Nuvve (NVVE) - 2024 Q3 - Quarterly Report

Revenue Performance - Total revenue for Q3 2024 was $1.92 million, a decrease of 29$2.71 million in Q3 2023[214]. - Revenue from products dropped by 69% to $543,834 in Q3 2024, down from$1.77 million in Q3 2023[214]. - Revenue from services increased by 46% to $1.27 million in Q3 2024, compared to$866,477 in Q3 2023[214]. - Total revenue for Q3 2024 was $1.92 million, a decrease of$0.79 million or 29.3% compared to Q3 2023, primarily due to a $1.23 million decrease in product revenue[216]. - For the nine months ended September 30, 2024, total revenue was$3.5 million, down $3.2 million or 47.7$6.7 million in the same period of 2023, mainly due to a $3.4 million decrease in product revenue[217]. Operating Loss and Expenses - Operating loss for Q3 2024 was$1.84 million, an improvement of 78% from an operating loss of $8.46 million in Q3 2023[214]. - Total operating expenses decreased by 66$3.76 million in Q3 2024, down from $11.18 million in Q3 2023[214]. - Selling, general and administrative expenses for Q3 2024 were$2.1 million, a decrease of $4.4 million or 67.2$1.6 million or 69.0% for Q3 2024, totaling $0.7 million compared to$2.3 million in Q3 2023[224]. Net Loss - Net loss attributable to Nuvve Holding Corp. for Q3 2024 was $1.65 million, a reduction of 80$8.34 million in Q3 2023[214]. - Net loss for Q3 2024 decreased by $6.7 million or 80.2$1.6 million compared to $8.3 million in Q3 2023[228]. - Net loss for the nine months ended September 30, 2024, was$12.3 million, a decrease of $11.6 million or 48.6$24.0 million in the same period of 2023[229]. Cash and Financing Activities - As of September 30, 2024, the company had a cash balance of $0.3 million and total equity of$3.0 million[234]. - The company completed a public offering on February 2, 2024, raising approximately $9.6 million before expenses[236]. - The Company raised$11.1 million in net cash from financing activities for the nine months ended September 30, 2024, compared to $3.2 million for the same period in 2023[257]. - Cash used in operating activities for the nine months ended September 30, 2024, was$12.2 million, an increase from $6.2 million in the prior year[255]. Debt and Loan Information - The Term Loan originated on August 9, 2024, with a principal amount borrowed of$1,000,000 and a maturity date of March 6, 2025[246]. - Weekly principal and interest payments of $50,750 are due on the Term Loan for thirty weeks, totaling expected interest of$522,501 over the loan period[246]. - Interest expense paid on the Term Loan for the nine months ended September 30, 2024, was $219,159, compared to no interest expense for the same period in 2023[247]. - Total outstanding principal balance as of September 30, 2024, is$2,504,063, with total debt net of current portion at $100,000[249]. Strategic Initiatives - The company expects growth in company-owned charging stations and related government grant funding to continue, although these projects will constitute a declining percentage of future business[200]. - A master services agreement was signed with Fresno Economic Opportunities Commission for a fleet electrification program, covering design and construction of a parking lot and electrification system[241][242]. - Total estimated fees and expenses payable to the Company by Fresno EOC for services related to the Project is approximately$15.7 million[243]. - The Company formed Levo to accelerate the deployment of electric fleets with conditional capital commitments of $750 million from Stonepeak and Evolve[252]. - On October 15, 2024, the Company acquired a 100% ownership of Levo by purchasing the 49% membership interest from Stonepeak and Evolve[253]. Company Classification - The Company is classified as an emerging growth company and intends to rely on the exemptions provided by the JOBS Act until certain conditions are met[265].