Despite an 85.3% revenue increase in 2025Q4, the company's gross margin collapsed to 3.5%, indicating significant sensitivity to commodity price volatility.
| Sales/Revenue | 46.66M | 33.32M | 35.67M | 33.98M | 8.1M | 6.96K | 23.7K | 19.6K | 319.24K | 701.58K | 213.96K | 9.03K | 705 |
| Revenue Growth % | 40.05% | -6.59% | 4.97% | 319.59% | 116184.26% | -70.62% | 20.95% | -93.86% | -54.5% | 227.9% | 2269.47% | 1180.85% | - |
| Cost of Goods Sold | 43.45M | 20.33M | 21.18M | 21.54M | 5.24M | 1.28K | 3.53K | 994 | 630 | 180.43K | 57.61K | 690 | 228 |
| COGS % of Revenue | 93.12% | 61.01% | 59.39% | 63.39% | 64.69% | 18.42% | 14.89% | 5.07% | 0.2% | 25.72% | 26.93% | 7.64% | 32.34% |
| Gross Profit | 3.21M | 12.99M | 14.48M | 12.44M | 2.86M | 5.68K | 20.17K | 18.6K | 318.61K | 521.15K | 156.35K | 8.34K | 242 |
| Gross Margin % | 6.88% | 38.99% | 40.61% | 36.61% | 35.31% | 81.58% | 85.11% | 94.93% | 99.8% | 74.28% | 73.07% | 92.36% | 34.33% |
| Gross Profit Growth % | -75.3% | -10.31% | 16.42% | 335.06% | 50235.4% | -71.84% | 8.44% | -94.16% | -38.86% | 233.32% | 1774.72% | 3346.28% | - |
| Operating Expenses | 23.23M | 31.47M | 23.78M | 20.82M | 5.79M | 1.17M | 3.47M | 13.9M | 37.12M | 14.12M | 6.28M | 1.62M | 919.37K |
| OpEx % of Revenue | 49.79% | 94.46% | 66.67% | 61.29% | 71.46% | 16741.7% | 14620.97% | 70945.13% | 11628.35% | 2013.1% | 2935.77% | 17891.06% | 130406.38% |
| Selling, General & Admin | 3.78M | 18.83M | 15.07M | 13.38M | 4.38M | 1.17M | 2.87M | 12.86M | 31.34M | 14.12M | 6.28M | 1.62M | 919.37K |
| SG&A % of Revenue | 8.1% | 56.53% | 42.24% | 39.39% | 54.14% | 16741.7% | 12109.21% | 65612.8% | 9816.07% | 2013.1% | 2935.77% | 17891.06% | 130406.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 19.45M | 12.63M | 8.71M | 7.44M | 1.4M | 0 | 595.36K | 1.04M | 5.79M | 0 | 0 | 0 | 0 |
| Operating Income | -20.02M | -18.48M | -9.3M | -8.38M | -2.93M | -1.16M | -3.45M | -13.88M | -36.8M | -13.6M | -6.13M | -1.61M | -919.12K |
| Operating Margin % | -42.91% | -55.47% | -26.06% | -24.67% | -36.15% | -16660.12% | -14535.86% | -70850.21% | -11528.55% | -1938.82% | -2862.69% | -17798.7% | -130372.06% |
| Operating Income Growth % | -8.35% | -98.81% | -10.88% | -186.35% | -152.33% | 66.33% | 75.19% | 62.27% | -170.57% | -122.08% | -281.1% | -74.86% | - |
| EBITDA | -10.81M | -10.82M | -1.84M | -1.93M | -1.64M | 3.98M | -3.4M | -13.44M | -36.39M | -13.58M | -6.11M | -1.61M | -918.89K |
| EBITDA Margin % | -23.16% | -32.47% | -5.15% | -5.68% | -20.29% | 57138.28% | -14344.83% | -68589.34% | -11398.16% | -1936.05% | -2857.94% | -17778.78% | -130339.72% |
| EBITDA Growth % | 0.1% | -488.49% | 4.8% | -17.53% | -141.28% | 217.03% | 74.7% | 63.06% | -167.89% | -122.13% | -280.89% | -74.71% | - |
| D&A (Non-Cash Add-back) | 9.22M | 7.66M | 7.46M | 6.45M | 1.28M | 5.14M | 45.28K | 443.06K | 416.25K | 19.45K | 10.17K | 1.8K | 228 |
| EBIT | -20.02M | -18.55M | -18.04M | -964.06K | 8.93M | -9.57M | -29.33M | -14.05M | -43.73M | -14.18M | -8.36M | -2.43M | -919.12K |
| Net Interest Income | -2.84M | -5.36M | -8.9M | -34.08M | -10.56M | -5.14M | -4.94M | -1.97M | -659.77K | -3.85M | -111.4K | -75.68K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.84M | 5.36M | 8.9M | 34.08M | 10.56M | 5.14M | 4.94M | 1.97M | 659.77K | 3.85M | 111.4K | 75.68K | 0 |
| Other Income/Expense | -1.57M | -5.44M | -17.64M | -26.66M | 1.3M | -13.55M | -30.82M | -2.13M | -7.59M | -4.43M | -2.35M | -828.92K | 0 |
| Pretax 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 | -919.12K |
| Pretax Margin % | -46.28% | -71.79% | -75.52% | -103.13% | -20.16% | -211235.78% | -144576.26% | -81729.05% | -13904.68% | -2569.93% | -3959.98% | -26978.32% | -130372.06% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 | -919.12K |
| Net Margin % | -46.28% | -71.79% | -75.52% | -103.13% | -20.16% | -211235.78% | -144576.26% | -81729.05% | -13904.68% | -2569.93% | -3959.98% | -26978.32% | -130372.06% |
| Net Income Growth % | 9.7% | 11.21% | 23.14% | -2046.71% | 88.9% | 57.07% | -113.96% | 63.92% | -146.2% | -112.8% | -247.8% | -165.05% | - |
