Nuvve (NVVE) Q4 2024 earnings summary

Executive summary

• 2024 was extremely challenging, with revenue declining for the first time since 2021 due to industry-wide delays and reduced government funding, particularly impacting the K-12 school bus segment.

• Megawatts under management grew 22.3% year-over-year to 30.7 MW as of December 31, 2024.

• The company reduced both cash and non-cash operating expenses by 33% year-over-year and shifted focus toward stationary battery business and grid modernization.

• Ended 2024 with $0.4M in cash; raised $2.6M in early 2025 via debt, private placements, and warrant exercises.

• Entered 2025 with over $18M in customer backlog and secured a significant contract with the State of New Mexico.

Financial highlights

• Q4 2024 revenue was $1.8 million, up from $1.6 million in Q4 2023, driven by higher charger hardware sales.

• Full-year 2024 revenue was $5.3 million, down from $8.3 million in 2023, mainly due to reduced hardware sales and delayed EPA funding.

• Q4 2024 gross margin was 11.5%, down from 24.0% in Q4 2023; full-year gross margin rose to 33.1% from 16.2% year-over-year.

• Net loss for Q4 2024 was $5.1M, an improvement from $7.3M in Q4 2023, mainly due to lower operating expenses.

• Full-year 2024 net loss was $17.4M, improved from $31.3M in 2023.

Outlook and guidance

• Management expects continued growth in megawatts under management and further conversion of backlog into sales in 2025.

• Anticipates improved cash burn and sustained lower operating costs in upcoming quarters.