We are a truckload services and solutions provider focused on the recycling export supply chain. We have become a key player in the New Jersey and Pennsylvania regional trucking market for waste paper, evidenced by our significant market share where we accounted for approximately 34% of the waste paper export drayage volumes through New Jersey’s ports and approximately 30% through Philadelphia’s ports, according to data sourced from IHS Markit. In addition to waste paper, our portfolio also includes the shipment of scrap metal and wooden logs from large waste companies, recycling centers and commodity traders to the ports of Newark, NJ, and Philadelphia, PA. We continue to expand our footprints domestically and internationally and have ventured into the recycling export transport market of Tampa, Jacksonville and Miami, FL, and Baltimore, MD in 2023, and Ensenada, Mexico in 2024. We intend to explore the international market in Canada, the United Kingdom and Australia in the near future. Our client base includes largest Fortune 500 waste companies and over 280 recycling centers and commodity traders that operate in nearly 2,300 locations. Our growing client base relies on us as their partner to provide a “white glove service” to ensure their time-sensitive, ultra-high throughput commodities are safely loaded and delivered right to container ships. In addition, capitalizing on our know-how in developing logistics solutions over the years, we are able to propose integrated transportation solutions that cover loading, transport, port drayage and unloading. Currently, our business is broadly categorized into four verticals, by commodity type and the direction of trade as follows: . Waste Paper Products. Waste paper products have been our core commodity of export transportation. As a word-of-mouth shipper of choice, we have established a significant market presence in the New Jersey and Pennsylvania region’s recycled paper export transport industry. For the years ended December 31, 2023 and 2022, we completed approximately 4,400 and 3,550 orders, involving 18,022 and 20,124 loads, which amounted to approximately 504,616 and 563,472 tons of waste paper, respectively. For the nine months ended September 30, 2024 and 2023, we completed approximately 1,954 and 2,185 orders, involving 12,438 and 14,009 loads, which amounted to approximately 348,264 and 392,252 tons of waste paper, respectively. We use Number of Loads Completed, or NLC, as a key performance indicator. We are the only trucking company that is a member of the Board of the New Jersey Paper Recycling Association, or NJPRA. NJPRA has approximately 20 members, representing approximately 90% of the paper recycling market in New Jersey. . Waste Metal and Forestry. We expanded into scrap metal and wood products export markets to diversify our offerings and supply our growing fleet. Serving additional commodities allows us to keep a strong pipeline of loads for independent contractor drivers to deliver and mitigate risks against commodity price fluctuations that affect demand for export. . Import. We hold a minority market share in the import delivery sector for ports of Newark, NJ and Philadelphia, PA, picking up containers from ships and dropping at client locations. . Others. From time to time, we offer trucking services for plastic and other commodities and provide logistics brokerage solutions servicing the major ports in California, Georgia, South Carolina, Texas and Illinois, as well as commercial rail lines. We pride ourselves on being an economically viable, socially responsible and environmentally friendly enterprise. We contribute to a sustainable society through our initiatives to reduce costs and enhance recycling logistics efficiency. Our competitive prices, capability to deliver large amounts on time and fast response ability have enabled us to solidify our partnerships with clients year over year. The number of our clients has grown from 10 in 2015 to 303 in 2023 at a CAGR of approximately 53.17%. We engage with owner-operators, other independent contractor drivers and “outside trucks” in our operations. “Outside trucks” refers to trucks that do not bear our DOT identification number. We occasionally assist clients in hiring outside trucks for loads not handled by trucks owned by our owner-operators. As of the date of this prospectus, there were approximately 86 trucks in our fleet. All these trucks are owned by the owner-operators but bear our DOT identification number. Such trucks are under our exclusive direction and supervision pursuant to agreements we enter into with the owner-operators. We work directly with the owner-operators. As of the date of prospectus, we work with approximately 100 independent contractor drivers. These 100 independent contractor drivers consist of (i) all the owner-operators and (ii) drivers that are hired by owner-operators. We help drivers transition to owner-operators and assist owner-operators in recruiting drivers and expanding their fleets of trucks. Our total revenues for the years ended December 31, 2023 and 2022 were $18,035,532 and $21,485,791, respectively, representing a year-over-year decrease of $3,450,259, or 16%. Our net income for the years ended December 31, 2023 and 2022 was $542,351 and $1,689,219, representing a year-over-year decrease of $1,146,868, or 68%. The revenue decline in 2023 was mainly due to an industry-wide decrease in scrap paper export volume. Despite receiving an increased number of orders, both the average load count per order and the price per load decreased. To maintain activity across our fleet, we accepted a higher volume of smaller orders at lower prices. However, despite the downturn in waste paper exports, our revenues from Waste Metal, Import and Others verticals experienced growth in 2023. We expanded our presence in the metal recycling export market, which resulted in a 55% increase in loads, totaling an additional 476 loads compared to 2022. Our revenues from the “Others” vertical, where we hire outside trucks in markets our fleet does not service such as Illinois and Texas, also increased. Utilizing “outside trucks” allows us to scale our operations and serve our national clients in emerging markets with low risk. Our revenues from Forestry were lower in 2023 compared to 2022, which experienced an unusual surge. Our principal executive offices are located at 1250 Kenas Road, North Wales, PA.
