Nuvve Provides Third Quarter 2023 Financial Update
Investor Conference Call to be Held Today at
Third Quarter Highlights and Recent Developments
- Fully integrated
Nuvve's purpose-built Astrea AI technology into the FleetBox® charge management app, which customers use to manage routes, battery state of charge, charging status, charging equipment and reports - Received a proposed award of
$1.9 million by theCalifornia Energy Commission to fund project "RESCHOOL", which is intended to showcase the impact of electric school buses and bi-directional charging infrastructure on enhancing the resilience of the power grid - In partnership with Blue Bird, Nuvve K-12 deployed what is understood to be the first all-electric school bus fleet in the
U.S. , replacing the five diesel bus fleet in Martinsville,Texas - Reduced cash operating loss in third quarter 2023 to
$7.3 million compared to$7.4 million in third quarter 2022 - Increased megawatts under management by 6.1% to 21.2 megawatts as of
September 30, 2023 from 20.0 megawatts onJune 30, 2023 ; growth accelerated further in October with record deployments - Cash and cash equivalents of
$13.9 million as ofSeptember 30, 2023 , including$9.8 million in EPA grant funds due to customers
Management Discussion
Gregory Poilasne, Chief Executive Officer of
2023 Third 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 each of 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 third 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 under the 'News & Events' tab of
About
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements or forward-looking information within the meaning of the
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
NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||
|
|
||
Assets |
|||
Current assets |
|||
Cash |
$ 13,864,646 |
$ 15,753,896 |
|
Restricted cash |
480,000 |
480,000 |
|
Accounts receivable, net |
2,669,269 |
1,121,694 |
|
Inventories |
6,833,937 |
11,551,831 |
|
Prepaid expenses |
1,061,770 |
1,487,582 |
|
Other current assets |
1,567,143 |
1,454,563 |
|
Total current assets |
26,476,765 |
31,849,566 |
|
Property and equipment, net |
686,977 |
636,944 |
|
Intangible assets, net |
1,237,062 |
1,341,640 |
|
Investment in equity securities |
670,951 |
1,670,951 |
|
Investment in leases |
114,865 |
97,054 |
|
Right-of-use operating lease assets |
4,959,255 |
5,305,881 |
|
Financing receivables |
288,872 |
288,872 |
|
Security deposit, long-term |
29,649 |
8,682 |
|
Total assets |
$ 34,464,396 |
$ 41,199,590 |
|
Liabilities, Mezzanine Equity and Stockholders' Equity |
|||
Current liabilities |
|||
Accounts payable |
$ 1,684,764 |
$ 2,390,422 |
|
Due to customers |
9,830,000 |
— |
|
Accrued expenses |
3,598,525 |
3,347,399 |
|
Deferred revenue |
1,116,511 |
1,221,497 |
|
Operating lease liabilities - current |
859,820 |
824,326 |
|
Other liabilities |
803,091 |
113,844 |
|
Total current liabilities |
17,892,711 |
7,897,488 |
|
Operating lease liabilities - noncurrent |
4,746,575 |
5,090,170 |
|
Warrants liability |
76,275 |
220,884 |
|
Derivative liability - non-controlling redeemable preferred shares |
285,640 |
359,225 |
|
Other long-term liabilities |
618,156 |
393,179 |
|
Total liabilities |
23,619,357 |
13,960,946 |
|
Commitments and Contingencies |
|||
Mezzanine equity |
|||
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issued and outstanding at December 31, 2022, respectively |
4,032,163 |
3,547,765 |
|
Class and |
185,004 |
445,479 |
|
Stockholders' equity |
|||
Preferred stock, respectively |
— |
— |
|
Common stock, and |
3,251 |
2,427 |
|
Additional paid-in capital |
152,100,803 |
144,073,505 |
|
Accumulated other comprehensive income |
104,539 |
76,182 |
|
Accumulated deficit |
(140,957,114) |
(116,956,528) |
|
|
11,251,479 |
27,195,586 |
|
Non-controlling interests |
(4,623,607) |
(3,950,186) |
|
Total stockholders' equity |
6,627,872 |
23,245,400 |
|
Total Liabilities, Mezzanine Equity and Stockholders' Equity |
$ 34,464,396 |
$ 41,199,590 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Revenue |
|||||||
Products |
$ 1,772,532 |
$ 280,184 |
$ 4,748,141 |
$ 3,333,825 |
|||
Services |
866,477 |
207,634 |
1,720,262 |
475,806 |
|||
Grants |
73,563 |
65,869 |
219,082 |
416,816 |
|||
Total revenue |
2,712,572 |
553,687 |
6,687,485 |
4,226,447 |
|||
Operating expenses |
|||||||
Cost of products |
2,314,854 |
215,068 |
5,037,756 |
3,114,573 |
|||
Cost of services |
86,371 |
61,417 |
775,489 |
338,820 |
|||
Selling, general, and administrative |
6,481,759 |
7,163,673 |
18,751,119 |
22,925,745 |
|||
Research and development |
2,292,908 |
1,715,821 |
6,780,211 |
6,021,535 |
|||
Total operating expenses |
11,175,892 |
9,155,979 |
31,344,575 |
32,400,673 |
|||
Operating loss |
(8,463,320) |
(8,602,292) |
(24,657,090) |
(28,174,226) |
