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    NVVE
    Earnings call· Jun 2026(Q2 FY26)

    Nuvve Holding Q2 FY26 earnings call NVVE

    Aug 14, 2026 Source

    Executive summary

    Nuvve Q2 FY26 — NASDAQ Delisting, Stationary Battery Focus, and Strong Pipeline

    Nuvve reported Q2 FY26 results amidst its recent delisting from NASDAQ, now trading on OTCQB, which management is prioritizing to resolve within months. The company is shifting its core strategy towards owning and operating stationary batteries, particularly in Europe, Japan, and New Mexico, to build recurring cash flow and hard assets. Despite financial challenges, the business pipeline is described as the strongest in its history, supported by growing megawatts under management and a lower cost base.

    Highlights

    4

    • Total revenue was up 268% year-over-year to $1.23 million in Q2 FY26.

    • Net loss decreased by 46% year-over-year to $7 million in Q2 FY26.

    • Hardware and service backlog increased to $5.3 million as of June 30, 2026, up from $4.4 million at March 31, 2026.

    • Megawatts under management increased 16.8% year-over-year to 29.9 megawatts in Q2 FY26.

    Concerns

    4

    • Trading in common stock was suspended on NASDAQ on July 24, 2026, due to non-compliance with listing standards (filing, bid price, stockholders' equity).

    • Margins on products, services, and grant revenues decreased to 2.6% in Q2 FY26 from 26.1% in Q2 FY25, impacted by a $1.2 million write-down and higher hardware mix.

    • Cash balance decreased by $1.4 million to $0.5 million (excluding restricted cash) as of June 30, 2026.

    • Cash operating expenses increased by $1.6 million year-over-year to $7.3 million in Q2 FY26.

    Operational metrics

    22
    Total Revenue
    $1.23Mup 268% YoY
    Q2 FY26

    Primarily driven by delivery of charging stations supporting V2G School bus business and increased grant revenues.

    Total Revenue
    up 110%YoY
    H1 FY26

    Compared to the same period last year.

    Gross Margin (Products, Services, Grants)
    2.6%vs 26.1% in Q2 FY25
    Q2 FY26

    Margin was negatively impacted quarter-over-quarter.

    Gross Margin (Products & Services ex-Grants)
    negative 14.5%vs 11.6% in Q2 FY25
    Q2 FY26

    Excluding grant revenues.

    DC Charger Gross Margin
    15% to 25%
    standard pricing

    Generally range.

    AC Charger Gross Margin
    approximately 50%
    standard pricing

    In dollar terms, a small fraction of the revenue of the DC charger.

    Grid Service Revenue Margin
    generally 30%
    standard pricing
    Software and Engineering Service Margin
    as high as 100%
    standard pricing
    Operating Costs (ex-COGS)
    $7.5Mvs $6.5M in Q1 FY26; vs $15M in Q2 FY25
    Q2 FY26

    Increased over Q1 due to higher public company and legal expenses. Declined over Q2 FY25 due to prior year nonrecurring expenses ($8.2M warrants, $1M bad debt).

    Cash Operating Expenses (Adjusted)
    $7.3Mvs $6M in Q1 FY26; vs $5.7M in Q2 FY25 (increase of $1.6M YoY)
    Q2 FY26

    Excluding cost of sales, stock compensation, depreciation and amortization expense and other onetime costs.

    Other Income
    $0.2Mvs $1.2M in Q2 FY25
    Q2 FY26

    Current period impacted by lower noncash gains from the change in the fair value of warrants and debt, offset by interest expense.

    Net Loss
    $7Mdecreased from $13.4M in Q2 FY25 (46% decrease)
    Q2 FY26

    Primarily a result of lower operating losses partially offset by higher nonoperating income.

    Cash Balance
    $0.5Mdecrease of $1.4M from March 31, 2026
    as of June 30, 2026

    Decrease due to $3.6M used in operating activities and $0.3M for purchase of Charging Station fixed assets, partially offset by $1.2M capital raised (stock/warrants) and $1.4M debt borrowings.

    Cash Used in Operating Activities
    $3.6M
    Q2 FY26
    Capital Expenditure (Charging Stations)
    $0.3M
    Q2 FY26

    For the purchase of Charging Station fixed assets.

    Capital Raised (Equity)
    $1.2M
    Q2 FY26

    Through the issuance of common stock and preferred stock and the exercise of warrants.

    Debt Borrowings
    $1.4M
    Q2 FY26
    Inventories
    $0.6Mdecreased from $0.8M at March 31, 2026
    as of June 30, 2026
    Accounts Receivable
    $0.7Mdecreased from $1.3M at March 31, 2026
    as of June 30, 2026
    Accounts Payable
    $4.4Mdecrease of $0.4M from $4.7M at March 31, 2026
    as of June 30, 2026
    Accrued Expenses
    $5Mincrease of $2.8M from $2.1M at March 31, 2026
    as of June 30, 2026
    Megawatts Under Management
    29.9 MWincreased 3.1% over Q1 FY26; 16.8% increase compared to Q2 FY25
    Q2 FY26

    Quantifies aggregated electrical capacity from V1G and V2G chargers (primarily electric school bus market in U.S., light-duty fleet in Europe) and stationary batteries.

