Nuvve (NASDAQ:NVVE) executives used the company’s fourth-quarter and full-year 2025 earnings call to emphasize a strategic pivot away from vehicle-to-grid (V2G) deployments toward stationary battery storage, while also detailing quarterly results that included a sizable one-time inventory impairment tied to discontinued charger hardware.
Management highlights pivot to stationary storage
Chief Executive Officer Gregory Poilasne described 2025 as “a transition year” as the company shifted focus from V2G deployments to stationary storage. Poilasne said stationary batteries are not new for Nuvve, noting the company has managed batteries “for a few years” in the U.S., including at the University of California, San Diego, and previously in Japan through a partnership with Toyota Tsusho.
He also said Nuvve has been integrating artificial intelligence-based functionality for roughly three years, initially focused on forecasting battery usage and market values, and has now moved into “a full end-to-end AI-based product development cycle.” Poilasne added the company is integrating AI-based project management, sales support, and finance functionality “in order to scale our business while we are reducing our cost base.”
Europe partnership and project pipeline
In Europe, Poilasne pointed to a recently announced partnership with Omnia Global, which he described as a Zug, Switzerland-based family office. He said Omnia has developed “a 1 GW-plus battery pipeline across multiple countries in Europe” expected to be deployed over the next 24 months, and that the partnership’s purpose is to deploy batteries across Europe that will be owned by Nuvve.
Poilasne said the company has already announced three projects:
- 50 MW / 75 MWh project in Sweden
- 40 MW / 80 MWh project in Austria
- 60 MW / 120 MWh project in Romania
He said “different processes are underway” for Nuvve to ultimately own the batteries, and noted the three projects total 150 MW. Poilasne also discussed the economics of such projects, saying compensation “can vary between $200-$3,000 per MW per year to more than $500,000 per MW per year,” calling the opportunity “extremely exciting” with “tremendous upside.”
Japan: new entity, battery sale, and aggregator selection
Poilasne said that following the termination of the company’s partnership with Toyota Tsusho, Nuvve launched a new entity, Nuvve Japan. He characterized Japan as a less mature market where Nuvve is pursuing different business models.
He highlighted a recently announced sale of a 2 MW / 8 MWh battery in Niigata Prefecture for $3.35 million. Poilasne said the company has received “a little less than $1 million” as a down payment and is targeting battery delivery by November 2026.
Poilasne also said Nuvve Japan was selected as the aggregator platform for “another 2 MW battery projects.” In addition to selling and managing batteries, he said other business models include “tolling,” which he described as a rental agreement where the battery owner receives fixed income while Nuvve’s platform seeks to generate higher returns with the asset.
Poilasne said the company’s Japan pipeline is similar in size to its European project pipeline, but spread over a longer period of about 36 to 48 months.
Financial results: revenue growth in Q4, impairment charge drives wider loss
Chief Financial Officer David Robson reported fourth-quarter 2025 revenue of $1.93 million, up from $1.79 million in the fourth quarter of 2024. Robson said the increase was driven by higher product sales and grant revenue, partially offset by lower service revenue due to the absence of management fees related to the Fresno EV infrastructure project versus the prior-year quarter.
For the full year, revenue totaled $4.79 million, down from $5.29 million in the prior year, which Robson again attributed primarily to lower service revenue tied to the absence of Fresno project management fees, partially offset by higher product and grant revenue.
Robson said margins on products, services, and grant revenues were 24.2% in the fourth quarter versus 15.8% a year earlier, while full-year margins were 39.1% compared with 33.1% in the prior year. Excluding grant revenues, fourth-quarter margins on product and service revenue were 16% versus 11.5% a year earlier, and full-year margins excluding grant revenue were 31% versus 27.5%.
During the quarter, Robson said the company determined that certain 125 kW V2G DC chargers held in inventory and purchased from a former third-party supplier “were not conforming to our commercial product reliability standards” and would no longer be offered for domestic sale. As a result, Nuvve recorded an inventory impairment charge of $3.47 million, reducing the inventory carrying value to zero. Robson said the impaired DC chargers were later transferred to property, plant, and equipment at zero carrying value and will be used to support business development efforts in Taiwan.
Operating costs excluding cost of sales and the inventory impairment were $3.7 million in the fourth quarter, down from $5.9 million in both the third quarter of 2025 and the fourth quarter of 2024, which Robson said was primarily due to lower payroll expense. Cash operating expenses (excluding cost of sales, inventory impairment, stock compensation, and depreciation and amortization) were $2.0 million in the fourth quarter, compared with $5.4 million in the third quarter and $5.2 million in the year-ago quarter.
Other income was $0.4 million in the fourth quarter versus $0.5 million a year earlier, with Robson noting both periods benefited from non-cash gains related to changes in the fair value of warrants and debt, offset by interest expense. Net loss attributable to common stockholders widened to $6.1 million in the fourth quarter from $5.1 million a year earlier, which Robson said was primarily due to the one-time inventory impairment, partially offset by lower operating expenses.
Balance sheet, megawatts under management, and backlog
Robson said Nuvve ended 2025 with approximately $5.5 million in cash as of December 31, excluding $0.3 million in restricted cash. He said the cash balance increased by $5.1 million from December 2024, primarily due to $8.1 million raised from the issuance of preferred stock and warrant exercises, plus $0.9 million from the sale of the company’s equity investment in Dreev, partially offset by $4.5 million used in operating activities.
Inventories were $0.8 million at year-end, down from $4.3 million at the end of the third quarter, reflecting the $3.47 million impairment charge. Accounts receivable were flat at $1.1 million compared to the third quarter. Accounts payable rose to $3.4 million from $2.9 million, while accrued expenses fell to $1.8 million from $5.7 million.
Robson said megawatts under management rose 7.5% sequentially to 28.3 MW from 26.4 MW, but decreased 7.6% from the fourth quarter of 2024. He said 0.2 MW came from stationary batteries and 28.1 MW from EV chargers, with the quarter-over-quarter increase tied to DC charger deployments and the year-over-year decline reflecting the decommissioning of stationary batteries managed in California and Japan. Robson said the company expects further growth in 2026 as it commissions backlog customer orders and pursues new business in both EV chargers and stationary batteries.
Backlog as of December 31, 2025 declined to $3.3 million, down from $18.3 million a year earlier. Robson said the decrease primarily related to the termination of the Fresno EV infrastructure project in early February 2026.
In closing remarks, Poilasne reiterated confidence in the stationary storage pivot, saying the company’s success “is going through battery deployments, especially in Europe and Japan,” and told listeners to “expect to hear more” about deployment progress. The call concluded without any analyst questions.
About Nuvve (NASDAQ:NVVE)
Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.
Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.
