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Nuvve Holding Corp. (NVVE+5.74%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $5.3 million for the year, a decrease from $8.3 million in the previous year. The decline in revenue is attributed to a reduction in product sales.
Cost of products and services decreased to $3.5 million, compared to $7.0 million in the previous year, reflecting the lower sales volume.
Selling, general, and administrative expenses were reduced by 28.4% to $17.7 million, down from $24.7 million in 2023.
Research and development expenses also decreased to $4.5 million from $8.8 million, reflecting a reduction in compensation and subcontractor expenses.
The company reported an operating loss of $20.5 million, an improvement from the $32.1 million loss reported in 2023.
Nuvve's net loss for the year was $17.4 million, compared to a net loss of $31.3 million in the previous year.
The company highlighted several factors affecting its business, including supply chain constraints, inflationary pressures, and EV adoption rates.
Nuvve's cash and cash equivalents at the end of the year stood at $0.4 million, with total assets amounting to $16.8 million.
The company has outlined plans to fund operations through debt obligations, increased revenues, and raising additional capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nuvve Holding Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.