SAN DIEGO, Calif. — Nuvve Holding Corp. (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today announced select preliminary 2023 financial results and reaffirmed the Company’s 2024 revenue outlook.
Nuvve anticipates revenue for the full year ended December 31, 2023 will exceed $8 million, as planned, in line with its previously provided guidance. As a result of cost savings measures implemented successfully in the second half of 2023, the Company anticipates full year 2023 cash selling, general and administrative expenses of approximately $27 million.
Nuvve continues to expect revenue will further increase to a range of $15 million to $20 million for the full year ending December 31, 2024, assuming the continued market expansion being forecasted for the industry and Nuvve’s ability to maintain its share of this market. The Company also anticipates a further decline in cash selling, general and administrative expenses to a range of $18.5 million to $19.5 million for the full year ending December 31, 2024.
With Nuvve’s cash on hand after the $9.6 million of capital raised through its underwritten offering announced on January 31, 2024, along with the additional cash that could be raised through the Series B Warrants issued through the same offering, the Company has strengthened its balance sheet with an improved cash position to execute its business strategy for the foreseeable future.
Gregory Poilasne, Chief Executive Officer of Nuvve, said, “As we closed out 2023, we saw substantial year-over-year improvement in orders, sales and deployments of charging stations connected to our GIVe V2G software platform, as well as grid service revenues. We continue to make advancements in our growth strategy, adding strategic alliances to our global expansions. We look forward to continuing our momentum in the coming year as we capitalize on strong interest in our technology and our IP as well as our integrated solution. We remain focused on driving enhanced stockholder value and are pleased to move ahead with a stronger balance sheet that provides a solid foundation to support our continued growth.”
About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve’s mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information, please visit nuvve.com.
