Greenwave Technology Solutions, Inc.

Listed Company

GWAVCIK 0001589149NasdaqNon-AcceleratedSmaller ReportingWholesale-Metals Service Centers & Of FicesDelawareFY ends Dec 31

Period

FY 2024

Revenue

$33.32M

Net Income

$-23.92M

Total Assets

$63.09M

Equity

$36.95M

Shares Out

829.6K

Op. Cash Flow

$-17.25M

Business

Greenwave Technology Solutions, Inc. operates as a metal recycling company that collects, classifies, processes and sells recycled ferrous and nonferrous metals. The company’s main products and services include shredded ferrous scrap, graded nonferrous metals (such as aluminum, copper, stainless steel and mixed alloys), zorba, zurik, shredded insulated wire, the sale of catalytic converters, and metal recycling services for corporate, industrial, retail and government suppliers. Its operations include a network of metal recycling facilities with heavy shredding and separation equipment, plus digital platforms for vehicle sourcing and enterprise operations. Greenwave distributes products regionally through direct sales to processors, steelmakers and other industrial buyers across Virginia, North Carolina, Ohio and additional U.S. markets where its buying and app-based services operate.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenues	33	36	34	8	—
Cost of Revenues	20	21	22	5	1,283
Gross Profit	13	14	12	3	5,681
Advertising	53,147	414,194	83,993	33,595	58,961
Payroll and related expense	8	7	7	2	303,850
Rent, utilities and property maintenance	3	3	3	605,480	10,802
Hauling and equipment maintenance	5	3	3	513,928	—
Depreciation and amortization expense	7	6	4	888,781	—
Impairment of tangible assets	439,086	0	2	—	—
Consulting, accounting and legal	3	2	897,981	395,901	684,422
Warrants issued for services	3	171,239	—	—	—
Stock compensation	823,500	0	—	—	—
Other general and administrative expenses	4	3	2	2	107,857
Total Operating Expenses	47	34	23	6	1
Loss From Operations	−34	−20	−11	−3	−1
Interest expense and amortization of debt discount	−5	−9	—	—	—
Shares issued for financing	−52,182	0	—	—	—
Other gain (loss)	−15,212	17,572	—	—	—
Gain on tax credit	0	717,064	—	—	—
Gain on lease termination	0	108,863	—	—	—
Change in fair value of derivative liabilities	48	0	14	—	−451,351
Loss on extinguishment of debt	−16	0	—	739,710	250,000
Equity issued for warrant inducement	−3	0	—	—	—
Loss on conversion of convertible notes	−14	0	3	−880	882
Gain on settlement of non-convertible notes payable, accrued interest, and advances	1	632,540	516,920	182	—
Total Other Income (Expense)	10	−7	−24	1	−14
Net Loss Before Income Taxes	−24	−27	−35	−2	−15
Provision for Income Taxes (Benefit)	0	0	—	—	—
Net Loss	−24	−27	−35	−2	−15
Deemed dividend for the reduction of exercise price of warrants	−53	−2	—	—	—
Deemed dividend for the reduction of the conversion price of a debt note	−24	−5	—	—	—
Net Loss Available to Common Stockholders	−100	−34	−64	3	−112
Basic (per share)	−8.47	−385.81	−9.71	0.57	−23.99
Diluted (per share)	−8.47	−385.81	−9.71	0.36	−23.99
Basic (shares)	12	87,082	7	5	5
Diluted (shares)	12	87,082	7	8	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2024 2024-05-31	FY 2024 2024-02-29	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash	3	—	—	2	821,804
Inventories, net	3	—	—	200,428	189,646
Accounts receivable, net of allowance for doubtful accounts	1	—	—	646,413	215,256
Prepaid expenses	921,580	—	—	296,761	12,838
Total current assets	8	—	—	3	1
Property and equipment, net	37	—	—	23	13
Security deposit	31,893	—	17,000	31,893	6,893
Total assets	63	—	—	46	41
Bank overdraft	231,696	—	—	118,763	—
Accounts payable and accrued expenses	6	—	—	6	5
Accrued payroll and related expenses	4	—	—	4	4
Factoring, net of unamortized debt discount of $- and $0, respectively	0	—	—	0	5
Non-convertible notes payable, current portion, net of unamortized debt discount of $633,396 and $774,308, respectively	3	—	—	3	2
Convertible notes payable, current portion, net of unamortized debt discount of $- and $3,934,506, respectively	0	—	—	8	—
Operating lease obligations, current portion	331,545	—	—	200,971	232,236
Total current liabilities	21	—	—	40	19
Operating lease obligations, less current portion	773,820	—	—	94,943	116,262
Convertible notes payable, net of unamortized debt discount of $- and $1,967,253, respectively	0	—	—	4	—
Non-convertible notes payable, net of unamortized debt discount of $1,076,554 and $1,739,260, respectively	4	—	—	6	7
Total liabilities	26	—	—	51	26
Commitments and contingencies (See Note 11)	—	—	—	—	—
Common stock, $0.001 par value, 1,200,000,000 shares authorized; 26,091,027 and 113,096 shares issued and outstanding, respectively	26,091	—	—	113	10,962
Additional paid in capital	533	17	—	391	378
Accumulated deficit	−496	—	—	−396	−362
Total stockholders equity (deficit)	37	—	—	−4	15
Total liabilities and stockholders equity (deficit)	63	—	—	46	41

