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Greenwave Technology Shores Up Balance Sheet With Debt-for-Equity Swap, Expects To Process Record Volumes Of Steel And Copper With 2024 Revenues Exceeding $40 Million

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6 months ago

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–News Direct–

By Meg Flippin, Benzinga

Greenwave Technology Solutions Inc. (NASDAQ: GWAV), the operator of 13 metal recycling facilities in Virginia, North Carolina and Ohio, is positioning itself for more growth by cleaning up its balance sheet. This includes a recent debt-for-equity exchange, as the Chairman and CEO of the company, Danny Meeks, exchanged all outstanding notes he held into equity demonstrating his confidence in the companys prospects and commitment to its shareholders.

As a follow on to this news, the company reported today that it is expecting to generate revenues exceeding $40 million during the year ended December 31, 2024. Growth is being driven by its Cleveland, OH, and Virginia Beach, VA, locations. The company expects its second American Pulverizer 60×85 shredder will result in the company being EBITDA positive and generating positive cashflows from operating activities.

Greenwave operates in a highly fragmented market it believes is ripe for consolidation. Paying down its debt puts the company in a better position to pursue bolt-on buys and expand its market share.

Under the terms of the debt-for-equity swap, Greenwave exchanged $17.22 million in debt for shares. Of the debt exchange, $10 million was exchanged for shares of Series D Preferred Stock and $7.22 million in debt was exchanged into common stock at $0.1167 per share.

"Over the past several weeks, we have significantly strengthened Greenwave's balance sheet and positioned the company for the next phase of its growth," says Greenwave CEO Danny Meeks. "I believe exchanging my debt into equity further aligns me with all shareholders and reflects the confidence I have in our business and growth strategy."

Demand Driving Growth

Greenwave is in growth mode at a time when demand for recycled steel is increasing as manufacturers look for greener alternatives. Using recycled steel instead of new material can cut CO2 emissions by about 75% as it uses about 70% less energy than manufacturing new materials. As it stands, two out of every three tons of steel produced come from recycling. In 1980, this figure was at just one out of every ten tons produced. It's also a big market. In 2019, the metal recycling industry was valued at $52.1 billion and is projected to reach $76.1 billion by 2025, growing at a CAGR of 7.8% over 2020-2025.

"With a significantly strengthened balance sheet, I believe Greenwave is well positioned for the next phase of growth," stated Greenwave CEO Danny Meeks in todays press release. "The investments we've made in Greenwave's infrastructure will facilitate significant growth in our copper and steel processing capacity, which we anticipate will create significant shareholder value."

In addition to running state-of-the-art metal recycling plants, Greenwave operates Scrap App Inc., a wholly owned subsidiary that created an AI-based quoting system for metal from construction and demolition projects, lists the nearest scrap yards with their real-time pricing and introduced a points-based rewards system. The unit generated over $200,000 in revenue within its first 130 days of operations. Sales have been growing at Greenwave, with the company posting $18.46 million in revenue and $1.23 million in cash flow from operating activities in the six months ended June 30, 2023. For the fourth quarter, revenue of $9 million was up 10% sequentially.

Shoring Up The Balance Sheet

Greenwave has been paying down debt and strengthening its balance sheet for some time now. In the first quarter alone, it received proceeds from warrant exercises of approximately $2.81 million, converted about $2.06 million of third-party debt to equity, closed an equity investment of $5.25 million, and exchanged $17.22 million of related-party debt into equity. As a result of its efforts, Greenwave reports that it increased its shareholders' equity by approximately $27 million. The company also secured waivers from its senior secured noteholders of the quarterly cash covenants until September 30, 2024, as well as monthly amortization payments until July 31, 2024. Extra cash flow from the debt restructuring is going to support growth.

As for the type of buys Greenwave will pursue with its newfound cash, Greenwave says it's focused on scrap yard deals that dont have a lot of dilution or impact on cash flow. It is also committed to not overpaying, aiming to utilize sellers notes as its preferred form of consideration.

Cash is king in the recycled metals market, and Greenwave is shoring up more of it to support its aggressive growth plans. With its financials in order, Greenwave could be well-positioned to meet the rising demand for recycled metal.

