Nuvve Holding Corp. (NVVE): Business Model Canvas [Apr-2026 Updated]

You're looking at Nuvve Holding Corp.'s business model right now, and as an analyst who's seen a few energy tech plays, I can tell you it's a fascinating, high-stakes mix. The core is their Vehicle-to-Grid (V2G) tech, managing 26.4 MW of assets as of Q3 2025, but the revenue picture is tight: hardware sales brought in $0.95 million, while the promised grid services only chipped in $0.01 million that quarter. This means the high operating costs-$4.8 million in SG&A alone-are a real pressure point, especially as they chase a new digital asset strategy alongside their core fleet electrification work. Below, we map out exactly how all nine pieces of this complex puzzle fit together for you.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that let Nuvve Holding Corp. actually deliver its V2G (Vehicle-to-Grid) as a Service offering. These aren't just handshake deals; they involve capital commitments and technology integration milestones. Honestly, the success of the platform hinges on these external entities.

Utility companies and grid operators for energy aggregation services

Nuvve Holding Corp. transforms EVs and stationary batteries into dynamic grid resources, which requires deep integration with utility operations. The scale of this is reflected in the company's Megawatts Under Management (MUM) metric, which is the potential capacity Nuvve Holding Corp. is managing globally.

As of the second quarter of 2025, Nuvve Holding Corp.'s total MUM stood at 25.6 megawatts. This figure saw a sequential decrease of 19.5% from the 31.8 megawatts managed in the first quarter of 2025. To be fair, the composition matters: of that Q2 2025 total, 25.4 megawatts came from EV chargers, while only 0.2 megawatts were from stationary batteries.

The company's V2G technology has been deployed on five continents since its founding in 2010. Furthermore, Nuvve Holding Corp. is involved in the European EVVE project, which aims for a total deployment of 800 V2G charging stations, with 250 already deployed as of late 2024. Within that EVVE consortium, Nuvve Holding Corp. committed to installing approximately 100 charging stations, which represented a $400,000 capital expenditure for the company.

A major potential revenue driver tied to grid modernization is the contract opportunity in New Mexico, which is valued at $400 million over the next 4 years, targeting the electrification of over 5,000 fleet vehicles and supporting infrastructure.

EV manufacturers for V2G-compatible vehicle integration

While specific, current financial commitments from major EV Original Equipment Manufacturers (OEMs) aren't explicitly detailed in the latest filings, the entire V2G model relies on vehicle compatibility. Nuvve Holding Corp.'s technology, including its GIVe™ platform, is designed to manage bidirectional charging, which is the core requirement for V2G functionality. The deployment numbers, such as the 38 charging station connections in October 2023 for electric school buses, show the physical integration points with vehicle fleets. The focus remains on securing more fleet operators who are adopting V2G-ready vehicles.

Guangzhou Great Power for stationary battery energy storage systems

The partnership with Guangzhou Great Power Energy and Technology Corporation is key for integrating stationary storage. This collaboration was set to see the full integration of Great Power's Battery Energy Storage Systems (BESS) with Nuvve Holding Corp.'s Energy Management System (EMS) and GIVe™ platform completed in the third quarter of 2024. Nuvve Holding Corp. acts as the preferred energy manager for Great Power's battery solutions.

The potential value proposition is concrete; techno-economic modeling suggested that a typical school district in the San Diego area could save up to 40% or more on its energy bill by adding a single Nuvve 400 kilowatt-hour (kWh) BESS integrated with Great Power technology.

EDF Group for strategic alliances and market reach expansion

The relationship with EDF Group has evolved, focusing on licensing and market access in Europe. Nuvve Holding Corp. recently sold its minority stake in the Dreev joint venture to EDF Développement Environnement SA. This transaction involved EDF paying Nuvve Holding Corp. a lump sum of €800,000 in exchange for Nuvve Holding Corp.'s approximately 4.65% equity interest in Dreev. Dreev operates in France, the United Kingdom, Belgium, Italy, and Germany. Additionally, Nuvve Holding Corp., EDF, and Dreev entered into a software cross-license agreement.

