Vivakor’s third‑quarter 2025 results show a 7 % year‑over‑year increase in revenue, reaching $17.0 million from $15.9 million in Q3 2024. Gross profit climbed 173 % to $4.7 million, and the company’s gross margin expanded to 27.8 % from 12.8 % a year earlier, driven by a stronger mix of transportation and logistics services and higher pricing in its terminaling and storage segment.
The company reduced its debt load by approximately $60 million, a result of a July 30 divestiture that eliminated $59 million of debt and generated about $11 million in net proceeds. In addition, Vivakor raised $11.2 million in equity after the quarter’s close, providing fresh working‑capital support and addressing the working‑capital deficit that had triggered a “substantial doubt” going‑concern warning in its filing.
Despite the revenue and margin gains, the quarter ended with a net loss of $36.0 million, a sharp increase from the $1.7 million loss in Q3 2024. The loss was largely driven by a $9.8 million non‑cash charge related to the conversion of debt and a $14.4 million non‑cash interest expense, underscoring the company’s ongoing liquidity challenges and the seriousness of its going‑concern assessment.
Segment analysis shows transportation and logistics generated $4.7 million in revenue, while related‑party transportation and logistics contributed $2.5 million and terminaling and storage related‑party revenue was $0.9 million. Supply and trading accounted for $8.9 million, reflecting continued activity in the company’s core midstream and environmental remediation services. The mix shift toward higher‑margin segments helped lift gross profit even as overall revenue growth remained modest.
James Ballengee, Chairman and CEO, said the quarter “represents a pivotal turning point for Vivakor.” He highlighted the divestiture as a strategic move to strengthen the balance sheet and sharpen focus on core, high‑growth opportunities, while noting that the company remains committed to launching a remediation processing center in Houston in Q1 2026 and to maintaining disciplined cost management to navigate the current headwinds.
Investors responded positively to the earnings release, with market participants emphasizing the company’s improved gross margin, significant debt reduction, and fresh equity capital as key factors that mitigate the company’s liquidity concerns and support its long‑term growth strategy.
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