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- Company Provides 100% Domestically-Sourced Steel, Aluminum, Copper, and Zorba to Steel Mills
- Greenwave’s Customers Include Nucor, Sims Metal Management, Cleveland-Cliffs, and Georgia-Pacific
- Prices for Domestic Scrap Metal have Surged in February and are Expected to Go Higher
CHESAPEAKE, Va., Feb. 11, 2025 /PRNewswire/ — Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) (“Greenwave” or the “Company”), today announced it is preparing for significant demand increases for its 100% domestically-sourced scrap metal products, including steel, aluminum, copper, and zorba. Prices for domestic scrap metal have surged in February 2025 and are expected to go higher.
25% Steel and Aluminum Tariffs Without Exceptions or Exclusions
“Our nation requires steel and aluminum to be made in America, not in foreign lands… Protecting our steel and aluminum industries is a must.
Greenwave Provides 100% Domestically-Sourced Steel, Aluminum, Copper, and Zorba to Steel Mills.
And today, I’m simplifying our tariffs and steel and aluminum so that everyone can understand exactly what it means. It’s 25 percent without exceptions or exemptions. And that’s all countries, no matter where it comes from, all countries.
If made in the United States, however, United States of America, there is no tariff. It’s zero. So, if it’s made in the United States, there is no tariff. All you have to do is make it in the United States.” – President Trump, February 10, 2025
$GWAV Recent Highlights:
- President Trump announced 25% tariffs on steel and aluminum imports with “without exceptions or exemptions” on February 10, 2025
- Raised revenue guidance to $47-50 million for FY 2025
- Market value of current inventories are estimated to have exceeded $6 million
- A fleet of 50+ trucks allows Greenwave to capitalize on market opportunities and swiftly fulfill customer orders during supply chain disruptions
- Acquired the real estate for seven of its core facilities, reducing the Company’s annual rent expenses by approximately $1.7 million
- Secured numerous government, municipal, and infrastructure contracts providing a reliable supply of scrap metal and driving revenue growth
- Completed a multi-year capex cycle in which it invested over $20 million in equipment and infrastructure to facilitate rapid expansion
- Accelerated the nationwide expansion of its AI-powered scrap car buying platform, Scrap App, and commenced operations in several key markets
- Greenwave insiders made significant purchases of the Company’s common stock at approximately $0.66/share in December 2024
$GWAV Positioned to Win Big on Metal Tariffs
As one of the Mid-Atlantic’s dominant suppliers of mill-ready shred and other recycled metals, Greenwave anticipates surging demand and expanding profit margins throughout fiscal year 2025. With the U.S. steel and metals industry shifting toward domestic sourcing, Greenwave’s strategic position in Virginia, North Carolina, and Ohio places it at the epicenter of these game-changing industry dynamics.
About Greenwave Technology Solutions, Inc.
Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying leading steel mills and industrial partners with 100% domestically-sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio. For more information, visit www.GWAV.com.
For detailed financials and updates, visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company’s common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE Greenwave Technology Solutions
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