Nuvve (NASDAQ:NVVE) reported sharply higher second-quarter revenue and a narrower net loss as the company outlined a strategy centered on owning and operating stationary battery assets in Japan, Europe and New Mexico.
The company also addressed its recent move from Nasdaq to the over-the-counter market. Chief Executive Officer Gregory Poilasne said Nuvve received a termination notice from the Nasdaq hearing panel on July 22, and trading in its common stock was suspended at the Nasdaq market open on July 24. The shares began trading on the OTC Pink market that day and moved to the OTCQB tier under the NVVE symbol on Aug. 10.
Revenue Rises While Margins Decline
Nuvve generated second-quarter revenue of $1.23 million, compared with $0.33 million in the prior-year period, representing a 268% increase. Revenue for the first six months of 2026 rose 110% from the comparable period a year earlier, according to Poilasne.
Chief Financial Officer David Robson said the quarterly increase was primarily driven by higher product revenue from customer sales orders and shipments, as well as increased grant revenue. Revenue during the quarter continued to be driven largely by charging-station deliveries supporting the company’s vehicle-to-grid school bus business.
Margins on product, service and grant revenue were 2.6%, down from 26.1% a year earlier. Robson attributed the decline primarily to a $1.2 million write-down of certain costs associated with the Troy project, a higher mix of hardware charging-station sales, and higher replacement warranty costs for certain DC chargers.
Excluding grant revenue, margins on product and service revenue were negative 14.5%, compared with positive 11.6% in the year-earlier quarter. Robson noted that margins can vary based on revenue mix, with DC charger gross margins at standard pricing generally ranging from 15% to 25%, while grid-service margins are generally about 30% and software and engineering service margins can reach 100%.
Net loss attributable to Nuvve common stockholders narrowed to $7 million from $13.4 million in the second quarter of 2025. Operating costs excluding cost of sales totaled $7.5 million, compared with $15 million in the prior-year quarter. The year-over-year decline reflected certain non-recurring expenses recorded in 2025, including warrant-related consulting costs and a bad-debt expense, partially offset by higher public-company and legal expenses in the current quarter.
Cash, Backlog and Assets Under Management
Nuvve ended the quarter with approximately $0.5 million in cash, excluding $0.3 million of restricted cash, down $1.4 million from March 31. The company used $3.6 million in operating activities and spent $0.3 million on charging-station fixed assets during the period.
Those uses were partially offset by $1.2 million raised through issuances of common and preferred stock and warrant exercises, along with $1.4 million of debt borrowings.
Hardware and service backlog increased to $5.3 million as of June 30, from $4.4 million at the end of the first quarter. Robson said the increase reflected new customer contracts expected to convert into sales during 2026.
Megawatts under management rose 3.1% sequentially to 29.9 megawatts, and increased 16.8% from a year earlier. Of that total, 29.7 megawatts came from EV chargers and 0.2 megawatts came from stationary batteries. The company expects further growth during 2026 as it commissions backlog and pursues additional EV charger and stationary-battery business.
Stationary Batteries Take Strategic Priority
Poilasne said stationary batteries are now central to Nuvve’s strategy, with Japan, Europe and New Mexico serving as its three primary markets.
In Japan, Nuvve generated meaningful first-half revenue, including technical-service revenue connected to interconnection agreements delivered by its Japanese subsidiary. Poilasne said the company is actively securing battery interconnection capacity, which it views as a scarce and valuable industry asset.
In Europe, Nuvve is continuing work with partner Omnia. Shareholders approved the framework for the transaction at a special meeting, and Omnia is expected to become a significant Nuvve shareholder once agreed milestones are completed.
The company has changed its planned European approach to emphasize ownership. Rather than primarily collecting service fees on third-party assets, Nuvve plans to place batteries on its own balance sheet, operate and optimize them through its platform, and capture the full energy revenue associated with those assets. Poilasne said the strategy is more capital intensive but is supported by European market structures, revenue opportunities and financing conditions.
In New Mexico, the company is developing what Poilasne called a “sandbox” for its broader model, combining stationary storage, microgrids and vehicle-to-grid school bus fleets on one platform. Nuvve has previously announced battery projects in Kit Carson and Socorro, he said.
The company also launched a monthly forecasting newsletter covering the Nordics, Austria and Switzerland, with a Japan edition planned. Poilasne said the publications reflect Nuvve’s AI-based forecasting work and capabilities obtained through Camera Eye, and will support a product and service offering that the company plans to announce later.
About Nuvve (NASDAQ:NVVE)
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.
