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Greenwave Technology Solutions, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $8,505,187 from $8,181,948 in the same quarter the previous year. This increase is attributed to growth in hauling revenue.
Cost of revenues for the quarter was $4,959,908, resulting in a gross profit of $3,545,279, compared to $2,930,947 in the previous year.
Operating expenses for the quarter were $7,981,875, down from $16,416,504 in the previous year, primarily due to a decrease in loss on asset expenses.
The company reported a loss from operations of $4,436,596 for the quarter, compared to $13,485,557 in the previous year.
Other expenses for the quarter were $361,070, down from $3,006,463 in the previous year, with the decrease attributed to lower interest expenses and amortization of debt discount.
Net loss for the quarter was $4,797,666, down from $23,153,172 in the previous year.
Greenwave had cash of $15,199,655 as of September 30, 2024, with a working capital of $6,766,724.
The filing also details various financial agreements, including a waiver obtained from holders of its senior secured convertible notes.
The company acknowledges its dependence on additional capital to continue as a going concern and highlights potential risks related to its Nasdaq listing compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenwave Technology Solutions Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.