NVVEW

• Restructuring complete, now focusing on stationary battery deployment. In Denmark, developing 3 2-megawatt battery projects with ~$10 million CapEx, forecasted IRR >25%, planned for late 2026 installation. - Japanese subsidiary concluded aggregation agreement for 2-megawatt battery in Tainai City, targeted operation in first half of 2026. - Subsidiary-base structure working well, fundraising 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 blockchain integration into platform, considering technical, economic, regulatory, and operational parameters. - Hardware revenue in line with expectation, potential strong Q4.

• Expect battery project opportunities in Europe and Japan to accelerate, with same trend in US including Nuvve New Mexico subsidiary. - Anticipate improvements in cash burn due to lower operating costs compared to last year. - Expect more developments on New Mexico contract and Japan projects in the next several quarters. - Q4 hardware revenue may be strong.

In the third quarter of 2025, total revenues were $1.6 million compared to $1.9 million in the third quarter of 2024. Year-to-date through September 30, 2025, total revenues were $2.8 million, down from $3.5 million in the prior year period. Margins on products, services and grant revenues were 52% for the third quarter of 2025 versus 52.1% for the year-ago period. Year-to-date margins through September 30, 2025, were 46.8% compared with 42% for the year ago 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 hardware revenue is more in line with expectations, and a strong Q4 is anticipated. The backlog on September 30 decreased to $19 million from $19.1 million reported at June 30, 2025.

• NASDAQ requirement to fix bid price and shareholder equity efficiencies by December 31. - Crypto integration involves multiple parameters including technical, economic, regulatory, and operational, especially cybersecurity and smart contract capabilities. - Year-over-year decline in megawatts under management primarily related to decommissioning of batteries under management due to site requirements.

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