Nuvve Q2 2026 Earnings Report

Nuvve EPS Results

• Actual EPS: -$28.96
• Consensus EPS: -$34,560.00
• Beat/Miss: Beat by +$34,531.04
• One Year Ago EPS: N/A

Nuvve Revenue Results

• Actual Revenue: $1.39 million
• Expected Revenue: $1.90 million
• Beat/Miss: Missed by -$506.88 thousand
• YoY Revenue Growth: N/A

Nuvve Announcement Details

• Quarter: Q2 2026
• Date: 7/15/2026
• Time: After Market Closes
• Conference Call Date: N/A
• Conference Call Time: N/A

Nuvve (NASDAQ:NVVE) Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission. Since its inception, the company has deployed V2G projects in North America and Europe, collaborating with utilities, charging-station operators and commercial fleets. These pilots have demonstrated how managed charging and discharging of EV batteries can capture value for fleet operators, reduce electricity costs and enhance grid stability while facilitating the integration of intermittent renewable energy sources.

Operating in multiple regions including the United States, Europe and the Asia-Pacific, Nuvve works with automakers, municipalities and energy providers to scale V2G infrastructure and services. Under the leadership of CEO Gregory Poilasne, the company continues to advance its software and hardware offerings, aiming to make two-way EV charging widely available. By bridging the transportation and energy sectors, Nuvve positions itself at the forefront of the global shift toward electrification and smarter, more resilient power grids.

Nuvve Q2 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: NASDAQ delisting remains a major overhang: Nuvve’s common stock was suspended from NASDAQ and now trades on the OTCQB after the company failed continued listing requirements for filings, bid price, and stockholders’ equity. Management says returning to a senior exchange is an immediate priority, with a timeline measured in months.
• Positive Sentiment: Second-quarter revenue rose 268% year over year to $1.23 million, while the net loss narrowed 46% to $7 million. Backlog increased to $5.3 million from $4.4 million at the end of the prior quarter.
• Negative Sentiment: Profitability and liquidity remain strained: gross margin fell to 2.6%, including a $1.2 million write-down tied to the Troy project, and cash was only approximately $0.5 million at June 30. Nuvve used $3.6 million in operating activities during the quarter and expects to rely on further cost reductions and financing.
• Neutral Sentiment: Nuvve is shifting its strategy toward owning and operating stationary batteries in Europe, supported by its Omnia partnership, while advancing battery, microgrid, and school-bus projects in Japan and New Mexico. The asset-ownership model could create recurring energy revenue and hard assets, but it is more capital-intensive than the company’s prior service-oriented approach.
• Positive Sentiment: Megawatts under management increased 3.1% sequentially to 29.9 MW, and management expects additional growth as existing orders are commissioned and new projects are won across Europe, Japan, and the U.S.

Presentation

[Operator]

Please note this event is being recorded. On today's call are Gregory Poilasne, Chief Executive Officer, and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its Q2 2026. Following prepared remarks, we will open up the call for questions. Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections.

[Operator]

How can I help you?

[Operator]

These risk factors are discussed in Nuvve's filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

[Gregory Poilasne, CEO at Nuvve]

Thank you, and good afternoon to everyone here today. Welcome to our second quarter 2026 results call. Let me start with a subject that is on everyone's mind. On July 22nd, we received the termination from NASDAQ Hearing Panel, and trading in our common stock was suspended on NASDAQ at the open of July 24th. Our stock began trading on the OTC Pink Market that same day, and since August 10th, we have been trading on the OTCQB tier under the symbol NVVE. I want to be direct on this. We understand NASDAQ's decision. We did not meet the continued listing standard on filing, on bidding price, and on stockholders' equity. Though we have fixed these issues, but too late, the panel applied its rules. There is nothing more to say about it.

[Gregory Poilasne, CEO at Nuvve]

What I do want to say is this: we are working very hard to return to a senior market, whether NASDAQ or NYSE, as fast as responsibly can. We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a timeline measured in months. That means executing on our business, rebuilding the balance sheet, and staying current on our filings as we are moving on all three. In the meantime, the business continues, and the pipeline in front of us is the most exciting it has been. Turning to the quarter, total revenue was up 268% year-over-year. For the first six months, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business.

