GWAV · Greenwave Technology Solutions, Inc.
Greenwave Technology Solutions, Inc., through its subsidiary, Empire Services, Inc., operates metal recycling facilities in the United States. It operates through three segments: Scrap Metal Recycling, Hauling, and Other. The company collects, classifies, and processes appliances, construction materials, end-of-life vehicles, boats, and industrial machinery. It also offers ferrous metal, including heavy melting steel, as well as plate, structural, and shredded scrap for recycling and production of finished steel. In addition, the company processes nonferrous metals, such as aluminum, copper, stainless steel, nickel, brass, titanium, lead, alloys, and mixed metal products; and sells catalytic converters recovered from end-of-life vehicles to processors that extract nonferrous precious metals comprising platinum, palladium, and rhodium. Further, it operates automotive shredders. It serves large corporations, industrial manufacturers, retail customers, and government organizations. The company was founded in 2002 and is headquartered in Chesapeake, Virginia.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.72 |
| SO | 0.8M |
| Options | 37.1M |
| Warrants | 0.2M |
| FD SO | 38.1M |
| MC | $180.0M |
| Cash | $0.7M |
| Total debt | $5.5M |
| EV | $184.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 3.1x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 1.1% |
| Insiders | 1.6% |
| # Institutions | 9 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 4.8% |
| Days to cover | 0.16 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-18. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-10 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-14; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 16.00 | 16.28 | 15.61 | 12.68 |
| Revenue YoY % | 45.5% | 121.9% | 85.3% | 49.0% |
| Cost of Revenue | 9.94 | 9.46 | 12.83 | 9.18 |
| Gross Profit | 6.06 | 6.81 | 2.78 | 3.50 |
| Gross Profit YoY % | 186.8% | 95.5% | (28.8%) | (1.3%) |
| Gross Margin % | 37.9% | 41.9% | 17.8% | 27.6% |
| Operating Expense | 8.91 | 7.89 | 9.15 | 8.42 |
| Operating Income | (2.85) | (1.07) | (6.37) | (4.92) |
| Operating Income YoY % | 38.8% | 72.3% | 64.7% | (10.9%) |
| Operating Margin % | (17.8%) | (6.6%) | (40.8%) | (38.8%) |
| EBITDA | (0.63) | 1.13 | (4.14) | (2.76) |
| EBITDA Margin % | (3.9%) | 6.9% | (26.5%) | (21.8%) |
| Interest Expense | 0.39 | 0.43 | 0.37 | 0.33 |
| Pretax Income | (3.24) | (1.50) | (6.74) | (5.28) |
| Net Income | (3.24) | (1.50) | (6.74) | (5.28) |
| Net Margin % | (20.3%) | (9.2%) | (43.1%) | (41.6%) |
| Diluted EPS | -$3.91 | -$1.81 | -$7.16 | -$8.89 |
| Basic EPS | -$3.91 | -$1.81 | -$7.20 | -$8.89 |
| Diluted Avg Shares | 0.8 | 0.8 | — | 0.6 |
| Basic Avg Shares | 0.8 | 0.8 | — | 0.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 60.56 | 46.66 | 33.32 | 35.67 | 33.98 |
| Revenue YoY % | 29.8% | 40.1% | (6.6%) | 5.0% | — |
| Cost of Revenue | 41.41 | 34.79 | 20.33 | 21.18 | 21.54 |
| Gross Profit | 19.15 | 11.87 | 12.99 | 14.48 | 12.44 |
| Gross Profit YoY % | 61.3% | (8.6%) | (10.3%) | 16.4% | — |
| Gross Margin % | 31.6% | 25.4% | 39.0% | 40.6% | 36.6% |
