# SHARK SOLUTIONS ApS

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/sharksolutions).

## Overview

SHARK SOLUTIONS ApS is a Danish industrial recycling and materials company that converts damaged laminated glass, including windshields and architectural glass, into recovered PVB-based raw material. Through its subsidiaries and operating sites in Denmark, Belgium, and the United States, the group supplies sustainable input materials to industrial customers in Europe and North America.

## Products & services

• Recovered PVB (rPVB) from laminated glass waste
• Upcycling of damaged windshields and architectural glass
• Sustainable raw materials for industrial use
• Circular-material processing and supply
• Glass-derived materials for paints, coatings, carpets, flooring, textiles

- **rPVB raw material** (55%) — Recovered polyvinyl butyral produced from laminated glass waste for reuse in industry.
- **Glass recycling input processing** (20%) — Conversion of damaged windshields and architectural glass into reusable feedstock.
- **Sustainable industrial materials** (25%) — Circular-material products sold into coatings, carpets, flooring, and textiles.

- Recovered PVB (rPVB) from laminated glass waste
- Upcycling of damaged windshields and architectural glass
- Sustainable raw materials for industrial use
- Circular-material processing and supply
- Glass-derived materials for paints, coatings, carpets, flooring, textiles

## Customers

The company sells to industrial users that need recovered PVB or other sustainable raw materials for manufactured products. Reported end markets include paints and coatings, carpets, flooring, and textiles, alongside broader industrial applications for circular inputs. Customers are attracted by reliable supply, consistent quality, and the ability to replace virgin materials with lower-impact alternatives.

- **Paints and coatings manufacturers** (primary) — Buy rPVB-based material for formulation and product development as they shift toward sustainable inputs.
- **Carpet and flooring producers** (primary) — Use recovered PVB and related recycled materials in industrial production and product lines.
- **Textile and related industrial users** (secondary) — Purchase circular-material inputs for use in downstream industrial applications.
- **Glass and auto-waste sourcing partners** (primary) — Supply damaged laminated glass feedstock used to produce rPVB.

- Paints and coatings producers using rPVB as an input
- Carpet and flooring manufacturers seeking circular materials
- Textile-related industrial buyers needing recycled feedstock
- Industrial customers replacing virgin raw materials
- Customers adopting sustainable materials across multiple product lines

## Geography

Shark Solutions is headquartered in Denmark and operates production sites in Belgium and the United States, including facilities in Georgia, California, and Pennsylvania. The company serves markets in Europe and North America, with site placement chosen to sit close to sourcing partners and reduce transport emissions.

- **Europe** (50%) — Headquarters in Denmark and production in Belgium; main market region.
- **North America** (50%) — U.S. production sites in Georgia, California, and Pennsylvania; market region.

- Headquartered in Denmark
- Operating facilities in Belgium and the United States
- U.S. sites in Georgia, California, and Pennsylvania
- Primary market focus on Europe and North America
- Facility locations support local sourcing and logistics efficiency

## Strategy

The company’s strategy centers on scaling circular materials from waste streams into industrial feedstocks with lower carbon intensity. It is also expanding customer adoption across multiple product lines and geographies while maintaining supply reliability and quality consistency.

- **Scale rPVB commercialization** (short-term) — Broader market adoption turns waste-derived feedstock into a repeatable industrial product line.
- **Increase customer penetration across end markets** (medium-term) — Diversification across applications reduces reliance on any single buyer or usage pattern.
- **Improve production reliability and throughput** (short-term) — Operational consistency is critical because supply interruptions can limit sales conversion.

- Expand commercialization of rPVB-based products
- Grow adoption across customer product lines and geographies
- Use reliable supply and quality to build customer loyalty
- Improve production efficiency and capacity utilization
- Support lower-carbon material substitution for customers

## Risks

The business is exposed to production reliability, labor turnover, and execution risk because sales depend on converting waste feedstock into consistent industrial output. It also faces customer adoption risk, as end-market ramp-up can be slower than expected, while its sustainability-led model depends on continued regulatory and customer demand for circular materials.

- **U.S. production instability** [high] — Operational stoppages and interruptions can reduce throughput and disrupt sales fulfillment.
- **Employee turnover and skill loss** [medium] — High turnover can reduce process experience and increase the chance of production interruptions.
- **Slower customer ramp-up** [high] — New customer introductions and application launches may take longer to convert into revenue.
- **Liquidity dependence** [high] — Ongoing operations and growth require active liquidity management and external support.

- U.S. production disruptions can reduce output and delay deliveries
- Employee turnover can weaken operating experience and process stability
- New product introductions may ramp more slowly than expected
- Liquidity depends on shareholder support and disciplined cash management
- Demand is tied to sustainability adoption and raw-material substitution

## Accounting

The group reports under IFRS and presents consolidated results in euros, so foreign operations and transactions create translation exposure across Denmark, Belgium, and the United States. Investors should also watch estimates around going concern assessment, intercompany balances, and any impairment or allowance recognition tied to intragroup funding and operational losses.

- **Foreign currency translation** — Can affect reported equity and profit through exchange differences
- **Going concern assessment** — May affect classification, disclosures, and valuation judgments
- **Intercompany debt allowance** — Can reduce parent-company earnings and equity
- **Consolidation and eliminations** — Affects comparability of group and parent-company figures

- IFRS consolidation across Danish, Belgian, and U.S. entities
- Foreign currency translation for U.S.-based operations
- Going concern judgments and liquidity assumptions
- Intercompany debt allowances and eliminations
- Potential impairment or estimate sensitivity in a developing business

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*Last updated: 2026-10-24T15:18:00.178479+00:00*