Greenwave Technology Solutions, Inc.

Greenwave Technology Solutions, Inc. operates in the scrap metal recycling industry, which involves collecting, classifying, and processing appliances, construction material, end-of-life vehicles, boats, and industrial machinery. The company processes these items by crushing, shearing, shredding, separating, and sorting into smaller pieces, categorizing recycled ferrous, nonferrous, and mixed metal pieces based on density and metal prior to sale. The industry is cyclical and sensitive to general economic conditions, with demand influenced by global steel manufacturing, nonresidential and infrastructure construction in the U.S., and foreign currency exchange fluctuations. The company's operations and main suppliers are currently located in the Hampton Roads and northeastern North Carolina markets, with an additional metal recycling facility in Cleveland, Ohio opened as of the second quarter of 2023.

Greenwave competes with several large, well-financed recyclers of scrap metal, steel mills which own their own scrap metal processing operations, and smaller metal recycling companies. The company aims to create a competitive advantage through its ability to process significant volumes of metal products, its use of processing and separation equipment, the number and location of its facilities, and the operating synergies developed based on its experience. The company operates an automotive shredder at its Kelford, North Carolina location and a second automotive shredder at its Carrollton, Virginia location, designed to produce a denser product and more refined recycled ferrous metals. For the fiscal year ended December 31, 2025, two large customers individually accounted for $12,073,690 ¹ and $5,482,886 ², or approximately 25.88% ³ and 11.75% ⁴ of revenues, respectively. For the fiscal year ended December 31, 2024, two large customers individually accounted for $18,654,928 ⁵ and $1,683,325 ⁶, or approximately 55.99% ⁷ and 5.05% ⁸ of revenues, respectively.

Greenwave generates revenue primarily through the sale of processed scrap metal. The company's main product is selling ferrous metal, used in the recycling and production of finished steel, categorized into heavy melting steel, plate and structural, and shredded scrap, with various grades based on content, size, and consistency. The company also processes nonferrous metals such as aluminum, copper, stainless steel, nickel, brass, titanium, lead, alloys, and mixed metal products, and sells catalytic converters recovered from end-of-life vehicles to processors which extract nonferrous precious metals such as platinum, palladium, and rhodium. Revenue is transactional in nature, with prices based on prevailing market rates subject to market cycles, worldwide steel demand, government regulations and policy, and supply of products that can be processed into recycled steel. The company provides metal recycling services to a wide range of suppliers, including large corporations, industrial manufacturers, retail customers, and government organizations.

The company's main product is selling ferrous metal, categorized into heavy melting steel, plate and structural, and shredded scrap, with various grades based on content, size, and consistency. The company also processes nonferrous metals such as aluminum, copper, stainless steel, nickel, brass, titanium, lead, alloys, and mixed metal products. Additionally, the company sells catalytic converters recovered from end-of-life vehicles to processors which extract nonferrous precious metals such as platinum, palladium, and rhodium. The company operates an automotive shredder at its Kelford, North Carolina location and a second automotive shredder at its Carrollton, Virginia location. The shredders are designed to produce a denser product and, in concert with advanced separation equipment, more refined recycled ferrous metals. The nonferrous metals and other materials go through mechanical systems which separate the nonferrous metal from any residue, further processed to sort the metal by type, grade, and quality prior to being sold as products such as zorba (mainly aluminum), zurik (mainly stainless steel), and shredded insulated wire (mainly copper and aluminum).

The company's main sources of unprocessed metal purchased are end-of-life vehicles, old equipment, appliances and other consumer goods, and scrap metal from construction or manufacturing operations. The company acquires this unprocessed metal from a wide base of suppliers including large corporations, industrial manufacturers, retail customers, and government organizations who unload their metal at the company's facilities or the company picks it up and transports it from the supplier's location. The company's operations and main suppliers are currently located in the Hampton Roads and northeastern North Carolina markets. As of the second quarter of 2023, the company expanded operations by opening a metal recycling facility in Cleveland, Ohio.

On September 30, 2021, the company closed its acquisition of Empire Services, Inc., which operates 13 ⁹ metal recycling facilities in Virginia, North Carolina, and Ohio. On October 19, 2021, the company changed its corporate name from MassRoots, Inc. to Greenwave Technology Solutions, Inc. The company sold all of its social media assets on October 28, 2021 for cash consideration equal to $10,000 ¹⁰ and discontinued all operations related to its social media business. Effective as of February 5, 2026, the board of directors appointed Chelsea Pullano as Chief Financial Officer. In connection with Ms. Pullano's appointment, Danny Meeks resigned as the interim Chief Financial Officer. The company pays MACK Financial Solutions, LLC $7,500 ¹¹ per month for CFO Services and an aggregate of $12,500 ¹² per month for MACK Services. On August 20, 2025, the company filed a Certificate of Amendment to effect a reverse stock split of its issued common stock in the ratio of 1-for-110 ¹³, effective at 5:00 p.m., eastern time, on August 22, 2025. The common stock began trading on a split-adjusted basis at the market open on Monday, August 25, 2025. On September 9, 2025, the company received formal notice from Nasdaq that it had regained compliance with the Minimum Bid Price Requirement.

