Deep Green Waste & Recycling Inc., a waste, recycling and remediation services company for commercial customers, reports top and bottom-line growth in its financial results for the quarter year ending June 30.
Revenue increased 87 percent to $653,354 for the six months, compared to $348,603 in the same period last year. This growth was driven primarily by increased asbestos and radon remediation work within the company’s Nashville operations. Gross profit nearly doubled to $508,579, up from $258,470 in the prior year, representing a 97 percent year-over-year increase.
“We are pleased to see [the] continued growth of our waste remediation operations,” says 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, compared to $1,115,401 for the same period in 2023, which the company largely credits to increased revenues and improved operational efficiency. On a GAAP basis, the net loss improved significantly to $42,700 from $1,273,589 in the prior year. The 2024 results included a non-cash derivative liability income of $183,210. Operational performance showed substantial improvement, driven by an 87 percent revenue increase 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 asbestos and radon remediation services, with strong growth in its Nashville market. The company also implemented a gross profit incentive plan to reward front-line supervisors and project managers at Lyell Environmental Services, a subsidiary of Deep Green, 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. Deep Green says this action “significantly improved its balance sheet, aligns management interests with shareholders and preserves cash for operations.”
As stated in a news release, 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. The company is also evaluating strategic acquisition opportunities to accelerate the growth of its revenues and net profits.
