Vivakor Inc (NASDAQ:VIVK) has reported impressive results for the financial year ended December 31, 2023, with both revenue and gross profit increasing and the company narrowing its operating and net losses when compared to the previous year.
The oil remediation-focused clean energy technology company grew its revenue by 111% year-over-year to $59.3 million, with the increase attributed to realized oil and natural gas liquid sales from the operations of Silver Fuels Delhi acquired in 2022.
The company increased its gross profit by 75% to $5 million.
It also decreased its operating loss by 72% to $6.3 million and its net loss by 45% to $10.7 million.
"We are pleased with our 2023 financial results, as our operating assets in Colorado City, Texas and Delhi, Louisiana continue to meet our expectations,” CEO James Ballengee said.
“This was our first full year owning these midstream crude oil storage and gathering operations under Vivakor and they have provided us a solid platform from which to build upon."
The company highlighted several significant developments since the year-end, notably the signing of a merger agreement with Empire Diversified Energy for a combined enterprise value of $250 million and the signing of a definitive agreement to acquire Endeavor Entities for $120 million.
“Our recently announced proposed acquisitions of Empire Diversified Energy and the Endeavor Entities are both expected to advance us to our next phase as a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions,” Ballengee commented.
He added that the company remains optimistic about commercializing its Remediation Process Center (RPC) technology, which allows for the environmentally friendly recovery of heavy crude and other hydrocarbons from the remediation of contaminated soils.
As such, it is currently repositioning its assets to maximize their potential, Ballengee said.
“We believe our Houston site provides a tremendous opportunity to be able to recover and reuse approximately 1.3 barrels of oil per ton of waste,” the CEO said. “We continue to work with local authorities in Kuwait to re-position and ready our equipment to initiate production.”