Revenues Increase 2.5x from 2022, growing by 155 Percent and Gross Profit Margins Continue to Improve
Hermitage, Tennessee, April 24, 2024 (GLOBE NEWSWIRE) -- DEEP GREEN Waste & Recycling Inc. (OTCQB DGWR), a waste, recycling and remediation services company for commercial customers, today announces exceptional top and bottom-line growth in its financial results for the full year ended December 31, 2023.
Revenues surged by 155 percent to an annual record of $2,682,762 compared to $1,053,612 in 2022 driven by strong organic growth and strategic acquisitions. Gross profit margins expanded significantly to 76 percent in the 2023 period, up from 62 percent in the 2022 period, highlighting the company's operational efficiency and pricing power.
"I am extremely proud of our team's unwavering commitment to executing our growth strategy which has propelled DEEP GREEN to new heights in 2023," commented Bill Edmonds, CEO of DEEP GREEN. "Achieving over $2.6 million in annual revenue with industry-leading gross margins demonstrates the immense earnings potential of our streamlined, high-quality operations."
Operating loss narrowed substantially to $259,314 in 2023 from $784,238 in 2022 as the company benefited from economies of scale. On a GAAP basis, net loss improved to $690,140 from $1,194,221 in the prior year. Notably, the 2023 net loss included $101,993 of non-cash derivative liability expenses. Excluding this item, adjusted net loss was $588,147, representing a 51 percent year-over-year improvement.
During the year, DEEP GREEN'S wholly owned subsidiary, Lyell Environmental Services, completed a large asbestos removal project at Vanderbilt University Medical Center. The contract win demonstrates DEEP GREEN'S expertise and ability to flawlessly execute large-scale, complex jobs while winning the confidence of respected institutions such as Vanderbilt University Medical Center. The ability to complete million dollar plus projects on time and to the satisfaction of the institutional customers is beginning to generate interest from other large commercial players such as Vanderbilt for the benefit of DEEP GREEN.
Building on this success, management intends to accelerate geographic expansion into attractive metro markets across Tennessee, Alabama and Georgia while adding complementary remediation services to drive growth. DEEP GREEN is actively evaluating strategic acquisition opportunities to further penetrate the fragmented $109 billion environmental services market.
"2023 was a transformational year for Deep Green as we built a highly profitable foundation capable of sustaining rapid growth," said David Bradford, President of Deep Green Waste and Recycling. "Our robust pipeline of organic growth opportunities, accretive M&A targets, and new service verticals provides a clear roadmap to accelerate expansion in the $109 billion environmental remediation market, which is projected to reach $163 billion by 2027."
About DEEP GREEN Waste & Recycling, Inc.
DEEP GREEN Waste & Recycling, Inc. (OTCQB:DGWR) is a waste, recycling and remediation services company which provides sustainable waste, recycling, and remediation services, and helps commercial customers realize cost-savings using streamlined processes that help manage, reduce, and recycle waste streams. For more information, visit: https://DeepGreenWaste.com
About Lyell Environmental Services, Inc.
Lyell Environmental Services, Inc. is an established commercial environmental and ecological testing services company based in Nashville, Tennessee. With a strong focus on environmental protection and safety, the company offers a comprehensive range of services for commercial, institutional and residential properties, including environmental studies, hazardous substance testing, remediation, abatement, and removal. For more information, visit: https://www.lyellenvironmentalservices.com/
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact:
Bill Edmonds
DEEP GREEN Waste & Recycling, Inc.
3524 Central Pike, Suite 310
Hermitage, TN 37076
Phone: (912) 254-7889
Email: Investor@DeepGreenWaste.com
