Nuvve Provides Second Quarter 2023 Financial Update
Investor Conference Call to be Held Today at
Second Quarter Highlights
- Introduced Astrea AI forecasting into the Nordic energy market to optimize revenue generation from ancillary market services
- Launched Nuvve K-12, a new division focused on turnkey electrification services for student transportation, and hired new team to build out the program
- Secured
Nuvve's largest DC Fast Charger order to-date with 25 bi-directional DC Rapid HD Charging Stations for a member of Beacon Mobility inMassachusetts - Reduced cash operating costs in second quarter 2023 to
$7.3 million compared$8.3 million in second quarter 2022 - Megawatts under management increased 9.0% to 20 megawatts as of
June 30, 2023 compared to 18.3 megawatts onMarch 31, 2023 ; backlog increased to$6.1 million atJune 30, 2023 from$4.2 million onMarch 31, 2023 - Cash and cash equivalents of
$11.1 million as ofJune 30, 2023
Management Discussion
Gregory Poilasne, Chief Executive Officer of
2023 Second 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 increased by
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 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 second 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 |
$ 11,059,004 |
$ 15,753,896 |
|
Restricted cash |
480,000 |
480,000 |
|
Accounts receivable, net |
2,027,621 |
1,121,694 |
|
Inventories |
8,939,296 |
11,551,831 |
|
Prepaid expenses |
1,556,991 |
1,487,582 |
|
Other current assets |
1,139,212 |
1,454,563 |
|
Total current assets |
25,202,124 |
31,849,566 |
|
Property and equipment, net |
652,658 |
636,944 |
|
Intangible assets, net |
1,271,921 |
1,341,640 |
|
Investment in equity securities |
670,951 |
1,670,951 |
|
Investment in leases |
117,436 |
97,054 |
|
Right-of-use operating lease assets |
5,076,837 |
5,305,881 |
|
Financing receivables |
288,872 |
288,872 |
|
Security deposit, long-term |
8,682 |
8,682 |
|
Total assets |
$ 33,289,481 |
$ 41,199,590 |
|
Liabilities, Mezzanine Equity and Stockholders' Equity |
|||
Current liabilities |
|||
Accounts payable |
$ 796,435 |
$ 2,390,422 |
|
Due to customers |
2,980,318 |
— |
|
Accrued expenses |
4,214,358 |
3,347,399 |
|
Deferred revenue |
1,103,058 |
1,221,497 |
|
Operating lease liabilities - current |
856,635 |
824,326 |
|
Other liabilities |
112,721 |
113,844 |
|
Total current liabilities |
10,063,525 |
7,897,488 |
|
Operating lease liabilities - noncurrent |
4,867,157 |
5,090,170 |
|
Warrants liability |
290,848 |
220,884 |
|
Derivative liability - non-controlling redeemable preferred shares |
353,006 |
359,225 |
|
Other long-term liabilities |
538,563 |
393,179 |
|
Total liabilities |
16,113,099 |
13,960,946 |
|
Commitments and Contingencies |
|||
Mezzanine equity |
|||
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 |
3,870,697 |
3,547,765 |
|
Class |
153,778 |
445,479 |
|
Stockholders' equity |
|||
Preferred stock, |
— |
— |
|
Common stock, |
3,126 |
2,427 |
|
Additional paid-in capital |
150,076,184 |
144,073,505 |
|
Accumulated other comprehensive income |
86,415 |
76,182 |
|
Accumulated deficit |
(132,615,484) |
(116,956,528) |
|
|
17,550,241 |
27,195,586 |
|
Non-controlling interests |
(4,398,334) |
(3,950,186) |
|
Total stockholders' equity |
13,151,907 |
23,245,400 |
|
Total Liabilities, Mezzanine Equity and Stockholders' Equity |
$ 33,289,481 |
$ 41,199,590 |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Revenue |
|||||||
Products and services |
$ 2,049,009 |
$ 1,068,029 |
$ 3,829,394 |
$ 3,321,813 |
|||
Grants |
71,118 |
233,698 |
145,519 |
350,947 |
|||
Total revenue |
2,120,127 |
1,301,727 |
3,974,913 |
3,672,760 |
|||
Operating expenses |
|||||||
Cost of product and service revenue |
1,951,116 |
1,034,596 |
3,412,020 |
3,176,908 |
|||
Selling, general, and administrative |
6,097,336 |
8,136,522 |
12,269,360 |
15,762,072 |
|||
Research and development |
2,387,215 |
2,170,139 |
4,487,303 |
4,305,714 |
|||
Total operating expenses |
10,435,667 |
11,341,257 |
20,168,683 |
23,244,694 |
|||
Operating loss |
(8,315,540) |
(10,039,530) |
(16,193,770) |
(19,571,934) |
|||
Other income (expense) |
|||||||
Interest income, net |
20,644 |
6,945 |
88,981 |
8,403 |
|||
Change in fair value of warrants liability |
143,794 |
4,585,000 |
(69,964) |
9,361,000 |
|||
Change in fair value of derivative liability |
83,059 |
(32,536) |
6,219 |
20,936 |
|||
Other, net |
83,946 |
22,020 |
524,332 |
(7,767) |
