SCRAP IS THE NEW
PRECIOUS METAL
We’re at an Inflection Point in Greenwave's Growth
We operate 13 metal recycling facilities in Virginia North Carolina, and Cleveland, OH and generated $8.5 million in revenue during the three months ended March 31, 2024.
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We plan to aggressively expand our footprint of locations by rolling up independent, profitable scrap yards in the coming months.
Greenwave Location Footprint
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Greenwave has generated tens of thousands of dollars per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations in July 2023. 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 continue to grow.
OPTIMAL METAL MARKET CONDITIONS
Greenwave strengthened its balance sheet by approximately $80.5 million from February to June 2024, including $45.3 million in capital infusions and more than $30 million in debt converted and exchanged into equity.
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The Company now has its strongest cash position in corporate history, has a fully funded business plan, and regained full compliance with Nasdaq listing standards in June 2024.
UTILIZING TECHNOLOGY TO OPTIMIZE OPERATIONS
We have recently implemented several technologies to increase metal processing volumes and operating efficiencies, including a cloud-based ERP system to manage inventories and operations along with a website with live metal prices for each location.
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We believe that these systems will create a solid foundation on which we can rapidly expand our facilities and scale our operations.
2024 OUTLOOK
The installation of Greenwave's second automotive shredder at its Carrollton facility to process cars, household appliances and industrial products in now complete. 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 double the Company’s ferrous metal output. By selling its ferrous metal as shredded rather than unshredded, Greenwave generates approximately 25-30% more revenue with profit margins in excess of 60%.
The completion of Greenwave’s second automotive shredder concludes its multi-year capex cycle, under which the Company has invested more than $15 million 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 its metal recycling facilities.
Significant Environmental Benefits
STEEL IS ONE OF THE WORLD'S MOST RECYCLED MATERIALS
Unlike plastics and other materials, steel is able to be melted and re-cast countless times as it has no structural memory.
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Recycling steel, rather than using virgin materials, cuts CO2 emissions by approximately 75% while utilizing approximately 70% less energy.
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Currently, two out of every three tons of steel produced comes from recycling, up from one out of every ten tons in 1980.
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Greenwave by the Numbers
13
Locations and Growing
$45M
Capital Infusions in 2024
$35.67M
Revenue for the year ended December 31, 2023
141
Employees as of July 9, 2024
Time-Tested Relationships
Our
Partners
We have meaningful business relationships with many of the leading companies in the metal recycling industry, some of which have been building for nearly 20 years.
