View:
Download DOC
Download PDF
Download XLS
Download XBRL
nvve-20220930
false00018368752022Q312/313P5Y501.1http://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent00018368752022-01-012022-09-300001836875us-gaap:CommonStockMember2022-01-012022-09-300001836875us-gaap:WarrantMember2022-01-012022-09-3000018368752022-11-04xbrli:shares00018368752022-09-30iso4217:USD00018368752021-12-31iso4217:USDxbrli:shares0001836875nvve:ClassDIncentiveUnitsMember2022-09-300001836875nvve:ClassDIncentiveUnitsMember2021-12-310001836875us-gaap:CumulativePreferredStockMember2022-09-300001836875us-gaap:CumulativePreferredStockMember2021-12-310001836875nvve:ProductsAndServicesMember2022-07-012022-09-300001836875nvve:ProductsAndServicesMember2021-07-012021-09-300001836875nvve:ProductsAndServicesMember2022-01-012022-09-300001836875nvve:ProductsAndServicesMember2021-01-012021-09-300001836875us-gaap:GrantMember2022-07-012022-09-300001836875us-gaap:GrantMember2021-07-012021-09-300001836875us-gaap:GrantMember2022-01-012022-09-300001836875us-gaap:GrantMember2021-01-012021-09-3000018368752022-07-012022-09-3000018368752021-07-012021-09-3000018368752021-01-012021-09-300001836875us-gaap:CommonStockMember2021-12-310001836875us-gaap:AdditionalPaidInCapitalMember2021-12-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001836875us-gaap:RetainedEarningsMember2021-12-310001836875us-gaap:NoncontrollingInterestMember2021-12-310001836875us-gaap:CommonStockMember2022-01-012022-03-3100018368752022-01-012022-03-310001836875us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001836875us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001836875us-gaap:RetainedEarningsMember2022-01-012022-03-310001836875us-gaap:CommonStockMember2022-03-310001836875us-gaap:AdditionalPaidInCapitalMember2022-03-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001836875us-gaap:RetainedEarningsMember2022-03-310001836875us-gaap:NoncontrollingInterestMember2022-03-3100018368752022-03-310001836875us-gaap:CommonStockMember2022-04-012022-06-300001836875us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-3000018368752022-04-012022-06-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001836875us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001836875us-gaap:RetainedEarningsMember2022-04-012022-06-300001836875us-gaap:CommonStockMember2022-06-300001836875us-gaap:AdditionalPaidInCapitalMember2022-06-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001836875us-gaap:RetainedEarningsMember2022-06-300001836875us-gaap:NoncontrollingInterestMember2022-06-3000018368752022-06-300001836875us-gaap:CommonStockMember2022-07-012022-09-300001836875us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001836875us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001836875us-gaap:RetainedEarningsMember2022-07-012022-09-300001836875us-gaap:CommonStockMember2022-09-300001836875us-gaap:AdditionalPaidInCapitalMember2022-09-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001836875us-gaap:RetainedEarningsMember2022-09-300001836875us-gaap:NoncontrollingInterestMember2022-09-300001836875nvve:SeriesAConvertiblePreferredStockMemberus-gaap:PreferredStockMember2020-12-310001836875us-gaap:CommonStockMember2020-12-310001836875us-gaap:AdditionalPaidInCapitalMember2020-12-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001836875us-gaap:RetainedEarningsMember2020-12-310001836875us-gaap:NoncontrollingInterestMember2020-12-3100018368752020-12-310001836875nvve:SeriesAConvertiblePreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-03-310001836875us-gaap:CommonStockMember2021-01-012021-03-310001836875us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100018368752021-01-012021-03-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001836875us-gaap:RetainedEarningsMember2021-01-012021-03-310001836875us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001836875nvve:SeriesAConvertiblePreferredStockMemberus-gaap:PreferredStockMember2021-03-310001836875us-gaap:CommonStockMember2021-03-310001836875us-gaap:AdditionalPaidInCapitalMember2021-03-310001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001836875us-gaap:RetainedEarningsMember2021-03-310001836875us-gaap:NoncontrollingInterestMember2021-03-3100018368752021-03-310001836875us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000018368752021-04-012021-06-300001836875us-gaap:CommonStockMember2021-04-012021-06-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001836875us-gaap:RetainedEarningsMember2021-04-012021-06-300001836875nvve:SeriesAConvertiblePreferredStockMemberus-gaap:PreferredStockMember2021-06-300001836875us-gaap:CommonStockMember2021-06-300001836875us-gaap:AdditionalPaidInCapitalMember2021-06-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001836875us-gaap:RetainedEarningsMember2021-06-300001836875us-gaap:NoncontrollingInterestMember2021-06-3000018368752021-06-300001836875us-gaap:CommonStockMember2021-07-012021-09-300001836875us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001836875us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001836875us-gaap:RetainedEarningsMember2021-07-012021-09-300001836875nvve:SeriesAConvertiblePreferredStockMemberus-gaap:PreferredStockMember2021-09-300001836875us-gaap:CommonStockMember2021-09-300