Revenue growth remains stagnant at 3.17% year-over-year, while structural margin compression is highlighted by a persistent -44.58% average operating margin.
| Sales/Revenue | 16.84M | 16.55M | 16.04M | 18.04M | 21.49M |
| Revenue Growth % | 4.51% | 3.17% | -11.07% | -16.06% | - |
| Cost of Goods Sold | 16.66M | 14.62M | 13.7M | 15.39M | 16.46M |
| COGS % of Revenue | - | 88.35% | 85.42% | 85.31% | 76.61% |
| Gross Profit | 180.18K | 1.93M | 2.34M | 2.65M | 5.03M |
| Gross Margin % | 1.07% | 11.65% | 14.58% | 14.69% | 23.39% |
| Gross Profit Growth % | - | -17.56% | -11.75% | -47.29% | - |
| Operating Expenses | 7.86M | 9.3M | 2.98M | 1.87M | 2.58M |
| OpEx % of Revenue | - | 56.23% | 18.6% | 10.4% | 11.99% |
| Selling, General & Admin | 7.52M | 7.88M | 2.98M | 1.87M | 2.58M |
| SG&A % of Revenue | - | 47.59% | 18.6% | 10.4% | 11.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 347.61K | 1.43M | 0 | 0 | 0 |
| Operating Income | -7.68M | -7.38M | -645.75K | 774.32K | 2.45M |
| Operating Margin % | -45.62% | -44.58% | -4.03% | 4.29% | 11.41% |
| Operating Income Growth % | - | -1042.47% | -183.4% | -68.41% | - |
| EBITDA | -6.94M | -6.42M | -218.43K | 1.28M | 2.55M |
| EBITDA Margin % | -41.19% | -38.79% | -1.36% | 7.11% | 11.86% |
| EBITDA Growth % | -1037.22% | -2838.95% | -117.04% | -49.68% | - |
| D&A (Non-Cash Add-back) | 745.61K | 957.96K | 427.32K | 507.57K | 96.47K |
| EBIT | -7.38M | -7.38M | 205.11K | 930.54K | 2.51M |
| Net Interest Income | 105.83K | 17.79K | -139.66K | -10.26K | -20.41K |
| Interest Income | 396.46K | 381.29K | 0 | 0 | 0 |
| Interest Expense | 290.63K | 363.5K | 139.66K | 10.26K | 20.41K |
| Other Income/Expense | 105.83K | 17.79K | 711.2K | 145.97K | 42.49K |
| Pretax Income | -7.58M | -7.36M | 65.45K | 920.28K | 2.49M |
| Pretax Margin % | -44.99% | -44.47% | 0.41% | 5.1% | 11.6% |
| Income Tax | -108.82K | -15.16K | -109.42K | 377.93K | 804.13K |
| Effective Tax Rate % | 1.44% | 0.21% | -167.18% | 41.07% | 32.25% |
| Net Income | -7.47M | -7.34M | 174.87K | 542.35K | 1.69M |
| Net Margin % | -44.35% | -44.38% | 1.09% | 3.01% | 7.86% |
| Net Income Growth % | -1507.48% | -4300% | -67.76% | -67.89% | - |
| Net Income (Continuing) | -7.47M | -7.34M | 174.87K | 542.35K | 1.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.41 | 0.01 | 0.04 | 0.14 |
| EPS Growth % | -1447.35% | -3604.27% | -67.68% | -74.14% | - |
| EPS (Basic) | - | -0.41 | 0.01 | 0.04 | 0.14 |
| Diluted Shares Outstanding | 19.7M | 17.92M | 15M | 15M | 12.18M |
| Basic Shares Outstanding | 19.7M | 17.92M | 17.5M | 15M | 12.19M |
| Dividend Payout Ratio | - | - | - | - | 22.32% |
Liquidity and operational insolvency
According to recent quarterly filings, TOPP's revenue growth has fluctuated significantly, with a 3.17% year-over-year trend that suggests the company is struggling to capture meaningful market share within the specialized recycling export logistics sector despite its unique focus on handling high-liability, difficult-to-transport waste commodities.
The inconsistent revenue performance indicates that the company's transactional model is highly susceptible to volume volatility at East Coast port facilities. Investors should monitor whether the current growth trajectory is sufficient to achieve the scale necessary to offset the high fixed costs inherent in specialized drayage operations.
As reported in financial statements, TOPP's gross margin has remained thin, averaging approximately 11.65%, which highlights the difficulty of maintaining profitability when handling specialized, equipment-intensive cargo that requires significant maintenance and regulatory oversight compared to standard retail freight carriers operating in the same regional markets.
The inability to expand gross margins suggests that the company lacks the pricing power to pass through the elevated costs associated with its 'dirty' cargo mix. This margin profile appears structurally challenged, as the costs of equipment degradation and specialized handling continue to consume the majority of the per-mile revenue generated.
Based on the provided income statement data, TOPP's operating margin of -44.58% indicates a failure to achieve operating leverage, as administrative and overhead expenses continue to scale disproportionately to the company's gross profit, leaving the firm unable to cover its core operating costs through current revenue levels.
The disconnect between gross profit and operating income suggests that the company's current administrative structure is too heavy for its limited revenue base. Without a significant reduction in overhead or a massive increase in high-margin brokerage volume, the company appears unlikely to reach a break-even point on an operating basis.
Data from recent SEC filings reveals that TOPP's cash and equivalents of $1.2 million are insufficient to cover its annual operating losses, which warrants serious investigation into the company's ability to continue as a going concern without immediate external financing or a drastic change in cash burn.
While the company maintains a low debt-to-equity ratio, the lack of liquidity creates a precarious situation where even minor operational disruptions could lead to a solvency event. Short-term investors should be wary of the potential for dilutive equity raises or debt restructuring, as the current cash position provides a very limited runway for the business to pivot.
Quick answers to the most common questions about buying TOPP stock.
For fiscal year 2025, Toppoint Holdings Inc. (TOPP) reported total revenue of $16.5M. This represents a 23.0% decline compared to $21.5M in 2022.
Toppoint Holdings Inc. (TOPP) reported a net loss of $7.3M for the fiscal year ending 2025.
Toppoint Holdings Inc. (TOPP) reported an operating income of $-7.4M, resulting in an operating profit margin of -44.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Toppoint Holdings Inc. (TOPP) generated $1.9M in gross profit for the year, representing a gross profit margin of 11.6%. This demonstrates the company's core pricing power and production efficiency.