavy-duty fleets, automotive OEMs and charge point operators. It also earns recurring grid services revenue, mobility fees per fleet vehicle, and non-recurring engineering fees from OEM and charge point operator integrations. Its longest-running commercial deployment is in Denmark, providing primary frequency containment reserve (FCR) service with roughly 17 hours of daily market participation per vehicle.

Revenue drivers

• Products (DC and AC chargers) — Hardware sales to fleet and charge point operator customers; $0.92 million of Q2 2026 revenue, the largest single component, and the main reason total revenue rose year over year.
• Engineering services — Non-recurring integration work with automotive OEMs and charge point operators; $0.12 million in Q2 2026, down from the prior-year quarter's higher engineering mix.
• Grid services — Recurring revenue from bidding aggregated batteries into energy markets, including the Denmark FCR deployment that historically generated about US$2,600 per car per year; only $0.01 million in Q2 2026.
• Grants — Government grant funding tied to company-owned demonstration charging stations; contributed $0.18 million of the Q2 2026 year-over-year increase and expected to decline as a share of business.

Recent performance

Total revenue for Q2 2026 was $1.23 million, up 268.4% from $0.33 million in Q2 2025, driven by a $0.77 million increase in products revenue and a $0.18 million increase in grants. Gross margin collapsed to 2.6% from 60.6%, as cost of products and services rose 811.7% to $1.19 million on higher replacement warranty costs for discontinued DC chargers and a write-down on the Troy project after the customer delayed AC charger installation. Q2 2026 net loss included $6.5 million of SG&A, down 52.9% from $13.9 million a year earlier, largely from the absence of $8.2 million of warrant expense for cryptocurrency strategy consulting and $1.0 million of bad debt. Cash operating losses were $7.3 million in Q2 2026 versus $14.7 million in Q2 2025. Full-year revenue has declined from $8.3 million in 2023 to $5.3 million in 2024 and $4.8 million in 2025, with net losses of $31.3 million, $17.4 million and $30.8 million respectively.

Strategy

Management is positioning Nuvve as an AI-driven V2G platform and points to year-over-year growth in its charge point operator business and a strengthening stationary battery pipeline in Europe, Japan and New Mexico. The company raised $2.5 million in gross proceeds during Q2 2026 through a private placement of preferred stock and warrant exercises to fund operations. It operates part of its business through ventures with partners, including Deep Impact 1 LLC, a 51%-owned entity formed in August 2024 with WISE EV-LLC for charger operation, installation and maintenance. Management expects company-owned demonstration charging stations and related government grant funding to decline as a share of future business. Since the last 10-K, Nuvve terminated material agreements in July 2026 and amended its charter and security holder rights in June and July 2026.

Risks

• Going-concern liquidity — Cash and equivalents were $0.5 million at June 30, 2026, against total liabilities of $19.4 million and negative shareholder equity of $6.0 million.
• Hardware margin and warranty exposure — Gross margin fell to 2.6% in Q2 2026 from 60.6% on replacement warranty costs for discontinued DC chargers and a write-down on the Troy project.
• Listing status — Nuvve disclosed a delisting notice or listing-rule failure on July 23, 2026 and now trades on the OTCQB Market rather than a national exchange.
• Partner and customer dependence — The company relies on charging station manufacturing partners, joint ventures such as 51%-owned Deep Impact, and fleet customers whose project delays (like the Troy AC charger installation) can trigger write-downs.

Outlook

Management said it was pleased with Q2 2026 sales growth after a soft first quarter and cited strong year-over-year growth in its CPO business and a strengthening stationary battery pipeline in Europe, Japan and New Mexico. The company continues to fund itself through private placements and warrant exercises rather than operating cash flow, and terminated material agreements in July 2026. It expects company-owned demonstration charging stations and government grant funding to become a declining share of the business as commercial operations expand. No specific revenue or earnings guidance was provided in the excerpts.