UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission File Number: 001-41452 GREENWAVE TECHNOLOGY SOLUTIONS, INC. (Exact name of registrant as specified in its charter) | Delaware | 46-2612944 | | - ...

Core Insights - Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) is positioned to benefit from recent tariffs on all foreign steel and aluminum imports, which are now effective without exception or exclusion [1][3] - The company has accumulated inventory valued at over $10 million with margins exceeding 50% based on current market prices, indicating strong financial health [1] - Scrap steel prices have surged more than 20% in the past month and are expected to continue rising, which will drive significant revenue growth and margin expansion for Greenwave [1] Company Operations - Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, supplying 100% domestically-sourced scrap metal to major industry players such as Nucor, Sims, and Cleveland-Cliffs [6][7] - The company is the leading scrap metal chain in Hampton Roads, which is strategically located near the world's largest naval base and major defense contractors, ensuring a consistent supply of military-grade scrap metal [2][5] - Greenwave routinely secures contracts from the U.S. Federal Government and major corporations, providing a stable supply channel of high-quality scrap metal [5] Market Dynamics - The metal tariffs are expected to remain in effect for the foreseeable future due to national security concerns, reducing dependence on foreign entities for essential raw materials [3] - President Trump's shipbuilding initiative is anticipated to increase demand for scrap metal in Greenwave's primary market, which includes significant naval construction and maintenance operations [4][6] - Forthcoming copper tariffs are also expected to accelerate revenue growth and margin expansion for the company [6]

Core Viewpoint - Greenwave Technology Solutions is experiencing significant margin expansion due to a surge in scrap steel prices, which have increased over 20% in the past month, and anticipates further growth driven by upcoming tariffs on copper imports and the opening of a new steelmaking facility by Nucor Corporation [1][5]. Group 1: Company Operations - Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, providing 100% domestically-sourced scrap metal to major industry players such as Nucor, Sims, Cleveland-Cliffs, and Georgia-Pacific [2][9]. - The company holds a competitive advantage through a portfolio of operational licenses for its recycling facilities, which are protected by grandfathered municipal codes, creating significant barriers to entry for competitors [4]. Group 2: Market Position and Growth Catalysts - The upcoming tariffs on steel and aluminum imports are expected to strengthen national security and remain in effect for the foreseeable future, benefiting Greenwave's operations [3]. - Greenwave's strategic positioning near the largest U.S. Naval Base in Norfolk allows it to maintain a steady supply of military-grade scrap metal, which is crucial for national security projects [6][7]. - The opening of Nucor's new steelmaking facility in Lexington, North Carolina, with a processing capacity of 430,000 tons annually, is projected to significantly increase regional demand for recycled steel [5]. Group 3: Financial Implications - The surge in scrap steel prices is expected to drive revenue growth and margin expansion for Greenwave, with prices anticipated to rise further [1][2]. - The company has recently acquired real estate for seven of its core facilities, reducing annual rent expenses by approximately $1.7 million, which enhances cash flow and positions the company for potential strategic transactions [4]. Group 4: Industry Context - The limited supply of scrap metal in the market, combined with increasing demand driven by initiatives such as President Trump's shipbuilding program, positions Greenwave to capitalize on a growing market for domestic scrap metal [8].

Core Viewpoint - Greenwave Technology Solutions, Inc. is poised to benefit significantly from the upcoming 25% tariffs on steel and aluminum, which are expected to drive demand and increase profit margins in the metal recycling industry [1][2]. Company Overview - Greenwave operates 13 metal recycling facilities and supplies domestically-sourced metals to leading steel mills and industrial partners [3]. - The company is headquartered in Chesapeake, VA, and has operations across Virginia, North Carolina, and Ohio, playing a critical role in infrastructure projects and U.S. national security [3]. Financial Outlook - Greenwave has raised its revenue guidance for fiscal year 2025 to between $47 million and $50 million, anticipating surging demand for recycled metals due to the new tariffs [2]. - The strategic positioning of Greenwave in the Mid-Atlantic region places it at the center of the shifting dynamics in the U.S. steel and metals industry towards domestic sourcing [2].

Core Insights - Greenwave Technology Solutions, Inc. has selected GreenSpark as its core platform to enhance operational efficiency and revenue growth in the metal recycling sector [1][3] - GreenSpark has raised approximately $25 million from notable investors, indicating strong momentum with a customer base growth of over 300% in the past year [2][6] - The partnership is expected to significantly contribute to Greenwave's revenue and margin growth starting in March 2025, aligning with its ambitious growth plans [3][4] Company Overview - Greenwave operates 13 metal recycling facilities and supplies 100% U.S.-sourced metals to major industry players, playing a critical role in infrastructure and national security [5] - GreenSpark provides AI-driven software solutions aimed at improving customer relationships and increasing revenue and profit margins for metal recyclers [6] Market Position - The integration of GreenSpark's platform positions Greenwave alongside over 500 top-tier scrap yard locations, enhancing its competitive edge in the multi-billion-dollar scrap metal industry [3][4] - Greenwave has recently raised its 2025 revenue outlook to between $47 million and $50 million, reflecting robust growth influenced by market conditions [7]

