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Here are 1-2 brief analogies to describe Vivakor (VIVK):

• Like a clean-tech company focused on sustainable oil sands extraction, aiming to be the 'Tesla of bitumen recovery'.
• Imagine a 'Roto-Rooter' for oil-contaminated soil, using proprietary technology to separate oil from sand and dirt.

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• Environmental Remediation Technology & Services: Vivakor utilizes its patented thermal desorption technology (RCS System) to clean hydrocarbon-contaminated soil and industrial waste.
• Hydrocarbon Extraction and Processing: The company extracts crude oil and other hydrocarbons from contaminated materials and oil sands for commercial use.
• Asphalt Product Manufacturing & Sales: Vivakor produces and sells various asphalt products, including recycled asphalt and virgin asphalt cement, derived from its recovered hydrocarbons.

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Vivakor (VIVK) primarily sells its services and products to other companies (Business-to-Business or B2B).

While Vivakor's public filings indicate a high concentration of revenue from a small number of customers (e.g., two customers accounted for 90% of total revenue in 2022), the specific names of these major customers are not explicitly disclosed in their SEC filings or investor communications, likely due to confidentiality agreements.

Based on Vivakor's stated business segments, its major customers are typically:

• Oil and Gas Companies, Mining Companies, and Environmental Remediation Firms: These customers utilize Vivakor's proprietary technology for hydrocarbon extraction from contaminated soils and oil sands, as well as general environmental remediation services. Given the nature of these operations, these would likely be large industrial clients, but their specific identities are not publicly disclosed.
• Utility Companies, Renewable Energy Developers, and Large Industrial/Commercial Enterprises: For Vivakor's clean energy segment, particularly solar power generation facilities, customers would typically include entities purchasing generated electricity (through power purchase agreements) or acquiring developed solar projects.
• Construction Companies, Government Entities, and Municipalities (primarily in Mexico): These customers engage Vivakor for civil construction, road paving, and procurement of asphalt paving materials through its operations in Mexico.

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James Ballengee, Chief Executive Officer, President and Chairman of the Board

Mr. Ballengee was appointed CEO in October 2022. He holds an undergraduate degree in History from the University of Texas at Austin and an MBA with a finance concentration from Jones Graduate School of Business at Rice University.

Kimberly Hawley, Executive Vice President, Chief Financial Officer, and Treasurer

Ms. Hawley was appointed Executive Vice President and Treasurer of Vivakor, Inc. and Vivakor Administration, LLC on July 24, 2025. Before joining Vivakor, she served as the Chief Financial Officer of Empire Diversified Energy, Inc. from February 2022 until July 24, 2025, where she managed the financial operations of its seven subsidiaries. She also worked as a Certified Public Accountant with Personal Management Consultants from October 2018 to January 2022, providing comprehensive financial management services, including strategic planning and tax forecasting. At Empire Diversified Energy, Ms. Hawley led financial strategy and funding initiatives, securing over $120 million in long-term debt financing for major projects. She earned her Bachelor of Business Administration from Loyola University of Chicago and her Master of Business Administration from Pepperdine University and is a Certified Public Accountant in California.

Leslie D. Patterson, Executive Vice President and Chief Operating Officer

Patrick M. Knapp, Executive Vice President, General Counsel and Secretary

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1. Significant Financial Instability, Going Concern Doubt, and Share Dilution

   Vivakor faces substantial financial challenges, including recurring net losses, a significant accumulated deficit, substantial short-term debt obligations, and a working capital deficit. These conditions have led the company's management to raise substantial doubt about its ability to continue as a going concern. The company's operations are heavily reliant on external financing, often through frequent equity offerings and convertible debt, which results in significant share dilution for existing shareholders.

2. High Customer Concentration and Exposure to Volatile Commodity Prices

   A significant portion of Vivakor's revenue is derived from a few major customers, with 75.76% of revenues reportedly coming from just two customers, and these contracts lack minimum volume commitments. This high customer concentration, coupled with the company's dependence on fluctuating oil and natural gas volumes and prices, exposes Vivakor to substantial revenue and profitability risks influenced by global economic conditions and geopolitical events.

3. Operational and Integration Challenges with Limited Scale

   Vivakor faces risks associated with successfully integrating recently acquired entities, such as the Endeavor Entities, which can lead to cultural conflicts or reduced operational efficiency. Additionally, the company's smaller operational scale and asset base, with approximately 150 staff and modest assets, put it at a disadvantage compared to larger rivals, limiting its ability to secure bigger contracts and spread costs more efficiently.

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The accelerating global transition towards decarbonization and stringent environmental, social, and governance (ESG) standards poses an emerging threat. Vivakor's core remediation technology (AKAR Technology) focuses on extracting hydrocarbons from contaminated soils for reuse. As industries and governments increasingly prioritize "net-zero" emissions and "fossil fuel-free" solutions, there is an emerging risk that clients may increasingly prefer or eventually mandate remediation technologies that do not involve the extraction, processing, or commercialization of hydrocarbons, even those recovered from waste streams. This shift in environmental preference and policy could diminish the market demand for Vivakor's hydrocarbon outputs or necessitate significant changes to its business model to align with evolving sustainability mandates.

