Greenway Technologies Reports $1.51 Million Net Loss for Fiscal Year 2024

Greenway Technologies Inc. reported a net loss of $1.51 million for the fiscal year ending December 31, 2024, a slight improvement from the $1.58 million loss recorded in the previous year. The company, which specializes in gas-to-liquids (GTL) technology, has not generated any revenue during this period. The decrease in net loss was attributed to reductions in legal expenses, mining lease expenses, and professional fees, which were partially offset by an increase in research and development costs. The total liabilities of the company rose to $13.03 million, up from $12.03 million in 2023, primarily due to increased accounts payable and accrued expenses.

In terms of operational developments, Greenway Technologies has focused on advancing its proprietary G-Reformer technology, which converts natural gas into synthesis gas for producing cleaner fuels and high-value chemicals. The company has received several patents related to this technology, including the '594 Patent and the '104 Patent, which enhance its competitive position in the market. Greenway is also exploring strategic partnerships and joint ventures to commercialize its technology, particularly in the U.S. market, where it aims to address the growing demand for cleaner energy solutions.

The company’s employee count remains low, with only three full-time employees as of the filing date. Greenway's management has indicated that the company is in a precarious financial position, relying heavily on external funding to sustain operations. As of December 31, 2024, the company had only $20,139 in cash, raising concerns about its ability to meet ongoing operational expenses without securing additional capital. The management plans to raise funds through public or private offerings to support its business strategy.

Looking ahead, Greenway Technologies acknowledges the challenges it faces in achieving profitability and generating sustainable revenues. The company is actively seeking to raise additional capital to fund its operations and continue developing its GTL technology. However, there is no assurance that it will be successful in these efforts, and the company's ability to continue as a going concern remains uncertain. The management's outlook emphasizes the need for strategic partnerships and effective marketing of its technology to navigate the competitive landscape and secure a foothold in the energy market.