Nuvve Reports Second Quarter 2026 Financial Results and Business Update
SAN DIEGO — Nuvve Holding Corp. (“Nuvve” or the “Company”) (OTCQB: NVVE), a green energy technology company focused on vehicle-to-grid (V2G) technology and intelligent energy management, has provided an update on its financial performance and business developments for the second quarter of 2026.
Nuvve operates a globally available V2G platform designed to allow electric vehicle (EV) and stationary batteries to store energy and return unused power to local electric grids. Through its technology, the company aims to help EV owners, commercial fleets, utilities and other customers manage energy more efficiently while creating additional value from battery capacity.
The company reported significant year-over-year revenue growth during the quarter, while also reducing its operating losses and overall expenses. Nuvve said the results reflect stronger sales activity and continued progress across its commercial vehicle charging operations and stationary battery pipeline.
Second Quarter Highlights
Nuvve raised approximately $2.5 million in gross proceeds during the second quarter through a private placement, the issuance of preferred stock and the exercise of warrants. The capital is intended to support ongoing operations and the company’s growth initiatives.
Total revenue reached $1.23 million for the quarter ended June 30, 2026, compared with $0.33 million in the same period of 2025, representing an increase of approximately 268%.
Despite the increase in revenue, gross margins declined during the quarter as a result of higher product costs, warranty-related expenses and project-related write-downs. Gross profit margin was 2.6%, compared with 60.6% in the second quarter of 2025.
At the same time, Nuvve significantly reduced its cash operating losses. Cash operating losses were approximately $7.3 million, compared with $14.7 million during the second quarter of 2025. The company reported $0.5 million in cash and cash equivalents as of June 30, 2026, compared with $5.5 million at the end of 2025.
Management Highlights Business Growth
Gregory Poilasne, Chief Executive Officer of Nuvve, said the company was encouraged by the improvement in sales during the second quarter following a weaker end to the first quarter.
“We are pleased with our sales growth in the second quarter after a soft ending in the first quarter,” Poilasne said. “We saw strong year-over-year growth in our CPO business and strengthening of our stationery battery pipeline in Europe, Japan and New Mexico.”
The company said it continues to focus on expanding its commercial charging operations while developing opportunities involving stationary battery aggregation and energy management in several international and domestic markets.
Revenue Growth Driven by Product Sales
Nuvve generated $1.23 million in revenue during the second quarter, an increase of $0.89 million, or 268.4%, compared with $0.33 million in the prior-year quarter.
The improvement was primarily driven by a $0.77 million increase in product revenue, reflecting higher customer sales orders and shipments. Grant revenue also increased by approximately $0.18 million, partially offsetting a $0.06 million decline in service revenue.
Products and services revenue during the quarter included approximately $0.92 million from DC and AC chargers, $0.01 million from grid services and $0.12 million from engineering services.
The higher level of product shipments demonstrates stronger customer activity compared with the second quarter of 2025. However, the increase in hardware sales also contributed to pressure on overall margins.
Higher Product Costs Impact Margins
The cost of products and services revenue rose to approximately $1.19 million, compared with $0.13 million in the year-ago period. This represented an increase of $1.06 million, or 811.7%.
The increase was primarily related to higher product costs, including replacement warranty expenses associated with certain discontinued DC chargers. Nuvve also recorded a write-down of certain costs associated with the Troy project after the customer elected to delay installation of the AC chargers.
Product margin declined to 16.1%, compared with 66.1% in the second quarter of 2025. Services margin declined to negative 232.6%, compared with 56.6% in the prior-year period.
As a result, the combined products and services margin fell to negative 14.5%, compared with 60.6% a year earlier.
Nuvve attributed the margin pressure to a higher proportion of hardware charging station sales, increased warranty costs, the Troy project write-down and a lower proportion of engineering services during the quarter.
Operating Expenses Decline Significantly
One of the strongest improvements during the quarter came from Nuvve’s reduction in selling, general and administrative expenses.
SG&A expenses declined to approximately $6.5 million, compared with $13.9 million in the second quarter of 2025, representing a decrease of $7.4 million, or 52.9%.
