Here are 1-2 analogies to describe Greenwave Technology Solutions (GWAV):

• A smaller, regional version of Schnitzer Steel (now Radius Recycling).
• Waste Management, but focused purely on metal recycling.

• Metal Recycling Services: Greenwave Technology Solutions provides comprehensive services for the acquisition, processing, and sale of various ferrous and non-ferrous scrap metals.

Greenwave Technology Solutions (GWAV) primarily sells its processed ferrous and non-ferrous scrap metal and electronic waste to other companies (B2B).

According to the company's public filings (e.g., Form 10-K), Greenwave Technology Solutions has a diversified customer base, and no single customer accounted for 10% or more of its revenue during recent fiscal years. As such, specific individual "major customers" by name are not publicly disclosed. Instead, GWAV sells to a range of industrial buyers who utilize recycled materials in their production processes.

The categories of customers Greenwave Technology Solutions serves include:

• Steel Mills: Large industrial facilities that use scrap metal as a key input for producing new steel products.
• Foundries: Companies that produce metal castings for various industries by melting and shaping metals, often incorporating recycled materials.
• Smelters: Facilities involved in the extraction and refining of metals from their ores or from scrap materials through heating and melting.
• Other Recyclers and Brokers: Companies that may further process materials or act as intermediaries in the global scrap metal and recycling supply chain.

Danny Meeks, Chairman and CEO

Danny Meeks began his entrepreneurial career at 18 by starting a hauling company, which he rapidly expanded through reinvestment of profits. Within two years, his company secured contracts for significant regional projects, including the Chesapeake Bay Bridge-Tunnel expansion. He founded Meeks Disposal Corporation in 2000, growing it to 100 trucks and 3,500 roll-off cans, and overseeing a $100 million federal subcontract for Hurricane Katrina cleanup efforts in New Orleans. He sold Meeks Disposal Corporation for $17 million in 2010. In 2004, Mr. Meeks founded Empire Services, Inc., expanding it to 11 yards and achieving $25 million in annual revenue through acquisitions and new locations. Empire Services, Inc. was subsequently acquired by MassRoots, Inc., which later became Greenwave Technology Solutions. In 2012, he founded Select Recycling Waste Services, Inc., which was awarded a federal subcontract for Super Storm Sandy cleanup in New Jersey. He sold the majority of SRWS's assets for $27 million in 2020 and the remaining assets for an additional $3 million in 2021. Mr. Meeks also started DWM Properties, LLC in 2002, through which he has built a portfolio of 106 properties valued at approximately $27 million.

Isaac Dietrich, Chief Financial Officer

Isaac Dietrich is the founder of Greenwave Technology Solutions (formerly MassRoots) and has held various leadership roles within the company, including Chief Executive Officer, Chairman of the Board, and Chief Financial Officer multiple times. He was instrumental in securing over $100 million in equity financing and cultivating a shareholder base of more than 27,000 investors. Mr. Dietrich also oversaw an acquisition that contributed $33.9 million in revenue in fiscal year 2022. He currently serves on the Board of Directors of Truleum Inc., where he chairs the Audit Committee.

Emerging digital platforms leveraging artificial intelligence and advanced logistics could disintermediate traditional metal recycling operators. These platforms have the potential to directly connect scrap metal generators with end-buyers (such as steel mills and foundries), offering greater transparency, efficiency, and potentially more competitive pricing for sourcing and selling scrap. This model threatens to bypass the traditional role of companies like Greenwave Technology Solutions as central aggregators, processors, and intermediaries in the scrap metal supply chain, similar to how Uber disrupted traditional taxicab businesses by connecting riders directly with drivers.

Greenwave Technology Solutions (GWAV) operates primarily in the metal recycling industry, including the processing of ferrous and nonferrous metals, and specifically automotive shredding for end-of-life vehicles.

The addressable markets for their main products and services are as follows:

• Global Metal Recycling Market: The global metal recycling market was estimated at USD 850.04 billion in 2023 and is projected to reach USD 1,135.28 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.0% from 2024 to 2030. Another estimate placed the global scrap metal recycling market size at USD 420.83 billion in 2024, projected to grow to USD 568.76 billion by 2032 with a CAGR of 3.9% from 2025–2032.
• U.S. Metal Recycling Market: The U.S. metal recycling market size is valued at approximately USD 87.91 billion in 2025 and is projected to climb to roughly USD 121.04 billion by 2034, with a CAGR of 3.25% from 2025 to 2034. Another estimate for the U.S. scrap metal recycling market size is USD 56.04 billion in 2025.
• Global Automotive Shredded Residue (ASR) Market: The global automotive shredded residue market, which includes materials from auto shredding, was valued at USD 1.1 billion in 2023 and is projected to reach USD 1.6 billion by 2028, growing at a CAGR of 6.6% during the forecast period. North America was the largest market for ASR in 2023.

Greenwave Technology Solutions (Nasdaq: GWAV) anticipates several key drivers to fuel its future revenue growth over the next two to three years:

1. Increased Demand from US Trade Policies and Tariffs: The implementation and expected continuation of tariffs on imported steel, aluminum, and copper are projected to significantly boost the demand and pricing for domestically sourced recycled metals. Greenwave expects 75% of its 2025 revenue to stem from domestic sales, a substantial increase from 41% historically, as these trade policies reshape the global steel market. The company has raised its FY 2025 revenue guidance to $47-$50 million, anticipating 10-20% revenue growth on metal products due to these tariffs.
2. Securing Government and Municipal Contracts: Greenwave continues to prioritize and successfully secure government and municipal contracts for metal recycling. Recent examples include a contract expected to generate $15–$35 million in revenue related to Hurricane Helene recovery efforts through March 2026, an exclusive government contract for recycling 550,000 pounds of non-ferrous metal estimated to add approximately $2 million to Q4 2024 and Q1 2025 revenues, and an exclusive municipal contract with Virginia Beach expected to generate over $500,000 in initial revenues.
3. Strategic Positioning with New Industry Facilities: The upcoming opening of Nucor Corporation's state-of-the-art steelmaking facility in Lexington, North Carolina, with an annual processing capacity of 430,000 tons, is expected to be a transformative catalyst for Greenwave. This facility will create significant demand for Greenwave's mill-ready shred and recycled metals.
4. Expansion of Customer Base and High-Volume Negotiations: Greenwave is actively engaged in negotiations with multiple entities seeking access to its high-volume supply of mill-ready metals. This indicates potential for new, significant contracts and stable revenue streams as industries increasingly focus on securing reliable, domestic supply chains for essential materials like steel, aluminum, copper, and rare-earth metals.
5. Operational Efficiency and Financial Strength through Real Estate Acquisitions: The company's recent acquisition of the real estate for seven of its core facilities is expected to reduce annual rent expenses by approximately $1.7 million. This move strengthens Greenwave's balance sheet, enhances cash flow, and strategically positions the company for future growth and potential high-value strategic transactions, allowing for greater investment in revenue-generating activities.