    Industry KPIs

    2
    MetricValueDetails
    Backlog by segment end market$5.3MUSD
    Data center exposure pipelinediscussed_not_quantified

    Orderbook & backlog

    1
    Hardware and Service Backlog$5.3MJune 30, 2026

    increase of $0.9M from $4.4M at March 31, 2026

    Expected to convert into sales during 2026.

    Product announcements

    1
    ProductTypeDetails
    New Product and Service Offeringroadmap

    Deals & partnerships

    1
    OMNIAStrategic partnership for European expansion, with OMNIA becoming a significant shareholder upon completion of agreed milestones.

    Shareholders voted in favor of the transaction. OMNIA provides projects, local execution, and capital alongside Nuvve's platform for European battery ownership strategy.

    Risks & headwinds

    3
    Delisting from NASDAQImmediate priority to return to senior market within months.

    Trading suspended July 24, 2026; now on OTCQB.

    Mitigation: Executing on business, rebuilding balance sheet, staying current on filings.

    Significant decline in gross marginsQ2 FY26

    Margins on products, services, and grants at 2.6% in Q2 FY26 (vs 26.1% in Q2 FY25); ex-grants at negative 14.5% (vs 11.6% in Q2 FY25).

    Mitigation: Impacted by one-time write-down ($1.2M Troy project) and higher hardware mix; implies future improvement as mix shifts or one-time costs abate.

    High cash burn from operating activitiesQ2 FY26

    $3.6 million used in operating activities in Q2 FY26, leading to $1.4 million decrease in cash balance.

    Mitigation: Anticipate improvements in cash burn resulting from lower operating costs compared to last year.

    What to watch in Q3 FY26

    4

    Return to Senior Market

    Within months
    CurrentTrading on OTCQB
    TargetTrading on NASDAQ or NYSE

    Why it matters

    Crucial for investor confidence, liquidity, and access to capital markets.

    We are working very hard to return to a senior market whether NASDAQ or NYSE, as fast as responsibly can. We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a time line measured in months.

    2 min read7 chapters

    Detailed Narrative

    01

    NASDAQ Delisting and Relisting Priority

    Nuvve's common stock was suspended from NASDAQ on July 24, 2026, and now trades on OTCQB. The company acknowledges non-compliance with listing standards related to filing, bid price, and stockholders' equity. Management states that returning to a senior market, whether NASDAQ or NYSE, is an 'immediate priority' with a timeline 'measured in months,' focusing on business execution, balance sheet rebuilding, and staying current on filings.

    02

    Strategic Shift to Stationary Batteries

    The core of Nuvve's current strategy is driving stationary batteries, with a focus on owning these assets, particularly in Europe. This approach aims to capture full energy revenue rather than service fees, thereby building a base of hard assets and recurring cash flow. The company views interconnection capacity as a scarce and valuable asset, actively securing it in key markets.

    03

    Geographic Focus - Japan

    Japan is a significant contributor to Nuvve's first-half revenue, including technical service revenues tied to grid interconnection agreements. The company is actively expanding its opportunity set and securing battery interconnection capacity in this market. A Japan edition of their monthly forecasting newsletter is planned to further support this growth.

    04

    Geographic Focus - Europe and OMNIA Partnership

    In Europe, Nuvve plans to put batteries on its balance sheet, owning and optimizing them on its platform to capture full energy revenue. The partnership with OMNIA is crucial for this strategy, providing projects, local execution, and capital. The company has launched a monthly forecasting newsletter covering Nordics, Austria, and Switzerland, which is built on AI-based forecasting and supports a new product offering.

    05

    Geographic Focus - United States (New Mexico)

    New Mexico serves as a 'sandbox' to showcase full Nuvve deployments, including stationary storage, microgrids, and V2G fleet management on a single platform. Several battery projects, such as Kit Carson and Socorro, are underway, alongside school bus deployments in the state, demonstrating a replicable model for other regions.

    06

    Q2 FY26 Financial Overview

    Total revenue increased 268% year-over-year to $1.23 million, primarily from charging station deliveries for the V2G school bus business and increased grant revenues. Net loss decreased 46% to $7 million. However, gross margins declined significantly to 2.6% due to a $1.2 million write-down related to the Troy project and a higher mix of hardware sales. The cash balance decreased to $0.5 million, with $3.6 million used in operating activities.

    07

    Megawatts Under Management and Backlog Growth

    Megawatts under management grew 16.8% year-over-year to 29.9 megawatts, comprising 0.2 MW from stationary batteries and 29.7 MW from EV chargers. The hardware and service backlog increased to $5.3 million as of June 30, 2026, up from $4.4 million in the prior quarter, driven by new contracts expected to convert into sales during 2026.

    AI-generated summary of the company’s earnings call. Not investment advice.