| Operating Expense | 34.36 | 31.69 | 47.25 | 34.00 | 23.32 |
| Operating Income | (15.21) | (19.82) | (34.26) | (19.51) | (10.88) |
| Operating Income YoY % | 23.3% | 42.1% | (75.6%) | (79.3%) | — |
| Operating Margin % | (25.1%) | (42.5%) | (102.8%) | (54.7%) | (32.0%) |
| EBITDA | (6.40) | (11.16) | (26.92) | (13.70) | (7.05) |
| EBITDA Margin % | (10.6%) | (23.9%) | (80.8%) | (38.4%) | (20.7%) |
| Interest Expense | 1.52 | 2.84 | 5.36 | 8.90 | 34.08 |
| Other Income / (Expense) | — | 1.06 | 15.71 | 1.48 | 9.92 |
| Pretax Income | (16.76) | (21.60) | (23.92) | (26.94) | (35.04) |
| Tax Provision | — | — | 0.00 | 0.00 | — |
| Net Income | (16.76) | (21.60) | (23.92) | (26.94) | (35.04) |
| Net Margin % | (27.7%) | (46.3%) | (71.8%) | (75.5%) | (103.1%) |
| Diluted EPS | -$21.77 | -$41.21 | -$8.47 | -$385.81 | -$9.71 |
| Basic EPS | -$21.81 | -$41.25 | -$8.47 | -$385.81 | -$9.71 |
| Diluted Avg Shares | 0.8 | 0.6 | 11.9 | 0.1 | 6.6 |
| Basic Avg Shares | 0.8 | 0.6 | 11.9 | 0.1 | 6.6 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.65 | 1.46 | 0.94 | 1.45 |
| Receivables | 1.68 | 1.52 | 1.12 | 1.87 |
| Inventory | 3.19 | 2.60 | 2.24 | 2.78 |
| Other Current Assets | 1.20 | — | 0.52 | 0.93 |
| Total Current Assets | 6.74 | 5.71 | 4.82 | 7.03 |
| Net PPE | 33.10 | 34.51 | 35.85 | 37.52 |
| Operating Lease ROU | 0.38 | 0.44 | 0.50 | 0.56 |
| Intangible Assets | 12.50 | 13.24 | 13.98 | 14.71 |
| Total Assets | 52.75 | 53.93 | 55.17 | 59.85 |
| Accounts Payable | 3.01 | 2.55 | 2.95 | 1.74 |
| Current Lease Liabilities | 0.21 | 0.28 | 0.27 | 0.27 |
| Other Current Liabilities | 26.57 | 20.85 | 19.94 | 18.73 |
| Total Current Liabilities | 29.79 | 23.68 | 23.16 | 20.74 |
| Long-term Debt | — | 5.64 | 5.84 | 6.16 |
| Long-term Lease Liabilities | 0.19 | 0.17 | 0.23 | 0.28 |
| Other Liabilities | 1.58 | — | — | — |
| Total Liabilities | 31.56 | 29.49 | 29.23 | 27.18 |
| Retained Earnings | (525.66) | (522.41) | (520.91) | (514.17) |
| Total Equity | 21.19 | 24.43 | 25.94 | 32.67 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.65 | 0.94 | 2.58 | 1.55 | 0.82 |
| Receivables | 1.68 | 1.12 | 1.25 | 0.65 | 0.22 |
| Inventory | 3.19 | 2.24 | 2.89 | 0.20 | 0.19 |
| Other Current Assets | 1.20 | 0.52 | 0.92 | — | — |
| Total Current Assets | 6.74 | 4.82 | 7.64 | 2.69 | 1.24 |
| Net PPE | 33.10 | 35.85 | 37.43 | 23.50 | 13.17 |
| Operating Lease ROU | 0.38 | 0.50 | 1.05 | 0.30 | 3.01 |
| Intangible Assets | 12.50 | 13.98 | 16.93 | 19.89 | 22.85 |
| Other Assets | — | — | — | — | 1.20 |
| Total Assets | 52.75 | 55.17 | 63.09 | 46.41 | 41.47 |
| Accounts Payable | 3.01 | 2.95 | 2.36 | 1.88 | 1.55 |
| Current Lease Liabilities | 0.21 | 0.27 | 0.33 | 0.20 | 0.23 |
| Other Current Liabilities | 26.57 | 19.94 | 18.40 | 38.40 | 17.23 |
| Total Current Liabilities | 29.79 | 23.16 | 21.10 | 40.49 | 19.01 |
| Long-term Debt | — | 5.84 | 4.26 | — | 7.00 |
| Long-term Lease Liabilities | 0.19 | 0.23 | 0.77 | 0.09 | 0.12 |
| Other Liabilities | 1.58 | — | — | 10.28 | — |
| Total Liabilities | 31.56 | 29.23 | 26.13 | 50.87 | 26.13 |
| Retained Earnings | (525.66) | (520.91) | (496.31) | (395.87) | (362.27) |
