Nuvve (NASDAQ:NVVE) Posts Earnings Results, Beats Expectations By $331.15 EPS

Nuvve (NASDAQ:NVVE) released its earnings results on Friday. The company reported ($14.45) earnings per share for the quarter, beating the consensus estimate of ($345.60) by $331.15, FiscalAI reports. The company had revenue of $1.23 million during the quarter, compared to analyst estimates of $1.90 million.

Here are the key takeaways from Nuvve’s conference call:

• NASDAQ delisting remains a major overhang: Nuvve’s common stock was suspended from NASDAQ and now trades on the OTCQB after the company failed continued listing requirements for filings, bid price, and stockholders’ equity. Management says returning to a senior exchange is an immediate priority, with a timeline measured in months.
• Second-quarter revenue rose 268% year over year to $1.23 million, while the net loss narrowed 46% to $7 million. Backlog increased to $5.3 million from $4.4 million at the end of the prior quarter.
• Profitability and liquidity remain strained: gross margin fell to 2.6%, including a $1.2 million write-down tied to the Troy project, and cash was only approximately $0.5 million at June 30. Nuvve used $3.6 million in operating activities during the quarter and expects to rely on further cost reductions and financing.
• Nuvve is shifting its strategy toward owning and operating stationary batteries in Europe, supported by its Omnia partnership, while advancing battery, microgrid, and school-bus projects in Japan and New Mexico. The asset-ownership model could create recurring energy revenue and hard assets, but it is more capital-intensive than the company’s prior service-oriented approach.
• Megawatts under management increased 3.1% sequentially to 29.9 MW, and management expects additional growth as existing orders are commissioned and new projects are won across Europe, Japan, and the U.S.

Nuvve Stock Performance

NASDAQ NVVE traded up $0.05 during trading on Friday, hitting $1.17. The stock had a trading volume of 11,012 shares, compared to its average volume of 617,532. Nuvve has a 12 month low of $0.85 and a 12 month high of $464.40. The company’s 50-day moving average price is $5.49 and its two-hundred day moving average price is $11.42. The company has a market capitalization of $611,992.50, a PE ratio of -0.00 and a beta of 1.56.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Nuvve in a research report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Nuvve currently has a consensus rating of “Sell”.

Institutional Trading of Nuvve

A hedge fund recently raised its stake in Nuvve stock. Geode Capital Management LLC boosted its holdings in Nuvve Holding Corp. (NASDAQ:NVVE) by 69.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,234 shares of the company’s stock after purchasing an additional 15,208 shares during the period. Geode Capital Management LLC owned about 3.34% of Nuvve worth $95,000 as of its most recent filing with the Securities and Exchange Commission. 19.01% of the stock is currently owned by hedge funds and other institutional investors.

Nuvve Company Profile

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.