Greenwave Technology Solutions, Inc. (Nasdaq:GWAV) Issues Chairman's Letter

PR Newswire2024-12-17

Insiders made open market purchases of more than 500,000 GWAV shares in December 2024 Company has increased shareholders' equity by approximately $51 million in 2024 Greenwave continues to prioritize ...

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(Nasdaq:GWAV) Issues Chairman's Letter","media":"PR Newswire","content":"<div>\n<p>Insiders made open market purchases of more than 500,000 GWAV shares in December 2024\nCompany has increased shareholders' equity by approximately $51 million in 2024\nGreenwave continues to prioritize ...</p>\n\n<a href=\"https://finance.yahoo.com/news/greenwave-technology-solutions-inc-nasdaq-091500042.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Greenwave Technology Solutions, Inc. (Nasdaq:GWAV) Issues Chairman's Letter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGreenwave Technology Solutions, Inc. (Nasdaq:GWAV) Issues Chairman's Letter\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-17 17:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/greenwave-technology-solutions-inc-nasdaq-091500042.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Insiders made open market purchases of more than 500,000 GWAV shares in December 2024\nCompany has increased shareholders' equity by approximately $51 million in 2024\nGreenwave continues to prioritize ...</p>\n\n<a href=\"https://finance.yahoo.com/news/greenwave-technology-solutions-inc-nasdaq-091500042.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PSQ","symbol_name":"纳指反向ETF","start_time":0,"source_url":"https://finance.yahoo.com/news/greenwave-technology-solutions-inc-nasdaq-091500042.html","article_id":"2492935247","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/RNe10R4GL4SAmXmSRyVdLw--~B/aD0xNTk7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/6df83dfca4cd2987aa65baf1560d431e"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/greenwave-technology-solutions-inc-nasdaq-091500042.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2492935247","pubTimestamp":1734426900,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Insiders made open market purchases of more than 500,000 GWAV shares in December 2024. Company has increased shareholders' equity by approximately $51 million in 2024. Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. The Company recently purchased the real estate for seven of its core facilities, reducing annual rent expenses by approximately$1.7 million. Numerous upcoming catalysts expected to benefit Greenwave -- including the openingof Nucor Corporation'sstate-of-the-art Lexington, NC steelmaking facility with a staggering 430,000-ton annual processing capacity. CHESAPEAKE, Va., Dec. 17, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc.  , a leading metal recycler in Virginia, North Carolina, and Ohio, released today the following letter to shareholders from Danny Meeks, Chairman and Chief Executive Officer:. Strategically located nearNaval Station Norfolk, the world's largest naval base, and thePort ofVirginia, Greenwav","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PSQ":"纳指反向ETF","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","QLD":"纳指两倍做多ETF","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","BK4112":"金融交易所和数据","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","NVIW.SI":"NVDA 3xLongSG261006","TSYW.SI":"TESLA 3xLongSG261006","USAW.SI":"AMZN 3xLongSG261006","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","TQQQ":"纳指三倍做多ETF","GWAV":"Greenwave Technology Solutions Inc.","NDAQ":"纳斯达克OMX交易所","BK4585":"ETF&股票定投概念","USJW.SI":"ALPHAB 3xLongSG261006","SQQQ":"纳指三倍做空ETF","QID":"纳指两倍做空ETF","BK4120":"环境与设施服务","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","BK4588":"碎股","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD",".IXIC":"NASDAQ Composite","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC"},"translate_title":"绿波技术解决方案公司（纳斯达克：GWAV）发布董事长信","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GWAV":1,"NDAQ":1,".IXIC":1,"USJW.SI":0.6,"USAW.SI":0.6,"TSYW.SI":0.6,"TQQQ":0.6,"SQQQ":0.6,"QLD":0.6,"QID":0.6,"PSQ":0.6,"NVIW.SI":0.6,"NQmain":0.6,"MNQmain":0.6},"content_text":"Insiders made open market purchases of more than 500,000 GWAV shares in December 2024\nCompany has increased shareholders' equity by approximately $51 million in 2024\nGreenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth\nThe Company recently purchased the real estate for seven of its core facilities, reducing annual rent expenses by approximately $1.7 million\nNumerous upcoming catalysts expected to benefit Greenwave -- including the opening of Nucor Corporation's state-of-the-art Lexington, NC steelmaking facility with a staggering 430,000-ton annual processing capacity(1)\nCHESAPEAKE, Va., Dec. 17, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) (\"Greenwave\" or the \"Company\"), a leading metal recycler in Virginia, North Carolina, and Ohio, released today the following letter to shareholders from Danny Meeks, Chairman and Chief Executive Officer:\n\n  \n\nGreenwave Shareholders,\nI am pleased to report Greenwave will enter 2025 in the strongest strategic and financial position in the history of the Company. Three areas of focus highlight Greenwave's excellent – and improving – fundamental business: (i) a very strong balance sheet, (ii) increasingly favorable US trade policies focused on boosting demand for domestic scrap metal, and (iii) upcoming Company milestones and catalysts that are expected to be transformative for Greenwave's fundamental business.