Greenwave Technology Solutions Generates More than $9 Million Revenue in Q4 2023
GWAV Achieved over $30M in revenues last year and is on track to generate record revenues this year
GWAV operates 13 metal recycling facilities in Virginia, North Carolina, and Cleveland, OH
Company has improved its balance sheet by $27 million over the past 90 days
Greenwave believes it is on track to generate record revenues with record volume of steel processed in 2024
Greenwave CEO Exchanges $7.22 Million in Debt into Common Shares at $0.1167/Share – Additionally, Company CEO Exchanges $10 Million in Debt into Shares of Series D Preferred
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Hello Everyone,
We have past winner for you to research again for tomorrow’s session.
Pull up GWAV Immediately.
This one just completed a 1 for 150 reverse stock split, drastically reducing the float down to a minuscule amount for the time being.
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.
U.S. Steel Turns Down $7.3Bn Offer From Cleveland-Cliffs, Explores Alternatives – Potential Upside For Greenwave Technology Solutions, Inc. (Nasdaq: GWAV)?
Major developments in the steel industry are reshaping the landscape for key players. U.S. Steel, a significant player in the industry, has recently declined a substantial $7.3Bn acquisition offer from Cleveland-Cliffs and is now contemplating competitive proposals from Esmark Inc.
To add to the intrigue, there are rumors of ArcelorMittal SA considering entering the bid for this major steel manufacturer.
Amid this potential industry consolidation, GWAV emerges as a proactive contender, gearing up for an aggressive expansion strategy to meet the escalating demands of leading U.S. steel mills.
GWAV: Paving the Way for Growth in Metal Recycling
GWAV holds a prominent position as an operator of metal recycling facilities across Ohio, Virginia and North Carolina. Their core operations involve the collection, categorization, and processing of raw scrap metal, primarily to supply major steel mills and foundries. What sets Greenwave apart is its relentless pursuit of expansion and infrastructure enhancement, positioning itself as a key player during a potentially transformative phase in the steel industry.
Record-Breaking Growth: Positive Cash Flows and Expansion Plans
The first half of last year saw Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) achieve remarkable growth, marked by substantial in-vest-ments in infrastructure that have begun yielding impressive results. Notably, the company achieved a significant milestone by generating $1.23Mn in positive cash flows from operations during the six months ending on June 30, 2023—a record achievement for the company.
Investing Heavily in Infrastructure
GWAV’s strategy of heavy infrastructure investment over recent years is now showing substantial promise. A standout example is the installation of a new automotive shredder and downstream processing system at its Kelford, North Carolina facility. This innovative system focuses on recovering millimeter-minus metal pieces from the residue left in the shredder. This previously discarded residue, often referred to as “fluff,” holds substantial value, but effectively extracting it has proven challenging. The downstream processing system is designed to overcome this hurdle.
The downstream system officially commenced operations in July 2023, introducing a fresh revenue stream set to kickstart in Q3 2023. The company forecasts that this system will generate an average daily revenue of $38,000, boasting margins exceeding 80%. Furthermore, it is well on its way to achieving over $1Mn in monthly revenue by the year’s end.
Future Growth Anticipated
GWAV is accelerating its progress toward these goals with the impending launch of a second automotive shredder at its Carrollton facility. This addition will effectively double the metal recycler’s capacity to process ferrous metal. The decision to shred ferrous metal rather than selling it in its unshredded form positions the company to command higher prices, generating an estimated 33% increase in additional revenue compared to unshredded ferrous metal.
In April, GWAV expanded its footprint with the opening of a new facility in Cleveland. Even though it has not yet reached its full volume potential, this location is already generating approximately $100,000 per month in revenue. As operations further ramp up, particularly with the commencement of a shear baler this month, the Cleveland facility is poised to generate $250k or more per month in revenue by next year.
As U.S. Steel explores alternative pathways in a potentially consolidating steel industry, GWAV stands out as a company actively positioning itself to seize new growth opp’s and strengthen its foothold in the ever-evolving world of metal recycling.
Greenwave’s Scrap App
Greenwave recently announced that its wholly-owned subsidiary, Scrap App, launched new AI-powered features to optimize pricing and sales. In a recent press release, Greenwave stated that the company anticipates Scrap App’s planned national expansion, coupled with its AI strategy, will accelerate growth.
Greenwave Chairman and CEO Danny Meeks stated “We plan to expand Scrap App to multiple new markets across the United States in the coming weeks. As a technology platform, Scrap App has the ability to scale to new markets with minimal capital investment – we do not have to open a new facility, purchase additional equipment, or significantly expand overhead when we enter a new city. We believe Scrap App has the potential to generate significant, high-margin revenue and create value for Greenwave shareholders.”
