Greenwave generates record revenue of over $10 million in Q2 2022
The Company generated revenues in excess of $10 million in the second quarter of 2022 and expects to generate positive cash flow from operations for the six months ending June 30, 2022
Empire quarterly revenue
CHESAPEAKE, Va., June 27, 2022 (GLOBE NEWSWIRE) — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (OTCPink: GWAV) is pleased to announce that effective June 24, 2022, the Company generated record revenues of over $10 million for the quarter ending June 30, 2022. Additionally, the Company expects to generate positive cash flow from operations for the six months ending June 30, 2022. June 2022.
Greenwave generated revenues of $9.92 million during the first quarter of 2022, an increase of 66.91% over the revenues of $5.94 million that Empire Services, Inc. (“Empire”) generated during 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 crusher to process cars, appliances and industrial products, as well as a downstream system to increase its recovery yields for copper, aluminum, brass, steel and metal. other metals. These systems are on track to go live in Q3 2022 and are expected to double the company’s processing capacity while increasing profit margins.
“Greenwave continues to aggressively grow revenue – even exceeding our own internal targets – while responsibly managing cash flow and making strategic investments in our infrastructure to facilitate future growth,” said Danny Meeks, CEO of Greenwave. “We would like to thank Greenwave shareholders for their continued confidence in our company and look forward to updating you on our progress.”
On May 4, 2022, Greenwave submitted its application for listing on NASDAQ and believes it will meet the listing requirements without further capital raising. The successful listing of Greenwave common stock on a national stock 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 Outlook 2022.
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, grades and processes raw scrap metal (ferrous and non-ferrous) for recycling. Steel is one of the most recycled products in the world with the ability to be remelted and remelted many times while offering significant economic and environmental benefits over virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/.
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, but are not limited to, statements about its revenue growth, the opening of additional sites and a listing on a senior exchange. swap. These statements are identified by the use of the words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, ” predict”, “potential”, “project” and similar expressions 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 or implied by the forward-looking statements are reasonable, we cannot guarantee 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 current expectations or projections. Actual results may differ materially from those in forward-looking statements and the market price of our common stock may fluctuate significantly. Forward-looking statements are also affected by the risk factors described in our filings with the United States Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update or revise 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 unforeseen events. events.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/992b19c0-06e5-4186-8ed4-b37daec1b3a2