Greenwave Generates Record Revenues in Excess of $10 Million in Q2 2022
The Company has generated revenues in excess of $10 million during the second quarter of 2022 and expects to generate positive cashflows from operations for the six months ending June 30, 2022
June 27, 2022
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:GWAV) is pleased to report that as of June 24, 2022, the Company has generated record revenues in excess of $10 million for the quarter ending June 30, 2022. Further, the Company expects to generate positive cashflows from operating activities for the six months ending June 30, 2022.
Greenwave generated revenues of $9.92 million during the first quarter of 2022, an increase of 66.91% from the $5.94 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Greenwave, through its subsidiary Empire, operates 11 metal recycling facilities in Virginia and North Carolina.
The Company is currently installing a second shredder to process cars, household appliances and industrial products, along with a downstream system to increase its recovery yields of copper, aluminum, brass, steel, and other metals. These systems are on track to come online in Q3 2022 and are expected to double the Company’s processing capacity while increasing its profit margins.
“Greenwave continues to aggressively grow its revenues – exceeding even our own internal goals – while responsibly managing its cashflows and making strategic investments in our infrastructure to facilitate future growth” stated Danny Meeks, Chief Executive Officer of Greenwave. “We’d like to thank Greenwave’s shareholders for their continued trust in our Company and we look forward to keeping you posted on our progress.”
On May 4, 2022, Greenwave submitted its application to uplist to NASDAQ and believes it will meet the listing requirements without a further capital raise. The successful listing of Greenwave’s common stock on a national exchange could result in a significant increase in institutional interest and liquidity in the market for the Company’s stock. For more information, please see Greenwave’s 2022 Outlook.
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.