Greenwave Eliminates All Convertible Debt
PUBLISHED
MAY 22, 2024 6:00PM EDT
Final Conversion of $18 Million in Convertible Debt Occurred Today
Greenwave Eliminated an Additional $17.2 Million in Debt Held by Chairman
Company Now Has No Convertible Debt or Preferred Shares Outstanding
Greenwave Bolsters Balance Sheet with $21.8 Million in Cash
CHESAPEAKE, Va., May 22, 2024 /PRNewswire/ — Greenwave Technology Solutions, Inc.(“Greenwave” or the “Company”) (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that it has retired all of its convertible debt and preferred shares. Since the beginning of 2024, Greenwave has eliminated $35.2 million in debt, including $17.2 million of debt held by the Company’s Chairman and CEO.
With a significantly strengthened balance sheet, the Company intends to expand its operations in the coming weeks. Greenwave expects to generate approximately $40 million in revenue in 2024, driven by processing volumes of steel and copper.
Greenwave Technology Solutions’ Exchanges All Outstanding Notes Held by its Chief Executive Officer into Equity
Greenwave CEO Exchanges $7.22 Million in Debt into Common Shares at $0.1167/Share
Additionally, Company CEO Exchanges $10 Million in Debt into Shares of Series D Preferred
CHESAPEAKE, Va., May 7, 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, is pleased to report its Chairman and Chief Executive Officer, has exchanged an aggregate of approximately $17.22 million in debt into equity comprised of (i) $10.00 million in debt exchanged for shares of Series D Preferred Stock and (ii) $7.22 million in debt exchanged into common stock at $0.1167 per share.
“Over the past several weeks, we have significantly strengthened Greenwave’s balance sheet and positioned the Company for the next phase of its growth,” stated Greenwave CEO Danny Meeks. “I believe exchanging my debt into equity further aligns me with all shareholders and reflects the confidence I have in our business and growth strategy.”
Greenwave Technology Solutions Further Strengthens its Balance Sheet
APR 23, 2024 7:07AM EDT
Company has improved its balance sheet by $27 million over the past 90 days
Chairman and CEO has converted all $17.22 million of his debt into equity
Company bolsters balance sheet with $5.25 million capital infusion
CHESAPEAKE, Va., April 23, 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, announced today that on April 22, 2024, it further strengthened its balance sheet by approximately $12 million.
Greenwave Recent Highlights:
- Improved balance sheet by approximately $27 million over the past 90 days
- Chairman and CEO exchanged approximately $17 million of debt into equity
- Intends to utilize additional cash flow to aggressively grow operations
- Anticipates starting operations for its second shredder in May
- Plans to expand its wholly-owned technology platform, ScrapApp.com, into new markets and continue AI development
- Plans to enhance margins of its Downstream Processing System with implementation of new Copper Extraction Technology
- Expects to regain full compliance with all Nasdaq listing standards by the end of May
- Seeks to accelerate efforts in social media, digital marketing and data analytics
- On track to generate record revenues with record volume of steel processed in 2024
Greenwave Technology Solutions Strengthens Balance Sheet by Approximately $14.87 Million
PUBLISHED
APR 1, 2024 9:55AM EDT
Company Believes it Has Regained Compliance with Nasdaq’s Shareholder Equity Requirement
CHESAPEAKE, Va., April 1, 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 during the first quarter of 2024, it received proceeds from warrant exercises of approximately $2.81 million, converted approximately $2.06 million of third party debt to equity, and exchanged $10 million of related-party debt into equity. As a result of the foregoing, the Company has increased its shareholder’s equity by approximately $14.87 million.
The Company believes it has regained compliance with the minimum $2.5 million stockholders’ equity requirement and satisfies the minimum $5 million equity requirement for initial listing on The Nasdaq Capital Market.
Further, the Company has secured waivers from its senior secured note holders of the quarterly-cash covenants until September 30, 2024, as well as monthly amortization payments until July 31, 2024. The Company expects to utilize the additional cashflows from restructuring its debt to grow its operations.
Greenwave believes it is on track to generate record revenues with record volume of steel processed in 2024. For more information, please see the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 1, 2024.
Greenwave Technology Solutions’ Second Shredder Currently Being Connected to Power Grid by Dominion Energy Ahead of Schedule
PUBLISHED
MAR 25, 2024 8:34AM EDT
The second shredder is expected to boost annual revenues by approximately $4.8 million, with significant increase to gross profit
Second shredder on track to be connected to power grid by March 29, 2024 and commence operations shortly thereafter, doubling Greenwave’s annual shredded ferrous output
Greenwave is now one of the largest independent operators of metal recycling facilities on the East Coast
CHESAPEAKE, Va., March 25, 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 Dominion Energy is currently in the process of connecting its second automotive shredder to the power grid which is expected to be completed by March 29, 2024. The Company’s second automotive shredder is expected to commence operations shortly thereafter and double Greenwave’s annual shredded ferrous output.
https://mma.prnewswire.com/playmedia/2370348/second_shredder_video.html
Greenwave’s existing automotive shredder – an American Pulverizer 60×85 – is the same make and model as its second one, providing the Company expertise in its operation and maintenance. By shredding the steel Greenwave currently sells unshredded, the Company anticipates that it will be able to generate approximately 25-30% more revenue with significant margins on that steel volume.
