Greenwave Technology Solutions Generates More than $9 Million Revenue in Q4 2023

Rhea-AI Summary

Greenwave Technology Solutions, Inc. (GWAV) reports a revenue increase of over 10% in Q3 2023, with more than $9 million generated in the fourth quarter. The company expects significant revenue growth in FY 2024, supported by recent capital expenditures and operational enhancements. With over 20 years of experience, the company's leadership aims to create long-term shareholder value.

Positive

• Revenue growth of over 10% in Q3 2023
• Generated more than $9 million in revenue in Q4 2023
• Expecting significant revenue growth in FY 2024
• Recent capital expenditures and operational enhancements to support growth
• Leadership with over 20 years of experience in the industry

Negative

• None.

Financial Analyst

Greenwave Technology Solutions' announcement of generating more than $9 million in revenue for Q4 2023, which represents a growth of over 10% compared to Q3 2023, is a strong indicator of the company's upward trajectory. This performance is particularly notable given the cyclical nature of the metal recycling industry, which is often influenced by fluctuating commodity prices and economic conditions. The company's strategic investments in operational equipment and transport logistics are expected to enhance their processing capabilities and efficiency, potentially leading to improved profit margins.

Investors should consider the scalability of Greenwave's business model, as the capital expenditures on additional equipment and technologies suggest a focus on long-term growth. However, it is important to monitor the return on these investments, as significant capital outlays can also lead to increased financial leverage and interest expenses. The company's ability to manage these investments without compromising their balance sheet will be critical for sustained growth.

Market Research Analyst

The metal recycling sector is influenced by global supply and demand dynamics, which are currently being shaped by trends towards sustainability and circular economy practices. Greenwave's recent operational expansion and the commencement of new processing facilities could position the company favorably within this context. By increasing its capacity to process non-ferrous metals, Greenwave may capture a larger market share and benefit from the growing demand for recycled metals.

Nonetheless, potential investors and stakeholders should be aware of the competitive landscape and regulatory environment. The company's growth projections for FY 2024 will likely depend on both domestic and international market conditions, including trade policies and environmental regulations that could impact the metal recycling industry.

Sustainability Expert

Greenwave's expansion into more efficient recycling technologies aligns with broader industry trends prioritizing sustainability. The use of metal balers, wire strippers and sheers enhances the company's ability to recycle materials at a higher volume and with greater precision, which can reduce waste and improve the quality of the recycled output. This technological adoption can serve as a differentiator in an industry where environmental impact is increasingly scrutinized by consumers, investors and regulators alike.

It is important to highlight the potential long-term benefits of Greenwave's strategy from a sustainability perspective. By investing in technologies that improve operational efficiency, the company not only stands to increase its margins but also contributes to the reduction of the industry's carbon footprint. This could lead to enhanced brand reputation and customer loyalty, as well as potential eligibility for environmental credits or incentives.

Company Grows Revenues More than 10% Over Q3 2023

Greenwave Expects to Significantly Grow Revenues in FY 2024

CHESAPEAKE, Va., Jan. 22, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that it generated more than $9 million in revenue during the fourth quarter of 2023. The news comes on the heels of the Company commencing operations of a metal baler, wire stripper, and three sheers at its non-ferrous processing facility in Portsmouth, VA last week.

Greenwave is poised to accelerate its revenue growth in 2024, aided by the significant capital expenditures the Company has made over the past twenty-four months, some of which include additional processing equipment, a fleet of trucks to more efficiently transport materials for processing and sale, and technologies aimed at growing top line sales as well as creating operating efficiencies to enhance margins.

With more than 20 years of experience in the metal recycling industry, Empire's leadership has grown the Company through nearly every economic climate and is committed to creating long-term shareholder value.

About Greenwave

Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc.
("Empire"), is a leading operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement several unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.

Steel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times. Recycling steel provides key environmental benefits over virgin metals, including reduced energy use, lower CO2 emissions, lower waste, and conserving natural resources. Greenwave's customers include large corporations, industrial manufacturers, retail customers, and government organizations. The Company plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. For more information, please visit www.GWAV.com.

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 the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company 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 the Company's control), assumptions and other factors 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 the Company's common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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SOURCE Greenwave Technology Solutions

What was Greenwave Technology Solutions, Inc.'s revenue increase in Q3 2023?

Greenwave Technology Solutions, Inc. (GWAV) reported a revenue increase of over 10% in Q3 2023.

How much revenue did Greenwave Technology Solutions, Inc. generate in Q4 2023?

Greenwave Technology Solutions, Inc. (GWAV) generated more than $9 million in revenue in the fourth quarter of 2023.

What is Greenwave Technology Solutions, Inc.'s outlook for revenue growth in FY 2024?

Greenwave Technology Solutions, Inc. (GWAV) expects significant revenue growth in FY 2024.

What recent investments has Greenwave Technology Solutions, Inc. made to support revenue growth?

Greenwave Technology Solutions, Inc. (GWAV) has made recent capital expenditures, including additional processing equipment, a fleet of trucks, and technologies aimed at growing top line sales and creating operating efficiencies.

How much experience does Empire's leadership have in the metal recycling industry?

Empire's leadership has over 20 years of experience in the metal recycling industry.