Core Insights - Nuvve Holding Corp. reported a decrease in total revenue for Q3 2024, amounting to 2.71 million in Q3 2023, primarily due to a decline in product sales orders and shipments [4][3] - The company launched its first V2G-capable electric school bus in New Mexico and unveiled new AC V2G technology, indicating progress in its technology deployment [2][3] - Nuvve's management expressed optimism about continued revenue improvements into Q4 2024, attributing this to better expense controls and operational efficiencies [3] Financial Performance - Total revenue for Q3 2024 was 0.79 million from the previous year [4] - Products revenue decreased by 0.4 million [4] - Operating expenses, excluding cost of sales, were reduced by 2.8 million compared to Q3 2023 [4] - The net loss for Q3 2024 was 8.3 million in Q3 2023 [4][5] Operational Highlights - Nuvve increased megawatts under management by 16.3% to 29.2 megawatts as of September 30, 2024, from 25.1 megawatts at the end of 2023 [2] - The company partnered with WISE EV to enhance public EV charging infrastructure in select markets [2] - Selling, general, and administrative expenses decreased by 67.2% to $2.1 million in Q3 2024 [4] Strategic Developments - Nuvve became the 100% owner of Levo after acquiring the remaining 49% membership interest from Stonepeak and Evolve [6] - The company continues to focus on its vehicle-to-grid (V2G) technology, which allows EV batteries to store and resell unused energy back to the grid [1][9]
Nuvve Provides Third Quarter 2024 Financial Update