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Nuvve (NVVE) - 2024 Q2 - Quarterly Results
NVVENuvve (NVVE)2024-08-13 20:31

Financial Performance - Total revenue for Q2 2024 was 0.80million,adecreaseof62.20.80 million, a decrease of 62.2% from 2.12 million in Q2 2023, primarily due to a 1.18milliondecreaseinproductsrevenue[4]−Netlossdecreasedby50.51.18 million decrease in products revenue[4] - Net loss decreased by 50.5% to 3.9 million in Q2 2024 from 8.0millioninQ22023,drivenbyanincreaseinotherincomeandadecreaseinoperatingexpenses[8]−OperatinglossforQ22024was8.0 million in Q2 2023, driven by an increase in other income and a decrease in operating expenses[8] - Operating loss for Q2 2024 was (5,763,874), compared to (8,315,540)inQ22023,showinganimprovementof30.8(8,315,540) in Q2 2023, showing an improvement of 30.8%[20] - Net loss attributable to Nuvve Holding Corp. common stockholders for Q2 2024 was (4,176,717), a decrease from (8,224,707)inQ22023,representinga49.1(8,224,707) in Q2 2023, representing a 49.1% improvement[20] - The company reported a comprehensive loss attributable to Nuvve Holding Corp. of (3,946,840) for Q2 2024, compared to (7,991,264)inQ22023[23]OperatingExpenses−Operatingexpensesexcludingcostofsaleswerereducedto(7,991,264) in Q2 2023[23] Operating Expenses - Operating expenses excluding cost of sales were reduced to 6.0 million in Q2 2024 from 8.5millioninQ22023,adecreaseof29.48.5 million in Q2 2023, a decrease of 29.4%[2] - Total operating expenses for Q2 2024 were 6,566,054, down from 10,435,667inQ22023,areductionof37.110,435,667 in Q2 2023, a reduction of 37.1%[20] - Selling, general and administrative expenses decreased by 26.4% to 4.5 million in Q2 2024 from 6.1millioninQ22023[5]−Researchanddevelopmentexpensesdecreasedby38.36.1 million in Q2 2023[5] - Research and development expenses decreased by 38.3% to 1.5 million in Q2 2024 from 2.4millioninQ22023[7]−ResearchanddevelopmentexpensesforQ22024were2.4 million in Q2 2023[7] - Research and development expenses for Q2 2024 were 1,473,567, compared to 2,387,215inQ22023,adecreaseof38.22,387,215 in Q2 2023, a decrease of 38.2%[20] Cash and Equity - Cash and cash equivalents were 1.4 million as of June 30, 2024[2] - Cash and restricted cash at the end of Q2 2024 was 1,911,414,downfrom1,911,414, down from 11,539,004 at the end of Q2 2023[25] - Total stockholders' equity as of June 30, 2024, was (2,062,490),adeclinefrom(2,062,490), a decline from 2,580,605 at the end of 2023[19] - Total liabilities and equity as of June 30, 2024, amounted to 18,527,025,downfrom18,527,025, down from 20,950,506 at the end of 2023[19] Business Developments - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation[2] - The partnership with Great Power aims to combine advanced batteries with V2G solutions for more efficient EVs[2] - Megawatts under management increased by 8.0% to 27.1 megawatts as of June 30, 2024, up from 25.1 megawatts on December 31, 2023[2] Other Income - Other income increased by 1.5millionto1.5 million to 1.8 million in Q2 2024, primarily due to changes in fair value of warrants liability[7]