|||
Total other income, net |
331,443 |
4,581,429 |
549,568 |
9,382,572 |
|||
Loss before taxes |
(7,984,097) |
(5,458,101) |
(15,644,202) |
(10,189,362) |
|||
Income tax expense |
— |
— |
— |
— |
|||
Net loss |
$ (7,984,097) |
$ (5,458,101) |
$ (15,644,202) |
$ (10,189,362) |
|||
Less: Net income (loss) attributable to non-controlling interests |
8,466 |
(189,945) |
14,754 |
(290,878) |
|||
Net loss attributable to |
$ (7,992,563) |
$ (5,268,156) |
$ (15,658,956) |
$ (9,898,484) |
|||
Less: Preferred dividends on redeemable non-controlling interests |
70,678 |
65,296 |
139,970 |
129,311 |
|||
Less: Accretion on redeemable non-controlling interests preferred |
161,466 |
161,466 |
322,932 |
322,932 |
|||
Net loss attributable to |
$ (8,224,707) |
$ (5,494,918) |
$ (16,121,858) |
$ (10,350,727) |
|||
Net loss per share attributable to |
$ (0.30) |
$ (0.29) |
$ (0.62) |
$ (0.55) |
|||
Weighted-average shares used in computing net loss per share |
27,734,130 |
19,064,854 |
26,129,789 |
18,965,167 |
NUVVE HOLDING CORP AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Net loss |
$ (7,984,097) |
$ (5,458,101) |
$ (15,644,202) |
$ (10,189,362) |
|||
Other comprehensive (loss) income, net of taxes |
|||||||
Foreign currency translation adjustments, net of taxes |
$ 1,299 |
$ (26,314) |
$ 10,233 |
$ (39,998) |
|||
Total Comprehensive loss |
$ (7,982,798) |
$ (5,484,415) |
$ (15,633,969) |
$ (10,229,360) |
|||
Less: Comprehensive income (loss) attributable to non- |
$ 8,466 |
$ (189,945) |
$ 14,754 |
$ (290,878) |
|||
Comprehensive loss attributable to |
$ (7,991,264) |
$ (5,294,470) |
$ (15,648,723) |
$ (9,938,482) |
|||
Less: Preferred dividends on redeemable non-controlling |
$ (70,678) |
$ (65,296) |
$ (139,970) |
$ (129,311) |
|||
Less: Accretion on redeemable non-controlling interests |
(161,466) |
(161,466) |
(322,932) |
(322,932) |
|||
Comprehensive loss attributable to |
$ (7,759,120) |
$ (5,067,708) |
$ (15,185,821) |
$ (9,486,239) |
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited) |
|||
Six Months Ended |
|||
2023 |
2022 |
||
Operating activities |
|||
Net loss |
$ (15,644,202) |
$ (10,189,362) |
|
Adjustments to reconcile to net loss to net cash used in operating activities |
|||
Depreciation and amortization |
156,290 |
137,755 |
|
Stock-based compensation |
2,069,227 |
3,357,859 |
|
Change in fair value of warrants liability |
69,964 |
(9,361,000) |
|
Change in fair value of derivative liability |
(6,219) |
(20,936) |
|
Gains from sale of investments in equity securities |
(325,155) |
— |
|
Noncash lease expense |
233,730 |
283,251 |
|
Change in operating assets and liabilities |
|||
Accounts receivable |
(903,652) |
(74,278) |
|
Inventory |
2,612,535 |
322,156 |
|
Prepaid expenses and other assets |
249,728 |
(1,462,221) |
|
Accounts payable |
(1,595,737) |
(2,409,448) |
|
Due to customers |
2,980,318 |
— |
|
Accrued expenses |
1,195,845 |
(684,517) |
|
Deferred revenue |
(140,783) |
79,576 |
|
Net cash used in operating activities |
(9,048,111) |
(20,021,165) |
|
Investing activities |
|||
Purchase of property and equipment |
(101,775) |
(317,225) |
|
Investments in equity securities |
— |
(1,000,000) |
|
Proceeds from sale of investments in equity securities |
1,325,155 |
— |
|
Net cash provided (used) in investing activities |
1,223,380 |
(1,317,225) |
|
Financing activities |
|||
Proceeds from forward option put exercise |
— |
1,994,073 |
|
Proceeds from Direct Offering of common stock, net of offering costs |
2,347,192 |
— |
|
Proceeds from common stock offering, net of offering costs |
781,624 |
1,859,685 |
|
Payment of finance lease obligations |
(4,480) |
(4,425) |
|
Proceeds from exercise of stock options |
— |
173,575 |
|
Net cash provided in financing activities |
3,124,336 |
4,022,908 |
|
Effect of exchange rate on cash |
5,503 |
(54,796) |
|
Net decrease in cash and restricted cash |
(4,694,892) |
(17,370,278) |
|
Cash and restricted cash at beginning of year |
16,233,896 |
32,740,520 |
|
Cash and restricted cash at end of period |
$ 11,539,004 |
$ 15,370,242 |
|
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |
|||
(Unaudited) |
|||
Six Months Ended |
|||
2023 |
2022 |
||
Supplemental Disclosure of Noncash Financing Activity |
|||
Transfer of inventory to property and equipment |
$ — |
$ 87,095 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/nuvve-provides-second-quarter-2023-financial-update-301898257.html
SOURCE