CHESAPEAKE, Va., Greenwave Technology Solutions, Inc., a leading operator of 11 metal recycling facilities in Virginia and North Carolina, today announced that management will participate in an Opening Bell Ceremony at the Nasdaq Stock Market on Wednesday, August 10, 2022.
Danny Meeks, Greenwave’s Chief Executive Officer, will lead the ceremony alongside members of the Company’s Board of Directors, advisors and investors. The Opening Bell Ceremony celebrates Greenwave’s recent uplisting to Nasdaq.
“This is an exciting time for Greenwave’s shareholders as we are aggressively growing our revenues, generating positive cashflows from operations, and nearing the completion of the installation of our second automotive shredder, which will more than double our processing capacity,” stated Danny Meeks, Chief Executive Officer of Greenwave. “We’d like to thank Greenwave’s shareholders for their continued support and trust. We look forward to keeping you updated on our progress.”
The ceremony will begin at approximately 9:20 a.m., Eastern Time and can be viewed live or via replay here.
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Greenwave Expects Q2 2022 Revenues to Grow by 40% over Empire’s Q2 2021 Revenues
The Company expects revenues for the second quarter of 2022 to grow by 40% over Empire’s second quarter 2021 revenues and to generate positive cashflows from operations for the six months ending June 30, 2022
CHESAPEAKE, Va., June 07, 2022 — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (OTC 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 yearswhile 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.”