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CHESAPEAKE, Va. - Greenwave Technology Solutions, Inc. (NASDAQ:GWAV), a key player in the metal recycling industry trading near its 52-week low of $0.25, has announced the integration of GreenSpark’s AI-driven platform into its operations. According to InvestingPro data, the company’s stock has experienced significant volatility, declining nearly 100% over the past year. This move is aimed at enhancing operational efficiency and accelerating the company’s revenue and margin growth. GreenSpark, supported by notable investors including BMW (ETR:BMWG) i Ventures, has seen a customer base increase of over 300% in the past year and is now set to be implemented across Greenwave’s facilities starting early March 2025.
The collaboration is expected to be a significant step in Greenwave’s expansion, with the company recently adjusting its 2025 revenue forecast to between $47 million and $50 million. This represents substantial growth from its current trailing twelve-month revenue of $33.92 million. InvestingPro analysis shows the company maintains a current ratio of 1.52, indicating sufficient liquidity to meet short-term obligations, though it’s currently experiencing rapid cash burn. This projection comes in the wake of the tariffs on steel and aluminum introduced by President Trump, which have had a positive impact on the domestic metal recycling sector. Greenwave supplies 100% U.S.-sourced recycled metals to major industry players such as Nucor (NYSE:NUE), Sims Metal (OTC:SMSMY), Cleveland-Cliffs (NYSE:CLF), and Georgia-Pacific.
Gordon Driscoll, the founder and CEO of GreenSpark, expressed enthusiasm about the partnership, stating that it not only aims to optimize recycling operations but also to foster a more sustainable and efficient future for the metals ecosystem. He anticipates that this joint effort will significantly contribute to Greenwave’s ambitious growth trajectory for the year 2025 and beyond.
Greenwave operates 13 metal recycling facilities and is a vital contributor to infrastructure projects and U.S. national security, with a presence in Virginia, North Carolina, and Ohio. The company’s decision to adopt GreenSpark’s platform is a strategic move to secure a larger share of the multi-billion-dollar scrap metal industry. InvestingPro analysis reveals a WEAK overall financial health score, with 15 additional exclusive ProTips available to subscribers, offering deeper insights into the company’s financial position and growth potential.
This information is based on a press release statement from Greenwave Technology Solutions.
In other recent news, Greenwave Technology Solutions, Inc. has updated its revenue forecast for fiscal year 2025 to a range of $47-50 million, following the introduction of tariffs on imported metals. This adjustment anticipates a 10-20% growth, with gross profit margins expected between 40-45%, driven by increased demand for domestically-sourced materials. Additionally, Greenwave has secured an exclusive contract to provide scrap metal recycling services for Virginia Beach, expected to generate over $500,000 in annual revenues. The company has also announced a $7 million offering through a registered direct offering and concurrent private placement, with proceeds aimed at debt reduction and working capital. In a strategic move, Greenwave’s Scrap App platform is expanding into 27 new markets, supported by a major U.S. junk car buyer, to enhance its presence in the auto recycling sector. Furthermore, Greenwave reported the resignation of Director Henry Sicignano III from its Board of Directors, with no successor announced yet. These developments highlight Greenwave’s active positioning in the metal recycling industry and its efforts to capitalize on new opportunities.
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