Greenwave Technology Solutions, Inc.
For the period ended Sep 30, 2025. Filed Mar 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Mar 6, 2026
GWAV$1.96-4.4%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30 | December 31 | |
|---|---|---|
| 2025 (Unaudited) | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash | $1,450,367 | $2,576,464 |
| Inventories, net | 2,777,310 | 2,889,682 |
| Accounts receivable, net of allowance for doubtful accounts | 1,868,646 | 1,254,390 |
| Prepaid expenses | 928,792 | 921,580 |
| Total current assets | 7,025,115 | 7,642,116 |
| Property and equipment, net | 26,856,636 | 25,596,856 |
| Property and equipment, net - Related Party | 10,662,704 | 11,834,807 |
| Operating lease right of use assets, net | 559,434 | 1,048,070 |
| Licenses, net | 12,764,400 | 14,359,950 |
| Customer list, net | 1,343,400 | 1,511,325 |
| Intellectual property, net | 607,200 | 1,062,600 |
| Security deposit | 31,893 | 31,893 |
| Total assets | $59,850,782 | $63,087,617 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Bank overdraft | $152,117 | $231,696 |
| Accounts payable and accrued expenses | 6,966,076 | 5,893,351 |
| Accrued payroll and related expenses | 3,946,411 | 3,946,410 |
| Non-convertible notes payable, current portion, net of unamortized debt discount of $338,729 and $633,396, respectively | 1,802,425 | 2,505,360 |
| Related party note payable | 5,391,859 | 7,691,859 |
| Due to related parties | 2,208,742 | 495,354 |
| Operating lease obligations, current portion | 272,566 | 331,545 |
| Total current liabilities | 20,740,196 | 21,095,575 |
| Operating lease obligations, less current portion | 279,786 | 773,820 |
| Non-convertible notes payable, net of unamortized debt discount of $1,691,508 and $1,076,554, respectively | 6,158,228 | 4,263,239 |
| Total liabilities | 27,178,210 | 26,132,634 |
| Commitments and contingencies (See Note 11) | - | - |
| Stockholders’ equity (deficit): | ||
| Preferred stock - 10,000,000 shares authorized: | ||
| Preferred stock - Series A-1, $0.001 par value, $100,000 stated value, 450,000 and 450,000 shares authorized; 450,000 and 450,000 shares issued and outstanding, respectively | 450 | 450 |
| Common stock, $0.001 par value, 1,200,000,000 shares authorized; 693,431 and 237,191 shares issued and outstanding, respectively | 693 | 237 |
| Additional paid in capital | 546,846,245 | 533,266,642 |
| Accumulated deficit | (514,174,816) | (496,312,346) |
| Total stockholders’ equity | 32,672,572 | 36,954,983 |
| Total liabilities and stockholders’ equity | $59,850,782 | $63,087,617 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months Ended · For the Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $12,676,052 | $8,505,187 | $31,049,810 | $24,891,859 |
| Cost of Revenues | 9,178,202 | 4,959,908 | 21,952,132 | 15,798,464 |
| Gross Profit | 3,497,850 | 3,545,279 | 9,097,678 | 9,093,395 |
| Operating Expenses: | ||||
| Advertising | 10,818 | 1,016 | 64,362 | 3,390 |
| Payroll and related expenses | 3,098,663 | 2,273,985 | 7,630,678 | 5,717,836 |
| Rent, utilities and property maintenance ($75,622 and $402,720, respectively, to related-party) | 305,356 | 671,178 | 769,276 | 1,959,310 |
| Hauling and equipment maintenance | 2,070,847 | 1,785,388 | 4,171,731 | 4,161,223 |
| Depreciation and amortization expense | 2,158,931 | 1,926,173 | 6,433,142 | 5,217,220 |
| Stock based compensation for services | - | - | 100,000 | 3,004,909 |
| Consulting, accounting and legal | 217,238 | 246,034 | 817,330 | 2,480,179 |
