Insiders made open market purchases of more than 500,000 GWAV shares in December 2024Company has increased shareholders' equity by approximately $51 million in 2024Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growthThe Company recently purchased the real estate for seven of its core facilities, reducing annual rent expenses by approximately $1.7 millionNumerous upcoming catalysts expected to benefit Greenwave -- including the opening of Nucor Corporation's  ...

Core Insights - Greenwave Technology Solutions, Inc. has been awarded an exclusive government contract for recycling 550,000 pounds of non-ferrous metal, which is expected to increase revenues by approximately $2 million in Q4 2024 and Q1 2025 [1] - The company operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, with a significant market share and a focus on both ferrous and non-ferrous metal processing [2][5] - Greenwave's growth strategy emphasizes government contracts, leveraging relationships for large-scale infrastructure projects and agreements for recycling abandoned vehicles [3] Competitive Advantages - Greenwave has established a robust operational footprint with 13 facilities, including three hubs dedicated to metal recycling, which creates barriers to entry in a highly regulated market [2] - The company has a strong portfolio of operational licenses, ensuring limited competition and safeguarding its market position [2] - Recent acquisitions of key facility real estate enhance Greenwave's strategic positioning for future growth [2] Strategic Growth Trajectory - The company prioritizes government contracts as a cornerstone of its growth strategy, with notable partnerships for infrastructure projects and contracts supporting U.S. Federal Government operations [3] - Greenwave's proximity to Naval Station Norfolk and the Port of Virginia provides access to a significant supply of scrap metal from defense contractors and logistics operations [4] - The company is well-positioned for long-term sustainable growth and value creation for stakeholders due to its market positioning and robust contract pipeline [4]

CHESAPEAKE, Va., Dec. 2, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) ("Greenwave" or the "Company"), a leading operator of metal recycling facilities across Virginia, North Carolina, and Ohio, has taken a transformative step by acquiring the real estate for seven of its core facilities. This strategic iniative, facilitated through a purchase from Chief Executive Officer Danny Meeks, thereby reduces the Company's annual rent expenses by approximately $1.7 million, enhancing cashf ...

Financial Performance - For the three months ended September 30, 2024, the company generated revenues of $8,505,187, an increase of 3.95% from $8,181,948 in the same period in 2023, primarily due to growth in hauling revenue[204]. - Gross profit for the same period was $3,545,279, reflecting a 20.96% increase from $2,930,947 in 2023, driven by growth in hauling revenue and lower costs of metal revenues[205]. - Revenue for the nine months ended September 30, 2024, was $24,891,859, down from $26,641,644 in 2023, a decrease of $1,749,785, or 6.57%[213]. - Gross profit decreased to $9,093,395 for the nine months ended September 30, 2024, from $10,956,412 in 2023, a decline of $1,863,017, or 17.00%[215]. - Net loss available to common stockholders was $82,065,693 for the nine months ended September 30, 2024, compared to $29,443,909 for the same period in 2023, an increase of $52,621,784, or 178.72%[222]. Operating Expenses - Operating expenses decreased significantly by 51.38% to $7,981,875 in Q3 2024 from $16,416,504 in Q3 2023, primarily due to reduced consulting and legal expenses[206]. - Operating expenses decreased to $25,302,888 for the nine months ended September 30, 2024, from $28,467,422 in 2023, a reduction of $3,164,534, or 11.12%[216]. Other Income and Expenses - Other income (expense) showed a loss of $(361,070) in Q3 2024, a significant improvement from $(3,006,463) in Q3 2023, mainly due to reduced interest expenses[210]. - Other income increased significantly to $10,672,636 for the nine months ended September 30, 2024, compared to a loss of $(5,271,747) in 2023, a change of $15,944,383[220]. Cash Flow and Financial Position - Cash used in operating activities was $14,756,026 for the nine months ended September 30, 2024, compared to $2,587,000 in 2023[223]. - Net cash used in investing activities was $10,302,216 for the nine months ended September 30, 2024, compared to $1,577,768 in 2023[225]. - Net cash provided by financing activities was $38,711,738 for the nine months ended September 30, 2024, compared to cash used of $4,792,304 in 2023[226]. - As of September 30, 2024, the company had cash on hand of $15,199,655 and working capital of $6,766,724[227]. Compliance and Regulatory Matters - The Company received a Nasdaq Staff Deficiency Letter on September 13, 2024, indicating that its common stock bid price had closed below the minimum $1.00 per share requirement for continued listing for the last 30 consecutive business days[234]. - The Company has until March 12, 2025, to regain compliance with the minimum bid price requirement by closing at $1.00 or more for at least ten consecutive business days[235]. - If compliance is not regained by the deadline, the Company may be eligible for an additional 180-day compliance period, contingent on meeting other listing standards[237]. Internal Controls and Governance - As of September 30, 2024, the Company identified a material weakness in internal control over financial reporting due to inadequate review processes, which could lead to material misstatements[242]. - Management plans to enhance internal controls by hiring additional qualified personnel, but this is dependent on securing financing or generating significant revenue[243]. - The Company has begun hiring additional accounting personnel to improve segregation of duties and review processes during the most recent fiscal quarter[250]. - The Company’s disclosure controls and procedures were deemed ineffective as of September 30, 2024, due to identified control deficiencies[238]. - The Company does not expect its internal control over financial reporting to prevent or detect all errors and fraud, acknowledging inherent limitations[240]. Legal Matters - The Company is currently engaged in certain legal matters, with no material developments reported since September 30, 2024[251]. - Legal proceedings are detailed in Note 13 – Commitments and Contingencies of the Company's Condensed Consolidated Financial Statements[251].

