Greenwave Technology Solutions, Inc. (OTC:GWAV) reported that based on its revenues generated through June 3, 2022, it is on track to grow its second quarter 2022 revenues by approximately 40% over the revenues Empire generated in the same quarter in 2021.
Greenwave, through its subsidiary Empire, operates 11 metal recycling facilities in Virginia and North Carolina.
“As our recent financials demonstrate, Greenwave is aggressively growing its revenues while generating positive cashflows from operations,” Danny Meeks, chairman and CEO of Greenwave, told Benzinga. “With our 12th location expected to open this summer and our recent infrastructure investments set to double our processing capacity, we believe Greenwave is positioned to continue growing its revenues through a likely recession. We look forward to keeping you updated on our progress.”
Financial & Operational Highlights
- The company expects to generate positive cashflows from operating activities for the six months ending June 30, 2022.
- Greenwave generated revenues of $9.92 million during the first quarter of 2022, representing an increase of 66.91% from the $5.94 million in revenue Empire Services, Inc. generated in the same period in 2021.
- The company 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 – both expected to come online in the summer and fall of 2022.
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.
Photo: Courtesy of Greenwave Technology Solutions, Inc.