| Gain on asset | (298,431) | - | (249,243) | - |
| Stock Compensation | - | 20,709 | - | 62,375 |
| Other general and administrative expenses | 852,768 | 1,057,392 | 2,811,644 | 2,696,446 |
| Total Operating Expenses | 8,416,190 | 7,981,875 | 22,548,920 | 25,302,888 |
| Loss From Operations | (4,918,340) | (4,436,596) | (13,451,242) | (16,209,493) |
| Other Income (Expense): | ||||
| Interest expense and amortization of debt discount | (326,313) | (361,070) | (2,473,615) | (5,053,210) |
| Other income | - | - | 26,970 | 1,351 |
| Other income - related party | - | - | 56,100 | - |
| Shares issued for warrant inducement | - | - | - | (3,029,927) |
| Loss on extinguishment of debt | (33,026) | - | 980,769 | (16,351,827) |
| Change in fair value of derivative liabilities | - | - | - | 48,314,949 |
| Gain on conversion of convertible notes | - | - | - | (14,213,480) |
| Gain on settlement of non-convertible notes payable and advances | - | - | - | 1,056,962 |
| Shares issued for financing | - | - | - | (52,182) |
| Total Other (Expense) Income | (359,339) | (361,070) | (1,409,776) | 10,672,636 |
| Net Loss Before Income Taxes | (5,277,679) | (4,797,666) | (14,861,018) | (5,536,857) |
| Provision for Income Taxes (Benefit) | - | - | - | - |
| Net Loss | (5,277,679) | (4,797,666) | (14,861,018) | (5,536,857) |
| Deemed dividend for the reduction of exercise price of warrants | - | - | (2,999,964) | (52,574,896) |
| Deemed dividend for the reduction of the conversion price of a debt note | - | - | - | (23,953,940) |
| Net Loss Available to Common Stockholders | $(5,277,679) | $(4,797,666) | $(17,860,982) | $(82,065,693) |
| Net Loss Per Common Share: | ||||
| Basic | $(8.89) | $(28.74) | $(34.05) | $(1,135.68) |
| Diluted | $(8.89) | $(28.74) | $(34.05) | $(1,135.68) |
| Weighted Average Common Shares Outstanding: | ||||
| Basic | 593,980 | 166,937 | 524,554 | 72,261 |
| Diluted | 593,980 | 166,937 | 524,554 | 72,261 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
| Preferred Stock Series D to be Issued · Preferred Stock Series A-1 · Common Stock · Additional Paid · Accumulated | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Shares · Amount · In Capital · Deficit · Total | ||||||||||||||
| Balance at December 31, 2024 | - | $ | - | 450,000 | $450 | 237,191 | $237 | - | $533,266,642 | $(496,312,346) | $36,954,983 | |||
| Common stock and warrants issued for cash, net of fees | - | - | - | - | 224,039 | 224 | 9,143,582 | - | $9,143,806 | |||||
| Common stock issued for cashless exchange of warrants | - | - | - | - | 55,066 | 55 | (55) | - | $ | - | ||||
| Deemed dividend for the reduction of the exercise price of warrants | - | - | - | - | - | - | 2,999,964 | (2,999,964) | $ | - | ||||
| Common stock issued for services rendered | - | - | - | - | 3,427 | 3 | 99,996 | - | $99,999 | |||||
| Net loss | - | - | - | - | - | - | - | - | (4,665,739) | $(4,665,739) | ||||
| - · - · - · - · - · - · - · $ · - | ||||||||||||||
| Balance at March 31, 2025 | - | $ | - | 450,000 | $450 | 519,723 | $520 | - | $545,510,129 | $(503,978,049) | $41,533,050 | |||
| Common stock and warrants issued for cash, net of fees | - | $ | - | - | $ | - | 36,364 | $36 | $1,334,764 | $ | - | $1,334,800 | ||
| Net loss | - | - | - | - | - | - | - | - | (4,917,599) | (4,917,599) | ||||
| Balance at June 30, 2025 | - | $ | - | 450,000 | $450 | 556,087 | $556 | - | $546,844,893 | $(508,895,648) | $37,950,251 | |||
| Common stock issued for cashless exchange of warrants | - | $ | - | - | $ | - | 137,185 | $137 | $(137) | $ | - | $ | - | |
