Vivakor Inc (NASDAQ:VIVK) has updated its shareholders, saying that since acquiring two gathering facilities, Silver Fuels Delhi in Louisiana and Colorado City in Texas about a year ago, the company has achieved better revenues than anticipated at the time of the acquisition.
The clean energy technology firm noted the acquired companies realized approximately $29.1 million in revenue during the six months ending June 30, 2023, representing a 10.232% increase over projections.
"These assets are essential to the long term vision of the company as both locations have added strategic relationships to enable future growth and expected future profitability of the company," Vivakor CEO James Ballengee wrote in a letter to shareholders.
Vivakor added that its operating loss decreased to $2.0 million for the first half of 2023 with a slightly positive adjusted EBITDA in 2Q when adding back non-cash charges for stock-based compensation.
The company also stated that its legacy Remediation Processing Center (RPC) soil extraction technology successfully reduced the oil content in the soil to as little as 0.02%, from between 7% and 18%, in a trial project for Kuwait Oil Company (KOC) in partnership with Al Dai International Co. (DIC).
Vivakor also expects to receive a license fee of $20 per ton and operational costs of the RPC are expected to be covered by DIC.
It plans to maximize the RPC technology with partners and capital from the Middle East for the purpose of creating a low-risk revenue and profit stream for the company.
Furthermore, Vivakor anticipates its RPC Houston project site will provide a tremendous opportunity for the company, with the estimated going rate for accepting hazardous waste, such as tank bottom sludge, at $400-$500 per ton and current wash fees that can run as much as $2,000 per truck with all of its containers.
Vivakor is a clean energy technology company focused on the oil remediation and natural resources sectors.
Contact Sean at sean@proactiveinvestors.com