Greenwave Technology Solutions(US:GWAV)2024-08-16 22:01Financial Performance - For the three months ended June 30, 2024, the company generated revenues of $7,881,895, a decrease of $1,534,379 (16.29%) compared to $9,416,274 in the same period in 2023[157]. - Gross profit for the same period was $2,283,855, down $1,014,999 (30.77%) from $3,298,854 in 2023, primarily due to a decline in margins on hauling and metal revenue[158]. - Operating expenses increased significantly to $11,245,027, an increase of $5,855,896 (108.66%) from $5,389,131 in the prior year, driven by higher payroll, maintenance, and consulting costs[159]. - The loss from operations rose to $8,961,172, an increase of $6,870,895 (328.71%) compared to a loss of $2,090,277 in the same quarter of 2023[162]. - The company reported a net loss available to common stockholders of $(43,807,249) for the quarter, compared to $(2,265,062) in the same period in 2023, marking an increase of $41,542,187 (1,834.04%) in losses[157]. - Revenue for the six months ended June 30, 2024, was $16,386,672, down from $18,459,696 in 2023, a decrease of $2,073,024 or 11.23%[166]. - Gross profit decreased to $5,548,116 for the six months ended June 30, 2024, from $8,025,465 in 2023, a decline of $2,477,349 or 30.87%[166]. - Operating expenses increased to $17,321,013 for the six months ended June 30, 2024, from $12,050,918 in 2023, an increase of $5,270,095 or 43.73%[167]. - Loss from operations rose to $11,772,897 for the six months ended June 30, 2024, compared to $4,025,453 in 2023, an increase of $7,747,444 or 192.46%[169]. - Net loss available to common stockholders was $77,268,027 for the six months ended June 30, 2024, compared to $6,290,737 for the same period in 2023, an increase of $70,977,290, representing a 1,128.28% change[172]. Other Income and Cash Flow - Other income for the quarter was $16,284,495, a substantial increase of $16,459,280 compared to a loss of $(174,785) in the same period last year[163]. - Other income for the six months ended June 30, 2024, was $11,033,706, compared to other losses of $(2,265,284) in 2023, a change of $13,298,990[171]. - Net cash used in operating activities was $14,084,802 for the six months ended June 30, 2024, compared to cash generated of $1,053,796 in 2023[173]. - Net cash used in investing activities was $2,560,135 for the six months ended June 30, 2024, compared to $826,422 in 2023[174]. - Net cash provided by financing activities was $39,401,892 for the six months ended June 30, 2024, compared to cash used of $854,564 in 2023[176]. - As of June 30, 2024, the company had cash on hand of $24,303,114 and a working capital of $14,126,157[178]. Operational Expansion - The company is expanding operations by opening a new metal recycling facility in Cleveland, Ohio, to enhance its supply of unprocessed metal[155]. - The company aims to open a facility with rail or deep-water port access to increase revenue and profitability by expanding its market reach[150]. - The company employs 144 people as of August 6, 2024, indicating a focus on operational expansion[151]. - The company has transitioned into the scrap metal industry, processing various metal types and focusing on maximizing the value of metals produced[148]. Reporting and Risk Disclosures - The company is classified as a "smaller reporting company" and is not required to provide detailed market risk disclosures[183]. - The financial statements include critical accounting policies and estimates relevant to the company's operations[183]. - There are no specific quantitative disclosures about market risks due to the company's reporting classification[184].