Business
Greenwave Reports Record Revenues of $9.92 Million in Q1 2022
The Company generated positive cashflows from operating activities and eliminated $44 million in derivative liabilities during the first quarter of 2022
About this update from Greenwave Technology Solutions, Inc.
[{"type":"text","content":"The Company generated positive cashflows from operating activities and eliminated $44 million in derivative liabilities during the first quarter of 2022\nNORFOLK, Va., May 16, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. (\"Greenwave\" or the \"Company\") (OTCPink:GWAV) is pleased to report that it generated revenues of $9.92 million during the first quarter of 2022, an increase of 66.91% from the $5.94 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Greenwave, through its subsidiary Empire, currently operates 11 metal recycling facilities in Virginia and North Carolina. The Company generated positive cashflows from operating activities and eliminated $44 million in derivative liabilities, significantly improving its balance sheet and shareholder’s equity. Greenwave’s revenue growth is being driven by robust demand for scrap metal, record high commodity prices, inflationary pressures, the repurposing and implementation of Greenwave’s technology into Empire’s operations, and an expanding footprint of metal recycling facilities. Greenwave is currently installing a second shredder to process cars, household appliances and industrial products, along with a downstream system to increase its recovery yields of copper, aluminum, brass, steel, and other metals. These systems are expected to come online in the summer of 2022 and double its processing capacity while increasing profit margins. “As our first quarter financials show, Greenwave is aggressively growing its revenues while responsibly managing our expenditures and cashflows,” stated Danny Meeks, Chief Executive Officer of Greenwave. “The significant investments in equipment and infrastructure we made during the first quarter, along with the planned opening of our 12th location in Fairmont, NC, position Greenwave to continue growing its revenues in the coming quarters. We look forward to updating you on our progress.” According to a recent Wall Street Journal article, there continues to be robust demand for recycled metals including aluminum, which increased 11% over the past year alone, with approximately 40% of new aluminum supply coming from recycled scrap[1]. Driven by inflationary pressures, depleted inventories, and significant global demand in what many consider to be a “commodities super cycle,” prices for many me...