001836875us-gaap:AdditionalPaidInCapitalMember2021-09-300001836875us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001836875us-gaap:RetainedEarningsMember2021-09-300001836875us-gaap:NoncontrollingInterestMember2021-09-3000018368752021-09-300001836875nvve:NuvveMember2022-09-30nvve:subsidiary0001836875nvve:NuvveCorpMember2022-09-3000018368752020-03-012020-03-31nvve:employee00018368752021-01-012021-12-3100018368752020-01-012020-12-310001836875nvve:AtTheMarketOfferingMember2022-05-052022-05-050001836875nvve:AtTheMarketOfferingMember2022-01-012022-09-300001836875nvve:AtTheMarketOfferingMember2022-09-3000018368752022-07-272022-07-270001836875nvve:LevoMobilityLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-09-30xbrli:pure0001836875nvve:LevoMobilityLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001836875nvve:LevoMobilityLLCMembernvve:StonepeakMember2022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerThreeMember2022-01-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerThreeMember2022-07-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerTwoMember2022-07-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerTwoMember2022-01-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerTwoMember2021-07-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerTwoMember2021-01-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerThreeMember2021-01-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerThreeMember2021-07-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerFiveMember2022-07-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerFiveMember2022-01-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerFiveMember2021-07-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMembernvve:CustomerFiveMember2021-01-012021-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMembernvve:CustomerTwoMember2022-01-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMembernvve:CustomerTwoMember2021-01-012021-12-310001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMembernvve:CustomerFiveMember2022-01-012022-09-300001836875us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMembernvve:CustomerFiveMember2021-01-012021-12-3100018368752021-05-172021-05-170001836875nvve:SwitchEVMember2022-09-300001836875us-gaap:ServiceMember2022-07-012022-09-300001836875us-gaap:ServiceMember2021-07-012021-09-300001836875us-gaap:ServiceMember2022-01-012022-09-300001836875us-gaap:ServiceMember2021-01-012021-09-300001836875us-gaap:ProductMember2022-07-012022-09-300001836875us-gaap:ProductMember2021-07-012021-09-300001836875us-gaap:ProductMember2022-01-012022-09-300001836875us-gaap:ProductMember2021-01-012021-09-3000018368752022-10-012022-09-3000018368752023-01-012022-09-300001836875country:US2022-07-012022-09-300001836875country:US2021-07-012021-09-300001836875country:US2022-01-012022-09-300001836875country:US2021-01-012021-09-300001836875country:GB2022-07-012022-09-300001836875country:GB2021-07-012021-09-300001836875country:GB2022-01-012022-09-300001836875country:GB2021-01-012021-09-300001836875country:DK2022-07-012022-09-300001836875country:DK2021-07-012021-09-300001836875country:DK2022-01-012022-09-300001836875country:DK2021-01-012021-09-300001836875country:US2022-09-300001836875country:US2021-12-310001836875country:DK2022-09-300001836875country:DK2021-12-310001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel1Member2022-09-300001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel2Member2022-09-300001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel3Member2022-09-300001836875nvve:PrivateWarrantsMember2022-09-300001836875nvve:PrivateWarrantsMember2022-07-012022-09-300001836875nvve:PrivateWarrantsMember2022-01-012022-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Member2022-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2022-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Member2022-09-300001836875us-gaap:RedeemablePreferredStockMember2022-09-300001836875us-gaap:RedeemablePreferredStockMember2022-07-012022-09-300001836875us-gaap:RedeemablePreferredStockMember2022-01-012022-09-300001836875us-gaap:FairValueInputsLevel1Member2022-09-300001836875us-gaap:FairValueInputsLevel2Member2022-09-300001836875us-gaap:FairValueInputsLevel3Member2022-09-300001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel1Member2021-09-300001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel2Member2021-09-300001836875nvve:PrivateWarrantsMemberus-gaap:FairValueInputsLevel3Member2021-09-300001836875nvve:PrivateWarrantsMember2021-09-300001836875nvve:PrivateWarrantsMember2021-07-012021-09-300001836875nvve:PrivateWarrantsMember2021-01-012021-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Member2021-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2021-09-300001836875us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Member2021-09-300001836875us-gaap:RedeemablePreferredStockMember2021-09-300001836875us-gaap:RedeemablePreferredStockMember2021-07-012021-09-300001836875us-gaap:RedeemablePreferredStockMember2021-01-012021-09-300001836875us-gaap:FairValueInputsLevel1Member2021-09-300001836875us-gaap:FairValueInputsLevel2Member2021-09-300001836875us-gaap:FairValueInputsLevel3Member2021-09-300001836875nvve:PrivateWarrantsMember