Nuvve Provides Second Quarter 2026 Financial Update

Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT) SAN DIEGO--(BUSINESS WIRE)--Aug. 14, 2026-- Nuvve Holding Corp. (“Nuvve”, “we”, the “Company”) (OTCQB Market: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) and stationary batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a second quarter 2026 update. Second Quarter Highlights and Recent Developments We raised $2.5 million in gross proceeds through private placement and issuance of preferred stock and exercise of warrants during the second quarter of 2026 to support our operations and growth initiatives Total revenues were $1.23 million for the second quarter of 2026 compared to $0.33 million for the second quarter of 2025 Gross profit margins were 2.6% for the second quarter of 2026 compared to 60.6% for the second quarter 2025 Cash operating losses were $7.3 million in the second quarter 2026 compared to $14.7 million the second quarter 2025 We had $0.5 million in cash and cash equivalents as of June 30, 2026 compared to $5.5 million at December 31, 2025 Management Discussion Gregory Poilasne, Chief Executive Officer of Nuvve, said, “We are pleased with our sales growth in the second quarter after a soft ending in the first quarter. We saw strong year-over-year growth in our CPO business and strengthening of our stationery battery pipeline in Europe, Japan and New Mexico.” 2026 Second Quarter Financial Review Total revenue was $1.23 million for the three months ended June 30, 2026, compared to $0.33 million for the three months ended June 30, 2025, an increase of $0.89 million, or 268.4%. The increase was primarily attributable to $0.77 million increase in products revenue due to higher customers sales orders and shipments, and a $0.18 million increase in grants, partially offset by a $0.06 million decrease in service revenue. Products and services revenue for the three months ended June 30, 2026, consisted of DC Chargers and AC Chargers of $0.92 million, grid services revenue of $0.01 million, and engineering services of $0.12 million. Cost of products and services revenue was $1.19 million for the three months ended June 30, 2026, compared to $0.13 million for the three months ended June 30, 2025, an increase of $1.06 million, or 811.7%. The increase was primarily due to higher costs of products revenue driven primarily by higher replacement warranty costs of certain discontinued DC Chargers, and the write-down of certain costs related to the Troy project. Products margin decreased by 50.0% to 16.1% for the three months ended June 30, 2026, compared to 66.1% in the same prior year period driven by higher replacement warranty costs of certain discontinued DC Chargers in the current quarter. Services margin decreased by 289.2% to negative 232.6% for the three months ended June 30, 2026, compared to 56.6% in the same prior year period due to write-down of certain costs related to the Troy project as the customer has elected to delay the installation of the AC Charges. Products and services margin decreased by 75.1% to negative 14.5% for the three months ended June 30, 2026, compared to 60.6% in the same prior year period. Margin was negatively impacted by higher mix of hardware charging stations, a higher replacement warranty costs of certain DC Chargers, the write-down of certain costs related to the Troy project, and a lower mix of engineering services in the second quarter of 2026 compared with the second quarter of 2025. Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were $6.5 million for the three months ended June 30, 2026, compared to $13.9 million for the three months ended June 30, 2025, a decrease of $7.4 million, or 52.9%. The decrease during the three months ended June 30, 2026 was primarily attributable to the absence of the fair value of warrants expenses issued for cryptocurrency strategy consulting services of $8.2 million in prior year same quarter, absence of bad debt expenses of $1.0 million related to management fees earned in the Fresno EV infrastructure project in prior year same quarter, decrease in travel and marketing/promotions related expenses of $0.3 million, and decrease in information technology related expenses of $0.1 million, partially offset by increase in legal fees in public company costs related to internal operational reviews/investigation of $1.0 million, increase in office related expenses of $0.4 