Greenwave Technology Solutions(GWAV) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2025, the company generated revenues of $10,996,282, a 39.51% increase from $7,881,895 in the same period in 2024[236] - Gross profit for the same period was $2,113,165, a decrease of 7.47% from $2,283,855 in 2024, primarily due to declining margins on hauling and metal revenue[238] - Operating expenses decreased by 39.84% to $6,764,560 for the three months ended June 30, 2025, down from $11,245,027 in 2024[239] - The net loss available to common stockholders for the three months ended June 30, 2025, was $4,917,599, an 88.77% reduction from $43,807,249 in the same period in 2024[246] - For the six months ended June 30, 2025, revenues increased by 11.86% to $18,329,992 compared to $16,386,672 in 2024[247] - The company’s gross profit for the six months ended June 30, 2025, was $5,599,828, a slight increase of 0.93% from $5,548,116 in 2024[247] - Operating expenses for the six months ended June 30, 2025, decreased by 18.41% to $14,132,730 from $17,321,013 in 2024[247] - Loss from operations for the six months ended June 30, 2025, was $8,532,902, a 27.52% improvement from $11,772,897 in 2024[247] - Net loss available to common stockholders was $9,583,338 for the six months ended June 30, 2025, a significant reduction of $64,684,725 from $77,268,027 in 2024[257] Cash Flow and Financial Position - Net cash used in operating activities was $(2,929,827) for the six months ended June 30, 2025, compared to $14,084,802 in 2024[258] - Net cash used in investing activities was $(629,651) for the six months ended June 30, 2025, down from $(2,560,135) in 2024[260] - Net cash provided by financing activities was $6,274,939 during the six months ended June 30, 2025, compared to $39,401,892 in 2024[261] - As of June 30, 2025, the company had cash on hand of $5,291,625 and a working capital deficit of $(9,532,569)[263] - The accumulated deficit as of June 30, 2025, was $(508,895,648)[263] Compliance and Regulatory Matters - The company received a delinquency notification from Nasdaq for failing to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025[268] - The Company received a notice from Nasdaq on September 13, 2024, indicating non-compliance with the $1.00 minimum bid price requirement for 30 consecutive business days[270] - The Company was granted an additional 180 calendar days until September 8, 2025, to regain compliance with the minimum bid price requirement[270] - On August 20, 2025, the Company executed a reverse stock split at a ratio of 1-for-110, effective on August 22, 2025[270] - The common stock began trading on a split-adjusted basis on August 25, 2025[270] - The Company regained compliance with the minimum bid price requirement on September 9, 2025, closing the listing matter[270] Operational Expansion - The company expanded operations by opening a metal recycling facility in Cleveland, Ohio, as of the second quarter of 2023[232] - The company aims to open a facility with rail or deep-water port access to enhance product transportation efficiency and expand its market reach[225]