| Total Equity | 21.19 | 25.94 | 36.95 | (4.45) | 15.34 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (3.24) | (1.50) | (6.74) | (5.28) |
| D&A | 2.22 | 2.20 | 2.23 | 2.16 |
| Δ Working Cap & Other | 0.65 | 0.62 | 4.39 | 0.19 |
| Operating Cash Flow | (0.37) | 1.32 | (0.12) | (2.93) |
| CapEx | 0.00 | (0.07) | — | — |
| Investing Cash Flow | 0.00 | 0.03 | 0.14 | (0.44) |
| Other Financing | — | (0.82) | (0.54) | — |
| Financing Cash Flow | (0.44) | (0.82) | (0.54) | (0.47) |
| Free Cash Flow | (0.37) | 1.25 | — | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (16.76) | (21.60) | (23.92) | (26.94) | (35.04) |
| D&A | 8.81 | 8.66 | 7.34 | 5.81 | 3.83 |
| Stock-Based Comp | — | 0.10 | 0.82 | 0.00 | 0.00 |
| Δ Working Cap & Other | 5.85 | 6.86 | (1.50) | 19.29 | 28.60 |
| Operating Cash Flow | (2.10) | (5.98) | (17.25) | (1.83) | (2.61) |
| CapEx | — | — | — | (1.76) | (5.94) |
| Other Investing | — | (0.93) | (15.92) | — | — |
| Investing Cash Flow | (0.28) | (0.93) | (15.92) | (1.68) | (5.94) |
| Debt Issuance | — | — | — | 13.12 | — |
| Stock Issuance | — | — | — | 2.84 | — |
| Other Financing | (2.26) | 5.27 | 34.21 | (11.72) | 6.41 |
| Financing Cash Flow | (2.26) | 5.27 | 34.21 | 4.24 | 6.41 |
| Free Cash Flow | — | — | — | (3.59) | (8.55) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.23 | 0.24 | 0.21 | 0.34 |
| Quick Ratio | 0.12 | 0.13 | 0.11 | 0.20 |
| Debt / Equity | — | 0.23 | 0.23 | 0.19 |
| EBITDA Margin % | (3.9%) | 6.9% | (26.5%) | (21.8%) |
| Working Capital | (23.05) | (17.97) | (18.34) | (13.72) |
| Net Debt | — | 4.18 | 4.90 | 4.71 |
| ROE % | (15.3%) | (6.2%) | (26.0%) | (16.2%) |
| ROA % | (6.1%) | (2.8%) | (12.2%) | (8.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.23 | 0.21 | 0.36 | 0.07 | 0.07 |
| Quick Ratio | 0.12 | 0.11 | 0.23 | 0.06 | 0.06 |
| Debt / Equity | — | 0.23 | 0.12 | — | 0.46 |
| EBITDA Margin % | (10.6%) | (23.9%) | (80.8%) | (38.4%) | (20.7%) |
| Working Capital | (23.05) | (18.34) | (13.45) | (37.80) | (17.77) |
| Net Debt | — | 4.90 | 1.69 | — | 6.18 |
| ROE % | (79.1%) | (83.3%) | (64.7%) | 604.7% | (228.5%) |
| ROA % | (31.8%) | (39.1%) | (37.9%) | (58.0%) | (84.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Meeks Danny | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-27 | P | 2,152,853 | $3.72 | $8,000,002 |
| 2025-02-28 | ADELMAN JASON T | Director | 2025-02-28 | S | (100,000) | $0.25 | -$25,000 |
| 2024-12-05 | ADELMAN JASON T | Director | 2024-12-04 | P | 100,000 | $0.66 | $66,000 |
| 2024-12-05 | Dietrich Isaac | Officer (Chief Executive Officer) | 2024-12-03 | A | 300,000 | — | $0 |
| 2024-12-05 | Lanthorn Cheryl Elizabeth | Director | 2024-12-03 | A | 300,000 | — | $0 |
| 2024-12-05 | ADELMAN JASON T | Director | 2024-12-03 | A | 300,000 | — | $0 |
| 2024-12-04 | SICIGNANO HENRY III | Director | 2024-12-04 | P | 100,000 | $0.66 | $65,900 |
| 2024-12-04 | Meeks Danny | Director, Officer (Chief Executive Officer), 10% Owner | 2024-12-04 | P | 377,002 | $0.66 | $248,821 |
| 2024-12-04 | SICIGNANO HENRY III | Director | 2024-12-03 | A | 300,000 | — | $0 |
| 2024-11-20 | Meeks Danny | Director, Officer (Chief Executive Officer), 10% Owner | 2024-11-18 | P | 450,000 | $0.00 | $450 |