Socorro Electric Cooperative for local grid resilience projects

Nuvve New Mexico signed a Memorandum of Understanding (MOU) with the City of Socorro and Socorro Electric Cooperative (SEC) in November 2025. This agreement establishes a framework for joint planning across six priority areas.

Here are the focus areas for the collaboration:

• Grid modernization and resilience assessment.
• School bus electrification using state funding.
• Municipal fleet upgrades.
• Smart rate development and demand charge mitigation.
• Charging infrastructure expansion.
• Renewable energy integration, including V2G systems.

The partnership will establish a joint working group to coordinate projects and pursue state and federal funding opportunities. SEC CEO Manuel Gonzales noted the aim to identify projects providing impact for members, including reliability improvements for hospitals and emergency services.

To give you a sense of the scale of Nuvve Holding Corp.'s operations and partnerships, here is a quick comparison of recent financial and operational metrics:

Finance: draft a memo by next Tuesday detailing the expected near-term cash impact from the Socorro MOU funding pursuit.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Key Activities

You're looking at the core engine of Nuvve Holding Corp., the day-to-day work that keeps the V2G (vehicle-to-grid) promise moving forward as of late 2025. It's a mix of software refinement, hardware deployment, and a bold new digital finance push.

Developing and maintaining the proprietary V2G software platform and Integrating new EV models and stationary batteries into the platform

The proprietary V2G GIVe™ software platform is central; it uses AI to manage energy flow, turning EVs into mobile energy storage assets. This activity involves constant refinement and expanding compatibility. The company recently bolstered its technology through the acquisition of Fermata Energy, which adds to their platform capabilities.

Integration success is tracked by Megawatts Under Management (MUM), which shows the total potential charging capacity being managed globally. As of September 30, 2025, Nuvve Holding Corp. managed 26.4 megawatts of capacity across its platform. This metric saw a sequential increase of 3.1% over the second quarter of 2025, which stood at 25.6 megawatts.

The composition of this managed capacity is shifting, showing a strategic pivot:

• EV chargers accounted for 26.2 megawatts as of September 30, 2025.
• Stationary batteries accounted for 0.2 megawatts as of September 30, 2025.
• The stationary batteries managed in California were decommissioned as they reached the end of their useful life.
• Management is actively expanding the stationary battery pipeline across North America, Europe, and Japan.

The company stopped accruing management fees related to the Fresno EV infrastructure project during the second quarter of 2025, indicating a shift in how that specific revenue stream is recognized or completed.

Selling and deploying DC and AC charging hardware

Selling the physical charging hardware is a direct revenue driver, though the margin profile changes based on the mix of hardware versus services. The company is focused on turnkey electrification solutions for fleets.

Hardware revenue figures for 2025 show the following contributions from DC and AC Chargers:

It's important to note that a higher mix of hardware charging stations sales negatively impacted the gross profit margin in the third quarter of 2025 compared to the third quarter of 2024. For instance, grid services revenue in Q3 2025 was only $0.01 million.

Executing a new digital asset and cryptocurrency strategy

Nuvve Holding Corp. formalized its expansion into digital finance by establishing the wholly owned subsidiary, Nuvve-DigitalAssets, to build a cryptocurrency digital treasury. This is a significant strategic activity for diversification.

The strategy involves specific allocations and compensation related to this new venture:

• The crypto portfolio strategy is anchored with at least a 50% allocation to Bitcoin, with the remaining 50% allocated to other select digital assets.
• The company granted warrants to purchase an aggregate of 11,000,004 shares to certain consultants as compensation for cryptocurrency strategy related consulting services in Q2 2025.
• The noncash fair value recorded for these warrants in Q2 2025 was $8.19 million.
• The subsidiary is targeting tokens in sectors like decentralized finance (DeFi) and decentralized physical infrastructure (DePin).

This diversification effort is a clear action to position the company at the intersection of clean energy and digital finance.

Aggregating and monetizing distributed energy resources for the grid

This activity is the core monetization of the V2G platform, where managed capacity provides grid services. The company raised $5.6 million in gross proceeds in Q3 2025 to support growth initiatives, which includes this area.

