Operational cash flow remains disconnected from earnings, with a 2025Q4 OCF/NI ratio of 0.02 and a negative free cash flow margin of -4.2% highlighting persistent capital burn.
| Cash from Operations | -5.98M | -17.25M | -1.83M | -2.61M | -2.49M | -1.04M | -1.8M | -6.42M | -8M | -6.18M | -3.13M | -922.96K | -127.58K |
| Operating CF Margin % | -12.81% | -51.79% | -5.14% | -7.68% | -30.71% | -14902.97% | -7582.28% | -32780.02% | -2505.14% | -881.27% | -1462.51% | -10221% | -18096.17% |
| Operating CF Growth % | 65.37% | -841.18% | 29.74% | -4.9% | -139.65% | 42.25% | 72.02% | 19.68% | -29.35% | -97.58% | -239.05% | -623.44% | - |
| Net Income | -21.6M | -23.92M | -26.94M | -35.04M | -1.63M | -14.71M | -34.27M | -16.02M | -44.39M | -18.03M | -8.47M | -2.44M | -1.38M |
| Depreciation & Amortization | 9.22M | 7.66M | 7.46M | 3.27M | 1.28M | 5.14M | 45.28K | 443.06K | 416.25K | 19.45K | 10.17K | 1.8K | 342 |
| Stock-Based Compensation | 100K | 823.5K | 171.24K | 0 | 166.85K | 0 | 222.7K | 5.65M | 22.11M | 7.38M | 2.72M | 645.73K | 1.25M |
| Deferred Taxes | 0 | 0 | 0 | 0 | -11.47M | 0 | 20.32M | 814.92K | 1.6M | 1.55M | 0 | 0 | 0 |
| Other Non-Cash Items | 1.66M | 5.37M | 16.56M | 25.59M | 9.94M | 8.41M | 10.91M | 1.87M | 11.43M | 2.61M | 5.07M | 721.41K | 0 |
| Working Capital Changes | 4.65M | -7.19M | 914.91K | 3.57M | -782.38K | 122.37K | 976.91K | 807.73K | 836.82K | 286.6K | 263.02K | 789.98K | 1.57K |
| Change in Receivables | 137.47K | -745.48K | -431.15K | -215.26K | 232.11K | 0 | 0 | 0 | 6.89K | 36.19K | -28.3K | -11.2K | 0 |
| Change in Inventory | 648.74K | -2.69M | -10.78K | 191.36K | -381K | 0 | 0 | 0 | -19.8K | 12.94K | 0 | 0 | 0 |
| Change in Payables | 1.22M | -969.38K | -856.15K | 1.7M | -609.68K | 77.52K | 557.36K | -298.12K | 876.74K | 210.46K | 112.91K | 50.56K | 0 |
| Cash from Investing | -934.3K | -15.92M | -1.68M | -5.94M | -77.67K | 0 | 90.98K | -264.56K | -314.83K | -83.75K | -244.03K | -14.67K | -2.28K |
| Capital Expenditures | -2.07M | -3.58M | -1.76M | -5.94M | -218.69K | 0 | 0 | -264.56K | -57.53K | -23.75K | -69.03K | -14.67K | -2.28K |
| CapEx % of Revenue | 4.43% | 10.75% | 4.94% | 17.47% | 2.7% | 0.04% | - | 1350.01% | 18.02% | 3.39% | 32.26% | 162.43% | 323.83% |
| Acquisitions | 1.13M | 0 | 0 | 0 | 141.03K | 0 | 90.98K | 0 | -129.3K | -60K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -12.34M | 82.77K | 0 | 0 | 0 | -90.98K | -260.56K | -300K | -23.75K | -175K | -14.67K | 0 |
| Cash from Financing | 5.27M | 34.21M | 4.24M | 6.41M | 5.52M | 1.04M | 1.68M | 5.52M | 9.14M | 6.25M | 3.62M | 999.07K | 250.58K |
| Debt Issued (Net) | -5.21M | -9M | 10.2M | 2.28M | 20.92M | 716.52K | 692.35K | 1.41M | 932.99K | 95.97K | 0 | 269.1K | 17.05K |
| Equity Issued (Net) | 10.48M | 40.37M | 2.84M | 0 | -11.42M | 321K | 2.81M | 3.3M | 2.68M | 5M | 3.08M | 729.9K | 150K |
| Dividends Paid | -3M | -23.95M | 0 | 0 | 0 | -95.84M | 0 | 0 | 0 | 0 | 0 | -4.54K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3M | 26.79M | -8.81M | 4.13M | -3.97M | 95.84M | -1.83M | 805.88K | 5.53M | 1.16M | 542.09K | 4.61K | 83.53K |
| Net Change in Cash | -1.64M | 1.03M | 724.36K | -2.14M | 2.96M | 365 | -28.45K | -1.17M | 827.1K | -11.83K | 244.39K | 61.45K | 120.72K |
| Free Cash Flow | -8.04M | -33.18M | -3.59M | -8.55M | -2.71M | -1.04M | -1.8M | -6.69M | -8.05M | -6.21M | -3.2M | -937.62K | -129.86K |
| FCF Margin % | -17.24% | -99.58% | -10.08% | -25.15% | -33.41% | -14902.97% | -7582.28% | -34130.03% | -2523.16% | -884.65% | -1494.78% | -10383.42% | -18420% |
