Nuvve (NVVE) Q4 2025 earnings summary

Executive summary

• 2025 marked a strategic pivot from vehicle-to-grid to stationary battery storage and aggregation services, leveraging experience in the U.S. and Japan, and responding to market trends.

• AI-based functionalities are being integrated across project management, sales, and finance to scale operations and reduce costs.

• Major partnerships and projects were announced in Europe (OMNIA Global) and Japan, with a growing pipeline in both regions.

• U.S. stationary battery projects are progressing more slowly but remain a focus.

• Operating expenses, excluding cost of sales and inventory impairment, were reduced by $2.2 million year-over-year in Q4 2025.

Financial highlights

• Q4 2025 revenues were $1.95 million, up from $1.79 million in Q4 2024, driven by higher product and grant revenues, while FY 2025 revenues were $4.79 million, down from $5.29 million in FY 2024 due to lower service revenues.

• Q4 2025 gross margin was 24.2% (vs. 15.8% prior year); FY 2025 margin was 39.1% (vs. 33.1%).

• Net loss in Q4 2025 increased to $6.3 million from $5.1 million in Q4 2024, mainly due to a $3.47 million inventory impairment.

• Cash at year-end was $5.5 million, up from $0.4 million at year-end 2024, primarily from $8.1 million raised through financing activities.

• Selling, general, and administrative expenses dropped 40.9% to $3.0 million in Q4 2025.

Outlook and guidance

• Anticipates further growth in megawatts under management in 2026 as new projects are commissioned.

• Expects more developments from European and Japanese stationary battery projects and improved cash burn due to lower operating costs.

• Management noted a slowdown in EV adoption in the school bus market and a decline in 2025 revenues.

• Strategic pivot toward stationary storage aggregation services, with an increasing pipeline and backlog for stationary battery projects in North America, Europe, and Japan.