Waste Energy Corp., an early-stage company focused on converting waste tires and plastics into fuel and reusable commodities, filed its Form 10-K for the fiscal year ended December 31, 2025, on July 14, 2026. The filing includes an explicit warning that the company’s financial condition raises substantial doubt about its ability to continue as a going concern.
The company has not yet commenced commercial operations and has generated only limited revenue to date. For the year ended December 31, 2025, Waste Energy reported a net loss, contributing to an accumulated deficit and a working capital deficit. Management stated that these conditions, combined with the company’s need to raise additional capital to fund operations and complete the buildout of its initial facility, create the going concern uncertainty.
Path to commercial operations
Waste Energy is preparing to launch its first commercial facility in Midland, Texas, where its initial 15-ton-per-day waste conversion system has arrived and is expected to be ready for operation in the third quarter of 2026. The site is designed to accommodate future expansion to 30 tons per day and eventually to 60 tons per day. The company plans to generate revenue from sales of tire-derived oil, recovered carbon black, recovered steel, processing fees, and environmental credits.
The company also disclosed that it has not yet finalized any material offtake agreements, though it has entered into agreements that are subject to output laboratory results. It became a registered vendor for Midland County, Texas, in 2025, which management described as an important early relationship for feedstock development.
Financial condition and capital needs
Waste Energy acknowledged that its ability to execute its business plan depends on obtaining additional debt or equity financing. The company cautioned that future capital raises could result in significant dilution to existing stockholders, particularly given outstanding convertible notes with variable conversion features tied to the company’s trading price.
The company’s common stock trades on the OTCQB and had an aggregate market value held by non-affiliates of approximately $5.5 million as of July 13, 2026, based on a per-share price of $0.037.
Risk factors and internal controls
Beyond the going concern warning, the filing identifies a range of other risks, including material weaknesses in internal control over financial reporting, the unproven nature of its technology at commercial scale, dependence on a limited number of executive officers and consultants, and the potential for supply chain disruptions or permitting delays.
Waste Energy was previously known as MetaWorks Platforms, Inc. and, before that, CurrencyWorks Inc. The company shifted its strategic focus away from blockchain and digital asset businesses toward waste-to-energy in mid-2024 and changed its corporate name in September 2024.