Vivakor Inc (NASDAQ:VIVK) reported a significant year-over-year jump in revenue for the full-year 2022, driven by increased oil and natural gas liquid sales following its acquisition of Silver Fuels Delhi.
For the 12 months ending December 31, 2022, the company posted revenue of $28.1 million, compared to $1.1 million for the previous financial year.
Vivakor CEO James Ballengee said the company’s acquired businesses – Silver Fuels Delhi and White Claw Colorado City - outperformed their initial expectations for revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) during the year.
"While we are pleased with our quarterly and annual operating results since the closing of our transformational acquisition in August 2022, this past year was very much a set-up year for 2023 and beyond,” Ballengee said in a statement.
“At year-end, we ultimately determined to recognize substantial expenses, write-downs and impairments, so we could start off 2023 with a new and clean slate.”
Vivakor’s operating loss for 2022 was $22.7 million, up from $6.9 million in 2021. The company noted that its operating loss was not reflective of its ongoing business as it included $19.4 million in non-cash or one-time expenses.
Its net loss was $19.4 million, or a loss per share of $1.22, compared to $5.5 million, or a loss per share of $0.46, in the previous financial year.
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