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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, 2023
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.)
2488 Historic Decatur Road, Suite 200San 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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 2, 2023, 44,948,934 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, 2023
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, 2022, 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, 2023December 31, 2022
Assets 
Current assets
Cash$13,864,646 $15,753,896 
Restricted cash480,000 480,000 
Accounts receivable, net2,669,269 1,121,694 
Inventories6,833,937 11,551,831 
Prepaid expenses 1,061,770 1,487,582 
Other current assets1,567,143 1,454,563 
Total current assets26,476,765  31,849,566 
Property and equipment, net686,977 636,944 
Intangible assets, net1,237,062 1,341,640 
Investment in equity securities670,951 1,670,951 
Investment in leases114,865 97,054 
Right-of-use operating lease assets4,959,255 5,305,881 
Financing receivables288,872 288,872 
Security deposit, long-term29,649 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 customers9,830,000 — 
Accrued expenses3,598,525 3,347,399 
Deferred revenue1,116,511 1,221,497 
Operating lease liabilities - current859,820 824,326 
Other liabilities803,091 113,844 
Total current liabilities17,892,711 7,897,488 
Operating lease liabilities - noncurrent4,746,575 5,090,170 
Warrants liability76,275 220,884 
Derivative liability - non-controlling redeemable preferred shares285,640 359,225 
Other long-term liabilities618,156 393,179 
Total liabilities23,619,357 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 September 30, 2023 and December 31, 2022; aggregate liquidation preference of $3,676,668 and $3,464,606 at September 30, 2023 and December 31, 2022, respectively
4,032,163 3,547,765 
Class D Incentive units, zero par value, 1,000,000 units authorized; 50,000 and 250,000 units issued and outstanding at September 30, 2023 and December 31, 2022, respectively
185,004 445,479 
Stockholders’ equity 
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
— — 
Common stock, $0.0001 par value, 100,000,000 shares authorized; 32,505,010 and 24,272,150 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
3,251 2,427 
Additional paid-in capital152,100,803 144,073,505 
Accumulated other comprehensive income104,539 76,182 
Accumulated deficit(140,957,114)(116,956,528)
Nuvve Holding Corp. Stockholders’ Equity 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 

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,
2023202220232022
Revenue    
Products $1,772,532 $280,184 $4,748,141 $3,333,825 
Services866,477 207,634 1,720,262 475,806 
Grants73,563 65,869 219,082 416,816 
Total revenue2,712,572 553,687 6,687,485 4,226,447 
Operating expenses
Cost of products2,314,854 215,068 5,037,756 3,114,573 
Cost of services86,371 61,417 775,489 338,820 
Selling, general, and administrative6,481,759 7,163,673 18,751,119 22,925,745 
Research and development2,292,908 1,715,821 6,780,211 6,021,535 
Total operating expenses11,175,892 9,155,979 31,344,575 32,400,673 
Operating loss(8,463,320)(8,602,292)(24,657,090)(28,174,226)
Other income (expense) 
Interest income, net16,213 39,150 105,194 47,553 
Change in fair value of warrants liability214,573 1,852,700 144,609 11,213,700 
Change in fair value of derivative liability67,366 (40,245)73,585 (19,309)
Other, net(168,177)89,222 356,155 81,455 
Total other income, net129,975 1,940,827 679,543 11,323,399 
Loss before taxes(8,333,345)(6,661,465)(23,977,547)(16,850,827)
Income tax expense — —  — — 
Net loss$(8,333,345)$(6,661,465)$(23,977,547)$(16,850,827)
Less: Net income (loss) attributable to non-controlling interests8,285 (168,985)23,039 (459,863)
Net loss attributable to Nuvve Holding Corp.$(8,341,630)$(6,492,480)$(24,000,586)$(16,390,964)
Less: Preferred dividends on redeemable non-controlling interests72,092 66,601 212,062 195,912 
Less: Accretion on redeemable non-controlling interests preferred shares161,466 161,466 484,398 484,398 
Net loss attributable to Nuvve Holding Corp. common stockholders$(8,575,188)$(6,720,547)$(24,697,046)$(17,071,274)
Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted$(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 diluted32,191,013 21,952,882 28,172,399 19,972,016 


