GWAV Explodes 100% Pre‑Market: Can Greenwave’s Tiny Float + 50% Metal Tariffs Turn a Micro‑Cap Recycler Into a Breakout Story

14 October 2025

Ticker / business: Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) operates scrap‑metal recycling yards (ferrous & non‑ferrous) across VA, NC and OH under the Empire brand. Its 2024 Form 10‑K shows $33.3M revenue and $100.4M net loss. ^[1]
Price action today: GWAV surged ~115% pre‑market to ~$18.30–$18.36 after an 18.4% gain Monday (close $8.51). ^[2]
Market cap context: ~$4.9M at the Oct 13 close; at ~$18.3 pre‑market, implied market cap ~$10.5M (≈571k shares outstanding post split). ^[3]
Float & squeeze risk: Public float ~454k shares; shares short ~64k (about 14% of float) → highly squeezable/liquidity‑fragile. ^[4]
52‑week range: Roughly $0.12 – $20.07 (reverse‑split adjusted). ^[5]
Corporate actions:1‑for‑110 reverse split effective Aug 22 (trading Aug 25), implemented to cure bid‑price deficiency. ^[6]
Nasdaq status: Company regained minimum bid‑price compliance on Sept 9, 2025 after the split; however, it received delinquency notices in 2025 for late 10‑Qs. ^[7]
Guidance (company statements): Management raised FY2025 revenue outlook to $47–$50M earlier this year; also said it had “no immediate plans to raise capital.” (Note: filings for 2025 have been delayed.) ^[8]
Macro tailwinds: The U.S. doubled Section 232 steel/aluminum tariffs to 50% on June 4, 2025; EU now proposes 50% tariffs on steel imports above reduced quotas—supportive for domestic scrap demand. ^[9]
Regional catalyst:Nucor’s new Lexington, NC micro‑mill ramped in 3Q25 (430k st/yr rebar), potentially lifting scrap demand near Greenwave’s NC yards. ^[10]
Near‑term watch items: Clearing late 10‑Qs, any capital raises, Q3 earnings timing (3rd‑party calendars point to mid‑November)—confirm on IR. ^[11]

Two‑sentence takeaway: GWAV is a tiny‑float, high‑volatility micro‑cap recycler spiking on momentum and macro tailwinds (50% U.S. metal tariffs, Nucor ramp). But it carries material execution and financing risk (heavy 2024 losses, repeated splits, delinquent filings).

1) What Greenwave does—and where it makes money

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 (metal $23.3M; hauling $9.9M), $13.0M gross profit, and a $100.4M net loss, with $26.1M total liabilities at year‑end. Sites span VA/NC/OH (mix of owned and leased), and the company highlights multiple related‑party leases/transactions tied to the CEO’s entities. ^[12]

2) What just happened (Oct 13–14, 2025)

After closing +18.4% at $8.51 on Monday, GWAV jumped ~115% pre‑market Tuesday to around $18.3 on exceptionally thin float—classic micro‑cap squeeze conditions. Yesterday’s after‑hours tape also showed GWAV on movers lists. Today’s move has no new company filing as of this writing; traders appear focused on the tiny float, improving steel spreads, and tariff headlines. ^[13]

Liquidity/structure matters: Post the 1‑for‑110 reverse split (effective Aug 22; split‑adjusted trading began Aug 25), Yahoo shows ~571k shares outstanding and ~454k float; ~64k shares short (~14% of float). This amplifies gap risk both up and down. ^[14]

3) Filings, compliance, and capital needs

Compliance: On Sept 9, 2025 Nasdaq notified GWAV it regained bid‑price compliance (closing an earlier deficiency). Separately, the company received additional delinquency notices in 2025 for late Q1/Q2 10‑Qs. ^[15]
Cash/ops: FY2024 cash used in operations was ~$17.3M; the 10‑K shows sizable related‑party activity (yard properties, equipment, and notes), plus a large related‑party note tied to property purchases. These dynamics can complicate balance‑sheet flexibility. ^[16]
Management stance: In Feb 2025, the company stated it had “no immediate plans to raise capital,” and cited ~$10M cash and ~$7M metal inventories at that time; but financing decisions can change quickly in micro‑caps. ^[17]

