Nuvve Provides First Quarter 2023 Financial Update
Investor Conference Call to be Held Today at
First Quarter Highlights
- Booked record high charger orders, including 24 units for one of the largest school districts in the United States, and record high charger deployments, all of which were incremental to anticipated orders related to the EPA Clean School Bus Program
- Announced partnership with
Circle K to provide grid services to electric vehicle fast chargers at 50 ofCircle K's service stations and three to five stationary storage sites inNorway andDenmark - Reduced cash operating costs in first quarter 2023 to
$7.2 million versus$8.2 million in first quarter 2022 - Megawatts under management increased 5% to 18.3 megawatts as of
March 31, 2023 compared to 17.4 onDecember 31, 2022 ; backlog increased to 4.2 million atMarch 31, 2023 from$4.1 million onDecember 31, 2022 - Subsequent to quarter end, received another large DC charger order from a fleet management company
- Cash and cash equivalents of
$11.8 million as ofMarch 31, 2023
Management Discussion
Gregory Poilasne, chief executive officer of
2023 First Quarter Financial Review
Total revenue was
Cost of products and services revenue for the three months ended
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were
The decrease during the three months ended
Research and development expenses was flat at
Other income (expense) consists primarily of interest expense, change in fair value of warrants liability and derivative liability, and other income (expense). Other income (expense) decreased by
In the three months ended
Net loss increased by
Net Income (Loss) Attributable to Non-Controlling Interest
Net income attributable to non-controlling interest was
Net income (loss) is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in Levo, an entity formed by us with Stonepeak and Evolve. We own 51% of Levo's common units and Stonepeak and Evolve own 49% of Levo's common units. We have determined that Levo is a variable interest entity ("VIE") in which we are the primary beneficiary. Accordingly, we consolidated Levo and recorded a non-controlling interest for the share of the Levo owned by Stonepeak and Evolve during the three months ended
Conference Call Details
The Company will hold a conference call to review its financial results for the first quarter of 2023, along with other company developments, at
To participate, please register for and listen via a live webcast, which is available in the 'Events' section of
About
Forward Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding
Use of Projections
This press release contains projected financial information with respect to
Trademarks
This press release contains trademarks, service marks, trade names and copyrights of Nuvve and other companies, which are the property of their respective owners.
Nuvve Investor Contact
nuvve@icrinc.com
+1 (646) 200-8872
FINANCIAL TABLES FOLLOW
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||
|
|
||
Assets |
|||
Current assets |
|||
Cash |
$ 11,846,458 |
$ 15,753,896 |
|
Restricted cash |
480,000 |
480,000 |
|
Accounts receivable, net |
2,550,890 |
1,121,694 |
|
Inventories |
10,032,242 |
11,551,831 |
|
Prepaid expenses |
1,328,189 |
1,487,582 |
|
Other current assets |
1,959,286 |
1,454,563 |
|
Total Current Assets |
28,197,065 |
31,849,566 |
|
Property and equipment, net |
607,504 |
636,944 |
|
Intangible assets, net |
1,306,781 |
1,341,640 |
|
Investment in equity securities |
670,951 |
1,670,951 |
|
Investment in leases |
95,250 |
97,054 |
|
Right-of-use operating lease assets |
5,192,320 |
5,305,881 |
|
Financing receivables |
288,872 |
288,872 |
|
Security deposit, long-term |
8,682 |
8,682 |
|
Total Assets |
$ 36,367,425 |
$ 41,199,590 |
|
Liabilities, Mezzanine Equity and Stockholders' Equity |
|||
Current Liabilities |
|||
Accounts payable |
$ 2,363,548 |
$ 2,390,422 |
|
Accrued expenses |
4,329,062 |
3,347,399 |
|
Deferred revenue |
1,183,092 |
1,221,497 |
|
Operating lease liabilities - current |
850,821 |
824,326 |
|
Other liabilities |
108,096 |
113,844 |
|
Total Current Liabilities |
8,834,619 |
7,897,488 |
|
Operating lease liabilities - noncurrent |
4,979,748 |
5,090,170 |
|
Warrants liability |
434,642 |
220,884 |
|
Derivative liability - non-controlling redeemable preferred shares |
436,065 |
359,225 |
|
Other long-term liabilities |
469,190 |
393,179 |
|
Total Liabilities |
15,154,264 |
13,960,946 |
|
Commitments and Contingencies |
|||
Mezzanine equity |
|||
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 |
3,709,231 |
3,547,765 |
|
Class |
119,559 |
445,479 |
|
Stockholders' Equity |
|||
Preferred stock, |
— |
— |
|
Common stock, |
2,498 |
2,427 |
|
Additional paid-in capital |
146,094,334 |
144,073,505 |
|
Accumulated other comprehensive income |