Key metrics for the aggregation business as of September 30, 2025, show the following capacity managed:

The company has secured new derogations for 2026 specifically to support the aggregation of distributed storage for participation in various energy markets. This is a forward-looking activity supporting future monetization.

Finance: draft 13-week cash view by Friday.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Key Resources

You're looking at the core assets Nuvve Holding Corp. relies on to run its business as of late 2025. These aren't just ideas; they are tangible capacities and protected technologies that drive their value proposition.

Proprietary Vehicle-to-Grid (V2G) software platform (GIVe™)

The Grid Integrated Vehicle (GIVe™) software platform is central, aggregating electric vehicle batteries into a virtual power plant to provide grid services. This platform supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles, and stationary energy storage systems. Nuvve Holding Corp. has deployed V2G on five continents since its founding in 2010.

Intellectual property and patents related to bidirectional charging

Nuvve Holding Corp. possesses a patent portfolio rooted in intelligent integration of EVs into the grid. A specific asset includes a newly granted European patent for "Vehicle-to-Vehicle" applications.

The V2G patents disclose comprehensive solutions covering:

• The control of power flow to electric vehicles (EVs) responsive to anticipated usage of vehicle and/or grid data.
• The management of EV charging by Electric Vehicle Equipment (EVE) responsive to charger attributes and/or aggregation server requests.
• The calculation of available power capacity of aggregated EVs responsive to EVE, charger operational parameters, and/or dispatching to the grid.
• The control of power flow to the grid from an EV, responsive to charger attributes sent to EVE and/or instructions received from EVE.

Global network of deployed megawatts under management (26.4 MW in Q3 2025)

The aggregated electrical capacity under management quantifies the deployment of V1G and V2G chargers, primarily in the electric school bus market in the U.S. and light-duty fleet deployments in Europe. The hardware and service backlog stood at $19 million as of September 30, 2025.

Here's the quick math on the capacity mix as of Q3 2025:

Also, Nuvve Holding Corp. is developing 3 two-megawatt battery projects in Denmark, representing about $10 million of CapEx with a forecasted internal rate of return greater than 25%.

Strategic partnerships with vehicle and battery manufacturers

Nuvve Holding Corp. leverages an ecosystem of electrification partners. The company is working on projects in Japan and has visibility into its pipeline for both EV chargers and stationary batteries. Furthermore, the establishment of Nuvve New Mexico marks a significant avenue, seeking to capitalize on a $400 million CapEx deployment opportunity over the next four years.

The gross profit margins on services are quite different depending on the hardware type:

Specialized engineering and software development talent

The company's ability to manage its platform and pursue new business, like battery aggregation services in Japan, relies on its technical team. The focus on R&D is evident, with contract R&D revenue surging 17% in Q2 2025. Nuvve Holding Corp. also granted warrants to purchase an aggregate of 11,000,004 shares to certain consultants for cryptocurrency strategy related consulting services, recording a noncash fair value of $8.19 million for those warrants in Q2 2025.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Value Propositions

You're looking at the core value Nuvve Holding Corp. delivers to its customers, which centers on making electric vehicle fleet adoption both practical and profitable through grid interaction. This isn't just about selling chargers; it's about turning parked assets into active grid participants.

Lowering the total cost of EV ownership for fleet operators is a primary driver, especially given the context of rising utility rates. The value proposition is realized by enabling fleet vehicles to participate in energy markets. For instance, the massive contract with the State of New Mexico (SONM) for turnkey electrification is structured to ensure state fleets transition to cleaner technology in a way that is both efficient and economically viable. This contract alone represents an estimated Total Addressable Market (TAM) of approximately $400 million over the next 4 years for fleet electrification and supporting infrastructure.

The ability to participate in energy markets directly translates into revenue and cost offset opportunities:

• Grid service revenue margins are generally reported around 30%.
• Software and engineering service margins can reach as high as 100%.
• DC charger gross margins are typically in the 15%-25% range, while AC charger margins hover around ~50%.

This monetization of battery capacity is central to the model, transforming EVs into mobile energy storage units that can sell excess power back to the grid during peak times, helping fleet owners offset rising energy costs.

