Greenwave Technology Solutions, Inc. (OTC:GWAV) reported second-quarter revenue growth of 56% year-over-year to $10.70 million, above the previously predicted 40%.
GWAV generated positive cash flows from operating activities for the six months ending June 30, 2022.
Related: EXCLUSIVE: Greenwave Q2 Revenue To Grow By 40% YoY, Seeks To List On NASDAQ
Greenwave Technology stated that it 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.
“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.
Greenwave submitted its application to uplist to NASDAQ in May and believes it will meet the listing requirements without a further capital raise.
Greenwave Technology Solutions, through its wholly-owned subsidiary Empire Services is an operator of 11 metal recycling facilities in Virginia and North Carolina.
Price Action: GWAV shares are down 1.33% at $7.40 on the last check Tuesday.
