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DEEP GREEN Waste & Recycling Inc. (DGWR) announces record annual earnings with revenues surging by 155% to $2.68 million in 2023 from $1.05 million in 2022. Gross profit margins also improved significantly to 76% from 62% in the same period. Operating loss narrowed to $259,314 in 2023 from $784,238 in 2022, with a net loss of $690,140 compared to $1,194,221 in the prior year. The company's subsidiary completed a major project at Vanderbilt University Medical Center, showcasing expertise and generating interest from other commercial players. DEEP GREEN plans to expand geographically and explore strategic acquisitions to tap into the $109 billion environmental services market.
DEEP GREEN Waste & Recycling Inc. (DGWR) annuncia ricavi record annuali, con entrate che hanno registrato un aumento del 155% raggiungendo i 2,68 milioni di dollari nel 2023, rispetto a 1,05 milioni di dollari nel 2022. Anche i margini di profitto lordo sono notevolmente migliorati, passando dal 62% al 76% nello stesso periodo. La perdita operativa si è ridotta a 259.314 dollari nel 2023, rispetto ai 784.238 dollari del 2022, con una perdita netta di 690.140 dollari rispetto ai 1.194.221 dollari dell'anno precedente. Una filiale della compagnia ha completato un importante progetto presso il Vanderbilt University Medical Center, dimostrando la sua competenza e generando interesse da altri attori commerciali. DEEP GREEN prevede di espandersi geograficamente ed esplorare acquisizioni strategiche per penetrare il mercato dei servizi ambientali da 109 miliardi di dollari.
DEEP GREEN Waste & Recycling Inc. (DGWR) anuncia ganancias anuales récord, con los ingresos aumentando un 155% hasta los $2.68 millones en 2023, desde $1.05 millones en 2022. Los márgenes de beneficio bruto también mejoraron significativamente al 76% desde el 62% en el mismo período. La pérdida operativa se redujo a $259,314 en 2023 desde $784,238 en 2022, con una pérdida neta de $690,140 comparada con $1,194,221 el año anterior. Una filial de la compañía completó un proyecto importante en el Vanderbilt University Medical Center, demostrando su pericia y generando interés de otros actores comerciales. DEEP GREEN planea expandirse geográficamente y explorar adquisiciones estratégicas para acceder al mercado de servicios ambientales de $109 mil millones.
DEEP GREEN Waste & Recycling Inc. (DGWR)는 연간 수입이 기록적으로 증가하여 2022년 $1.05백만에서 2023년에 $2.68백만으로 155% 증가했습니다. 같은 기간 동안 매출 총이익률도 62%에서 76%로 크게 개선되었습니다. 운영 손실은 2022년 $784,238에서 2023년 $259,314로 줄어들었으며, 순손실은 전년 대비 $1,194,221에서 $690,140으로 감소했습니다. 회사의 자회사는 Vanderbilt University Medical Center에서 주요 프로젝트를 완료하여 전문성을 보여주고 다른 상업 플레이어들로부터 관심을 끌었습니다. DEEP GREEN은 지리적 확장과 전략적 인수를 통해 1090억 달러 환경 서비스 시장에 진입할 계획입니다.
DEEP GREEN Waste & Recycling Inc. (DGWR) annonce des bénéfices annuels records, avec des revenus en hausse de 155% à 2,68 millions de dollars en 2023 contre 1,05 million de dollars en 2022. Les marges de profit brut se sont également nettement améliorées, passant de 62% à 76% sur la même période. La perte d'exploitation a été réduite à 259 314 dollars en 2023, contre 784 238 dollars en 2022, avec une perte nette de 690 140 dollars comparée à 1 194 221 dollars l'année précédente. Une filiale de l'entreprise a achevé un grand projet au Vanderbilt University Medical Center, démontrant son expertise et suscitant l'intérêt d'autres acteurs commerciaux. DEEP GREEN prévoit de s'étendre géographiquement et d'explorer des acquisitions stratégiques pour pénétrer le marché des services environnementaux de 109 milliards de dollars.
DEEP GREEN Waste & Recycling Inc. (DGWR) meldet Rekordjahresgewinne mit einem Umsatzanstieg von 155% auf 2,68 Millionen Dollar im Jahr 2023 von 1,05 Millionen Dollar im Jahr 2022. Auch die Bruttogewinnmargen verbesserten sich erheblich von 62% auf 76% im gleichen Zeitraum. Der Betriebsverlust verringerte sich auf 259.314 Dollar in 2023 von 784.238 Dollar in 2022, mit einem Nettoverlust von 690.140 Dollar im Vergleich zu 1.194.221 Dollar im Vorjahr. Eine Tochtergesellschaft des Unternehmens hat ein großes Projekt am Vanderbilt University Medical Center abgeschlossen, was Fachkenntnisse demonstrierte und das Interesse anderer gewerblicher Akteure weckte. DEEP GREEN plant, geografisch zu expandieren und strategische Übernahmen zu erforschen, um in den 109 Milliarden Dollar schweren Umweltdienstleistungsmarkt einzusteigen.
Positive
DEEP GREEN Waste & Recycling Inc. (DGWR) reports a 155% increase in revenues to $2.68 million in 2023.
Gross profit margins improved to 76% in 2023 from 62% in 2022.
