v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company has entered into leases for commercial office spaces and vehicles. These leases are not unilaterally cancellable by the Company, are legally enforceable, and specify fixed or minimum amounts. The leases expire at various dates through 2031 and provide for renewal options. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties.
The leases provide for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, subject to certain minimum increases. Also, the agreements generally require the Company to pay real estate taxes, insurance, and repairs.

Supplemental unaudited condensed consolidated balance sheet information related to leases is as follows:
ClassificationMarch 31, 2026December 31, 2025
Operating lease assetsRight-of-use operating lease assets$3,649,050 3,779,757 
Finance lease assetsProperty, plant and equipment, net— 1,551 
Total lease assets$3,649,050 $3,781,308 
Operating lease liabilities - currentOperating lease liabilities - current$867,785 860,130 
Operating lease liabilities - noncurrentOperating lease liabilities - noncurrent3,411,423 3,558,659 
Finance lease liabilities - currentOther liabilities - current— 2,340 
Finance lease liabilities - noncurrentOther long-term liabilities — — 
Total lease liabilities$4,279,208 $4,421,130 

The components of lease expense are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Operating lease expenseSelling, general and administrative $214,574 $233,986 
Finance lease expense: 
Amortization of finance lease assetsSelling, general and administrative2,340 1,406 
Interest on finance lease liabilitiesInterest expense, net— 203 
Total lease expense$216,914 $235,595 

Operating LeaseFinance Lease
Maturities of lease liabilities are as follows:March 31, 2026March 31, 2026
2026$672,301 $— 
2027913,705 — 
2028898,606 — 
2029925,564 — 
2030953,331 — 
Thereafter981,932 — 
Total lease payments5,345,439 — 
Less: interest(1,066,231)— 
Total lease obligations$4,279,208 $— 
Lease term and discount rate:
March 31, 2026December 31, 2025
Weighted-average remaining lease terms (in years):
Operating lease5.675.9
Finance lease0.000.3
Weighted-average discount rate:
Operating lease7.8%7.8%
Finance lease7.8%7.8%
Other Information:
Three Months Ended March 31,Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$131,354 $111,059 
Operating cash flows - finance leases$— $— 
Financing cash flows - finance leases$647 $2,855 
Leased assets obtained in exchange for new finance lease liabilities$— $5,723 
Leased assets obtained in exchange for new operating lease liabilities$— $— 
Sublease
In April 2022, the Company entered into a sublease agreement with certain local San Diego companies to sublease a portion of the Company's 8,000 square foot expansion. The term of the sublease is six months to seven years with fixed base rental income ranging from $15,000 to $37,880 per month. The sublease has no option for renewal or extension at the end of the sublease term.
Sublease income are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Sublease lease incomeOther, net$155,646 $104,942 
Lessor
In February 2022, the Company entered into a 10 year master services agreement ("MSA") with a certain school district for FaaS to electrify their school bus fleet. A statement of work (“SOW”) for engineering, procurement and construction ("EPC") was also executed in conjunction with the MSA. As part of this SOW, the Company will provide electric vehicle supply equipment ("EVSE") and related warranties, infrastructure engineering and construction, installation of EVSE, and subscription services to Nuvve’s V2G GIVe platform. The MSA has both lease and non-lease components. The lease component is the EVSE and non-lease components are the EPCs. The Company accounted for the lease components as a sale-type lease with the investment in lease of $97,739 and $98,321 at March 31, 2026 and December 31, 2025, respectively.
Lease income are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Lease incomeProducts and services $582 $827 
Interest incomeProducts and services 3,057 3,931 
Total lease income$3,639 $4,758 
Leases Leases
The Company has entered into leases for commercial office spaces and vehicles. These leases are not unilaterally cancellable by the Company, are legally enforceable, and specify fixed or minimum amounts. The leases expire at various dates through 2031 and provide for renewal options. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties.
The leases provide for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, subject to certain minimum increases. Also, the agreements generally require the Company to pay real estate taxes, insurance, and repairs.

Supplemental unaudited condensed consolidated balance sheet information related to leases is as follows:
ClassificationMarch 31, 2026December 31, 2025
Operating lease assetsRight-of-use operating lease assets$3,649,050 3,779,757 
Finance lease assetsProperty, plant and equipment, net— 1,551 
Total lease assets$3,649,050 $3,781,308 
Operating lease liabilities - currentOperating lease liabilities - current$867,785 860,130 
Operating lease liabilities - noncurrentOperating lease liabilities - noncurrent3,411,423 3,558,659 
Finance lease liabilities - currentOther liabilities - current— 2,340 
Finance lease liabilities - noncurrentOther long-term liabilities — — 
Total lease liabilities$4,279,208 $4,421,130 

The components of lease expense are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Operating lease expenseSelling, general and administrative $214,574 $233,986 
Finance lease expense: 
Amortization of finance lease assetsSelling, general and administrative2,340 1,406 
Interest on finance lease liabilitiesInterest expense, net— 203 
Total lease expense$216,914 $235,595 

Operating LeaseFinance Lease
Maturities of lease liabilities are as follows:March 31, 2026March 31, 2026
2026$672,301 $— 
2027913,705 — 
2028898,606 — 
2029925,564 — 
2030953,331 — 
Thereafter981,932 — 
Total lease payments5,345,439 — 
Less: interest(1,066,231)— 
Total lease obligations$4,279,208 $— 
Lease term and discount rate:
March 31, 2026December 31, 2025
Weighted-average remaining lease terms (in years):
Operating lease5.675.9
Finance lease0.000.3
Weighted-average discount rate:
Operating lease7.8%7.8%
Finance lease7.8%7.8%
Other Information:
Three Months Ended March 31,Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$131,354 $111,059 
Operating cash flows - finance leases$— $— 
Financing cash flows - finance leases$647 $2,855 
Leased assets obtained in exchange for new finance lease liabilities$— $5,723 
Leased assets obtained in exchange for new operating lease liabilities$— $— 
Sublease
In April 2022, the Company entered into a sublease agreement with certain local San Diego companies to sublease a portion of the Company's 8,000 square foot expansion. The term of the sublease is six months to seven years with fixed base rental income ranging from $15,000 to $37,880 per month. The sublease has no option for renewal or extension at the end of the sublease term.
Sublease income are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Sublease lease incomeOther, net$155,646 $104,942 
Lessor
In February 2022, the Company entered into a 10 year master services agreement ("MSA") with a certain school district for FaaS to electrify their school bus fleet. A statement of work (“SOW”) for engineering, procurement and construction ("EPC") was also executed in conjunction with the MSA. As part of this SOW, the Company will provide electric vehicle supply equipment ("EVSE") and related warranties, infrastructure engineering and construction, installation of EVSE, and subscription services to Nuvve’s V2G GIVe platform. The MSA has both lease and non-lease components. The lease component is the EVSE and non-lease components are the EPCs. The Company accounted for the lease components as a sale-type lease with the investment in lease of $97,739 and $98,321 at March 31, 2026 and December 31, 2025, respectively.
Lease income are as follows:
Three Months Ended March 31,Three Months Ended March 31,
Classification20262025
Lease incomeProducts and services $582 $827 
Interest incomeProducts and services 3,057 3,931 
Total lease income$3,639 $4,758