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Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) is a leading operator of metal recycling facilities located in Virginia, North Carolina, and Ohio. Through its wholly-owned subsidiary, Empire Services, Inc., Greenwave manages 13 metal recycling facilities that specialize in collecting, classifying, and processing raw scrap metal, including both ferrous and nonferrous varieties. The company engages in converting scrap into valuable resources like steel, aluminum, copper, nickel, and more, catering to a broad customer base comprising large corporations, industrial manufacturers, retail customers, and government organizations.
Greenwave employs advanced technologies to maximize efficiency and processing capabilities. Notably, the company utilizes a downstream recovery system and a cloud-based ERP system to streamline operations and boost output. These innovations have enabled Greenwave to achieve higher processing volumes and operational efficiencies.
Recently, Greenwave announced the connection of its second automotive shredder to the power grid, a move expected to double its annual shredded ferrous output and increase revenue by approximately 25-30%. This expansion aligns with Greenwave's hub-and-spoke strategy, positioning the company as an attractive target for major scrap metal conglomerates.
The company's financial health has improved significantly, with recent moves including the conversion of substantial debt to equity and securing waivers from senior secured note holders. These actions have bolstered Greenwave's balance sheet, setting the stage for future growth and expansion. In May 2024, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements.
Greenwave is committed to environmental sustainability, emphasizing the recycling of steel, one of the world's most recycled materials. This practice reduces energy consumption, lowers CO2 emissions, minimizes waste, and conserves natural resources. The company’s goal is to further expand by acquiring independent, profitable scrap yards and increasing its footprint in the metal recycling industry.
For more detailed information about Greenwave Technology Solutions, Inc. and its latest developments, please visit www.GWAV.com.
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) announced the acquisition of a property in Cleveland, Ohio, previously used by JBI Scrap Processors, to establish a new scrap metal recycling facility. The facility is expected to significantly boost revenues and cash flows during fiscal year 2023. It will leverage access to local businesses and an adjacent railroad for efficient metal scrap transportation. The company is in the process of training employees and implementing cloud-based enterprise resource planning software, targeting operational commencement by February 28, 2023.
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) anticipates favorable market conditions for scrap metal recycling in 2023, with product prices nearing record highs. A report from Goldman Sachs cites a bullish outlook for commodities due to depleted inventories and rising demand from China. Greenwave has invested over $10 million in upgrading its facilities, which is expected to double processing capacity and enhance margins. The CEO expressed optimism about creating substantial shareholder value from these investments as new systems are scheduled to come online in Q1 2023.
Greenwave Technology Solutions (NASDAQ: GWAV) has recently strengthened its relationships with top domestic and international steel mills to secure better pricing for processed metals. In Q3 2022, the company reduced dependence on a primary customer, which now accounts for 48% of its revenue, down from 83% in 2021. Significant investments have been made in expanding infrastructure, including the installation of a second shredder, enhancing processing capacity and margins. Additionally, a full conversion of Series Z Preferred Stock by an institutional investor is noted, with the CEO being the sole holder of the remaining shares.
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) announces that CEO Danny Meeks will waive his quarterly bonuses for fiscal 2023, resulting in an expected reduction of operating expenses by approximately $1 million. This decision is anticipated to enhance the company's free cash flow. Operating in the metal recycling industry, Greenwave aims to provide economic and environmental benefits through efficient recycling operations in Virginia and North Carolina. The company's forward-looking statements include revenue growth and margins, but are subject to risks and uncertainties that could affect actual results.
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) has announced the opening of a new metal processing and equipment maintenance hub in Chesapeake, VA. This facility is expected to boost profit margins on processed metal by 20-25% by preparing materials for steel mills and other operations. Strategically located in the maritime industry hub of Hampton Roads, the Chesapeake site enhances Greenwave's infrastructure for expansion. Additionally, the company plans to open its 14th metal recycling facility in Richmond, VA soon, continuing its growth trajectory.
Greenwave Technology Solutions (NASDAQ: GWAV) has received an automotive recycler/demolisher license for its Norfolk facility, enhancing its scrap car purchasing capabilities. This facility is among the few in Norfolk authorized to buy scrap cars directly from customers.
With this license, the company anticipates a significant increase in processed car volume, estimating an additional 500 to 750 tons per month. Furthermore, Greenwave plans to improve its online car buying program to boost margins by sourcing directly from consumers instead of intermediaries.
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) has opened its 12th metal recycling facility in Fairmont, NC, enhancing its footprint in the mid-Atlantic region. The new facility aims to boost metal volumes and revenue by supplying leading steel mills with ferrous and non-ferrous materials. Shareholders recently approved corporate actions and the existing board of directors during the annual meeting. CEO Danny Meeks expressed commitment to aggressive growth strategies, with plans for a 13th location and new automotive shredder expected soon. Greenwave currently holds the strongest balance sheet in its history.
Greenwave Technology Solutions is expanding its operations with the opening of the Greenwave Elite Sports Facility in Portsmouth, VA, tapping into the $19 billion youth sports market. The company will also launch an online car buying program, leveraging its technology to enhance profitability. Additionally, Greenwave is set to open two new metal recycling facilities in Fairmont and Richmond, NC, by December 2022, and plans to significantly increase its fleet of trucks from 14 to 57 to enhance its logistics capabilities.
Greenwave Technology Solutions, a prominent operator of metal recycling facilities, announced that CEO Danny Meeks will present at the Dawson James 7th Annual Small Cap Growth Conference on October 12, 2022, at 11:30 AM ET. Greenwave is set to launch its 12th facility soon and is nearing completion of a second shredder, signaling potential growth. Following the conversion of convertible debt at $6.02 per share, the company now boasts its strongest balance sheet. Meeks expresses gratitude to shareholders and promises regular updates on progress.
Greenwave Technology Solutions (NASDAQ: GWAV) is set to complete the scrapping of three ship-to-shore cranes at the Port of Virginia by September 30, 2022, with a scrap value of approximately $1 million. The Company generated a record revenue of $10.70 million for Q2 2022, up 56% from the previous year. Positive cashflows of $566,238 were also reported for the first half of 2022. Greenwave is enhancing its processing capacity with a new shredder and downstream system, expected to double capacity and improve profit margins.
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