[Gregory Poilasne, CEO at Nuvve]

That business remains real, it remains a source of cash, and it continues to give us deployed assets under management. Net loss was down 46% compared to the same quarter last year. Backlog as of June 30th was $5.3 million. I will not spend more time on the numbers. David will cover the financials in details in a few minutes. I want to spend the rest of my time on stationary batteries because this is the core of the business Nuvve is now driving. We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the first half of the year, including technical service revenue tied to agreed interconnection agreements delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity.

[Gregory Poilasne, CEO at Nuvve]

We view interconnection capacity as one of the scarcest and most valuable assets in this industry, and we are building a position there. The second is Europe, where we continue to work with our partner, Omnia. I want to thank our shareholders for the vote in favor of the transaction at the special meeting. That vote gives us the framework to move forward, and upon completion of the agreed milestone, Omnia will become a significant shareholder of Nuvve. We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it is a change from how we have talked about it before. In Europe, we are planning for the batteries to go on Nuvve's balance sheet.

[Gregory Poilasne, CEO at Nuvve]

These will be assets we plan to own, that we control, that we optimize on our own platform, and where we capture the full energy revenue rather than service fees on somebody else assets. This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stacks, and the financing environment support ownership, and owning these assets is what builds a base of hard assets and recurring cash flow underneath this company. Our partnership with Omnia is what makes this possible. Projects, local execution, and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first two editions are out, covering the Nordics, Austria, and Switzerland. We will keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well.

[Gregory Poilasne, CEO at Nuvve]

That newsletter is not a marketing exercise. It is the visible surface of something bigger. It is built on the long work we have been doing on AI-based forecasting, combined with the skill set we brought in through Camera Eye. It supports a new product and service offering that we will be announcing shortly. I am not going to get ahead of that announcement today, but I would encourage you to read the newsletter because they show you the quality of the work underneath. The third geography is the United States and specifically New Mexico. New Mexico is our sandbox. It is where we showcase what a full Nuvve deployment looks like. We have already announced several battery projects there, including Kit Carson and Socorro.

[Gregory Poilasne, CEO at Nuvve]

Beyond batteries, we are advancing microgrid work and school bus deployments in the same state. That combination, stationary storage, microgrid, and V2G fleet, all managed on one platform, is exactly the model that we want to replicate elsewhere. To summarize, we are trading on the OTCQB today. We understand how we got here, and we are not going to pretend otherwise. But the pipeline in front of this company is stronger than it has been at any point in our history. Our cost base is meaningfully lower than a year ago, and three core geographies are all moving forward. We will be sharing more with you about our path back to a senior market and about our new product in the near future. This is an immediate priority for us, not a long-term one.

[Gregory Poilasne, CEO at Nuvve]

With that, I will turn the call over to David to walk you through the financial detail. David?

[David Robson, CFO at Nuvve]

Thanks, Gregory. I will start with a recap of second quarter 2026 results. In the second quarter, we generated total revenues of $1.23 million, compared to $0.33 million in the second quarter of 2025. The increase was primarily driven by increases in products revenue due to higher customer sales orders and shipments and increased grant revenues. Margins on product services and grant revenues were 2.6% for the second quarter of 2026, compared to 26.1% for the year-ago period. Margin was negatively impacted quarter-over-quarter, primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers. Excluding grant revenues, margins on products and service revenues decreased to a -14.5% for the second quarter of 2026, compared to 11.6% in the year-ago period.

[David Robson, CFO at Nuvve]

As a reminder, margins can be lumpy from quarter to quarter, depending on the mix. DC charger gross margins at standard pricing generally range from 15%-25%, while AC charger gross margins are approximately 50%, but in dollar terms are a small fraction of the revenue of the DC charger. Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales, was $7.5 million for the second quarter of 2026, compared to $6.5 million for the first quarter of 2026 and $15 million for the second quarter of 2025. Expenses increased over last quarter due to higher public company and legal expenses.