Providing grid services like frequency regulation and demand response is quantified by Nuvve Holding Corp.'s direct revenue generation from these activities. For the third quarter of 2025, grid services revenue specifically amounted to $0.01 million. The company is actively expanding this area, announcing three 2MW Denmark Battery Energy Storage System (BESS) projects with a target Internal Rate of Return (IRR) of approximately 25%, aiming for late-2026 operation, plus a 2MW aggregation contract in Japan.

Nuvve Holding Corp. is offering a complete, turnkey EV fleet electrification solution, which bundles infrastructure, operations, and data management. The SONM contract exemplifies this, covering the deployment of advanced EV charging infrastructure and data management for over 5,000 fleet vehicles across the state. The company has successfully deployed its Vehicle-to-Grid (V2G) technology on five continents, demonstrating real-world application scale.

The value proposition also extends to grid stability through enabling the integration of intermittent renewable energy sources (solar/wind). The turnkey solution for New Mexico explicitly includes scalable solutions integrating V2G-capable fleets, stationary battery storage, and solar energy to enhance grid resilience.

Here is a snapshot of Nuvve Holding Corp.'s revenue composition from products and services for the three months ended September 30, 2025:

Total revenues for the third quarter of 2025 were $1.60 million. The company's megawatts under management increased sequentially to 26.4 MW as of September 30, 2025, up from 25.6 MW in Q2 2025.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Customer Relationships

You're looking at how Nuvve Holding Corp. (NVVE) directly engages with and supports its customer base as of late 2025. The relationships are heavily weighted toward large, long-term government and public sector contracts, which provide the backbone for their Vehicle-to-Grid (V2G) deployment strategy.

Dedicated account management for large commercial and government fleets

Nuvve Holding Corp. focuses on streamlining procurement for large public sector clients. The second contract secured with Sourcewell, a cooperative purchasing organization, directly serves over 75,000 public agencies across the United States and Canada, offering immediate access to Nuvve's charging solutions without traditional bidding hurdles. This relationship is key for deploying their Level 2 AC chargers, DC fast chargers, and Nuvve FLEETBOX energy management software. The company also secured a major contract with the State of New Mexico (SONM) under a Statewide Price Agreement (SWPA), estimating the Total Addressable Market (TAM) for that state's fleet electrification and supporting infrastructure to be approximately $400 million. This contract advances New Mexico's Vehicles as a Service (VaaS) program.

Direct sales and long-term service contracts for V2G deployment

The relationship structure is built around long-term deployment and service agreements, as evidenced by the multi-year nature of the New Mexico SWPA. These contracts cover turnkey solutions, integrating V2G-capable fleets with stationary battery storage and solar energy. While the company's Q3 2025 revenue was $1.6 million (down from $1.9 million in Q3 2024), the value is in securing these large-scale infrastructure commitments. The company is actively managing its asset base; Megawatts under management decreased to 25.6 megawatts in Q2 2025 from 31.8 megawatts at the end of Q1 2025, showing the lumpy nature of project deployment and decommissioning.

The nature of these large government contracts dictates the relationship structure:

• Direct engagement with fleet operators and state DOTs.
• Focus on long-term operational support and data management.
• Financing models are embedded to streamline fleet conversion.
• The company is pursuing up to $50 million in strategic financing as of November 2025 to support growth initiatives.

Franchise model for international market entry, like Nuvve Japan

NUVVE Japan Corporation, which established its Tokyo office in March 2025, is executing a strategy focused on battery aggregation services for commercial and governmental customers, moving away from prior stationary battery management partnerships. A significant customer relationship milestone was announced in November 2025: NUVVE Japan secured Japan's first aggregation agreement for existing stationary storage batteries. This specific customer operates a high-voltage battery with an output of 1,999 kW and a capacity of 8,170 MWh. NUVVE Japan acts as the aggregator, participating in the supply-demand adjustment market and wholesale electricity market to generate revenue for the client.