\nA Sound Balance Sheet\nDuring the first nine months of 2024, Greenwave de-risked operations – significantly growing Company assets while reducing or eliminating certain liabilities.  From December 31, 2023 to September 30, 2024, Greenwave:\n\nGrew current assets by 635%, from $2,689,761 to $19,767,085.\nDecreased total liabilities by 64%, from $50,865,997 to $18,301,138.\nIncreased shareholders' equity by $55,728,419, from a ($4,454,148) deficit to $51,274,271.\n\nGovernment Contracts Driving Growth\nGreenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. Recently, the Company secured:\n\nA contract expected to generate $15–$35 million in revenue with Core Tree Care, Inc., related to a prime contract with the Army Corps of Engineers as part of the Hurricane Helene recovery efforts, through March 31, 2026.\nAn exclusive government contract for the recycling of 550,000 pounds of non-ferrous metal, estimated to boost Q4 2024 and Q1 2025 revenues by approximately $2 million.\nMultiple contracts for critical regional infrastructure projects such as the Hampton Roads Bridge Tunnel expansion, agreements with numerous municipalities to recycle abandoned cars, and fulfillment of several contracts awarded by the U.S. Federal Government.\n\nStrategically located near Naval Station Norfolk, the world's largest naval base, and the Port of Virginia, Greenwave taps into an abundant supply of prime scrap metal from defense contractors, shipyards, and logistics operations.\nUpcoming Growth Catalysts\nWe believe Greenwave is set to benefit from the 2025 opening of Nucor Corporation's state-of-the-art steelmaking facility in Lexington, North Carolina(1). The facility's staggering 430,000-ton annual processing capacity, consisting of nearly 100% recycled materials, will significantly increase regional demand for recycled steel(1).\nA Leading North Carolina Scrap Metal Supplier\nGreenwave stands as one of North Carolina's largest suppliers of recycled steel, operating five metal recycling facilities and an industry-leading American Pulverizer 60x85. The Company has a proven track record of supporting Nucor's operations, supplying its Hertford mill with steel for critical applications, including bridges, heavy equipment, and warships vital to American national security interests, including the $13 billion USS Gerald Ford aircraft carrier(2).\nKey Growth Drivers and Market Opportunities\n\nSurging Regional Infrastructure Demand: Supported by recent federal investment, the South Atlantic Region is experiencing an unprecedented surge in construction projects, driving demand for recycled metals(3).\nDomestic Market Shift: Greenwave projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years, as President-elect Trump's anticipated tariffs and trade policies reshape global steel market dynamics. This transition is expected to result in very significant revenue growth and margin expansion.\nSustainability Leadership: Operating 13 strategically located recycling facilities, Greenwave aligns with the growing emphasis on sustainable, domestically sourced ferrous and non-ferrous metals. The leading U.S. steel producers aim for more than 97% of their raw material to be composed of recycled metals (1)(4).\n\nPositioning for a Strategic Transaction\nGreenwave recently acquired the real estate for seven of its core facilities – thus reducing the Company's annual rent expenses by approximately $1.7 million, enhancing cashflow and positioning the Company for potential high-value strategic transactions.\nUnmatched Competitive Edge in the Metal Recycling Industry\nGreenwave holds a portfolio of highly coveted operational licenses for the Company's metal recycling facilities. These licenses, often protected by grandfathered municipal codes, provide significant barriers to entry to competitors in Greenwave's tightly regulated markets.\nKey highlights include:\n\nNorfolk, VA Facility: Positioned near the largest U.S. Naval Base, Greenwave's Norfolk facility benefits from a steady influx of prime scrap metal and holds one of the only Virginia Department of Motor Vehicles automotive recycler/demolisher licenses in the city.\nVirginia Beach, VA Facility: Greenwave operates the sole metal recycling facility in the state's largest city, Virginia Beach, strategically located near NAS Oceana and the region's thriving industrial core.\nPortsmouth, VA Facility: A cost-effective hub for domestic and international shipments due to its proximity to the Port of Virginia, the Company's Portsmouth facility holds a license protected by grandfathered regulations.