Based on the provided financial report articles, I generated the title for the article: **"GWAV, Inc. (0001589149) Financial Report for Fiscal Year 2025 and 2024"** Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to the financial report of GWAV, Inc. for the fiscal year 2025 and 2024.
The financial report presents the financial statements of the company for the fiscal year ended December 31, 2025, as well as the six months ended June 30, 2025, and the year ended December 31, 2024. The company reported total revenues of $X million and net income of $Y million for the fiscal year 2025. The company’s cash and cash equivalents increased by $Z million to $W million as of December 31, 2025. The company’s total assets increased by $X million to $Y million, while total liabilities decreased by $Z million to $W million. The company’s stockholders’ equity increased by $X million to $Y million. The company also reported certain non-cash items, including a gain on the sale of assets and a loss on the impairment of intangible assets.
Overview
Greenwave Technology Solutions, Inc. (formerly MassRoots, Inc.) is a technology platform developer that transitioned into the scrap metal recycling industry in 2021. The company operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, processing appliances, construction material, end-of-life vehicles, boats, and industrial machinery.
Results of Operations For the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
| Metric | 31-Dec-25 | 31-Dec-24 | $ Change | % Change |
|---|---|---|---|---|
| Revenues | $46,660,320 | $33,315,859 | $13,344,461 | 40.1% |
| Gross Profit | $11,873,425 | $12,989,478 | $(1,116,053) | (8.6%) |
| Operating Expenses | $31,694,143 | $47,251,411 | $(15,557,268) | (32.9%) |
| Loss from Operations | $(19,820,718) | $(34,261,933) | $14,441,215 | (42.1%) |
| Other Income (Expense) | $(1,775,910) | $10,344,580 | $(12,120,490) | (117.2%) |
| Net Loss Available to Common Stockholders | $(24,596,592) | $(100,446,189) | $75,849,597 | (75.51%) |
Revenues Revenues increased by $13,344,461 (40.1%) primarily due to higher metal and hauling revenues. Metal revenues increased by $9,592,260 (41.2%) due to the sale of inventory accumulated in late 2024 and rising scrap prices. Hauling revenues increased by $3,813,745 (38.6%) due to higher sales volume and reduced empty hauling legs.
Cost of Revenues Cost of revenues increased by $14,460,514 (71.1%) due to higher sales volumes, including the sale of inventory accumulated in late 2024, as well as increased activity levels.
Gross Profit Gross profit decreased by $1,116,053 (8.6%) due to higher cost of sales relative to revenue, resulting in a decrease in gross margin from 39.0% to 25.4%. Gross profit on metal decreased by $3,372,071 (38.4%) due to higher metal costs, while gross profit on hauling increased by $1,578,985 (38.9%) due to higher revenues and improved cost efficiencies.
Operating Expenses Operating expenses decreased by $15,557,268 (32.9%) primarily due to the absence of significant non-recurring charges incurred in 2024, partially offset by increases in payroll, depreciation, and operating activity-related costs.
Loss from Operations Loss from operations decreased by $14,441,215 (42.1%) due to the decrease in operating expenses.
Other Income (Expense) Other expense increased by $12,120,490 (117.2%) primarily due to the absence of significant non-recurring gains recognized in 2024.
Net Loss Available to Common Stockholders Net loss available to common stockholders decreased by $75,849,597 (75.51%) due to the factors discussed above.
Liquidity and Capital Resources As of December 31, 2025, the company had $935,763 in cash and a working capital deficit of $18,339,586. The company used $5,975,441 in cash for operating activities and $934,299 in cash for investing activities during 2025. Financing activities provided $5,269,039 in cash, primarily from the issuance of common stock with warrants.
The company may require additional capital in the future to continue executing its business plan and supporting growth initiatives. The company does not currently have committed financing arrangements and may seek to raise funds through equity or debt financing, which could be dilutive or restrictive. The company’s ability to raise additional capital will be impacted by market conditions and the price of its common stock.
The company’s accumulated deficit and working capital deficit raise substantial doubt about its ability to continue as a going concern. The company will need to raise additional funds or implement cost-saving measures to continue operations.
Critical Accounting Policies The company’s critical accounting policies include the accounting for intangible assets, income taxes, and the valuation of stock-based compensation, derivative liabilities, and other estimates.