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,
2023202220232022
    
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 taxes18,124 (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 interests8,285 (168,985)23,039 (459,863)
Comprehensive loss attributable to Nuvve Holding Corp.$(8,323,506)$(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 Nuvve Holding Corp. common stockholders$(8,089,948)$(6,325,712)$(23,275,769)$(15,811,951)


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
(Unaudited)
Common StockAdditional
Paid-in
Capital		Accumulated Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Non-controlling InterestsTotal
SharesAmount
Balances December 31, 202224,272,150 $2,427 $144,073,505 $76,182 $(116,956,528)$(3,950,186)$23,245,400 
Exercise of stock options and vesting of restricted stock91,300 9 (9)— — — — 
Stock-based compensation— — 1,414,183 — — — 1,414,183 
Currency translation adjustment— — — 8,934 — — 8,934 
Preferred dividends - non-controlling interest— — — — — (69,292)(69,292)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Proceeds from Direct Offering, net of offering costs543,478 54 469,946 — — — 470,000 
Proceeds from common stock offering, net of offering costs78,638 8 136,709 — — — 136,717 
Net loss— — — — (7,666,393)6,288 (7,660,105)
Balances March 31, 202324,985,566 2,498 146,094,334 85,116 (124,622,921)(4,174,656)17,384,371 
Exercise of stock options and vesting of restricted stock options624,400 62 391,129 — — — 391,191 
Stock-based compensation— — 1,069,188 — — — 1,069,188 
Proceeds from Direct Offering, net of offering costs4,310,711 432 1,876,760 — — — 1,877,192 
Proceeds from common stock offering, net of offering costs1,336,364 134 644,773 — — — 644,907 
Currency translation adjustment— — — 1,299 — — 1,299 
Preferred dividends - non-controlling interest— — — — — (70,678)(70,678)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (7,992,563)8,466 (7,984,097)
Balances June 30, 202331,257,041 3,126 $150,076,184 86,415 (132,615,484)(4,398,334)13,151,907 
Exercise of stock options and vesting of restricted stock options1,150,799 116 824,651 — — — 824,767 
Stock-based compensation— — 1,097,016 — — — 1,097,016 
Proceeds from Direct Offering, net of offering costs— — — — — — 
Proceeds from common stock offering, net of offering costs97,170 9 102,952 — — — 102,961 
Currency translation adjustment— — — 18,124 — — 18,124 
Preferred dividends - non-controlling interest— — — — —  (72,092)(72,092)
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (8,341,630)8,285 (8,333,345)
Balances September 30, 202332,505,010 $3,251 $152,100,803 $104,539 $(140,957,114)$(4,623,607)$6,627,872 

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 (continued)
(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 $122,336,607 $113,446 $(92,937,863)$(2,501,633)$27,012,445 
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— — — — (4,630,328)(100,933)(4,731,261)
Balances March 31, 202218,891,500 1,891 123,792,248 99,762 (97,568,191)(2,828,047)23,497,663 
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— — — — (5,268,156)(189,945)(5,458,101)
Balances June 30, 202219,709,763 1,986 129,459,590 73,448 (102,836,347)(3,244,754)23,453,923 
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 Offering, net of offering costs2,150,000 215 10,405,256 — — — 10,405,471 
Accretion on redeemable non-controlling interests preferred shares— — — — — (161,466)(161,466)
Net loss— — — — (6,492,480)(168,985)(6,661,465)
Balances September 30, 202222,897,935 $2,292 $142,781,162 $12,149 $(109,328,827)$(3,641,806)$29,824,970 

