Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 59

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 59
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 10% |        |     | $                   | 11,500,000 |     |  92% |   |     | $              | 5.00 |
| Total                                   |     |              22,300,500 |     | 100% |        |     | $                   | 12,543,533 |     | 100% |   |     | $              | 0.56 |

37 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this prospectus. The discussion in this prospectus contains forward -looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this prospectus should be read as applying to all related forward -lookingstatements wherever they appear in this prospectus. Our actual results could differ materially from those discussed here. Factors that could cause or contribute to these differences include those discussed in “Risk Factors,” as well as those discussed elsewhere. See “Risk Factors” and “Disclosure Regarding Forward -Looking Statements.” Overview Headquartered in Tokyo, Japan, we are an international recycling company dedicated to advancing sustainable material solutions across East Asia and Southeast Asia. As a committed advocate for environmental sustainability, we have devoted ourselves to promoting the development of a low -carbonand zero -wasteglobal green circular economy by engaging in the trading of recyclable resources such as waste paper and scrap metal. Our operations are structured around two core business segments: waste paper recycling and scrap metal recycling. Under our waste paper recycling business, we operate across both the domestic Japanese and international markets by trading two main product categories: waste paper and paper pulp. We source waste papers from collection companies in Japan and supply them to recycled pulp mills or trading companies. In parallel, we purchase paper pulps from recycled pulp mills and supply them to paper manufacturers or trading companies. While our waste paper transactions are primarily domestic, our paper pulp exports serve a broad customer base across East Asia and Southeast Asia. During the fiscal years ended March31, 2025 and 2024, we generated $17,697,546 and $12,683,826 from the sale of waste papers and paper pulps that we sourced from suppliers in Japan, respectively, which accounted for 27.1% and 24.9% of our total revenue for the