Mon, Aug 19, 10:03 AM (148 days ago)
Greenwave Technology Solutions, Inc. reported a significant decline in financial performance for the second quarter of 2024 compared to the previous year. Revenues fell 16.29% to $7,882,000, primarily due to decreased metal revenues, while gross profit dropped 30.77% to $2,284,000. Operating expenses surged by 108.66% to $11,245,000, driven by increased payroll, legal, and maintenance costs, leading to a loss from operations of $8,961,000, up 328.71%. Despite these challenges, the company generated other income of $16,284,000, reversing prior losses, largely from gains related to debt settlements and changes in derivative liabilities. However, net loss available to common stockholders soared to $43,807,000, a staggering increase of 1,834.04%. Cash flow from operating activities turned negative at $14,085,000, contrasting sharply with positive cash flow in the same period last year. The company ended the quarter with $24,303,000 in cash but faces liquidity concerns due to a substantial accumulated deficit of approximately $473 million. Future operations may be impacted by ongoing financial uncertainties, including the potential need for additional capital and the implications of a recent reverse stock split.