Core Insights - Greenwave Technology Solutions, Inc. anticipates significant revenue growth due to upcoming copper tariffs and has raised its revenue guidance for Fiscal Year 2025 to $47-$50 million [1][5] - The company is strategically positioned to benefit from the U.S. government's focus on domestic metal recycling, particularly with the elimination of exemptions on steel and aluminum tariffs set to take effect in March 2025 [3][4] - Greenwave's operational licenses and long-standing relationships with key suppliers provide a competitive advantage in the tightly regulated scrap metal market [10][13] Revenue Growth Drivers - Greenwave has secured multiple government contracts, including a significant contract for recycling 550,000 pounds of non-ferrous metal, expected to boost revenues by approximately $2 million in Q4 2024 and Q1 2025 [7] - The company is also focusing on contracts related to critical regional infrastructure projects, which are anticipated to further enhance revenue streams [7][8] - The strategic location of Greenwave's facilities near major naval and port operations allows access to a steady supply of scrap metal, enhancing its operational efficiency [5][14] Market Position and Competitive Advantage - Greenwave holds a portfolio of operational licenses that create barriers to entry for competitors, ensuring a stable market position [10] - The company has established a strong relationship with Sims Metal, generating significant revenue over the years, which underscores market confidence in Greenwave's capabilities [10][12] - The anticipated opening of Nucor's new steelmaking facility in Lexington, NC, is expected to increase regional demand for Greenwave's recycled metal products [8] Industry Context - The scrap metal industry is experiencing consolidation, with major players acquiring assets to secure raw material supplies, indicating a robust market environment for Greenwave [15] - The U.S. government's infrastructure spending is driving demand for recycled metals, positioning Greenwave favorably within the industry [14] - The anticipated shift towards domestic sourcing due to tariffs is expected to increase the proportion of revenue from U.S. sales to 75% in 2025, up from 41% historically [14]

Core Viewpoint - Greenwave Technology Solutions, Inc. is positioned to benefit significantly from anticipated copper tariffs announced by President Trump, which could lead to increased revenue due to its provision of 100% domestically-sourced recycled metals to major industry players [1][2]. Group 1: Company Overview - Greenwave operates 13 metal recycling facilities and supplies leading steel mills and industrial partners with 100% domestically-sourced metals [4]. - The company is headquartered in Chesapeake, Virginia, and plays a critical role in infrastructure projects and U.S. national security [4]. Group 2: Financial Outlook - Greenwave has raised its revenue guidance for Fiscal Year 2025 to between $47 million and $50 million [1]. - The company anticipates surging demand and expanding profit margins throughout Fiscal Year 2025 due to the shift in the U.S. steel and metals industry towards domestic sourcing [3]. Group 3: Market Position - Greenwave is recognized as one of the dominant suppliers of mill-ready shred and other recycled metals in the Mid-Atlantic region [3]. - Its strategic locations in Virginia, North Carolina, and Ohio position the company at the center of significant industry dynamics [3].

Core Viewpoint - Greenwave Technology Solutions, Inc. is poised to benefit significantly from the recent 25% tariffs on steel and aluminum announced by President Trump, which are expected to drive up demand and prices for U.S. scrap metal [1][3]. Company Overview - Greenwave operates 13 metal recycling facilities and supplies 100% domestically-sourced metals to leading steel mills and industrial partners [4]. - The company is strategically located in Virginia, North Carolina, and Ohio, positioning it at the center of the evolving dynamics in the U.S. steel and metals industry [3][4]. Industry Dynamics - The U.S. steel and metals industry is shifting towards domestic sourcing, which is anticipated to increase demand for recycled metals and expand profit margins for companies like Greenwave throughout fiscal year 2025 [3]. - The surging demand for scrap metal is a direct result of the newly imposed tariffs, which are expected to create a favorable market environment for Greenwave [1][3].

Core Insights - Greenwave Technology Solutions, Inc. has been covered by S&P Global Commodity Insights, highlighting its significance in the metal recycling industry [1] - The company provides U.S. manufacturers with 100% domestically-sourced copper, which is particularly relevant given the anticipated tariffs on imported copper [1] - Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, supplying metals to leading steel mills and industrial partners [1] Financial Performance - The company recently raised its revenue guidance for FY 2025 to a range of $47–50 million [4] - Key customers include prominent industry players such as Nucor, Sims Metal Management, Cleveland-Cliffs, and Georgia-Pacific [4] Strategic Focus - In FY 2025, the recovery of rare earth metals will be a primary focus for the company [4]

Group 1 - Greenwave Technology Solutions, Inc. is preparing for significant demand increases for its 100% domestically-sourced scrap metal products, including steel, aluminum, copper, and zorba, as prices for domestic scrap metal have surged in February 2025 and are expected to rise further [1][7]. - The company is positioned to benefit from the recent 25% tariffs on steel and aluminum imports announced by President Trump, which apply without exceptions or exemptions, thereby enhancing the demand for domestically-sourced materials [2][8]. - Greenwave operates 13 metal recycling facilities and plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio [6][8]. Group 2 - The company raised its revenue guidance for FY 2025 to $47-50 million, indicating strong growth prospects [8]. - The market value of Greenwave's current inventories is estimated to have exceeded $6 million, reflecting the company's robust asset base [8]. - Greenwave has a fleet of over 50 trucks, enabling it to capitalize on market opportunities and fulfill customer orders swiftly during supply chain disruptions [8]. Group 3 - The company has secured numerous government, municipal, and infrastructure contracts, providing a reliable supply of scrap metal and driving revenue growth [8]. - Greenwave completed a multi-year capital expenditure cycle, investing over $20 million in equipment and infrastructure to facilitate rapid expansion [8]. - The company has accelerated the nationwide expansion of its AI-powered scrap car buying platform, Scrap App, and commenced operations in several key markets [8].