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 $18.46 million in revenue during the six months ended June 30, 2023.
Further, we generated $1.23 million in cashflows from operating activities during the six months ended June 30, 2023.
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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 an average of $38,000 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 exceed $1 million per month by the end of 2023.
OPTIMAL METAL MARKET CONDITIONS
Greenwave generated $1.23 million in positive cashflows from operations during the six months ended June 30, 2023, a new record for the Company.
Company generated $18.46 million 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 $15 million, paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million.
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.
2023 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 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 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 to over 20 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
$15M
CAPITAL RAISE
IN AUG 2023
$33.98M
Revenue for the year ended December 31, 2022
144
Employees as of August 8, 2023
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.
