Key Details & Sources: Company Website. Form S-3.
As mentioned above, GWAV has several potential breakout catalysts to pay attention to right now. Here they are:
No. 1 GWAV Potential Catalyst - A Low Float Opens The Door For The Potential Of Explosive Volatility
According to the Yahoo Finance website, GWAV has a fairly low float.
The website reports this profile to have approximately 7.81Mn shares in its float.
Why is that important? It's important on one crucial level. Volatility.
Could more positive company news in 2023 provide a near term spark?
No. 2 GWAV Potential Catalyst - Revenue Soars As Cashflows Hit New Record (Downstream Processing System Could Generate Beaucoup)
Greenwave Technology Solutions Reports Third Highest Quarterly Revenues in Company History
- Greenwave generated $1.23Mn in positive cashflows from operations during the six months ended June 30, 2023, a new record for the Company
- Company generated $18.46Mn in revenues for the six months ended June 30, 2023, the second highest in the Company's history
- Subsequent to the close of the quarter, Greenwave closed a private placement for proceeds of $15Mn, paying off all outstanding factoring advances and reducing its equipment financing debt by $2Mn
CHESAPEAKE, Va., Aug. 15, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it generated revenues of $9.46 and $18.45Mn during the three and six months ended June 30, 2023, respectively, the third highest quarterly revenues in its history. Further, for the six months ended June 30, 2023, Greenwave generated positive cashflows from operating activities of $1.23Mn – a new record for the greatest amount of cashflows generated by the Company during a six month period.
"Greenwave is continuing to position itself as one of the most robust metal recycling companies on the east coast, suppling steel and other recycled metals to some of the nation's leading steel mills and foundries," stated Danny Meeks, Chairman and CEO of Greenwave. "We believe there will continue to be aggressive consolidation in this industry, as demonstrated by yesterday's buyout offer of U.S. Steel. We continue to execute on our strategic business objective – expanding our operations, increasing volumes, and growing our revenues – and believe Greenwave is one of the most unique and compelling companies in the metal recycling industry."
Subsequent to the close of the quarter, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave's automotive shred residue or "fluff" as it is known in the industry. The Company has generated an average of $38k per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream processing system, and brings a copper extraction component online, revenues generated by its downstream processing system could exceed $1Mn per month by the end of 2023. As a result of the downstream system commencing operations, the Company is currently generating positive cashflows from operating activities and expects to generate positive EBITDA for the year ending December 31, 2023.
Recent fi.nancial results and operational highlights:
- On August 1, 2023, closed a private placement for proceeds of $15Mn, paying off all outstanding factoring advances and reducing its equipment financing debt by $2Mn. This reduced Greenwave's monthly cash repayment obligations by more than $800k, significantly improving the Company's cashflows.
- Greenwave no longer has any shares of preferred st-ock outstanding – in July 2023, the Company issued shares of common stock to fully satisfy and retire the Company's Series Z Preferred St-ock, previously owned by Greenwave's Chairman Danny Meeks.
- Company's second automotive shredder expected to come online this quarter – will double Greenwave's ferrous metal processing capacity. By selling its ferrous metal as shredded rather than unshredded, the Company generates approximately 33% more revenue with profit margins in excess of 60%.
- Appointed Henry Sicignano III to the Company's Board of Directors -- Mr. Sicignano currently serves as the President of Charlie's Holdings, Inc., a publicly traded consumer products company with sales in more than 90 countries. Prior to this role, he served as Chief Executive Officer, President, and Director of 22nd Century Group, Inc., a publicly listed plant biotechnology company. Additionally, Mr. Sicignano served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc. He currently serves on the board of directors of Kartoon Studios and served on the board of directors of Anandia Laboratories, Inc. until it was acquired in 2018. Mr. Sicignano holds a B.A. degree from Harvard College and an M.B.A. degree from Harvard University.
- Appointed Jason Adelman to the Company's Board of Directors – Mr. Adelman brings extensive experience in advising and investing in emerging growth companies in the technology, media, medical device and biotech sectors. Mr. Adelman was the lead banker in Computer Motion's merger with Intuitive Surgical and was a member of the board of directors of Pharmacyclics prior to its acquisition by Abbvie for over $20Bn. Currently, Mr. Adelman serves as a member of the board of directors of Trio-Tech International, a global semiconductor services company, and Oblong, Inc., a leader in next generation collaboration technologies. Prior to founding Burnham Hill Capital Group, LLC in 2003, Mr. Adelman served as Managing Director of In-vest-ment Banking at H.C. Wainwright and Co., Inc. Mr. Adelman holds a B.A degree in Economics from the University of Pennsylvania and a J.D. degree from Cornell Law School.
Read the full article here.
No. 3 GWAV Potential Catalyst - Company's Shareholder Update Highlights Key Revenue Generators And Their Extreme Growth Potential
Greenwave Technology Solutions, Inc. Shareholder Update
CHESAPEAKE, Va., Aug. 3, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it has commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave's automotive shred residue or "fluff" as it is known in the industry.
