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     121  0 Kommentare DEEP GREEN Waste & Recycling Reports Record Annual Earnings

    Revenues Increase 2.5x from 2022, growing by 155 Percent and Gross Profit Margins Continue to Improve

    Hermitage, Tennessee, April 24, 2024 (GLOBE NEWSWIRE) -- DEEP GREEN Waste & Recycling Inc. (OTCQB DGWR), a waste, recycling and remediation services company for commercial customers, today announces exceptional top and bottom-line growth in its financial results for the full year ended December 31, 2023.

    Revenues surged by 155 percent to an annual record of $2,682,762 compared to $1,053,612 in 2022 driven by strong organic growth and strategic acquisitions. Gross profit margins expanded significantly to 76 percent in the 2023 period, up from 62 percent in the 2022 period, highlighting the company's operational efficiency and pricing power.

    "I am extremely proud of our team's unwavering commitment to executing our growth strategy which has propelled DEEP GREEN to new heights in 2023," commented Bill Edmonds, CEO of DEEP GREEN. "Achieving over $2.6 million in annual revenue with industry-leading gross margins demonstrates the immense earnings potential of our streamlined, high-quality operations."

    Operating loss narrowed substantially to $259,314 in 2023 from $784,238 in 2022 as the company benefited from economies of scale. On a GAAP basis, net loss improved to $690,140 from $1,194,221 in the prior year. Notably, the 2023 net loss included $101,993 of non-cash derivative liability expenses. Excluding this item, adjusted net loss was $588,147, representing a 51 percent year-over-year improvement.

    During the year, DEEP GREEN'S wholly owned subsidiary, Lyell Environmental Services, completed a large asbestos removal project at Vanderbilt University Medical Center. The contract win demonstrates DEEP GREEN'S expertise and ability to flawlessly execute large-scale, complex jobs while winning the confidence of respected institutions such as Vanderbilt University Medical Center. The ability to complete million dollar plus projects on time and to the satisfaction of the institutional customers is beginning to generate interest from other large commercial players such as Vanderbilt for the benefit of DEEP GREEN.

    Building on this success, management intends to accelerate geographic expansion into attractive metro markets across Tennessee, Alabama and Georgia while adding complementary remediation services to drive growth. DEEP GREEN is actively evaluating strategic acquisition opportunities to further penetrate the fragmented $109 billion environmental services market.

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    DEEP GREEN Waste & Recycling Reports Record Annual Earnings Revenues Increase 2.5x from 2022, growing by 155 Percent and Gross Profit Margins Continue to Improve Hermitage, Tennessee, April 24, 2024 (GLOBE NEWSWIRE) - DEEP GREEN Waste & Recycling Inc. (OTCQB DGWR), a waste, recycling and remediation …