Greenwave Technology Solutions Inc (NASDAQ: GWAV) is a scrap metal recycling company that collects, processes, and sells recycled ferrous and nonferrous metals. Revenue is transactional, generated from selling processed scrap metal to domestic and international buyers, with margin determined by the spread between metal purchase costs and selling prices after accounting for transportation and processing. The company entered the scrap metal business through its acquisition of Empire and operates recycling facilities primarily in the Hampton Roads region of Virginia, northeastern North Carolina, and Cleveland, Ohio (as of the fiscal year ended December 31, 2024). It runs two American Pulverizer 60x85 automotive shredders, one at Kelford, North Carolina and one at Carrollton, Virginia. Source material includes end-of-life vehicles, appliances, construction materials, and industrial machinery, sourced from corporations, industrial manufacturers, retail customers, and government organizations. Processed output consists of shredded recycled ferrous metal, nonferrous metal, and separated components such as catalytic converters, aluminum wheels, and batteries sold through distinct channels.

Revenue model

Transactional sales of processed scrap metal. Margin is the spread between prices paid to suppliers for unprocessed metal and prices received from buyers after transportation and processing costs. When selling prices decline, the company adjusts purchase prices paid to suppliers to protect operating income.

Products and services

Shredded recycled ferrous metal, nonferrous metal, and separated vehicle components including catalytic converters, aluminum wheels, and batteries. Processing methods include crushing, shearing, shredding, magnetic separation, and density-based sorting of appliances, end-of-life vehicles, boats, construction materials, and industrial machinery.

Customers and end markets

Domestic and international buyers of recycled scrap metal. International customers are located in Asia, the Mediterranean region, and North, Central, and South America. Sales to foreign customers are denominated in U.S. dollars. End markets include steel production and metal manufacturing.

Value-chain role

Midstream scrap metal processor. Acquires unprocessed metal from suppliers, processes it through shredders and separation equipment, and sells refined recycled metal to downstream buyers. Facilities are located near deep water ports to facilitate export shipments.

Geographic exposure

Operations concentrated in Hampton Roads, Virginia; northeastern North Carolina (Kelford); and Cleveland, Ohio, as of fiscal year ended December 31, 2024. Significant export sales to Asia, the Mediterranean region, and North, Central, and South America.

Source: SEC 10-K, filed 2025-04-15

Industry: Wholesale-Metals Service Centers & of fices Peers: AI Financial Corp AuraSource, Inc. Avalon Holdings Corp TOMI Environmental Solutions Inc QHY GROUP Strategic Environmental & Energy Resources Inc Waste Management Inc