[David Robson, CFO at Nuvve]

Expenses declined over the year ago period due to prior year non-recurring expenses of $8.2 million for warrants issued for the cryptocurrency strategy consulting services and bad debt expense of $1 million related to unpaid management fees for the Fresno EV infrastructure project, offset by higher public company fees and legal expenses in the current quarter. Cash operating expenses excluding cost of sales, stock compensation, depreciation, amortization expense and other one-time costs was $7.3 million in the second quarter of 2026 versus $6.4 million in the first quarter of 2026 versus $5.7 million in the second quarter of 2025. This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026, compared to $1.2 million of other income in the second quarter of 2025.

[David Robson, CFO at Nuvve]

The current period was impacted by lower non-cash gains from the change in the fair value of warrants and debt, offset by interest expense, while prior period higher non-cash gains from the change in the fair value of convertible debt and warrants, partially offset by interest expense from borrowings. Net loss attributed to Nuvve common stockholders decreased in the second quarter of 2026 to $7 million from a net loss of $13.4 million in the second quarter of 2025. The decrease in net loss was primarily a result of lower operating losses, partially offset by higher non-operating income. Now turning to our balance sheet, we had approximately $0.5 million in cash as of June 30th, 2026, excluding $0.3 million in restricted cash, which represents a $1.4 million decrease from March 31st, 2026.

[David Robson, CFO at Nuvve]

The decrease was a result of $3.6 million used in operating activities, $0.3 million for the purchase of charging station fixed assets, primarily offset by capital raised through the issuance of common stock and preferred stock, and the exercise of warrants totaling $1.2 million, and borrowings of debt totaling $1.4 million. Inventories decreased during the quarter to $0.6 million at June 30th, 2026, compared to $0.8 million at March 31st, 2026. During the quarter, accounts receivable decreased to $0.7 million at June 30th, 2026, compared to $1.3 million at March 31st, 2026. Accounts payable at the end of the second quarter of 2026 was $4.4 million, representing a decrease of $0.4 million compared to the first quarter of 2026 of $4.7 million.

[David Robson, CFO at Nuvve]

Accrued expenses at the end of the second quarter of 2026 was $5 million, an increase of $2.8 million compared to the first quarter of 2026 of $2.1 million. Turning to our megawatts under management and estimated future grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the U.S. and in light-duty fleet developments in Europe, in addition to stationary battery. Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in the second quarter increased 3.1% over the first quarter of 2026 to 29.9 MW from 29.0 MW, and a 16.8% increase compared to the second quarter of 2025.

[David Robson, CFO at Nuvve]

In terms of its composition, 0.2 MW were from stationary batteries and 29.7 MW were from EV chargers. We continue to expect further growth in our megawatts under management in 2026 as we continue to commission our backlog of customer orders we have earned, in addition to new business we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationary batteries. Turning to backlog. On June 30, 2026, our hardware and service backlog increased to $5.3 million, an increase of $0.9 million from $4.4 million reported at March 31, 2026. This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan, and New Mexico projects.

[David Robson, CFO at Nuvve]

We also anticipate improvements in our cash burn resulting from the benefit of lower operating costs compared with last year. This concludes my portion of prepared remarks. Gregory, back to you to conclude.

[Gregory Poilasne, CEO at Nuvve]

Thank you, David. I want to close where I started. The listing venue changed. The business did not. Our revenue is growing, our cost base is lower, and the three markets we are focused on, Japan, Europe, and New Mexico, are all moving forward at the same time. Batteries are what this company is now about, and owning and operating them is what will build real value here. That is where our energy goes every day. To our shareholders who have stayed with us through this period, thank you. We know what we owe you, and we intend to deliver it. Expect to hear more from us soon. Thank you very much.

[Operator]

We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster.

Participants

Executives

• Gregory Poilasne, CEO
• David Robson, CFO