GWAVNasdaqWholesale-Metals Service Centers & of ficesUS GAAP · USD

Greenwave Technology Solutions, Inc.

Greenwave Technology Solutions, Inc. is a U.S.-based metals recycling and wholesale metals business that operates scrap processing and related metal sales activities. The company appears to have evolved through multiple corporate actions and financings, and its current business is centered on sourcing, processing, and selling ferrous and non-ferrous metal materials.

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Revenue46.7m USD
+40.1 %y/y
Operating profit (EBIT)-19.8m USD
+42.1 %y/y
EBIT margin-42.5%
+60.4 ppy/y
Net income-21.6m USD
+9.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-40-200204060m USD2020: 0.01 m USD2020: EBIT -1.2 m USD20202021: 8.1 m USD2021: EBIT -2.9 m USD20212022: 34 m USD2022: EBIT -11 m USD20222023: 36 m USD2023: EBIT -20 m USD20232024: 33 m USD2024: EBIT -34 m USD20242025: 47 m USD2025: EBIT -20 m USD202547-20
RevenueOperating profit (EBIT)
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Business

Share of revenue
Scrap metal processing45 %

Collection, sorting, and preparation of scrap metal for resale or recycling.

Wholesale metals sales40 %

Sale of processed ferrous and non-ferrous metals to downstream buyers.

Materials handling and recovery15 %

Ancillary services tied to moving, recovering, and upgrading metal materials.

Products

Reported · share of revenue
70.5%29.4%FY2025100 %
  • Scrap Metal Recycling70.5 %
  • Hauling29.4 %
  • Other0.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily into industrial and commercial channels that need metal feedstock, recycled materials, or scrap processing services. Buyers are typically metal processors, recyclers, manufacturers, and other businesses that use recovered metals as input materials. Demand is tied to industrial activity, commodity pricing, and the availability of scrap supply.

Industrial metal buyers

Buy processed scrap and recycled metals for use as feedstock in manufacturing and melting.

Wholesale metal distributors

Purchase bulk metal materials for resale into regional industrial markets.

Scrap generators and commercial accounts

Supply scrap metal and may pay for collection or handling services.

Strategy

Recent filings show repeated securities purchase agreements, exchange agreements, and related financing documents, suggesting a focus on capital structure management and corporate continuity. For the operating business, the strategic challenge is to maintain access to scrap supply, improve processing efficiency, and preserve liquidity in a cyclical commodity environment.

Liquidity and capital structure managementShort term

The company has relied on multiple securities purchase and exchange transactions, indicating funding needs are strategically important.

Operational stabilizationMedium term

A metals recycling business depends on steady throughput, working capital, and reliable supply relationships.

Geography

The available filings identify the company as U.S.-based, and the disclosed materials do not provide a country-level revenue split. Business activity is therefore best understood as concentrated in the United States, with exposure to domestic industrial demand, transportation costs, and local scrap supply conditions.

Risks

The business is exposed to commodity price volatility, supply-chain disruption, and margin pressure typical of metals recycling and wholesale trading. The filings also suggest financing and dilution risk, as the company has repeatedly used securities purchase and exchange transactions to support its capital needs.

Sorted by severity
Commodity price volatilityHigh

Revenue and margins depend on the spread between scrap acquisition costs and metal resale prices.

Exposure: Ferrous and non-ferrous metals trading

Liquidity and dilution riskHigh

Recent filings show repeated securities purchase and exchange agreements, implying ongoing capital needs.

Exposure: Equity and convertible financing

Supply and throughput disruptionMedium

Scrap-based businesses depend on steady inbound material flow and efficient processing.

ExposureCollectionSortingLogistics
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Accounting

Judgemental items
Revenue recognition on metal sales

Sales may be recognized at shipment or delivery depending on contract terms, affecting quarterly revenue timing.

Impact: Can shift reported revenue between periods

Inventory valuation

Scrap and metal inventories may need write-downs if market prices fall or material quality changes.

Impact: Can materially affect gross margin

Financing and equity-linked instruments

Repeated securities purchase and exchange agreements can involve complex classification and valuation judgments.

Impact: May affect dilution, interest expense, and fair-value gains/losses

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Last updated: 24/09/2026