Nuvve Q2 revenue rises but finances remain weak

Nuvve is a US-based energy technology company specialising in vehicle-to-grid (V2G) and distributed energy management. Its platform manages EV charging, batteries and other energy assets, enabling them to respond to grid conditions and, where supported, export stored energy back to the grid. The company has been particularly active in fleet electrification and bidirectional charging, including electric school bus deployments.

Revenue reached $1.23 million for the three months to 30 June, up from $0.33 million a year earlier. Net loss narrowed from $13.6 million to $7.3 million.

The percentage increase in revenue looks substantial, but it comes from a very small base and should be viewed alongside the company’s wider financial position.

Charging hardware drove much of the revenue increase

Nuvve reported $0.92 million of revenue from AC and DC charging equipment during the quarter, alongside $0.12 million from engineering services and $0.01 million from grid services. Grant revenue contributed a further $0.18 million.

The company also pointed to growth in its CPO activity and development of stationary-battery opportunities in Europe, Japan and New Mexico.

Margins remain weak

Overall gross margin was 2.6% in the quarter, compared with 60.6% a year earlier.

Nuvve said margins were affected by a higher mix of charging hardware, replacement warranty costs for discontinued DC chargers and a write-down connected with the delayed Troy project.

Products and services margin, excluding grant revenue, was negative 14.5%.

Cash remains the bigger concern

Nuvve ended June with around $0.5 million in cash and cash equivalents, down from $5.5 million at the end of 2025. The company raised $2.5 million in gross proceeds during the quarter through preferred stock, a private placement and warrant exercises.

The balance sheet also showed current liabilities of approximately $14.8 million against current assets of around $5.9 million.

That makes the financial position more relevant than the headline revenue-growth percentage. Nuvve remains one of the best-known V2G specialists, but its results show how difficult it remains to build a standalone business around charging, grid services and bidirectional-energy technology.

V2G is increasingly appearing inside broader energy platforms

The wider V2G market is increasingly being developed by vehicle manufacturers, utilities, charging-platform providers and home-energy companies alongside their other products and services.

Nuvve’s results do not determine whether V2G itself will succeed, but they are a useful reminder that technical capability and commercial sustainability are separate questions.