In October 2023, Sims Metal Management acquired Baltimore Scrap Corp., which operated 17 metal recycling facilities and four shredders, for consideration of $220 million(1). Similar to most industries, there has been a tremendous amount of consolidation in scrap metal companies during the past several years. Greenwaveis now one of the largest independent chains of scrap yards remaining on the East Coast, with significant market share in its key markets. Further, the Company believes there is significant value in its licenses, municipal and corporate contracts garnered over its 20-year operating history, robust infrastructure, and team of seasoned experts.
“Greenwave’s second shredder provides the infrastructure for us to expand our footprint of metal recycling facilities up from 13 currently – significantly growing Greenwave’s revenues, margins, and free cashflow,” stated Greenwave CEO Danny Meeks. “We believe the market is significantly undervaluing Greenwave and firmly believe that by continuing our hub-and-spoke strategy of shredder hubs with feeder yards, we will become an increasingly attractive acquisition target of the major scrap metal conglomerates.”
Greenwave is on track to grow it revenues and volume of steel processed from 2023 levels in 2024.
Greenwave Technology Solutions Generates More than $9 Million Revenue in Q4 2023
PUBLISHED
JAN 22, 2024 12:31PM EST
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.
NEWS
Greenwave Technology Solutions’ Downstream Processing System Generates Record Revenues as Copper Hits All Time HighJun 5, 2024Greenwave Announces Reverse Stock Split to Regain Nasdaq ComplianceMay 29, 2024Greenwave Eliminates All Convertible DebtMay 22, 2024Greenwave Technology Shores Up Balance Sheet With Debt-for-Equity Swap, Expects To Process Record Volumes Of Steel And Copper With 2024 Revenues Exceeding $40 MillionMay 10, 2024Greenwave Technology Solutions Expects to Process Record Volumes of Steel and Copper with Revenues Exceeding $40 Million in 2024May 9, 2024Greenwave Technology Solutions’ Exchanges All Outstanding Notes Held by its Chief Executive Officer into EquityMay 7, 2024Greenwave Technology Solutions Further Strengthens its Balance SheetApr 23, 2024Greenwave Technology Solutions Regains Compliance with Nasdaq Market Value of Listed Securities RequirementApr 4, 2024Greenwave Technology Solutions Strengthens Balance Sheet by Approximately $14.87 MillionApr 1, 2024Greenwave Technology Solutions Could Be Emerging As Recycling Leader By Increasing Metal Processing Capabilities In Eastern U.S.Mar 28, 2024
MANAGEMENT TEAM
Danny Meeks – Chairman & CEO
At 18 years old, with one truck, Danny Meeks started a hauling company which he quickly expanded by re-investing its profits. Within two years, Mr. Meeks had won contracts to provide hauling services for some the region’s largest projects, including the expansion of the Chesapeake-Bay Bridge Tunnel.
In 2000, Mr. Meeks started Meeks Disposal Corporation with 1 truck and 10 roll-off cans, which he quickly expanded to 100 trucks and 3,500 roll-off cans. After Hurricane Katrina hit, Meeks Disposal was awarded a $100 million federal subcontract for the clean-up of New Orleans, under which Mr. Meeks oversaw 1,500 trucks and 5,000 people. Mr. Meeks sold Meeks Disposal Corporation for $17 million in 2010.
In November 2012, Mr. Meeks was elected to Portsmouth City Council, where he served on the industrial, zoning, housing authority, economic development, and port & development boards. He was also a member of the budget committee, where he was instrumental in helping set the city’s $750 million annual budget that gave city employees raises without increasing taxes.
In 2002, Mr. Meeks started DWM Properties, LLC, through which he’s steadily built a portfolio of 106 properties valued at approximately $27 million.
In 2012, after Super Storm Sandy hit, Mr. Meeks started Select Recycling Waste Services, Inc., which was awarded a federal subcontract to provide cleanup services in New Jersey. In 2016, it started a trash division which expanded to 70 trucks and 4,700 front load and roll off containers. In 2020, Mr. Meeks sold the majority of SRWS’ assets for $27 million and in 2021, he sold the remaining assets for an additional $3 million.
