Greenwave Technology Solutions (NASDAQ: GWAV) announced it has no immediate plans to raise capital, citing a strong financial position with approximately $10 million in cash and $7 million in current inventories. The company expects surging scrap metal prices ahead of the anticipated 25% tariffs on steel and aluminum imports set to take effect in March 2025. Greenwave has also raised its FY 2025 revenue guidance to $47-$50 million, driven by increasing demand from U.S. steel producers and secured government contracts, including exclusive agreements for recycling non-ferrous metals and municipal scrap programs. Additionally, the company anticipates growth opportunities with Nucor’s new Lexington, N.C., steelmaking facility set to open in 2025.
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About Greenwave Technology Solutions Inc
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is an operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous).
NOTE TO INVESTORS: The latest news and updates relating to PLG are available in the company’s newsroom at https://ibn.fm/GWAV
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