Greenwave Technology Solutions, Inc. Underscores Commitment to Growth and Shareholder Value

President Trump is expected to announce copper tariffs soon – the higher the tariff, the more revenue Greenwave is expected to generate

GWAV recently raised revenue guidance to $47-$50 Million for Fiscal Year 2025

Greenwave supplies Nucor, Sims Metal, Cleveland-Cliffs, and Georgia-Pacific with 100% domestically-sourced recycled metals

S&P Global Commodity Insights and BNN Bloomberg recently covered Greenwave

CHESAPEAKE, Va., Feb. 21, 2025 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) ("Greenwave" or the "Company"), today announced that despite receiving numerous inquiries from investors, Greenwave has no immediate plans to raise capital. Greenwave currently has approximately $10 million cash and current inventories of $7 million – with scrap prices surging ahead of President Trump's 25% tariffs on steel and aluminum imports set to take effect in March 2025.

Unlike tariffs on countries – which are often used as a negotiating tactic – the tariffs on steel, aluminum, and ultimately copper are intended to strengthen America's steel industry to de-risk in our supply chain. The Biden Administration did not reverse the tariffs on steel implemented during President Trump's first term – which are set to increase in March 2025 while eliminating all exceptions and exclusions. Greenwave expects the tariffs on metals to be perpetual.

GWAV: Tariffs Are an Inflection Point 

Greenwave, a leading Mid-Atlantic supplier of mill-ready shred and recycled metals, is potentially primed for a rapid growth. Trump's tariffs—increasing un-reversed steel tariffs from his first term—will eliminate exemptions in March 2025, creating a tailwind for domestic metal recyclers. Analysts expect copper tariffs to further amplify Greenwave's topline.

Greenwave recently raised its FY 2025 revenue guidance to $47-$50 million, reflecting surging demand from U.S. steel giants.

Government Contracts Driving Growth

Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. Recently, the Company secured:

• 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.
• An exclusive municipal contract with Virginia Beach, the largest city in Virginia, estimated to generate over $500,000 in revenues initially.
• 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.

In addition, due to Greenwave's strategic location near Naval Station Norfolk, the world's largest naval base, and the Port of Virginia, Greenwave is able to tap into an abundant supply of prime scrap metal from defense contractors, shipyards, and logistics operations.

2025 Catalyst: Nucor's Lexington Facility

Greenwave is anticipates capitalizing on Nucor's new 430,000-ton steelmaking facility in Lexington, NC, opening in 2025. Built for 99% recycled inputs, this plant will increase regional demand for Greenwave's shred. Already a supplier to Nucor's Hertford mill—supporting projects like the $13B USS Gerald Ford—Greenwave's five NC facilities, including an industry-leading American Pulverizer 60x85 shredder, underscore its market standing.

Key Growth Triggers

• Infrastructure Boom: Current federal spending is igniting South Atlantic construction, with Greenwave feeding the metal surge.
• Domestic Shift: It is anticipated that tariffs will drive 75% of 2025 revenue from U.S. sales (up from 41% historically), unlocking massive growth and profitability.
• Real Estate Power Move: Greenwave's acquisition of seven core facilities slashes rent by $1.7M annually, boosting cash flow and teeing up a potential strategic transaction.

Moat of Scarcity: Licenses Lock Out Competition

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. These licenses include:

• Norfolk, VA: One of few VA DMV recycler licenses in the city, near the world's largest naval base.
• Virginia Beach, VA: Sole recycling facility in the state's largest city, near NAS Oceana.
• Portsmouth, VA: Close proximity to port with grandfathered license, optimizing export economics.

Greenwave's 20-year relationship with Sims Metal—delivering $20.7M (2023) and $18M (2022) in revenue—underscores market confidence

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.

• 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.
• 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.
• 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.
• 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.

A Unique and Compelling Opportunity

With 20 years of experience in the scrap metal industry, management has never been more bullish about the future prospects of our business. Greenwave has had significant macro-economic tailwinds, is in a strong financial position, with numerous upcoming catalysts that are expected to be truly transformative for the Company.

The scrap metal industry is rapidly consolidating. We believe Greenwave's extensive footprint, grandfathered licenses, and relationships with key suppliers offer a unique and compelling opportunity for our company and shareholders. Greenwave currently provides subsidiaries of Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited, Georgia-Pacific, and several other steel producers, with a reliable supply of mill-ready shred, sourced from thousands of corporations, municipalities, and individuals in Virginia, North Carolina, and Ohio.

About Greenwave Technology Solutions, Inc.
Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying leading steel mills and industrial partners with 100% domestically-sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio. For more information, visit www.GWAV.com.

For detailed financials and updates, visit www.GWAV.com.

Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections, including the availability of funds, changes in policies on tariffs, and other risks related to our business as described in the Company's filings with the SEC. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company's common stock may fluctuate significantly. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

SOURCE Greenwave Technology Solutions