Nuvve (NVVE) revenue slides 31.9% and its loss narrows only slightly

What happened

Nuvve Holding Corp. (NVVE) said third-quarter revenue fell 31.9% to $1.09 million, from $1.60 million a year earlier. Cost cuts narrowed the loss slightly, but the balance sheet weakened.

In results released Nov. 13, Nuvve reported a net loss of $4.7 million for the three months ended Sept. 30, down 2.1% from a year earlier. It raised $0.97 million in gross proceeds during the quarter through debt, a private placement, preferred stock and warrant exercises.

Key numbers

Metric	Latest	Change	Source
Total revenue, Q3 2026	$1.09 million	from $1.60 million, -31.9%	SEC 8-K, Exhibit 99.1
Gross profit margin, Q3 2026	24.0%	from 52.0%, -28.0 percentage points	Calculated from SEC 8-K
Net loss, Q3 2026	$4.7 million	from $4.8 million, -2.1%	SEC 8-K, Exhibit 99.1
Cash, Sept. 30, 2026 (prior: Dec. 31, 2025)	$37,202	from $5.47 million	SEC 8-K, Exhibit 99.1
Total liabilities, Sept. 30, 2026 (prior: Dec. 31, 2025)	$21.30 million	from $14.86 million, +43.3%	Calculated from SEC 8-K

Read more: Nuvve Holding (NVVE) company research

Where revenue and margin slipped

Product sales drove the revenue decline. Products revenue fell $0.34 million on lower customer orders and shipments. Services revenue fell $0.12 million and grants fell $0.05 million.

Gross margin fell to 24.0% from 52.0% in the third quarter of 2025. Nuvve cited higher replacement warranty costs on certain discontinued DC chargers and a write-down of certain costs on the Troy project. It also cited more hardware charging stations and fewer engineering services in the mix.

The Troy write-down followed the customer's choice to delay installing AC chargers. Services margin was negative 20.5% in the quarter, against 91.8% a year earlier.

Cost cuts did the work on the loss. Total operating expenses fell $1.3 million. Research and development spending dropped 61.2% to $0.5 million from $1.2 million. Selling, general and administrative expense fell to $4.1 million from $4.8 million. Other income swung to $0.35 million of other expense from $0.32 million of other income, which offset part of the saving.

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Balance sheet strain

Cash was $37,202 at Sept. 30, down from $5.47 million at Dec. 31, 2025. Cash and restricted cash together were $357,202. Cash operating losses were $4.3 million in the quarter, a little lower than a year earlier.

Obligations are growing. Total liabilities rose to $21.30 million from $14.86 million at year-end. Accounts payable more than doubled to $7.23 million from $3.41 million. Current liabilities of $16.94 million sit against current assets of $4.18 million. The total stockholders' deficit widened to $13.42 million from $2.43 million.

Over nine months, net cash used in operating activities was $10.60 million, against $12.35 million a year earlier. Common shares outstanding were 1,914,246 on Sept. 30, up from 114,991 at Dec. 31. Notes and accrued interest converted to common shares totaled $0.62 million in the nine months, against $10.13 million a year earlier.

Why it matters

OptimistFi has argued that Nuvve only works if fleet electrification moves from pilots into financed, utility-integrated deployments before cash pressure forces damaging financing. This quarter is mixed against that view. Capacity under management grew and costs fell, but revenue shrank and cash ended the quarter very low.

Megawatts under management reached 29.9 from 28.3 in the fourth quarter of 2025, up 5.7%. They rose 3.5 megawatts, or 13.3%, from the third quarter of 2025. The measure is potential charging capacity, not revenue. It grew even though Nuvve stopped managing stationary batteries in Japan with Toyota Tsusho, because expected future revenue under the agreement was limited.

The caveat is the balance sheet. Nuvve still lost money at the operating line, with an operating loss of $4.34 million against $5.11 million a year earlier. The $0.97 million raised in the quarter was well below its cash operating losses.

What's next

Nuvve holds a conference call at 5 p.m. Eastern (2 p.m. Pacific) on Nov. 13 to review the quarter, with a replay to follow. Management commentary on the pipeline is the near-term test.

CEO Gregory Poilasne said Nuvve expects more developments on its European, Japan and New Mexico stationary battery pipeline projects over the next several quarters. He also expects better cash burn from lower operating costs than last year. Nuvve is preparing initial technical evaluations of its Astrea forecasting platform with prospective utility and electric cooperative customers.

The next quarterly report will show whether revenue recovers and whether cash burn eases. Pipeline projects that turn into revenue would strengthen the case. Another quarter of falling sales and rising liabilities would weaken it.

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