NVVEHIGH SIGNALRISK10-K

NVVE's financial position deteriorated substantially with net losses roughly doubling while maintaining negative stockholders' equity amid a significant reduction in debt and inventory levels.

The company's operating performance worsened meaningfully as losses expanded while the business appears to be contracting based on lower inventory and receivables levels. The combination of deepening losses and negative equity indicates heightened financial stress, though debt reduction provides some offsetting benefit.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

NVVE's financial condition deteriorated substantially over the period with net losses roughly doubling and operating losses expanding meaningfully. While the company reduced total debt significantly from $5.5M to $1.7M and lowered inventory levels from $4.6M to $801K, these changes appear to reflect business contraction rather than operational efficiency gains. The maintenance of negative stockholders' equity at -$1.7M combined with the substantial increase in losses signals mounting financial pressure despite the debt reduction efforts.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
-82.6%
$4.6M→$801K

Inventory drawn down 82.6% — strong sell-through or deliberate destocking; watch for supply constraints.

Net Income
P&L
-77.2%
-$17.4M→-$30.8M

Net income declined 77.2% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
-68.5%
$5.5M→$1.7M

Debt reduced 68.5% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Income
P&L
-57.3%
-$20.5M→-$32.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

SG&A Expense
P&L
+51.4%
$17.7M→$26.8M

SG&A up 51.4% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Accounts Receivable
Balance Sheet
-49%
$2.1M→$1.1M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Stockholders Equity
Balance Sheet
-32.7%
-$1.3M→-$1.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Capital Expenditure
Cash Flow
+25.8%
$45K→$57K

Capex increased 25.8% — ongoing investment in capacity or infrastructure for future growth.

Current Assets
Balance Sheet
+19%
$9.3M→$11.0M

Current assets grew 19% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
-17.8%
$18.1M→$14.9M

Liabilities reduced 17.8% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
o Yes x No The aggregate market value of the common shares held by non-affiliates of the registrant on June 30, 2025, based on the closing price on that date of $37.92 on the Nasdaq Stock Market , was approximately $ 10,143,280 .
As of March 23, 2026 , 5,311,904 shares of the issuer s common stock, par value $0.0001 per share, were issued and outstanding.
Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below in Item 1A.
Risk Factors and should be carefully considered, together with other information in this Form 10-K and our other filings with the SEC.
We are a grid modernization and advanced energy storage and management company that has developed a proprietary vehicle-to-grid ("V2G") technology, including our Grid Integrated Vehicle ("GIVe") cloud-based software platform, powered by advanced artificial intelligence ("AI").
Our AI-driven platform enables us to link multiple electric vehicle ("EV") batteries, as well as stationary batteries, into a virtual power plant to provide bi-directional energy to the electrical grid in a qualified and secure manner.
At the core of our technology is a comprehensive AI architecture that spans the entire business.
Our platform leverages machine learning and predictive analytics for real-time energy forecasting, intelligently anticipating grid demand, energy pricing fluctuations, and optimal charge-discharge cycles to maximize value for all participants.
This AI-first approach extends beyond energy management it is embedded in our full product development lifecycle, accelerating innovation from concept through deployment, and drives our sales management processes, enabling smarter customer engagement, pipeline optimization, and data-driven go-to-market strategies.
Combining our innovative, AI-powered V2G technology and an ecosystem of electrification partners, we dynamically manage power among EV batteries, stationary batteries, Distributed Energy Resources ("DER"), and the grid to deliver new value to EV owners, accelerate the adoption of EVs, provide an alternative solution for grid modernization, and support the world's transition to clean energy.
REMOVED
o Yes x No The aggregate market value of the common shares held by non-affiliates of the registrant on June 30, 2024, based on the closing price on that date of $23.80 on the Nasdaq Stock Market , was approximately $ 16,607,430 .
As of March 21, 2025 , 3,068,049 shares of the issuer s common stock, par value $0.0001 per share, were issued and outstanding.
Eastern Time on January 19, 2024, and the additional 1:10 reverse stock split of the outstanding common stock, which became effective as of 5:00 p.m.
We are a grid modernization company that has developed a proprietary vehicle-to-grid ("V2G") technology, including our Grid Integrated Vehicle ( GIVe ) cloud-based software platform, that enables us to link multiple electric vehicle ( EV ) batteries, as well as stationary batteries, into a virtual power plant to provide bi-directional energy to the electrical grid in a qualified and secure manner.
Combining our innovative V2G technology and an ecosystem of electrification partners, we dynamically manage power among EV batteries, stationary batteries, Distributed Energy Resource ("DER") and the grid to deliver new value to EV owners, accelerate the adoption of EVs, provide an alternative solution to for grid modernization, and support the world s transition to clean energy.
1 Overview of Our Technology Our platform dynamically manages power to and from EVs, batteries, and the grid at scale.
Our intelligent vehicle-to-grid technology allows EV owners to efficiently and timely meet the energy demands of individual vehicles and entire fleets.
2 Over the seven-plus years of this deployment, we have accumulated many hours of valuable learning on fleet operation and energy market behavior.
4 5 Market Opportunity and Our Solution The EV industry has grown rapidly since we were founded in 2010.
According to the same report, as of 2023 there were around 3.5 million public charging points, a majority of which were located in China.
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