In 2004, Mr. Meeks founded Empire Services, Inc. with 1 yard and over the past 17 years, he has expanded it to 11 yards and $25 million in annual revenue through both acquisitions and opening new locations from scratch.
Mr. Meeks is well-suited to serve on our Board due to his significant business and management experience and deep knowledge of growth and commercialization strategies. Mr. Meeks joined the Company’s Board to foster revenue-generating capabilities of the Company.
Chief Financial Officer
Mr. Isaac Dietrich – Isaac Dietrich founded Greenwave and previously held the following positions with the company: Chief Executive Officer (April 2013 – October 2017, December 2017 – September 2021); Chairman of the Board (April 2013 – October 2017, December 2018 – June 2021); Chief Financial Officer (April 2013 – May 2014, August 2017 – October 2017, March 2021 – November 2021); and a member of its Board of Directors (April 2013 – November 2021). Mr. Dietrich was a consultant to Greenwave from February 2022 to April 2023.During this time, Mr. Dietrich was instrumental in closing public and private offerings of equity instruments for proceeds of tens of millions of dollars, developing a shareholder base of more than 27,000 investors, and closing an acquisition that resulted in the company generating $33.9 million in revenue in fiscal year 2022.From September 2022 to present, Mr. Dietrich has served as the Director of Finance of Thumzup Media Corporation. Since February 2023, Mr. Dietrich has served on Alpha Energy, Inc.’s Board of Directors and as Chairman of its Audit Committee.
Independent Directors
Mr. Henry Sicignano – Mr. Sicignano currently serves as the President of Charlie’s Holdings, Inc. (OTC: CHUC), a publicly traded consumer goods company with sales extending to more than 90 countries, a role which he has held since April 2021. Prior to this role, from March 2015 through July 2019, he served as Chief Executive Officer of 22nd Century Group, Inc. (Nasdaq: XXII), a publicly listed plant biotechnology company. Additionally, Mr. Sicignano has served as director of Kartoon Studios, Inc. (NYSE: TOON) since May 2023 and served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc. He also served on the board of directors of Anandia Laboratories, Inc., which was acquired in 2018. Mr. Sicignano holds a B.A. degree from Harvard College and an M.B.A. degree from Harvard University. Mr. Sicignano serves chairman of the Audit Committee and as a member of the Compensation and Nomination and Corporate Governance Committees.
Mrs. Cheryl Lanthorn – Mrs. Lanthorn began her career as a Personal Administrator at Welton, Duke & Hawks before rising to an Accounting Administrator due to her work-ethic, extensive accounting knowledge, and attention to detail. For the next 14 years, Mrs. Lanthorn was a Software Trainer and Content Developer for Applied Systems, Inc., where she created webinars and instructional documentation to teach employees how to best utilize TAM, Vision, Epic, and other scalable software programs. From December 2015 to July 2022, Mrs. Lanthorn served as an Account Executive at Brown & Brown Insurance, where she managed one of the company’s largest books of business, managed employees and their books, trained new employees, and performed various other administrative duties. Since August 2022, Mrs. Lanthorn has been a Senior Account Manager at Marsh Mclennan Agency, LLC, where she manages large corporate accounts. Mrs. Lanthorn serves on as Chairwoman of the Compensation and Nomination and Corporate Governance Committees and as a member of the Audit Committee.
Mr. John Wood – Since 1998, Mr. Wood has served as a licensed real estate agent in Virginia. Since 2010, He has served as the Principal Broker of John E. Wood Realty, Inc., based in Chesapeake, Virginia, where through his extensive relationships with business and community leaders, he has become one of the region’s most active real Residential, Commercial and Property Management Brokers. He is also the Virginia Principal Broker for two other companies, which rank in the top 10 in the nation. In July 2018, he launched American Contracting Services, LLC, which has successfully completed hundreds of Commercial and Residential construction projects. Mr. Wood serves on the Company’s Audit, Compensation, and Nomination and Corporate Governance Committees.
Mr. Jason Adelman – Mr. Adelman is the Founder and Managing Member of Burnham Hill Capital Group, LLC, a privately held financial advisory firm, and serves as Managing Member of Cipher Capital Partners LLC, a private investment fund. Mr. Adelman also serves as a member of the board of directors of Trio-Tech International (Nasdaq: TRT) and Oblong, Inc. (Nasdaq: OBLG). Prior to founding Burnham Hill Capital Group, LLC in 2003, Mr. Adelman served as Managing Director of Investment Banking at H.C. Wainwright and Co., Inc. Mr. Adelman graduated from the University of Pennsylvania with a B.A. in Economics, cum laude, and from Cornell Law School with a J.D. degree. Mr. Adelman serves on the Company’s Compensation, and Nomination and Corporate Governance Committees.
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