Investor Conference Call to be Held Today at
5:00 PM Eastern Time (2:00 PM PT)
SAN
DIEGO, Aug. 10, 2023 /PRNewswire/ -- Nuvve
Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy
technology company that provides a globally-available, commercial
vehicle-to-grid (V2G) technology platform that enables electric
vehicle (EV) batteries to store and resell unused energy back to
the local electric grid and provides other grid services, today
provided a second quarter 2023 update.
Second Quarter
Highlights
- Introduced Astrea AI forecasting into the Nordic energy market
to optimize revenue generation from ancillary market services
- Launched Nuvve K-12, a new division focused on turnkey
electrification services for student transportation, and hired new
team to build out the program
- Secured Nuvve's largest DC Fast Charger order to-date with 25
bi-directional DC Rapid HD Charging Stations for a member of Beacon
Mobility in Massachusetts
- Reduced cash operating costs in second quarter 2023 to
$7.3 million compared $8.3 million in second quarter 2022
- Megawatts under management increased 9.0% to 20 megawatts as of
June 30, 2023 compared to 18.3
megawatts on March 31, 2023; backlog
increased to $6.1 million at
June 30, 2023 from $4.2 million on March 31,
2023
- Cash and cash equivalents of $11.1
million as of June 30,
2023
Management Discussion
Gregory Poilasne, Chief Executive Officer of Nuvve, said, "We
are pleased to have achieved record orders for our DC Fast Chargers
during the second quarter of 2023 – the second quarter in a row of
record orders for Nuvve – driving a significant increase in our
backlog. We came into 2023 with optimism that this year would mark
an inflection point for our company, and so far, results across a
variety of metrics have supported our optimism. Beyond our results,
we have seen a significant increase in interest in our technology
and our IP as well as our integrated solution. For example, we
began to integrate our Astrea AI capabilities into our product
offering, further enhancing the benefits we offer our end users. We
also established Nuvve K-12, a dedicated division for school bus
fleet electrification, to help customers cross the finish-line and
successfully initiate what look to be increasingly bigger fleet
electrification programs. Overall, visibility is gradually
improving, and we expect to sustain momentum from the first half of
the year in the second half."
2023 Second Quarter Financial Review
Total revenue was $2.1 million for
the three months ended June 30, 2023, compared to $1.3 million for the three months ended
June 30, 2022, an increase of $0.8
million, or 62.9%. The increase was primarily attributed to
a $1.0 million increase in products
and services revenue due to higher customers sales orders and
shipments, partially offset by a decrease in grants of $0.16 million. Products and services revenue for
the three months ended June 30, 2023, consisted of sales of DC
and AC Chargers of about $1.54
million, grid services revenue of $0.09 million, and engineering services of
$0.42 million.
Cost of products and services revenue for the three months ended
June 30, 2023, increased by $0.92
million to $2.0 million
compared to $1.0 million for the
three months ended June 30, 2022 due to higher customers sales
orders and shipments. Products and services margin increased to
4.8% for the three months ended June 30, 2023 compared to 3.1%
in the same prior year period. Margin was mostly impacted by a
higher mix of hardware charging stations sales offset by a lower
mix of engineering services in the current quarter.
Selling, general and administrative expenses consist of selling,
marketing, advertising, payroll, administrative, legal, finance,
and professional expenses. Selling, general and administrative
expenses were $6.1 million for the
three months ended June 30, 2023, as
compared to $8.1 million for the three months ended
June 30, 2022, a decrease of $2.0
million, or 25.1%.
The decrease during the three months ended June 30, 2023
was primarily attributable to decreases in compensation expenses of
$0.7 million, including share-based
compensation, decreases in travel related expenses of $0.3 million, decreases in professional fees
related to internal operational reviews of $0.9 million, decreases in governance and other
public company costs of $0.4 million,
decreases in insurance related expenses of $0.3 million, partially offset by increased in
professional fees related to audit services of $0.6 million, and software subscription expenses
of $0.2 million. Expenses resulting
from the consolidation of Levo's activities during the three months
ended June 30, 2023, contributed $0.4
million to the decrease in selling, general and
administrative expenses.
Research and development expenses increased by $0.2 million, or 10%, from $2.2 million for the three months ended
June 30, 2022 to $2.4 million
for the three months ended June 30, 2023. The increases during
the three months ended June 30, 2023 was primarily
attributable to increase in compensation expenses and subcontractor
expenses used to advance the Company's platform functionality and
integration with more vehicles.
