Greenwave
CHESAPEAKE, Va., June 2022 Greenwave Technology Solutions, Inc. “Greenwave” or the “Company”: GWAV is pleased to report that based on its revenues generated through June 3, 2022, it is on track to grow its second quarter 2022 revenues by approximately 40% over the revenues Empire generated in the same quarter in 2021. 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. The shredder and downstream system are expected to come online in the summer and fall of 2022, respectively, and are expected to double the Company’s processing capacity while increasing its profit margins.
“Since founding Empire in 2004, we have experienced and successfully navigated several tough economic climates. With the installation of our second shredder on track to be completed this summer, we believe Greenwave is positioned to continue growing its revenues and generating healthy cashflows through a likely recession,” stated Danny Meeks, Chief Executive Officer of Greenwave. “While the metal recycling industry is not immune to slowing economic activity, we believe the fundamental supply/demand imbalance of the industry significantly mitigates its impact: supply of prime steel scrap has been shrinking consistently for more than 50 years[1]while demand is likely to persist through a recession (i.e. U.S. Infrastructure and Jobs Act). As such, we believe Greenwave can continue creating shareholder value independent of macroeconomic conditions.”
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.
[1] According to an October 11, 2021 presentation by Cleveland-Cliffs.
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/.
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