Revenue growth has turned negative, with a 2.6% year-over-year decline in 2025Q4, while operating margins remain severely depressed at -184.7%.
| Sales/Revenue | 4.23M | 5.29M | 8.33M | 5.37M | 2.92M | 1.94M | 2.58M | 1.4M |
| Revenue Growth % | -19.89% | -36.56% | 55.06% | 83.98% | 50.3% | -24.64% | 83.83% | - |
| Cost of Goods Sold | 2.92M | 3.53M | 6.98M | 4.2M | 2M | 521.07K | 544.23K | 85K |
| COGS % of Revenue | 68.98% | 66.86% | 83.79% | 78.1% | 68.55% | 26.82% | 21.11% | 6.06% |
| Gross Profit | 1.31M | 1.75M | 1.35M | 1.18M | 918.43K | 1.42M | 2.03M | 1.32M |
| Gross Margin % | 31.02% | 33.14% | 16.21% | 21.9% | 31.45% | 73.18% | 78.89% | 93.94% |
| Gross Profit Growth % | -25.02% | 29.67% | 14.81% | 28.11% | -35.42% | -30.09% | 54.38% | - |
| Operating Expenses | 30.02M | 22.21M | 33.46M | 38.09M | 28.15M | 6.11M | 8.2M | 9.2M |
| OpEx % of Revenue | 708.99% | 420.19% | 401.53% | 708.9% | 963.84% | 314.41% | 317.88% | 655.76% |
| Selling, General & Admin | 26.75M | 0 | 0 | 0 | 22.9M | 5.49M | 5.06M | 5.56M |
| SG&A % of Revenue | 631.74% | - | - | - | 783.95% | 282.38% | 196.43% | 396.41% |
| Research & Development | 3.83M | 4.54M | 8.76M | 7.98M | 6.52M | 2.89M | 3.13M | 3.62M |
| R&D % of Revenue | 90.46% | 85.9% | 105.15% | 148.45% | 223.39% | 148.67% | 121.45% | 258.41% |
| Other Operating Expenses | -559.21K | 17.67M | 24.69M | 30.12M | -1.27M | -2.27M | 0 | 0 |
| Operating Income | -28.71M | -20.46M | -32.11M | -36.92M | -27.23M | -4.69M | -6.16M | -7.87M |
| Operating Margin % | -677.97% | -387.05% | -385.32% | -687.01% | -932.4% | -241.23% | -238.99% | -560.88% |
| Operating Income Growth % | -40.32% | 36.27% | 13.03% | -35.56% | -480.96% | 23.93% | 21.67% | - |
| EBITDA | -28.38M | -20.12M | -31.71M | -36.63M | -27.06M | -4.52M | -5.96M | -7.74M |
| EBITDA Margin % | -670.19% | -380.66% | -380.56% | -681.62% | -926.66% | -232.7% | -231.15% | -551.95% |
| EBITDA Growth % | -41.04% | 36.54% | 13.42% | -35.33% | -498.53% | 24.13% | 23.01% | - |
| D&A (Non-Cash Add-back) | 329.5K | 337.97K | 396.21K | 289.54K | 167.56K | 165.58K | 202.23K | 125.35K |
| EBIT | -29.59M | -20.46M | -32.11M | -36.92M | -27.28M | -4.57M | -6.16M | -7.87M |
| Net Interest Income | -1.96M | -767.37K | 108.18K | 134.58K | -47.34M | -313.61K | 204 | 0 |
| Interest Income | 0 | 0 | 108.18K | 134.58K | 0 | 0 | 8.39K | 45.62K |
| Interest Expense | 1.96M | 767.37K | 0 | 0 | 47.34M | 313.61K | 8.19K | 0 |
| Other Income/Expense | -2.84M | 3.04M | 810.09K | 12.36M | -47.38M | -196.75K | 3.81M | 32.51K |
| Pretax Income | -31.55M | -17.42M | -31.3M | -24.56M | -74.62M | -4.88M | -2.35M | -7.83M |
| Pretax Margin % | -745.03% | -329.63% | -375.59% | -457.01% | -2554.8% | -251.35% | -91.17% | -558.57% |
| Income Tax | -1K | 1.6K | 1.6K | 800 | 1K | 1K | 671.73K | 0 |
| Effective Tax Rate % | 0% | -0.01% | -0.01% | -0% | -0% | -0.02% | -28.57% | 0% |
| Net Income | -30.82M | -17.4M | -31.28M | -24.02M | -72.48M | -4.89M | -3.02M | -7.83M |
| Net Margin % | -727.85% | -329.11% | -375.46% | -446.99% | -2481.63% | -251.4% | -117.22% | -558.57% |
| Net Income Growth % | -77.17% | 44.39% | -30.25% | 66.86% | -1383.67% | -61.63% | 61.42% | - |
| Net Income (Continuing) | -31.55M | -17.43M | -31.3M | -24.56M | -74.62M | -4.89M | -3.02M | -7.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.2M | -28.81K | -700.47K | -402.42K | 400.27K | 0 | 0 | 0 |
| EPS (Diluted) | -75.65 | -26.92 | -40.36 | -46.84 | -656.00 | -22.15 | -4.93 | -12.77 |
| EPS Growth % | -181.02% | 33.3% | 13.83% | 92.86% | -2861.63% | -349.29% | 61.39% | - |
| EPS (Basic) | -75.65 | -26.92 | -40.36 | -46.84 | -656.00 | -22.15 | -4.93 | -12.77 |
| Diluted Shares Outstanding | 407.44K | 646.33K | 798.27K | 524.3K | 416.36K | 220.53K | 613.56K | 613.56K |
| Basic Shares Outstanding | 407.44K | 646.33K | 798.27K | 524.3K | 416.36K | 220.53K | 613.56K | 613.56K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency risk
