Mon, May 20, 8:46 PM (154 days ago)
Greenwave Technology Solutions, Inc. reported a net loss of $33.46 million for Q1 2024, up from $4.03 million in Q1 2023. Revenue decreased by 5.96% to $8.50 million, primarily due to a decline in metal revenue. The company saw a gross profit of $3.26 million, down from $4.73 million in the same period last year, driven by increased hauling costs and lower margins. Operating expenses declined by 8.79% to $6.08 million due to reductions in payroll, advertising, and rent expenses. However, these were offset by increases in consulting and legal expenses. Cash used in operating activities was $3.46 million, with a working capital deficit of $20.49 million and an accumulated deficit of $429.33 million, raising substantial doubt about the company's ability to continue as a going concern. Subsequent events included a securities purchase agreement for $21.87 million and a delisting notice from Nasdaq.