Greenwave Expects Q2 2022 Revenues to Grow by 40% over Empire’s Q2 2021 Revenues

Greenwave Expects Q2 2022 Revenues to Grow by 40% over Empire’s Q2 2021 Revenues
CANNANNEW REPORT

The Company expects revenues for the second quarter of 2022 to grow by 40% over Empire’s second quarter 2021 revenues and to generate positive cashflows from operations for the six months ending June 30, 2022 CHESAPEAKE, Va., June 07, 2022 (GLOBE NEWSWIRE) — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (OTCPink:GWAV) is pleased to report that based on its revenues generated through June 3, 2022, it is on track to grow its second quarter 2022 revenues by approximately 40% over the revenues Empire generated in the same quarter in 2021. 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. A bar chart accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6817e55b-7991-405b-88aa-0ad0b8123dda 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. The shredder and downstream system are expected to come online in the summer and fall of 2022, respectively, and are expected to double the Company’s processing capacity while increasing its profit margins. “Since founding Empire in 2004, we have experienced and successfully navigated several tough economic climates. With the installation of our second shredder on track to be completed this summer, we believe Greenwave is positioned to continue growing its revenues and generating healthy cashflows through a likely recession,” stated Danny Meeks, Chief Executive Officer of Greenwave. “While the metal recycling industry is not immune to slowing economic…