million, increase in general legal fees expenses of $0.3 million, increase in other public company related costs of $0.3 million, increase in compensation expenses of $0.1 million, including share-based compensation, and increase in professional fees of $0.1 million. Research and development expenses were $0.9 million for the three months ended June 30, 2026, compared to $1.1 million for the three months ended June 30, 2025, a decrease of $0.2 million, or 14.4%. The decrease during the three months ended June 30, 2026 was primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles and stationary batteries. Other income, net was $0.15 million in other income for the three months ended June 30, 2026, compared to $1.23 million of other income for the three months ended June 30, 2025, a decrease of $1.08 million. The decrease during the three months ended June 30, 2026 was primarily attributable to the change in fair values of the convertible notes and warrants liability, and increase in sublease income related to the subleasing of part of our main office space, partially offset by increase in interest expense on debt obligations. Net loss was $7.3 million for the three months ended June 30, 2026, compared to $13.6 million for the three months ended June 30, 2025, a decrease of $6.3 million, or 46.2%. The decrease in net loss was primarily due to an increase of $0.9 million in revenue, a decrease in total operating expenses of $6.5 million and a decrease in other income of $1.1 million. Net Income (Loss) Attributable to Non-Controlling Interest Net loss attributable to non-controlling interest for the three months ended June 30, 2026 was $0.33 million, compared to $0.19 million net loss attributable to non-controlling interest for the three months ended June 30, 2025. Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in the entities. Megawatts Under Management Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world. Megawatts under management in the second quarter increased 5.7% over the fourth quarter of 2025, to 29.9 megawatts from 28.3 megawatts, and an increase of 4.3 or 16.8% compared to the second quarter of 2024. Stationary batteries we managed in California were decommissioned as they reached the end of their useful life. Our customer intends to replace these batteries in the future, and we are working with this customer to propose our battery aggregation services once their new batteries are installed. In Japan we elected to not continue the management of stationary batteries connected to our platform in partnership with Toyota Tsusho that we had managed for several years, given that expected future revenue generation was limited under our existing agreement. Instead we have focused our efforts in driving new business development efforts in Japan, with a focus on battery aggregation services for commercial and governmental customers throughout the country. Conference Call Details The Company will hold a conference call to review its financial results for the second quarter of 2026, along with other Company developments, at 5:00 PM Eastern Time (2:00 PM PT) today, Friday, August 14, 2026. To participate in the call, please register for and listen via a live webcast, available in the ‘Events' section of Nuvve’s investor relations website at https://investors.nuvve.com/. In addition, a replay of the call will be made available for future access. About Nuvve Holding Corp. Nuvve Holding Corp. (OTCQB Market: NVVE) is a global leader in the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world’s transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, California, and can be found online at nuvve.com. Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the European Union. Any other trademarks or trade names mentioned are the property of their respective owners. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning Nuvve’s expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new deployments, potential project successes, expected timing of recently announced projects, anticipated growth of various business areas and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve’s filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release. NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash $ 500,877 $ 5,467,250 Restricted cash 320,000 320,000 Accounts receivable, net 712,863 1,094,651 Inventories 572,048 800,819 Prepaid expenses 1,011,345 883,301 Deferred costs - current 1,754,254 709,286 Due from related party — 574,503 Other current assets 1,001,187 1,184,704 Total current assets 5,872,574 11,034,514 Property and equipment, net 885,348 618,444 Intangible assets, net 991,018 1,065,705 Goodwill 96,000 96,000 Investment in leases 96,258 98,321 Right-of-use operating lease assets 3,515,576 3,779,757 Deferred costs - noncurrent 594,558 594,558 Security deposit, long-term 122,966 105,782 Total assets $ 12,174,298 $ 17,393,081 Liabilities and Equity Current liabilities Accounts payable $ 4,385,907 $ 3,406,969 Due to customers 145,000 — Accrued expenses 4,951,702 1,842,722 Deferred revenue - current 1,587,959 1,022,453 Debt - term loan 1,455,809 — Due to related party - promissory notes - current 611,645 1,113,564 Convertible notes - current 18,284 616,179 Operating lease liabilities - current 1,021,085 860,130 Dividend payable 121,746 — Other liabilities — 2,340 Customer deposits 455,408 918,631 Total current liabilities 14,754,545 9,782,988 Operating lease liabilities - noncurrent 3,261,294 3,558,659 Due to related party - promissory notes - noncurrent — — Convertible notes - noncurrent — — Deferred revenue - noncurrent 1,082,519 874,779 Warrants/investment rights liability 205,105 474,023 Other long-term liabilities 134,188 172,089 Total liabilities 19,437,651 14,862,538 Commitments and Contingencies Mezzanine equity Series A Convertible preferred stock, $0.0001 par value, 35,000 shares authorized, 349 issued and 15 outstanding at June 30, 2026, and 333 shares issued and outstanding at December 31, 2025; aggregate liquidation preference of $276,076 and $6,000,000 at June 30, 2026 and December 31, 2025, respectively 242,589 4,958,840 Stockholders’ equity Preferred Class A units, zero par value, 4,900,000 shares authorized; 4,900,000 units issued and outstanding at June 30, 2026, and 4,900,000 units issued and outstanding at December 31, 2025. 166,698 166,698 J-Kiss units, zero par value, 100,000,000 shares authorized; 10,201 units issued and outstanding at June 30, 2026, and 10,090 units issued and outstanding at December 31, 2025. 1,225,039 615,960 Class B units, zero par value, 2,500,000 units authorized; 300,000 units issued and outstanding at June 30, 2026, and 300,000 units issued and outstanding at December 31, 2025. 300,000 300,000 Series A Convertible preferred stock, $0.0001 par value, 35,000 shares authorized; 134 shares issued and 109 outstanding at June 30, 2026, and zero shares issued and zero outstanding at December 31, 2025; aggregate liquidation preference of $2,008,425 and zero at June 30, 2026 and December 31, 2025, respectively 1,734,808 — Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively — — Common stock, $0.0001 par value, 400,000,000 shares authorized; 531,250 shares issued and 531,248 outstanding at June 30, 2026 and 114,993 shares issued and 114,991 outstanding at December 31, 2025, respectively 12,507 11,758 Treasury stock, at cost, 2 shares outstanding at June 30, 2026 and December 31, 2025, respectively — — Additional paid-in capital 199,993,541 193,616,119 Accumulated other comprehensive income (18,590 ) 38,041 Accumulated deficit (209,404,434 ) (196,421,627 ) Nuvve Holding Corp. stockholders’ deficit (5,990,431 ) (1,673,051 ) Non-controlling interests (1,515,511 ) (755,246 ) Total stockholders’ deficit (7,505,942 ) (2,428,297 ) Total mezzanine equity 242,589 4,958,840 Total Liabilities, stockholders' deficit and mezzanine equity $ 12,174,298 $ 17,393,081 NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Products $ 915,599 $ 141,905 $ 1,356,430 $ 707,456 Services 128,337 191,084 834,698 458,388 Grants 182,790 — 428,718 79,610 Total revenue 1,226,726 332,989 2,619,846 1,245,454 Operating expenses Cost of products 768,109 48,124 1,350,000 541,339 Cost of services 426,813 82,941 586,890 150,970 Selling, general, and administrative 6,544,546 13,905,986 11,433,877 18,960,049 Research and development 935,378 1,093,163 2,541,396 1,976,935 Total operating expenses 8,674,846 15,130,214 15,912,163 21,629,293 Operating loss (7,448,120 ) (14,797,225 ) (13,292,317 ) (20,383,839 ) Other income (expense) Interest expense, net (152,633 ) (707,017 ) (265,141 ) (1,242,834 ) Change in fair value of convertible notes — 1,142,710 — 51,704 Change in fair value of warrants/investment rights liability 142,140 565,800 357,681 441,182 Other, net 156,435 227,270 293,916 686,724 Total other income (expense), net 