Greenwave Reports Record Q2 2022 Revenues and Cashflows from Operations and Announces it Will Open Two New Metal Recycling Facilities Following Listing on Nasdaq
August 10 2022 - 7:43AM
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company")
(NASDAQ: GWAV), a leading operator of 11 metal recycling facilities
in Virginia and North Carolina, today announced that it will be
opening two new metal recycling facilities over the next eight
weeks. With a significantly strengthened balance sheet resulting
from its Nasdaq listing, the Company is poised to rapidly grow its
revenues and expand its footprint of recycling facilities.
Greenwave generated record revenues of $10.70
million during the quarter ending June 30, 2022, an
increase of 56% from the $6.88 million in
revenue Empire Services, Inc. (“Empire”) generated in the
same period in 2021. Further, the Company generated positive
cashflows from operating activities of $566,238 for the six months
ending June 30, 2022.
The Company is currently installing a second shredder at
its Carrollton yard to process cars, household appliances and
industrial products, along with a downstream system at its Kelford
yard to increase its recovery yields of copper, aluminum, brass,
steel, and other metals. The shredder and downstream system are on
track to come online in September and October, respectively, and
are expected to double the Company’s processing capacity,
significantly growing its revenues while increasing its profit
margins.
“We are at an inflection point in Greenwave’s growth trajectory.
With these additional locations and new infrastructure set to come
online over the next eight weeks, we believe Greenwave’s revenue
growth will accelerate going into 2023, in addition to increasing
profit margins,” stated Danny Meeks, Chief Executive Officer of
Greenwave. “We are incredibly grateful for the trust and support of
Greenwave’s shareholders. We look forward to creating significant
shareholder value and reporting back on our progress.”
Greenwave’s Chief Executive Officer, Danny Meeks, will ring the
Nasdaq opening bell today, August 10, 2022. The ceremony will begin
at approximately 9:20 a.m. ET and can be viewed live on CNBC, Fox
Business, and Bloomberg. Additionally, a replay of the event is
available here.
About Greenwave Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of 11 metal recycling facilities
in Virginia and North Carolina. At these facilities, Empire
collects, classifies, and processes raw scrap metal (ferrous and
nonferrous) for recycling. Steel is one of the world’s most
recycled products with the ability to be re-melted and recast
numerous times while offering significant economic and
environmental benefits when compared with virgin materials. For
more information, please
visit https://www.greenwavetechnologysolutions.com/.
Forward-looking StatementsThis press release
contains certain forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These include, without limitation, statements
about its revenue growth, opening of additional locations, and
cashflow projections. These statements are identified by the use of
the words "could," "believe," "anticipate," "intend," "estimate,"
"expect," "may," "continue," "predict," "potential," "project" and
similar expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results may differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in our filings with the
U.S. Securities and Exchange Commission. Except as required by law,
we undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Contact Info:Danny
Meeks757-966-1432Danny@Greenwavetechnologysolutions.com
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