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Vivakor (NASDAQ: VIVK) operates in several key market segments, including oil and gas logistics, terminaling and storage, and environmental remediation and resource recovery. The addressable market sizes for its main products and services are detailed below:

• Recycled Asphalt Pavement (from oil sands extraction and hydrocarbon recycling): The global recycled asphalt pavement market was estimated at approximately $8.4 billion USD in 2024 and is projected to reach $13 billion USD by 2034, growing at a CAGR of 4.6% from 2025 to 2034. Vivakor's operations in this area include producing asphalt binder from oil sands in Utah.
• Crude Oil and Produced Water Trucking and Logistics: Vivakor operates a fleet of over 165 crude oil transportation units across major U.S. production basins and more than 105 water transportation trucks in Texas. While a specific addressable market size for "crude oil and produced water trucking and logistics" for the U.S. is not explicitly provided in the search results, the company's contracts guarantee significant volumes, such as 75,000 barrels of crude oil to be transported each day for one contract.
• Crude Oil Terminaling and Storage: Vivakor manages crude oil gathering, storage, and handling infrastructure, with operations in key U.S. production basins like the Permian, Eagle Ford, and STACK play. Their gathering and storage facilities handle over 300,000 barrels per month through various assets, and one contract guarantees minimum pipeline throughput revenue of $200,000 per month and 230,000 barrels per month of throughput for gathering and storage facilities. However, a total addressable market size for crude oil terminaling and storage in the U.S. is not provided in the search results.
• Hydrocarbon Environmental Remediation (processing contaminated soil and oil industry waste): Vivakor utilizes proprietary Remediation Processing Centers (RPCs) to separate oils and hydrocarbons from contaminated soil, with facilities in Utah and Kuwait, and expanding to Houston. The Houston RPC is designed to address tank bottom sludge and other oil industry waste, which typically ends up in hazardous landfills, and is expected to generate as much as 300,000 barrels per year of recycled oil per RPC. The company's technology is exclusively approved by Kuwait Oil Company for soil remediation. Millions of tons of oil industry waste are generated annually in the U.S. However, an overall addressable market size for hydrocarbon environmental remediation or processing contaminated soil (U.S. or global) is not explicitly provided.

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Vivakor (VIVK) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and expansions:

1. Growth from Logistics and Terminaling Operations through Endeavor Entities Acquisition: The acquisition of Endeavor Entities, completed in October 2024, has significantly boosted Vivakor's revenue, primarily through its logistics and terminaling operations. This growth is expected to continue, supported by 10-year take-or-pay contracts.
2. Expansion of Energy Transportation and Storage Infrastructure: Vivakor has been expanding its infrastructure, including a pipeline expansion project in Blaine County, Oklahoma's STACK play, which is anticipated to bolster volumes and operations in the region. The company also plans to continue expanding its diversified infrastructure assets.
3. Development of the Vivakor Supply & Trading Division: The formation of a new Vivakor Supply & Trading division in 2024 is poised to contribute to revenue diversification and growth as a new business unit within the company.
4. Advancement in Remediation Services: The completion of factory acceptance tests for a Remediation Processing Center in Houston in 2024 indicates potential for growth in their petroleum-based remediation projects and the launch of new or enhanced services in this area.

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Share Issuance

• Between October 16-31, 2025, Vivakor completed multiple registered direct offerings and securities purchase agreements, raising approximately $2.55 million, $2.7 million, $3.5 million, and $5 million through the issuance of common stock and pre-funded warrants for working capital and general corporate purposes.
• In October 2025, a lender converted portions of a junior secured convertible promissory note into common stock, resulting in the issuance of millions of shares on various dates (e.g., 3,323,837, 3,796,095, 3,795,095 shares on October 10, 15, 16 respectively, and 3,923,492 shares on October 23).
• On October 9, 2025, Vivakor issued a Third Junior Secured Convertible Promissory Note for $1,620,000 (receiving $1,152,000 in proceeds) and issued 286,000 shares of common stock as additional consideration.

Inbound Investments

• In March 2025, Vivakor received $5,000,000 in proceeds from a $6,625,000 junior secured convertible note.
• Vivakor secured a $40 million credit facility with a wholesaler to enhance its crude oil trading operations.
• The company signed a non-binding term sheet for potential funding of up to $23 million through convertible preferred stock, aimed at supporting its crude oil marketing and remediation segments.

Outbound Investments

• Vivakor holds an approximately 13.8% stake in Scepter Holdings, Inc. (OTC Markets: BRZL), valued at about $1,983,305 as of April 7, 2025.
• The company divested two non-core business units, Meridian Equipment Leasing, LLC and Equipment Transport, LLC, which eliminated approximately $59 million in debt and generated about $11 million in net consideration.
• Vivakor maintains a 13.5% ownership in Adapti, Inc. (206,595 shares).

Capital Expenditures

• Vivakor reported capital expenditures of -$2.36 million in the last 12 months (as of October 2025), with annual figures of $4.54 million in 2024, $3.32 million in 2023, and $2.49 million in 2022.
• The company is investing in the construction of a Remediation Processing Center (RPC) and an adjacent truck wash facility in Harris County, Texas, expected to begin operations in Q4 2025, focused on processing oilfield solid wastes.
• Vivakor contributed $2.7 million to a wash plant facility in Houston, anticipating trial operations in Q4 2025, and plans to deploy a third RPC there while utilizing its first two manufactured RPCs in Kuwait.