Landstar for recycling exports.

A specialized C.H. Robinson for port drayage of recyclables.

• Waste Paper Export Drayage: Provides truckload transportation services for waste paper from recycling centers to export ports.
• Waste Metal & Forestry Export Drayage: Offers truckload transportation for scrap metal and wooden logs to export ports.
• Import Container Delivery: Manages the pickup and delivery of imported containers from ports to client locations.
• Logistics Brokerage & Other Commodity Transport: Offers trucking services for other commodities like plastics and provides logistics brokerage solutions in various markets.

Toppoint (TOPP) primarily serves other companies. Its major customers fall into the following categories:

• Largest Fortune 500 waste companies
• Recycling centers
• Commodity traders

The company's client base has grown significantly, indicating a broad reach within these categories rather than reliance on a few named entities. Specific names or public symbols of these customer companies are not provided in the background information.

Hok C. Chan, Chief Executive Officer, Chairman of the Board of Director, President

Mr. Chan has served as Toppoint's Chief Executive Officer and Chairman since August 16, 2022. He founded and has been the chief executive officer and sole director of Toppoint's operating subsidiary, Toppoint Inc., since its inception in 2014. Prior to that, he entered the recycling industry in 2008 and founded Toppoint International Recycling Co., a recycling plant, in 2010. He successfully led the plant to an exit by selling it to a private equity firm in 2014 for approximately $4 million.

Kah Loong Randy Yeo, Interim Chief Financial Officer

Mr. Yeo was appointed interim Chief Financial Officer on December 19, 2025, succeeding John Feliciano III. He previously served as the company's Controller since November 26, 2025. Mr. Yeo possesses over 20 years of experience in finance, including roles in public accounting, asset management, and investment banking. His prior positions include Chief Financial Officer and Head of Operations at Chiral Global Investors L.P., U.S. Senior Controller at Riskfield Inc., where he helped guide the company through a $300 million IPO, and finance leadership roles at CITIC Securities International USA, LLC and Direct Markets Holdings Corp.

Chung Ming Bruce Hui, Director

Mr. Hui was appointed as a new director on December 19, 2025. He brings over 25 years of experience in Hong Kong's financial industry, specializing in private wealth management, corporate wealth solutions, and wealth succession planning. He is a former Licensed Responsible Officer of an insurance brokerage and Head of Business for a trust company.

Anthony Kwong, Accounting Professional

Mr. Kwong has over 14 years of experience in the accounting profession. He began his career as a business consultant, focusing on corporate service. He previously served at Vistra Group and Intertrust Group (now rebranded as CSC) for six years, where he ascended to Manager at Intertrust, overseeing a major client portfolio of multinational corporations. Mr. Kwong later founded a local professional service firm in Hong Kong.

• Exposure to Fluctuations in Waste Paper Export Market Volumes and Pricing: Toppoint's business is heavily dependent on the waste paper export supply chain, which is identified as their core commodity. The company experienced a significant revenue and net income decrease in 2023, primarily due to an industry-wide decrease in scrap paper export volume. This reliance makes the business vulnerable to global demand shifts, commodity price volatility, and trade policies affecting waste paper exports.
• Reliance on Independent Contractor Drivers: Toppoint's operational model is highly reliant on owner-operators and other independent contractor drivers, with approximately 100 independent contractor drivers in their network. This dependency exposes the company to risks associated with driver availability, recruitment, retention, and potential regulatory changes impacting the classification or engagement of independent contractors, which could increase operational costs or limit capacity.
• Geographic Concentration in Key Regions: Despite recent expansion into Florida, Maryland, and Mexico, Toppoint maintains a significant market share in the New Jersey and Pennsylvania regional trucking market for waste paper exports. This concentration means that adverse economic conditions, port-specific issues, or increased competition within these critical regions could have a disproportionate impact on the company's financial performance.

Toppoint (TOPP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion into New Geographic Markets: Toppoint has recently expanded into the recycling export transport markets of Tampa, Jacksonville, and Miami, FL, and Baltimore, MD in 2023, and Ensenada, Mexico in 2024. The company also intends to explore international markets in Canada, the United Kingdom, and Australia in the near future. These new markets are expected to contribute to increased load volumes and customer acquisition.
2. Diversification and Growth in Waste Metal and Import Verticals: Despite a downturn in waste paper exports in 2023, Toppoint's revenues from Waste Metal and Import verticals experienced growth. The company expanded its presence in the metal recycling export market, resulting in a 55% increase in loads in 2023. Continued focus on these growing segments, along with the "Others" vertical where they utilize outside trucks in markets like Illinois and Texas, will help diversify revenue streams and mitigate risks associated with commodity price fluctuations in their core waste paper business.
3. Growing Client Base and "White Glove Service" Model: Toppoint's client base has grown significantly, from 10 in 2015 to 303 in 2023, at a CAGR of approximately 53.17%. The company prides itself on providing a "white glove service" to ensure time-sensitive, ultra-high throughput commodities are safely delivered. Maintaining and expanding this client base, driven by their reputation for competitive prices, on-time delivery of large amounts, and fast response, is a fundamental driver of sustained revenue.
4. Integrated Transportation Solutions and Leveraging "Outside Trucks": Capitalizing on its logistics expertise, Toppoint offers integrated transportation solutions covering loading, transport, port drayage, and unloading. Additionally, the strategic use of "outside trucks" in emerging markets like Illinois and Texas allows Toppoint to scale operations and serve national clients with low risk, presenting an opportunity for continued growth in areas beyond their owned fleet's immediate reach.