Vivakor Reports 111% Revenue Growth to $59.3 Million Revenue for 2023

DALLAS, TX / ACCESSWIRE / April 29, 2024 / Vivakor, Inc. (Nasdaq:VIVK) ("Vivakor" or the "Company"), a clean energy technology company focused on the oil remediation and natural resources sectors, today announced financial and operational results for the twelve months ended December 31, 2023.

Key Financial Highlights for the Year Ended December 31, 2023 (year-over-year):

• Revenue increased 111% to $59.3 million
• Gross profit increased 75% to $5.0 million
• Gross margin of 8.5%
• Operating loss decreased 72% to $6.3 million
• Adjusted EBITDA increased approximately 122% to $0.5 million
• Net loss decreased 45% to $10.7 million

Subsequent to the End of 2023:

• Signed Definitive Merger Agreement with Empire Diversified Energy for a Combined Enterprise Value of Approximately $250 Million at Time of Signing
• Signed Definitive Agreement to Acquire Endeavor Entities for $120 Million

Management Commentary

Vivakor Chairman and Chief Executive Officer James Ballengee commented, "We are pleased with our 2023 financial results, as our operating assets in Colorado City, Texas and Delhi, Louisiana continue to meet our expectations. 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."

Ballengee concluded, "We remain enthused about various opportunities to commercialize our RPC technology, and we are repositioning such assets in order to maximize their potential. 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. We continue to work with local authorities in Kuwait to re-position and ready our equipment to initiate production. 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."

March 4, 2024:

Signed Definitive Merger Agreement with Empire Diversified Energy for a Combined Enterprise Value of Approximately $250 Million

Empire's primary location is in Follansbee, West Virginia, where it operates The Port of West Virginia within its Eco-Industrial Complex, situated along the Ohio River, with nearly 1,000 acres of contiguous land where it serves as the crossroads of the East Coast and Midwest through its trimodal (road, river, rail) terminal facility. Empire is currently deploying a host of innovative and sustainable technologies serving the transportation, recyclable waste, steel, warehousing, and other energy sectors to help decarbonize the region.