# EDGAR Filing Document

**Accession Number:** 0001836875
**File Stem:** 0001836875-23-000061
**Filing Date:** 2023-3
**Character Count:** 30154
**Document Hash:** e245698cacae3d6814c93b96e507367d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001836875-23-000061.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001836875-23-000061

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuvve Holding Corp.
- **CENTRAL INDEX KEY:** 0001836875
- **STANDARD INDUSTRIAL CLASSIFICATION:** POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
- **IRS NUMBER:** 861617000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40296
- **FILM NUMBER:** 23783609

**BUSINESS ADDRESS:**
- **STREET 1:** 2468 HISTORIC DECATUR ROAD
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92106
- **BUSINESS PHONE:** 619-456-5161

**MAIL ADDRESS:**
- **STREET 1:** 2468 HISTORIC DECATUR ROAD
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NB Merger Corp.
- **DATE OF NAME CHANGE:** 20201216

?xml version="1.0" ? nvve-20230331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

_________________________________

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): March 31, 2023

---

| |
|:---|
| **NUVVE HOLDING CORP.** |
| (Exact Name of Registrant as Specified in Charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40296** | **86-1617000** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **2488 Historic Decatur Road,** | **<u>San Diego,</u>** | **<u>California</u>** | **92106** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **<u>(619) 456-5161</u>**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbols** | **Name of each exchange on which registered** |
| Common Stock, Par Value $0.0001 Per Share | NVVE | The Nasdaq Stock Market LLC |
| Warrants to Purchase Common Stock | NVVEW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□

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**Item 2.02. Results of Operations and Financial Condition.** 

On March 31, 2023, Nuvve Holding Corp. (the "Company") issued a press release announcing financial results for its fourth quarter ended December 31, 2022. A copy of the press release is furnish herewith as Exhibits 99.1 and incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.** 

The information set forth in Item 202 above is hereby incorporated herein by reference.

The information and exhibit included pursuant to Item 2.02 and 7.01 of this report are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits.

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Press Release Announcing Quarterly Results.](nvve-exx991xq4x12x31x2022.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 31, 2023

---

| | |
|:---|:---|
| NUVVE HOLDING CORP. | NUVVE HOLDING CORP. |
| By: | /s/ Gregory Poilasne |
|  | Gregory Poilasne |
|  | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**Nuvve Provides Fourth Quarter and Full Year 2022 Financial Update**

*Investor Conference Call to be Held Today at 10:00 AM Eastern Time (7:00 AM PT)* 

SAN DIEGO, CA - March 31, 2023 — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform designed to enable electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a fourth quarter and full-year 2022 update.

***<u>Fourth</u> <u>Quarter Highlights and Recent Developments</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Megawatts under management increased 7% to 17.4 megawatts at December 31, 2022 compared to 16.3 at September 30, 2022; backlog was 4.1 million at December 31, 2022 compared to $4.2 million at September 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded participation in California's Emergency Load Reduction Program with San Diego Gas & Electric to San Diego County's Ramona Unified School District through Nuvve V2G enabled DC fast chargers that power a fleet of eight electric school buses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Represented 10 school district customers in their successful bids to secure awards of $24.2 million in EPA Clean School Bus Rebate Program funding, supporting the future deployment of 61 V2G capable electric school buses and orders for Nuvve V2G-capable DC fast chargers; facilitated another two districts totaling 28 buses in their successful bid process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to the end of fourth quarter 2022, we announced partnership with Circle K to provide grid services to electric vehicle fast chargers at 50 of Circle K's service stations and three to five stationary storage sites in Norway and Denmark; potential to expand further in the Nordics and beyond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduced cash operating costs in fourth quarter 2022 on a sequential basis to $7.7 million versus $7.8 million in the third quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents of $15.8 million as of December 31, 2022

***Management Discussion***

Gregory Poilasne, chief executive officer of Nuvve, said, "Nuvve concluded what was a disappointing 2<sup>nd</sup> half of 2022 with positive momentum late in the fourth quarter and to start 2023. The fourth quarter was a foundational period for future growth at Nuvve. We believe the awarding of electric school bus and hardware funding to Nuvve school district customers through the EPA Clean School Bus Rebate Program in October, along with a 24-unit order from LAUSD in the first quarter of 2023, positions the company well for a significant step-up in orders and revenues for Nuvve's V2G-capable DC fast chargers in the year ahead. Further, we made progress on our initiative to more aggressively grow our megawatts under management and potential grid service revenues through opportunities that allow us to integrate our V2G platform with pre-existing third party unidirectional infrastructure, thus reducing reliance on large scale hardware roll-outs and what can at times be burdensome interconnection delays. This has so far culminated in the Circle K partnership we announced last month, which we are in the process of ramping up, and we are optimistic about other similar opportunities in the coming quarters. As we look ahead, and with the first quarter of 2023 nearly complete, we expect to report record DC fast charger orders in the first quarter and higher hardware shipments than we saw during any quarter in 2022 and 2021. As we move past the first quarter of 2023, we see

------

further tailwinds as we realize revenues from EPA grants awarded last year and the benefits from new grid service revenues coming on-line in North America and Europe."

