Nuvve (NASDAQ:NVVE) Announces Earnings Results, Beats Expectations By $1,917.26 EPS

Nuvve (NASDAQ:NVVE) issued its quarterly earnings results on Tuesday. The company reported ($2.74) EPS for the quarter, topping the consensus estimate of ($1,920.00) by $1,917.26, Zacks reports. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $1.90 million.

Here are the key takeaways from Nuvve’s conference call:

• Management has pivoted to stationary batteries and announced a transformative partnership with OMNIA Global, giving Nuvve access to a >1 GW European pipeline and three announced projects totaling 150 MW that the company intends to own, which management says could produce substantial upside.
• A one-time inventory impairment of $3.47 million for nonconforming DC chargers drove Q4 net loss to $6.1 million, materially reduced inventories, and the company’s backlog fell to $3.3 million after the Fresno project termination.
• Nuvve formed Nuvve Japan, sold a 2 MW / 8 MWh battery for $3.35 million (with ~ $1 million down), was selected as aggregator for another 2 MW project, and says its Japan pipeline is similar in size to Europe over a longer 36–48 month timeline.
• Management highlighted meaningful cost reductions and margin improvement—Q4 cash operating expenses fell to $2.0 million and product/service margins improved—and is rolling out AI across forecasting, project management, sales and finance to scale the business and lower costs.

Nuvve Stock Performance

NASDAQ NVVE opened at $0.58 on Thursday. Nuvve has a one year low of $0.56 and a one year high of $142.00. The company’s 50 day moving average price is $1.21 and its 200 day moving average price is $5.16. The firm has a market capitalization of $642,927.60, a price-to-earnings ratio of 0.00 and a beta of 1.85.

Analysts Set New Price Targets

Several analysts have recently issued reports on NVVE shares. Wall Street Zen cut shares of Nuvve from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nuvve in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On Nuvve

An institutional investor recently bought a new position in Nuvve stock. Citadel Advisors LLC bought a new stake in shares of Nuvve Holding Corp. (NASDAQ:NVVE) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 121,849 shares of the company’s stock, valued at approximately $29,000. Citadel Advisors LLC owned approximately 0.60% of Nuvve at the end of the most recent quarter. 19.01% of the stock is currently owned by institutional investors.

Nuvve Company Profile

Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.