|||
Other income (expense) |
|||||||
Interest income, net |
16,213 |
39,150 |
105,194 |
47,553 |
|||
Change in fair value of warrants liability |
214,573 |
1,852,700 |
144,609 |
11,213,700 |
|||
Change in fair value of derivative liability |
67,366 |
(40,245) |
73,585 |
(19,309) |
|||
Other, net |
(168,177) |
89,222 |
356,155 |
81,455 |
|||
Total other income, net |
129,975 |
1,940,827 |
679,543 |
11,323,399 |
|||
Loss before taxes |
(8,333,345) |
(6,661,465) |
(23,977,547) |
(16,850,827) |
|||
Income tax expense |
— |
— |
— |
— |
|||
Net loss |
$ (8,333,345) |
$ (6,661,465) |
$ (23,977,547) |
$ (16,850,827) |
|||
Less: Net income (loss) attributable to non-controlling interests |
8,285 |
(168,985) |
23,039 |
(459,863) |
|||
Net loss attributable to |
$ (8,341,630) |
$ (6,492,480) |
$ (24,000,586) |
$ (16,390,964) |
|||
Less: Preferred dividends on redeemable non-controlling interests |
72,092 |
66,601 |
212,062 |
195,912 |
|||
Less: Accretion on redeemable non-controlling interests preferred shares |
161,466 |
161,466 |
484,398 |
484,398 |
|||
Net loss attributable to |
$ (8,575,188) |
$ (6,720,547) |
$ (24,697,046) |
$ (17,071,274) |
|||
Net loss per share attributable to stockholders, basic and diluted |
$ (0.27) |
$ (0.31) |
$ (0.88) |
$ (0.85) |
|||
Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted |
32,191,013 |
21,952,882 |
28,172,399 |
19,972,016 |
NUVVE HOLDING CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Net loss |
$ (8,333,345) |
$ (6,661,465) |
$ (23,977,547) |
$ (16,850,827) |
|||
Other comprehensive (loss) income, net of taxes |
|||||||
Foreign currency translation adjustments, net of taxes |
$ 18,124 |
$ (61,299) |
$ 28,357 |
$ (101,297) |
|||
Total comprehensive loss |
$ (8,315,221) |
$ (6,722,764) |
$ (23,949,190) |
$ (16,952,124) |
|||
Less: Comprehensive income (loss) attributable to non-controlling interests |
$ 8,285 |
$ (168,985) |
$ 23,039 |
$ (459,863) |
|||
Comprehensive loss attributable to |
$ (8,323,506) |
$ (6,553,779) |
$ (23,972,229) |
$ (16,492,261) |
|||
Less: Preferred dividends on redeemable non-controlling interests |
$ (72,092) |
$ (66,601) |
$ (212,062) |
$ (195,912) |
|||
Less: Accretion on redeemable non-controlling interests preferred shares |
(161,466) |
(161,466) |
(484,398) |
(484,398) |
|||
Comprehensive loss attributable to |
$ (8,089,948) |
$ (6,325,712) |
$ (23,275,769) |
$ (15,811,951) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||
Nine Months Ended |
|||
2023 |
2022 |
||
Operating activities |
|||
Net loss |
$ (23,977,547) |
$ (16,850,827) |
|
Adjustments to reconcile to net loss to net cash used in operating activities |
|||
Depreciation and amortization |
237,043 |
211,220 |
|
Stock-based compensation |
3,197,471 |
4,487,003 |
|
Change in fair value of warrants liability |
(144,609) |
(11,213,700) |
|
Change in fair value of derivative liability |
(73,585) |
19,309 |
|
Loss on disposal of asset |
(1,088) |
— |
|
Gains from sale of investments in equity securities |
(325,155) |
— |
|
Noncash lease expense |
355,133 |
336,903 |
|
Change in operating assets and liabilities |
|||
Accounts receivable |
(1,547,575) |
818,758 |
|
Inventory |
4,717,894 |
(649,809) |
|
Prepaid expenses and other assets |
304,031 |
(2,040,485) |
|
Accounts payable |
(705,658) |
(4,070,611) |
|
Due to customers |
9,830,000 |
— |
|
Accrued expenses |
2,056,210 |
443,491 |
|
Deferred revenue |
(122,797) |
324,660 |
|
Net cash used in operating activities |
(6,200,232) |
(28,184,088) |
|
Investing activities |
|||
Purchase of property and equipment |
(199,877) |
(349,182) |
|
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 |
1,125,278 |
(1,349,182) |
|
Financing activities |
|||
Proceeds from forward option put exercise |
— |
1,994,073 |
|
Proceeds from exercise of pre-funded warrants related to Direct Offering |
— |
58 |
|
Proceeds from Direct Offering of common stock, net of offering costs |
2,347,192 |
13,069,815 |
|
Proceeds from common stock offering, net of offering costs |
884,586 |
3,763,494 |
|
Payment of finance lease obligations |
(5,375) |
(7,396) |
|
Proceeds from exercise of stock options |
— |
209,280 |
|
Net cash provided in financing activities |
3,226,403 |
19,029,324 |
|
Effect of exchange rate on cash |
(40,699) |
(121,218) |
|
Net decrease in cash and restricted cash |
(1,889,250) |
(10,625,164) |
|
Cash and restricted cash at beginning of year |
16,233,896 |
32,740,520 |
|
Cash and restricted cash at end of period |
$ 14,344,646 |
$ 22,115,356 |
|
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |
|||
(Unaudited) |
|||
Nine Months Ended |
|||
2023 |
2022 |
||
Supplemental Disclosure of Noncash Financing Activity |
|||
Transfer of inventory to property and equipment |
$ — |
$ 87,095 |
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