4) Fundamentals at a glance

FY2024:$33.3M revenue; $13.0M gross profit; $34.3M operating loss; $100.4M net loss; $26.1M total liabilities. ^[18]
Cost structure & related party: The 10‑K details lease and asset transactions with entities controlled by the CEO and notes expected ~$1.7M annual rent savings after purchasing certain properties—helpful, but the 2024 loss base is still large. ^[19]
Backlog/partners: Company PRs highlight supply relationships with Nucor, Sims, Cleveland‑Cliffs and municipal/government contracts (e.g., Virginia Beach). Treat PR claims as un‑audited marketing until verified in filings. ^[20]

5) Macro: tariffs & steel capacity (why scrap demand could rise)

U.S. tariffs: On June 4, 2025, the White House doubled Section 232 tariffs on steel/aluminum to 50%, citing national‑security grounds; industry groups (AISI) applauded the increase. ^[21]
EU considering 50% tariffs: The EU is moving toward 50% tariffs on steel imports above smaller quotas—part of a broader tightening in metals trade. ^[22]
Regional demand:Nucor’s Lexington, NC micro‑mill (rebar) rolled its first product in mid‑2025 and is ramping; designed capacity ~430k st/yr—constructive for Carolinas scrap flows. ^[23]
Spreads improving: Industry commentary heading into Q3 pointed to stronger metals‑recycling earnings on steadier shipments and wider ferrous spreads. ^[24]

TS2.tech context (as requested):

“In a sweeping trade measure, the U.S. Commerce Department has imposed hefty new 50% tariffs on the steel and aluminum content of 407 categories of imported products.” TechStock²
“The European Commission announced plans to impose a 50% tariff on steel imports exceeding reduced quota levels.” TechStock²

(We also cite official and mainstream sources above to corroborate.)

6) Regional catalyst: Nucor Lexington and GWAV

Greenwave’s PRs have repeatedly framed Lexington as a 2025 catalyst for its NC yards. Independent trade outlets confirm the ramp and capacity, which would typically support local shred and prime scrap procurement. Quote: “Nucor… is ramping up production at its Lexington, N.C., micro‑mill after conducting the facility’s first continuous melt‑cast‑roll in early July.” ^[25]

7) Trading set‑up: float mechanics and technicals

With ~454k share float and ~64k short, GWAV is primed for outsized moves—both directions. The 52‑week range ($0.12–$20.07) and today’s pre‑market spike highlight a regime where liquidity ≈ volatility. Yesterday’s high ($8.78) and today’s pre‑market prints (~$18.3) are near‑term reference levels; psychology often clusters around whole numbers ($20, $25), but thin floats can overshoot and snap back violently. ^[26]

8) Competitive landscape & contracts (quick scan)

Customers & peers: GWAV supplies large mills/industrial names (per PRs). Scrap peers include Radius Recycling (Schnitzer)—subject to a pending $30/share take‑private by Toyota Tsusho announced in March—and Commercial Metals (integrated steel/scrap). The scale gap versus these peers is enormous. ^[27]
Municipal/government: PRs cite exclusive contracts (e.g., Virginia Beach) and federal/municipal car‑removal programs—potentially sticky revenue if executed. ^[28]
Scrap App: The company is trying to tech‑enable junk‑car sourcing (“Scrap App”), reporting records and AI features; interesting, but still small vs. core metal volumes. ^[29]

9) “Voices” — short expert/official quotes

CEO Danny Meeks (Feb 2025): “Greenwave has no immediate plans to raise capital.” ^[30]
Industry outlook: “Third quarter 2025 earnings from the company’s metals recycling operations are expected to be significantly stronger than second quarter…” (industry coverage on steelmakers’ recycling segments). ^[31]

