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 $NDAQ 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 [email protected].