Toppoint Holdings Inc. provided a business update for the year ended December 31, 2024, on April 16, 2025. The company reported total revenue of $16.0 million for 2024, a decrease from $18.0 million in 2023, primarily due to reduced wastepaper export volumes.
Gross profit for 2024 was $2.3 million, down from $2.6 million in 2023, though gross margin remained stable at 14.6% compared to 14.7% in the prior year. Selling, general, and administrative expenses increased to $2.9 million in 2024 from $1.9 million in 2023, driven by investments in personnel, technology, and IPO preparation.
Net income for 2024 was $0.2 million, a decrease from $0.5 million in 2023. Despite the decline in profitability, the company remained profitable and believes strategic investments position it for long-term growth.
The company successfully completed its $10 million IPO in early 2025, providing capital for geographic expansion and infrastructure. Toppoint also expanded into refrigerated logistics and strengthened its partnership with Waste Management, expecting 1,000 additional loads and up to $2 million in incremental revenue.
A new logistics engagement with a leading resource renewal and recycling provider in the Eastern U.S. was secured. Furthermore, Toppoint modernized its chassis fleet with new 20/40 adjustable models, enhancing efficiency and service reliability. These initiatives are expected to drive sustainable growth in 2025 and beyond.
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