MeritValue

Greenwave Technology Solutions, Inc.

GWAVdata completeness 75%12 fiscal years on file
The thesis, from the filings

Greenwave Technology Solutions, Inc. earns about -37% on invested capital, and has bought back 93% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.1M1$34M2$35.7M3$33.3M4$46.7M4
Net income−$1.63M5−$35M6−$26.9M7−$23.9M8−$21.6M8
Operating cash flow−$2.49M9−$2.61M10−$1.83M11−$17.3M12−$5.98M12
Capital expenditure$218,69313$5.94M14$1.76M14——
Free cash flow (derived)−$2.71M9−$8.55M10−$3.59M11——
Total debt$265,00015$7M16$26.1M17$14.5M18$13M19
Cash & equivalents—————
Diluted shares8.2M6.6M87,082107,759596,352

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$434.93
your share of equity
Profit it earned you last year
−$362.15
Free cash flow it threw off
—
Debt you’d be carrying
$218.51

10 shares is a claim on $434.93 of net worth that earned you −$362.15 last year, against $218.51 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY21 —FY22 -3%FY23 -66%FY24 -37%FY25 -44%

It earned an average -37% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 4817% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-012161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014799 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004803 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-028562 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-012161 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014799 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004803 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-028562 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-012161 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014799 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004803 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-028562 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-012161 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014799 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-22-009893 (LongTermDebt)
  16. 10-K/A · period ending 2022-12-31 · accession 0001493152-23-012161 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-24-014799 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001641172-25-004803 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-028562 (LongTermDebt)