SCRAP IS THE NEW
PRECIOUS METAL
Positioning for a Strategic Transaction
Greenwave recently acquired the real estate for seven of its core facilities – thus reducing the Company's annual rent expenses by approximately $1.7 million, enhancing cashflow and positioning the Company for future growth and potential high-value strategic transactions.
Unmatched 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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A Sound Balance Sheet
During the first nine months of 2024, Greenwave de-risked business operations –significantly growing Company assets while reducing or eliminating certain liabilities. From December 31, 2023 to September 30, 2024:
Government Contracts Driving Growth
Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. Recently, the Company has secured:
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A contract expected to generate $15–$35 million in revenue with Core Tree Care, Inc., related to a prime contract with the Army Corps of Engineers as part of the Hurricane Helene recovery efforts, through March 31, 2026.
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An exclusive government contract for the recycling of 550,000 pounds of non-ferrous metal, estimated to boost Q4 2024 and Q1 2025 revenues by approximately $2 million.
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Multiple contracts for critical regional infrastructure projects such as the Hampton Roads Bridge Tunnel expansion, agreements with numerous municipalities to recycle abandoned cars, and fulfillment of several contracts awarded by the U.S. Federal Government.
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Strategically located near Naval Station Norfolk, the world's largest naval base, and the Port of Virginia, Greenwave taps into an abundant supply of prime scrap metal from defense contractors, shipyards, and logistics operations.
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 of our officers and directors 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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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 nearly 20 years.
