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Operational sustainability is challenged by consistent cash burn, with the company reporting a $4.3 million free cash flow deficit in 2025Q4 alone.
Nuvve Holding Corp. (NVVE) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -18.83M | -16.63M | -15.73M | -21.25M | -34.08M | -29.19M | -3.08M | -4.21M | -8.05M |
| Operating CF Margin % | - | -392.64% | -297.65% | -255.09% | -634.27% | -999.47% | -158.45% | -163.24% | -573.78% |
| Operating CF Growth % | -291.53% | -5.67% | 25.97% | 37.64% | -16.76% | -848.08% | 26.85% | 47.7% | - |
| Net Income | -23.38M | -30.82M | -17.43M | -31.3M | -24.56M | -74.62M | -4.89M | -3.02M | -7.83M |
| Depreciation & Amortization | 437.29K | 329.5K | 337.97K | 396.21K | 289.54K | 167.56K | 164.99K | 202.23K | 125.35K |
| Stock-Based Compensation | 1.62M | 2.43M | 2.62M | 4.11M | 5.23M | 4.22M | 599.53K | 0 | 190.69K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.24M | 11.77M | -2.96M | -113.84K | -11.72M | 47.14M | 322.66K | -2.67M | 632.04K |
| Working Capital Changes | -1.41M | -333.81K | 1.69M | 5.65M | -3.33M | -6.1M | 719.01K | 1.28M | -1.16M |
| Change in Receivables | -306.5K | 63.44K | -148.3K | -634.43K | 763.3K | -887.7K | -187.09K | 53.77K | -599.63K |
| Change in Inventory | 204.39K | 321.19K | 1.3M | 5.45M | -433.64K | -10.07M | -835.69K | -216.79K | 0 |
| Change in Payables | 3M | 1.52M | 196.41K | -696.1K | -3.35M | 2.78M | 1.46M | 528.31K | 0 |
| Cash from Investing | 614.39K | 517.87K | -45.4K | 1.14M | -1.44M | -265.48K | -22.5K | 2.29M | -116.17K |
| Capital Expenditures | -300.78K | -57.1K | -45.4K | -188.43K | -438.05K | -273.12K | -22.5K | -16.5K | -116.17K |
| CapEx % of Revenue | 5.05% | 1.35% | 0.86% | 2.26% | 8.15% | 9.35% | 1.16% | 0.64% | 8.28% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 244.21K | -95.99K | 0 | 0 | 0 | 7.65K | 0 | 0 | 0 |
| Cash from Financing | 17.06M | 21.2M | 14.46M | 5.86M | 19.06M | 59.72M | 5.24M | 50K | 100K |
| Debt Issued (Net) | 5.95M | 6.09M | 5.81M | -8.14K | -9.69K | -493.34K | 5.48M | 50K | 0 |
| Equity Issued (Net) | 16.33M | 15.11M | 8.5M | 5.87M | 16.83M | 9.37M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -39.1K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -8.02M | 0 | 0 | 0 |
| Other Financing | -5.22M | 0 | 155.06K | 0 | 2.24M | 50.88M | -240.7K | 0 | 100K |
| Net Change in Cash | -1.27M | 5.1M | -1.32M | -14.22M | -16.51M | 30.46M | 1.95M | 326.7K | -7.97M |
| Free Cash Flow | -19.13M | -16.68M | -15.78M | -21.44M | -34.52M | -29.46M | -3.1M | -4.23M | -8.16M |
| FCF Margin % | -321.06% | -393.99% | -298.51% | -257.35% | -642.43% | -1008.82% | -159.61% | -163.88% | -582.06% |
| FCF Growth % | -33.62% | -5.73% | 26.41% | 37.88% | -17.16% | -850% | 26.6% | 48.24% | - |
| FCF per Share | -54.84 | -737.10 | -439.46 | -483.51 | -1185.16 | -1273.78 | -253.16 | -123.96 | -239.51 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.54x | 0.90x | 0.68x | 1.42x | 0.40x | 0.63x | 1.39x | 1.03x |
| Interest Paid | 0 | 1.65M | 563.35K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.6K | 1.6K | 0 | 0 | 800 | 800 | 0 | 0 |
Quick answers to the most common questions about buying NVVE stock.
Nuvve Holding Corp. (NVVE) generated $-16.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nuvve Holding Corp. (NVVE) reported negative free cash flow of $16.7M in 2025, indicating capital requirements exceeded cash from operations.
Nuvve Holding Corp. (NVVE) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
As reported in recent financial statements, Nuvve's operating cash flow consistently fails to align with net losses, with the OCF/NI ratio exhibiting extreme volatility, ranging from 0.26 to 2.13, which suggests that accruals and working capital swings are masking the underlying cash-burning nature of the business.
The lack of a stable relationship between net income and operating cash flow indicates that the company's earnings quality is poor and highly sensitive to non-cash adjustments. Investors should monitor this divergence, as it implies that reported losses may not fully capture the cash-intensive requirements of maintaining grid-interconnect certifications.
Free Cash Flow Remains Deeply Negative
Based on the provided cash flow data, Nuvve has failed to generate positive free cash flow in nine of the last ten quarters, with the most recent 2025Q4 period showing a cash burn of $4.3 million, underscoring the company's inability to achieve self-sustaining operational scale.
The consistent negative FCF trajectory suggests that the company's business model is currently incapable of covering its operating expenses through internal cash generation. This trend warrants further investigation into whether the company can reach a break-even point before its liquidity position is fully exhausted.
Working Capital Volatility Obscures Performance
According to historical cash flow filings, working capital changes have been a primary driver of quarterly cash fluctuations, including a massive $10.1 million inflow in 2023Q3 followed by a $2.8 million outflow in 2025Q4, indicating highly unpredictable cash cycles tied to project-based revenue recognition.
These erratic swings in working capital suggest that Nuvve's cash position is heavily dependent on the timing of large municipal contracts and grant-funded projects. Such volatility makes it difficult to forecast future liquidity needs and suggests that the company lacks a predictable cash conversion cycle.
Stock-Based Compensation Masks Cash Reality
As indicated by the company's reported cash flow statements, stock-based compensation has remained a significant non-cash expense, frequently exceeding $1 million per quarter, which effectively subsidizes the operating burn while simultaneously diluting the equity base of existing shareholders in a capital-constrained environment.
The reliance on stock-based compensation to manage cash outflows appears to be a strategic necessity given the company's limited liquidity. Analysts should interpret this as a hidden cost of operations that, while not impacting immediate cash balances, significantly alters the long-term value proposition for equity holders.