Core Insights - Nuvve Holding Corp. reported a significant decrease in total revenue for Q2 2024, amounting to 0.80million,down62.22.12 million in Q2 2023, primarily due to lower product and service sales [3] - The company has made strategic partnerships and advancements in its vehicle-to-grid (V2G) technology, including a collaboration with Great Power and the electrification of the Fresno EOC's shuttle fleet [2][3] - Operating expenses were reduced to 6.0millioninQ22024from8.5 million in Q2 2023, contributing to a net loss decrease of 50.5% to 3.9million[3]FinancialPerformance−TotalrevenueforQ22024was0.80 million, a decrease of 1.32millionfromthepreviousyear,withproductrevenuedroppingby1.18 million and service revenue by 0.2million[3]−Thecostofproductsandservicesrevenuedecreasedby69.10.6 million, leading to an increase in products and services margin to 10.1% from 4.8% year-over-year [3] - Selling, general, and administrative expenses fell by 26.4% to 4.5million,drivenbyreductionsinvariousexpensecategories[3]OperationalHighlights−Nuvveincreasedmegawattsundermanagementby8.016 million shuttle fleet project was held, which will include electric shuttles and a solar generation system [2] Strategic Partnerships - Nuvve partnered with Great Power to enhance its V2G technology with advanced battery solutions, aiming to improve efficiency and affordability for electric vehicles [1][2] - The company highlighted its proprietary GIVeTM smart-charging software platform at various industry conferences, emphasizing its impact on total cost of ownership for fleet operators [2]
