Vivakor Reports Growth of 1,118% to $11.8 Million in Revenue for Third Quarter 2022 - Seite 2

Financial Results for Three Months Ended September 30, 2022

• Revenue for the three months ended September 30, 2022 increased by 1,118% to $11.8 million, compared to $1.0 million for the three months ended September 30, 2021. This increase was due to the significant increase in oil and natural gas liquid sales from the recent acquisitions of Silver Fuels Delhi, LLC and White Claw Colorado City, LLC.
• Gross profit for the three months ended September 30, 2022 increased to $1.2 million, compared to $0.0 million for the three months ended September 30, 2021. The resulting gross margin for the three months ended September 30, 2022 was 10.3%, compared to 2.9% for the three months ended September 30, 2021.
• Net loss for the three months ended September 30, 2022 decreased by $1.3 million, or 46%, to $1.6 million, compared to $2.9 million for the three months ended September 30, 2021. The resulting net loss per share of common stock loss for the three months ended September 30, 2022, was ($0.09), compared to a net loss per share of common stock of ($0.24) for the three months ended September 30, 2021.
• Cash and cash equivalents totaled $4.4 million at September 30, 2022, an increase of $3.1 million compared to $1.3 million at December 31, 2021.

About Vivakor, Inc.

Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include crude oil gathering, storage, and transportation facilities, which feature long-term ten year take or pay contracts.

The Company's patented Remediation Processing Centers allows for the environmentally friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than 5% by weight oil contamination while fully recovering the oil and leaving the soil fully viable for reuse. Its Remediation Processing Centers currently focus on extraction from shallow, oil-laden sands in Eastern Utah, along with generating petroleum-based remediation projects in Kuwait and in Houston, Texas.