2021-12-310001836875us-gaap:RedeemablePreferredStockMember2021-12-310001836875nvve:PrivateWarrantsMember2022-01-012022-03-310001836875us-gaap:RedeemablePreferredStockMember2022-01-012022-03-310001836875nvve:PrivateWarrantsMember2022-03-310001836875us-gaap:RedeemablePreferredStockMember2022-03-310001836875nvve:PrivateWarrantsMember2022-04-012022-06-300001836875us-gaap:RedeemablePreferredStockMember2022-04-012022-06-300001836875nvve:PrivateWarrantsMember2022-06-300001836875us-gaap:RedeemablePreferredStockMember2022-06-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:PrivateWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueInputsLevel3Member2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:ProbabilityOfRedemptionTriggerMember2022-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueInputsLevel3Member2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2021-09-300001836875us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membernvve:ProbabilityOfRedemptionTriggerMember2021-09-300001836875nvve:OtherLongTermLiabilitiesMember2022-09-300001836875nvve:OtherLongTermLiabilitiesMember2021-12-310001836875nvve:DreevMember2022-09-300001836875nvve:SwitchEVMember2022-06-060001836875us-gaap:TradeAccountsReceivableMember2022-09-300001836875us-gaap:TradeAccountsReceivableMember2021-12-310001836875nvve:DCChargersMember2022-09-300001836875nvve:DCChargersMember2021-12-310001836875nvve:ACChargersMember2022-09-300001836875nvve:ACChargersMember2021-12-310001836875nvve:VehiclesSchoolBusesMember2022-09-300001836875nvve:VehiclesSchoolBusesMember2021-12-310001836875nvve:OtherInventoryMember2022-09-300001836875nvve:OtherInventoryMember2021-12-31nvve:bus0001836875us-gaap:ComputerEquipmentMember2022-09-300001836875us-gaap:ComputerEquipmentMember2021-12-310001836875us-gaap:VehiclesMember2022-09-300001836875us-gaap:VehiclesMember2021-12-310001836875us-gaap:OfficeEquipmentMember2022-09-300001836875us-gaap:OfficeEquipmentMember2021-12-310001836875us-gaap:PropertyPlantAndEquipmentOtherTypesMember2022-09-300001836875us-gaap:PropertyPlantAndEquipmentOtherTypesMember2021-12-31nvve:class_of_stock0001836875nvve:ShelfRegistrationMember2022-04-252022-04-250001836875us-gaap:CommonStockMember2022-07-272022-07-270001836875us-gaap:CommonStockMember2022-07-270001836875nvve:PrefundedWarrantMember2022-07-270001836875us-gaap:WarrantMember2022-07-2700018368752022-07-270001836875nvve:PrefundedWarrantMember2022-07-272022-07-2700018368752021-05-170001836875nvve:StonepeakRocketHoldingsMember2021-05-170001836875nvve:EvolveTransitionInfrastructureMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesBMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesCMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesDMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesEMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesFMember2021-05-170001836875us-gaap:WarrantMember2022-09-302022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesBMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesCMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesDMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesEMember2021-05-170001836875nvve:StonepeakEvolveWarrantsSeriesFMember2021-05-170001836875us-gaap:WarrantMember2020-02-192020-02-190001836875us-gaap:IPOMembernvve:NewbornAcquisitionCorpMember2020-02-192020-02-190001836875us-gaap:PrivatePlacementMemberus-gaap:WarrantMember2020-02-192020-02-190001836875us-gaap:PrivatePlacementMembernvve:NewbornAcquisitionCorpMember2020-02-192020-02-190001836875us-gaap:InvestorMember2020-11-012020-11-110001836875us-gaap:InvestorMember2020-11-110001836875nvve:PIPEMember2020-11-012020-11-110001836875nvve:PIPEMember2020-11-112020-11-110001836875nvve:PIPEMember2020-11-110001836875nvve:PublicWarrantsMember2022-01-012022-09-300001836875nvve:PublicWarrantsMember2022-09-300001836875nvve:PrivateWarrantsMember2022-01-012022-09-300001836875nvve:PrivateWarrantsMember2022-09-300001836875nvve:PIPEWarrantsMember2022-01-012022-09-300001836875nvve:PIPEWarrantsMember2022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesBMember2022-01-012022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesBMember2022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesCMember2022-01-012022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesCMember2022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesDMember2022-01-012022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesDMember2022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesEMember2022-01-012022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesEMember2022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesFMember2022-01-012022-09-300001836875nvve:StonepeakEvolveWarrantsSeriesFMember2022-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2022-01-012022-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2022-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2022-01-012022-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2022-09-300001836875nvve:UnitPurchaseOptionMember2020-02-190001836875us-gaap:IPOMembernvve:NewbornAcquisitionCorpMember2020-02-190001836875nvve:UnitPurchaseOptionMembersrt:MinimumMember2020-02-190001836875nvve:UnitPurchaseOptionMembersrt:MaximumMember2020-02-190001836