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,
 20232022
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 amortization237,043 211,220 
Stock-based compensation3,197,471 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 expense355,133 336,903 
Change in operating assets and liabilities
Accounts receivable(1,547,575)818,758 
Inventory4,717,894 (649,809)
Prepaid expenses and other assets304,031 (2,040,485)
Accounts payable(705,658)(4,070,611)
Due to customers9,830,000 — 
Accrued expenses2,056,210 443,491 
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 securities1,325,155 — 
Net cash provided (used) in investing activities1,125,278 (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 costs2,347,192 13,069,815 
Proceeds from common stock offering, net of offering costs884,586 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 activities3,226,403 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 year16,233,896 32,740,520 
Cash and restricted cash at end of period$14,344,646 $22,115,356 
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,
20232022
Supplemental Disclosure of Noncash Financing Activity
Transfer of inventory to property and equipment$— $87,095 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note 1 – Organization and Description of Business
Description of Business
Nuvve Holding Corp., a Delaware corporation headquartered in San Diego, California (the “Company” or “Nuvve”), was founded on November 10, 2020 under the laws of the state of Delaware. On March 19, 2021, the Company (at the time known as NB Merger Corp.) acquired the outstanding shares of Nuvve Corporation (“Nuvve Corp.”), and the Company changed its name to Nuvve Holding Corp.
Structure of the Company
Nuvve has two wholly owned subsidiaries, Nuvve Corp. and Nuvve Pennsylvania LLC. Nuvve Corp. has four wholly owned subsidiaries: (1) Nuvve Denmark ApS, (“Nuvve Denmark”), a company registered in Denmark, (2) Nuvve SaS, a company registered in France, (3) Nuvve KK (Nuvve Japan), a company registered in Japan, and (4) Nuvve LTD, a company registered in United Kingdom. Nuvve Norway, a company registered in Norway is a branch of Nuvve Denmark.
On August 4, 2021, the Company formed Levo Mobility LLC, a Delaware limited liability company ("Levo"), with Stonepeak Rocket Holdings LP, a Delaware limited partnership ("Stonepeak"), and Evolve Transition Infrastructure LP, a Delaware limited partnership ("Evolve"). Levo is a consolidated entity of the Company. Please see Note 2 for the principles of consolidation.
Levo is a sustainable infrastructure company focused on rapidly advancing the electrification of transportation by funding vehicle-to-grid ("V2G") enabled Electric Vehicle ("EV") fleet deployments. Levo utilizes Nuvve’s V2G technology and conditional capital contribution commitments from Stonepeak and Evolve to offer Fleet-as-a-Service ("FaaS") for school buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more to eliminate the primary barriers to EV fleet adoption including large upfront capital investments and lack of expertise in securing and managing EVs and associated charging infrastructure.

Levo's turnkey solution simplifies and streamlines electrification, can lower the total cost of EV operation for fleet owners, and supports the grid when the EVs are not in use. For a fixed monthly payment with no upfront cost, Levo will provide the EVs, such as electric school buses, charging infrastructure powered by Nuvve’s V2G platform, EV and charging station maintenance, energy management, and technical advice.

Levo focuses on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children while supporting carbon dioxide emission reduction, renewable energy integration, and improved grid resiliency.
8
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 2 – Summary of Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, see Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).
During the nine months ended September 30, 2023, there were no significant updates made to the Company’s significant accounting policies.
Basis of Presentation
The accompanying (i) unaudited condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and (ii) unaudited interim condensed consolidated financial statements have been prepared in accordance pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Therefore, it is suggested that these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the 2022 Form 10-K, filed with the SEC on March 31, 2023.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, cash flows, and stockholders’ equity for the interim periods, but are not necessarily indicative of the results to be anticipated for the full year 2023 or any future period.
In accordance with Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the unaudited condensed consolidated financial statements are issued. Since inception, the Company has incurred recurring losses and negative cash flows from operations and has an accumulated deficit of $141.0 million as of September 30, 2023. Nuvve incurred operating losses of approximately $24.7 million as of the nine months ended September 30, 2023, and $36.9 million and $27.2 million for the years ended December 31, 2022, and 2021, respectively. Nuvve cash used in operations were $6.2 million for the nine months ended September 30, 2023, and $34.1 million and $29.2 million for the years ended December 31, 2022, and 2021, respectively. As of September 30, 2023, Nuvve had a cash balance, working capital, and stockholders’ equity of $13.9 million, $8.6 million and $6.6 million, respectively. The Company continues to expect to generate operating losses and negative cash flows and may need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful expanded commercialization of the Company's Grid Integrated Vehicle ("GIVe") platform and the achievement of a level of revenues adequate to support its cost structure.
Management plans to fund current operations through increased revenues and if required cash saving measures and or raising additional capital. Management's expectations with respect to the Company’s ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. There is an inherent risk that the Company may not achieve such financial projections and if so, cash outflows could be higher than currently anticipated. Should this occur, management plans to implement cash saving measures during this time period, including reductions in discretionary expenses related to consultants, travel, personnel, and personnel-related costs. If necessary, management believes it can raise additional capital through its at-the-market offering agreement. However, as such plans are not solely within management’s control management cannot conclude as of the date of this filing that the plans are probable of being successfully implemented and as such has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for twelve months from the date of issuance of our financial statements.

