Greenwave secures exclusive recycling deal in Virginia Beach

CHESAPEAKE, Va. - Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), a key player in the metal recycling industry with a market capitalization of $9.25 million, has been awarded an exclusive contract to become the sole scrap metal recycling service provider for Virginia Beach, Virginia's most populous city. This new agreement is expected to generate over $500,000 in annual revenues for the company, based on the city's previous year's scrap metal output. According to InvestingPro data, the company maintains a healthy gross profit margin of 23.54% despite challenging market conditions.

The contract positions Greenwave as the only metal recycling facility within Virginia Beach, strategically located near significant military and industrial operations, including the world's largest naval base, Naval Station Norfolk, and the Port of Virginia. The company's proximity to these entities ensures access to a substantial supply of scrap metal, which is crucial for its operations.

Greenwave's recent real estate acquisitions in Carrollton, Virginia Beach, and Toano support its strategy to strengthen its market presence. By securing strategic locations, the company is well-prepared for future business opportunities and transactions.

The company's growth strategy emphasizes securing government contracts and has led to partnerships for large-scale infrastructure projects, such as the Hampton Roads Bridge Tunnel expansion, and agreements for recycling abandoned vehicles and supporting U.S. Federal Government operations. While the company has achieved modest revenue growth of 3.89% over the last twelve months, InvestingPro analysis indicates the company is currently trading below its Fair Value, suggesting potential upside opportunity. Subscribers can access 13 additional ProTips and comprehensive financial metrics to better evaluate the investment potential.

Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, employing 167 people. The company supplies steel mills and industrial conglomerates with both ferrous and non-ferrous metals, contributing to critical infrastructure projects and national security interests.

This press release contains forward-looking statements regarding revenue growth and operational expansion. However, such statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied. The company maintains a current ratio of 1.52, indicating sufficient liquidity to meet short-term obligations, though investors should note the company's recent cash burn rate when evaluating future prospects.

The information provided is based on a press release statement from Greenwave Technology Solutions.

In other recent news, Greenwave Technology Solutions, Inc. has announced a $4 million securities purchase agreement with institutional and accredited investors. The company is set to sell over 7.5 million shares of common stock and accompanying warrants to reinforce its position in the rare earth metals market. This comes as Greenwave accelerates its initiatives to recover rare earth metals amid global supply chain concerns.

Additionally, Greenwave has expanded into wood recycling, a move expected to generate substantial revenue. On the financial front, Greenwave reported record revenues due to increased processing volumes and a surge in copper prices. The company also raised approximately $15.3 million through a direct offering and private placement. CEO Danny Meeks converted approximately $17.22 million of company debt into equity, thereby strengthening the company's financial position.

Furthermore, Greenwave introduced a new series of preferred stock, potentially aiming to raise capital or create a new ownership structure. Lastly, the company announced expansion plans, including operating a second shredder and expanding its proprietary technology platform, ScrapApp.com. These are the recent developments at Greenwave.

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