Greenwave Technology Solutions, Inc. Segments Disclosure
NOTE 20 – SEGMENT REPORTING
Greenwave is organized into three operating segments based on our differentiated products – Scrap Metal Recycling, Hauling, and Other (primarily comprised of rental income).
We have one reportable geographic segment: the United States of America as all of our scrap metal is sourced domestically.
Our CODM, Danny Meeks, Chairman and CEO, evaluates performance on an operating segment basis, as well as a consolidated basis, based on revenues and operating cashflows. This measure is used by our CODM, management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the metal recycling industry. Our CODM utilizes segment profit and loss in assessing segment performance and allocating resources.
The following tables provide our results by segment:
| Year Ended December 31, 2024 | ||||||||||||||||
| Scrap Metal Recycling | Hauling | Other | Total | |||||||||||||
| Revenues | $ | 23,296,239 | $ | 9,881,820 | $ | 137,800 | $ | 33,315,859 | ||||||||
| Cost of revenues | (14,508,923 | ) | (5,817,458 | ) | (20,326,381 | ) | ||||||||||
| Gross Profit: | $ | 8,787,316 | $ | 4,064,362 | $ | 137,800 | $ | 12,989,478 | ||||||||
| Operating Expenses | $ | (47,251,411 | ) | |||||||||||||
| Other Income | 10,344,580 | |||||||||||||||
| Deemed Dividends | (76,528,836 | ) | ||||||||||||||
| Net loss available to common shareholders | $ | (100,446,189 | ) | |||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||
| Scrap Metal Recycling | Hauling | Other | Total | |||||||||||||
| Revenues | $ | 25,350,883 | $ | 10,156,938 | $ | 160,161 | $ | 35,667,982 | ||||||||
| Cost of revenues | (16,154,529 | ) | (4,996,871 | ) | (33,179 | ) | (21,184,579 | ) | ||||||||
| Gross Profit: | $ | 9,196,354 | $ | 5,160,067 | $ | 126,982 | $ | 14,483,403 | ||||||||
| Operating Expenses | $ | (33,998,165 | ) | |||||||||||||
| Other Loss | (7,421,228 | ) | ||||||||||||||
| Deemed Dividends | (6,661,152 | ) | ||||||||||||||
| Net loss available to common shareholders | $ | (33,597,142 | ) | |||||||||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.