Nuvve Holding Corp. — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for the second quarter of 2026 was $1.23 million, a 268.4% increase from $0.33 million in the second quarter of 2025.
• Revenue growth was driven by a $0.77 million increase in products revenue and a $0.18 million increase in grants, partially offset by a $0.06 million decrease in service revenue.
• Gross profit margin decreased to 2.6% in the second quarter of 2026 from 60.6% in the second quarter of 2025.
• Products margin fell to 16.1% from 66.1% in the prior year period due to higher replacement warranty costs for discontinued DC Chargers.
• Services margin dropped to negative 232.6% from 56.6% in the prior year period due to a write-down of costs related to the Troy project.
• Cost of products and services revenue increased 811.7% to $1.19 million from $0.13 million in the prior year period.
• Selling, general and administrative (SG&A) expenses decreased 52.9% to $6.5 million from $13.9 million in the prior year period, primarily due to the absence of $8.2 million in fair value warrant expenses for cryptocurrency strategy consulting and $1.0 million in bad debt expenses from the prior year.
• Research and development expenses decreased 14.4% to $0.9 million from $1.1 million in the prior year period.
• Net loss was $7.3 million for the second quarter of 2026, a 46.2% decrease from $13.6 million in the second quarter of 2025.
• Cash operating losses were $7.3 million in the second quarter of 2026 compared to $14.7 million in the second quarter of 2025.
• Cash and cash equivalents were $0.5 million as of June 30, 2026, down from $5.5 million at December 31, 2025.
• Deferred revenue increased to $2.67 million ($1.59 million current, $1.08 million noncurrent) as of June 30, 2026, from $1.90 million ($1.02 million current, $0.87 million noncurrent) at December 31, 2025.
• Total liabilities increased to $19.44 million as of June 30, 2026, from $14.86 million at December 31, 2025.
• Total stockholders' deficit was $7.51 million as of June 30, 2026, compared to $2.43 million at December 31, 2025.

Guidance and Future Outlook

• No specific forward financial guidance or quantitative targets were provided in the press release.
• Management indicated a focus on driving new business development in Japan, specifically targeting battery aggregation services for commercial and governmental customers.
• The company is working with a customer to propose battery aggregation services once new stationary batteries are installed to replace decommissioned units in California.

Business Segments and Product Lines

• Products revenue consisted of $0.92 million from DC and AC Chargers.
• Services revenue included $0.01 million from grid services and $0.12 million from engineering services.
• Grants revenue contributed $0.18 million in the second quarter of 2026.
• The company reported strong year-over-year growth in its CPO (Charging Point Operator) business.
• Stationary batteries managed in California were decommissioned as they reached the end of their useful life.
• Management elected to discontinue managing stationary batteries connected to the platform in partnership with Toyota Tsusho in Japan due to limited expected future revenue generation under existing agreements.

Market and Competitive Landscape

• Megawatts under management increased 5.7% to 29.9 megawatts in the second quarter of 2026 from 28.3 megawatts in the fourth quarter of 2025.
• Megawatts under management increased 16.8% to 29.9 megawatts in the second quarter of 2026 from 25.6 megawatts in the second quarter of 2024.
• The company operates a globally-available commercial vehicle-to-grid (V2G) technology platform.

Risks and Challenges

• Higher replacement warranty costs for certain discontinued DC Chargers negatively impacted product margins.
• Write-downs of costs related to the Troy project, where a customer delayed AC Charger installation, significantly impacted services margins.
• A lower mix of engineering services in the second quarter of 2026 compared to the prior year contributed to margin compression.
• The company faces risks associated with the fair value changes of convertible notes and warrants liability.
• Forward-looking statements are subject to numerous risks and uncertainties, including the ability to execute business plans and project successes.

Management Commentary and Tone

• CEO Gregory Poilasne expressed pleasure with sales growth in the second quarter following a soft first quarter.
• Management highlighted strong year-over-year growth in the CPO business and a strengthening stationary battery pipeline in Europe, Japan, and New Mexico.
• The tone reflects optimism regarding sales recovery while acknowledging specific operational headwinds related to warranty costs and project delays.

Analyst Questions and Answers

• No analyst questions or answers were included in the provided press release text.

Other Key Points

• The company raised $2.5 million in gross proceeds through private placement, issuance of preferred stock, and exercise of warrants during the second quarter of 2026.
• Financing activities in the first six months of 2026 included proceeds of $2.03 million from convertible Series A preferred stock and $1.18 million from the issuance of J-Kiss units.
• Noncash financing activities included the conversion of preferred stock (net of costs and accretion) valued at $3.94 million and the conversion of notes and accrued interest to common shares valued at $0.62 million.
• The company holds a $1.46 million term loan debt as of June 30, 2026.
• A dividend payable of $121,746 was recorded as of June 30, 2026.
• Net cash used in operating activities for the six months ended June 30, 2026, was $9.39 million.
• Net cash provided by financing activities for the six months ended June 30, 2026, was $4.78 million.