Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 58

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 58
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$65.20 million for the year ended March 31, 2025, representing an increase of 27.8% from approximately US$51.00 million for the year ended March 31, 2024. The growth was primarily driven by the successful expansion of our customer base, particularly in Southeast Asia, which led to a 31% increase in the sales volumes of waste paper,

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a 17% increase in its average selling price, and a 39% increase in the average selling price of scrap metal, partially offset by a 14% decrease in the sales volume of scrap metal. The following table sets forth a breakdown of our revenues from recycling sales by products, in absolute amounts and as percentages of total revenues, for the periods indicated.

|                                     |     | For the Years Ended March 31, |     |      |     |            |     |       |     |   Variance |     |            |
|                                     |     |                          2025 |     |      |     |       2024 |     |       |     |     Amount |     | Percentage |
|                                     |     |                           US$ |     |    % |     |        US$ |     |     % |     |        US$ |     |          % |
| Recycling sales by products         |     |                               |     |      |     |            |     |       |     |            |     |            |
| Scrap metal                         |     |                    45,599,553 |     | 69.7 |     | 38,217,051 |     |  74.9 |     |  7,382,502 |     |       19.3 |
| Waste paper                         |     |                    19,603,775 |     | 30.0 |     | 12,786,719 |     |  25.1 |     |  6,817,056 |     |       53.3 |
| Total revenues from recycling sales |     |                    65,203,328 |     | 99.7 |     | 51,003,770 |     | 100.0 |     | 14,199,558 |     |       27.8 |

Revenues from sales of scrap metal increased by 19.3% from approximately US$38.22 million for the year ended March 31, 2024 to approximately US$45.60 million for the year ended March 31