| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Revenue | $46.7M | +40.1% |
| Cost of Revenue | $34.8M | +71.1% |
| Gross Profit | $11.9M | -8.6% |
| Operating Income | -$19.8M | +42.1% |
| Pre-tax Income | -$21.6M | +9.7% |
| Net Income | -$21.6M | +9.7% |
| EPS (Basic) | -$41.25 | -387.0% |
| EPS (Diluted) | -$41.21 | -386.5% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Accounts Receivable | $1.1M | -11.0% |
| Inventory | $2.2M | -22.5% |
| Current Assets | $4.8M | -37.0% |
| Total Assets | $55.2M | -12.6% |
| Current Liabilities | $23.2M | +9.8% |
| Long-term Debt | $5.8M | +37.0% |
| Total Liabilities | $29.2M | +11.9% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$6.0M | +65.4% |
| Investing Cash Flow | -$934K | +94.1% |
| Financing Cash Flow | $5.3M | -84.6% |
Business Overview
Greenwave Technology Solutions (formerly MassRoots, Inc.) is a metal recycling company that operates 13 facilities across Virginia, North Carolina, and Ohio following its acquisition of Empire Services, Inc. in September 2021. The company collects, processes, and sells ferrous and nonferrous metals including shredded scrap, zorba, zurik, and catalytic converters recovered from end-of-life vehicles, serving large corporations, industrial manufacturers, retail customers, and government organizations. A key corporate priority is opening a facility with rail or deep-water port access to expand buyer reach and increase revenue and profitability.
Forward Guidance
The company stated that opening a facility with port or rail access "could result in an increase in both the revenue and profitability of our existing operations." The company also noted regarding Nasdaq compliance: "The Company intends to submit such plan but there is no assurance the plan will be accepted or that the Company will achieve compliance within the timeframe" for filing deficiency remediation, with a potential compliance deadline of October 12, 2026 for the 2025 Form 10-K filing.
Key Risk Factors
The company faces significant cyclical and economic sensitivity risks as metal prices and demand are subject to global economic conditions, tariffs, and trade actions. Substantial customer and supplier concentration creates dependency on a limited number of buyers and sources of unprocessed metal. The company has no history of profitable operations, faces going concern uncertainties per its auditors, and has experienced material weaknesses in internal controls. Additional risks include equipment failure and facility damage that could cause production curtailments, environmental compliance liabilities, and Nasdaq listing compliance challenges related to filing deficiencies and minimum bid price requirements.
| Stockholders' Equity |
| $25.9M |
| -29.8% |