Other income (expense) consists primarily of interest expense,
change in fair value of warrants liability and derivative
liability, and other income (expense). Other income (expense)
decreased by $4.2 million from
$4.6 million of other income for the
three months ended June 30, 2022, to $0.3 million in other income for the three months
ended June 30, 2023. The decrease during the three months
ended June 30, 2023 was primarily attributable to the change
in fair value of the warrants liability and derivative
liability.
In the three months ended June 30, 2023 and 2022, we
recorded no material income tax expenses. The income tax expenses
during the three months ended June 30, 2023 and 2022 were
minimal primarily due to operating losses that receive no tax
benefits as a result of a valuation allowance recorded for such
losses.
Net loss increased by $2.5
million, or 46.3%, from $5.5
million for the three months ended June 30, 2022, to
$8.0 million for the three months
ended June 30, 2023. The increase in net loss was primarily
due to a decrease in other income of $4.2
million, partially offset by increase in revenue of
$0.8 million, and a decrease in
operating expenses of $0.9 million,
for the aforementioned reasons.
Net Income (Loss) Attributable to Non-Controlling
Interest
Net income attributable to non-controlling interest was
$0.01 million for the three months
ended June 30, 2023 compared to Net loss attributable to
non-controlling interest of $0.19
million for the three months ended June 30, 2022.
Net income (loss) is allocated to non-controlling interests in
proportion to the relative ownership interests of the holders of
non-controlling interests in Levo, an entity formed by us with
Stonepeak and Evolve. We own 51% of Levo's common units and
Stonepeak and Evolve own 49% of Levo's common units. We have
determined that Levo is a variable interest entity ("VIE") in which
we are the primary beneficiary. Accordingly, we consolidated Levo
and recorded a non-controlling interest for the share of Levo owned
by Stonepeak and Evolve during the three months ended June 30,
2023.
Conference Call Details
The Company will hold a conference call to review its financial
results for the second quarter of 2023, along with other Company
developments, at 5:00 PM Eastern Time
(2:00 PM PT) today, Thursday,
August 10, 2023.
To participate, please register for and listen via a live
webcast, which is available in the 'Events' section of Nuvve's
investor relations website at https://investors.nuvve.com/. In
addition, a replay of the call will be made available for future
access.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) has developed a proprietary
vehicle-to-grid (V2G) technology, including its Grid Integrated
Vehicle ("GIVe™") cloud-based software platform, that enables it to
link multiple electric vehicle ("EV") batteries into a virtual
power plant to provide bi-directional energy to the electrical grid
in a qualified and secure manner. Combining the world's most
advanced V2G technology and an ecosystem of electrification
partners, Nuvve dynamically manages power among electric vehicle
(EV) batteries and the grid to deliver new value to EV owners,
accelerate the adoption of EVs, and support the world's transition
to clean energy. With products designed to transform EVs into
mobile energy storage assets and networking battery capacity to
support shifting energy needs, Nuvve is working toward making the
grid more resilient, enhancing sustainable transportation, and
supporting energy equity in an electrified world. Since its
founding in 2010, Nuvve has successfully deployed V2G on five
continents and offers turnkey electrification solutions for fleets
of all types. Nuvve is headquartered in San Diego, California, and can be found online
at nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this press release,
regarding Nuvve and Nuvve's strategy, future operations, estimated
and projected financial performance, prospects, plans and
objectives are forward-looking statements. When used in this press
release, the words "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Nuvve disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Nuvve cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Nuvve. In addition, Nuvve cautions you that the
forward-looking statements contained in this press release are
subject to the following factors: (i) risks related to the rollout
of Nuvve's business and the timing of expected business milestones;
(ii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(iii) Nuvve's ability to maintain effective internal controls over
financial reporting, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (iv) Nuvve's current dependence on
sales of charging stations for most of its revenues; (v) overall
demand for electric vehicle charging and the potential for reduced
demand if governmental rebates, tax credits and other financial
incentives are reduced, modified or eliminated or governmental
mandates to increase the use of electric vehicles or decrease the
use of vehicles powered by fossil fuels, either directly or
indirectly through mandated limits on carbon emissions, are
reduced, modified or eliminated; (vi) potential adverse effects on
Nuvve's backlog, revenue and gross margins if customers
increasingly claim clean energy credits and, as a result, they are
no longer available to be claimed by Nuvve; (vii) the effects of
competition on Nuvve's future business; (viii) risks related to
Nuvve's dependence on its intellectual property and the risk that
Nuvve's technology could have undetected defects or errors; (ix)
the risk that we conduct a portion of our operations through a
joint venture exposes us to risks and uncertainties, many of which
are outside of our control; (x) that our joint venture with Levo
Mobility LLC may fail to generate the expected financial results,
and the return may be insufficient to justify our investment of
effort and/or funds; (xi) changes in applicable laws or
regulations; (xii) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xiii)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xiv) the possibility that Nuvve may
be adversely affected by other economic, business, and/or
competitive factors; (xv) risks related to the benefits expected
from the $1.2 trillion dollar
infrastructure bill passed by the U.S. House of Representatives
(H.R. 3684); (xvi) risks related to investment strategies and
third-party partnerships; (xvii) Nuvve's identification and
evaluation of business opportunities and its ability to capitalize
on such opportunities, capture market share, or to expand its
presence in certain markets; (xviii) Nuvve's ability to continue to
grow its business; and (xiv) Nuvve's level of success in
integrating new capabilities into its offerings and establishing
and obtaining the intended benefits from Nuvve K-12, as well as
other risks described in this Annual Report on Form 10-K and other
factors described from time to time in our filings with the SEC.
