Nuvve Holding Corp. Common Stock 2026 Q2 Earnings Call

Gregory? Thank you, and good afternoon to everyone here today.

Welcome to our second quarter 2026 results call. Let me start with a subject that is on everyone's mind. On July 22nd, we received the termination from NASDAQ hearing panel, and trading in our common stock was suspended on NASDAQ at the open of July 24th. Our stock began trading on the OTC Pink market that same day, and since August 10th, we have been trading on the OTCQB tier under the symbol NVVE. I want to be direct on this. We understand NASDAQ's decision. We did not meet the continued listing standard on filing, on bidding price, and on stockholders' equity. Though we have fixed these issues, but too late, the panel applied its rules. There is nothing more to say about it.

What I do want to say is this: we are working very hard to return to a senior market, whether NASDAQ or NYSE, as fast as responsibly can. We are not treating this as a long-term project. We are treating this as an immediate priority, and we are working to a timeline measured in months. That means executing on our business, rebuilding the balance sheet, and staying current on our filings as we are moving on all three. In the meantime, the business continues, and the pipeline in front of us is the most exciting it has been. Turning to the quarter, total revenue was up 268% year-over-year. For the first six months, revenue was up 110% compared to the same period last year. Revenue this quarter was still driven mostly by the delivery of charging stations supporting our V2G school bus business.

That business remains real, it remains a source of cash, and it continues to give us deployed assets under management. Net loss was down 46% compared to the same quarter last year. Backlog as of June 30th was $5.3 million. I will not spend more time on the numbers. David will cover the financials in details in a few minutes. I want to spend the rest of my time on stationary batteries because this is the core of the business Nuvve is now driving. We are focused on three geographies. The first one is Japan. Japan contributed meaningfully to our revenue in the first half of the year, including technical service revenue tied to agreed interconnection agreements delivered by our Japanese subsidiary. Japan is a market where the opportunity set keeps expanding and where we are actively securing battery interconnection capacity.

We view interconnection capacity as one of the scarcest and most valuable assets in this industry, and we are building a position there. The second is Europe, where we continue to work with our partner, Omnia. I want to thank our shareholders for the vote in favor of the transaction at the special meeting. That vote gives us the framework to move forward, and upon completion of the agreed milestone, Omnia will become a significant shareholder of Nuvve. We welcome them, and we are aligned with them on where this goes. The European opportunity is very exciting, and I want to be clear about how we are approaching it, because it is a change from how we have talked about it before. In Europe, we are planning for the batteries to go on Nuvve's balance sheet.

These will be assets we plan to own, that we control, that we optimize on our own platform, and where we capture the full energy revenue rather than service fees on somebody else assets. This is a more capital-intensive path, and we are taking it deliberately. Europe is where the market structure, the revenue stacks, and the financing environment support ownership, and owning these assets is what builds a base of hard assets and recurring cash flow underneath this company. Our partnership with Omnia is what makes this possible. Projects, local execution, and capital alongside our platform. Connected to that, I want to point out that we have launched our monthly forecasting newsletter. The first two editions are out, covering the Nordics, Austria, and Switzerland. We will keep on expanding the geographic reach across Europe, and we will soon launch a Japan edition as well.

That newsletter is not a marketing exercise. It is the visible surface of something bigger. It is built on the long work we have been doing on AI-based forecasting, combined with the skill set we brought in through Camera Eye. It supports a new product and service offering that we will be announcing shortly. I am not going to get ahead of that announcement today, but I would encourage you to read the newsletter because they show you the quality of the work underneath. The third geography is the U.S. and specifically New Mexico. New Mexico is our sandbox. It is where we showcase what a full Nuvve deployment looks like. We have already announced several battery projects there, including Kit Carson and Socorro.

Beyond batteries, we are advancing microgrid work and school bus deployments in the same state. That combination, stationary storage, microgrid, and V2G fleet, all managed on one platform, is exactly the model that we want to replicate elsewhere. To summarize, we are trading on the OTCQB today. We understand how we got here, and we are not going to pretend otherwise. But the pipeline in front of this company is stronger than it has been at any point in our history. Our cost base is meaningfully lower than a year ago, and three core geographies are all moving forward. We will be sharing more with you about our path back to a senior market and about our new product in the near future. This is an immediate priority for us, not a long-term one.

With that, I will turn the call over to David to walk you through the financial detail.

David? Thanks, Gregory. I will start with a recap of second quarter 2026 results.

In the second quarter, we generated total revenues of $1.23 million, compared to $0.33 million in the second quarter of 2025. The increase was primarily driven by increases in products revenue due to higher customer sales orders and shipments and increased grant revenues. Margins on product services and grant revenues were 2.6% for the second quarter of 2026, compared to 26.1% for the year-ago period. Margin was negatively impacted quarter-over-quarter, primarily by a $1.2 million write-down of certain costs related to the Troy project, along with a higher mix of hardware charging station sales and higher replacement warranty costs of certain DC chargers. Excluding grant revenues, margins on products and service revenues decreased to a negative 14.5% for the second quarter of 2026, compared to 11.6% in the year-ago period.