***2022 Fourth Quarter Financial Review***

Total revenue was $1.15 million for the three months ended December 31, 2022, compared to $1.25 million for the three months ended December 31, 2021, a decrease of $0.10 million, or 8.2%. The decrease is attributed to a $0.05 million decrease in products and services revenue, and a decrease in grants of $0.05 million. Products and services revenue for the three months ended December 31, 2022 consisted of sales of DC and AC Chargers of about $0.8 million, grid services revenue of $0.2 million, and engineering services of $0.1 million. We experienced a softening of revenue in the fourth quarter as many of our customer were recipients of EPA Clean School Bus Rebates, which will allow them to place orders with Nuvve using rebate awards from the EPA if they delay their purchases until the rebates are awarded 2023.

Cost of product and service revenues for the three months ended December 31, 2022, decreased by $0.4 million to $0.7 million from $1.1 million, and margin increased to 32.7% from 3.0% compared to the same prior year period. Margin improved primarily as a result of higher pricing on hardware charging stations sales and a higher mix of grid service revenues.

Selling, general and administrative expenses consist of selling, marketing, payroll, administrative, finance, and professional expenses. Selling, general and administrative expenses were $7.2 million for the three months ended December 31, 2022, as compared to $6.5 million for the three months ended December 31, 2021, an increase of $0.6 million, or 9.9%. The increases during the three months ended December 31, 2022 was primarily attributable to increases in professional fees related to an annual audit of $0.2 million, rent expenses related to the main corporate office and warehouse of $0.2 million, and legal expenses of $0.3 million, partially offset by a decrease in compensation expenses of $0.4 million, including share-based compensation.

Research and development expenses was flat at $2.0 million for the three months ended December 31, 2022, compared to $1.9 million for the three months ended December 31, 2021. Research and development expenses consist primarily of compensation expenses and subcontractor expenses used to advance Nuvve'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) increased by $2.02 million of income, from $0.99 million of other expense for the three months ended December 31, 2021, to $1.0 million in other income for the three months ended December 31, 2022. The increase during the three months ended December 31, 2022 was primarily attributable to the change in fair value of the warrants liability and derivative liability.

Net loss includes the net loss attributable to Stonepeak and Evolve, the holders of non-controlling interests in Levo, on our condensed consolidated statements of operations.

Net loss attributable to Nuvve common stockholders decreased by $1.6 million from net loss of $9.5 million for the three months ended December 31, 2021, to $7.9 million of net loss for the three months ended December 31, 2022. The decrease in net income was primarily due to an increase in operating expenses of $0.3 million, partially offset by increase in other income of $2.0 million for the aforementioned reasons.

***Net Loss Attributable to Non-Controlling Interest***

Net loss attributable to non-controlling interest was $0.1 million for the three months ended December 31, 2022.

Net 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 entities in which we are the primary beneficiary. Accordingly, we consolidate Levo and record a non-controlling interest for the share of the Levo owned by Stonepeak and Evolve during the three months ended December 31, 2022.

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***Conference Call Details***

Nuvve will hold a conference call to review its financial results for the fourth quarter of 2022, along with other company developments at 10:00 AM Eastern Time (7:00 AM PT) today, Friday, March 31, 2023.

To participate in the call, 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) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world's most advanced vehicle-to-grid (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. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is 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**

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such opportunities, capture market share, or to expand its presence in certain markets; and (xviii) Nuvve's ability to continue to grow its business, 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