| Net Income (Continuing) | -21.6M | -23.92M | -26.94M | -35.04M | -1.63M | -14.71M | -34.27M | -16.02M | -44.39M | -18.03M | -8.47M | -2.44M | -919.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -41.21 | -8.47 | -385.81 | -9.71 | 50.85 | -3611.25 | -8602.20 | -4623.75 | -20700.00 | -15300.00 | -8550.00 | -7650.00 | 0.00 |
| EPS Growth % | -386.54% | 97.8% | -3873.33% | -119.1% | 101.41% | 58.02% | -86.04% | 77.66% | -35.29% | -78.95% | -11.76% | - | - |
| EPS (Basic) | -41.25 | -8.47 | -385.81 | -9.71 | 85.95 | -3611.25 | -8602.20 | -4623.75 | -20700.00 | -15300.00 | -8550.00 | -7650.00 | 0.00 |
| Diluted Shares Outstanding | 596.35K | 11.85M | 87.08K | 6.58M | 54.67K | 30.91K | 12.82K | 3.46K | 2.16K | 1.18K | 974 | 319 | 0 |
| Basic Shares Outstanding | 596.35K | 11.85M | 87.08K | 6.58M | 32.33K | 30.91K | 12.82K | 3.46K | 2.16K | 1.18K | 974 | 319 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As indicated by the most recent quarterly filings, Greenwave Technology Solutions achieved an 85.3% year-over-year revenue growth rate in 2025Q4, signaling a rapid expansion of its scrap processing footprint despite the inherent transactional volatility that characterizes the company's current industrial business model and regional market focus.
The sharp acceleration in top-line performance suggests that the company is successfully capturing regional market share, yet this growth appears disconnected from operational efficiency. Investors should monitor whether this volume-driven strategy can eventually achieve the scale required to offset the high fixed costs of its shredding and processing facilities.
According to the provided income statement data, gross margins plummeted to 3.5% in 2025Q4, reflecting a significant deterioration from historical levels and highlighting the company's extreme sensitivity to the spread between raw scrap acquisition costs and the final sale price of processed metal commodities.
This margin compression suggests that the company lacks the pricing power to pass through cost increases to its mill customers. The inability to maintain a stable gross margin floor indicates that the current business model may be structurally disadvantaged in periods of commodity price volatility.
Based on reported financial figures, the company's operating margin of -40.5% in 2025Q4 demonstrates a failure to achieve operating leverage, as SG&A expenses continue to outpace gross profit generation, leaving the firm unable to cover its fixed overhead through its current volume of scrap throughput.
The persistent negative operating income suggests that the company's cost structure is too heavy for its current revenue base. Without a substantial increase in processing efficiency or a reduction in administrative overhead, the firm appears to be trapped in a cycle of funding operational losses through external means.
As highlighted by the income statement, the company's reliance on aggressive revenue growth while maintaining a -43.1% net margin in 2025Q4 raises significant questions regarding the long-term viability of its current capital allocation strategy and the potential for continued shareholder dilution to sustain ongoing operations.
Short-sellers would likely focus on the disconnect between top-line expansion and the inability to generate positive cash flow. The lack of a clear path to profitability suggests that the current growth trajectory may be unsustainable without a fundamental shift in the company's unit economics.
Quick answers to the most common questions about buying GWAV stock.
For fiscal year 2025, Greenwave Technology Solutions, Inc. (GWAV) reported total revenue of $46.7M. This represents a 6618385.1% increase compared to $0.0M in 2013.
Greenwave Technology Solutions, Inc. (GWAV) reported a net loss of $21.6M for the fiscal year ending 2025.
Greenwave Technology Solutions, Inc. (GWAV) reported an operating income of $-20.0M, resulting in an operating profit margin of -42.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Greenwave Technology Solutions, Inc. (GWAV) generated $3.2M in gross profit for the year, representing a gross profit margin of 6.9%. This demonstrates the company's core pricing power and production efficiency.