Greenwave Technology Solutions(US:GWAV)2026-03-06 22:26Financial Performance - For the three months ended September 30, 2025, the company generated revenues of $12,676,052, a 49.04% increase from $8,505,187 in the same period in 2024[237]. - The gross profit for the same period was $3,497,850, a slight decrease of 1.34% from $3,545,279 in 2024, primarily due to declining margins on hauling and metal revenue[239]. - Operating expenses increased to $8,416,190 for the three months ended September 30, 2025, up 5.44% from $7,981,875 in 2024, driven by higher payroll and related expenses[240]. - The net loss available to common stockholders for the three months ended September 30, 2025, was $5,277,679, an increase of 10.01% from $4,797,666 in 2024[245]. - For the nine months ended September 30, 2025, the company reported revenues of $31,049,810, a 24.74% increase from $24,891,859 in the same period in 2024[246]. - The gross profit for the nine months ended September 30, 2025, was $9,097,678, a marginal increase of 0.05% from $9,093,395 in 2024[249]. - Operating expenses decreased to $22,548,920 for the nine months ended September 30, 2025, from $25,302,888 in 2024, a reduction of $2,753,968[250][251]. - Loss from operations decreased by $2,758,251 to $13,451,242 during the nine months ended September 30, 2025, compared to $16,209,493 in 2024[252]. - Other expenses amounted to $(1,409,776) for the nine months ended September 30, 2025, a change of $12,082,412 from other income of $10,672,636 in 2024[253]. - Net loss available to common stockholders was $17,860,982 for the nine months ended September 30, 2025, down from $82,065,693 in 2024, a change of $64,204,711[255]. Cash Flow and Financial Position - Net cash used in operating activities was $5,860,291 for the nine months ended September 30, 2025, compared to $14,756,026 in 2024[256]. - Net cash used in investing activities decreased to $1,070,317 in 2025 from $10,302,216 in 2024[257]. - Net cash provided by financing activities was $5,804,511 during the nine months ended September 30, 2025, down from $38,711,738 in 2024[258]. - As of September 30, 2025, the company had cash on hand of $1,450,367 and a working capital deficit of $(13,715,081)[261]. - The accumulated deficit as of September 30, 2025, was $(514,174,816)[261]. Operational Developments - The company expanded operations by opening a metal recycling facility in Cleveland, Ohio, as of the second quarter of 2023[233]. - The company aims to open a facility with rail or deep-water port access to enhance product transportation efficiency and expand its buyer base[226]. - The company employs 180 people as of March 6, 2025, reflecting its operational growth[227]. Corporate Governance and Compliance - The company appointed Chelsea Pullano as Chief Financial Officer effective February 5, 2026, to enhance financial oversight and reporting[264]. - 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[268]. - The Company was granted an additional 180 calendar days until September 8, 2025, to regain compliance with the minimum bid price requirement[268]. - Shareholders approved a proposal on August 13, 2025, allowing the Board to consolidate shares at a ratio from 1-for-2 to 1-for-150[268]. - A reverse stock split was executed at a ratio of 1-for-110, effective on August 22, 2025[268]. - The common stock began trading on a split-adjusted basis on August 25, 2025[268]. - The Company regained compliance with the minimum bid price requirement on September 9, 2025, closing the listing matter[268].