145,942 1,228,763 386,456 (63,224 ) Loss before taxes (7,302,178 ) (13,568,462 ) (12,905,861 ) (20,447,063 ) Income tax expense — — — — Net loss $ (7,302,178 ) $ (13,568,462 ) $ (12,905,861 ) $ (20,447,063 ) Less: Net loss attributable to non-controlling interests (327,329 ) (189,662 ) (760,265 ) (195,260 ) Net loss attributable to Nuvve Holding Corp. $ (6,974,849 ) $ (13,378,800 ) $ (12,145,596 ) $ (20,251,803 ) Less: Preferred dividends 97,105 — 176,371 — Less: Accretion of issuance discount on preferred stock 76,633 — 660,839 — Net loss attributable to Nuvve Holding Corp. common stockholders $ (7,148,587 ) $ (13,378,800 ) $ (12,982,806 ) $ (20,251,803 ) Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted $ (14.45 ) $ (1,525.62 ) $ (37.22 ) $ (3,579.73 ) Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted 494,606 8,769 348,857 5,657 NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ (7,302,178 ) $ (13,568,462 ) $ (12,905,861 ) $ (20,447,063 ) Other comprehensive (loss) income, net of taxes Foreign currency translation adjustments, net of taxes $ (22,917 ) $ 7,151 $ (56,631 ) $ 7,387 Total comprehensive loss $ (7,325,095 ) $ (13,561,311 ) $ (12,962,492 ) $ (20,439,676 ) Less: Comprehensive loss attributable to non-controlling interests $ (327,329 ) $ (189,662 ) $ (760,265 ) $ (195,260 ) Comprehensive loss attributable to Nuvve Holding Corp. $ (6,997,766 ) $ (13,371,649 ) $ (12,202,227 ) $ (20,244,416 ) Less: Preferred dividends $ 97,105 $ — $ 176,371 $ — Less: Accretion of issuance discount on preferred stock 76,633 — 660,839 — Comprehensive loss attributable to Nuvve Holding Corp. common stockholders $ (7,171,504 ) $ (13,371,649 ) $ (13,039,437 ) $ (20,244,416 ) NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net loss $ (12,905,861 ) $ (20,447,063 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 266,203 160,425 Stock-based compensation 2,122 568,681 Loss on disposal of asset 20,957 — Amortization of discount on debt and promissory notes 97,913 61,326 Change in fair value of warrants/investment rights liability (357,681 ) (441,182 ) Change in fair value of convertible notes — (51,704 ) Fair value of warrants issued for cryptocurrency strategy consulting services — 8,194,000 Provision for credit losses — 990,105 Noncash lease expense 264,828 250,448 Change in operating assets and liabilities Accounts receivable 381,788 749,923 Inventory 228,771 347,541 Prepaid expenses and other assets (1,006,676 ) 10,868 Accounts payable 978,938 (480,643 ) Advance deposit from customer (463,223 ) — Due to customer 145,000 800,000 Accrued expenses and other liabilities 2,180,072 1,771,572 Deferred revenue 775,309 241,423 Net cash used in operating activities (9,391,540 ) (7,274,280 ) Investing activities Acquisition — (340,200 ) Purchase of property and equipment (295,479 ) (54,173 ) Net cash used in investing activities (295,479 ) (394,373 ) Financing activities Proceeds from exercise of warrants 773,409 2,075,345 Proceeds from debt and promissory notes obligations 1,365,000 8,759,426 Repayment of debt and promissory notes obligations (575,811 ) (2,482,212 ) Proceeds from common stock offering, including pre-funded warrants, net of issuance costs — 564,847 Payment of finance lease obligations (647 ) (7,591 ) Proceeds from issuance of Class B units — 100,000 Proceeds from convertible series A preferred, net of offering costs 2,031,744 — Proceeds from issuance of J-Kiss units 1,183,582 — Net cash provided in financing activities 4,777,277 9,009,815 Effect of exchange rate on cash (56,631 ) 54,747 Net increase (decrease) in cash and restricted cash (4,966,373 ) 1,395,909 Cash and restricted cash at beginning of year 5,787,250 691,497 Cash and restricted cash at end of period $ 820,877 $ 2,087,406 Supplemental Disclosure of cash information: Cash paid for interest $ 56,309 $ 502,133 Supplemental Disclosure of Noncash Investing and Financing Activities: Conversion of preferred stock, net of issuance costs and accretion $ 3,944,206 $ — Conversion of Notes and accrued interest to common shares $ 616,487 $ — Transfer of inventory to property and equipment $ 183,219 $ — Issuance of preferred class A units for acquisition $ — $ 774,976 View source version on businesswire.com: https://www.businesswire.com/news/home/20260814565234/en/ Nuvve Investor Contact [email protected] +1 (619) 483-3448 Nuvve Press Contacts [email protected] +1 (619) 483-3448 Source: Nuvve Holding Corp.