Should one or more of the risks or uncertainties described in this
press release materialize or should underlying assumptions prove
incorrect, actual results and plans could differ materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
Annual Report on Form 10-K filed by Nuvve with the Securities and
Exchange Commission (SEC) on March 31,
2023, and in the other reports that Nuvve has, and will file
from time to time with the SEC. Nuvve's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Use of Projections
This press release contains projected financial information with
respect to Nuvve. Such projected financial information constitutes
forward-looking information, and is for illustrative purposes only
and should not be relied upon as necessarily being indicative of
future results. The assumptions and estimates underlying such
financial forecast information are inherently uncertain and are
subject to a wide variety of significant business, economic,
competitive and other risks and uncertainties. See "Forward-Looking
Statements" above. Actual results may differ materially from the
results contemplated by the financial forecast information
contained in this press release, and the inclusion of such
information in this press release should not be regarded as a
representation by any person that the results reflected in such
forecasts will be achieved.
Trademarks
This press release contains trademarks, service marks, trade
names and copyrights of Nuvve and other companies, which are the
property of their respective owners.
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com
+1 (646) 200-8872
FINANCIAL TABLES FOLLOW
NUVVE HOLDING CORP.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
June 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
11,059,004
|
|
$
15,753,896
|
Restricted
cash
|
480,000
|
|
480,000
|
Accounts receivable,
net
|
2,027,621
|
|
1,121,694
|
Inventories
|
8,939,296
|
|
11,551,831
|
Prepaid
expenses
|
1,556,991
|
|
1,487,582
|
Other current
assets
|
1,139,212
|
|
1,454,563
|
Total current
assets
|
25,202,124
|
|
31,849,566
|
Property and equipment,
net
|
652,658
|
|
636,944
|
Intangible assets,
net
|
1,271,921
|
|
1,341,640
|
Investment in equity
securities
|
670,951
|
|
1,670,951
|
Investment in
leases
|
117,436
|
|
97,054
|
Right-of-use operating
lease assets
|
5,076,837
|
|
5,305,881
|
Financing
receivables
|
288,872
|
|
288,872
|
Security deposit,
long-term
|
8,682
|
|
8,682
|
Total
assets
|
$
33,289,481
|
|
$
41,199,590
|
|
|
|
|
Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
796,435
|
|
$
2,390,422
|
Due to
customers
|
2,980,318
|
|
—
|
Accrued
expenses
|
4,214,358
|
|
3,347,399
|
Deferred
revenue
|
1,103,058
|
|
1,221,497
|
Operating lease
liabilities - current
|
856,635
|
|
824,326
|
Other
liabilities
|
112,721
|
|
113,844
|
Total current
liabilities
|
10,063,525
|
|
7,897,488
|
|
|
|
|
Operating lease
liabilities - noncurrent
|
4,867,157
|
|
5,090,170
|
Warrants
liability
|
290,848
|
|
220,884
|
Derivative liability -
non-controlling redeemable preferred shares
|
353,006
|
|
359,225
|
Other long-term
liabilities
|
538,563
|
|
393,179
|
Total
liabilities
|
16,113,099
|
|
13,960,946
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
Mezzanine
equity
|
|
|
|
Redeemable
non-controlling interests, preferred shares, zero par value,
1,000,000 shares authorized, 3,138
shares issued and outstanding at June 30, 2023 and
December 31, 2022; aggregate liquidation preference
of $3,604,576 and $3,464,606 at June 30,
2023 and December 31, 2022, respectively
|
3,870,697
|
|
3,547,765
|
Class D Incentive
units, zero par value, 1,000,000 units authorized; 50,000 and
250,000 units issued and
outstanding at June 30, 2023 and December 31, 2022,
respectively
|
153,778
|
|
445,479
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; zero shares
issued and outstanding at
June 30, 2023 and December 31, 2022,
respectively
|
—
|
|
—
|
Common stock, $0.0001
par value, 100,000,000 shares authorized; 31,257,041 and
24,272,150 shares issued
and outstanding at June 30, 2023 and December 31,
2022, respectively
|
3,126
|
|
2,427
|
Additional paid-in
capital
|
150,076,184
|
|
144,073,505
|
Accumulated other
comprehensive income
|
86,415
|
|
76,182
|
Accumulated
deficit
|
(132,615,484)
|
|
(116,956,528)
|
Nuvve Holding Corp.