875nvve:SecuritiesPurchaseAgreementMembernvve:StonepeakAndEvolveWarrantsMember2021-05-170001836875nvve:SecuritiesPurchaseAgreementMembernvve:EvolveWarrantsMember2021-05-170001836875nvve:SecuritiesPurchaseAgreementMembernvve:StonepeakAndEvolveWarrantsMember2022-09-302022-09-300001836875nvve:A2020PlanMember2022-09-300001836875nvve:A2020PlanMember2022-01-012022-09-300001836875nvve:A2020PlanMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001836875us-gaap:EmployeeStockOptionMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001836875us-gaap:EmployeeStockOptionMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001836875us-gaap:EmployeeStockOptionMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001836875us-gaap:EmployeeStockOptionMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001836875us-gaap:RestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001836875us-gaap:RestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001836875us-gaap:RestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001836875us-gaap:RestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001836875nvve:OptionsAndRestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001836875nvve:OptionsAndRestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001836875nvve:OptionsAndRestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001836875nvve:OptionsAndRestrictedStockMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001836875nvve:A2010PlanMember2022-01-012022-09-300001836875nvve:A2010PlanMember2021-12-310001836875nvve:A2010PlanMember2021-01-012021-12-310001836875nvve:A2010PlanMember2022-09-300001836875nvve:A2020PlanMember2021-12-310001836875nvve:A2020PlanMember2021-01-012021-12-310001836875us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001836875us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001836875us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001836875us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001836875us-gaap:RestrictedStockUnitsRSUMember2021-12-310001836875us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001836875us-gaap:RestrictedStockUnitsRSUMember2022-09-300001836875us-gaap:RestrictedStockMember2022-09-300001836875us-gaap:RestrictedStockMember2022-01-012022-09-300001836875nvve:StockOptionsMember2022-07-012022-09-300001836875nvve:StockOptionsMember2021-07-012021-09-300001836875nvve:StockOptionsMember2022-01-012022-09-300001836875nvve:StockOptionsMember2021-01-012021-09-300001836875nvve:NonvestedRestrictedStockMember2022-07-012022-09-300001836875nvve:NonvestedRestrictedStockMember2021-07-012021-09-300001836875nvve:NonvestedRestrictedStockMember2022-01-012022-09-300001836875nvve:NonvestedRestrictedStockMember2021-01-012021-09-300001836875nvve:PublicWarrantsMember2022-07-012022-09-300001836875nvve:PublicWarrantsMember2021-07-012021-09-300001836875nvve:PublicWarrantsMember2022-01-012022-09-300001836875nvve:PublicWarrantsMember2021-01-012021-09-300001836875nvve:PrivateWarrantsMember2022-07-012022-09-300001836875nvve:PrivateWarrantsMember2021-07-012021-09-300001836875nvve:PrivateWarrantsMember2022-01-012022-09-300001836875nvve:PrivateWarrantsMember2021-01-012021-09-300001836875nvve:PIPEWarrantsMember2022-07-012022-09-300001836875nvve:PIPEWarrantsMember2021-07-012021-09-300001836875nvve:PIPEWarrantsMember2022-01-012022-09-300001836875nvve:PIPEWarrantsMember2021-01-012021-09-300001836875nvve:StonepeakAndEvolveWarrantsMember2022-07-012022-09-300001836875nvve:StonepeakAndEvolveWarrantsMember2021-07-012021-09-300001836875nvve:StonepeakAndEvolveWarrantsMember2022-01-012022-09-300001836875nvve:StonepeakAndEvolveWarrantsMember2021-01-012021-09-300001836875nvve:StonepeakAndEvolveOptionsMember2022-07-012022-09-300001836875nvve:StonepeakAndEvolveOptionsMember2021-07-012021-09-300001836875nvve:StonepeakAndEvolveOptionsMember2022-01-012022-09-300001836875nvve:StonepeakAndEvolveOptionsMember2021-01-012021-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2022-07-012022-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2021-07-012021-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2022-01-012022-09-300001836875nvve:InstitutionalAccreditedInvestorPreFundedWarrantsMember2021-01-012021-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2022-07-012022-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2021-07-012021-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2022-01-012022-09-300001836875nvve:InstitutionalAccreditedInvestorWarrantsMember2021-01-012021-09-300001836875nvve:ChiefExecutiveOfficerAndChiefOperatingOfficerMember2021-04-232021-04-230001836875nvve:ChiefExecutiveOfficerAndChiefOperatingOfficerMember2021-04-230001836875nvve:ChiefExecutiveOfficerAndChiefOperatingOfficerMember2022-06-302022-06-300001836875nvve:ChiefExecutiveOfficerAndChiefOperatingOfficerMember2022-06-300001836875nvve:MainOfficeLeaseMember2021-11-03utr:sqft00018368752022-04-150001836875nvve:WarehouseSpaceMember2022-07-310001836875nvve:WarehouseSpaceMember2022-07-012022-07-310001836875us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001836875us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001836875us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001836875us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001