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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
CHESAPEAKE, Va., Aug. 10, 2022 (GLOBE NEWSWIRE) -- 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.
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/.