Revenue growth has decelerated sharply from a peak of $41.7 million in 2024Q4 to $19.5 million in 2026Q1, while operating margins remain persistently negative at -12.5%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 86.54M | 104.42M | 89.81M | 59.32M | 28.11M | 1.09M | 1.46M | 0 | 85.6K | 50.41K | 2.67M | 1.13M | 1.73M | 594.09K | 12.3K | 149.42K | 194.7K | 0 |
| Revenue Growth % | -22.13% | 16.27% | 51.4% | 111.06% | 2482.37% | -25.34% | - | -100% | 69.82% | -98.11% | 135.46% | -34.47% | 191.47% | 4731.18% | -91.77% | -23.26% | - | - |
| Cost of Goods Sold | 47.83M | 66.67M | 90.95M | 58.23M | 28.19M | 2.51M | 2.92M | 1.52M | 606.25K | 886.76K | 651.77K | 384.29K | 0 | 618.28K | 741.94K | 791.27K | 260.58K | 0 |
| COGS % of Revenue | - | 63.85% | 101.27% | 98.17% | 100.31% | 230.9% | 200.24% | - | 708.24% | 1759.23% | 24.39% | 33.86% | - | 104.07% | 6033.49% | 529.57% | 133.84% | - |
| Gross Profit | 38.71M | 37.75M | -1.14M | 1.09M | -86.37K | -1.42M | -1.46M | -1.52M | -520.65K | -836.35K | 34.3K | 589.74K | 1.71M | -533.95K | -729.64K | -641.85K | -65.88K | 0 |
| Gross Margin % | 44.73% | 36.15% | -1.27% | 1.83% | -0.31% | -130.9% | -100.24% | - | -608.24% | -1659.23% | 1.28% | 51.97% | 98.57% | -89.88% | -5933.49% | -429.57% | -33.84% | - |
| Gross Profit Growth % | - | 3407.53% | -204.87% | 1360% | 93.94% | 2.5% | 4.14% | -192.76% | 37.75% | -2538.2% | -94.18% | -65.45% | 419.67% | 26.82% | -13.68% | -874.27% | - | - |
| Operating Expenses | 57.95M | 61M | 12.22M | 7.42M | 11.52M | 5.5M | 3.39M | 778.91K | 1.54M | 679.71K | 278.52K | 436.77K | 297.92K | 178.07K | 342.85K | 1.38M | 972.2K | 20.5K |
| OpEx % of Revenue | - | 58.42% | 13.61% | 12.51% | 40.98% | 505.42% | 232.35% | - | 1795.95% | 1348.48% | 10.42% | 38.49% | 17.2% | 29.97% | 2788.11% | 925.07% | 499.33% | - |
| Selling, General & Admin | 43.25M | 43.02M | 12.22M | 7.42M | 11.52M | 5.5M | 3.39M | 778.91K | 1.54M | 679.71K | 278.52K | 436.77K | 297.92K | 177.77K | 0 | 244.12K | 529.09K | 20.5K |
| SG&A % of Revenue | - | 41.2% | 13.61% | 12.51% | 40.98% | 505.42% | 232.35% | - | 1795.95% | 1348.48% | 10.42% | 38.49% | 17.2% | 29.92% | - | 163.38% | 271.75% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 301 | 342.85K | 1.14M | 443.11K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.05% | 2788.11% | 761.69% | 227.58% | - |
| Other Operating Expenses | 4M | 17.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -19.24M | -23.26M | -13.36M | -6.33M | -11.61M | -6.93M | -4.85M | -2.3M | -2.06M | -1.52M | -244.22K | 152.98K | 1.41M | -712.02K | -1.07M | -2.02M | -1.04M | -20.5K |
| Operating Margin % | -22.23% | -22.27% | -14.88% | -10.67% | -41.29% | -636.32% | -332.59% | - | -2404.19% | -3007.71% | -9.14% | 13.48% | 81.37% | -119.85% | -8721.6% | -1354.64% | -533.17% | - |
| Operating Income Growth % | - | -74.06% | -111.04% | 45.44% | -67.56% | -42.85% | -110.51% | -11.91% | -35.75% | -520.79% | -259.64% | -89.14% | 297.88% | 33.61% | 47.01% | -94.98% | -4963.81% | - |
| EBITDA | -4.54M | -5.28M | -2M | -2.4M | -8.65M | -5.46M | -3.29M | -778.91K | -1.48M | -629.31K | 344.57K | 403.6K | 1.43M | -93.74K | -330.56K | -1.25M | -899.82K | -20.5K |
| EBITDA Margin % | -5.25% | -5.05% | -2.23% | -4.04% | -30.78% | -501.96% | -225.4% | - | -1724.09% | -1248.48% | 12.9% | 35.57% | 82.35% | -15.78% | -2688.11% | -839.76% | -462.16% | - |
| EBITDA Growth % | -126.38% | -163.54% | 16.54% | 72.27% | -58.35% | -66.28% | -321.84% | 47.22% | -134.52% | -282.63% | -14.62% | -71.7% | 1621.13% | 71.64% | 73.66% | -39.44% | -4289.38% | - |
| D&A (Non-Cash Add-back) | 14.7M | 17.98M | 11.36M | 3.93M | 2.95M | 1.46M | 1.56M | 1.52M | 582.16K | 886.76K | 588.79K | 250.62K | 0 | 618.28K | 741.94K | 769.31K | 138.26K | 0 |
