Greenwave Technology Solutions, Inc. (GWAV) Cash Flow Statement
Where GWAV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$6.0M
- Capital expenditures
- $2.1M 4.4% of revenue
- Free cash flow
- −$8.0M −17.2% margin
- Returned to shareholders
- $3.0M
- Change in cash
- −$1.6M cash at year-end $935,763
Drawn to scale: where the cash came from and how it was used. Hover for values.
GWAV operating cash flow, capex and free cash flow
GWAV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.2M2016 | −$6.0M2025 | — | |
| Capital expenditures | $23,7502016 | $2.1M2025 | +64.3%/yr | |
| Free cash flow | −$6.2M2016 | −$8.0M2025 | — | |
| Free cash flow margin | −884.7%2016 | −17.2%2025 | +867.4 pts | |
| Stock-based compensation | $7.4M2016 | $100,0002025 | −38.0%/yr | |
| Dividends paid | $95.8M2020 | $3.0M2025 | −50.0%/yr | |
| Share buybacks (net) | $02020 | $02022 | — | |
| Capex / revenue | 3.4%2016 | 4.4%2025 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GWAV cash flow by activity
GWAV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GWAV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$21.6M | −$23.9M | −$26.9M | −$35.0M | −$1.6M | −$34.3M | −$34.3M | −$16.0M | −$44.4M | −$18.0M |
| Depreciation & amortization | $9.2M | $7.7M | $7.5M | $3.3M | $1.3M | $45,282 | $45,282 | $443,062 | $416,253 | $19,451 |
| Stock-based compensation | $100,000 | $823,500 | $171,239 | $0 | $166,855 | $222,700 | $222,700 | $5.7M | $22.1M | $7.4M |
| Change in working capital | $5.2M | −$6.9M | $914,911 | $3.6M | −$1.2M | $976,912 | $976,912 | $807,725 | $836,817 | $286,597 |
| Other non-cash items | $1.1M | $5.1M | $16.6M | $25.6M | −$1.1M | $31.2M | $31.2M | $2.7M | $13.0M | $4.2M |
| Cash from operating activities | −$6.0M | −$17.3M | −$1.8M | −$2.6M | −$2.5M | −$1.8M | −$1.8M | −$6.4M | −$8.0M | −$6.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.1M | −$15.9M | −$1.8M | −$5.9M | −$218,693 | −$218,693 | −$218,693 | −$264,561 | −$57,534 | −$23,750 |
| Investments (net) | — | −$15.9M | −$3.8M | −$5.9M | −$77,666 | −$2 | $90,981 | $90,981 | $149,998 | — |
| Acquisitions & other investing | $1.1M | $15.9M | $3.9M | $5.9M | $218,693 | $141,029 | $218,693 | −$90,981 | −$407,297 | −$60,000 |
| Cash from investing activities | −$934,299 | −$15.9M | −$1.7M | −$5.9M | −$77,666 | −$77,666 | $90,981 | −$264,561 | −$314,833 | −$83,750 |
| Financing activities | ||||||||||
| Dividends paid | −$3.0M | −$24.0M | −$5.0M | −$21,116 | −$200,000 | −$95.8M | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | $0 | −$11.6M | $95.8M | — | — | — | — |
| Net borrowing (repayment) | −$5.2M | −$8.3M | $10.2M | $2.3M | $16.9M | $717,208 | $97,349 | $1.6M | $1.7M | — |
| Shares issued | $10.5M | $40.4M | $2.8M | $0 | $200,000 | $321,000 | $1.6M | $3.3M | $0 | $0 |
| Other financing | $3.0M | $26.1M | −$3.8M | $4.1M | $174,000 | $676,750 | −$2,051 | $637,230 | $7.4M | $6.3M |
| Cash from financing activities | $5.3M | $34.2M | $4.2M | $6.4M | $5.5M | $1.7M | $1.7M | $5.5M | $9.1M | $6.3M |
| Summary | ||||||||||
| Net change in cash | −$1.6M | $1.0M | $724,355 | −$2.1M | $3.0M | −$28,448 | −$28,448 | −$1.2M | $827,097 | −$11,826 |
| Cash at end of period | $935,763 | $2.6M | $1.5M | $821,804 | $3.0M | $1,120 | $1,120 | $29,568 | $1.2M | $374,490 |
| Free cash flow | −$8.0M | −$33.2M | −$3.6M | −$8.5M | −$2.7M | −$1.8M | −$1.8M | −$6.7M | −$8.1M | −$6.2M |
| Free cash flow margin | −17.2% | −99.6% | −10.1% | −25.1% | −33.4% | −25,807.4% | −7,582.3% | −34,130.0% | −2,523.2% | −884.7% |
| Capex / revenue | 4.4% | 47.8% | 4.9% | 17.5% | 2.7% | 3,140.3% | 922.6% | 1,350.0% | 18.0% | 3.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.2M | −$6.7M | −$5.3M | −$4.7M | −$4.9M | −$18.4M | −$18.4M | −$4.8M | $7.3M | −$8.1M | −$4.2M | −$16.5M |
| Depreciation & amortization | $2.3M | $2.3M | $2.2M | $2.2M | $2.5M | $2.2M | $2.2M | $2.0M | $1.7M | $1.7M | $1.7M | $1.8M |
