Greenwave reports Q1 profits

Greenwave reports Q1 profits

Virginia-based scrap company says it generated record revenue and positive cash flows.

Greenwave Technology Solutions Inc., Norfolk, Virginia, which operates 11 scrap yards under the Empire Services name, has reported revenue of $9.92 million in the first quarter of this year. It calls that an increase of 66.9 percent from the $5.94 million in revenue generated in the first quarter of 2021.

“The company generated positive cash flows from operating activities and eliminated $44 million in derivative liabilities, significantly improving its balance sheet and shareholder’s equity,” Greenwave says regarding its operations in North Carolina and Florida.

The firm says its revenue growth “is being driven by robust demand for scrap metal, record-high commodity prices, inflationary pressures, the repurposing and implementation of Greenwave’s technology into Empire’s operations and an expanding footprint of metal recycling facilities.”

Greenwave says it is in the process of installing a second shredder and downstream system, expected to come online this summer.

“As our first-quarter financials show, Greenwave is aggressively growing its revenue while responsibly managing our expenditures and cash flows,” Greenwave CEO Danny Meeks says. “The significant investments in equipment and infrastructure we made during the first quarter, along with the planned opening of our 12th location in Fairmont, North Carolina, positions Greenwave to continue growing its revenues in the coming quarters.”

Greenwave says it submitted an application May 4 to list its stock on the NASDAQ, which it says “could result in a significant increase in institutional interest and liquidity in the market for the company’s stock.”