GREENWAY TECHNOLOGIES, INC. & SUBSIDIARIES Annual Report - How They Did This Year

I’ve put together this guide to help you understand Greenway Technologies’ latest annual report. My goal is to translate the "corporate speak" into plain English so you can decide if this company belongs in your portfolio.

1. What does this company do?

Greenway Technologies (OTCQB: GWTI) is in the early development stage. Think of them as inventors trying to turn a lab experiment into a real business. Their main product is the G-Reformer™, a mobile chemical reactor. It converts wasted natural gas—often burned off at oil wells—into valuable liquid fuels like synthetic diesel.

Unlike massive oil refineries that cost billions, their technology is small and portable. They aim to set these units up directly at remote oil wells. This turns wasted gas into a new revenue stream while offering an environmentally friendly solution for energy producers.

2. Financial performance

To be blunt, the company is still a project rather than a business. As of June 30, 2025, they have lost about $41.2 million over their lifetime. For the 2025 fiscal year, they lost $1.95 million, mostly on research and administrative costs. They burned through $893,000 in cash to keep running.

The company is very lean, with only four full-time employees. To save cash, key officers and directors have deferred their salaries, essentially loaning the company money to keep the lights on.

3. The "Going Concern" Warning

This is the most critical part of the report. The company admits it may not be able to stay in business. Simply put, they do not have enough cash to fund operations for the next 12 months. They are currently relying on raising more money through selling shares or taking on debt. If they cannot raise this cash, they will likely have to shut down.

4. Major wins and challenges

• The Tech: They hold several U.S. and international patents granted between 2020 and 2023. These protect their reactor design and catalyst technology until at least 2038.
• The Struggle: They rely on one single equipment builder in Texas. If this partner runs into trouble, Greenway has no way to build its units, which would stop their progress.
• The Team: A tiny group of executives serves as the Board of Directors. This lack of independent oversight creates "key-man risk." If one executive leaves, the company could lose its entire operational knowledge base.

5. Key risks

• "Show Me" Phase: They have not generated significant sales. They must compete against energy giants with much deeper pockets. They also need third-party certification to prove their fuel meets industry standards before they can sell it.
• Dilution: Because they have no profit, they fund the business by issuing more shares. This reduces your ownership percentage in the company.
• Competition: If a larger, better-funded competitor creates a cheaper or more efficient reactor, Greenway’s technology could become obsolete.

6. Future outlook

The company is betting everything on moving from prototypes to commercial sales. Their success depends on landing a pilot project, getting their fuel certified, and raising enough money to build their first fleet of reactors. Without a major contract or partnership, the company remains in a very fragile financial position.

Final Investor Takeaway: This is a high-risk, speculative investment. While the company holds valuable patents, they are currently burning cash with no clear path to profit. Before considering an investment, ask yourself if you are comfortable with the high probability of further share dilution and the company's reliance on future capital raises to survive.