Greenwave Reports Record Q2 2022 Revenues and Cashflows from Operations and Announces it Will Open Two New Metal Recycling Facilities Following Listing on Nasdaq
Company to Ring Nasdaq Opening Bell Today, August 10, 2022
The Company filed its Quarterly Report on Form 10-Q for the Second Quarter of 2022, reporting record revenues of $10.70 million and cashflows from operations of $566,238 for the 6 months ended June 30, 2022
August 10, 2022
(Chesapeake, VA) August 10, 2022 – 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.
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.