CHESAPEAKE, Va., July 05, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:GWAV) is pleased to report that it 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 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 while increasing its profit margins.
“We believe the equipment coming online this year could accelerate Greenwave’s revenue growth in Q4 2022 and FY 2023 while potentially increasing our profit margins. Further, these infrastructure improvements give us the capacity and platform to open additional locations or potentially acquire existing, profitable yards,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Since founding Empire in 2004, we have successfully navigated numerous economic climates and we believe Greenwave can continue growing its revenues and generating positive cashflows from operations for the foreseeable future. We are grateful for the trust and support of Greenwave’s shareholders as we continue to execute and 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.
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/.
Forward-looking Statements
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 its 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.
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