Nuvve Holding Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $1.09 million, a 31.9% decrease from $1.60 million in the same period in 2025.
• Gross profit margin was 24.0% in Q3 2026, down from 52.0% in Q3 2025.
• Net loss was $4.7 million for the three months ended September 30, 2026, compared to $4.8 million in the same period in 2025, representing a 2.1% decrease.
• Cash operating losses were $4.3 million in Q3 2026, compared to $4.8 million in Q3 2025.
• Cost of products and services revenue increased 7.9% to $0.83 million in Q3 2026 from $0.77 million in Q3 2025, driven by higher warranty costs and project write-downs.
• Selling, general, and administrative expenses decreased 12.9% to $4.1 million in Q3 2026 from $4.8 million in Q3 2025.
• Research and development expenses decreased 61.2% to $0.5 million in Q3 2026 from $1.2 million in Q3 2025.
• Other income, net turned to an expense of $0.35 million in Q3 2026 from $0.32 million of income in Q3 2025.
• Net loss attributable to non-controlling interest was $0.43 million in Q3 2026, compared to $0.29 million in Q3 2025.
• Cash and restricted cash at September 30, 2026, was $357,202, down from $5,787,250 at the beginning of the year.
• Total liabilities increased to $21.3 million at September 30, 2026, from $14.9 million at December 31, 2025.
• Stockholders' deficit was $13.4 million at September 30, 2026, compared to a deficit of $2.4 million at December 31, 2025.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $10.6 million, compared to $12.3 million in the same period in 2025.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $5.5 million.

Guidance and Future Outlook:

• Management expects more developments on European, Japan, and New Mexico stationary battery pipeline projects in the coming quarters.
• Management anticipates improvements in cash burn resulting from lower operating costs compared to the prior year.
• The company is bringing its Astrea AI-powered forecasting and grid decision-support platform to utilities and electric cooperatives.
• Initial technical evaluations with prospective customers are being prepared for the Astrea platform.

Business Segments and Product Lines:

• Products revenue decreased by $0.34 million, primarily due to lower customer sales orders and shipments.
• Service revenue decreased by $0.12 million.
• Grants revenue decreased by $0.05 million.
• Products revenue for Q3 2026 consisted of DC Chargers and AC Chargers totaling $0.60 million.
• Grid services revenue was $4.98 thousand for Q3 2026.
• Engineering services revenue was $0.26 million for Q3 2026.
• Products margin decreased to 16.0% in Q3 2026 from 22.4% in Q3 2025, driven by write-downs related to the Troy project and higher warranty costs.
• Services margin decreased to negative 20.5% in Q3 2026 from 91.8% in Q3 2025, due to write-downs related to the Troy project as a customer delayed AC Charger installation.
• Megawatts under management increased 5.7% to 29.9 megawatts in Q3 2026 from 28.3 megawatts in Q4 2025, and increased 13.3% from Q3 2025.
• Stationary batteries managed in California were decommissioned as they reached the end of their useful life.
• The company elected to stop managing stationary batteries in Japan connected to its platform with Toyota Tsusho due to limited expected future revenue under the existing agreement.
• The company is focusing new business development efforts in Japan on battery aggregation services for commercial and governmental customers.

Market and Competitive Landscape:

• The company is a green energy technology provider offering a globally-available commercial vehicle-to-grid (V2G) technology platform.
• Nuvve enables electric vehicles and stationary batteries to store and resell unused energy back to the local electric grid.
• The company is working with a California customer to propose battery aggregation services once their new batteries are installed to replace decommissioned units.

Risks and Challenges:

• Higher replacement warranty costs for certain discontinued DC Chargers negatively impacted margins.
• Write-downs of costs related to the Troy project negatively impacted products, services, and overall margins.
• Customer delays in installing AC Chargers contributed to negative services margins.
• The company faces risks associated with forward-looking statements regarding expectations, plans, and project successes, which are subject to numerous uncertainties.

Management Commentary and Tone:

• Gregory Poilasne, Chief Executive Officer, stated expectations for developments in European, Japan, and New Mexico stationary battery pipeline projects.
• Management expressed confidence in improving cash burn through lower operating costs.
• Management highlighted the rollout of the Astrea AI platform to utilities and electric cooperatives.

Other Key Points:

• The company raised $0.97 million in gross proceeds during Q3 2026 through debt obligations, private placement, issuance of preferred stock, and exercise of warrants.
• A conference call to review results was held on November 13, 2026, at 5:00 PM Eastern Time.
• The company has a Series C Convertible preferred stock with 2,232 shares outstanding and an aggregate liquidation preference of $2.38 million as of September 30, 2026.
• The company recorded a $96,000 goodwill impairment during the nine months ended September 30, 2026.
• The company converted preferred stock, net of issuance costs and accretion, totaling $3.94 million during the nine months ended September 30, 2026.
• The company converted notes and accrued interest to common shares totaling $616,487 during the nine months ended September 30, 2026.