Nuvve (NVVE) investor relations material

Executive summary

• Q3 2025 revenue was $1.6 million, down 16.7% year-over-year, mainly due to lower service revenues, but up from the first half of 2025, reflecting accelerated sales growth.

• Net loss for Q3 2025 increased to $4.8 million from $1.6 million in Q3 2024, driven by higher operating expenses.

• Organizational restructuring and subsidiary-based structure improved accountability and operational efficiency.

• Strategic battery projects in Denmark and Japan are expected to generate recurring revenue and support long-term growth.

• Completed the acquisition of Fermata Energy II LLC and formed new subsidiaries to expand business and regional presence.

Financial highlights

• Year-to-date revenue through September 30, 2025, was $2.84 million, down 18.7% year-over-year.

• Gross margin for Q3 2025 was 52%, nearly flat year-over-year; year-to-date gross margin improved to 46.8% from 42% last year.

• Net loss for the nine months ended September 30, 2025, was $25.2 million, compared to $12.3 million in the prior year period.

• Cash as of September 30, 2025, was $0.9 million, with a working capital deficit of $3.4 million and total equity deficit of $1.9 million.

• Raised $5.6 million in gross proceeds through public offering and debt during Q3 2025.

Outlook and guidance

• Management anticipates stationary battery business to become a larger contributor to future growth, especially in North America, Europe, and Japan.

• Expects further growth in megawatts under management and additional wins in stationary storage and charging station business.

• Confident in addressing NASDAQ bid price and shareholder equity deficiencies by year-end, with shareholder approval for a reverse stock split already obtained.

• Management expects continued operating losses and negative cash flows, with additional funding required to support operations and repay $2.2 million of debt due within a year.

• Backlog as of September 30, 2025, was $19.0 million, with $14.7 million related to the Fresno EV infrastructure project, which is at risk due to financing uncertainties.