Greenwave raises revenue but loses money in Q2 2025

Greenwave Technology Solutions has filed a second quarter 2025 financial statement with the U.S. Securities and Exchange Commission (SEC) as it attempts to catch up on delayed filings from last year.

The Chesapeake, Virginia-based firm, which operates about a dozen metals recycling facilities as Empire Recycling in Virginia, North Carolina and Ohio, has suffered a string of quarterly losses this decade and continued the trend in the second quarter of 2025.

From April through June 2025, Greenwave has reported a loss attributable to shareholders of about $4.9 million. That loss is smaller than the approximately $7.3 million figure in the first quarter of last year.

Although Greenwave’s revenue rose by more than 39 percent quarter on quarter in mid-2025, its expenses in several categories also rose.

The company’s payroll and related expenses rose by nearly 50 percent and its depreciation and amortization expenses rose by more than 40 percent, according to the firm’s filing. However, Greenwave also reports cutting its maintenance expenses by more than 50 percent and its Consulting, accounting and legal fees by 89 percent quarter on quarter.

Earlier this year, Greenwave appointed a new chief financial officer (CFO) who works for a company that provides outsourced financial, accounting and advisory services to growth-stage companies and public companies.

In its most recent SEC filing, as it has in previous documents, Greenwave says it faces conditions that raise "substantial doubt" about the company’s ability to continue as a going concern for one year from the issuance of the unaudited condensed consolidated financial statements.

Among those conditions as of June 30, 2025, are a working capital deficit (current liabilities in excess of current assets) of more than $9.5 million and what Greenwave calls an accumulated deficit of more than $508 million.

If Greenwave can navigate through its current challenges, the company states in another portion of its filing, “One of our main goals is to open a facility with rail or deep-water port access to enable us to efficiently transport our products to domestic steel mills and overseas foundries. Because this would greatly expand the number of potential buyers of our processed scrap products, we believe opening a facility with port or rail access could result in an increase in both the revenue and profitability of our existing operations.”