| Common stock issued for rounding in reverse split | - | - | - | - | 159 | - | 1,489 | (1,489) | - | |||||
| Net loss | - | - | - | - | - | - | - | - | (5,277,679) | (5,277,679) | ||||
| Balance at September 30, 2025 | - | $ | - | 450,000 | $450 | 693,431 | $693 | - | $546,846,245 | $(514,174,816) | $32,672,572 | |||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
| Preferred Stock Series D to be Issued · Common Stock · Common Stock to be Issued · Subscription · Additional Paid · Accumulated | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Shares · Amount · Receivable · In Capital · Deficit · Total | |||||||||||||||
| Balance at December 31, 2023 | - | $ | - | 1,028 | $1 | - | $ | - | $ | - | $391,412,008 | $(395,866,157) | $(4,454,148) | ||
| Exchange of non-convertible note into shares of Series D Preferred | 1,000 | 1 | - | - | - | - | - | 9,999,999 | - | $10,000,000 | |||||
| Common stock issued for the conversion of convertible debt notes | - | - | 658 | 1 | - | - | - | 2,042,541 | - | $2,042,542 | |||||
| Common stock issued for the exercise of warrants for cash | - | - | 972 | 1 | 15 | 1 | (67,923) | 2,834,739 | - | $2,766,818 | |||||
| Stock based compensation | - | - | - | - | - | - | - | 288,900 | - | $288,900 | |||||
| Equity issued for warrant inducement | - | - | - | - | - | - | - | 3,029,927 | - | $3,029,927 | |||||
| Deemed dividend for the reduction of the conversion price of a debt note | - | - | - | - | - | - | - | 23,953,940 | (23,953,940) | $ | - | ||||
| Deemed dividend for the reduction of the exercise price of warrants | - | - | - | - | - | - | - | 1,444,324 | (1,444,324) | $ | - | ||||
| Net loss | - | - | - | - | - | - | - | - | (8,062,514) | $(8,062,514) | |||||
| Balance at March 31, 2024 | 1,000 | $1 | 2,658 | $3 | 15 | $1 | $(67,923) | $435,006,378 | $(429,326,935) | $5,611,525 | |||||
| Exchange of Series D Preferred into Common | (1,000) | $(1) | 12,121 | $12 | - | $ | - | $ | - | $(11) | $ | - | $ | - | |
| Common stock issued for the conversion of convertible debt notes | - | - | 25,622 | 26 | - | - | - | 35,910,735 | - | $35,910,761 | |||||
| Sale of Commons Shares and Warrants for Cash | - | - | 74,099 | 74 | (15) | (1) | 67,923 | 40,369,043 | - | $40,437,039 | |||||
| Equity Issued for Services | - | - | - | - | - | - | - | 2,716,009 | - | $2,716,009 | |||||
| Modification of conversion feature on debt | - | - | - | - | - | - | - | 12,388,229 | - | $12,388,229 | |||||
| Deemed dividend for the reduction of the exercise price of warrants | - | - | - | - | - | - | - | 51,130,572 | (51,130,572) | $ | - | ||||
| Establishment of derivative liabilities due to authorized share shortfall | - | - | - | - | - | - | - | (64,951,789) | - | $(64,951,789) | |||||
| Settlement of derivative liabilities upon stock split | - | - | - | - | - | - | - | 16,636,840 | - | $16,636,840 | |||||
| Rounding for share adjusted in reverse split | - | - | 1,415 | 1 | - | - | - | (1) | - | $ | - | ||||
| Net income | - | - | - | - | - | - | - | - | 7,323,323 | $7,323,323 | |||||
| Balance at June 30, 2024 | - | $ | - | 115,915 | $116 | - | $ | - | $ | - | $529,206,005 | $(473,134,184) | $56,071,937 | ||
| Common stock issued for the cashless exchange of warrant | - | $ | - | 87,528 | $88 | - | $ | - | $ | - | $(88) | $ | - | $ | - |
| Net Income | - | - | - | - | - | - | - | - | (4,797,666) | $(4,797,666) | |||||
| Balance at September 30, 2024 | - | $ | - | 203,443 | $204 | 15 | $1 | $ | - | $529,205,916 | $(477,931,850) | $51,274,270 | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.