Greenwave Technology Solutions (GWAV) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025 increased 24.7% year-over-year to $31.0 million, driven by higher metal and hauling revenues.

• Gross profit remained flat at $9.1 million, as increased revenues were offset by higher costs, particularly in hauling.

• Net loss available to common stockholders narrowed significantly to $17.9 million from $82.1 million in the prior year period.

• The company continues to face substantial doubt about its ability to continue as a going concern due to a working capital deficit and accumulated deficit.

Financial highlights

• Revenue for Q3 2025 was $12.7 million, up 49% from $8.5 million in Q3 2024.

• Gross profit for Q3 2025 was $3.5 million, down slightly from $3.5 million in Q3 2024.

• Operating expenses for Q3 2025 increased to $8.4 million from $8.0 million in Q3 2024.

• Net loss for Q3 2025 was $5.3 million, compared to $4.8 million in Q3 2024.

• For the nine months ended September 30, 2025, net cash used in operating activities was $5.9 million, down from $14.8 million in the prior year.

Outlook and guidance

• Management highlights ongoing efforts to expand operations and improve profitability, but warns that additional capital will be needed to sustain operations.

• The company’s ability to raise capital may be constrained by market conditions and its stock price.