| EBIT | -79.08M | -83.01M | -21.41M | -6.72M | -23.17M | -7.8M | -2.32M | -1.68M | -7.1M | -1.91M | -1.03M | 153.66K | 1.43M | -712.02K | -1.07M | -2.14M | -1.04M | 0 |
| Net Interest Income | -27.89M | -27.04M | -4.76M | -4.01M | -1.5M | -498.29K | -50.82K | 64.47K | 60.8K | 17.34K | -21.38K | -37.64K | -1.83M | -464.69K | 0 | -69.56K | -36.99K | 0 |
| Interest Income | 55.97K | 73.47K | 60.36K | 14.95K | 23.73K | 3.31K | 35.34K | 73.76K | 83.22K | 61.38K | 2.92K | 689 | 16.99K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.94M | 27.11M | 4.82M | 4.03M | 1.52M | 501.6K | 86.16K | 9.29K | 22.42K | 44.04K | 24.3K | 38.33K | 1.85M | 464.69K | 0 | 69.56K | 36.99K | 0 |
| Other Income/Expense | -87.92M | -86.86M | -12.86M | -4.41M | -13.08M | -1.38M | 2.44M | 618.18K | -5.07M | -441.49K | -814.41K | -37.64K | -1.83M | -464.69K | 0 | -180.88K | -36.99K | 0 |
| Pretax Income | -107.16M | -110.12M | -26.22M | -10.74M | -24.68M | -8.31M | -2.4M | -1.69M | -7.13M | -1.96M | -1.06M | 115.34K | -422.56K | -1.18M | -1.07M | -2.2M | -1.08M | -20.5K |
| Pretax Margin % | -123.84% | -105.46% | -29.2% | -18.11% | -87.82% | -763.11% | -164.94% | - | -8324.44% | -3883.58% | -39.62% | 10.16% | -24.4% | -198.07% | -8721.6% | -1475.69% | -552.17% | - |
| Income Tax | 117K | 117K | 126.87K | 92.7K | -4.44M | -1.05M | 466.96K | 589.2K | 800 | 800 | 800 | 800 | 800 | -216.4K | -259.68K | -259.68K | -43.28K | 0 |
| Effective Tax Rate % | -0.11% | -0.11% | -0.48% | -0.86% | 17.97% | 12.64% | -19.42% | -34.97% | -0.01% | -0.04% | -0.08% | 0.69% | -0.19% | 18.39% | 24.21% | 11.78% | 4.03% | 0% |
| Net Income | -107.28M | -110.23M | -22.19M | -10.74M | -19.44M | -5.48M | -2.18M | -2.16M | -7.13M | -1.96M | -1.06M | 114.56K | -423.36K | -846.48K | -676.29K | -1.92M | -1.03M | -20.5K |
| Net Margin % | -123.97% | -105.57% | -24.71% | -18.1% | -69.16% | -503.86% | -149.8% | - | -8325.36% | -3885.14% | -39.65% | 10.1% | -24.45% | -142.48% | -5499.63% | -1283.98% | -528.23% | - |
| Net Income Growth % | -285.42% | -396.77% | -106.64% | 44.76% | -254.45% | -151.14% | -1.13% | 69.7% | -263.9% | -84.85% | -1024.75% | 127.06% | 49.99% | -25.16% | 64.75% | -86.54% | -4916.87% | - |
| Net Income (Continuing) | -107.28M | -110.24M | -26.35M | -10.84M | -20.25M | -7.26M | -2.87M | -2.27M | -7.13M | -1.96M | -1.06M | 114.54K | -423.36K | -960.31K | -812.82K | -1.95M | -1.03M | -20.5K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4.12M | -4.12M | -4.12M | 41.82K | 8.21M | 4.61M | 1.28M | 1.34M | 79.85K | 39.91K | 40.14K | 10.04M | 0 | 0 | 113.84K | 523.42K | 96.98K | 0 |
| EPS (Diluted) | -36753.00 | -63602.00 | -30400.00 | -22400.00 | -48800.00 | -18400.00 | -9200.00 | -10000.00 | -35200.00 | -10400.00 | -2360.00 | 444.00 | -1708.00 | -3328.00 | -7960.00 | -999999.00 | -999999.00 | -48800.00 |
| EPS Growth % | -50.72% | -109.22% | -35.71% | 54.1% | -165.22% | -100% | 8% | 71.59% | -238.46% | -340.68% | -631.53% | 126% | 48.68% | 58.19% | 99.81% | -58.18% | -5386.07% | - |
| EPS (Basic) | - | -63602.00 | -30400.00 | -22400.00 | -48800.00 | -18400.00 | -9200.00 | -10000.00 | -35200.00 | -10400.00 | -3784.00 | 668.00 | -2380.00 | -3328.00 | -7960.00 | -999999.00 | -999999.00 | -48800.00 |
| Diluted Shares Outstanding | 2.92K | 1.81K | 761 | 482 | 400 | 299 | 258 | 215 | 185 | 187 | 290 | 257 | 237 | 169 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 2.92K | 1.81K | 761 | 482 | 400 | 297 | 239 | 175 | 111 | 187 | 181 | 175 | 170 | 169 | 85 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency crisis
As reported in recent financial filings, Vivakor's revenue trajectory has shifted from a peak of $41.7 million in 2024Q4 to $19.5 million in 2026Q1, representing a sharp deceleration that reflects the inherent volatility of project-based environmental contracts and the challenges of integrating new midstream logistics assets.
