In This Article:
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Q4 2024 Revenue: $1.8 million, up from $1.6 million in Q4 2023.
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Fiscal Year 2024 Revenue: $5.3 million, down from $8.3 million in 2023.
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Q4 2024 Gross Margin: 15.8%, down from 29% in Q4 2023.
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Fiscal Year 2024 Gross Margin: 33.1%, up from 16.2% in 2023.
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Q4 2024 Operating Costs: $5.9 million, down from $7.9 million in Q4 2023.
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Fiscal Year 2024 Operating Expenses: $22.2 million, down from $33.5 million in 2023.
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Q4 2024 Net Loss: $5.1 million, improved from $7.5 million in Q4 2023.
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Cash as of December 31, 2024: $0.4 million, excluding $0.3 million in restricted cash.
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Megawatts Under Management Q4 2024: 30.7 MW, up 22.2% from Q4 2023.
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Backlog as of December 31, 2024: $18.3 million, up from $3.9 million at the end of 2023.
Release Date: March 31, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Nuvve Holding Corp (NASDAQ:NVVE) successfully reduced its cash and noncash operating expenses by 33% in fiscal year 2024 compared to 2023.
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The company expanded its business into the stationary battery sector, launching its first Battery-as-a-Service model in the United States.
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Nuvve Holding Corp (NASDAQ:NVVE) is expanding its stationary battery business in Japan, establishing a new entity to pursue local capital raising activities.
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The company was selected by the state of New Mexico for a significant electric vehicle and infrastructure deployment project, with an estimated market opportunity of $400 million.
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Nuvve Holding Corp (NASDAQ:NVVE) increased its megawatts under management by 22.2% year-over-year, reaching 30.7 megawatts by the end of Q4 2024.
Negative Points
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Nuvve Holding Corp (NASDAQ:NVVE) experienced a decrease in total revenues for the full year 2024, dropping to $5.3 million from $8.3 million in 2023.
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The company's gross margin percentage for Q4 2024 was negatively impacted by competitive pricing pressures, particularly on DC charger sales.
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Operating costs, excluding cost of sales, were $5.9 million for Q4 2024, which is higher than the $2.28 million reported in Q3 2024.
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Nuvve Holding Corp (NASDAQ:NVVE) reported a net loss of $5.1 million in Q4 2024, although this was an improvement from the $7.5 million loss in Q4 2023.
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The company had only $0.4 million in cash as of December 31, 2024, indicating a decrease of $1.2 million from the previous year.
Q & A Highlights
Q: Can you elaborate on the challenges faced in 2024 and how they impacted your revenue? A: Gregory Poilasne, CEO: 2024 was extremely challenging, with revenue declining for the first time since 2021. Delays in EPA approval letters affected our K-12 school bus business, causing partners to hold purchase orders. Our hub projects also faced financing delays. Despite these challenges, we reduced cash and noncash operating expenses by 33% compared to 2023.