The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.



9
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Principles of Consolidation
The condensed consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries and its consolidated variable interest entity. All intercompany accounts and transactions have been eliminated upon consolidation.

Variable Interest Entities

Pursuant to the consolidation guidance, the Company first evaluates whether it holds a variable interest in an entity in which it has a financial relationship and, if so, whether or not that entity is a variable interest entity ("VIE"). A VIE is an entity with insufficient equity at risk for the entity to finance its activities without additional subordinated financial support or in which equity investors lack the characteristics of a controlling financial interest. If an entity is determined to be a VIE, the Company evaluates whether the Company is the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and economics. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.

The Company formed Levo with Stonepeak and Evolve, in which the Company owns 51% of Levo's common units. The Company has determined that Levo is a VIE in which the Company is the primary beneficiary. Accordingly, the Company consolidates Levo and records a non-controlling interest for the share of the entity owned by Stonepeak and Evolve.

Assets and Liabilities of Consolidated VIEs

The Company's condensed consolidated financial statements include the assets, liabilities and results of operations of VIEs for which the Company is the primary beneficiary. The other equity holders’ interests are reflected in "Net income (loss) attributable to non-controlling interests" in the condensed consolidated statements of operations and "Non-controlling interests" in the condensed consolidated balance sheets. See Note 18 for details of non-controlling interests. The Company began consolidating the assets, liabilities and results of operations of Levo during the quarter ended September 30, 2021.

The creditors of the consolidated VIE do not have recourse to the Company other than to the assets of the consolidated VIEs. The following table summarizes the carrying amounts of Levo assets and liabilities included in the Company’s condensed consolidated balance sheets at September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
Assets
Cash$27,225 $27,629 
Prepaid expenses and other current assets1,874 59,794 
Total Assets$29,099 $87,423 
Liabilities  
Accounts payable$13,680 $8,165 
Accrued expenses and dividend payable538,667 336,713 
Derivative liability - non-controlling redeemable preferred shares285,640 359,225 
Total Liabilities$837,987 $704,103 

Redeemable Non-Controlling Interest - Mezzanine Equity
Redeemable non-controlling interest represents the shares of the preferred stock issued by Levo to Stonepeak and Evolve (the "preferred shareholders"), who own 49% of Levo common units. The preferred stock is not mandatorily redeemable or currently redeemable, but it could be redeemable with the passage of time at the election of Levo, the preferred shareholders or a triggering event as defined in the preferred stock agreement. As a result of the contingent put right available to the preferred shareholders, the redeemable non-controlling interests in Levo are classified as mezzanine equity in the Company’s unaudited condensed consolidated balance sheets. The initial carrying value of the redeemable non-controlling interest is reported at the initial proceeds received on issuance date, reduced by the fair value of embedded derivatives resulting in an adjusted initial carrying value. The adjusted initial carrying value is further adjusted for the accretion of the difference with the redemption price value using the effective interest method. The accretion amount is a deemed dividend recorded against retained earnings or, in its absence, to additional-paid-in-capital. The carrying amount of the redeemable non-controlling interest is measured at the higher of the carrying amount adjusted each reporting period for income (or loss) attributable to the non-controlling interest, or the carrying amount adjusted each reporting period by the accretion amount. See Note 18 for details.
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NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Non-controlling interests
The Company presents non-controlling interests as a component of equity on its condensed consolidated balance sheets and reports the portion of its earnings or loss for non-controlling interest as net earnings or loss attributable to non-controlling interests in the condensed consolidated statements of operations.
Emerging Growth Company
Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) permits emerging growth companies (“EGC”) to delay complying with new or revised financial accounting standards that do not yet apply to private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act). The Company qualifies as an EGC. The JOBS Act provides that an EGC can elect to opt-out of the extended transition period and comply with the requirements that apply to non-EGCs, but any such election to opt-out is irrevocable. The Company has elected not to opt-out of such an extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This different adoption timing may make a comparison of the Company’s financial statements with another public company, which is neither an EGC nor an EGC that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by management include the impairment of intangible assets, the net realizable value of inventory, the fair value of share-based payments, lease incremental borrowing rate, derivative liability associated with redeemable preferred shares, revenue recognition, the fair value of warrants, and the recognition and disclosure of contingent liabilities.
Management evaluates its estimates on an ongoing basis. Actual results could materially vary from those estimates.
Cash and Restricted Cash
The Company maintains cash balances that can, at times, exceed amounts insured by the Federal Deposit Insurance Corporation, which is up to $250,000. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk in this area. In connection with a new office lease agreement, the Company was required to provide an irrevocable, unconditional letter of credit to the landlord upon execution of the lease. The amount securing the letter of credit was recorded as restricted cash as of September 30, 2023 and December 31, 2022 was $480,000.
Concentrations of Credit Risk
At September 30, 2023 and December 31, 2022, the financial instruments which potentially expose the Company to concentration of credit risk consist of cash in financial institutions (in excess of federally insured limits) and trade receivables.