The company's top-line performance appears increasingly erratic, suggesting that the reliance on large-scale remediation projects creates lumpy revenue recognition patterns. Investors should monitor whether the recent pivot toward midstream logistics can provide a more stable revenue floor or if it merely introduces additional operational complexity without offsetting the cyclicality of the energy sector.
Based on the company's reported income statements, gross margins have fluctuated wildly, ranging from a low of -6.6% in 2023Q4 to an anomalous 112.8% in 2025Q4, indicating that the core business model lacks the structural consistency required to generate reliable, predictable returns on its remediation services.
The extreme variance in gross margins suggests that the company's cost of goods sold is highly sensitive to project-specific execution risks and potential inventory valuation adjustments. This lack of margin stability makes it difficult to assess the true pricing power of the proprietary RPC technology against traditional disposal competitors.
According to the provided data, Vivakor consistently reports negative operating income, with the 2026Q1 operating margin of -12.5% highlighting a structural inability to scale gross profits sufficiently to cover the company's fixed SG&A expenses and the ongoing costs associated with maintaining its specialized industrial asset base.
The persistent gap between gross profit and operating income implies that the company is currently trapped in a high-overhead cycle where every dollar of revenue growth is accompanied by disproportionate administrative and operational costs. Without a significant increase in throughput efficiency, the current cost structure appears to be a major drag on potential profitability.
Based on the income statement history, the quality of earnings is severely compromised by consistent net losses, with the 2025Q4 net loss of $55.9 million underscoring the impact of non-operating items and financing costs that continue to erode shareholder value despite periodic revenue spikes.
The massive discrepancy between operating losses and net losses suggests that the company is burdened by significant interest expenses or non-recurring charges that are not captured in the core operating performance. Investors should be wary of the recurring stock-based compensation, which, while not always cash-intensive, continues to dilute equity holders in the face of negative bottom-line results.
As indicated by the reported $265,019 in cash reserves against a backdrop of persistent quarterly net losses, the company faces a critical liquidity shortfall that may necessitate further dilutive financing or asset divestitures to maintain its status as a going concern in the near term.
Short-sellers would likely focus on the company's inability to generate positive free cash flow, which leaves it highly vulnerable to any disruption in its project pipeline or credit access. The reliance on external capital to fund operations in a high-rate environment warrants extreme caution regarding the company's long-term solvency.
Quick answers to the most common questions about buying VIVK stock.
For fiscal year 2025, Vivakor, Inc. (VIVK) reported total revenue of $104.4M.
Vivakor, Inc. (VIVK) reported a net loss of $110.2M for the fiscal year ending 2025.
Vivakor, Inc. (VIVK) reported an operating income of $-23.3M, resulting in an operating profit margin of -22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Vivakor, Inc. (VIVK) generated $37.7M in gross profit for the year, representing a gross profit margin of 36.1%. This demonstrates the company's core pricing power and production efficiency.