Greenwave Technology Solutions (GWAV) Q1 2026 earnings summary

Executive summary

• Revenue more than doubled year-over-year to $16.3M for Q1 2026, driven by a significant increase in metal recycling sales, partially offset by a decline in hauling revenue.

• Gross profit rose to $6.8M, up 95% from Q1 2025, though margins declined due to rapid scaling and lower profitability in hauling.

• Net loss available to common shareholders narrowed sharply to $1.5M from $7.7M in Q1 2025, reflecting improved operating leverage and absence of prior year deemed dividends.

Financial highlights

• Revenue: $16.3M (up 122% YoY); Metal revenue $14.1M, Hauling $2.1M, Other $19K.

• Gross profit: $6.8M (up 95% YoY); Gross margin declined due to scaling and mix.

• Operating expenses: $7.9M (up 7% YoY), mainly from higher payroll, depreciation, and maintenance.

• Net loss: $1.5M (improved from $7.7M loss YoY); EPS $(1.81) vs. $(17.85) YoY.

• Cash flow from operations: $1.3M (vs. $(4.2)M YoY); cash at period end: $1.46M.

Outlook and guidance

• Management highlights substantial doubt about ability to continue as a going concern due to a $18M working capital deficit and $522M accumulated deficit.

• Additional capital may be needed; future financing could be dilutive or on unfavorable terms.