836875us-gaap:InterestExpenseMember2022-07-012022-09-300001836875us-gaap:InterestExpenseMember2021-07-012021-09-300001836875us-gaap:InterestExpenseMember2022-01-012022-09-300001836875us-gaap:InterestExpenseMember2021-01-012021-09-3000018368752022-04-300001836875srt:MinimumMember2022-04-012022-04-300001836875srt:MaximumMember2022-04-012022-04-300001836875us-gaap:OtherOperatingIncomeExpenseMember2022-07-012022-09-300001836875us-gaap:OtherOperatingIncomeExpenseMember2021-07-012021-09-300001836875us-gaap:OtherOperatingIncomeExpenseMember2022-01-012022-09-300001836875us-gaap:OtherOperatingIncomeExpenseMember2021-01-012021-09-300001836875us-gaap:SubsequentEventMember2022-11-02nvve:arbitration_demand00018368752016-09-0100018368752021-10-012021-10-310001836875nvve:IPAcquisitionAgreementMember2017-11-172017-11-1700018368752017-11-170001836875nvve:A10000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A20000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A40000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A60000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A80000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A100000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A200000AggregatedVehiclesMember2022-01-012022-09-300001836875nvve:A250000AggregatedVehiclesMember2022-01-012022-09-3000018368752021-07-200001836875nvve:LevoMobilityLLCMemberus-gaap:SeriesBPreferredStockMember2022-09-300001836875nvve:LevoMobilityLLCMemberus-gaap:SeriesBPreferredStockMember2022-01-012022-09-300001836875nvve:RedeemableNonControllingInterestsMember2022-01-012022-09-300001836875nvve:RedeemableNonControllingInterestsMember2022-09-300001836875nvve:LevoMobilityLLCMember2022-01-012022-09-300001836875nvve:LevoMobilityLLCMember2022-09-300001836875nvve:LevoMobilityLLCMember2022-07-012022-09-300001836875nvve:RedeemableNonControllingInterestsMember2021-12-310001836875nvve:ClassDIncentiveUnitsMembernvve:ShareBasedPaymentArrangementAllTranchesMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMembernvve:ShareBasedCompensationAwardTrancheFourMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMember2022-01-012022-09-30nvve:vesting_installment0001836875nvve:ClassDIncentiveUnitsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001836875nvve:ClassDIncentiveUnitsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001836875nvve:ClassDIncentiveUnitsMember2021-12-310001836875nvve:ClassDIncentiveUnitsMember2022-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 001-40296
NUVVE HOLDING CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware86-1617000
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
2468 Historic Decatur Road, San Diego,California92106
(Address of principal executive offices)(Zip Code)
 (619)456-5161
(Registrant’s telephone number), including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.0001 per shareNVVEThe Nasdaq Stock Market
Warrants to Purchase Common StockNVVEWThe Nasdaq Stock Market
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
xYes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes   o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes   x No
As of November 4, 2022, 24,230,108 shares of the issuer’s common stock, par value $0.0001 per share, were issued and outstanding.



NUVVE HOLDING CORP.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS


i

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q and other documents incorporated herein by reference contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our financial condition, our products, our business strategy, our beliefs and our management’s assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. These forward-looking statements can be identified by the use of words like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “may,” “assumes” and other words of similar meaning. These statements are based on management’s beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties and assumptions described in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, as well as those discussed elsewhere in this report and other factors described from time to time in our filings with the SEC.

Factors that could cause actual results to differ materially from those in forward-looking statements include, (i) risks related to the rollout of Nuvve's business and the timing of expected business milestones; (ii) Nuvve's dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve's ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve's accounting staffing levels; (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vi) potential adverse effects on Nuvve's backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (vii) the effects of competition on Nuvve's future business; (viii) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (ix) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (x) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) the possibility that Nuvve may be adversely affected by other economic, business, and/or competitive factors; and (xvi) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684), as well as other risks described in this Quarterly Report on Form 10-Q and other factors described from time to time in our filings with the SEC.

Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this Quarterly Report on Form 10-Q and any other public statement made by us, including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required under federal securities laws and the rules and regulations of the SEC.
ii

PART I—FINANCIAL INFORMATION
Item 1.    Interim Financial Statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2022December 31, 2021
Assets
Current assets
Cash$21,635,356 $32,360,520 
Restricted cash480,000 380,000 
Accounts receivable, net1,063,903 1,886,708 
Inventories11,767,996 11,118,188 
Prepaid expenses and other current assets2,947,014 1,036,645 
Total Current Assets37,894,269  46,782,061 
Property and equipment, net591,257 356,194 
Intangible assets, net1,376,499 1,481,077 
Investments1,670,951 670,951 
Right-of-use operating lease assets5,418,912 3,483,042 
Deferred financing costs— 43,562,847 
Financing receivables238,624 138,161 
Security deposit, long-term8,682 3,057 
Total Assets$47,199,194 $96,477,390 
Liabilities, Mezzanine Equity and Stockholders’ Equity 
Current Liabilities
Accounts payable$1,664,685 $5,738,873 
Accrued expenses3,436,815 2,874,018 
Deferred revenue1,014,152 719,771 
Operating lease liabilities - current708,441 41,513 
Other liabilities107,198 110,574 
Total Current Liabilities6,931,291 9,484,749 
Operating lease liabilities - noncurrent5,225,555 3,441,642 
Warrants liability12,000 866,000 
Derivative liability - non-controlling redeemable preferred shares531,257 511,948 
Other long-term liabilities13,013 18,860 
Total Liabilities12,713,116 14,323,199 
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 September 30, 2022 and December 31, 2021; aggregate liquidation preference of $3,396,672 and $3,200,760 at September 30, 2022 and December 31, 2021, respectively
3,369,827 2,885,427 
Class D Incentive units, zero par value, 1,000,000 units authorized, 250,000 units issued and outstanding at September 30, 2022
293,165 — 
Stockholders’ Equity
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
— — 
Common stock, $0.0001 par value, 100,000,000 shares authorized; 22,897,935 and 18,861,130 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
2,292 1,888 
Additional paid-in capital150,247,403 127,138,504 
Accumulated other comprehensive income12,149 113,446 
Accumulated deficit(115,805,023)(47,412,470)
Nuvve Stockholders’ Equity 34,456,821 79,841,368 
Non-controlling interests(3,633,735)(572,604)
Total Stockholders’ Equity 30,823,086 79,268,764 
Total Liabilities, Mezzanine equity and Stockholders’ Equity $47,199,194 $96,477,390 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue
Products and services$487,818 $682,900 $3,809,631 $1,761,319 
Grants65,869 480,104 416,816 1,182,047 
Total revenue553,687 1,163,004 4,226,447 2,943,366 
Operating expenses
Cost of product and service revenue276,485 387,582 3,453,393 877,468 
Selling, general, and administrative7,163,673 6,599,490 22,925,745 16,352,021 
Research and development1,715,821 1,622,608 6,021,535 4,574,803 
Total operating expenses9,155,979 8,609,680 32,400,673 21,804,292 
Operating loss(8,602,292)(7,446,676)(28,174,226)(18,860,926)
Other income (expense) 
Interest income (expense)39,150 3,220 47,553 (592,345)
Write-off of deferred financing costs— — (43,562,847)— 
Change in fair value of warrants liability170,000 557,000 854,000 627,228 
Change in fair value of derivative liability(40,245)(12,179)(19,309)(12,179)
Other, net89,222 (69,647)81,455 321,914 
Total other income (expense), net258,127 478,394 (42,599,148)344,618 
Loss before taxes(8,344,165)(6,968,282)(70,773,374)(18,516,308)
Income tax expense — —  — 1,000 
Net loss$(8,344,165)$(6,968,282)$(70,773,374)$(18,517,308)
Less: Net loss attributable to non-controlling interests(168,985)(130,837)(2,380,821)(130,837)
Net loss attributable to Nuvve Holding Corp.$(8,175,180)$(6,837,445)$(68,392,553)$(18,386,471)
Less: Preferred dividends on redeemable non-controlling interests66,601 39,096 195,912 39,096 
Less: Accretion on redeemable non-controlling interests preferred shares161,466 100,039 484,398 100,039 
Net loss attributable to Nuvve common stockholders$(8,403,247)$(6,976,580)$(69,072,863)$(18,525,606)
Net loss per share attributable to Nuvve common stockholders, basic and diluted$(0.38)$(0.37)$(3.46)$(1.16)
