Nuvve (NVVE) 2026 年第二季法說會：營收大增 268%

重點摘要

• 2026 財年第二季營收年增 268% 至 123 萬美元，主要受產品出貨量增加與補助收入推動。
• 歸屬於 Nuvve 普通股股東的淨虧損自去年同期的 1340 萬美元收窄 46% 至 700 萬美元。
• 產品、服務及補助毛利率下滑至 2.6%，反映了 Troy 專案 120 萬美元的減記、充電樁硬體比重上升以及直流充電樁保固成本增加。
• 截至 2026 年 6 月 30 日，在手訂單增加至 530 萬美元，較 3 月 31 日增加 90 萬美元。管理層預計這些客戶合約將在 2026 年期間轉化為銷售額。
• 在該季度營運活動使用 360 萬美元後，現金總額為 50 萬美元（不含 30 萬美元的限制性現金）。
• Nuvve 正將戰略重點轉向在日本、歐洲和新墨西哥州擁有並營運定置型電池。管理層將重返 Nasdaq 或 NYSE 視為當務之急，預計時間表將以月計算。

關鍵財務數據

業務與營運表現

支援 Nuvve V2G 電動校車業務的充電樁交付仍為主要收入來源。管理層表示，該業務持續產生現金並增加已部署的管理資產。

定置型電池正成為該公司的核心戰略焦點。在日本，Nuvve 上半年產生的收入包含與電網併網協議相關的技術服務費用。該公司也正致力於取得額外的電池併網容量。

在歐洲，Nuvve 計劃將電池列入自家資產負債表，而非僅從第三方資產收取服務費。該公司打算透過其平台持有、控制並最佳化這些資產，從而獲取完整的能源收入流。管理層坦承此模式資本密集度更高。與 Omnia 的合作預計將提供專案、在地執行力及資金，但須取決於既定里程碑的達成情況。

Nuvve 還在開發基於人工智慧的預測功能，並已推出涵蓋北歐地區、奧地利和瑞士的每月預測通訊。管理層表示，目前正計劃推出日本版本及相關的產品與服務方案。

在新墨西哥州，該公司正在推進定置型電池、微電網和車隊部署。管理層將該州稱為將這些資產整合至單一平台的示範市場。

管理層展望

管理層預計，隨著 Nuvve 履行現有的在手訂單並爭取額外的電動車充電樁與定置型電池專案，2026 年管理容量將會增加。

該公司預計未來幾個季度在歐洲、日本及新墨西哥州將有進一步的專案進展。隨著營運成本比去年有所降低，現金消耗狀況預期也將獲得改善。

Nuvve 表示，重返主板交易所（無論是 Nasdaq 還是 NYSE）是當務之急。管理層正朝著以月為單位的時間表努力，但未提供具體日期。

風險與關注焦點

• 在 Nuvve 未能符合買進價及股東權益的持續上市標準後，Nasdaq 於 7 月 24 日暫停了 Nuvve 普通股交易。NVVE 於 8 月 10 日開始在 OTCQB 板塊交易。
• 季末現金為 50 萬美元，而該季度營運活動消耗了 360 萬美元。Nuvve 透過發行普通股與特別股以及行使認購權證籌集了 120 萬美元，並另外借入 140 萬美元。
• 由於收入組合的關係，季度毛利率仍保持波動。管理層指出，標準直流充電樁的毛利率通常介於 15% 至 25% 之間，相比之下，交流充電樁約為 50%，電網服務約為 30%，而軟體和工程服務則高達 100%。
• 計劃中的歐洲電池持有模式比公司以往的服務費模式需要更多資金。
• 上市公司相關費用及法律費用季增，而應計費用自 2026 年 3 月 31 日的 210 萬美元上升至 500 萬美元。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.