Greenwave Generates Revenues of $9.7 Million in Q1 2022
The Company is currently installing an additional automotive shredder and downstream system which is expected to double its processing capacity
April 18, 2022
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:GWAV) is pleased to report that it generated revenues of approximately $9.7 million during the first quarter of 2022, an increase of 63.5% from the $5.9 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Greenwave, through its subsidiary Empire, currently operates 11 metal recycling facilities in Virginia and North Carolina.
Empire generated $27.75 million in revenue during the year ended December 31, 2021, up from $12.96 million during the year ended December 31, 2020, an increase of approximately 114%. Greenwave’s revenue growth is being driven by robust demand for scrap metal, record high commodity prices, inflationary pressures, the repurposing and implementation of Greenwave’s technology into Empire’s operations, and an expanding footprint of metal recycling facilities.
Greenwave is currently installing a second automotive shredder, which is expected to double the Company’s processing capacity of scrap metal. Further, Greenwave is installing a downstream processing system capable of recovering millimeter-minus pieces of metal from its shred residue or “fluff” as it is known in the industry. The Company expects that by recovering the metals from its shred residue, this new product line could generate an additional $10-20 million in revenue over the next 18 to 24 months and significantly increase Empire’s profit margins.
“Thanks to the hard work of our employees, we exceeded our revenue goal last quarter while making significant investments in our equipment and infrastructure to position Greenwave for further growth,” stated Danny Meeks, Chief Executive Officer of Greenwave. “We believe the Company will significantly grow its revenues this year as we open or acquire additional scrap metal facilities, increase our production capacity, and potentially open a port or rail facility to facilitate sales directly to mills and foundries. I’m grateful for the trust and continued support of Greenwave’s shareholders and look forward to updating you on our progress.”
According to a recent Wall Street Journal article, there continues to be robust demand for aluminum, increasing 11% over the past year alone, with approximately 40% of new aluminum supply coming from recycled scrap. Driven by inflationary pressures, depleted inventories, and significant global demand in what many consider to be a “commodities super cycle,” prices for many metal products were already on the rise going into 2022. The Russia-Ukraine conflict has only accelerated this trend, with prices for copper hitting an all-time high of $4.95 per pound on the Comex market on March 4, 2022 and nickel prices surging to an all-time high of over $100,000 per ton on the London Metal Exchange on March 8, 2022.
The Company expects to submit its application to uplist to a national exchange imminently and believes it will meet all the listing requirements without an additional capital raise.
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/.
This 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 revenue growth, opening of additional locations, and a listing on a senior exchange. 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.