SAN DIEGO, 12 August 2023: Nuvve Holding Corp, a leading green energy technology company, offers a globally-available, commercial vehicle-to-grid (V2G) technology platform. This platform empowers electric vehicle (EV) batteries to store and resell surplus energy back to the local electric grid, while also providing various grid services.
Second Quarter Highlights
- Astrea AI Forecasting Integration: Nuvve introduced Astrea AI forecasting to optimize revenue generation in the Nordic energy market through ancillary market services.
- Nuvve K-12 Launch: The company launched a new division, Nuvve K-12, focusing on turnkey electrification services for student transportation. A dedicated team was hired to build this program.
- DC Fast Charger Order: A significant milestone was reached with the largest DC Fast Charger order in Nuvve’s history. This order included 25 bi-directional DC Rapid HD Charging Stations for Beacon Mobility in Massachusetts.
- Reduced Cash Operating Costs: Nuvve successfully reduced its cash operating costs to USD 7.3m in the second quarter of 2023, showcasing effective cost management.
- Megawatts Under Management Growth: Megawatts under management experienced a 9% increase, reaching 20MW by June 30, 2023, up from 18.3MW on March 31, 2023. Additionally, the backlog increased from USD 4.2m to USD 6.1m during the same period.
- Healthy Cash Reserves: The company reported cash and cash equivalents of USD 11.1m as of June 30, 2023, further solidifying its financial position.
Gregory Poilasne, Chief Executive Officer of Nuvve, expressed enthusiasm for achieving record orders for DC Fast Chargers during the second quarter of 2023. This marked the second consecutive quarter of record orders, driving a notable backlog increase. Poilasne highlighted company’s positive momentum across various metrics and emphasized increased interest in their technology, intellectual property, and integrated solutions. Nuvve’s integration of Astrea AI capabilities enhances user benefits, while the establishment of Nuvve K-12 aids in electrifying school bus fleets. Poilasne remains optimistic about sustaining this progress in the second half of the year.
Financial Performance – Q2 2023
Nuvve’s Q2 2023 financial performance showcased significant growth:
- Total Revenue: In the three months ending June 30, 2023, total revenue surged to USD 2.1m, marking a substantial 62.9% increase from USD 1.3m during the same period in 2022. This growth was primarily driven by higher customer sales orders and shipments, resulting in a USD 1m increase in products and services revenue.
- Cost Management: Despite increased orders, Nuvve demonstrated effective cost management. Cost of products and services revenue rose to USD 2m, reflecting higher customer demand, but products and services margin improved to 4.8%, up from 3.1% in the prior year.
- Operating Expenses: Selling, general and administrative expenses decreased by 25.1% to USD 6.1m during Q2 2023 compared to USD 8.1m in Q2 2022. This reduction was attributed to various factors including decreased compensation expenses, travel-related expenses, and more.
- Research and Development: Research and development expenses rose by 10% to USD 2.4m in Q2 2023, focusing on enhancing platform functionality and integration with more vehicles.
- Net Loss: Net loss increased by USD 2.5m, reaching USD 8m in Q2 2023 due to a decrease in other income, offset by increased revenue and reduced operating expenses.
Non-Controlling Interest and Consolidation
Nuvve’s net income attributable to non-controlling interest increased to USD 0.01m for Q2 2023, compared to a net loss of USD 0.19m for Q2 2022. Nuvve’s consolidation of Levo’s activities also contributed to this aspect.
Nuvve’s Q2 2023 performance demonstrates remarkable growth in revenue, effective cost management, and strategic initiatives such as the integration of Astrea AI and the launch of Nuvve K-12. As the company continues to advance its green energy technology and expand its reach, it remains well-positioned for sustained success in the latter half of 2023.