Wed, May 15, 10:01 AM (72 days ago)
Nuvve Holding Corp. (NVVE) filed its Form 10-Q for the quarter ended March 31, 2024. Key financial highlights include: - **Revenue**: Total revenue decreased by 58% year-over-year to $779.8K, driven by a significant drop in product sales and service revenue. - **Operating Expenses**: Operating expenses fell by 17.5% to $8.03M, with notable reductions in cost of products, selling, general, and administrative expenses, and research and development costs. - **Net Loss**: The net loss narrowed to $6.73M from $7.66M in the prior-year quarter, reflecting improved cost management. - **Cash Position**: Cash and restricted cash increased to $5.76M from $1.53M at the end of 2023, primarily due to proceeds from a public offering. - **Balance Sheet**: Total assets increased to $23.54M, while total liabilities rose to $17.46M. - **Future Outlook**: The company expects to continue incurring operating losses and is focused on increasing revenues and raising additional capital to support operations. Key uncertainties include market acceptance of EVs, competition, and potential changes in government incentives. The company also faces ongoing risks related to its reliance on key customers and the need for effective financial controls.