The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable, as follows:

For the three and nine months ended September 30, 2023 three and two customers accounted for 62.2% and 30.9% of revenue, respectively. For the three and nine months ended September 30, 2022 three and two customers accounted for 62.4% and 51.1% of revenue, respectively.

During the three and nine months ended September 30, 2023, the Company's top five customers accounted for approximately 74.3% and 46.2%, respectively, of the Company’s total revenue. During the three and nine months ended September 30, 2022, the Company's top five customers accounted for approximately 81.9% and 63.7%, respectively, of the Company’s total revenue.

At September 30, 2023, three customers accounted for 65.5% of accounts receivable. At December 31, 2022, three customers accounted for 40.6% of accounts receivable.
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NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Approximately 78.0% and 53.6% of the Company’s trade accounts receivable balance was with five customers at September 30, 2023 and December 31, 2022, respectively. The Company estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. The trade accounts receivables are generally short-term and all probable bad debt losses have been appropriately considered in establishing the allowance for doubtful accounts.

Recently adopted accounting pronouncements
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires, among other things, the use of a new current expected credit loss ("CECL") model in determining the allowances for doubtful accounts with respect to accounts receivable, accrued straight-line rent receivable, and notes receivable. The CECL model requires that an entity estimate its lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. Entities will also be required to disclose information about how the entity developed the allowances, including changes in the factors that influenced its estimate of expected credit losses and the reasons for those changes. The Company adopted the guidance effective beginning January 1, 2023. The adoption of the guidance did not have a material impact on its condensed consolidated financial statements.

Recently issued accounting pronouncements not yet adopted
None applicable.
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NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 3 – Revenue Recognition
The disclosures below discuss the Company’s material revenue contracts.
The following table provides information regarding disaggregated revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue recognized over time:
Services - engineering$301,656 $43,254 $931,853 $215,349 
Grid services564,821 164,380 788,409 260,457 
Grants73,563 65,869 219,082 416,816 
Revenue recognized at point in time:
Products1,772,532 280,184 4,748,141 3,333,825 
Total revenue$2,712,572 $553,687 $6,687,485 $4,226,447 
The aggregate amount of revenue for the Company’s existing contracts and grants with customers as of September 30, 2023 expected to be recognized in the future, and classified as deferred revenue on the condensed consolidated balance sheet, for year ended December 31, is as follows (this disclosure does not include revenue related to contracts whose original expected duration is one year or less):
2023 (remaining three months)268,467 
2024499,285 
2025139,010 
202681,470 
Thereafter128,278 
Total (1)$1,116,511 
__________________
(1) The revenue recognition is subject to the completion of construction and commissioning of the EV infrastructure.

