Executive Summary

Revenue recovered sequentially to $1.60M (from $0.33M in Q2) but declined 16.7% YoY; gross margin held at 52.0% while net loss widened to $4.5M as operating expenses rose materially .
Mix shift drove results: products revenue rose on higher shipments ($0.95M), services fell with the cessation of Fresno management fees, and grants increased modestly; product/services margin compressed to 42.3% on greater hardware mix .
Strategic pivot gained momentum: three 2MW BESS projects in Denmark (target ~25% IRR; late-2026 operation) and a 2MW/8.2 MWh aggregation agreement in Japan position NVVE for recurring storage revenue starting in 2026 .
Liquidity tight and regulatory overhang: cash was $0.94M at quarter-end; management is fundraising and targeting Nasdaq compliance by Dec 31 with reverse split authorized .
Wall Street consensus for revenue and EPS was not available via S&P Global for Q3, limiting “beat/miss” analysis; near-term stock catalysts center on funding progress, Nasdaq outcome, and additional stationary storage wins (S&P Global consensus data unavailable).*

What Went Well and What Went Wrong

What Went Well

Sequential revenue rebound and stable gross margin: “hardware revenue is more in line with our expectations, and we see a potential strong Q4” (CEO) as gross margin held ~52% .
Stationary storage expansion: management announced three 2MW Denmark BESS projects (target ~25% IRR, late-2026 operation) and a 2MW aggregation contract in Japan; “the expansion of the use of our platform for stationary batteries is working well” (CEO) .
KPIs stabilized: megawatts under management increased to 26.4 MW from 25.6 MW in Q2, reflecting incremental commissioning despite YoY declines from battery decommissioning .

What Went Wrong

Services revenue headwind and margin mix: services fell with Fresno project fees ceasing; product/services margin dropped to 42.3% on higher hardware mix and lower engineering services .
Elevated operating costs: SG&A rose to $4.8M (+124% YoY) and R&D to $1.2M (+66% YoY), widening net loss; Q2 was inflated by $8.2M non-recurring consulting grants tied to digital asset strategy, but cash opex remained ~$5.4M in Q3 .
Liquidity and listings risk: quarter-end cash of $0.94M and higher payables/accruals, alongside a Nasdaq delisting process (appeal and plan in progress), keep financing and compliance as key overhangs .

Financial Results

P&L summary and mix (USD)

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue ($)	$934,304	$332,989	$1,598,627
Products Revenue ($)	$565,551	$141,905	$947,561
Services Revenue ($)	$267,304	$191,084	$380,876
Grants ($)	$101,449	$0	$270,190
Products & Services Margin %	32.6%	60.6%	42.3%
Gross Margin % (overall)	N/A	N/A	52.0%
SG&A ($)	$5,075,902	$13,905,986	$4,763,634
R&D ($)	$883,772	$1,093,163	$1,179,288
Net Loss ($)	$(6,878,601)	$(13,568,462)	$(4,794,215)
Net Loss per Share ($)	$(3.88)	$(2.12)	$(0.24)

Year-over-year comparison (revenue)

Metric	Q1 YoY	Q2 YoY	Q3 YoY
Revenue YoY Change %	+19.8%	−58.5%	−16.7%

KPIs and balance items

KPI	Q1 2025	Q2 2025	Q3 2025
Megawatts Under Management (MW)	31.8	25.6	26.4
Backlog ($)	N/A	$19.1M (as of 6/30)	$19.0M (as of 9/30)
Cash & Equivalents ($)	$1,189,577	$1,767,406	$939,415
Accounts Receivable ($)	$1,485,842	$349,352	$1,109,255
Inventory ($)	$4,146,214	$4,267,084	$4,255,117

Notes:

Revenue mix drivers in Q3: DC/AC chargers $0.95M; grid services $0.01M; engineering services $0.37M; grants $0.27M .
Q3 margin compression reflects a higher hardware mix and lower engineering services vs. prior year .

Actual vs. Estimates (S&P Global)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue Consensus Mean ($)	N/A*	N/A*	N/A*
Primary EPS Consensus Mean ($)	N/A*	N/A*	N/A*
Actual Revenue ($)	$934,304	$332,989	$1,598,627
Actual EPS ($)	$(3.88)	$(2.12)	$(0.24)

*Consensus values were not available via S&P Global for these periods.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue outlook	Q4 2025	None	“Potential strong Q4” (qualitative)	Initiated qualitative commentary
Cash burn	Next several quarters	None	“Anticipate improvements… from benefits of lower operating costs”	Initiated qualitative commentary
Nasdaq compliance	By Dec 31, 2025	None	“Very confident we'll be able to address… by Dec 31; reverse split approved”	New regulatory milestone
Stationary storage deployments	2026 start	N/A	Denmark 6MW BESS late-2026 operation; Japan 2MW/8.2 MWh H1’26 operation target	New project timelines