For the fiscal year ended December 31, 2025, the company reported revenues of $46,650,000 ¹⁴ compared to $33,320,000 ¹⁵ for the fiscal year ended December 31, 2024. Net loss for the fiscal year ended December 31, 2025 was $14,520,000 ¹⁶ compared to a net loss of $14,540,000 ¹⁷ for the fiscal year ended December 31, 2024. Basic and diluted net loss per share for the fiscal year ended December 31, 2025 was $17.50 ¹⁸ compared to $17.52 ¹⁹ for the fiscal year ended December 31, 2024.

One of the company's main corporate priorities is to open a facility with rail or deep-water port access to enable efficient transport of products to domestic steel mills and overseas foundries. Management believes opening a facility with port or rail access could result in an increase in both the revenue and profitability of existing operations, as it would greatly expand the number of potential buyers of processed scrap products.

The company has expanded operations by opening a metal recycling facility in Cleveland, Ohio as of the second quarter of 2023, representing a geographic expansion into a new market beyond the Hampton Roads and northeastern North Carolina markets where its main operations and suppliers are located.

The filing does not contain specific margin trajectory, cost structure evolution, or efficiency targets with exact figures.

The company employs 172 ²⁰ people as of June 12, 2026. The company's operations depend on critical pieces of equipment including information technology equipment, shredders, nonferrous sorting technology, furnaces and a rolling mill, which may be out of service occasionally for scheduled upgrades or maintenance or as a result of unanticipated failures. The company has designed its systems to maximize the value of metals produced from its process.

The filing does not contain specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy with exact figures.

The company operates in industries that are cyclical and sensitive to general economic conditions, which could have a material adverse effect on operating results, financial condition, and cash flows. Changing conditions in global markets including the impact of sanctions and tariffs, quotas and other trade actions and import restrictions may adversely affect operating results. In March 2025, the U.S. raised tariffs on all imported steel and aluminum products to 25% ²¹ without exception or exclusion. China has imposed a series of retaliatory tariffs on certain U.S. products, including a 25% ²² tariff on all grades of U.S. scrap and an additional 25% ²³ on U.S. aluminum scrap. Significant decreases in scrap metal prices may adversely impact operating results, and imbalances in supply and demand conditions in the global steel industry may reduce demand for products.

The company has substantial customer concentration, with two large customers accounting for approximately 25.88% ²⁴ and 11.75% ²⁵ of revenues for the fiscal year ended December 31, 2025, and approximately 55.99% ²⁶ and 5.05% ²⁷ of revenues for the fiscal year ended December 31, 2024. The company depends on a small number of suppliers for materials necessary to run its business, and the loss of these suppliers would materially and adversely affect the business. The company has a limited history upon which an evaluation of prospects and future performance can be made and has no history of profitable operations. The independent registered accounting firm has expressed concerns about the company's ability to continue as a going concern based on historical losses from operations and the potential need for additional financing.

The company operates in cyclical industries sensitive to general economic conditions, and significant decreases in scrap metal prices may adversely impact operating income and cash flows, as the company may not be able to reduce metal purchase prices to fully offset sharp reductions in recycled scrap metal sales prices. The company has substantial customer concentration, with two large customers accounting for approximately 25.88% ²⁸ and 11.75% ²⁹ of revenues in fiscal 2025, and approximately 55.99% ³⁰ and 5.05% ³¹ of revenues in fiscal 2024, and the loss of either customer would negatively affect revenues and results of operations. The independent registered accounting firm has expressed concerns about the company's ability to continue as a going concern based on historical losses from operations and the potential need for additional financing. The company has experienced material weaknesses in internal control over financial reporting as of December 31, 2025 and 2024 due to insufficient segregation of duties. The company faces environmental compliance costs and potential liabilities, having been found not in compliance with certain laws and regulations in the past, incurring liabilities, expenditures, fines, and penalties associated with such violations.

Management's message emphasizes the company's transition into the scrap metal industry following the acquisition of Empire Services, Inc., which operates 13 ³² metal recycling facilities. The company's main corporate priority is to open a facility with rail or deep-water port access to enable efficient transport of products to domestic steel mills and overseas foundries, which management believes could result in an increase in both the revenue and profitability of existing operations. The company has designed its systems to maximize the value of metals produced from its process, operating automotive shredders at its Kelford, North Carolina and Carrollton, Virginia locations.