Vivakor Inc (NASDAQ:VIVK) has announced first-quarter 2023 revenue of $15.5 million, compared to nil for the same period last year, which the company attributed primarily to oil and natural gas liquid sales from its Silver Fuels Delhi LLC operations.
The clean energy technology firm also realized a gross profit for the quarter of $1.5 million and saw its operating loss shrink 40% year over year to $1.1 million.
"Our first quarter was in-line with our internal expectations, as our crude oil gathering, storage and transportation facilities continued to perform well," Vivakor CEO James Ballengee said in a statement.
"One of our facilities sells crude oil in amounts up to 60,000 barrels per month under agreements with a large publicly traded energy company," he added.
Ballengee also noted that the company is currently focusing its soil remediation efforts on its project in Kuwait and its upcoming project in the Houston, Texas area.
Vivakor ended the period with cash and cash equivalents of $2.7 million and total assets of $74.7 million as of March 31, 2023.
Vivakor is a clean energy technology company focused on the oil remediation and natural resources sectors.
Contact Sean at sean@proactiveinvestors.com