Weighted-average shares used in computing net loss per share attributable to Nuvve common stockholders, basic and diluted21,952,882 18,627,978 19,972,016 15,931,466 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net loss $(8,344,165)$(6,968,282)$(70,773,374)$(18,517,308)
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments, net of taxes(61,299)51,179 (101,297)147,782 
Total Comprehensive loss $(8,405,464)$(6,917,103)$(70,874,671)$(18,369,526)
Less: Comprehensive loss attributable to non-controlling interests(168,985)(130,837)(2,380,821)(130,837)
Comprehensive loss attributable to Nuvve Holding Corp.$(8,236,479)$(6,786,266)$(68,493,850)$(18,238,689)
Less: Preferred dividends on redeemable non-controlling interests(66,601)(39,096)(195,912)(39,096)
Less: Accretion on redeemable non-controlling interests preferred shares(161,466)(100,039)(484,398)(100,039)
Comprehensive loss attributable to Nuvve common stockholders$(8,008,412)$(6,647,131)$(67,813,540)$(18,099,554)
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
Common StockAdditional
Paid-in
Capital		Accumulated Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Non-controlling InterestsTotal
SharesAmount
Balances December 31, 202118,861,130 $1,888 $127,138,504 $113,446 $(47,412,470)$(572,604)79,268,764 
Exercise of stock options and vesting of restricted stock30,370 3 — — — — 3 
Stock-based compensation— — 1,455,641 — — — 1,455,641 
Currency translation adjustment— — — (13,684)— — (13,684)
Preferred dividends - non-controlling interest— — — — — (64,015)(64,015)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (8,973,328)(100,933)(9,074,261)
Balances March 31, 202218,891,500 1,891 128,594,145 99,762 (56,385,798)(899,018)71,410,982 
Exercise of stock options and vesting of restricted stock options360,018 50 173,575 — — — 173,625 
Stock-based compensation— — 1,640,055 — — — 1,640,055 
Proceeds from forward option put exercise134,499 13 1,994,059 — — — 1,994,072 
Proceeds from common stock offering, net of offering costs323,746 32 1,859,653 — — — 1,859,685 
Currency translation adjustment— — — (26,314)— — (26,314)
Preferred dividends - non-controlling interest— — — — — (65,296)(65,296)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (51,244,045)(2,110,903)(53,354,948)
Balances June 30, 202219,709,763 1,986 134,261,487 73,448 (107,629,843)(3,236,683)23,470,395 
Exercise of stock options and vesting of restricted stock options(10,964)(14)35,717 — — — 35,703 
Stock-based compensation— — 976,835 — — — 976,835 
Proceeds from common stock offering, net of offering costs469,136 47 1,903,764 — — — 1,903,811 
Currency translation adjustment— — — (61,299)— — (61,299)
Preferred dividends - non-controlling interest— — — — — (66,601)(66,601)
Issuance of Common Shares related to Warrants580,000 58 — — — — 58 
Proceeds from Direct Offering2,150,000 215 13,069,600 — — — 13,069,815 
Accretion on redeemable non-controlling interests preferred shares— — — — —  (161,466)(161,466)
Net loss— — — — (8,175,180)(168,985)(8,344,165)
Balances September 30, 202222,897,935 $2,292 $150,247,403 $12,149 $(115,805,023)$(3,633,735)$30,823,086 

The accompanying notes are an integral part of these condensed consolidated financial statements.


4

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (continued)
(Unaudited)

Series A Convertible
Preferred Stock		Common StockAdditional
Paid-in
Capital		Accumulated Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Non-controlling InterestsTotal
SharesAmountSharesAmount
Balances Pre-IPO - 12/30/2020, as previously reported16,789,088 $1,679 26,162,122 $2,616 $19,650,659 $(77,841)$(20,457,823)$— $(880,710)
Conversion of shares due to merger capitalization(16,789,088)(1,679)(17,039,126)(1,704)3,383 — — — — 
Balances Post--IPO - 12/30/2020, as previously reported— — 9,122,996 912 19,654,042 (77,841)(20,457,823)— (880,710)
Beneficial conversion feature - convertible debenture— — — — 427,796 — — — 427,796 
Conversion of convertible debenture— — 544,178 54 3,999,381 — — — 3,999,435 
Repurchase of common stock from EDF— — (600,000)(60)(5,999,940)— — — (6,000,000)
Assumption of private warrant liability from Newborn— — — — (1,253,228)— — — (1,253,228)
Merger recapitalization, net of share redemption of $18,629 and issuance costs of $5,979,675
— — 8,060,418 806 51,750,557 — — — 51,751,363 
Placement agent fee paid in common stock— — 208,532 21 2,085,299 — — — 2,085,320 
PIPE offering, less issuance costs of $2,500
— — 1,425,000 143 14,247,357 — — — 14,247,500 