Company Launches Trust Pilot reviews to Boost Google Search Ranking and Optimize its Conversion Rate ScrapApp.com is Capturing Market Share and Growing Revenue in Key Markets Primarily Utilizing Cashflows Generated from Operating Activities CHESAPEAKE, Va., Aug. 2, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today that its wholly-owned subsidiary, Scrap App, ...

Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - June 20, 2024) - Investorideas.com. a goto platform for big investing ideas issues the second half of a two -part series looking at metals recycling. The snapshot covers the growing demand and why big mining names are investing in the space, featuring Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio. Read the full article at Investorideas.com https://www.inve ...

Greenwave Sees Adoption of Technology and Specifically Artificial Intelligence in the $42.3 Billion U.S. Scrap Metal Industry(1) as Being a Driver for Growth and Competitive Advantage CHESAPEAKE, Va., June 18, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today that its wholly-owned subsidiary, ScrapApp.com, recently set a new daily record for cars purchased t ...

Market Research Future added: "The recycling sector in the United States generates $116.8 billion in economic output while the increase in the construction of buildings owing to the increase in the disposal of building waste into landfills is another factor driving the growth of the metal recycling market revenue. For instance, 30% of all building materials brought to a normal construction site may be wasted. Also, nearly 145 million tonnes of waste were dumped in U.S. landfills in 2018 due to construction ...

Research and Markets reports, "The rising demand for consumer electronics is significantly driving the growth of the metal recycling market. As the production and consumption of devices such as smartphones, laptops, tablets, and household appliances increase, so does the generation of electronic waste (e-waste). These devices contain valuable metals like copper, aluminum, gold, and silver, which can be recovered and recycled. Recycling metals from e-waste is crucial for conserving natural resources and redu ...

Company Strengthens Balance Sheet by $80.5 Million since February Company's Business Plan Fully Funded with No Current Need for Additional Capital Greenwave's Recent Highlights: Strengthened balance sheet by approximately $80.5 million since February Current cash balance of over $26 million Business plan is now fully funded Company is now in full compliance with all Nasdaq listing requirements Anticipates starting operations of its second shredder this summer Plans to enhance margins of its downstream proce ...