Greenwave Technology Solutions (GWAV) Q4 2025 earnings summary

Executive summary

• Transitioned from technology platform to scrap metal recycling after acquiring Empire Services, now operating 13 facilities in VA, NC, and OH, with 172 employees as of June 2026.

• 2025 revenues rose 40.1% to $46.7M, driven by inventory sales and higher scrap prices; net loss narrowed 75.5% to $24.6M.

• Gross margin declined to 25.4% from 39.0% due to higher costs and sales mix changes.

• Significant non-recurring charges in 2024 did not recur in 2025, improving operating results.

Financial highlights

• Revenues: $46.7M in 2025 vs. $33.3M in 2024 (+40.1%).

• Gross profit: $11.9M in 2025 vs. $13.0M in 2024; gross margin fell to 25.4%.

• Operating expenses: $31.7M in 2025, down from $47.3M in 2024, mainly due to absence of 2024's non-recurring charges.

• Net loss: $24.6M in 2025, improved from $100.4M in 2024.

• Cash at year-end: $0.94M; working capital deficit of $18.3M.

• Accumulated deficit: $520.9M as of Dec 31, 2025.

Outlook and guidance

• Management notes substantial doubt about ability to continue as a going concern due to cash burn and working capital deficit.

• Additional capital may be required; no committed credit facilities as of year-end.

• Focus shifting from rapid revenue growth to cost-saving measures to improve margins.