Notice of exercise of put option— — — — (2,000,000)— — — (2,000,000)
Stock-based compensation— — — — 262,105 — — — 262,105 
Currency translation adjustment— — — — — 116,749 — — 116,749 
Net loss— — — — — — (5,361,720)— (5,361,720)
Balances March 31, 2021— — 18,761,124 1,876 83,173,369 38,908 (25,819,543)— 57,394,610 
Additional merger recapitalization costs— — — — (265,736)— — — (265,736)
Buyback of shares related to exercise of put option— — (134,500)(13)13 — — — — 
Issuance of common shares— — — — — — — — 
Issuance of warrants to Stonepeak and Evolve— — — — 30,234,000 — — — 30,234,000 
Issuance of options to purchase shares of common stock to Stonepeak and Evolve— — — — 12,584,000 — — — 12,584,000 
Stock-based compensation— — — — 1,090,603 — — — 1,090,603 
Currency translation adjustment— — — — — (20,146)— — (20,146)
Net loss— — — — — — (6,187,306)— (6,187,306)
Balances June 30, 2021— $— 18,626,624 $1,863 $126,816,249 $18,762 $(32,006,849)— $94,830,025 
Exercise of stock options— — 7,913 2 18,323 — — — 18,325 
Stock-based compensation— — — — 1,337,373 — — — 1,337,373 
Stonepeak and Evolve warrants and option deferred commitment costs - amortization— — — — (179,151)— — —  (179,151)
Currency translation adjustment— — — — — 51,179 — — 51,179 
Preferred dividends - non-controlling interest — — — — — — — (39,096)(39,096)
Accretion on redeemable non-controlling interests preferred shares— — — — — — —  (100,039)(100,039)
Net loss— — — — — — (6,837,445)(130,837)(6,968,282)
Balances September 30, 2021— $— 18,634,537 $1,865 $127,992,794 $69,941 $(38,844,294)$(269,972)$88,950,334 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
 20222021
Operating activities
Net loss$(70,773,374)$(18,517,308)
Adjustments to reconcile to net loss to net cash used in operating activities
Depreciation and amortization211,220 122,352 
Stock-based compensation4,487,003 2,690,081 
Write-off of deferred financing costs43,562,847 — 
Beneficial conversion feature on convertible debenture— 427,796 
Accretion of discount on convertible debenture— 116,147 
Change in fair value of warrants liability(854,000)(627,228)
Change in fair value of derivative liability19,309 — 
Loss on disposal of asset— 1,349 
Gain on extinguishment of PPP Loan— (492,100)
Noncash lease expense336,903 2,141 
Change in operating assets and liabilities
Accounts receivable818,758 (99,963)
Inventory(649,809)(5,126,698)
Prepaid expenses and other assets(2,040,485)(4,062,202)
Accounts payable(4,070,611)(240,200)
Accrued expenses443,491 2,260,833 
Deferred revenue324,660 66,493 
Net cash used in operating activities(28,184,088)(23,478,507)
Investing activities
Proceeds from sale of property and equipment— 7,784 
Purchase of property and equipment(349,182)— 
Investments(1,000,000)— 
Net cash (used) provided in investing activities(1,349,182)7,784 
Financing activities
Proceeds from Newborn Escrow Account— 58,184,461 
Redemption of Newborn shares— (18,629)
Issuance costs related to reverse recapitalization and PIPE offering— (3,970,657)
Proceeds from PIPE offering— 14,250,000 
Repayment of Newborn sponsor loans— (487,500)
Repurchase of common stock from EDF— (6,000,000)
Newborn cash acquired— 50,206 
Purchase of stock from investor— (2,000,000)
Payment of financing costs— (1,000,000)
Proceeds from forward option put exercise1,994,073 — 
Proceeds from exercise of pre-funded warrants related to Direct Offering58 — 
Proceeds from Direct Offering of common stock, net of offering costs13,069,815 — 
Proceeds from common stock offering, net of offering costs3,763,494 — 
Payment of finance lease obligations(7,396)(4,613)
Proceeds from exercise of stock options209,280 18,325 
Issuance of Preferred Stock— 3,138,000 
Net cash provided in financing activities19,029,324 62,159,593 
Effect of exchange rate on cash(121,218)150,547 
Net (decrease) increase in cash and restricted cash(10,625,164)38,839,417 
Cash and restricted cash at beginning of year32,740,520 2,275,895 
Cash and restricted cash at end of period$22,115,356 $41,115,312 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
Nine Months Ended September 30,
20222021
Supplemental Disclosure of Noncash Financing Activity
Conversion of preferred stock to common stock$— $1,679 
Conversion of debenture and accrued interest to common shares$— $3,999,435 
Conversion of shares due to reverse recapitalization$— $3,383 
Issuance of common stock for merger success fee$— $2,085,299