Greenwave Technology Solutions is like Waste Management (WM) for scrap metal.

• Metal Recycling Services: Collection, classification, and processing of raw scrap ferrous and nonferrous metals.
• Ferrous Scrap Metals: Processed iron and steel sold as raw materials to steel mills and other purchasers.
• Nonferrous Scrap Metals: Processed aluminum, copper, lead, stainless steel, and zinc sold as raw materials.

Major Customers of Greenwave Technology Solutions (GWAV):

Greenwave Technology Solutions (GWAV) primarily sells to other companies.

Based on the company description, its major customers are:

• Steel mills
• Other industrial purchasers of processed and unprocessed scrap metals

The provided company description does not include the names of specific customer companies.

Danny Meeks, Chief Executive Officer and Chairman of the Board

Mr. Meeks began his entrepreneurial career at 18 with a hauling company, which he rapidly expanded through reinvestment of profits. In 2004, he founded Empire Services, Inc., which he grew to 11 metal recycling facilities generating $25 million in annual revenue through both acquisitions and new openings. Mr. Meeks successfully sold Meeks Disposal Corporation for $17 million in 2010. Following Super Storm Sandy in 2012, he established Select Recycling Waste Services, Inc., securing a federal subcontract for cleanup services in New Jersey, and later sold the majority of its assets for $27 million in 2020, with remaining assets sold for an additional $3 million in 2021. He also served as Chairman & Chief Executive Officer of MassRoots, Inc. in 2021 and President & Secretary of Empire Services, Inc. from 2002 to 2021. In May 2024, he converted approximately $17.22 million of debt into company equity to strengthen Greenwave's balance sheet.

Chelsea Pullano, Chief Financial Officer

Ms. Pullano was appointed Chief Financial Officer of Greenwave Technology Solutions, Inc. effective February 5, 2026, serving in a part-time capacity through a scope of work agreement with MACK Financial Solutions, LLC. She is a co-founder, partner, and Chief Executive Officer of MACK Financial Solutions, LLC, a position she has held since May 2023. Prior to her role at MACK, Ms. Pullano served as the Chief Financial Officer of Creatd, Inc. from June 2020 to May 2023. Additionally, she was the Director of Finance at the law firm Lucosky Brookman LLP from September 2024 to March 2025.

The key risks to Greenwave Technology Solutions (GWAV) include its precarious Nasdaq listing status and overall financial distress, the inherent volatility of recycled metal prices, and significant operational challenges common within the metal recycling industry.

1. Nasdaq Delisting and Financial Distress: Greenwave Technology Solutions has repeatedly faced non-compliance issues with Nasdaq due to delayed filings of its quarterly financial reports. This has led to Staff Determination Letters and threats of trading suspension, with the company actively appealing to maintain its listing. This ongoing compliance struggle raises concerns about the company's financial transparency and ability to meet regulatory requirements, potentially eroding investor confidence. Furthermore, financial analyses suggest the company's financial health is "WEAK," indicating it is "quickly burning through cash" and has short-term obligations that exceed its liquid assets. The company has also engaged in frequent reverse stock splits and convertible debt conversions, which can lead to significant dilution for existing shareholders, often signaling liquidity needs.
2. Price Volatility of Recycled Metals: The profitability of Greenwave Technology Solutions, a metal recycling company, is highly susceptible to the fluctuating global market prices for recycled metals. Economic downturns or shifts in demand for specific metals can lead to substantial price volatility, directly impacting the company's revenues and overall profitability. Managing these unpredictable price swings is a significant economic hurdle for metal recycling operations.
3. Operational Risks: The metal recycling industry, in which Greenwave operates, inherently presents various operational challenges. These include substantial health and safety risks for workers, with injury rates significantly higher than average due to exposure to toxic materials like lead, mercury, and cadmium, as well as physical hazards from heavy machinery and sharp debris. Additionally, contamination of recyclable metals with non-metallic or hazardous substances is a common issue that slows down processing, increases operational costs, and reduces efficiency. High energy consumption during metal processing also contributes to operational expenses and environmental concerns.

The addressable markets for Greenwave Technology Solutions (GWAV), which operates metal recycling facilities in the U.S. states of Virginia and North Carolina, can be identified by the size of the U.S. metal recycling market, particularly for ferrous and nonferrous metals.

• The U.S. metal recycling market generated a revenue of approximately $78.72 billion in 2024, with projections to reach $92.95 billion by 2030.
• For ferrous metals, the U.S. ferrous metal market size was valued at approximately $32.37 billion in 2024 and is anticipated to reach around $45.98 billion by 2034.
• The U.S. nonferrous metal recycling market size was approximately $46.3 billion in 2024 and is projected to grow to $56.3 billion by 2032.

Here are the key drivers of future revenue growth for Greenwave Technology Solutions (GWAV) over the next 2-3 years:

1. Increased Demand from Nucor's New Lexington Facility: Greenwave Technology Solutions is strategically positioned to benefit from the opening of Nucor's new 430,000-ton steelmaking facility in Lexington, North Carolina, in 2025. This facility is designed to operate on nearly 100% recycled inputs, which is expected to significantly increase the regional demand for recycled steel, a core product supplied by Greenwave.
2. Impact of Metal Tariffs: Anticipated and enacted tariffs on steel, aluminum, and potentially copper imports are expected to create a significant tailwind for domestic metal recyclers like Greenwave. These tariffs aim to strengthen America's steel industry and are projected to drive Greenwave's domestic sales to 75% of its revenue in 2025, up from 41% historically, thereby expanding margins and revenue.
3. Growth in Government Contracts and Infrastructure Projects: Greenwave continues to prioritize securing government contracts as a key driver of revenue and cash flow growth. The company has recently secured exclusive government and municipal contracts, including one for recycling 550,000 pounds of non-ferrous metal (estimated to boost Q4 2024 and Q1 2025 revenues by approximately $2 million) and another with Virginia Beach. Additionally, Greenwave is positioned to capitalize on surging regional infrastructure investment, particularly in the South Atlantic region.
4. Expansion into Rare-Earth Metal Recovery: In response to global supply disruptions and geopolitical events, Greenwave is accelerating its initiatives in rare-earth metal recovery from end-of-life vehicles, appliances, and heavy machinery. The company views this as a "catalytic converter-level" opportunity, expecting it to generate significant revenue growth in fiscal year 2025 through the efficient extraction of high-value rare-earth minerals.
5. Acquisition of Profitable Scrap Yards and "Scrap App" Expansion: Greenwave plans to aggressively expand its operational footprint by acquiring additional profitable scrap yards. Concurrently, the rollout of its "Scrap App" to the top 25 U.S. markets in 2025 is expected to contribute to revenue growth, building on the success of comparable platforms that have generated substantial revenue.