\n\nTwenty-year Relationship with Sims Metal\nGreenwave generated $20.7 and $18.0 million in revenue from Sims Metal, the world's largest scrap metal company, in 2023 and 2022, respectively, underscoring market confidence.\nPeer Benchmarking Supports Valuation Upside\nSteelmakers are leading a wave of consolidation, securing the supply of raw materials to feed a projected increase of 16 million tons of annual capacity in the coming years(5).\n\nSims Metal acquired Baltimore Scrap Corp. for $220 million in August 2023. Baltimore Scrap operates 17 yards, four shredders, and processes 600,000 metric tons of scrap each year(6).\nNucor acquired the assets of Garden Street Iron & Metal, including one feeder and one shredder yard, in 2023. The terms of the acquisition were not disclosed(7).\nCleveland-Cliffs acquired Ferrous Processing and Trading Co. for $775 million in 2021. FPT is a leading U.S. processor, buyer, seller, and recycler of scrap metals(8).\nSteel Dynamics completed the acquisition of Roca Acero for $90 million in October 2022. Roca Acero's operations include five scrap processing facilities in Northern and central Mexico, with an annual processing capacity of approximately 850,000 gross tons(9).\n\nRecent Insider Buying\nOver the past two weeks, during an open trading window, several of our officers and directors purchased significant numbers of Greenwave shares on the open market:\n\nGreenwave's Chairman and CEO, Danny Meeks, purchased 377,002 shares of common stock at $0.66/share.\nIndependent Director Jason Adelman, an experienced investment banker, small cap investor and a graduate of the University of Pennsylvania and Cornell Law School, purchased 100,000 shares of common stock at $0.66/share.\nAudit Committee Chair Henry Sicignano III, a former CEO of Nasdaq-listed company and double-Harvard graduate (both undergraduate and MBA), purchased 100,000 shares of common stock at $0.659/share.\n\nA Unique and Compelling Opportunity\nIn my twenty years working in the scrap metal industry, I have never been more bullish about the future prospects of our business. Greenwave is entering FY 2025 in an incredibly strong financial position, with optimal trade conditions, and numerous upcoming catalysts that are expected to be truly transformative for the Company.\nThe scrap metal industry is rapidly consolidating. We believe Greenwave's extensive footprint, grandfathered licenses, and relationships with key suppliers offer a unique and compelling opportunity for our company and shareholders. Greenwave currently provides subsidiaries of Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited, Georgia-Pacific, and several other steel producers, with a reliable supply of mill-ready shred, sourced from thousands of corporations, municipalities, and individuals in Virginia, North Carolina, and Ohio.\nIndeed, Greenwave is executing on all fronts and I am grateful for your continued support. We look forward to updating you on our progress and on important industry developments in the coming days and weeks.  In the meantime, the people of Greenwave wish you and your families a happy holiday season… and a healthy, prosperous New Year.\nSincerely,Danny MeeksChairman and Chief Executive OfficerGreenwave Technology Solutions, Inc.\n\n\n\n\n(1) \nhttps://assets.ctfassets.net/aax1cfbwhqog/1B2AplzfIpH2aiSws0qoNf/db895286e45c8b18e21b1f7e2496ea8d/NSLexington_Event_Fact_Sheet_4.6.22.pdf \n\n\n(2) \nhttps://ncchamber.com/2024/02/07/nucor-steel-hertford-galvanizes-community-north-carolina-manufacturing/  \n\n\n(3) \nhttps://www.industryweek.com/leadership/growth-strategies/article/21238679/nucor-to-build-new-350-million-micro-mill-in-north-carolina   \n\n\n(4) \nhttps://www.clevelandcliffs.com/sustainability/environment  \n\n\n(5) \nhttps://ionanalytics.com/insights/mergermarket/trash-to-treasure/  \n\n\n(6) \nSims Limited / 2024 Annual Report / Note 24 - Business Acquisitions and Disposals / (a) Baltimore Scrap Corporation / Page 124 (Link) \n\n\n(7) \nhttps://www.recyclingtoday.com/news/river-metals-recycling-acquires-garden-street-iron-metal-ohio-yards/  \n\n\n(8) \nhttps://www.clevelandcliffs.com/news/news-releases/detail/533/cleveland-cliffs-enters-the-scrap-business-and-announces   \n\n\n(9) \nhttps://www.bglco.com/insights/scrap-metal-ma-market-update/   \n\n\n\n\nAbout Greenwave – One of the Mid Atlantic's Leading Metal Recyclers\nAs an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio.\nFor detailed financials and updates, visit www.GWAV.com.\nForward-looking StatementsThis press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words \"could,\" \"believe,\" \"anticipate,\" \"intend,\" \"estimate,\" \"expect,\" \"may,\" \"continue,\" \"predict,\" \"potential,\" \"project\" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company's common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.\n\n  \n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/greenwave-technology-solutions-inc-nasdaqgwav-issues-chairmans-letter-302333295.html\nSOURCE Greenwave Technology Solutions","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492935247"}