Nuvve（NVVE）2026年第2四半期決算説明会：売上高が268%増加

重要なポイント

• 2026年第2四半期の売上高は前年同期比268%増の123万ドルとなり、主に製品出荷量の増加と助成金収入により増加しました。
• Nuvveの普通株主に帰属する純損失は、前年同期の1,340万ドルから46%縮小し、700万ドルとなりました。
• 製品・サービス・助成金マージンは2.6%に低下しました。これは、Troyプロジェクトでの120万ドルの評価切り下げ、充電ステーションハードウェア構成比の増加、およびDC充電器の保証費用の増加を反映しています。
• 2026年6月30日時点の受注残高は530万ドルに増加し、3月31日時点から90万ドル増加しました。経営陣は、これらの顧客契約が2026年中に売上高へ転換されると見込んでいます。
• 当四半期中に営業活動で360万ドルを使用した結果、現金残高は使途制限付き現金30万ドルを除いて計50万ドルとなりました。
• Nuvveは、日本、欧州、ニューメキシコ州における定置型蓄電池の所有および運営へと戦略的重点を移行しています。経営陣は、NasdaqまたはNYSEへの復帰を最優先事項と位置付けており、そのタイムラインは数ヶ月単位で見込んでいると説明しました。

主要財務データ

事業および業績の動向

NuvveのV2Gスクールバス事業を支える充電ステーションの納入が引き続き主な収益源となりました。経営陣によると、同事業は引き続きキャッシュを創出し、管理下にある導入資産を拡大させています。

定置型蓄電池は同社の戦略の中核となりつつあります。日本では、Nuvveは系統連携協定に関連する技術サービスを含む上半期の売上高を計上しました。同社はまた、蓄電池の追加的な系統連携容量の確保にも取り組んでいます。

欧州において、Nuvveは第三者資産からサービス手数料を回収するのではなく、蓄電池を自社のバランスシートに計上する計画です。同社は自社プラットフォームを通じてこれらの資産を所有、制御、最適化し、エネルギー収益のすべてを獲得することを目指しています。経営陣は、このモデルがより資本集約的であることを認めています。Omniaとのパートナーシップにより、合意されたマイルストーンの達成を条件として、プロジェクト、現地での実行力、および資本が提供される見込みです。

NuvveはAIベースの予測機能の開発も進めており、北欧、オーストリア、スイスを対象とした月刊予測ニュースレターの発行を開始しました。経営陣によると、日本版および関連する製品・サービスの提供も計画されています。

ニューメキシコ州では、同社は定置型蓄電池、マイクログリッド、およびフリートの導入を進めています。経営陣は同州を、これらの資産を単一のプラットフォームに統合するための実証市場と説明しました。

経営陣の見通し

経営陣は、Nuvveが既存の受注残高の運用を開始し、追加のEV充電器および定置型蓄電池プロジェクトを推進するにつれて、2026年中に管理下のメガワット数が増加すると見込んでいます。

同社は今後数四半期にわたり、欧州、日本、ニューメキシコ州でのプロジェクトがさらに進展すると予想しています。また、営業費用が前年比で削減される効果により、キャッシュバーンも改善すると見込んでいます。

Nuvveは、NasdaqかNYSEかを問わず、上位市場への復帰が最優先事項であると述べました。経営陣は数ヶ月単位のタイムラインに向けて取り組んでいますが、具体的な日付は明らかにしていません。

リスクと注目点

• Nuvveの普通株式は、株価（買値）および株主資本の継続上場基準を満たせなかったため、7月24日にNasdaqでの取引が停止されました。NVVEは8月10日にOTCQBティアでの取引を開始しました。
• 当四半期末時点の現金残高は50万ドルであったのに対し、当四半期中の営業活動による使用キャッシュは360万ドルでした。Nuvveは普通株式および優先株式の発行とワラント行使を通じて120万ドルを調達し、さらに140万ドルを借り入れました。
• 四半期ごとのマージンは、収益構成の違いによりボラティリティが高い状態が続いています。経営陣によると、標準的なDC充電器の粗利益率は一般的に15%〜25%の範囲であり、これに対しAC充電器は約50%、グリッドサービスは約30%、ソフトウェアおよびエンジニアリングサービスは最大100%となっています。
• 計画されている欧州での蓄電池所有モデルは、同社の従来のサービス手数料モデルよりも多くの資本を必要とします。
• 上場維持費用および法務費用が前四半期比で増加したほか、未払費用は2026年3月31日時点の210万ドルから500万ドルに増加しました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the Nuvve Holding Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. On today's call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its Q2 '26. Following prepared remarks, we will open up the call for questions. Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections. These risk factors are discussed in Nuvve's filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