| Stock-based compensation | — | $0 | −$100,000 | $100,000 | −$100,000 | −$2.2M | −$2.2M | $3.0M | −$268,067 | $309,733 | $0 | $171,240 |
| Change in working capital | $204,500 | $3.9M | $69,286 | −$2.5M | $3.7M | −$108,120 | −$108,120 | $1.8M | −$6.0M | −$2.7M | $929,156 | −$1.7M |
| Other non-cash items | $393,311 | $412,911 | $160,909 | $709,554 | $87,159 | $16.0M | $16.0M | −$2.7M | −$13.4M | $5.3M | $2.3M | $12.6M |
| Cash from operating activities | −$370,394 | −$115,150 | −$2.9M | −$4.2M | $1.2M | −$2.5M | −$2.5M | −$671,224 | −$10.6M | −$3.5M | $753,690 | −$3.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$65,000 | −$547,338 | −$739,097 | −$210,500 | −$571,151 | −$5.6M | −$5.6M | −$7.7M | −$2.6M | −$3 | −$100,408 | −$834,115 |
| Investments (net) | — | — | — | — | — | −$58,500 | −$5.6M | −$7.7M | −$2.6M | $0 | −$100,408 | −$751,346 |
| Acquisitions & other investing | $90,000 | $683,356 | $298,431 | $152,000 | — | $58,500 | — | $7.7M | $2.6M | −$100,405 | — | $834,115 |
| Cash from investing activities | $25,000 | $136,018 | −$440,666 | −$58,500 | — | −$5.6M | — | −$7.7M | −$2.6M | −$100,408 | — | −$751,346 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | −$3.0M | — | — | — | −$24.0M | — | −$24.0M | — | — |
| Net borrowing (repayment) | −$437,495 | −$816,415 | −$535,472 | −$470,428 | −$870,266 | −$3.3M | −$4.5M | $4,284 | −$3.9M | $53,203 | — | — |
| Shares issued | $0 | $0 | $0 | $1.3M | $0 | $9.1M | $0 | $0 | $40.4M | $0 | $0 | $2.8M |
| Other financing | $0 | $280,943 | $65,044 | $9.3M | $0 | −$10.3M | $108 | $23.3M | $259,953 | $26.5M | −$556,463 | $2.6M |
| Cash from financing activities | −$437,495 | −$535,472 | −$470,428 | $7.1M | −$870,266 | −$4.5M | −$4.5M | −$690,154 | $36.8M | $2.6M | −$556,463 | $5.5M |
| Summary | ||||||||||||
| Net change in cash | −$807,889 | −$514,604 | −$3.8M | $2.9M | −$209,830 | −$12.6M | −$12.6M | −$9.1M | $23.6M | −$832,941 | $96,819 | $1.1M |
| Cash at end of period | $654,987 | $935,763 | $1.5M | $5.5M | $5.3M | $2.6M | $2.6M | $15.2M | $24.3M | $713,218 | $1.5M | $1.4M |
| Free cash flow | −$370,394 | −$662,488 | −$3.7M | −$4.4M | $660,436 | −$8.1M | −$8.1M | −$8.4M | −$13.2M | −$3.5M | $653,282 | −$4.5M |
| Free cash flow margin | −2.3% | −4.2% | −28.9% | −59.6% | 6.0% | −96.4% | −96.4% | −98.9% | −167.3% | −40.7% | 7.2% | −54.7% |
| Capex / revenue | 0.4% | 3.5% | 5.8% | 2.9% | 5.2% | 66.7% | 66.7% | 91.0% | 32.5% | 0.0% | 1.1% | 10.2% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −1.45 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GWAV cash generation
In fiscal 2025 (ended December 31, 2025), Greenwave Technology Solutions generated -$6.0 million of cash from operations and spent $2.1 million on capital expenditures, leaving free cash flow of -$8.0 million, −17.2% of revenue. It returned $3.0 million to shareholders through dividends ($3.0 million) and net share buybacks ($0). Cash and equivalents fell by $1.6 million over the year.
Related: GWAV income statement, GWAV balance sheet. See the GWAV stock overview for the latest quote and news.
GWAV cash flow FAQ
What is Greenwave Technology Solutions's free cash flow?
Greenwave Technology Solutions's free cash flow was -$8.0 million in fiscal 2025: -$6.0 million of operating cash flow minus $2.1 million of capital expenditures It was -$33.2 million a year earlier..
How much cash does Greenwave Technology Solutions generate from operations?
Greenwave Technology Solutions generated -$6.0 million of cash from operating activities in fiscal 2025.
How much does Greenwave Technology Solutions spend on capital expenditures?
Greenwave Technology Solutions spent $2.1 million on capital expenditures in fiscal 2025, 4.4% of revenue, compared with $15.9 million the year before.
How much does Greenwave Technology Solutions pay in dividends?
Greenwave Technology Solutions paid $3.0 million in dividends in fiscal 2025.