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Greenwave Technology Solutions (GWAV) investor relations material
Greenwave Technology Solutions Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary15 Apr, 2025
Executive summary
Transitioned from technology platform to scrap metal recycling after acquiring Empire Services in 2021, now operating 13 facilities in VA, NC, and OH.
2024 revenues declined 6.6% year-over-year to $33.3M, mainly due to inventory accumulation ahead of anticipated 2025 metal tariffs.
Net loss available to common stockholders widened to $100.4M in 2024 from $33.6M in 2023, driven by higher operating expenses, deemed dividends, and losses on debt conversions.
Gross margin decreased to 39% from 41% year-over-year, with gross profit at $13.0M.
Company faces substantial doubt about its ability to continue as a going concern due to negative cash flows, working capital deficit, and accumulated deficit.
Financial highlights
2024 revenue: $33.3M (down from $35.7M in 2023); gross profit: $13.0M (down from $14.5M).
Operating expenses rose 39% to $47.3M, including $12.3M loss on related-party asset purchases and $3.0M in warrant expenses.
Net loss available to common stockholders: $100.4M in 2024 vs. $33.6M in 2023.
Cash used in operations: $17.3M; cash on hand at year-end: $2.6M; working capital deficit: $13.5M.
Accumulated deficit: $496.3M as of December 31, 2024.
Outlook and guidance
Management expects to benefit from higher scrap metal prices in early 2025 due to tariffs, with significant inventory on hand to capitalize on price increases.
Company may require additional capital to fund operations and continue as a going concern; no current arrangements for new financing.
Actively monitoring Nasdaq listing compliance; may consider a reverse stock split to regain compliance.
How did tariffs impact Greenwave's operations?
Explain Greenwave's Scrap App technology.
What are Greenwave's plans to remediate weaknesses?
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Next Greenwave Technology Solutions earnings date
Q1 24/2528 Oct, 2025
Next Greenwave Technology Solutions earnings date
Q1 24/2528 Oct, 2025
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Frequently asked questions
Greenwave Technology Solutions, Inc. is a U.S.-based company specializing in the recycling and processing of ferrous and non-ferrous metals. The company operates metal recycling facilities where it collects, processes, and resells scrap metal, serving industries that require recycled metal materials. Greenwave Technology Solutions is involved in sustainable waste management practices and contributes to resource conservation by transforming scrap metal into reusable raw materials. The company is headquartered in Chesapeake, Virginia, and its shares are listed on the NASDAQ.
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