Stockholders' Equity
|
17,550,241
|
|
27,195,586
|
Non-controlling
interests
|
(4,398,334)
|
|
(3,950,186)
|
Total stockholders'
equity
|
13,151,907
|
|
23,245,400
|
Total Liabilities,
Mezzanine Equity and Stockholders' Equity
|
$
33,289,481
|
|
$
41,199,590
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
|
|
|
|
Products and
services
|
$
2,049,009
|
|
$
1,068,029
|
|
$
3,829,394
|
|
$
3,321,813
|
Grants
|
71,118
|
|
233,698
|
|
145,519
|
|
350,947
|
Total
revenue
|
2,120,127
|
|
1,301,727
|
|
3,974,913
|
|
3,672,760
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of product and
service revenue
|
1,951,116
|
|
1,034,596
|
|
3,412,020
|
|
3,176,908
|
Selling, general, and
administrative
|
6,097,336
|
|
8,136,522
|
|
12,269,360
|
|
15,762,072
|
Research and
development
|
2,387,215
|
|
2,170,139
|
|
4,487,303
|
|
4,305,714
|
Total operating
expenses
|
10,435,667
|
|
11,341,257
|
|
20,168,683
|
|
23,244,694
|
|
|
|
|
|
|
|
|
Operating
loss
|
(8,315,540)
|
|
(10,039,530)
|
|
(16,193,770)
|
|
(19,571,934)
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest income,
net
|
20,644
|
|
6,945
|
|
88,981
|
|
8,403
|
Change in fair value
of warrants liability
|
143,794
|
|
4,585,000
|
|
(69,964)
|
|
9,361,000
|
Change in fair value of
derivative liability
|
83,059
|
|
(32,536)
|
|
6,219
|
|
20,936
|
Other, net
|
83,946
|
|
22,020
|
|
524,332
|
|
(7,767)
|
Total other income,
net
|
331,443
|
|
4,581,429
|
|
549,568
|
|
9,382,572
|
Loss before
taxes
|
(7,984,097)
|
|
(5,458,101)
|
|
(15,644,202)
|
|
(10,189,362)
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
Net loss
|
$
(7,984,097)
|
|
$
(5,458,101)
|
|
$
(15,644,202)
|
|
$ (10,189,362)
|
Less: Net income (loss)
attributable to non-controlling interests
|
8,466
|
|
(189,945)
|
|
14,754
|
|
(290,878)
|
Net loss attributable
to Nuvve Holding Corp.