| FCF Growth % | 75.76% | -823.05% | 57.94% | -215.8% | -160.72% | 42.25% | 73.13% | 16.97% | -29.78% | -94.06% | -241.1% | -622.02% | - |
| FCF per Share | -13.49 | -2.80 | -41.27 | -1.30 | -49.50 | -33.58 | -140.22 | -1930.78 | -3728.66 | -5254.71 | -3283.34 | -2935.12 | - |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.72x | 0.07x | 0.07x | 1.52x | 0.07x | 0.05x | 0.40x | 0.18x | 0.34x | 0.37x | 0.38x | 0.14x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, GWAV's operating cash flow consistently fails to track with net losses, evidenced by an OCF/NI ratio of 0.02 in 2025Q4, which suggests that the company's accounting losses are not being mitigated by meaningful cash generation from core operations.
The wide gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect a fundamental inability to generate cash from its scrap processing activities. Investors should monitor this divergence, as it implies that the business model requires constant external capital to bridge the shortfall between operational expenses and cash receipts.
Based on the company's reported figures, free cash flow remains deeply negative, with a 2025Q4 FCF margin of -4.2%, highlighting a structural inability to fund capital expenditures through internal cash generation despite the company's aggressive efforts to scale its regional scrap processing footprint.
The consistent failure to achieve positive free cash flow suggests that the company's growth strategy is currently self-defeating, as each unit of revenue growth appears to require capital intensity that the business cannot support. This trajectory warrants further investigation into whether the company can reach a break-even scale before its liquidity is exhausted.
According to recent SEC filings, GWAV's working capital changes have been highly erratic, swinging from a $3.9 million inflow in 2025Q4 to a $2.5 million outflow in 2025Q1, which suggests significant instability in the company's ability to manage inventory cycles and trade payables effectively.
The reliance on working capital fluctuations to mask operational cash burn appears unsustainable and indicates potential inefficiencies in inventory turnover or collection cycles. Such volatility may suggest that the company is struggling to balance its procurement of scrap metal with the timing of its sales to mills, creating unpredictable cash flow patterns.
Based on reported financial statements, GWAV's capital expenditure as a percentage of revenue reached 3.5% in 2025Q4, a figure that, while lower than previous peaks, continues to drain limited cash reserves without delivering a corresponding improvement in the company's overall operating margin profile.
The ongoing investment in processing equipment appears to be a necessary burden to maintain operations, yet it fails to generate the throughput required to cover fixed costs. This capital intensity, combined with negative operating margins, suggests that the company's asset base may be underutilized or inefficiently deployed relative to its current scale.
Quick answers to the most common questions about buying GWAV stock.
Greenwave Technology Solutions, Inc. (GWAV) generated $-6.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenwave Technology Solutions, Inc. (GWAV) reported negative free cash flow of $8.0M in 2025, indicating capital requirements exceeded cash from operations.
Greenwave Technology Solutions, Inc. (GWAV) spent $2.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Greenwave Technology Solutions, Inc. (GWAV) returned $3.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.