SCRAP IS THE NEW
We’re at an Inflection Point in Greenwave's Growth
Through our subsidiary, Empire Services, Inc. ("Empire") we operate 11 metal recycling facilities in Virginia and North Carolina which generated $10.70 million in revenue during Q2 2022, an increase of 56% over the revenues Empire generated in Q2 2021.
We plan to aggressively expand our footprint of locations by rolling up independent, profitable scrap yards in the coming months.
Greenwave Location Footprint
(as of July 2022)
Uplisted to NASDAQ
Significantly Strengthened Balance Sheet
On July 22, 2022, Greenwave uplisted to NASDAQ causing $37,714,966 in convertible debt, together with $1,470,844 in accrued interest, to be converted into shares of common stock at a conversion price of $6.02/share.
All of the Company’s convertible debt was converted into shares of common stock and the price protection provision in the warrants expired as a result of the Nasdaq listing.
OPTIMAL METAL MARKET CONDITIONS
We expect there will continue to be a strong market for recycled metals for the foreseeable future driven by:
Robust domestic and international demand;
Inflationary pressures; and
The recent passage of the Infrastructure Investment and Jobs Act.
We believe this supply/demand imbalance for recycled steel and other metals will create optimal market conditions for Greenwave for the foreseeable future.
PRICE OF COPPER (COMEX)
UTILIZING TECHNOLOGY TO OPTIMIZE OPERATIONS
We have recently implemented several technologies to increase metal processing volumes and operating efficiencies, including a cloud-based ERP system to manage inventories and operations along with a website with live metal prices for each location.
We believe that these systems will create a solid foundation on which we can rapidly expand our facilities and scale our operations.
Greenwave's management has set aggressive revenue goals for the coming quarters as we begin rolling up independent, profitable metal recycling facilities.
The Company is currently installing a second automotive shredder and downstream system, which are expected to double Empire’s capacity and significantly increase its profit margins. These systems are expected to come online during September and October 2022, respectively.
With a significantly improved balance sheet and clean capitalization table, we believe Greenwave is poised to create significant shareholder value as our second automotive shredder and downstream processing system come online, along with the opening of our 12th and 13th locations over the next 6 weeks.
Significant Environmental Benefits
STEEL IS ONE OF THE WORLD'S MOST RECYCLED MATERIALS
Unlike plastics and other materials, steel is able to be melted and re-cast countless times as it has no structural memory.
Recycling steel, rather than using virgin materials, cuts CO2 emissions by approximately 75% while utilizing approximately 70% less energy.
Currently, two out of every three tons of steel produced comes from recycling, up from one out of every ten tons in 1980.
Greenwave by the Numbers
Locations and Growing
IN NOV 2021
EMPIRE REVENUE GENERATED IN 2021
We have meaningful business relationships with many of the leading companies in the metal recycling industry, some of which have been building for nearly 20 years.
We believe consistent, honest communication with our shareholders is critical to our success.
Greenwave Appoints Ashley Sickles as Chief Financial Officer
September 19, 2022
The Company is on track to open two additional metal recycling facilities, as well as completing the installation of its second automotive shredder to double its metal processing capacity, in the fourth quarter of 2022