|
$
(7,992,563)
|
|
$
(5,268,156)
|
|
$
(15,658,956)
|
|
$
(9,898,484)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
70,678
|
|
65,296
|
|
139,970
|
|
129,311
|
Less: Accretion on
redeemable non-controlling interests preferred
shares
|
161,466
|
|
161,466
|
|
322,932
|
|
322,932
|
Net loss attributable
to Nuvve Holding Corp. common stockholders
|
$
(8,224,707)
|
|
$
(5,494,918)
|
|
$
(16,121,858)
|
|
$ (10,350,727)
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Nuvve Holding Corp. common
stockholders, basic and diluted
|
$
(0.30)
|
|
$
(0.29)
|
|
$
(0.62)
|
|
$
(0.55)
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss per share
attributable to Nuvve Holding Corp. common stockholders, basic
and diluted
|
27,734,130
|
|
19,064,854
|
|
26,129,789
|
|
18,965,167
|
NUVVE HOLDING CORP
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(7,984,097)
|
|
$
(5,458,101)
|
|
$
(15,644,202)
|
|
$
(10,189,362)
|
Other comprehensive
(loss) income, net of taxes
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
$
1,299
|
|
$
(26,314)
|
|
$
10,233
|
|
$
(39,998)
|
Total Comprehensive
loss
|
$
(7,982,798)
|
|
$
(5,484,415)
|
|
$
(15,633,969)
|
|
$
(10,229,360)
|
Less: Comprehensive
income (loss) attributable to non-
controlling interests
|
$
8,466
|
|
$
(189,945)
|
|
$
14,754
|
|
$
(290,878)
|
Comprehensive loss
attributable to Nuvve Holding Corp.
|
$
(7,991,264)
|
|
$
(5,294,470)
|
|
$
(15,648,723)
|
|
$ (9,938,482)
|
Less: Preferred
dividends on redeemable non-controlling
interests
|
$
(70,678)
|
|
$
(65,296)
|
|
$
(139,970)
|
|
$
(129,311)
|
Less: Accretion on
redeemable non-controlling interests
preferred shares
|
(161,466)
|
|
(161,466)
|
|
(322,932)
|
|
(322,932)
|
Comprehensive loss
attributable to Nuvve Holding Corp.
common stockholders
|
$
(7,759,120)
|
|
$
(5,067,708)
|
|
$
(15,185,821)
|
|
$ (9,486,239)
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Operating
activities
|
|
|
|
Net loss
|
$
(15,644,202)
|
|
$
(10,189,362)
|
Adjustments to
reconcile to net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
156,290
|
|
137,755
|
Stock-based
compensation
|
2,069,227
|
|
3,357,859
|
Change in fair value
of warrants liability
|
69,964
|
|
(9,361,000)
|
Change in fair value
of derivative liability
|
(6,219)
|
|
(20,936)
|
Gains from sale of
investments in equity securities
|
(325,155)
|
|
—
|
Noncash lease
expense
|
233,730
|
|
283,251
|
Change in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
(903,652)
|
|
(74,278)
|
Inventory
|
2,612,535
|
|
322,156
|
Prepaid
expenses and other assets
|
249,728
|
|
(1,462,221)
|
Accounts
payable
|
(1,595,737)
|
|
(2,409,448)
|
Due to
customers
|
2,980,318
|
|
—
|
Accrued
expenses
|
1,195,845
|
|
(684,517)
|
Deferred
revenue
|
(140,783)
|
|
79,576
|
Net cash used in
operating activities
|
(9,048,111)
|
|
(20,021,165)
|
Investing
activities
|
|
|
|
Purchase of property
and equipment
|
(101,775)
|
|
(317,225)
|
Investments in equity
securities
|
—
|
|
(1,000,000)
|
Proceeds from sale of
investments in equity securities
|
1,325,155
|
|
—
|
Net cash provided
(used) in investing activities
|
1,223,380
|
|
(1,317,225)
|
Financing
activities
|
|
|
|
Proceeds from forward
option put exercise
|
—
|
|
1,994,073
|
Proceeds from Direct
Offering of common stock, net of offering costs
|
2,347,192
|
|
—
|
Proceeds from common
stock offering, net of offering costs
|
781,624
|
|
1,859,685
|
Payment of finance
lease obligations
|
(4,480)
|
|
(4,425)
|
Proceeds from exercise
of stock options
|
—
|
|
173,575
|
Net cash provided in
financing activities
|
3,124,336
|
|
4,022,908
|
Effect of exchange rate
on cash
|
5,503
|
|
(54,796)
|
Net decrease in cash
and restricted cash
|
(4,694,892)
|
|
(17,370,278)
|
Cash and restricted
cash at beginning of year
|
16,233,896
|
|
32,740,520
|
Cash and restricted
cash at end of period
|
$
11,539,004
|
|
$
15,370,242
|
|
|
|
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
|
(Unaudited)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Supplemental
Disclosure of Noncash Financing Activity
|
|
|
|
Transfer of inventory
to property and equipment
|
$
—
|
|
$
87,095
|
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SOURCE Nuvve Holding Corp.