Nuvve Holding 2025 Q3 Earnings Net Loss Widens 190.6% Despite Revenue Decline

Nuvve Holding (NVVE) reported its fiscal 2025 Q3 earnings on Nov 14, 2025, with revenue declining 16.7% to $1.60 million and a net loss widening by 190.6% to $4.79 million. The results reflect ongoing operational challenges, though the company highlighted strategic shifts toward stationary battery projects and announced financing efforts to meet Nasdaq listing requirements.

Revenue

Nuvve’s total revenue fell to $1.60 million in Q3 2025, a 16.7% decline from $1.92 million in the prior year. Product sales contributed $947,561, services revenue amounted to $380,876, and grants added $270,190. The drop in services revenue, driven by the absence of management fees from the Fresno EV infrastructure project, offset gains in product and grant income.

Earnings/Net Income

The company narrowed its per-share loss to $0.24 (from $2.47) but saw its net loss expand to $4.79 million, a 190.6% increase from $1.65 million in Q3 2024. Despite a 90.3% improvement in per-share losses, the net loss expansion underscores persistent financial strain.

Post-Earnings Price Action Review

A strategy of buying NVVE shares on the earnings release date and holding for 30 days yielded a 30.12% return, outperforming the SPY ETF’s 28.69% return. However, the strategy faced a 46.87% maximum drawdown, with the stock surging 46.80% on Nov 13 (earnings day) but plunging 46.87% the following day. The volatility highlights the stock’s high-risk profile, suitable for investors tolerant of sharp swings.

CEO Commentary

CEO Gregory Poilasne emphasized Nuvve’s pivot to stationary battery projects, including 3x 2-MW developments in Denmark and an 8.2 MWh project in Japan. He expressed optimism about energy storage demand but acknowledged ongoing fundraising needs and a reverse stock split to meet Nasdaq requirements.

Guidance

Nuvve anticipates accelerated stationary battery project opportunities in Europe, Japan, and the U.S., with installations expected by late 2026. The company expects reduced cash burn and improved service margins but warned of a Q3 2025 net loss of $4.5M and $0.9M in cash reserves.

Additional News

1. Japan Battery Deal: Nuvve secured an 8.17 MWh stationary battery aggregation project in Japan, projected to start in H1 2026, marking its expansion into grid-scale storage.

2. Denmark Projects: Three 2-MW battery storage projects in Denmark, totaling $10 million, aim for 25% IRR.

3. Financing Efforts: A private placement and equity line of credit could raise up to $50 million to meet Nasdaq compliance and stabilize the balance sheet.

Nuvve faces significant hurdles, including a history of losses and Nasdaq listing risks, but recent strategic moves and financing plans signal a focus on long-term growth in energy storage. Investors should monitor execution on its stationary battery pipeline and liquidity management.