Greenwave Technology Solutions, Inc. Shareholder Update
- Greenwave's downstream processing system is expected to generate over $1 million per month in revenue by the end of 2023, with margins exceeding 80%.
- The installation of a second automotive shredder will double Greenwave's ferrous metal processing capacity, leading to increased revenue and profit margins.
- The $15 million financing has strengthened Greenwave's balance sheet, allowing for the retirement of outstanding factoring advances, reduction of equipment debt, and general corporate purposes.
- None.
Company's downstream processing system has commenced operations and is on track to generate in excess of
Greenwave expects to generate positive cashflows from operations and positive EBITDA for the year ending December 31, 2023.
Second automotive shredder expected to commence operations in Q3 2023, doubling Greenwave's ferrous metal processing capacity and significantly improving the Company's top and bottom lines.
Company strengthens balance sheet with
The Company has generated an average of
"We are at an inflection point in Greenwave's growth trajectory. With the downstream processing system now online and new infrastructure set to come online in the coming weeks, we believe Greenwave's revenue growth will accelerate going into 2024, in addition to increasing profit margins," stated Danny Meeks, Chief Executive Officer of Greenwave. "We are incredibly grateful for the trust and support of Greenwave's shareholders. We are continuing to execute on our strategic growth initiatives and look forward to reporting back on our progress."
Second Automotive Shredder
The Company is pleased to announce it has completed the installation of its second automotive shredder at its
The completion of Greenwave's second automotive shredder concludes its multi-year capex cycle, under which the Company has invested more than
Cleveland Facility
Greenwave formally opened its
Greenwave has been installing a shear baler at this facility, expected to commence operations in August 2023, which will significantly increase the amount of metal the
Strengthening the Company's Balance Sheet
On August 1, 2023, Greenwave closed a private placement financing with certain institutional and accredited investors for the purchase and sale of senior secured convertible notes and warrants. Gross proceeds to the Company from the offering were
The notes mature in 24 months, are amortized in monthly cash payments commencing in the seventh month following the close and are convertible into shares of common stock at a fixed price of
The Special Equities Group, a division of Dawson James Securities Inc., acted as the sole placement agent for the financing.
For more information on this financing, please see the Company's Current Report on Form 8-K filed with the
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), is a leading operator of metal recycling facilities in
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the
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SOURCE Greenwave Technology Solutions
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