Nuvve Holding Corp. Q4 FY2025 earnings call

Pivot to Stationary Storage

• 2025 was a transition year pivoting from vehicle-to-grid deployments to stationary storage. Nuvi had been managing batteries for years and its platform supports aggregation, second-by-second control, and advanced stacking services.

AI Integration

• Nuvi started integrating artificial intelligence-based functionalities three years ago and is now in a full end-to-end AI-based product development cycle, integrating AI into project management, sales support, and finance.

European Partnership

• Partnered with Omnia Global with a 1 gigawatt plus battery pipeline in Europe over 24 months, including 150 megawatts in projects in Sweden, Austria, and Romania.

Japan Operations

• Started Nuvi Japan after terminating partnership with Toyota Tsusho, sold a 2-megawatt battery, selected as aggregator for other projects, and has tolling business models. Pipeline in Japan similar in size to Europe but longer, 36 to 48 months.

US Operations

• Had battery opportunities in the US like Kit Carson in New Mexico, but projects not moving as fast due to geopolitical factors.

In the fourth quarter of 2025, total revenues were $1.93 million compared to $1.79 million in the fourth quarter of 2024. The increase was primarily driven by higher product sales and increased grant revenues partially offset by lower service revenues. Year-to-date through December 31st, 2025, total revenues were $4.79 million compared to $5.29 million for the prior year period, with the year-over-year decrease due to lower service revenues partially offset by higher product and grant revenues. Margins on products, services, and grant revenues were 24.2% for the fourth quarter of 2025 compared to 15.8% for the year-ago period. Year-to-date margins were 39.1% compared with 33.1% for the year-ago period. Excluding grant revenues, margins on product and service revenues increased. DC charger gross margins generally range from 15% to 25%, AC charger gross margins are approximately 50%, grid service revenue margins are generally 30%, and software and engineering service margins are as high as 100%. A $3.47 million inventory impairment charge was recognized for non-conforming DC chargers. Megawatts under management in the fourth quarter increased to 28.3 megawatts, with 0.2 megawatts from stationary batteries and 28.1 megawatts from EV chargers.

Forward-looking

• Expect further growth in megawatts under management in 2026 from commissioning backlog and new business.
• Anticipate improvements in cash burn due to lower operating costs.
• More developments expected from Europe and Japan stationary battery projects.

Risks

• Inventory impairment of DC chargers due to non-conformance with commercial product reliability standards.
• Geopolitical factors affecting US battery projects.
• Forward-looking statements subject to risks and uncertainties causing actual results to differ from projections, as detailed in SEC filings.

Question and Answer

• Q: No questions shown during the question and answer session.

A: No questions were addressed