10) Valuation & scenarios (illustrative, not advice)

Starting point: At the Oct 13 close ($8.51), market cap ≈ $4.9M; at $18.3 pre‑market, ≈ $10.5M—both tiny versus FY2024 $33.3M revenue. If management’s $47–$50M FY2025 revenue aspiration is met, the stock would screen at a very low price‑to‑sales—but debt/related‑party obligations and operating losses matter. ^[32]

Bull case (6–12 months): GWAV files 10‑Qs, avoids new dilution, Lexington demand + 50% tariffs keep spreads healthy, and municipal/industrial contracts scale. If revenue lands near $47–$50M with ~37–40% gross margin (near FY2024), the narrative could re‑rate on “micro‑cap recycler at sub‑0.5x sales” optics. Execution must also trim opex to materially narrow losses. ^[33]
Base case: Filings are cleared but intermittent capital raises persist (common in micro‑caps). Revenue grows vs. 2024, but opex and financing costs keep negative operating income. Share volatility remains extreme given the float. ^[34]
Bear case: Further filing lapses, unfavorable spreads, or another round of dilution trigger sharp retracement. The company’s 2024 loss base and related‑party complexity compound financing risk. ^[35]

11) Risks to monitor

Regulatory/Listing: While bid‑price compliance was regained on Sept 9, reporting delinquency risk remains until the backlogged 10‑Qs are filed. ^[36]
Financing/dilution: Despite February’s “no immediate plans” comment, micro‑caps frequently tap markets after big runs; reverse split history underscores past pressure. ^[37]
Commodity/Spread: Scrap flows and mill demand can whipsaw with construction/industrial cycles—even with tariffs. ^[38]
Related‑party & governance: Material related‑party transactions and notes require close reading of footnotes. ^[39]

12) What to watch next (practical checklist)

SEC filings: Q1/Q2 FY2025 10‑Qs, then Q3. Resolution of delinquency notices. ^[40]
Operating metrics: Volumes at NC/VA yards, any color on shipments to Nucor Lexington and other mill customers. ^[41]
Capital moves: S‑3 shelves, ATM usage, or private placements after the spike. (February’s stance may not bind future actions.) ^[42]
Tariff landscape: U.S. 50% metals tariffs remain in effect; EU decisions on its proposed 50% steel tariffs could shift global flows. ^[43]

Today’s news wrap (Oct 14 and the last few days)

Today (pre‑market): GWAV noted among biggest industrial pre‑market movers, ~+115% to $18.30. ^[44]
Yesterday (after‑hours): Listed on after‑market movers screens; Monday’s regular session close $8.51 (+18.36%). ^[45]
Context: Micro‑cap, tiny float, short interest ~14% of float, and supportive tariff headlines. ^[46]

Sources & notes

Company/SEC: FY2024 10‑K (financials, properties, related‑party items); late‑filing notices (8‑K references). ^[47]
Prices/float/short: Yahoo Finance stats, price history; third‑party pre‑market checks (Public/Benzinga). ^[48]
Tariffs: U.S. presidential proclamation & legal analyses; EU proposals (AP/Reuters); contextual summaries from TS2.tech (per request). ^[49]
Nucor Lexington: Trade press updates on mill ramp/capacity; Greenwave’s own positioning PRs. ^[50]

GWAV’s surge sits at the intersection of macro tailwinds (50% U.S. metal tariffs; NC steel capacity ramp) and micro‑structure (a razor‑thin float with measurable short interest). The opportunity is real—regional scrap demand should benefit—but so are the risks: delayed filings, a large 2024 loss base, and a history of severe reverse splits. For public readers, this is a speculative, trading‑heavy setup that demands disciplined risk controls and close attention to filings. (This report is for information only and is not investment advice.) ^[51]

This Penny Stock To Watch Now February 2025 - ABOUT TO EXPLODE? - Greenwave Technology GWAV

Watch this video on YouTube.

References

Tags:

Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

View all