AI Analysis | Feedback

Here are 1-3 brief analogies to describe Vivakor:

• It's like a **TerraCycle for oil-contaminated soil**, cleaning up tough environmental messes while recovering valuable resources.
• Think of it as an **ExxonMobil that specializes in extracting oil by cleaning up existing contaminated sites**, rather than drilling new wells.

AI Analysis | Feedback

• Soil Remediation: Vivakor specializes in cleaning soil contaminated by heavy crude oil and other hydrocarbon-based substances.
• Hydrocarbon Extraction: The company extracts hydrocarbons, such as oil, from properties laden with or contaminated by crude oil and other hydrocarbon-based substances.

AI Analysis | Feedback

Vivakor, Inc. (VIVK) operates in the business-to-business (B2B) sector, providing environmental solutions and clean energy technologies, specifically soil remediation and hydrocarbon extraction services.

Based on Vivakor's public financial filings (e.g., 10-K reports), the company has experienced significant customer concentration, with a small number of customers accounting for a large portion of its revenue. For instance, in 2022, one customer accounted for approximately 90% of its revenue, referred to as 'Customer A' in its filings. In 2021, another customer accounted for approximately 80% of its revenue, referred to as 'Customer B'.

However, Vivakor does not publicly disclose the specific names of these major customer companies in its SEC filings.

Given the specialized nature of Vivakor's services, its major customers would typically be other companies or government entities, falling into the following categories:

• Oil and Gas Companies: Entities involved in exploration, production, refining, or distribution of oil and gas that may require remediation of contaminated sites, or the extraction of hydrocarbons from legacy or waste sites.
• Industrial Enterprises: Businesses from various industrial sectors whose operations have led to soil contamination, requiring specialized clean-up and remediation services.
• Government Agencies and Municipalities: Public sector bodies responsible for environmental protection, land management, or overseeing the clean-up of contaminated public or private sites.

AI Analysis | Feedback

AI Analysis | Feedback

James H. Ballengee, Chairman, President & Chief Executive Officer
Mr. Ballengee became Vivakor's Chief Executive Officer and Chairman of the Board in October 2022 and President in August 2024. He brings over two decades of experience in midstream oil and gas senior management roles. He was the founder of Bridger Group, LLC, a private crude oil marketing firm, from 2010 to 2013, and then managed its successor, Bridger Logistics, LLC, from 2013 to 2015, which was sold to Ferrellgas Partners, LP. He also previously served as CEO of Taylor Logistics, LLC, an oil gathering, storage, and transportation company, which was sold to Gibson Energy, Inc. in 2010. Mr. Ballengee has held positions including Chief Commercial Officer, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board in two major private equity portfolio companies. He was also the founder of Ballengee Group LLC, founded in 2014. Before joining Vivakor, he was CEO of Silver Fuels, LLC and Jamex Marketing, LLC. His education includes an undergraduate degree from Louisiana State University.

Kimberly A. Hawley, Executive Vice President, Chief Financial Officer, Treasurer & Secretary
Ms. Hawley was appointed Executive Vice President, Chief Financial Officer, and Treasurer of Vivakor, Inc. and Vivakor Administration, LLC on July 24, 2025, and Secretary on November 7, 2025. She is a financial executive with over 25 years of experience leading corporate finance, strategic planning, and regulatory compliance across public and private companies. Her background spans energy, infrastructure, and logistics sectors, where she has a reputation for financial leadership in complex, high-growth environments. Prior to Vivakor, Ms. Hawley served as Chief Financial Officer of Empire Diversified Energy, Inc. from February 2022 until July 2025, where she oversaw financial operations for seven subsidiaries and secured over $120 million in long-term debt financing for major infrastructure projects. She was also a Certified Public Accountant with Personal Management Consultants from October 2018 to January 2022. Ms. Hawley received her Bachelor of Business Administration from Loyola University of Chicago and an MBA from Pepperdine University.

Leslie D. Patterson, Executive Vice President & Chief Operating Officer
Mr. Patterson was appointed Executive Vice President and Chief Operating Officer on August 13, 2025. He is an accomplished operations executive with over 30 years of leadership experience in the domestic and international oil and gas industries. His experience includes successfully managing critical functions across operations, engineering, construction, project execution, and corporate strategy for prominent energy companies such as BP, ExxonMobil, Chevron, and Shell. His background also spans both onshore and offshore environments, with a proven ability to lead complex capital projects. Mr. Patterson previously served as Vice President-Operations and Construction for Vivakor starting June 2, 2023. Prior to joining Vivakor, he was the Managing Partner and CEO of Coyote Oilfield Services, LLC. He has also served as a construction and operations executive at public and private equity portfolio companies.

Jeremy H. Gamboa, Division President, Logistics
Mr. Gamboa was appointed Division President, Logistics for Vivakor Administration, LLC, a subsidiary of Vivakor, Inc., effective October 1, 2024. He is a seasoned operations executive with over three decades of management experience in midstream trucking, terminaling, and marketing companies. This includes experience with several business units recently acquired by Vivakor. Mr. Gamboa previously served as President of Endeavor Crude, LLC since 2024, Chief Operating Officer of Ridgeback Energy Partners, LLC from 2018-2021, and Executive Vice President and Chief Operating Officer of Bridger Logistics, LLC from 2013-2016.

AI Analysis | Feedback

The key risks to Vivakor (VIVK) are its significant financial instability and going concern doubts, its high dependence on volatile oil and gas market conditions, and ongoing Nasdaq listing and liquidity risks.