85,116 |
76,182 |
|
Accumulated deficit |
(124,622,921) |
(116,956,528) |
|
|
21,559,027 |
27,195,586 |
|
Non-controlling interests |
(4,174,656) |
(3,950,186) |
|
Total Stockholders' Equity |
17,384,371 |
23,245,400 |
|
Total Liabilities, Mezzanine Equity and Stockholders' Equity |
$ 36,367,425 |
$ 41,199,590 |
NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||
Three Months Ended |
|||
2023 |
2022 |
||
Revenue |
|||
Products and services |
$ 1,780,385 |
$ 2,253,784 |
|
Grants |
74,401 |
117,249 |
|
Total revenue |
1,854,786 |
2,371,033 |
|
Operating expenses |
|||
Cost of product and service revenue |
1,460,904 |
2,142,312 |
|
Selling, general, and administrative |
6,172,024 |
7,625,550 |
|
Research and development |
2,100,088 |
2,135,575 |
|
Total operating expenses |
9,733,016 |
11,903,437 |
|
Operating loss |
(7,878,230) |
(9,532,404) |
|
Other income (expense) |
|||
Interest income |
68,337 |
1,458 |
|
Change in fair value of warrants liability |
(213,758) |
4,776,000 |
|
Change in fair value of derivative liability |
(76,840) |
53,472 |
|
Other, net |
440,386 |
(29,787) |
|
Total other income, net |
218,125 |
4,801,143 |
|
Loss before taxes |
(7,660,105) |
(4,731,261) |
|
Income tax expense |
— |
— |
|
Net loss |
$ (7,660,105) |
$ (4,731,261) |
|
Less: Net income (loss) attributable to non-controlling interests |
6,288 |
(100,933) |
|
Net loss attributable to |
$ (7,666,393) |
$ (4,630,328) |
|
Less: Preferred dividends on redeemable non-controlling interests |
69,292 |
64,015 |
|
Less: Accretion on redeemable non-controlling interests preferred shares |
161,466 |
161,466 |
|
Net loss attributable to |
$ (7,897,151) |
$ (4,855,809) |
|
Net loss per share attributable to |
$ (0.32) |
$ (0.26) |
|
Weighted-average shares used in computing net loss per share attributable to |
24,596,181 |
18,864,374 |
NUVVE HOLDING CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) |
|||
Three Months Ended |
|||
2023 |
2022 |
||
Net loss |
$ (7,660,105) |
$ (4,731,261) |
|
Other comprehensive (loss) income, net of taxes |
|||
Foreign currency translation adjustments, net of taxes |
$ 8,934 |
$ (13,684) |
|
Total Comprehensive loss |
$ (7,651,171) |
$ (4,744,945) |
|
Less: Comprehensive income (loss) attributable to non-controlling interests |
$ 6,288 |
$ (100,933) |
|
Comprehensive loss attributable to |
$ (7,657,459) |
$ (4,644,012) |
|
Less: Preferred dividends on redeemable non-controlling interests |
$ (69,292) |
$ (64,015) |
|
Less: Accretion on redeemable non-controlling interests preferred shares |
(161,466) |
(161,466) |
|
Comprehensive loss attributable to |
$ (7,426,701) |
$ (4,418,531) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||
Three Months Ended |
|||
2023 |
2022 |
||
Operating activities |
|||
Net loss |
$ (7,660,105) |
$ (4,731,261) |
|
Adjustments to reconcile to net loss to net cash used in operating activities |
|||
Depreciation and amortization |
76,520 |
67,302 |
|
Stock-based compensation |
965,820 |
1,455,644 |
|
Change in fair value of warrants liability |
213,758 |
(4,776,000) |
|
Change in fair value of derivative liability |
76,840 |
(53,472) |
|
Gains from sale of investments in equity securities |
(325,155) |
— |
|
Noncash lease expense |
115,576 |
178,849 |
|
Change in operating assets and liabilities |
|||
Accounts receivable |
(1,427,503) |
454,849 |
|
Inventory |
1,519,589 |
1,789,982 |
|
Prepaid expenses and other assets |
(342,511) |
(915,356) |
|
Accounts payable |
(28,178) |
(2,521,672) |
|
Accrued expenses |
1,021,709 |
624,722 |
|
Deferred revenue |
(38,062) |
(23,476) |
|
Net cash used in operating activities |
(5,831,702) |
(8,449,889) |
|
Investing activities |
|||
Purchase of property and equipment |
(11,125) |
(250,861) |
|
Proceeds from sale of investments in equity securities |
1,325,155 |
— |
|
Net cash provided (used) in investing activities |
1,314,030 |
(250,861) |
|
Financing activities |
|||
Proceeds from Direct Offering of common stock, net of offering costs |
470,000 |
— |
|
Proceeds from common stock offering, net of offering costs |
136,717 |
— |
|
Payment of finance lease obligations |
(1,896) |
(2,073) |
|
Net cash provided (used) in financing activities |
604,821 |
(2,073) |
|
Effect of exchange rate on cash |
5,413 |
146,949 |
|
Net decrease in cash and restricted cash |
(3,907,438) |
(8,555,874) |
|
Cash and restricted cash at beginning of year |
16,233,896 |
32,740,520 |
|
Cash and restricted cash at end of period |
$ 12,326,458 |
$ 24,184,646 |
|
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |
|||
(Unaudited) |
|||
Three Months Ended |
|||
2023 |
2022 |
||
Supplemental Disclosure of Noncash Financing Activity |
|||
Transfer of inventory to property and equipment |
$ — |
$ 87,095 |
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