The reduction was primarily driven by the absence of approximately $8.2 million in fair-value warrant expenses related to cryptocurrency strategy consulting services recorded in the prior-year quarter. The company also benefited from the absence of $1.0 million in bad-debt expenses associated with management fees from the Fresno EV infrastructure project.
Additional savings came from lower travel, marketing, promotional and information technology expenses.
These reductions were partially offset by higher legal and public-company expenses, including approximately $1.0 million in legal costs related to internal operational reviews and investigations. Office expenses, general legal expenses, other public-company costs, compensation and professional fees also increased.
Research and development expenses declined by approximately 14.4% to $0.9 million from $1.1 million. The reduction primarily reflected lower compensation and subcontractor expenses associated with advancing the company’s platform and integrating additional EVs and stationary battery systems.
Net Loss Improves
Nuvve reported a net loss of $7.3 million for the second quarter of 2026, compared with a net loss of $13.6 million during the same quarter of 2025. The improvement represents a reduction of approximately $6.3 million, or 46.2%.
The narrower loss was primarily driven by higher revenue and significantly lower operating expenses, partially offset by a decline in other income.
Other income totaled approximately $0.15 million during the quarter, compared with $1.23 million in the year-ago period. The change was primarily related to movements in the fair value of convertible notes and warrant liabilities, along with other financial items.
Nuvve also reported a net loss attributable to non-controlling interests of approximately $0.33 million, compared with $0.19 million in the second quarter of 2025.
Megawatts Under Management Continue to Grow
Nuvve’s megawatts under management, which represent the potential charging capacity the company manages globally, increased during the quarter.
Megawatts under management rose to 29.9 MW, up 5.7% from 28.3 MW in the fourth quarter of 2025. The figure also represented an increase of 4.3 MW, or 16.8%, compared with the second quarter of 2024.
The company noted that some stationary batteries managed in California were decommissioned after reaching the end of their useful life. Nuvve said the customer intends to replace those batteries and that the company is working with the customer on a potential battery aggregation services opportunity once the replacement systems are installed.
In Japan, Nuvve decided not to continue managing certain stationary batteries operated in partnership with Toyota Tsusho because expected future revenue under the existing agreement was limited. Instead, the company is redirecting its efforts toward new business opportunities, particularly battery aggregation services for commercial and government customers.
Focus on Long-Term Energy Management Opportunities
Nuvve’s strategy remains centered on expanding the use of EV batteries and stationary energy storage as flexible energy resources. By connecting batteries to its V2G platform, the company seeks to help customers manage energy demand while enabling stored power to be used more efficiently.
The company continues to pursue opportunities in commercial vehicle charging, fleet electrification and stationary battery aggregation across markets including Europe, Japan, California and New Mexico.
Conference Call and Investor Information
Nuvve held a conference call on August 14, 2026, to discuss its second quarter financial results and provide additional information about its business and strategic priorities. A replay of the webcast is expected to remain available through the company’s investor relations website.
About Nuvve
Nuvve Holding Corp. is a global energy technology company focused on accelerating the electrification of transportation through intelligent energy management. Its platform combines vehicle-to-grid technology with an ecosystem of electrification partners to manage power between EV batteries, stationary batteries and the electric grid.
By turning EVs into flexible energy storage assets, Nuvve aims to create additional value for EV owners and fleet operators, support grid resilience and contribute to the broader transition toward cleaner energy.
Founded in 2010 and headquartered in San Diego, California, Nuvve has deployed V2G technology across five continents and provides electrification solutions for fleets and other customers.
Forward-Looking Statements
This update contains forward-looking statements concerning Nuvve’s business plans, strategies, growth opportunities, product and service offerings, potential deployments and expectations for future performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from current expectations.
Factors that could affect future results include market conditions, customer demand, project timing, financing requirements, regulatory developments, technology adoption, operational challenges and other risks described in Nuvve’s filings with the U.S. Securities and Exchange Commission.
Investors are encouraged to review Nuvve’s latest filings for additional information regarding these risks and uncertainties. The company does not undertake an obligation to update forward-looking statements except as required by law.
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