1. Financial Instability and Going Concern: Vivakor has a history of persistent net losses, negative operating margins, and negative free cash flow, leading to a substantial accumulated deficit. The company's auditor has expressed significant doubt about its ability to continue as a going concern, indicating fundamental financial challenges. Vivakor heavily relies on external capital, including credit lines, convertible loans, and the issuance of new shares, which poses a considerable risk of ongoing share dilution for existing shareholders.
2. Dependence on Volatile Oil and Gas Market Conditions: A substantial portion of Vivakor's revenue and profit margins is directly tied to the volume and prices of oil and natural gas, even with its environmental remediation and contracted logistics services. Fluctuations or a significant downturn in the oil market could lead to a sharp decrease in demand for its services, adversely affecting its financial performance and overall business viability.
3. Nasdaq Listing and Liquidity Risk: Vivakor has faced repeated challenges in maintaining compliance with Nasdaq's listing requirements, including the minimum bid price rule. The company has received delisting notices and experienced temporary trading suspensions, necessitating actions such as reverse stock splits to regain compliance. Continued non-compliance or delisting would severely impair the company's liquidity, trading volume, and ability to raise capital from public markets, further exacerbating its financial risks.

AI Analysis | Feedback

AI Analysis | Feedback

Vivakor (symbol: VIVK) operates in the addressable markets of environmental remediation, with a specific focus on soil remediation and hydrocarbon extraction.

• Global Oil and Gas Environmental Remediation Market: The global oil and gas environmental remediation market size was valued at approximately US$31.15 billion in 2025 and is estimated to grow to around US$56.01 billion by 2033, with a compound annual growth rate (CAGR) of 7.7% from 2025 to 2033.

• U.S. Soil Remediation Market: The U.S. soil remediation market size was approximately USD 8.8 billion in 2025. It is predicted to reach around USD 15.38 billion by 2034, registering a CAGR of 6.36% from 2025 to 2034.

• Kuwait Oil-Contaminated Soil Remediation: While a traditional annual market size for Kuwait is not readily available, significant funding has been allocated for the remediation of oil-contaminated soil. The United Nations Compensation Commission (UNCC) is contributing US$3 billion towards the clean-up of approximately 26 million cubic meters of oil-contaminated soil across 300 square kilometers in Kuwait.

AI Analysis | Feedback

Vivakor (NASDAQ: VIVK) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and expanded operations:

1. Expansion and Integration of Midstream Energy Logistics and Storage: Vivakor's revenue growth in 2025 was significantly driven by the full-year contribution from the acquisition of the Endeavor Entities on October 1, 2024, which expanded its operational footprint in the midstream oil and gas sector. The company aims to further expand its diversified infrastructure assets organically and through acquisitions. A definitive merger agreement with Empire Diversified Energy, signed in March 2024 and expected to close by the end of Q3 2024, is projected to provide synergies for expansion and accelerate revenue growth.
2. Growth in Oilfield Waste Remediation and Hydrocarbon Recovery Services: Vivakor is preparing to launch a new remediation processing center in Houston by the first quarter of 2026. Additionally, upon the successful closing of the Empire Diversified Energy merger, the company intends to construct and deploy its fourth Remediation Processing Center (RPC IV) at The Port of West Virginia. These new facilities and the company's focus on environmental sustainability and specialized oilfield waste remediation are expected to capitalize on the increasing demand for eco-friendly solutions and provide more stable, recurring revenue streams.
3. Scaling of Crude Oil Supply and Trading Operations: The introduction of supply and trading activities during 2025 contributed to Vivakor's revenue increase. The launch of their crude oil trading platform and successful transactions, such as a $24 million major transaction and a $23 million liquefied petroleum gas trade, demonstrate operational capability and an ability to scale volume in this new vertical, backed by a $40 million financing facility.
4. Increased Utilization and Optimization of Existing Energy Infrastructure Assets: The company has attributed improvements in gross margin to higher-margin transportation and logistics activities and enhanced asset utilization. Vivakor's integrated facilities for crude oil and produced water gathering, storage, transportation, and reuse, operating under long-term contracts, represent a foundation for stable and recurring revenue. Ongoing expansion projects are expected to support further increases in demand and revenue through more efficient use of these assets.

AI Analysis | Feedback

Share Issuance

• On February 16, 2022, Vivakor completed an underwritten public offering of 1,600,000 shares of common stock, generating aggregate gross proceeds of $8.0 million.
• Between October and December 2025, Vivakor entered into Securities Purchase Agreements to issue a total of 21,509,090 shares of common stock and 8,566,666 pre-funded warrants, with offering prices of $0.22 and $0.18 per share, respectively.
• Vivakor issued approximately 56.17 million shares of restricted common stock to investors as part of forbearance and note amendment agreements on January 30, 2026, related to convertible promissory notes with an original aggregate principal amount of $5,117,647.06.

Inbound Investments

• Between June 6 and June 9, 2025, Vivakor received $4,350,000 before customary fees from convertible promissory notes with an aggregate principal amount of $5,117,647.06, issued to seven non-affiliated accredited investors.
• On July 15, 2025, Vivakor received $4,400,000 in cash proceeds related to a loan and security agreement that included a junior secured convertible promissory note.
• Vivakor received $8.0 million in aggregate gross proceeds from an underwritten public offering of its common stock, which closed on February 16, 2022.

Outbound Investments

• On August 1, 2022, Vivakor acquired all membership interests in Silver Fuels Delhi, LLC and White Claw Colorado City, LLC for approximately $32.9 million, paid in a combination of common stock, secured promissory notes, and assumed liabilities.
• On December 22, 2025, Vivakor signed a non-binding letter of intent to acquire Coyote Oilfield Services, LLC to expand its midstream infrastructure, oilfield services, and energy marketing capabilities.

Capital Expenditures

• Vivakor's capital expenditures for the trailing twelve months (TTM) were approximately $25.52 thousand.