Business
Greenwave to Begin Trading on NASDAQ at Market Open on Friday, July 22, 2022
The Company operates 11 metal recycling facilities in Virginia and North Carolina, generating record revenues of $10.70 million during the quarter ended June
About this update from Greenwave Technology Solutions, Inc.
[{"type":"text","content":"The Company operates 11 metal recycling facilities in Virginia and North Carolina, generating record revenues of $10.70 million during the quarter ended June 30, 2022, and is positioned for rapid expansion\nCHESAPEAKE, Va., July 21, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. (\"Greenwave\" or the \"Company\") (NASDAQ:GWAV) is pleased to announce that it’s common stock has been approved to begin trading on NASDAQ at market open on Friday, July 22, 2022. The Company currently operates 11 metal recycling facilities in Virginia and North Carolina and is positioned to rapidly expand its footprint in the coming quarters. During the quarter ended June 30, 2022, Greenwave generated record revenues of $10.70 million, an increase of approximately 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, stainless 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 and accelerate its revenue growth while increasing its profit margins. “As Greenwave’s successful listing on NASDAQ and our record Q2 2022 revenues demonstrate, we are continuing to execute on behalf our shareholders. We believe the equipment on track to come 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 believe Greenwave can continue growing its revenues and generating positive cashflows from operations for the foreseeable future. We are grateful for the continued support of Greenwave’s shareholders and believe our NA...