NVVEHIGH SIGNALFINANCIAL10-K

NVVE shows severe deterioration with net losses nearly doubling to $30.8M while cash position remains critically low despite improvement, indicating potential going concern issues.

The company's financial distress has significantly worsened with net losses increasing 77% year-over-year while operating losses expanded 57%, suggesting the business is burning through cash at an accelerating rate. Despite improving cash from $371K to $5.5M, this level remains inadequate given the $30.8M annual loss run rate, creating serious liquidity concerns for ongoing operations.

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

NVVE's financials paint a picture of acute distress, with net losses ballooning from $17.4M to $30.8M driven by a 51% surge in SG&A expenses to $26.8M, while the company made some progress reducing debt by 68% and converting inventory to cash (inventory down 83%, cash up 1,372%). However, the dramatic increase in losses far outpaces the modest cash improvement, and with only $5.5M in cash against a $30.8M annual burn rate, the company faces serious near-term liquidity challenges that could threaten its ability to continue operations.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+1371.7%
$371K→$5.5M

Cash position surged 1371.7% — strong cash generation or capital raise providing significant financial cushion.

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.

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").
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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.
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