NASDAQ:GWAV 14 October 2025 - 10 December 2025

Greenwave’s business centers on scrap‑metal recycling. Through its subsidiary Empire, it runs what it calls “the #1 scrap metal chain in Hampton Roads,” located near the world’s largest Naval Baseprnewswire.com. The company processes ferrous and non‑ferrous scrap for U.S. steelmakers and other industrial users. Its CEO Danny Meeks has emphasized that Greenwave supplies “100% domestically-sourced metals” and sees its facilities as crucial for national infrastructure and securityprnewswire.comprnewswire.com. Tariffs & Tariffs: Crucially, Greenwave has ridden recent trade policy shifts. Early in 2025, the U.S. government announced sweeping 25% tariffs on imported steel, aluminum and copper. Greenwave immediately raised its FY2025 revenue outlook on this newsprnewswire.com. S&P Global interviewed Greenwave CFO Isaac Dietrich, who confirmed domestic bids jumped “after Trump announced tariffs on all steel imports”spglobal.com. He told S&P, “We saw a significant increase in bids from the major steel manufacturers… There’ll be a significant increase in demand for a finite supply. So, we expect prices to go considerably higher in our markets”spglobal.com. Dietrich added that big mills like Nucor and Sims are already seeking long-term supply agreements: “Both Sims and Nucor are trying to lock us into long-term contracts to derisk from that,” he saidspglobal.com. In June 2025 those tariffs were

Two‑sentence takeaway: GWAV is a tiny‑float, high‑volatility micro‑cap recycler spiking on momentum and macro tailwinds. But it carries material execution and financing risk. Greenwave runs a cluster of scrap yards that buy, process, and sell recycled metal to mills and industrial customers. In FY2024, the 10‑K reports $33.3M revenue, $13.0M gross profit, and a $100.4M net loss, with $26.1M total liabilities at year‑end. Sites span VA/NC/OH, and the company highlights multiple related‑party leases/transactions tied to the CEO’s entities. SEC+1