Greenwave Technology Solutions (NASDAQ: GWAV) stock jumped over 20% in intraday trading Thursday following a bullish 2024 revenue forecast release.
Greenwave Technology (GWAV) recently announced optimistic revenue projections exceeding $40 million for the fiscal year ending December 31, 2024. The company attributed this growth to strategic expansions in major locations such as Cleveland, OH, and Virginia Beach, VA.
Furthermore, Greenwave expects that the commencement of operations for its second American Pulverizer 60×85 Shredder will drive it to EBITDA positivity and generate positive cash flows from operating activities.
Danny Meeks, the CEO of Greenwave, expressed confidence in the company’s financial trajectory, stating that with its fortified balance sheet, Greenwave stands on the cusp of significant growth.
Meeks added,
“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.”
Earlier this week, Meeks converted a substantial debt of $17.22 million into equity. The transaction involved $7.22 million in common stock priced at $0.1167 per share and an additional $10 million in Series D Preferred Stock. This strategic debt-to-equity conversion is a significant step in Greenwave’s ongoing efforts to bolster its balance sheet and fuel its growth initiatives.
Greenwave Technology Solutions (NASDAQ: GWAV) Stock Reaction
GWAV stock surged 20.30% to close at $0.07 on Thursday, marking a 12.92% increase for the week. Trading activity witnessed 165,763,226 (165.76 million) shares changing hands, well above the average daily volume of 6.29 million.
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