Nuvve Holding Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in total revenue, which amounted to $1.92 million, down 29% from $2.71 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenue was $3.50 million, a decrease of 48% compared to $6.69 million in the prior year. The decline in revenue was primarily driven by a 69% drop in product revenue, which fell to $543,834, while service revenue increased by 46% to $1.27 million.

Despite the revenue decline, Nuvve reported an operating loss of $1.84 million for the third quarter, a significant improvement from the $8.46 million loss recorded in the same period last year. The net loss for the quarter was $1.65 million, down from $8.33 million in 2023, reflecting a substantial reduction in operating expenses, which decreased by 66% to $3.76 million.

The company’s total assets as of September 30, 2024, were $18.34 million, down from $20.95 million at the end of 2023. Total liabilities increased to $15.33 million from $13.96 million, while stockholders’ equity decreased to $3.00 million from $7.47 million. The accumulated deficit rose to $160.54 million, up from $148.24 million at the end of the previous fiscal year.

Nuvve's cash position has also deteriorated, with cash and cash equivalents dropping to $325,245 from $1.53 million at the end of 2023. The company reported net cash used in operating activities of $12.24 million for the nine months ended September 30, 2024, compared to $6.20 million for the same period in 2023.

Strategically, Nuvve became the 100% owner of Levo Mobility LLC on October 15, 2024, after acquiring the remaining 49% interest from Stonepeak and Evolve. This acquisition is expected to enhance Nuvve's capabilities in electrifying transportation through its Vehicle-to-Grid (V2G) technology. Additionally, the company formed Deep Impact 1 LLC in August 2024, focusing on the operation and maintenance of electric vehicle chargers.

Nuvve is currently not in compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million and has submitted a plan to regain compliance, with a deadline set for November 18, 2024. Failure to comply may result in delisting from the Nasdaq Capital Market, which could adversely affect the company's financial condition and stock price.