SAN DIEGO, Feb. 20, 2024 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today announced select preliminary 2023 financial results and reaffirmed the Company's 2024 revenue outlook.
Nuvve anticipates revenue for the full year ended December 31, 2023 will exceed $8 million, as planned, in line with its previously provided guidance. As a result of cost savings measures implemented successfully in the second half of 2023, the Company anticipates full year 2023 cash selling, general and administrative expenses1 of approximately $27 million.
Nuvve continues to expect revenue will further increase to a range of $15 million to $20 million for the full year ending December 31, 2024, assuming the continued market expansion being forecasted for the industry and Nuvve's ability to maintain its share of this market. The Company also anticipates a further decline in cash selling, general and administrative expenses1 to a range of $18.5 million to $19.5 million for the full year ending December 31, 2024.
With Nuvve's cash on hand after the $9.6 million of capital raised through its underwritten offering announced on January 31, 2024, along with the additional cash that could be raised through the Series B Warrants issued through the same offering, the Company has strengthened its balance sheet with an improved cash position to execute its business strategy for the foreseeable future.
Gregory Poilasne, Chief Executive Officer of Nuvve, said, "As we closed out 2023, we saw substantial year-over-year improvement in orders, sales and deployments of charging stations connected to our GIVe™ V2G software platform, as well as grid service revenues. We continue to make advancements in our growth strategy, adding strategic alliances to our global expansions. We look forward to continuing our momentum in the coming year as we capitalize on strong interest in our technology and our IP as well as our integrated solution. We remain focused on driving enhanced stockholder value and are pleased to move ahead with a stronger balance sheet that provides a solid foundation to support our continued growth."
About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information, please visit nuvve.com.
Nuvve Investor Contact
investorrelations@nuvve.com
+1 (619) 483-3448
Nuvve Press Contacts
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Aaron Palash / Carly King
212-355-4449
(W)right On Communications, Larry Smalheiser
lsmalheiser@wrightoncomm.com
+1 (925) 413-3137
Nuvve Forward Looking Statements
This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning the Company's expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new product launches, potential clinical successes, and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve's most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com/ or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve's filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.
1 Cash selling, general and administrative expenses excludes stock compensation, depreciation and amortization
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SOURCE Nuvve Holding Corp.
