Nuvve (NVVE) Financials

Nuvve’s latest quarter shows a business that is still growing revenue, but it remains far from profitability and continues to rely on external financing to fund operations. In Q1 2026, revenue rose to $1.39 million from $1.93 million in Q4 2025 and was up from $934 thousand in Q1 2025. However, losses were still large, with net loss of $5.6 million for the quarter and operating loss of $5.8 million.

One encouraging point is that gross profit was positive at $651 thousand, which means the company is generating revenue above direct cost of revenue. But operating expenses remain far too high relative to sales, especially SG&A and R&D.

Cash flow remains the bigger concern. Nuvve used $6.0 million of cash in operations during Q1 2026, after using $4.3 million in Q4 2025. The company ended Q1 2026 with only $1.7 million in cash and equivalents, plus $320 thousand in restricted cash, while current liabilities totaled $10.7 million. That points to a very tight liquidity position.

Balance sheet leverage and dilution risk are also elevated. Total liabilities stood at $15.4 million, and shareholders’ equity remained negative at ($1.7) million including noncontrolling interests. The company also continued to raise capital through preferred equity, which helped offset cash burn but can be dilutive or otherwise costly to common shareholders.

• Revenue increased year over year versus Q1 2025, showing the business is still able to grow top-line sales.
• Gross profit remained positive at $651 thousand, so the core product/service offering is not losing money at the gross margin level.
• Operating cash outflow improved from the severe burn seen in some earlier periods, but it is still negative and material.
• The company was able to raise financing in the quarter, including $2.7 million of preferred equity issuance, helping support liquidity.
• Deferred revenue on the balance sheet suggests there is some backlog or prepayment support from customers.
• Accounts receivable and inventory remained meaningful components of current assets, indicating the company is still actively operating and selling.
• Noncurrent assets include goodwill and intangibles, which may support the business but are not as liquid as cash.
• Net loss remained large at $5.6 million in Q1 2026, and losses have been persistent across the last several years.
• Operating expenses of $6.5 million were far above revenue of $1.4 million, keeping operating losses deep in the red.
• Cash and equivalents of $1.7 million look thin relative to $10.7 million of current liabilities and ongoing operating cash burn.

Looking at the broader trend over the last four years, Nuvve has not yet established a durable path to profitability. Revenue has been volatile and losses have generally remained significant. The company has repeatedly relied on financing, share issuance, and debt activity to stay funded. For retail investors, that means the stock remains highly speculative and likely sensitive to dilution, liquidity needs, and execution on revenue growth.

Bottom line: Nuvve is still a high-risk turnaround story. The positives are revenue growth and positive gross profit, but the negatives — continuing losses, negative operating cash flow, and weak liquidity — currently outweigh them.