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**FINANCIAL TABLES FOLLOW**

 **NUVVE HOLDING CORP. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $15753896 | $32360520 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 480000 | 380000 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1121694 | 1886708 |
| &nbsp;&nbsp;&nbsp;Inventories | 11551831 | 11118188 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2942145 | 1036645 |
| Total Current Assets | 31849566 | 46782061 |
| Property and equipment, net | 636944 | 356194 |
| Intangible assets, net | 1341640 | 1481077 |
| Investment in equity securities | 1670951 | 670951 |
| Investment in leases | 97054 |  |
| Right-of-use operating lease assets | 5305881 | 3483042 |
| Financing receivables | 288872 | 138161 |
| Security deposit, long-term | 8682 | 3057 |
| **Total Assets** | $41199590 | $52914543 |
| **Liabilities, Mezzanine Equity and Stockholders' Equity** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2390422 | $5738873 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3347399 | 2874018 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1221497 | 719771 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - current | 824326 | 41513 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 113844 | 110574 |
| Total Current Liabilities | 7897488 | 9484749 |
| Operating lease liabilities - noncurrent | 5090170 | 3441642 |
| Warrants liability | 220884 | 9543000 |
| Derivative liability - non-controlling redeemable preferred shares | 359225 | 511948 |
| Other long-term liabilities | 393179 | 18860 |
| **Total Liabilities** | 13960946 | 23000199 |
| Commitments and Contingencies |  |  |
| Mezzanine equity |  |  |
| &nbsp;&nbsp;&nbsp;Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issued and outstanding at December 31, 2022 and December 31, 2021; aggregate liquidation preference of $3,464,606 and $3,200,760 at December 31, 2022 and December 31, 2021, respectively. | 3547765 | 2901899 |
| &nbsp;&nbsp;&nbsp;Class D Incentive units, zero par value, 1,000,000 units authorized, 250,000 units issued and outstanding at December 31, 2022 | 445479 |  |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 24,272,150 and 18,861,130 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 2427 | 1888 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 144073505 | 122336607 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 76182 | 113446 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (116956528) | (92937863) |
| Nuvve Holding Corp. Stockholders' Equity | 27195586 | 29514078 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | (3950186) | (2501633) |
| Total Stockholders' Equity | 23245400 | 27012445 |
| **Total Liabilities, Mezzanine equity and Stockholders' Equity** | $41199590 | $52914543 |

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 **NUVVE HOLDING CORP. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products and services | $1104325 | $1159308 | $4913956 | $2920627 |
| &nbsp;&nbsp;&nbsp;Grants | 42611 | 90519 | 459427 | 1270138 |
| Total revenue | 1146936 | 1249827 | 5373383 | 4190765 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product and service revenue | 743395 | 1124729 | 4196788 | 2002197 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 7189826 | 6544104 | 30115571 | 22896125 |
| &nbsp;&nbsp;&nbsp;Research and development | 1955033 | 1949442 | 7976568 | 6524245 |
| Total operating expenses | 9888254 | 9618275 | 42288927 | 31422567 |
| Operating loss | (8741318) | (8368448) | (36915544) | (27231802) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense) | 87026 | 7188 | 134579 | (585157) |
| &nbsp;&nbsp;&nbsp;Financing costs |  |  |  | (46754794) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrants liability | 772762 | (952000) | 11986462 | (312400) |
| &nbsp;&nbsp;Change in fair value of derivative liability | 172032 | (2163) | 152723 | (14342) |
| &nbsp;&nbsp;&nbsp;Other, net | 3619 | (39731) | 85074 | 282183 |
| Total other income (expense), net | 1035439 | (986706) | 12358838 | (47384510) |
| Loss before taxes | (7705879) | (9355154) | (24556706) | (74616312) |
| Income tax expense | 800 |  | 800 | 1000 |
| Net loss | $(7706679) | $(9355154) | $(24557506) | $(74617312) |
| Less: Net loss attributable to non-controlling interests | (78978) | (78405) | (538841) | (2138272) |
| Net loss attributable to Nuvve Holding Corp. | $(7627701) | $(9276749) | $(24018665) | $(72479040) |
| Less: Preferred dividends on redeemable non-controlling interests | 67933 | 62760 | 263846 | 101856 |
| Less: Accretion on redeemable non-controlling interests preferred shares | 161466 | 161466 | 645866 | 261505 |
| Net loss attributable to Nuvve Holding Corp. common stockholders | $(7857100) | $(9500975) | $(24928377) | $(72842401) |
| Net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted | $(0.33) | $(0.51) | $(1.19) | $(4.37) |
| &nbsp;&nbsp;&nbsp;Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted | 23955356 | 18800005 | 20971896 | 16654495 |