Here is a snapshot of Nuvve Holding Corp.'s recent financial context, which impacts customer-facing capital deployment:

Technical support and maintenance for charging hardware and software

Customer relationships extend into the operational phase, where Nuvve Holding Corp. provides ongoing support for the deployed infrastructure. The New Mexico agreement explicitly includes the deployment of EV charging infrastructure, operations, and data management. Furthermore, the company's involvement in the Sourcewell contract covers the provision of their Nuvve FLEETBOX energy management software, which is central to managing V2G capabilities. The products and services margin for Q2 2025 was 60.6%, up from 10.1% in Q2 2024, suggesting that the mix of revenue shifted toward higher-margin engineering services or operational support relative to hardware sales.

Investor relations focused on the new energy/AI/crypto strategic narrative

While not a direct customer relationship, the narrative presented to investors shapes the company's ability to fund customer deployments. Nuvve Holding Corp. is actively communicating a strategy that intersects new energy, AI, and cryptocurrency. This is evidenced by granting warrants to purchase an aggregate of 11,004,004 shares to consultants for cryptocurrency strategy related consulting services, which carried a noncash fair value of $8.19 million recorded in Q2 2025. The company is also addressing governance concerns, having received a delisting notice from Nasdaq related to minimum bid price and stockholders' equity requirements, while simultaneously seeking shareholder approval for up to $50 million in strategic financing.

The CEO emphasizes the core value proposition to stakeholders: 'Energy storage is the only way we'll be able to keep the cost of energy equitable.'

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Channels

You're looking at how Nuvve Holding Corp. gets its solutions-the GIVIQ™ platform, chargers, and services-into the hands of customers. It's a mix of direct engagement, regional focus, and specific operational units designed to capture different parts of the electrification market.

The direct sales effort is clearly aimed at large-scale fleet adoption, particularly in the school bus sector, which has historically been a focus area. While specific direct sales team size isn't public, the focus on fleet electrification is evident in the Megawatts Under Management (MUM) figures. As of the third quarter of 2025, Nuvve Holding Corp. was managing 26.4 megawatts of potential available charging capacity globally, with 26.2 megawatts specifically attributed to EV chargers. This shows the scale of the installed base they are managing through their direct and partner channels.

Regional subsidiaries are key for localized deployment and securing major contracts. Nuvve New Mexico is tied to a significant potential opportunity, as a landmark agreement signed in November 2025 suggests involvement in a project with a potential value up to $400 million for deploying EV charging stations, solar, storage, and microgrids. On the other side of the Atlantic, Nuvve Europe is active across the United Kingdom, France, and Denmark. Furthermore, Nuvve Holding Corp. is developing new battery projects in Denmark, showing active channel development in that region.

The Charge Point Operator (CPO) business unit in the United States, operating primarily through Nuvve CPO Inc. and its 51% majority stake in the variable interest entity Deep Impact, is structured for deployment and ongoing support of charging station networks. Deep Impact, however, reported only limited business operations during the three months ended June 30, 2025. This unit is a mechanism to capture recurring service revenue from the installed base.

Strategic hardware partners are essential for bundling the V2G solution with the physical equipment. The revenue figures suggest a strong reliance on hardware sales as a channel component. For the third quarter of 2025, total revenue was $1.6 million. The product component of this revenue stream is substantial:

This hardware revenue stream, which includes DC and AC Chargers, was $0.95 million in Q3 2025. For context, in the first quarter of 2025, DC and AC Chargers revenue was $0.57 million. The company also maintained a healthy hardware and service backlog of $19.7 million as of March 31, 2025, which is expected to contribute to sales throughout 2025.

For online and direct distribution of DC and AC charging stations, the data points toward direct sales of products contributing to the hardware revenue mentioned above. The company is focused on accelerating the pace of deployments of V2G software-equipped fast chargers. The GIVIQ™ platform is central to these deployments, which are managed through tools like the FleetBox charge management app. The overall Megawatts Under Management (MUM) shows the cumulative result of these distribution efforts:

• MUM as of September 30, 2025: 26.4 MW.
• MUM as of March 31, 2025: 31.8 MW.
• The decrease in MUM between Q1 and Q3 2025 (from 31.8 MW to 26.4 MW) was partly due to the decommissioning of stationary batteries.

