Nuvve Holding Corp. Q3 FY2025 earnings call

• Restructuring of the organization is complete, and focus has shifted to stationary battery deployment.
• In Europe, developing 3 2-megawatt battery projects in Denmark with about $10 million of CapEx, forecasted IRR >25%, planned for late 2026 commissioning.
• Japanese subsidiary concluded an aggregation agreement for a 2-megawatt battery in Tainai City, Japan, targeted to operate in the first half of 2026.
• Subsidiary-base structure is working well, bringing more accountability. Fundraising is underway.
• NASDAQ gave until December 31 to fix bid price and shareholder equity efficiencies, and shareholder approval received for reverse stock split.
• Crypto strategy: Still analyzing integration of blockchain into platform, considering technical, economic, regulatory, and operational parameters.
• Hardware revenue in line with expectation, potential strong Q4.

In the third quarter of 2025, total revenues were $1.6 million compared to $1.9 million in the third quarter of 2024. Margins on products, services, and grant revenues were 52% for the third quarter of 2025 compared to 52.1% for the year-ago period. Year-to-date through September 30, 2025, total revenues were $2.8 million, down from $3.5 million in the prior year period. Megawatts under management in the third quarter increased 3.1% over the second quarter of 2025 to 26.4 megawatts, with 0.2 megawatts from stationary batteries and 26.4 megawatts from EV chargers. The year-over-year decline in megawatts under management was primarily due to the decommissioning of batteries under management due to site requirements.

• Expect growth in stationary battery projects in Europe, Japan, and the US. Anticipate acceleration in battery project opportunities.
• Confident of addressing NASDAQ bid price and shareholder equity efficiencies by December 31.
• Expect further growth in megawatts under management in 2025 as they commission backlog of customer orders and win new business.
• See potential strong Q4 for hardware revenue.

• Forward-looking statements subject to risks and uncertainties causing actual results to differ from projections.
• NASDAQ requirements to fix bid price and shareholder equity efficiencies pose a risk.
• Integrating blockchain into platform involves multiple parameters like technical, economic, regulatory, and operational, including cybersecurity and smart contract capabilities.

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