No formal numerical guidance (revenue, margins, OpEx, tax, segment targets, dividends) was provided in Q3 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Stationary battery strategy	Q1: Transformation/M&A focus incl. Fermata ; Q2: transition quarter, hardware supplier changes	Denmark 3×2MW BESS (target ~25% IRR; late-2026 ops); Japan 2MW/8.2 MWh aggregation (H1’26)	Accelerating toward storage recurring revenue
Crypto/digital asset strategy	Q2: $8.19M noncash warrants to consultants; strategic positioning at Energy/AI/Crypto	Still analyzing blockchain integration; no token purchase yet; focus on technical/economic/regulatory fit	Pause/reassessment; emphasis on prudence
Revenue/margin mix	Q1: products/services margin 32.6% ; Q2: 60.6% on higher engineering mix	Products/services margin 42.3%; overall gross margin 52.0%	Normalizing as mix shifts back toward hardware
Megawatts under management	Q1: 31.8 MW ; Q2: 25.6 MW (battery decommissioning in CA/JP)	26.4 MW (+3.1% QoQ)	Stabilizing QoQ after decommissions
Backlog/pipeline	Prior: not quantified in releases	Backlog ~$19.0M; pipeline in NM and Japan projects	Stable backlog; regional pipeline building
Regulatory/listing	Prior: N/A	Plan to regain Nasdaq compliance by Dec 31; reverse split approved; hearings process in place	Active remediation; time-bound milestone
Supply chain/model	Q2: new hardware supplier; dropship model shift	Hardware shipments improved vs Q2	Execution improving

Management Commentary

CEO strategic pivot: “we have been able to shift our focus to stationary battery deployment… three 2 MW battery projects [Denmark]… IRR >25%… operational in late 2026… [and] a 2 MW… 8.2 MWh [Japan]… first half of 2026… [this] is going to help us accelerate our revenue growth over the next 18 months.”
Liquidity and listing: “Fundraising is underway… NASDAQ gave us until December 31 to fix our bid price and shareholder equity deficiencies… very confident we'll be able to address these deficiencies… reverse stock split [approved].”
Near-term revenue tone: “hardware revenue is more in line with our expectations, and we see a potential strong Q4.”
CFO on margins and mix: “Margins… were 52% for the third quarter… DC charger gross margins… 15%-25%; AC… ~50%… grid services ~30%; software/engineering… as high as 100%.”
CFO on OpEx and non-recurring items: “Operating costs… were $5.9M [Q3] vs $15M [Q2]… Q2 elevated due to non-recurring grants of $8.2M… for digital asset strategy… Cash operating expenses… were $5.4M in Q3 vs $5.7M in Q2.”
CFO on backlog and cash burn: backlog $19.0M; “anticipate improvements in our cash burn… from… lower operating costs compared with last year.”

Q&A Highlights

No analyst Q&A occurred on the call; no additional clarifications beyond prepared remarks were provided .

Estimates Context

S&P Global consensus for NVVE’s quarterly revenue and EPS was not available for Q1–Q3 2025; as a result, we cannot assess beats/misses versus Street estimates for these periods (S&P Global consensus data unavailable).*
Given the lack of published consensus, estimate revisions are more likely to follow incremental disclosures on storage project financing, commissioning timelines, and liquidity/Nasdaq outcomes .

Key Takeaways for Investors

Sequential revenue recovery with stable gross margin suggests commercial traction is returning post-Q2 transition; watch hardware shipments into Q4 for confirmation .
Storage pivot is the medium-term growth engine: Denmark (6MW) and Japan (2MW/8.2 MWh) provide line-of-sight to recurring revenue starting 2026; additional wins would strengthen the thesis .
Mix is the key to margins: higher hardware drives revenue but compresses product/services margin; increasing software/engineering/services improves margin dollars—monitor mix and MW additions .
Operating discipline still needed: cash opex ~$5.4M in Q3 and cash of $0.94M highlight the need for funding; cash burn improvement is a stated objective, but execution/funding risk remains .
Regulatory overhang is binary: the Dec 31 Nasdaq compliance milestone and reverse split mechanics are near-term catalysts; successful resolution reduces risk premium .
Backlog stable near $19M with pipeline in New Mexico and Japan; conversion pace and cash collection (receivables rose with Q3 shipments) are important for de-risking liquidity .
With Street consensus unavailable, narrative and milestone delivery (financing, project RtB, commissioning) are likely to drive stock action more than headline “beats/misses.”*

Citations:

Q3 2025 8-K and press release:
Q3 2025 earnings call transcript:
Q2 2025 8-K and press release:
Q1 2025 8-K and press release:
Other Q3 2025 press releases: Denmark BESS ; Japan aggregation ; Nasdaq hearings request

*Values and consensus availability status retrieved from S&P Global.

Nuvve Holding Corp. (NVVE)·Q3 2025 Earnings Summary