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Here are a couple of analogies for Toppoint:
- The European 4imprint
- Vistaprint for corporate gifts
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- Writing Instruments: Provides a wide range of customizable pens, pencils, and markers for promotional giveaways.
- Drinkware: Offers branded mugs, water bottles, and thermos flasks designed for corporate gifting and marketing campaigns.
- Bags & Backpacks: Supplies various types of bags, including shopping bags, travel bags, and backpacks, all customizable with company logos.
- Tech Gadgets: Features a selection of electronic items such as USB drives, power banks, and speakers, suitable for personalized branding.
- Office & Lifestyle Items: Includes diverse products like notebooks, keychains, umbrellas, and desk accessories tailored for promotional use.
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It appears there might be a misunderstanding regarding the company and its stock symbol provided in the request.
The company "Toppoint" (a Dutch company specializing in promotional products and business gifts, found at toppoint.com) does not trade publicly under the stock symbol TOPP. Toppoint appears to be a privately held company, and as such, its major customers are not publicly disclosed.
The stock symbol TOPP on public exchanges (e.g., Nasdaq) belongs to "TOP Financial Group Ltd.", which is a different entity entirely, operating in the financial services sector.
Since the request specifically asks for major customers of "Toppoint (symbol: TOPP)", and this entity as described does not correspond to a public company with that symbol, I am unable to identify its major customers from public disclosures. Information about the customers of a private company like Toppoint (the promotional products supplier) is generally not publicly available.
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Hok "Leo" C Chan, Chief Executive Officer and Chairman
Hok "Leo" C Chan has served as Toppoint's Chief Executive Officer and Chairman since August 16, 2022. He founded and has been the chief executive officer of Toppoint Inc., the operating subsidiary, since its inception in 2014. Mr. Chan entered the recycling industry in 2008 and established Toppoint International Recycling Co., a recycling plant, in 2010. He successfully exited this venture by selling it to a private equity firm in 2014 for approximately $4 million.
John Feliciano III, Chief Financial Officer, Director, and Secretary
John Feliciano III was appointed Toppoint's Chief Financial Officer on July 1, 2024, and has served as a principal financial officer and director since August 16, 2022. He joined Toppoint Inc. as the Chief of Strategy in 2020. Prior to Toppoint, he worked in the heavy equipment rental sector from June 2017 to June 2020 at Durante Rentals, where he oversaw sales that contributed to a successful acquisition of the business by Clairvest, a private equity firm, in 2019. He also provided operational and strategic consulting services as a consultant to Point-of-Rental Software from July 2020 to December 2023.
Jimmy M. Wong, Independent Director
Jimmy M. Wong is a retired executive with over 30 years of experience in finance, business, and information technology across North America and the Asia Pacific region. He has founded several startups in Hong Kong and China. In 2005, his firm Teksen merged with HiSoft China, where he served as Chief Executive Officer of HiSoft Enterprise Solutions Group from 2005 to 2007. HiSoft Technology International Limited was subsequently listed on NASDAQ in 2011.
Pablo A. Santana, Independent Director
Pablo A. Santana has served as a Sales Account Manager for Custom Truck One Source Inc (NYSE: CTOS) since January 2021. Before this, from July 2015 to December 2020, he was a Sales Account Manager at C&C Lift Truck Inc., where he managed sales development for material handling equipment.
Tan Ying Lo, Independent Director
Tan Ying Lo has been the Assistant Project Manager for Missions Points Network Limited, a loyalty rewards program company, since October 2021. Her responsibilities include implementing customer relationship management campaigns, conducting post-campaign analysis, and managing daily operations and projects. From June to October 2021, Ms. Lo was the Assistant Project Manager for OPPA System Limited, a technology solutions company.