"We are at an inflection point in Greenwave's growth trajectory. With the downstream processing system now online and new infrastructure set to come online in the coming weeks, we believe Greenwave's revenue growth will accelerate going into 2024, in addition to increasing pro-fit margins," stated Danny Meeks, Chief Executive Officer of Greenwave. "We are incredibly grateful for the trust and support of Greenwave's shareholders. We are continuing to execute on our strategic growth initiatives and look forward to reporting back on our progress."
Second Automotive Shredder
The Company is pleased to announce it has completed the installation of its second automotive shredder at its Carrollton facility to process cars, household appliances and industrial products. The shredder is expected to commence operation as soon as the electrical infrastructure is completed. Greenwave's second automotive shredder is expected to come online this quarter and more than double the Company's ferrous metal processing capacity. By selling its ferrous metal as shredded rather than unshredded, Greenwave generates approximately 33% more revenue with pro-fit margins in excess of 60%.
The completion of Greenwave's second automotive shredder concludes its multi-year capex cycle, under which the Company has in-vest-ed more than $15Mn in its infrastructure and equipment over the past 18 months. This capex cycle is expected to double its ferrous metal processing capacity from fiscal 2022 levels and result in the Company having the infrastructure to accretively scale to over 20 metal recycling facilities.
Greenwave formally opened its Cleveland metal recycling facility in April 2023 and is currently generating approximately $100k in revenue per month. In the Company's experience, it typically takes 9 to 12 months before a newly opened facility reaches its full volume and revenue potential – it takes time to optimize operations, inform the community that a new metal recycling facility is open, and for local businesses and individuals to get in the routine of bringing their metal to the new facility.
Greenwave has been installing a shear baler at this facility, expected to commence operations in August 2023, which will significantly increase the amount of metal the Cleveland facility can purchase, process, and sell. The Company's Cleveland facility also has access to the adjoining railroad to easily transport the scrap metal it processes to steel mills and foundries. Hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis. Given these factors, Greenwave expects the monthly revenue generated by its Cleveland facility will ramp to over $500k per month in 2024.
Read the full article here.
No. 4 GWAV Potential Catalyst - Cleveland Facility Opens (Creates New Revenue Generator)
Greenwave Officially Opens Cleveland Facility
CLEVELAND, April 5, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia and North Carolina, is pleased to share that it has officially opened its Cleveland, Ohio facility.
Greenwave Technology Solutions, Inc. secured the property formerly occupied by JBI Scrap Processors on East 55th Street in Cleveland in February 2023. The project, which the Company believes will be amongst Greenwave's top performing locations, will create fifteen to twenty jobs in the area and offer a unique opp. to repurpose the materials from an industrial sector creating a more sustainable and eco-friendlier environment.
The new scrap metal recycling facility is located on a ten-acre site on Cleveland's east side in the Evergreen neighborhood. Greenwave's technology allows for the recycling of materials that would otherwise be discarded in landfills or incinerated. These materials can then be transformed into new products, helping to reduce waste while allowing productive use of materials.
The property has access to the adjoining railroad to transport the scrap metal it processes and hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis.
The facility's employees will specialize in the safe recycling of ferrous and non-ferrous metals. Greenwave is also planning on implementing an awareness program to educate local residents about the importance of recycling and sustainability.
Greenwave generated over $3Mn in revenue for March 2023, and expects to continue generating similar revenue levels for the foreseeable future.
Read the full article here.
No. 5 GWAV Potential Catalyst - As U.S. Steel Considers Acquisition Offers, Greenwave Could Be In A Perfect Position To Strengthen Its Competitive Position
Check out this bombshell news from earlier in August:
U.S. Steel rejects a $7.3Bn offer from rival Cleveland-Cliffs; considers alternatives
Here's why this news could be huge...
The potential sale of U.S. Steel holds significant implications for Greenwave Technology Solutions, Inc.
This development could usher in a transformative opp. for Greenwave in the metal recycling sector.
With U.S. Steel exploring alternatives after rejecting a substantial $7.3Bn offer, it could potentially create an opening for Greenwave to establish strategic partnerships or acquisitions.
Should Greenwave position itself to capitalize on U.S. Steel's potential shift, it could gain access to valuable resources, infrastructure, and expertise within the steel industry.
This alignment could propel Greenwave's growth trajectory, expand its market presence, and enhance its revenue streams.
Furthermore, this situation underscores the dynamic nature of the metal industry and its potential for reshaping market landscapes.
If Greenwave seizes this moment to strategically align itself with U.S. Steel's evolving scenario, it could significantly strengthen its competitive position and drive its long-term prosperity in the metal recycling sector.
GWAV Recap - Top Potential Breakout Catalysts To Watch Now
No. 1 - A Low Float Opens The Door For The Potential Of Explosive Volatility
No. 2 - Revenue Soars As Cashflows Hit New Record (Downstream Processing System Could Generate Beaucoup)
No. 3 - Company's Shareholder Update Highlights Key Revenue Generators And Their Extreme Growth Potential
No. 4 - Cleveland Facility Opens (Creates New Revenue Generator)
No. 5 - As U.S. Steel Considers Acquisition Offers, Greenwave Could Be In A Perfect Position To Strengthen Its Competitive Position
Coverage is officially initiated on GWAV. When time allows, do this: