Greenwave Tech Solutions Inc (GWAV)

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Greenwave Generates Record Revenues in Excess of $10 Million in Q2 2022

https://www.otcmarkets.com/stock/GWAV/news/story?e&id=2249130

CHESAPEAKE, Va., June 27, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:GWAV) is pleased to report that as of June 24, 2022, the Company has generated record revenues in excess of $10 million for the quarter ending June 30, 2022. Further, 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, an increase of 66.91% from the $5.94 million in revenue Empire Services, Inc. (“Empire”) generated in the same period in 2021. Greenwave, through its subsidiary Empire, operates 11 metal recycling facilities in Virginia and North Carolina.

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. These systems are on track to come online in Q3 2022 and are expected to double the Company’s processing capacity while increasing its profit margins.

“Greenwave continues to aggressively grow its revenues – exceeding even our own internal goals – while responsibly managing its cashflows and making strategic investments in our infrastructure to facilitate future growth” stated Danny Meeks, Chief Executive Officer of Greenwave. “We’d like to thank Greenwave’s shareholders for their continued trust in our Company and we look forward to keeping you posted on our progress.”

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. The successful listing of Greenwave’s common stock on a national exchange could result in a significant increase in institutional interest and liquidity in the market for the Company’s stock. For more information, please see Greenwave’s 2022 Outlook.