Business
Greenwave Generates Record Revenues of $10.70 Million in Q2 2022, an Increase of 56% over Empire’s Q2 2021 Revenues
The Company generated $10.70 million in revenue in the second quarter of 2022 and generated positive cashflows from operations for the six months ending June
About this update from Greenwave Technology Solutions, Inc.
[{"type":"text","content":"The Company generated $10.70 million in revenue in the second quarter of 2022 and generated positive cashflows from operations for the six months ending June 30, 2022\nCHESAPEAKE, 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 it...