Nuvve (NASDAQ:NVVE) Announces Quarterly Earnings Results

Nuvve (NASDAQ:NVVE) posted its earnings results on Friday. The company reported ($14.45) earnings per share for the quarter, FiscalAI reports. The company had revenue of $1.23 million for the quarter.

Here are the key takeaways from Nuvve’s conference call:

• NASDAQ delisting remains a major overhang: Nuvve’s common stock was suspended from NASDAQ and now trades on the OTCQB after the company failed continued listing requirements for filings, bid price, and stockholders’ equity. Management says returning to a senior exchange is an immediate priority, with a timeline measured in months.
• Second-quarter revenue rose 268% year over year to $1.23 million, while the net loss narrowed 46% to $7 million. Backlog increased to $5.3 million from $4.4 million at the end of the prior quarter.
• Profitability and liquidity remain strained: gross margin fell to 2.6%, including a $1.2 million write-down tied to the Troy project, and cash was only approximately $0.5 million at June 30. Nuvve used $3.6 million in operating activities during the quarter and expects to rely on further cost reductions and financing.
• Nuvve is shifting its strategy toward owning and operating stationary batteries in Europe, supported by its Omnia partnership, while advancing battery, microgrid, and school-bus projects in Japan and New Mexico. The asset-ownership model could create recurring energy revenue and hard assets, but it is more capital-intensive than the company’s prior service-oriented approach.
• Megawatts under management increased 3.1% sequentially to 29.9 MW, and management expects additional growth as existing orders are commissioned and new projects are won across Europe, Japan, and the U.S.

Nuvve Stock Performance

NVVE stock traded up $0.05 during trading on Friday, hitting $1.17. 11,012 shares of the company’s stock traded hands, compared to its average volume of 617,532. Nuvve has a 52 week low of $0.85 and a 52 week high of $464.40. The stock has a market capitalization of $611,992.50, a price-to-earnings ratio of -0.00 and a beta of 1.56. The business has a fifty day simple moving average of $5.49 and a 200 day simple moving average of $11.42.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Nuvve in a research report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Nuvve stock. Citadel Advisors LLC purchased a new position in Nuvve Holding Corp. (NASDAQ:NVVE) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 121,849 shares of the company’s stock, valued at approximately $29,000. Citadel Advisors LLC owned approximately 0.60% of Nuvve at the end of the most recent quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

About Nuvve

Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.