Redwood’s 2024 revenue from minerals

This shows Redwood is still monetizing the easy part of the loop before the high value part is fully built. In 2024, Redwood had real volume, more than 20 GWh processed, but most of that volume became nickel, cobalt, lithium, copper, and intermediates sold into existing industrial channels, not finished battery inputs shipped back into new EV cells. The domestic path from scrap collection to battery grade cathode and copper foil supply is operating, but still early and capacity constrained.1 2 3 4 5

• Selling recovered minerals into existing markets is the fastest way to turn feedstock into revenue. A recycler can extract and refine metals, then sell them wherever demand already exists, while qualifying battery grade cathode materials with automakers and cell makers takes longer, tighter specs, and more manufacturing capacity.1 2 4
• Redwood is building toward the higher value loop, not stopping at recycling. It has battery materials programs with Panasonic and Toyota, and DOE backed its Nevada campus to produce cathode active material, precursor cathode active material, and anode copper foil, which are the parts that go straight into new cells.3 4 5 6
• That gap between recovered minerals and battery grade outputs is what early market structure looks like in the U.S. Redwood can already recover more than 95% of critical minerals and process national scale battery volumes, but the downstream manufacturing base that can absorb those materials directly into domestic EV batteries is only now being built out.1 2 4 7

As more U.S. cathode, foil, and cell capacity comes online, Redwood’s revenue mix should move upstream from commodity like mineral sales toward battery components sold on long term contracts. That shift would make Redwood look less like a recycler that sells metals, and more like a domestic battery materials supplier with recycling as its feedstock advantage.3 4 5 6