Shares of Nuvve Holding Corp. (NVVE Quick QuoteNVVE - Free Report) have gained 10.7% since the company reported its earnings for the quarter ended June 30, 2026, outperforming the S&P 500 Index’s 1.1% decline over the same period. Over the past month, NVVE shares plunged 82.5%, while the S&P 500 rose 2.4%.

Nuvve’s Earnings Snapshot

Nuvve reported second-quarter 2026 revenues of $1.2 million, up from $0.3 million a year earlier. Product revenues surged to $915,599 from $141,905, while services revenues declined to $128,337 from $191,084. Grant revenues were $182,790 in the quarter. Product growth primarily reflected higher customer orders and shipments.

Net loss narrowed to $7.3 million from $13.6 million. Net loss attributable to common stockholders was $7.1 million compared with $13.4 million, while loss per share was $14.45 compared with $1,525.62. The per-share amounts reflect NVVE’s reverse stock splits.

NVVE’s Other Key Business Metrics

Nuvve ended the quarter with 29.9 megawatts under management, up 3.1% sequentially from 29.0 megawatts and 16.8% year over year. Of the total, 29.7 megawatts came from EV chargers and 0.2 megawatts from stationary batteries.

Hardware and services backlog increased $0.9 million sequentially to $5.3 million from $4.4 million reported as of March 31, 2026, with the new contracts expected to convert into sales during 2026. Cash stood at approximately $0.5 million as of June 30, excluding $0.3 million of restricted cash.

Nuvve’s Management Commentary

CEO Gregory Poilasne said that second-quarter sales improved after a soft finish to the first quarter, highlighting year-over-year growth in Nuvve’s CPO business and a strengthening stationary-battery pipeline across Europe, Japan and New Mexico. Management described stationary batteries as an increasingly central focus.

In Europe, NVVE plans to own battery assets on its balance sheet, optimize them through its platform and capture energy revenues directly rather than earning only service fees, although management acknowledged that this strategy is more capital intensive.

Factors Influencing NVVE’s Headline Numbers

The revenue increase was driven by a $0.8 million rise in product revenues and a $0.2 million increase in grants, partly offset by a 32.8% decline in services revenues. Profitability did not keep pace with sales as cost of products and services surged to $1.2 million from $0.1 million. Products and services margin fell to negative 14.5% from 60.6%.

Higher replacement-warranty costs on certain discontinued DC chargers and a write-down related to the Troy project weighed on margins. Selling, general, and administrative expenses fell 52.9% to $6.5 million, partly because the prior-year quarter included $8.2 million of warrant expense for cryptocurrency-strategy consulting and $1 million of bad-debt expense. R&D expenses decreased 14.4% to $0.9 million.

Nuvve’s Outlook

Management did not provide formal revenue or earnings guidance. It expects further growth in megawatts under management during 2026 as existing backlog is commissioned and additional EV-charger and stationary-battery business is won.

Nuvve also expects further developments across its European, Japanese and New Mexico projects over the next several quarters and anticipates improved cash burn from lower operating costs compared with last year.

NVVE’s Other Developments

During the quarter, shareholders approved authorization for another reverse stock split, and the board subsequently selected a 1-for-18 ratio. The split became effective July 6.

Nuvve also raised $2.5 million in gross proceeds during the quarter through a private placement, preferred-stock issuance and warrant exercises.

Separately, stationary batteries managed in California were decommissioned after reaching the end of their useful lives, while NVVE elected not to continue managing batteries connected through its Toyota Tsusho partnership in Japan because expected future revenue under the existing agreement was limited.