Greenwave Technology Solutions' Scrap App Sets New Weekly Revenue Record; Expands to Greenville, NC Market

News provided by

Aug 02, 2024, 12:12 ET

Company Launches Trust Pilot reviews to Boost Google Search Ranking and Optimize its Conversion Rate

ScrapApp.com is Capturing Market Share and Growing Revenue in Key Markets Primarily Utilizing Cashflows Generated from Operating Activities

CHESAPEAKE, Va., Aug. 2, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today that its wholly-owned subsidiary, Scrap App, Inc., set a new weekly revenue record from cars purchased through the ScrapApp.com platform from July 21 through and including July 27, 2024. Scrap App recently launched in the Greenville, NC market as part of its nationwide expansion.

A competitor to Scrap App reportedly generates $130.7 million in annual revenue_(1).Greenwave believes the efficiencies created by its vertical integration of key stages of the car scrapping process could lead to significant competitive advantages.

Scrap App recently launched Trust Pilot reviews to boost its Google search ranking and optimize its conversion rate. Greenwave intends to develop Scrap App into a leading technology platform for the $42.2 billion scrap metal industry_(2).

Greenwave has generated hundreds of thousands of dollars in revenue from cars purchased through the Scrap App platform. The Company plans to launch Scrap App in several new markets during the coming weeks as part of its nationwide expansion.

As of August 2, 2024, Greenwave has approximately $20 million cash on hand.

(1) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca
(2) https://www.ibisworld.com/industry-statistics/market-size/scrap-metal-recycling-united-states/

About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), is an operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous).

Steel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times. For more information, please visit www.GWAV.com.

Forward-looking Statements
This 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.

SOURCE Greenwave Technology Solutions