Cuộc họp công bố kết quả kinh doanh Q2 2026 của Nuvve (NVVE): Doanh thu tăng 268%

Điểm chính

• Doanh thu quý 2/2026 tăng 268% so với cùng kỳ năm trước lên 1,23 triệu USD, chủ yếu nhờ lượng giao hàng sản phẩm cao hơn và doanh thu từ tiền tài trợ.
• Lỗ ròng phân bổ cho cổ đông phổ thông của Nuvve thu hẹp 46% xuống còn 7,0 triệu USD từ mức 13,4 triệu USD cùng kỳ năm trước.
• Biên lợi nhuận của mảng sản phẩm, dịch vụ và tiền tài trợ giảm xuống 2,6%, phản ánh khoản giảm giá trị 1,2 triệu USD của dự án Troy, tỷ trọng phần cứng trạm sạc cao hơn và chi phí bảo hành bộ sạc DC tăng.
• Giá trị đơn hàng tồn đọng tăng lên 5,3 triệu USD tại ngày 30/06/2026, tăng 0,9 triệu USD so với ngày 31/03. Ban lãnh đạo kỳ vọng các hợp đồng khách hàng này sẽ chuyển hóa thành doanh số trong năm 2026.
• Tiền mặt đạt 0,5 triệu USD, không bao gồm 0,3 triệu USD tiền mặt bị hạn chế sử dụng, sau khi công ty sử dụng 3,6 triệu USD cho các hoạt động kinh doanh trong quý.
• Nuvve đang chuyển hướng trọng tâm chiến lược sang sở hữu và vận hành pin cố định tại Nhật Bản, Châu Âu và New Mexico. Ban lãnh đạo mô tả việc quay trở lại Nasdaq hoặc NYSE là ưu tiên hàng đầu, với lộ trình tính bằng tháng.

Dữ liệu tài chính trọng yếu

Kết quả kinh doanh và hoạt động

Việc giao các trạm sạc hỗ trợ mảng xe bus trường học V2G của Nuvve tiếp tục là nguồn doanh thu chính. Ban lãnh đạo cho biết mảng kinh doanh này tiếp tục tạo ra dòng tiền và gia tăng tài sản triển khai thuộc quyền quản lý.

Pin cố định đang trở thành trọng tâm chiến lược cốt lõi của công ty. Tại Nhật Bản, Nuvve đã ghi nhận doanh thu nửa đầu năm bao gồm các dịch vụ kỹ thuật gắn liền với thỏa thuận đấu nối lưới điện. Công ty cũng đang nỗ lực đảm bảo thêm công suất đấu nối pin.

Tại Châu Âu, Nuvve có kế hoạch đưa các bộ pin vào bảng cân đối kế toán của chính mình thay vì thu phí dịch vụ từ tài sản của bên thứ ba. Công ty có ý định sở hữu, kiểm soát và tối ưu hóa các tài sản này thông qua nền tảng của mình, khai thác toàn bộ dòng doanh thu năng lượng. Ban lãnh đạo thừa nhận rằng mô hình này thâm dụng vốn hơn. Mối quan hệ hợp tác với Omnia dự kiến sẽ cung cấp dự án, khả năng thực thi tại địa phương và nguồn vốn, tùy thuộc vào việc hoàn thành các mốc tiến độ đã thỏa thuận.

Nuvve cũng đang phát triển các năng lực dự báo dựa trên trí tuệ nhân tạo (AI) và đã ra mắt các bản tin dự báo hàng tháng cho khu vực Bắc Âu, Áo và Thụy Sĩ. Ban lãnh đạo cho biết phiên bản cho Nhật Bản cùng gói sản phẩm và dịch vụ liên quan đang được lên kế hoạch.

Tại New Mexico, công ty đang đẩy nhanh việc triển khai pin cố định, lưới điện siêu nhỏ (microgrid) và đội xe. Ban lãnh đạo mô tả tiểu bang này là một thị trường thử nghiệm điển hình cho việc tích hợp các tài sản này trên một nền tảng duy nhất.

Triển vọng từ Ban lãnh đạo

Ban lãnh đạo kỳ vọng số megawatt quản lý sẽ tăng trong năm 2026 khi Nuvve đưa các đơn hàng tồn đọng hiện tại vào vận hành và theo đuổi thêm các dự án bộ sạc xe điện cũng như pin cố định.

Công ty dự kiến sẽ có thêm các đợt phát triển dự án tại Châu Âu, Nhật Bản và New Mexico trong vài quý tới. Công ty cũng kỳ vọng tốc độ tiêu tốn tiền mặt sẽ cải thiện nhờ chi phí hoạt động giảm so với năm trước.

Nuvve cho biết việc quay trở lại một sàn giao dịch lớn, dù là Nasdaq hay NYSE, là ưu tiên hàng đầu. Ban lãnh đạo đang nỗ lực hướng tới một lộ trình tính bằng tháng nhưng chưa đưa ra ngày cụ thể.

Rủi ro và điểm cần theo dõi

• Nasdaq đã đình chỉ giao dịch cổ phiếu phổ thông của Nuvve vào ngày 24/07 sau khi công ty không đáp ứng các tiêu chuẩn duy trì niêm yết về giá chào mua và vốn chủ sở hữu của cổ đông. NVVE bắt đầu giao dịch trên sàn OTCQB vào ngày 10/08.
• Tiền mặt đạt 0,5 triệu USD vào cuối quý, trong khi các hoạt động kinh doanh đã sử dụng 3,6 triệu USD trong quý. Nuvve đã huy động được 1,2 triệu USD thông qua phát hành cổ phiếu phổ thông, cổ phiếu ưu đãi và thực hiện chứng quyền, đồng thời vay thêm 1,4 triệu USD.
• Biên lợi nhuận hàng quý vẫn biến động do cơ cấu doanh thu. Ban lãnh đạo cho biết biên lợi nhuận gộp của bộ sạc DC tiêu chuẩn nhìn chung dao động từ 15% đến 25%, so với khoảng 50% đối với bộ sạc AC, khoảng 30% đối với dịch vụ lưới điện và lên tới 100% đối với dịch vụ phần mềm và kỹ thuật.
• Mô hình sở hữu pin dự kiến tại Châu Âu đòi hỏi nhiều vốn hơn so với phương pháp thu phí dịch vụ trước đây của công ty.
• Chi phí pháp lý và chi phí duy trì công ty đại chúng tăng so với quý trước, trong khi chi phí dồn tích tăng lên 5,0 triệu USD từ 2,1 triệu USD tại ngày 31/03/2026.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.