As reported in recent financial filings, Nuvve's revenue trajectory has turned negative, with a 2.6% year-over-year decline in 2025Q4, highlighting a failure to scale its bidirectional charging platform despite the broader industry's push toward vehicle-to-grid integration and increased municipal fleet electrification efforts.
The inconsistent revenue performance suggests that the company's reliance on lumpy, project-based contracts is failing to provide a reliable growth engine. Investors should monitor whether this contraction reflects a loss of market share to more integrated OEM solutions or simply the inherent difficulty in navigating complex utility interconnection requirements.
Based on the provided income statement data, gross margins have fluctuated wildly between 11.5% and 60.6% over the last ten quarters, indicating that the company lacks the pricing power or cost consistency required to maintain stable profitability in its hardware-heavy business model.
The wide variance in gross margins suggests that the product mix is highly sensitive to individual project economics rather than a standardized software-as-a-service revenue stream. This volatility complicates forecasting and implies that the company remains vulnerable to input cost spikes and installation inefficiencies that it cannot effectively pass on to customers.
According to the latest quarterly figures, Nuvve's operating margin of -184.7% in 2025Q4 demonstrates a severe lack of operating leverage, as the company's fixed overhead and R&D expenses continue to dwarf its limited revenue generation capabilities, preventing any meaningful path toward operational break-even.
The persistent gap between gross profit and operating expenses suggests that the company is currently unable to achieve the economies of scale necessary to justify its current cost structure. This disconnect warrants further investigation into whether management can rationalize its SG&A and R&D spend without compromising its core intellectual property.
Analysis of the income statement reveals that net income remains deeply negative, with stock-based compensation frequently exceeding $1M per quarter, which suggests that the reported losses may understate the true economic cost of operations and the ongoing dilution of existing shareholders.
The reliance on equity-based compensation in the absence of positive cash flow indicates a strategy of preserving cash at the expense of shareholder equity. Investors should be wary of the sustainability of this approach, as it does not address the underlying issue of the company's inability to generate positive operating cash flow.
As indicated by the financial statements, the combination of a -677% operating margin and a dwindling cash balance suggests that Nuvve faces a significant risk of insolvency, potentially forcing management to seek dilutive financing or strategic alternatives to maintain its ongoing operations.
Short-sellers would likely focus on the company's inability to convert its patent portfolio into a self-sustaining commercial engine, pointing to the consistent revenue declines as evidence of a failed business model. The lack of a clear path to profitability suggests that the current valuation may be disconnected from the fundamental reality of the company's cash burn.
Quick answers to the most common questions about buying NVVE stock.
For fiscal year 2025, Nuvve Holding Corp. (NVVE) reported total revenue of $4.2M. This represents a 201.9% increase compared to $1.4M in 2018.
Nuvve Holding Corp. (NVVE) reported a net loss of $30.8M for the fiscal year ending 2025.
Nuvve Holding Corp. (NVVE) reported an operating income of $-28.7M, resulting in an operating profit margin of -678.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Nuvve Holding Corp. (NVVE) generated $1.3M in gross profit for the year, representing a gross profit margin of 31.0%. This demonstrates the company's core pricing power and production efficiency.