SCRAP IS THE NEW
PRECIOUS METAL
GWAV: Tariffs Are an Inflection Point
Greenwave, a leading supplier of 100% domestically-sourced scrap metal, is primed for a rapid growth. Trump's tariffs—increasing un-reversed steel tariffs from his first term—eliminated exemptions and exclusions, creating a tailwind for domestic metal recyclers. Analysts expect copper tariffs to further amplify Greenwave's topline.
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Greenwave recently raised its FY 2025 revenue guidance to $47-$50 million, reflecting surging demand from U.S. steel giants.
Competitive Edge in the Metal Recycling Industry
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Greenwave holds a portfolio of highly coveted operational licenses for the Company’s metal recycling facilities. These licenses, often protected by grandfathered municipal codes, provide significant barriers to entry to competitors in Greenwave’s tightly regulated markets.
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Tariffs Driving Prices for Scrap Metal Higher
Greenwave's Margins Expand as Scrap Metal Prices Surge Ahead of Steel and Aluminum Import Tariffs Went into Effect March 12, 2025
Greenwave Provides 100% Domestically-Sourced Scrap Metal to Nucor, Sims, Cleveland-Cliffs, and other industry titans
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Prices for Scrap Steel have Surged More than 20% since February 2025 and are Expected to Go Higher
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Upcoming Tariffs on Copper Imports Expected to Further Accelerate Greenwave's Revenue Growth and Margin Expansion
Upcoming Growth Catalysts
Greenwave is set to benefit from the 2025 opening of Nucor Corporation's state-of-the-art steelmaking facility in Lexington, North Carolina(1). The facility's staggering 430,000-ton annual processing capacity, consisting of nearly 100% recycled materials, will significantly increase regional demand for recycled steel(1).
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Greenwave stands as one of North Carolina's largest suppliers of recycled steel, operating five metal recycling facilities and an industry-leading American Pulverizer 60x85 shredder. GWAV has a proven track record of supporting Nucor's operations, supplying its Hertford mill with steel for critical applications, including bridges, heavy equipment, and warships vital to American national security interests, including the $13 billion USS Gerald Ford aircraft carrier(2).
Greenwave Chairman and Chief Executive Danny Meeks with Employees
Key Growth Drivers and Market Opportunities
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Surging Regional Infrastructure Demand: Supported by recent federal investment, the South Atlantic Region is experiencing an unprecedented surge in construction projects, driving demand for recycled metals(source).
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Domestic Market Shift: Greenwave projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years, as President-elect Trump's anticipated tariffs and trade policies reshape global steel market dynamics. This transition is expected to result in very significant revenue growth and margin expansion.
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Sustainability Leadership: Operating 13 strategically located recycling facilities, Greenwave aligns with the growing emphasis on sustainable, domestically sourced ferrous and non-ferrous metals. The leading U.S. steel producers aim for more than 97% of their raw material to be composed of recycled metals (source).
Peer Benchmarking Supports Valuation Upside
Steelmakers are leading a wave of consolidation, securing the supply of raw materials to feed a projected increase of 16 million tons of annual capacity in the coming years(source).
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Sims Metal acquired Baltimore Scrap Corp. for $220 million in August 2023. Baltimore Scrap operates 17 yards, four shredders, and processes 600,000 metric tons of scrap each year(source).
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Nucor acquired the assets of Garden Street Iron & Metal, including one feeder and one shredder yard, in 2023. The terms of the acquisition were not disclosed(source).
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Cleveland-Cliffs acquired Ferrous Processing and Trading Co. for $775 million in 2021. FPT is a leading U.S. processor, buyer, seller, and recycler of scrap metals(source).
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Steel Dynamics completed the acquisition of Roca Acero for $90 million in October 2022. Roca Acero's operations include five scrap processing facilities in Northern and central Mexico, with an annual processing capacity of approximately 850,000 gross tons(source).
Recent Insider Buying by Greenwave's CEO and Directors
In December 2024, several insiders purchased significant amounts of Greenwave stock on the open market:​
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Greenwave’s Chairman and CEO, Danny Meeks, purchased 377,002 shares of common stock at $0.66/share.
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Independent Director Jason Adelman, an experienced investment banker, small cap investor and a graduate of the University of Pennsylvania and Cornell Law School, purchased 100,000 shares of common stock at $0.66/share.
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Former Audit Committee Chair Henry Sicignano III, a former CEO of Nasdaq-listed company and double-Harvard graduate (both undergraduate and MBA), purchased 100,000 shares of common stock at $0.659/share.
Greenwave by the Numbers
13
Locations and Growing
$55.73M
Increase in Shareholders Equity During First Nine Months of 2024
$35.67M
Revenue for the year ended December 31, 2023
167
Employees as of December 15, 2024
Time-Tested Relationships
Our
Partners
We have meaningful business relationships with many of the leading companies in the metal recycling industry, some of which have been building for over 20 years.
