Greenwave Technology Solutions Reports $33.3 Million Revenue Decline and $100.4 Million Net Loss for Fiscal Year 2024

Greenwave Technology Solutions, Inc. reported a revenue of $33.3 million for the fiscal year ending December 31, 2024, a decrease of 6.6% from $35.7 million in 2023. The decline in revenue was attributed to a strategic decision to accumulate inventory in anticipation of rising metal tariffs, which the company believes would have generated an additional $4 million in revenue had the inventory been sold during the fiscal year. The company’s gross profit also fell to $13 million, down 10.3% from the previous year, reflecting a decrease in gross margins from 41% to 39%.

Operating expenses surged by 39% to $47.3 million, primarily due to increased payroll and related expenses as the company expanded its operational staff. The loss from operations increased significantly to $34.3 million, compared to $19.5 million in 2023. Despite these challenges, Greenwave reported other income of $10.3 million, a substantial turnaround from the $7.4 million in expenses recorded in the previous year, largely due to gains from the settlement of notes payable and a favorable change in the fair value of derivative liabilities.

The company’s net loss available to common stockholders reached $100.4 million, a significant increase from $33.6 million in 2023. This increase was driven by losses on the conversion of convertible notes and expenses related to warrants issued for financing. Greenwave's cash position as of December 31, 2024, stood at $2.6 million, with a working capital deficit of $13.5 million, raising concerns about its ability to continue as a going concern.

In terms of operational developments, Greenwave has been expanding its footprint in the scrap metal industry following its acquisition of Empire Services, which operates 13 recycling facilities across Virginia, North Carolina, and Ohio. The company launched ScrapApp.com in September 2023, facilitating the direct purchase of end-of-life vehicles, and has seen positive engagement, with over 1,200 vehicles purchased through the platform as of March 2025. The company is also in the process of implementing the GreenSpark platform across its facilities to enhance operational efficiency.

Looking ahead, Greenwave anticipates that the price of unshredded ferrous metal will continue to rise, potentially leading to increased revenues and gross profits in the early months of 2025. However, the company acknowledges the need for additional capital to support its operations and growth plans, and it is actively exploring financing options. The management has expressed concerns regarding its ability to maintain compliance with Nasdaq listing requirements, particularly the minimum bid price, which could impact its market position and access to capital.