Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 59

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 59
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, 2025. The increase was primarily attributable to (i) an approximately US$2.20 million rise in recycling sales in the Japanese market, driven by rising market demand and year -on -yearprice increases in scrap metal; and (ii) an increase of approximately US$5.20 million in export sales of recycled metals to Southeast Asian markets and East Asian markets, where demand for sustainable raw materials continues to grow. Revenues from sales of waste paper increased by 53.3% from approximately US$12.79 million for the year ended March 31, 2024 to approximately US$19.60 million for the year ended March 31, 2025. The growth was primarily driven by the launch of a new business line involving the export of qualified waste paper to Malaysia, where demand for high -qualityrecyclable materials has been rising. This new export initiative significantly contributed to the growth in overseas sales and reflects our efforts to expand into high -potentialregional markets. In addition, we have continued to expand our footprint in other regions. We export scrap metal and waste paper to various countries and regions across East Asia and Southeast Asia. Demand in these regions has been steadily increasing, and we ensure timely fulfillment of customer needs through good relationships and an efficient logistics network with qualified suppliers. Our export of scrap metal and waste paper not only supports local resource recycling and reuse but also promotes environmental awareness. We maintain long -termrelationships with customers in multiple countries by providing high -qualityproducts, further strengthening our competitive position in the regional markets. The following table sets forth a breakdown of our revenues from recycling sales by geographic areas, 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 geographic areas |     |                               |     |      |     |            |     |       |     |            |     |            |
| East Asia                           |     |                    57,836,793 |     | 88.4 |     | 46,278