Operating loss narrowed to $259,314 in 2023 from $784,238 in 2022.
Net loss decreased to $690,140 in 2023 from $1,194,221 in the prior year.
DEEP GREEN's subsidiary completed a significant project at Vanderbilt University Medical Center.
The company plans to expand geographically and pursue strategic acquisitions in the environmental services market.
Negative
None.
Revenues Increase 2.5x from 2022, growing by 155 Percent and Gross Profit Margins Continue to Improve
Hermitage, Tennessee, April 24, 2024 (GLOBE NEWSWIRE) -- DEEP GREEN Waste & Recycling Inc. (OTCQB DGWR), a waste, recycling and remediation services company for commercial customers, today announces exceptional top and bottom-line growth in its financial results for the full year ended December 31, 2023.
Revenues surged by 155 percent to an annual record of $2,682,762 compared to $1,053,612 in 2022 driven by strong organic growth and strategic acquisitions. Gross profit margins expanded significantly to 76 percent in the 2023 period, up from 62 percent in the 2022 period, highlighting the company's operational efficiency and pricing power.
"I am extremely proud of our team's unwavering commitment to executing our growth strategy which has propelled DEEP GREEN to new heights in 2023," commented Bill Edmonds, CEO of DEEP GREEN. "Achieving over $2.6 million in annual revenue with industry-leading gross margins demonstrates the immense earnings potential of our streamlined, high-quality operations."
Operating loss narrowed substantially to $259,314 in 2023 from $784,238 in 2022 as the company benefited from economies of scale. On a GAAP basis, net loss improved to $690,140 from $1,194,221 in the prior year. Notably, the 2023 net loss included $101,993 of non-cash derivative liability expenses. Excluding this item, adjusted net loss was $588,147, representing a 51 percent year-over-year improvement.
During the year, DEEP GREEN'S wholly owned subsidiary, Lyell Environmental Services, completed a large asbestos removal project at Vanderbilt University Medical Center. The contract win demonstrates DEEP GREEN'S expertise and ability to flawlessly execute large-scale, complex jobs while winning the confidence of respected institutions such as Vanderbilt University Medical Center. The ability to complete million dollar plus projects on time and to the satisfaction of the institutional customers is beginning to generate interest from other large commercial players such as Vanderbilt for the benefit of DEEP GREEN.
Building on this success, management intends to accelerate geographic expansion into attractive metro markets across Tennessee, Alabama and Georgia while adding complementary remediation services to drive growth. DEEP GREEN is actively evaluating strategic acquisition opportunities to further penetrate the fragmented $109 billion environmental services market.
"2023 was a transformational year for Deep Green as we built a highly profitable foundation capable of sustaining rapid growth," said David Bradford, President of Deep Green Waste and Recycling. "Our robust pipeline of organic growth opportunities, accretive M&A targets, and new service verticals provides a clear roadmap to accelerate expansion in the $109 billion environmental remediation market, which is projected to reach $163 billion by 2027."
About DEEP GREEN Waste & Recycling, Inc.
DEEP GREEN Waste & Recycling, Inc. (OTCQB:DGWR) is a waste, recycling and remediation services company which provides sustainable waste, recycling, and remediation services, and helps commercial customers realize cost-savings using streamlined processes that help manage, reduce, and recycle waste streams. For more information, visit: https://DeepGreenWaste.com
About Lyell Environmental Services, Inc.
Lyell Environmental Services, Inc. is an established commercial environmental and ecological testing services company based in Nashville, Tennessee. With a strong focus on environmental protection and safety, the company offers a comprehensive range of services for commercial, institutional and residential properties, including environmental studies, hazardous substance testing, remediation, abatement, and removal. For more information, visit: https://www.lyellenvironmentalservices.com/
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact: Bill Edmonds
DEEP GREEN Waste & Recycling, Inc. 3524 Central Pike, Suite 310 Hermitage, TN 37076 Phone: (912) 254-7889 Email: Investor@DeepGreenWaste.com
FAQ
What was DEEP GREEN Waste & Recycling's (DGWR) revenue growth in 2023?
DEEP GREEN Waste & Recycling (DGWR) reported a 155% increase in revenues to $2.68 million in 2023 from $1.05 million in 2022.
How did DEEP GREEN Waste & Recycling's (DGWR) gross profit margins change in 2023?
DEEP GREEN Waste & Recycling (DGWR) saw an improvement in gross profit margins to 76% in 2023 from 62% in 2022.
What was DEEP GREEN Waste & Recycling's (DGWR) operating loss in 2023?
DEEP GREEN Waste & Recycling (DGWR) narrowed its operating loss to $259,314 in 2023 from $784,238 in 2022.
What was DEEP GREEN Waste & Recycling's (DGWR) net loss in 2023?
DEEP GREEN Waste & Recycling (DGWR) reported a net loss of $690,140 in 2023 compared to $1,194,221 in the prior year.
What project did DEEP GREEN Waste & Recycling's (DGWR) subsidiary complete in 2023?
DEEP GREEN Waste & Recycling's (DGWR) subsidiary completed a major project at Vanderbilt University Medical Center.
What are DEEP GREEN Waste & Recycling's (DGWR) expansion plans?
DEEP GREEN Waste & Recycling (DGWR) plans to expand geographically and pursue strategic acquisitions in the environmental services market.
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