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GWAV

Greenwave Technology Solutions, Inc.

GWAV

Greenwave Technology Solutions, Inc. • NASDAQ
$6.64 ▲ 15.88% (+0.91)
Market Cap $406.17 M
52w High $119.90
52w Low $4.25
Dividend Yield 0%
P/E 0
Volume 37.26K
Outstanding Shares 61.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $7.334M ▼ $5.288M ▼ $-4.666M ▲ -63.62% ▲ $-17.85 ▼ $-1.656M ▲
Q4-2024 $8.424M ▼ $7.05M ▲ $-18.38M ▼ -218.192% ▼ $58.15 ▲ $-15.863M ▼
Q3-2024 $8.505M ▲ $6.056M ▼ $-4.798M ▼ -56.409% ▼ $-0.26 ▲ $-2.426M ▼
Q2-2024 $7.882M ▼ $9.593M ▲ $7.323M ▲ 92.913% ▲ $-8.38 ▲ $11.554M ▲
Q1-2024 $8.505M $4.437M $-8.063M -94.8% $-57.98 $-4.156M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $5.502M ▲ $67.52M ▲ $25.987M ▼ $41.533M ▲
Q4-2024 $2.576M ▼ $63.088M ▼ $26.133M ▲ $36.955M ▼
Q3-2024 $15.2M ▼ $69.575M ▼ $18.301M ▼ $51.274M ▼
Q2-2024 $24.303M ▲ $74.617M ▲ $18.545M ▼ $56.072M ▲
Q1-2024 $713.218K $45.367M $39.687M $5.679M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-4.666M ▲ $-4.161M ▼ $-58.5K ▲ $7.145M ▲ $2.925M ▲ $-4.372M ▲
Q4-2024 $-18.38M ▼ $-2.499M ▼ $-5.62M ▲ $-4.505M ▼ $-12.623M ▼ $-8.118M ▲
Q3-2024 $-4.798M ▼ $-671.224K ▲ $-7.742M ▼ $-690.154K ▼ $-9.103M ▼ $-8.413M ▲
Q2-2024 $7.323M ▲ $-10.624M ▼ $-2.56M ▼ $36.774M ▲ $23.59M ▲ $-13.184M ▼
Q1-2024 $-8.063M $-3.461M $0 $2.628M $-832.941K $-3.461M

Revenue by Products

Product Q1-2025
Hauling
Hauling
 $0 ▲
Other
Other
 $0 ▲
Scrap Metal Recycling
Scrap Metal Recycling
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Greenwave’s income statement shows a very small business that is still in the build‑out phase rather than a mature, profitable operation. Revenue has been inching up but remains modest, and the company has not yet reached a scale where it can cover its operating costs. Gross profit is positive but thin, and operating losses have persisted and recently grown, suggesting that overhead, technology build‑out, and facility costs are still well ahead of sales. Net losses have been consistent over the years. The extreme swings in earnings per share are driven mostly by repeated reverse stock splits and share structure changes, not by true underlying business volatility. Overall, the income statement tells a story of a company investing heavily ahead of revenue, with profitability still a medium‑ to long‑term goal rather than a current reality.

Balance Sheet

Balance Sheet The balance sheet is small and relatively fragile. Total assets are limited, reflecting a company that is still modest in physical scale. There appears to be very little cash on hand in recent years, which leaves a thin buffer to absorb shocks or fund growth internally. Debt is not huge in absolute terms, but it is meaningful relative to the company’s size, which makes leverage more impactful if performance weakens. Equity has moved from negative in earlier years to positive more recently, which is an improvement, but that shift likely reflects capital raises and balance sheet clean‑up more than accumulated profits. The repeated reverse stock splits also signal past pressure on the share price and the need to maintain exchange listing standards. Overall, the balance sheet suggests dependence on external financing and limited room for error.

Cash Flow

Cash Flow Cash flow performance mirrors the income statement: the core business is not yet self‑funding. Operating activities have recently used cash rather than generated it, meaning day‑to‑day operations are still a drain rather than a source of funds. At the same time, the company has been investing in its facilities and technology platforms, which shows up as capital expenditures and pushes free cash flow further into negative territory. With limited cash balances and negative free cash flow, Greenwave likely relies on raising new capital or borrowing to support growth and cover operating shortfalls. This adds financing risk: if capital markets become less welcoming, the company could face difficult trade‑offs between slowing investment, increasing leverage, or further diluting shareholders.

Competitive Edge

Competitive Edge Within the scrap metal and waste management space, Greenwave is positioning itself as a technology‑driven, vertically integrated niche player rather than a traditional scrap yard. Its network of recycling facilities in a few states, close to major steel mills, provides logistical advantages and helps reduce transport costs. Some “grandfathered” licenses and government contracts, including municipal agreements, create local barriers to entry and a degree of revenue visibility in those markets. The company’s emphasis on domestic, sustainably sourced scrap aligns with structural trends in U.S. steelmaking and trade policy. However, Greenwave remains small in an industry with several large, well‑capitalized competitors. It is also exposed to cyclical scrap and steel prices. The competitive story therefore depends heavily on whether its technology and integration advantages can overcome its smaller scale and the inherent volatility of the underlying commodity markets.

Innovation and R&D

Innovation and R&D Innovation is where Greenwave is trying hardest to differentiate itself. The Scrap App platform and its AI‑driven pricing engine aim to modernize how end‑of‑life vehicles are sourced and processed, potentially lowering costs and improving customer experience. The GreenSpark operating system, used across its facilities, is designed to optimize logistics, pricing, and processing, which—if successful—could lift margins and improve consistency. Beyond software, advanced downstream recovery systems and early work on rare‑earth metal recovery point to an effort to squeeze more value out of each unit of scrap. These initiatives are strategically attractive but still largely in the development and scaling phase. They will require time, operational execution, and continued investment before their full financial impact becomes clear, and there is real uncertainty around how quickly and how fully these benefits will materialize.

Summary

Overall, Greenwave looks like an early‑stage, technology‑oriented scrap metal recycler that is still trying to grow into its strategy. On the positive side, the company has a clear vision: use AI and digital tools to streamline a traditional industry, leverage a network of strategically located facilities, focus on domestic, sustainable scrap, and move into higher‑value areas such as rare‑earth metal recovery. Its vertical integration, regulatory licenses, and partnerships with established steelmakers provide some elements of a moat. On the risk side, the financials show a business that is sub‑scale, loss‑making, and not yet generating cash from operations, with a thin balance sheet and reliance on external financing. The sequence of reverse stock splits and past negative equity highlight historical strain on both the balance sheet and the share price. How the story develops from here depends on execution: the pace at which Scrap App scales nationally, the company’s ability to convert its AI and software investments into higher margins, the progress of rare‑earth recovery initiatives, and management’s discipline in managing cash burn, debt, and dilution. Observers will likely focus on whether revenue can grow fast enough—and sustainably enough—to close the gap between the current innovative narrative and the still‑weak financial foundation.

NEWS

November 20, 2025 · 4:35 PM UTC

Greenwave Announces Receipt of a Staff Determination Letter from Nasdaq and That it Will Seek a Hearing & Continued Listing

Read more