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 **NUVVE HOLDING CORP AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) | $(7706679) | $(9355154) | $(24557506) | $(74617312) |
| Other comprehensive (loss) income, net of taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of taxes | 64033 | 43494 | (37264) | 191287 |
| Total Comprehensive income (loss) | $(7642646) | $(9311660) | $(24594770) | $(74426025) |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive income (loss) attributable to non-controlling interests, net taxes | (78978) | (78405) | (538841) | (2138272) |
| Comprehensive income (loss) attributable to Nuvve Holding Corp. | $(7563668) | $(9233255) | $(24055929) | $(72287753) |
| &nbsp;&nbsp;Less: Preferred dividends on redeemable non-controlling interests | (67933) | (62760) | (263846) | 101856 |
| &nbsp;&nbsp;&nbsp;Less: Accretion on redeemable non-controlling interests preferred shares | (161466) | (161466) | (645866) | (261505) |
| &nbsp;&nbsp;Comprehensive income (loss) attributable to Nuvve Holding Corp. common stockholders | $(7334269) | $(9009029) | $(23146217) | $(71924392) |

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**NUVVE HOLDING CORP. AND SUBSIDIARIES**

 **CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** |
| **Operating activities** |  |  |
| Net loss | $(24557506) | $(74617312) |
| Adjustments to reconcile to net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 289536 | 167558 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 5234878 | 4219989 |
| &nbsp;&nbsp;&nbsp;Financing costs |  | 46771276 |
| &nbsp;&nbsp;&nbsp;Beneficial conversion feature on convertible debenture |  | 427796 |
| &nbsp;&nbsp;&nbsp;Accretion of discount on convertible debenture |  | 116147 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrants liability | (11986462) | 312400 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | (152723) |  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of asset |  | 1326 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of PPP Loan |  | (492100) |
| &nbsp;&nbsp;&nbsp;Noncash lease expense | 421183 | 3636 |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 763302 | (887697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (433644) | (10065710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2072001) | (693756) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (3346937) | 2780890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1340918 | 2138574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 417481 | 626265 |
| Net cash used in operating activities | (34081975) | (29190718) |
| **Investing activities** |  |  |
| Proceeds from sale of property and equipment |  | 7649 |
| Purchase of property and equipment | (438045) | (273124) |
| Investments in equity securities | (1000000) |  |
| Net cash used in investing activities | (1438045) | (265475) |
| **Financing activities** |  |  |
| Proceeds from Newborn Escrow Account |  | 58184461 |
| Redemption of Newborn shares |  | (18629) |
| Issuance costs related to reverse recapitalization and PIPE offering |  | (3970657) |
| Proceeds from PIPE offering |  | 14250000 |
| Repayment of Newborn sponsor loans |  | (487500) |
| Repurchase of common stock from EDF |  | (6000000) |
| Newborn cash acquired |  | 50206 |
| Purchase of stock from investor |  | (2000000) |
| Payment of financing costs |  | (1000000) |
| Payment of finance lease obligations | (9691) | (5839) |
| Proceeds from forward option put exercise | 1994073 |  |
| Proceeds from exercise of pre-funded warrants related to Direct Offering | 185 |  |
| Proceeds from Direct Offering of common stock, net of offering costs | 13069815 |  |
| Proceeds from common stock offering, net of offering costs | 3763494 |  |
| Proceeds from exercise of stock options | 245748 | 576528 |
| Issuance Costs Related to Preferred Stock |  | (2956248) |
| Issuance of Redeemable Preferred Stock |  | 3138000 |
| Payment of Preferred Stock dividends |  | (39096) |
| Net cash provided by financing activities | 19063624 | 59721226 |
| Effect of exchange rate on cash | (50228) | 199592 |
| **Net increase in cash and restricted cash** | (16506624) | 30464625 |
| **Cash and restricted cash at beginning of year** | 32740520 | 2275895 |
| **Cash and restricted cash at end of year** | $16233896 | $32740520 |
| **Supplemental Disclosure of cash information:** |  |  |
| **Cash paid for income taxes** | $— | $800 |

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| | | |
|:---|:---|:---|
| **NUVVE HOLDING CORP. AND SUBSIDIARIES** | **NUVVE HOLDING CORP. AND SUBSIDIARIES** | **NUVVE HOLDING CORP. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)** |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)** | | |
| | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| **Supplemental Disclosure of Noncash Financing Activity** |  |  |
| Conversion of preferred stock to common stock | $— | $1679 |
| Conversion of debenture and accrued interest to common shares | $— | $3999435 |
| Conversion of shares due to reverse recapitalization | $— | $3383 |
| Beneficial conversion feature | $— | $— |
| Issuance of common stock for merger success fee | $— | $2085299 |
| Non-cash merger transaction costs | $— | $2085299 |
| Accrued transaction costs related to reverse recapitalization | $— | $189434 |
| Issuance of private warrants | $— | $1253228 |
| Forgiveness of PPP Loan | $— | $492100 |
| Issuance of Stonepeak and Evolve warrants | $— | $30234000 |
| Issuance of Stonepeak and Evolve options | $— | $12584000 |

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