SAN DIEGO - Nuvve Holding Corp. (NASDAQ:NVVE), a leader in vehicle-to-grid (V2G) technology, announced its financial results for the first quarter of 2024, revealing a decrease in total revenue and operating expenses along with a reduction in net loss. The company, which specializes in allowing electric vehicle (EV) batteries to store and sell unused energy back to the electric grid, reported a 58% decline in revenue to $0.78 million for the quarter ending March 31, 2024, down from $1.85 million in the same period last year.
The drop in revenue was primarily due to a $0.95 million decrease in product revenue and a $0.1 million decrease in services revenue, attributed to lower customer sales orders and shipments. Despite the fall in revenue, Nuvve managed to reduce its operating expenses, excluding the cost of sales, to $7.5 million, a decrease from $8.3 million in the first quarter of 2023.
Nuvve's CEO, Gregory Poilasne, highlighted the company's deployment of its 500th electric school bus EVSE and the selection for the Fresno EOC's $16M 50-shuttle fleet project as significant achievements. The company also increased its megawatts under management by 6.0% to 26.6 megawatts as of March 31, 2024.
The company's net loss for the quarter was $6.7 million, a 12.2% improvement from a net loss of $7.7 million in the first quarter of 2023. This reduction in net loss was primarily due to a decrease in operating expenses and an increase in other income, which included changes in the fair value of warrants liability.
Nuvve ended the quarter with $5.3 million in cash and cash equivalents and has continued to advance its platform functionality and integration with more vehicles, as research and development expenses decreased by 24.3% to $1.6 million.
InvestingPro Insights
In light of Nuvve Holding Corp.'s recent financial disclosures, a deeper look into the company's performance using InvestingPro data and insights reveals several key points that investors may find pertinent. As of the last twelve months ending Q4 2023, Nuvve has exhibited a noteworthy revenue growth of 55.06%, indicating a strong upward trend in sales. This aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year, suggesting potential for the company's continued expansion despite the recent decline in quarterly revenue.
The company's market capitalization stands at a modest $4.46 million, reflective of the challenges small-cap companies like Nuvve can face in the volatile market. Moreover, with a negative P/E ratio of -0.14 for the same period, it's clear that profitability is an issue, as indicated by another InvestingPro Tip that analysts do not expect the company to be profitable this year. This is further underscored by the company's significant operating income margin of -385.32%, illustrating the financial hurdles it currently faces.
Investors should also be aware of the company's price volatility. Over the last six months, Nuvve's stock has experienced a steep price total return of -89.64%, which is consistent with the InvestingPro Tips highlighting high price volatility and significant price declines over various time frames.
For those interested in a comprehensive analysis, there are 15 additional InvestingPro Tips available, which can provide a more detailed perspective on Nuvve's financial health and market position. To access these insights, visit https://www.investing.com/pro/NVVE and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment strategy with valuable, real-time data.
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