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Depreciation and amortization of intangible assets	7	6	4	888,781	—
Interest and amortization of debt discount	5	9	32	10	5
Loss on conversion of debt	14	—	—	—	—
Impairments on equipment	439,086	—	—	388,877	—
Gain on settlement of non-convertible notes payable, accrued interest, and advances	−1	−632,540	−516,920	−516,920	—
Warrants issued for services	3	171,239	—	—	—
Gain on deferred revenue	—	−25,000	—	—	—
Due to related party	−2	2	194,916	—	—
Inventories	−3	−10,782	191,356	−381,002	—
Accounts receivable	−745,477	−431,155	−215,256	—	—
Prepaid expenses	−687,194	−200,590	−12,838	97,132	−95,157
Security deposit	—	−25,000	−3,306	−2,437	—
Accounts payable and accrued expenses	−969,383	−856,151	2	−609,683	77,520
Accrued payroll and related expenses	−156,582	614,271	2	137,415	—
Net cash used in operating activities	−17	−2	−3	−2	−1
Cash received for the advance given for asset	—	82,769	—	141,027	—
Purchases of property and equipment	−12	—	—	—	—
Net cash used in investing activities	−16	−2	−6	−77,666	—
Bank overdrafts	112,933	118,763	—	—	−13,749
Proceeds from sale of common stock and warrants	40	3	—	—	—
Proceeds from warrant exercises	3	15,511	—	—	—
Proceeds from issuance of convertible notes	—	13	—	—	—
Repayments of convertible notes	−1	—	—	−3	—
Proceeds from bridge financing	—	825,000	—	—	—
Proceeds from issuance of non-convertible notes payable	—	1	3	1	82,911
Repayment of non-convertible notes payable - Related party	−4	—	—	—	—
Repayment of non-convertible notes payable	−3	−5	−220,000	−6	−39,641
Proceeds from factoring	3	4	7	—	—
Repayments of factoring	−4	−13	−2	—	—
Net cash provided by financing activities	34	4	6	6	1
Net increase (decrease) in cash	1	724,355	−2	3	365
Cash paid during period for interest	365,000	593,072	216,763	362,865	—
Cash paid during period for taxes	—	—	—	—	—
Equipment purchases from issuance of related-party note payable	—	17	—	—	—
Deemed dividend for conversion price reduction of note	24	5	—	—	—
Factoring proceeds utilized for payoff of factoring liabilities	—	5	2	—	—
Debt discount for warrants issued in senior secured debt placement	—	4	—	—	—
Equipment purchased by issuance of non-convertible notes payable	—	3	4	—	—
Deemed dividend for exercise price reduction of warrants	53	2	—	—	—
Exchange of related party notes to Series D Preferred	10	—	—	—	—
Exchange of bridge notes to convertible notes	—	990,000	—	—	—
Assets taken over by related party	—	582,063	—	—	—
Increase in right of use assets and operating lease liabilities	1	199,466	2	430,638	—
Common shares issued upon conversion of Series Z Preferred	1,333	1,303	725	—	—
Common shares issued for cashless exchange of warrants	11,807	360	—	—	—
Rounding for reverse split	156	—	—	—	—
Legal fees paid out of warrant exercise	139,955	—	—	—	—
Assets purchased adjusted from accounts receivables	137,500	—	—	—	—
Common shares issued upon conversion of convertible notes and accrued interest	3	—	—	—	—
Land purchased with deed of trust notes	12	—	1	—	—
Land purchase with issuance of Series A-1 Preferred	3	—	—	—	—

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