Greenwave Technology Solutions, Inc.
GWAV Industrials Waste Management
Greenwave Technology Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.7 million, up 40.1% from fiscal 2024. In the quarter to June 2026, revenue grew 45.5%, EPS grew 56.5%, free cash flow fell 156.1% and total debt fell 12.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Greenwave Technology Solutions, Inc. (GWAV) Altman Z-score
Greenwave Technology Solutions, Inc.'s Altman Z-score for fiscal 2025 is −13.89, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −13.89 | (1.55) |
| FY2024 | −12.34 | 1.11 |
| FY2023 | −13.45 | (0.79) |
| FY2022 | −12.66 | (0.59) |
| FY2021 | −12.07 | 4,760.92 |
| FY2020 | −4772.99 | (133,536.29) |
| FY2019 | 128763.30 | (3,559,564.96) |
| FY2018 | 3688328.26 | (8,750,719.60) |
| FY2017 | 12439047.86 | (76,957,259.55) |
| FY2016 | 89396307.42 | (265,512,385.72) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.33) | — | −0.40 | |
| Retained earnings / total assets | (9.44) | — | −13.22 | |
| EBIT / total assets | (0.36) | — | −1.19 | |
| Market value of equity / total liabilities | 0.11 | — | 0.06 | |
| Sales / total assets | 0.85 | — | 0.85 | |
| Altman Z-score | Distress zone | −13.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −34.44 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DXST Decent Holding Inc. compare | 2.7× |
| AMBIQ Ambipar Emergency Response compare | 1.2× |
| AWX Avalon Holdings Corporation compare | 0.8× |
| QRHC Quest Resource Holding Corporation. compare | 0.5× |
| CDTG CDT Environmental Technology Investment Holdings Limited compare | 0.4× |
| LICYQ Li-Cycle Holdings Corp. compare | −1.2× |
| AQMS Aqua Metals, Inc. compare | −5.5× |
| GWAV Greenwave Technology Solutions, Inc. | −13.9× |
| LNZA LanzaTech Global, Inc. compare | −16.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets