LinkedIn
WebsiteGREENWAVE TECHNOLOGY SOLUTIONS INC: Company Profile and Market Dynamics
GREENWAVE TECHNOLOGY SOLUTIONS INC (Nasdaq: GWAV) is a U.S. metals recycler headquartered in Norfolk, Virginia. The company specializes in the collection, processing, and sale of 100 percent domestically sourced ferrous and non-ferrous scrap metal, serving steel producers and infrastructure contractors across the Mid-Atlantic and Southeast.
Corporate Structure
Founded in 2013, Greenwave operates eleven recycling facilities in Virginia, North Carolina, and Ohio under its Empire Services subsidiary. According to its LinkedIn profile, the firm employs between 51 and 200 individuals across operations, logistics, environmental compliance, and technology functions. Leadership is headed by Chairman and CEO Danny Meeks, who oversees corporate strategy and government contracting initiatives.
Recycling metals by v2osk
Recent Developments and News
On February 21, 2025, Greenwave raised its fiscal 2025 revenue guidance to between $47 million and $50 million, reflecting expected demand from Nucor, Sims Metal, Cleveland-Cliffs, and Georgia-Pacific, coinciding with new import tariffs. U.S. steel and aluminum tariffs took effect on March 12, 2025, eliminating prior exemptions and contributing to a reported increase of over 20 percent in scrap steel prices since February. In late 2024, the firm secured multiple government and municipal contracts, including a non-ferrous recycling agreement expected to add approximately $2 million in revenues for Q4 2024 and Q1 2025, along with a Virginia Beach municipal contract projected to generate $500,000.
In order to meet Nasdaq compliance requirements, Greenwave announced on August 20, 2025, a 1-for-110 reverse stock split effective 5:00 p.m. ET on August 22, with adjusted trading beginning August 25 under ticker GWAV. The reverse stock split did not alter shareholders’ percentage interests, aside from fractional-share adjustments.
Financial and Strategic Analysis
Greenwave reported a net loss exceeding $100 million for 2024 and an operating loss of $34 million, attributed partially to inventory accumulation in anticipation of price gains due to tariffs. At the end of 2024, the company had $2.5 million in cash and a working capital deficit of $13.4 million. In a December 17, 2024, shareholder letter, management noted a 635 percent increase in current assets and a 64 percent reduction in liabilities through September 30, 2024, which improved shareholders’ equity by $55.7 million. As of February 2025, Greenwave reported $10 million in cash on hand and $7 million in inventories. The company has not announced immediate plans for an equity raise but acknowledges potential future capital needs for growth.
Strategically, Greenwave leverages a portfolio of grandfathered municipal recycling licenses that create barriers for competitors. The anticipated opening of Nucor’s Lexington, North Carolina facility in 2025, designed for a processing capacity of 430,000 tons of recycled inputs, represents a significant demand opportunity. Greenwave’s five North Carolina locations, including its American Pulverizer 60×85 shredder, position the firm to supply high-grade scrap for infrastructure projects and naval shipbuilding.
Market Position and Industry Context
Greenwave operates within a fragmented U.S. recycling market that is experiencing consolidation among steelmakers seeking raw material supplies. Domestic tariffs on steel and aluminum, along with proposed tariffs on copper, have shifted processing volumes toward U.S. recyclers. Federal infrastructure spending in the South Atlantic region is driving demand for recycled metal. Notable peers include Sims Metal, which acquired Baltimore Scrap Corp. for $220 million in August 2023, and Cleveland-Cliffs, which paid $775 million for Ferrous Processing and Trading in 2021, indicating market valuations for scrap processing assets.
Sustainability initiatives from leading steel producers, aiming for over 97 percent recycled input, further support long-term demand. Greenwave’s contracts across military installations, municipal fleets, and infrastructure projects provide a recurring revenue stream that complements market price exposure.
tl;dr
Tariffs on U.S. steel and aluminum imports that took effect March 12, 2025, have contributed to a reported increase of over 20 percent in scrap steel prices, supporting Greenwave’s revenue guidance of between $47 million and $50 million for FY 2025. The company secured government and municipal contracts projected to generate $2.5 million in late 2024. On August 22, 2025, Greenwave executed a 1-for-110 reverse stock split to meet Nasdaq’s minimum bid price requirements. Despite a reported net loss of over $100 million for 2024 and a working capital deficit of $13.4 million, the firm's cash holdings are approximately $10 million, with $7 million in inventory. Key demand catalysts include government infrastructure projects and the anticipated 2025 opening of Nucor’s Lexington, NC facility, which is expected to require significant volumes of domestically recycled metal.