The success of these channels is directly reflected in the product revenue component of the total revenue, which was $0.95 million in Q3 2025. Finance: review the Q4 2025 backlog conversion rate by Friday.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Customer Segments

You're looking at the customer base for Nuvve Holding Corp. (NVVE) as of late 2025, focusing on who is actually using or partnering for their Vehicle-to-Grid (V2G) and energy management platform.

Commercial and government EV fleet operators (e.g., school buses)

This group represents the core user base for deploying V2G technology to manage charging costs and provide grid services. As of the third quarter of 2025, Nuvve Holding Corp. (NVVE) was managing 25.4 megawatts specifically from EV chargers, which is the bulk of their total capacity under management. The company has successfully deployed V2G on five continents since its founding in 2010, showing broad international reach into fleet operations. Furthermore, the backlog for hardware and services stood at $19 million at September 30, 2025, indicating ongoing commitment from customers to future deployments. You can see the direct revenue impact, with Q3 2025 total revenues coming in at $1.6 million.

The types of customers in this segment are diverse, as evidenced by recent activities:

• Securing a landmark agreement with City of Socorro, Socorro Electric Cooperative, Inc., and Nuvve New Mexico.
• The company's experience shows potential revenues ranging between $400 and $600 per kilowatt year for battery projects, which directly applies to fleet storage assets.
• The Fresno V2G infrastructure project management fees were a notable part of earlier service revenue streams.

Electric utility companies and Independent System Operators (ISOs)

Utilities and ISOs are critical partners because they are the buyers of the grid services Nuvve aggregates from EV fleets and stationary batteries. The value proposition here is grid resilience and cost management. Nuvve's platform enables the aggregation of distributed energy resources to provide services like frequency regulation and peak shaving. The year-to-date gross margins through September 30, 2025, improved to 46.8%, partly due to higher profitability on service revenues, which are often tied to these utility contracts. The company is actively developing projects specifically to bolster grid stability, such as the three 2-megawatt battery projects in Denmark, which promise an internal rate of return greater than 25%.

Commercial and industrial customers with stationary battery assets

This segment is growing in strategic importance, especially for Nuvve Holding Corp. (NVVE) outside of the vehicle charging focus. In Q3 2025, stationary batteries accounted for 0.2 megawatts under management. The focus here is clearly accelerating, as the Japanese subsidiary concluded an agreement to manage a 2-megawatt battery with an 8.2 megawatt hour energy capacity in Tainai City, targeting operation in the first half of 2026. This expansion into existing stationary storage shows a clear path to diversify revenue away from solely charger deployments. The expected value on a per kilowatt year basis in Japan is noted as similar to or greater than the value seen in Denmark.

Vehicle manufacturers seeking V2G integration for their EVs

While not directly a revenue-generating customer segment in the same way as fleet operators, vehicle manufacturers (OEMs) are essential channel partners for scaling the technology. Nuvve Holding Corp. (NVVE) provides the globally-available, commercial V2G technology platform that enables EV batteries to store and resell energy. The company expects continued growth in megawatts under management as it commissions its backlog of customer orders, which implies successful integration and delivery of V2G-capable vehicles or charging hardware to end-users. The hardware and service backlog of $19 million as of September 30, 2025, reflects the volume of future integration work.

International partners for V2G technology licensing and deployment

Global reach is a stated goal, with deployments across five continents. Beyond the specific Danish and Japanese projects mentioned, this segment includes strategic alliances necessary for market entry and scale. For instance, the Japanese subsidiary securing the aggregation agreement is a key example of leveraging an international partner structure. The company is focused on driving new business development in Japan, emphasizing battery aggregation services for commercial and governmental customers throughout the country. The net loss attributed to common stockholders in Q3 2025 was $4.5 million, showing the investment required to build out these international operations.

Here's a look at some key operational metrics as of late 2025:

The company's ability to generate revenue from its platform is reflected in the Q3 2025 product and services revenue breakdown:

• DC Chargers and AC Chargers: $0.95 million
• Grid Services Revenue: $0.01 million
• Engineering Services: $0.37 million

Finance: draft 13-week cash view by Friday.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Nuvve Holding Corp.'s operations as of late 2025. Honestly, these numbers show where the cash is going to build out that V2G platform.

The cost structure is heavily weighted toward development and overhead, which is typical for a company scaling complex technology. We see significant investment in the core technology, but also the necessary costs to run a public entity.

