Forensic Analysis · Durable-Goods Wholesale · as of Nov 9, 2026
Greenwave Technology Solutions, Inc. (GWAV)
A forensic read on Greenwave Technology Solutions, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-34.4
Distress distance
Clean
Earnings quality
3
Forensic signals
-68.7%
ROE
40.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Greenwave Technology Solutions, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -34.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-35.6%
FY2025
Return on invested capital.Return on invested capital is -35.6% in the latest fiscal year and rising across FY2023–FY2025 from -216.7%. After-tax operating profit was ($15M) in FY2023 and ($16M) in FY2025, with operating income at -54.7% of revenue in FY2023, -102.8% in FY2024 and -42.5% in FY2025. The capital base behind it grew +518% across FY2023–FY2025, from $7M to $44M, and the return did not fall doing it, so the dollars added over that window earned at least the -216.7% the older base was already earning.
+161.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +585% over the last 2 years to FY2025 (+161.7%/yr). The count is growing — 0.1M shares in FY2023, 0.6M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~161.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~85%.
0.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.2% of revenue in FY2025 — about $0.17 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 161.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$46.7M
Revenue Growth YoY+40.1%
Revenue CAGR (2yr)+14.4%
Net Margin-46.3%
Return on Equity-68.7%
Debt / Equity0.50x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Greenwave Technology Solutions, Inc.'s actual 10-K/10-Q/8-K filings?