Nuvve Holding Corp.

Fourth-quarter 2025 total revenue was $1.93 million, up from $1.79 million in Q4 2024. Full-year 2025 revenue was $4.79 million, down from $5.29 million in the prior year. Q4 product/service/grant gross margin was 24.2% versus 15.8% a year ago; full-year margin was 39.1% versus 33.1%. Excluding grant revenue, Q4 margin was 16% versus 11.5%, and full-year margin was 31% versus 27.5%. Net loss attributable to common stockholders was $6.1 million in Q4 versus $5.1 million a year ago, impacted by a $3.47 million inventory impairment. Cash was approximately $5.5 million at December 31, 2025, excluding $0.3 million restricted cash, and operating activities used $4.5 million in the quarter. Looking ahead, management said it expects more developments from Europe and Japan stationary battery projects in the next several quarters, and expects cash burn to improve as operating costs decline.

Gregory Poilasne framed 2025 as a transition year, saying Nuvve is pivoting from vehicle-to-grid deployments to stationary storage and that the market signals support that move. He emphasized AI-enabled product development and cost reduction efforts, while calling the OMNIA Global partnership in Europe “transformative.” His tone was confident and forward-looking, with repeated emphasis that battery deployments in Europe and Japan are now the main path for growth.

David Robson focused on the financial bridge from the quarter to the longer-term pivot. He cited the $1.93 million of Q4 revenue, the 24.2% margin, the $3.47 million inventory impairment, and the roughly $5.5 million cash balance at year-end, noting that cash increased by $5.1 million from December 2024 largely because of $8.1 million raised through preferred stock and warrant exercises. He also said operating costs excluding cost of sales and impairment fell to $3.7 million from $5.9 million a year ago, and cash operating expenses dropped to $2 million from $5.2 million, which he said should help reduce cash burn.

There was no analyst Q&A; the operator noted no questions were received. As a result, no additional concerns or challenges were pressed on management beyond the prepared remarks. The most notable discussion points remained the pivot to stationary batteries, the Europe/Japan pipeline, and the implications of the Fresno project termination on backlog.