Research and Development (R&D) Expenses

Research and development expenses were reported at $1.2 million for the three months ended September 30, 2025. This marked an increase of 66.0%, or $0.5 million, compared to the $0.7 million spent in the same period of 2024. This jump was mainly due to higher compensation and subcontractor expenses needed to advance the platform's functionality and vehicle integration. That's where the R&D dollars are going.

Selling, General, and Administrative (SG&A) Costs

Selling, general, and administrative expenses were quite substantial in the third quarter of 2025, hitting $4.8 million. To put that in perspective, that's a 124.0% increase from the $2.1 million reported for the three months ended September 30, 2024. This increase reflects higher costs across the board, including compensation, public company related costs of $0.6 million, and legal fees expenses of $0.3 million.

Cost of Products and Services Revenue

The direct cost associated with generating sales, the cost of products and services revenue, was $0.8 million for the third quarter of 2025. This was a slight decrease from the $0.9 million in the prior year's third quarter. The margin profile shifted a bit, too.

Here's a quick comparison of the revenue and associated costs for Q3 2025 versus Q3 2024:

The margin dip to 42.3% was negatively impacted by a higher mix of hardware charging station sales relative to engineering services.

Compensation Expenses, Including Share-Based Compensation

Compensation is a major component driving up the operating expenses you see above. For the third quarter of 2025, the increase in compensation expenses, which includes share-based compensation, was $1.7 million year-over-year. This was a primary driver for the rise in R&D spending. You have to pay the people building the tech, and stock grants are part of that package.

Key expense drivers contributing to the operating cost increase in Q3 2025 included:

• Increases in compensation expenses of $1.7 million.
• Increases in public company related costs of $0.6 million.
• Increases in legal fees expenses of $0.3 million.
• Increases in office related expenses of $0.4 million.

Capital Raising Costs and Interest Expense on Debt Obligations

To fund these operations and growth initiatives, Nuvve Holding Corp. raised capital during the quarter. They brought in $5.6 million in gross proceeds through an underwritten public offering and debt obligations in the third quarter of 2025. This is critical because the company is burning cash; cash operating losses were $4.8 million in Q3 2025. Furthermore, the company is operating with a substantial debt burden, noted as over $10 million as of the November 2025 update, which implies ongoing interest expense obligations that factor into the overall cost base.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Revenue Streams

You're looking at the actual money Nuvve Holding Corp. brought in during the third quarter of 2025, which gives a clear picture of where the business stands right now. Honestly, the revenue mix is shifting, which is something you need to watch closely.

For the three months ended September 30, 2025, the total revenue came in at $1.60 million. This total is built from several distinct sources, showing a mix of hardware sales, service contracts, and government support.

Here is the breakdown of the revenue streams for Q3 2025:

The total of these components equals the reported $1.60 million in total revenue for the quarter. You can see the hardware sales are the largest piece of the pie here.

The margin profile across these streams is quite varied, which impacts overall profitability. Here's the quick math on the gross margin:

• DC charger gross margins generally range from 15% to 25%.
• AC charger gross margins are approximately 50%.
• Grid service revenue margins are generally around 30%.
• Software and engineering service margins can be as high as 100%.

The overall gross profit margin for Q3 2025 was reported at 52.0%, which was stable compared to 52.1% in Q3 2024, but the product/services margin compressed to 42.3% due to a higher mix of hardware sales relative to engineering services in the quarter.

Regarding grant revenue, the $0.27 million recognized in Q3 2025 is part of Nuvve Holding Corp.'s funding strategy. You should also note that operating costs in Q2 2025 were elevated by non-recurring grants of $8.2 million paid to consultants supporting their digital asset strategy, though this was an expense/non-operating item in Q2, not a Q3 revenue stream.

Looking ahead, Nuvve Holding Corp. is positioning for future recurring revenue from stationary storage, with management highlighting three 2MW BESS projects in Denmark targeting a greater than 25% IRR and a 2MW aggregation agreement in Japan, which are expected to become a larger portion of the business success starting in 2026.

Finance: draft 13-week cash view by Friday.