Greenwave Technology Solutions Widens Loss to $5.3M Despite 49% Revenue Jump in Q3 2025
The Delaware-based environmental services company posted a net loss of $5.28 million for the quarter ending September 30, 2025, as operating expenses surged faster than revenue. Nine-month losses reached $14.86 million.
Greenwave Technology Solutions, Inc., a provider of metal recycling and environmental services, reported a net loss of $5.28 million for the three months ending September 30, 2025, compared to a loss of $4.80 million in the same quarter a year earlier. Revenue climbed 49% to $12.68 million from $8.51 million in the prior-year period. Read more earnings reports.
For the nine months ending September 30, 2025, the company posted revenue of $31.05 million, up 25% from $24.89 million in the same period of 2024. The net loss for the nine-month period widened sharply to $14.86 million compared to $5.54 million a year earlier.
Operating expenses jumped 5% to $8.42 million in the third quarter from $7.98 million a year earlier. For the nine-month period, operating expenses declined to $22.55 million from $25.30 million, but remained insufficient to prevent deepening losses as the company burned through $5.86 million in cash from operations.
Margin Compression
Gross profit held nearly flat at $3.50 million in Q3 2025 versus $3.55 million in Q3 2024, even as revenue surged. The company's cost of revenue rose 85% to $9.18 million from $4.96 million, compressing gross margins. For the nine-month period, gross profit was essentially unchanged at $9.10 million compared to $9.09 million in 2024.
The operating loss for Q3 2025 reached $4.92 million compared to $4.44 million in the prior-year quarter. Nine-month operating losses totaled $13.45 million versus $16.21 million a year earlier.
Balance Sheet Under Pressure
Total assets declined to $59.85 million as of September 30, 2025, from $63.09 million at year-end 2024. Stockholders' equity fell to $32.67 million from $36.95 million over the same period. The company's retained deficit expanded to $514.17 million from $496.31 million.
Current liabilities stood at $20.74 million as of quarter-end, down slightly from $21.10 million at the end of 2024. Cash from financing activities provided $5.80 million during the nine-month period, partially offsetting the operating cash burn.
Share Dilution
Common shares outstanding surged to 693,431 as of September 30, 2025, from 237,191 at year-end 2024, reflecting significant equity issuance. Basic and diluted loss per share for Q3 2025 was $8.89 compared to $28.74 in the prior-year quarter. For the nine months, loss per share was $34.05 versus $1,135.68 a year earlier, with the year-over-year comparison distorted by the sharp increase in share count.
Financial Summary
| Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Revenue | $12.68M | $8.51M | $31.05M | $24.89M |
| Cost of Revenue | $9.18M | $4.96M | $21.95M | $15.80M |
| Gross Profit | $3.50M | $3.55M | $9.10M | $9.09M |
| Operating Expenses | $8.42M | $7.98M | $22.55M | $25.30M |
| Operating Loss | ($4.92M) | ($4.44M) | ($13.45M) | ($16.21M) |
| Net Loss | ($5.28M) | ($4.80M) | ($14.86M) | ($5.54M) |
| Loss Per Share | ($8.89) | ($28.74) | ($34.05) | ($1,135.68) |
The company's cash burn from operations totaled $5.86 million for the nine months ending September 30, 2025, compared to $14.76 million in the same period of 2024. Cash from investing activities used $1.07 million, down from $10.30 million a year earlier.