Gregory Poilasne

Thank you, and good afternoon to everyone here today. Welcome to our second quarter 2026 results call. Let me start with the subject that is on everyone's mind. On July 22, we received the termination from NASDAQ Hearing Panel and trading in our common stock was suspended on NASDAQ at the open of July 24. Our stock began trading on the OTC Pink market that same day. And since August 10, we have been trading on the OTCQB tier under the symbol NVVE. I want to be direct on this. We understand NASDAQ's decision. We did not meet the continued listing standard on filing on billing price and on stockholders' equity. And though we have picked these issues but too late, the panel applied its roles. There is nothing more to say about it. What I do want to say is this, 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.

That means executing on our business, rebuilding the balance sheet and staying current on our filings as we are moving on all 3. In the meantime, the business continues and the pipeline in front of us is the most exciting it has been. Turning to the quarter. Total revenue was up 268% year-over-year. For the first 6 months, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G's core bus business. That business remains real. It remains a source of cash, and it continues to give us deployed assets under management. Net loss was down 46% compared to the same quarter last year. Backlog as of June 30 was $5.3 million. I will not spend more time on the numbers. David will cover the financials and details in a few minutes.

I want to spend the rest of my time on stationary batteries because this is the core of the business Nuvve is now driving. We are focused on 3 geographies. The first one is Japan. Japan is contributing meaningfully to our revenue in the first half of the year, including technical service revenues tied to grid interconnection agreement delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity. We view interconnection capacity as one of the scarcest and most valuable asset in this industry, and we are building a position there. The second is Europe, where we continue to work with our partner, Omnia. I want to thank our shareholders for their vote in favor of the transaction at the special meeting.

That vote gives us a framework to move forward and upon completion of the agreed milestone, Omnia will become a significant shareholder of Nuvve. We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting. And I want to be clear about how we are approaching it because it's a change from how we have talked about it before. In Europe, we are planning for the batteries to go on new these balance sheets. These will be assets we plan to own that we control, that we optimize on our own platform and where we capture the full energy revenue rather than service fees on somebody else assets. This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stocks and the financing environment support ownership and owning these assets is what builds the base of hard assets and recurring cash flow under this company.

Our partnership with Omnia is what makes this possible, projects, local execution and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first 2 additions are out covering the Nordics, Austria and Switzerland. We'll keep on expanding the geographic reach across Europe, and we will soon launch a Japan Edition as well. That newsletter is not a marketing size. It is the visible surface of something bigger. It is built on the long work we have been doing on the AI-based forecasting combined with the skill set we brought in through camera. It supports a new product and service offering that we'll be announcing shortly. I'm not going to get ahead of that announcement today, but I would encourage you to read the newslater because they show you the quality of the work and the needs.

The third geography is the United States and specifically New Mexico. New Mexico is our sandbox. It is where we showcase what a full Nuvve deployment looks like. We have already announced several battery projects there, including Kip Carseland Secoo. Beyond batteries, we are advancing microgrid work and coadeployments in the same state. That combination, stationary storage, microgrids and B2G fleet, all managed on 1 platform is exactly the model that we underplate elsewhere.

So to summarize, we are trading on the OTCQB today. We understand how we got here, and we are not going to pretend otherwise. But the pipeline in front of this company is stronger than it has been at any point in our history. Our cost base is meaningfully lower than a year ago and 3 core geographies are all moving forward. We'll be sharing more with you about our path back to a senior market and about how our new product in the near future. This is an immediate priority for us, not a long-term one. With that, I will turn the call over to David to walk you through the financial details. David?

David Robson

Thanks, Gregory. I will start with a recap of second quarter 2026 results. In the second quarter, we generated total revenues of $1.23 million compared to $0.33 million in the second quarter of 2025. The increase was primarily driven by increases in product revenue due to higher customer sales orders and shipments and increased grant revenues. Margins on products, services and grant revenues were 2.6% for the second quarter of 2026, and compared to 26.1% for the year ago period. Margin was negatively impacted quarter-over-quarter primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers.