Featured photo by Evan Demicoli on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

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View source version on newsdirect.com: https://newsdirect.com/news/greenwave-technology-shores-up-balance-sheet-with-debt-for-equity-swap-expects-to-process-record-volumes-of-steel-and-copper-with-2024-revenues-exceeding-40-million-152698355

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Pro Concrete Contractor Albuquerque Launches New Website to Meet Growing Demand

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1 hour ago

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October 24, 2024

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Albuquerque, New Mexico, United States, 24th Oct 2024 — Pro Concrete Contractor Albuquerque, a trusted provider of high-quality residential and commercial concrete services, is excited to announce the launch of its newly designed website, theaustinpoolbuilders.com.

Pro Concrete Contractor Albuquerque Launches New Website to Meet Growing Demand

The updated online platform reflects the company’s commitment to meeting the rising demand for concrete services in the Albuquerque area, offering customers a streamlined experience to explore services and request quotes.

As the demand for concrete installations and repairs increases across New Mexico, Pro Concrete Contractor Albuquerque is expanding its digital presence to better serve homeowners and businesses. The new website makes it easier for potential clients to learn about the company’s full range of services, including driveway installations, patios, stamped concrete, foundations, and more.

“We’re seeing more homeowners and business owners seeking reliable, high-quality concrete services,” said Santiago Lopez, Pro Concrete Contractor Albuquerque CEO. “The new website ensures they can quickly find the information they need, view our previous projects, and get in touch with us for estimates. It’s all about creating a seamless, user-friendly experience.”

The website has been designed to provide an intuitive layout, mobile-friendly functionality, and optimized content for improved search engine visibility. With a focus on customer satisfaction, the site also features a blog offering expert advice on concrete maintenance and project ideas, empowering visitors with the information needed to make informed decisions about their concrete needs.

About Pro Concrete Contractor Albuquerque

Pro Concrete Contractor Albuquerque is a leading provider of residential and commercial concrete solutions in the Albuquerque region. With years of experience, the company specializes in delivering exceptional craftsmanship in concrete installations, repairs, and decorative designs. Dedicated to customer satisfaction, Pro Concrete Contractor Albuquerque prides itself on its professionalism, attention to detail, and competitive pricing.

For more information, visit https://proconcretecontractoralbuquerque.com or contact:
Phone: (505) 500 1081
Email: info@proconcretecontractoralbuquerque.com
 

Media Contact

Organization: Pro Concrete Contractor Albuquerque

Contact Person: Santiago Lopez

Website: https://proconcretecontractoralbuquerque.com/

Email: Send Email

Contact Number: +15055001081

Address: 3701 High St NE

City: Albuquerque

State: New Mexico

Country: United States

Release Id: 24102418909

The post Pro Concrete Contractor Albuquerque Launches New Website to Meet Growing Demand appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

The Mining Future Introduces the Bitmain Antminer KS5 20Th—Efficiency and Profits in Crypto Mining

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9 hours ago

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October 23, 2024

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The Mining Future, one of the leading provider of cryptocurrency mining solutions in Middle East and Latin Amercia, is excited to announce the arrival of the Bitmain Antminer KS5 20Th, a new mining rig designed to help cryptocurrency miners boost their efficiency and profits. With a focus on delivering top performance, the KS5 20Th is here to meet the growing demands of today’s mining world.

The Bitmain Antminer KS5 20Th offers an impressive 20 terahashes per second (TH/s), making it perfect for miners looking to stay ahead in the competitive crypto space of Kaspa mining. Whether it is about mining on small scale or as part of a larger operation, this rig can provide the power any Kaspa miner needs to succeed.

Lower Energy Use, Bigger Profits

One of the biggest challenges for miners is the cost of electricity. The Bitmain Antminer KS5 20Th helps tackle this issue thanks to its high efficiency rates, thus using less energy without sacrificing performance. That means lower electricity bills and a quicker return on investment, allowing it to run a more profitable operation.

Built to Last and Ready for the Future

Not only is the Antminer KS5 20Th powerful, but it is also built to last even in the most tough environments. With a durable design and advanced cooling system, it can handle long hours of continuous operation without impacting its uptime. And with its high performance it can stay ahead of the curve despite the increasing network difficulty and the demands of more power, providing a competitive advantage for its owners.

Simple and Easy to Use for Everyone

The Antminer KS5 20Th has been designed to make it easy to set up and use. Its straightforward controls make it accessible to all types of miners, and with Bitmain’s customer support, you can be sure your mining operation is running smoothly without any hassle.