The Company operates in a single business segment, which is the EV V2G Charging segment. The following table summarizes the Company’s revenues by geography:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenues:
United States$2,552,138 $434,544 $6,290,200 $3,788,521 
United Kingdom— 23,231 33,047 160,616 
Denmark160,434 95,912 364,238 277,310 
$2,712,572  $553,687 $6,687,485 $4,226,447 
The following table summarizes the Company’s intangible assets and property, plant and equipment in different geographic locations:
September 30,
2023		December 31,
2022
Long-lived assets:
United States$1,685,126 $1,795,267 
United Kingdom3,288 1,335 
Denmark235,625 181,982 
$1,924,039 $1,978,584 
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NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 4 – Fair Value Measurements
The following are the liabilities measured at fair value on the condensed consolidated balance sheet at September 30, 2023 and December 31, 2022 using quoted price in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):
Level 1:
Quoted Prices
in Active
Markets for Identical
Assets		Level 2:
Significant
Other
Observable
Inputs		Level 3:
Significant
Unobservable
Inputs		Total at September 30,
2023		Total Gains (Losses) For The Three Months Ended September 30, 2023Total Gains (Losses) For The Nine Months Ended September 30, 2023
Recurring fair value measurements
Private warrants $— $— $4 $4 $212 $1,996 
Stonepeak and Evolve unvested warrants$— $— $— $— $— $— 
Institutional/Accredited Investor warrants $— $— $76,271 $76,271 $214,361 $142,613 
Derivative liability - non-controlling redeemable preferred shares$— $— $285,640 $285,640 $67,366 $73,585 
Total recurring fair value measurements$— $— $361,915 $361,915 $281,939 $218,194 
Level 1:
Quoted Prices
in Active
Markets for Identical
Assets		Level 2:
Significant
Other
Observable
Inputs		Level 3:
Significant
Unobservable
Inputs		Total at December 31,
2022		Total Gains (Losses) For The Three Months Ended September 30, 2022Total Gains (Losses) For The Nine Months Ended September 30, 2022
Recurring fair value measurements
Private warrants$— $— $2,000 $2,000 $170,000 $854,000 
Stonepeak and Evolve unvested warrants$— $— $— $— — 8,677,000 
Institutional/Accredited Investor warrants$— $— $218,884 $218,884 $1,682,700 $1,682,700 
Derivative liability - non-controlling redeemable preferred shares$— $— $359,225 $359,225 $(40,245)$(19,309)
Total recurring fair value measurements$— $— $580,109 $580,109 $1,812,455 $11,194,391 
The following is a reconciliation of the opening and closing balances for the liabilities related to the warrants (Note 11) and derivative liability - non-controlling redeemable preferred shares measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2023:
Private warrants Stonepeak and Evolve unvested warrants Institutional/Accredited Investor warrants Non-controlling redeemable preferred shares - derivative liability
Balance at December 31, 2022$2,000 $— $218,884 $359,225 
Total (gains) losses for period included in earnings(1,000)— 214,758 76,840 
Balance at March 31, 2023$1,000 $— 433,642 $436,065 
Total (gains) losses for period included in earnings(784)— (143,010)(83,059)
Balance at June 30, 2023$216 $— $290,632 $353,006 
Total (gains) losses for period included in earnings(212)$— $(214,361)$(67,366)
Balance at September 30, 2023$4 $— $76,271  $285,640 

14
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The fair value of the level 3 Private Warrants was estimated at September 30, 2023 using the Black-Scholes model which used the following inputs: term of 2.47 years, risk free rate of 4.92%, no dividends, volatility of 57.0%, and strike price of $11.50.

The fair value of the level 3 Private Warrants was estimated at December 31, 2022 using the Black-Scholes model which used the following inputs: term of 3.22 years, risk free rate of 4.20%, no dividends, volatility of 67.0%, and strike price of $11.50.

The fair value of the level 3 Institutional/Accredited Investor warrants was estimated at September 30, 2023 using the Black-Scholes model which used the following inputs: term of 4.30 years, risk free rate of 4.67%, no dividends, volatility of 62.0%, common stock price of $0.34, and strike price of $3.75.

The fair value of the level 3 Institutional/Accredited Investor warrants was estimated at December 31, 2022 using the Black-Scholes model which used the following inputs: term of 5.10 years, risk free rate of 3.97%, no dividends, volatility of 62.0%, common stock price of $0.50, and strike price of $3.75.

The following table presents the significant unobservable inputs and valuation methodologies used for the Company’s fair value measurements of non-recurring (level 3) Stonepeak and Evolve unvested warrants at September 30, 2023:
Series C Unvested WarrantsSeries D Unvested WarrantsSeries E Unvested WarrantsSeries F Unvested Warrants
Fair value (in millions)$—$—$—$—
Valuation methodologyMonte Carlo Simulation & Black Scholes Monte Carlo Simulation & Black ScholesMonte Carlo Simulation & Black ScholesMonte Carlo Simulation & Black Scholes
Capital expenditure forecast (in millions)$—$—$—$—
Probability of warrants vesting (a)