Excluding grant revenues, margins on products and service revenues decreased to a negative 14.5% for the second quarter of 2026 compared to 11.6% in the year-ago period. As a reminder, margins can be lumpy from quarter-to-quarter depending on the mix. DC charger gross margins at standard pricing generally range from 15% to 25%, while AC charger gross margins are approximately 50%, but in dollar terms are a small fraction of the revenue of the DC charger. Grid service revenue margins are generally 30%, while software and engineering service margins are as high as 100%. Operating costs, excluding cost of sales, was $7.5 million for the second quarter of 2026 compared to $6.5 million for the first quarter of 2026 and $15 million for the second quarter of 2025.

Expenses increased over last quarter due to higher public company and legal expenses. Expenses declined over the year ago period due to prior year nonrecurring expenses of $8.2 million or warrants issued for the cryptocurrency strategy consulting services and bad debt expense of $1 million related to unpaid management fees for the Fresno EV infrastructure project, offset by higher public company fees and legal expenses in the current quarter. Cash operating expenses, excluding cost of sales, stock compensation, depreciation and amortization expense and other onetime costs was $7.3 million in the second quarter of 2026, and versus $6 million in the first quarter of 2026 versus $5.7 million in the second quarter of 2025.

This represents an increase of $1.6 million in expenses over the same quarter last year. Other income was $0.2 million in the second quarter of 2026 compared to $1.2 million of other income in the second quarter of 2025. The current period was impacted by lower noncash gains from the change in the fair value of warrants and debt offset by interest expense while prior period higher noncash gains from the change in the fair value of convertible debt and warrants, partially offset by interest expense from borrowings. Net loss attributed to Nuvve common stockholders decreased in the second quarter of 2026 to $7 million from a net loss of $13.4 million in the second quarter of 2025. The decrease in net loss was primarily a result of lower operating losses partially offset by higher nonoperating income.

Now turning to our balance sheet. We had approximately $0.5 million in cash as of June 30, 2026, excluding $0.3 million in restricted cash which represents a $1.4 million decrease from March 31, 2026. The decrease was a result of $3.6 million used in operating activities, $0.3 million for the purchase of Charging Station 6 assets, primarily offset by capital raised through the issuance of common stock and preferred stock and the exercise of warrants totaling $1.2 million and borrowings of debt totaling $1.4 million. Inventories decreased during the quarter to $0.6 million at June 30, 2026, compared to $0.8 million at March 31, 2026.

During the quarter, accounts receivable decreased to $0.7 million at June 30, 2026 compared to $1.3 million at March 31, 2026. Accounts payable at the end of the second quarter of 2026 was $4.4 million representing a decrease of $0.4 million compared to the first quarter of 2026 of $4.7 million. Accrued expenses at the end of the second quarter of 2026 was $5 million, an increase of $2.8 million compared to the first quarter of 2026 of $2.1 million.

Now turning to our megawatts under management and estimated future grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and B2G chargers which are primarily deployed in the electric school bus market in the U.S. and in light-duty fleet developments in Europe in addition to stationary battery. Currently, these chargers and batteries are located throughout the United States and Europe. Megawatts under management in the second quarter increased 3.1% over the first quarter of 2026 to 29.9 megawatts from 29.0 megawatts and a 16.8% increase compared to the second quarter of 2025.

In terms of its composition, 0.2 megawatts were from stationary batteries, and 29.7 megawatts were from EV chargers. We continue to expect further growth in our megawatts under management in 2026 as we continue to commission our backlog of customer orders we have earned in addition to new business, we anticipate winning, which we have visibility to in our pipeline for both EV chargers and stationery and batteries.

Now turning to backlog on June 30, 2026, our hardware and service backlog increased to $5.3 million, an increase of $0.9 million from $4.4 million reported at March 31, 2026. This increase is related to new contracts with customers that are expected to convert into sales during 2026. As we look out to the next several quarters, we expect to see more developments on our European, Japan and New Mexico projects. We also anticipate improvements in our cash burn resulting from the benefit of lower operating costs compared with last year. This concludes my portion of prepared remarks. Gregory, back to you to conclude.

Gregory Poilasne

Thank you, David. I want to close where I started. The listing venue changed, the business did not. Our revenue is growing, our cost base is lower and the 3 markets we are focused on Japan, Europe and New Mexico are all moving forward at the same time. Batteries are what this company is now about and owning and operating them is what will build real value here. That is where energy goes every day. So our shareholders who have stayed with us through this period. Thank you. We know what we owe you, and we intend to deliver it. Expect to hear more from us soon. Thank you very much.

Operator

[Operator Instructions] Showing no questions. This will conclude our question-and-answer session as well as conference call. Thank you all for attending today's presentation. You may now disconnect.