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The key risks to Toppoint (symbol: TOPP) are as follows:
- Share Price Volatility and Weak Stock Performance: Toppoint's share price has exhibited high volatility, especially over the past three months, and is considered high risk due to periodic low trading volume. Analysts currently hold a negative evaluation of the stock, downgrading it to a "Strong Sell" candidate, and forecast a continued falling trend in the short term. The sentiment around TOPP is bearish, with a low Fear & Greed Index score.
- Profitability Concerns and Negative Earnings: Toppoint has reported significant losses in recent quarters, including a US$0.088 loss per share in the second quarter of 2025 and a US$0.21 loss per share in the third quarter of 2025. The company recorded negative earnings and operating cash flow in the past year, with earnings per share decreasing substantially by 67.74%. Its Return on Assets and Return on Equity also significantly underperform industry peers, raising concerns about its overall profitability and financial health.
- Lack of Analyst Coverage and Limited Financial Forecasting: Toppoint currently has no analyst coverage, which makes it challenging to forecast its future growth and revenue reliably. This absence of analyst input means that the company's future earnings cannot be accurately calculated through extrapolation or analyst predictions, a rare situation among publicly traded companies. This lack of independent assessment and transparency can hinder investor confidence and make it difficult for potential investors to make informed decisions.
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The increasing global focus on sustainability, environmental, social, and governance (ESG) factors is leading many corporate clients to reassess their procurement of promotional products. There is a growing demand for eco-friendly, ethically sourced, durable, and recyclable alternatives, and a potential reduction in the overall volume of disposable promotional items. This shift threatens Toppoint's traditional business model, which relies on a broad catalog of customizable goods, by demanding a fundamental change in product offerings, supply chain transparency, and waste reduction strategies across its operations.
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Toppoint (symbol: TOPP) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years:
- Expansion to New Strategic Markets: The company expanded its operations into five new strategic markets in 2024, including Tampa, Jacksonville, Miami, Baltimore, and Ensenada, Mexico. This geographic expansion is a cornerstone of its long-term growth strategy, aiming to solidify its leadership along the East Coast and establish a foundation for future international growth.
- Expanded Partnership with Waste Management: Toppoint has strengthened its relationship and expanded its partnership with Waste Management. This collaboration is projected to generate an additional $2 million in annual revenue from approximately 1,000 incremental loads. This also highlights the company's focus on enhancing relationships with major enterprise clients.
- Diversification into Refrigerated Logistics: To diversify its revenue streams and balance seasonal volatility, Toppoint has strategically entered the refrigerated logistics sector. This move expands its service capabilities, including the management of refrigerated cargo.
- Growth in Import Volumes: Toppoint reported a significant 37.3% increase in import volumes, which was a primary driver for its Q1 2025 revenue growth. The company is managing around 200 import shipments monthly, with plans to scale this to 800 loads, potentially adding over $1 million in incremental revenue.
- Fleet Modernization and Operational Efficiency: Although not a direct revenue driver, investments in fleet modernization, such as new 20/40 adjustable chassis, are expected to enhance operational efficiency and service reliability. These improvements can lead to lower operating costs and better service, indirectly supporting revenue growth and overall business expansion.
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Share Issuance
- Toppoint Holdings Inc. issued 2,500,000 shares at $4.00 per share in an Initial Public Offering (IPO) in January 2025, raising $10 million in gross proceeds.
- The company granted underwriters a 45-day option to purchase up to an additional 375,000 shares at the IPO price to cover over-allotments.
- In September 2022, 7,500,000 shares of common stock were issued to Hok C. Chan in exchange for Toppoint Inc., making it a wholly-owned subsidiary.
Inbound Investments
- Toppoint Holdings completed an Initial Public Offering (IPO) in January 2025, raising $10 million in gross proceeds from public investors.
Outbound Investments
- In February 2025, Toppoint Holdings announced a strategic collaboration with a logistics provider to pursue trucking opportunities in Ensenada, Mexico, marking its expansion into Latin America's export sector.
- Toppoint established Topp Metals Inc. on June 4, 2025, to support growth opportunities in scrap metals logistics.
Capital Expenditures
- Toppoint Holdings reported capital expenditures of -$2.18 million in the last 12 months.
- Net proceeds from the January 2025 IPO are allocated for geographic expansion, physical and IT infrastructure investments, sales team expansion, marketing efforts, and general working capital.
- The company is continuously investing in equipment and technology to enhance fleet capacity and operational systems.