Hosting Services Now Available

For an even simpler mining experience, the miners can delegate its operations to professional crypto mining hosting service facilities. The Mining Future is now expanded its offering of hosting services for the Bitmain Antminer KS5 20Th. Its hosting solutions provide reliable infrastructure at a very affordable rates, so any miner can focus on just enjoying the profits while leaving all technicalities to the technical experts.

A Smart Investment in the Future of Mining

As cryptocurrency mining continues to grow, having powerful and efficient hardware is more important than ever. The Bitmain Antminer KS5 20Th gives miners the edge they need to stay profitable and competitive in this rapidly changing industry.

For more information or to set up a free consultation, please visit www.theminingfuture.com or contact their team at contact@theminingfuture.com.

About The Mining Future

The Mining Future provides top-notch crypto mining hardware and services, offering the latest technology to obtain maximum efficiency and profitability. Offering reliable equipment and cutting-edge hosting infrastructure, the company enables miners minimize downtime, extend equipment lifespan, and maximize profits.

Contact Details:

Contact Person: Gilbert Corbella

Phone No: 48 535 235 364

Address: Dubai Silicon Oasis, Dubai Digital Park, Building A2,  Premises 10800-001, Dubai, United Arab Emirates.

Website URL:     https://www.theminingfuture.com/

Email Address:  contact@theminingfuture.com

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Press Release

The Mining Future Expands Antminer Hosting Services for S21 Series

Published

9 hours ago

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October 23, 2024

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The Mining Future, one of the leading provider of cryptocurrency mining solutions in Middle East and Latin Amercia, is pleased to announce an exciting expansion to include the latest Antminer Hosting services. With a focus to staying ahead of the curve, The Mining Future now offers specialized hosting solutions for the latest Antminer models, including the S21 200T, S21 Pro 234T, S21 Hydro 335T, S21 XP Hydro 473T, and KS5 Pro 21T.

This service update addresses the latest releases from Bitmain’s top performing models, as well as accommodating the growing demand for more efficient, high-performing hosting solutions that support the newest technological advancements in crypto mining. By offering cutting-edge hosting solutions for these powerful devices, The Mining Future continues its commitment to enabling miners optimize their mining operations while increasing their profitability.

What’s New?

With the S21 series known for its impressive hashing power and energy efficiency, The Mining Future’s hosting services are designed to ensure maximum uptime and minimal operational costs. Here’s what miners can expect:

  • Antminer S21 200T Hosting – Take advantage of the S21 200T’s capabilities with optimized energy consumption and enhanced operational efficiency.
  • Antminer S21 Pro 234T Hosting – Experience industry-leading performance with infrastructure designed to support the S21 Pro’s superior hashing power.
  • Antminer S21 Hydro 335T and S21 XP Hydro 473T Hosting – Benefit from advanced cooling systems tailored for the S21 Hydro, maximizing productivity without increasing energy costs.
  • Antminer KS5 Pro 21T Hosting – Secure a hosting environment that ensures stability and peak performance for the top Kaspa miner model KS5 Pro, guaranteeing continuous operation and zero downtime.

Why Choose The Mining Future for Antminer Hosting?

The Mining Future can provide cutting edge cooling technology, reliable power management, and 24/7 monitoring. Its advanced Antminer Hosting services deliver the highest levels of efficiency and performance for the newest miners in the industry. Their secure, scalable facilities are built to handle the increasing power needs of these cutting-edge machines, giving miners a competitive advantage in today’s fast-paced cryptocurrency market.

For more information or to set up a free consultation, please visit www.theminingfuture.com or contact their team at contact@theminingfuture.com.

About The Mining Future

The Mining Future provides top-notch crypto mining hardware and services, offering the latest technology to obtain maximum efficiency and profitability. Offering reliable equipment and cutting-edge hosting infrastructure, the company enables miners minimize downtime, extend equipment lifespan, and maximize profits.

Contact Details:

Contact Person: Gilbert Corbella

Phone No: 48 535 235 364

Address: Dubai Silicon Oasis, Dubai Digital Park, Building A2,  Premises 10800-001, Dubai, United Arab Emirates.

Website URL:     https://www.theminingfuture.com/

Email Address:  contact@theminingfuture.com

About Author

Cloud PR Wire

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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