Quarterly Revenues Increased 87 Percent and Gross Profit Nearly Doubled
Hermitage, Tennessee, Oct. 07, 2024 (GLOBE NEWSWIRE) -- DEEP GREEN Waste & Recycling Inc. (OTCQB DGWR), a waste, recycling and remediation services company for commercial customers, today announces continuing top and bottom-line growth in its financial results for the quarter year ended June 30, 2024.
Revenue increased 87% to $653,354 for the six months ended June 30, 2024, compared to $348,603 in the same period last year. This growth was driven primarily by increased asbestos and radon remediation work within our Nashville operations. Gross profit nearly doubled to $508,579, up from $258,470 in the prior year period, representing a 97% year-over-year increase.
"We are pleased to see continued growth of our waste remediation operations," said Bill Edmonds, CEO of DEEP GREEN. "Despite ongoing challenges in the broader economic environment, DEEP GREEN has continued to execute on our strategic priorities and deliver value for our shareholders."
Operating loss decreased to $255,777 for the six months ended June 30, 2024, compared to $1,115,401 for the same period in 2023, as the company benefited from increased revenues and improved operational efficiency. On a GAAP basis, net loss improved significantly to $42,700 from $1,273,589 in the prior year period. The 2024 results included a non-cash derivative liability income of $183,210. Even without this favorable non-cash item, our operational performance showed substantial improvement, driven by our 87% increase in revenues and effective cost management.
During the quarter, DEEP GREEN completed the sale of its AMWASTE subsidiary in Georgia for $175,000, allowing the Company to streamline operations and focus on expanding our asbestos and radon remediation services, with strong growth in our Nashville market. As well, the Company implemented a Gross Profit Incentive Plan to reward front-line supervisors and project managers at Lyell Environmental Services for exceeding gross profit margin targets.
In addition, the Company recently reduced its outstanding debt by $178,591 in exchange for issuing restricted shares of common stock to key management and board members. This action significantly improves our balance sheet, aligns management interests with shareholders, and preserves cash for operations.
DEEP GREEN's management team is focused on accelerating Lyell Environmental Services' geographic expansion into attractive metro markets across Tennessee, Alabama and Kentucky while adding complementary remediation services to drive growth. DEEP GREEN is also evaluating strategic acquisition opportunities to further accelerate the growth of DEEP GREEN's revenues and net profits.
About DEEP GREEN Waste & Recycling, Inc.
DEEP GREEN Waste & Recycling, Inc. (OTCQB:DGWR) is a waste, recycling and remediation services company which provides sustainable waste, recycling, and remediation services, and helps commercial customers realize cost-savings using streamlined processes that help manage, reduce, and recycle waste streams. For more information, visit: https://DeepGreenWaste.com
About Lyell Environmental Services, Inc.
Lyell Environmental Services, Inc. is an established commercial environmental and ecological testing services company based in Nashville, Tennessee. With a strong focus on environmental protection and safety, the company offers a comprehensive range of services for commercial, institutional and residential properties, including environmental studies, hazardous substance testing, remediation, abatement, and removal. For more information, visit: https://www.lyellenvironmentalservices.com/
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact:
Bill Edmonds
DEEP GREEN Waste & Recycling, Inc.
3524 Central Pike, Suite 310
Hermitage, TN 37076
Phone: (912) 254-7889
Email: Investor@DeepGreenWaste.com
