Business
Greenwave Technology Solutions Reports Third Highest Quarterly Revenues in Company History
Greenwave generated $1.23 million in positive cashflows from operations during the six months ended June 30, 2023, a new record for the Company Company
About this update from Greenwave Technology Solutions, Inc.
[{"type":"text","content":"Greenwave generated $1.23 million in positive cashflows from operations during the six months ended June 30, 2023, a new record for the Company\nCompany generated $18.46 million in revenues for the six months ended June 30, 2023, the second highest in the Company's history\nSubsequent to the close of the quarter, Greenwave closed a private placement for proceeds of $15 million, paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million\nCHESAPEAKE, Va., Aug. 15, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (\"Greenwave\" or the \"Company\") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it generated revenues of $9.46 and $18.45 million during the three and six months ended June 30, 2023, respectively, the third highest quarterly revenues in its history. Further, for the six months ended June 30, 2023, Greenwave generated positive cashflows from operating activities of $1.23 million – a new record for the greatest amount of cashflows generated by the Company during a six month period.\n\n \n \n \n \n \n \n\n \n\"Greenwave is continuing to position itself as one of the most robust metal recycling companies on the east coast, suppling steel and other recycled metals to some of the nation's leading steel mills and foundries,\" stated Danny Meeks, Chairman and CEO of Greenwave. \"We believe there will continue to be aggressive consolidation in this industry, as demonstrated by yesterday's buyout offer of U.S. Steel. We continue to execute on our strategic business objective – expanding our operations, increasing volumes, and growing our revenues – and believe Greenwave is one of the most unique and compelling companies in the metal recycling industry.\"\nSubsequent to the close of the quarter, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave's automotive shred residue or \"fluff\" as it is known in the industry. The Company has generated an average of $38,000 per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream...