Vivakor, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenues for the three months ended September 30, 2024, were $15.9 million, a slight decrease of 2.43% from $16.3 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues increased by 5.87% to $48.1 million, up from $45.4 million in the prior year.

The company experienced a notable shift in its revenue sources, with product revenue from third parties declining to $4.8 million from $12.8 million year-over-year, while revenue from related parties surged to $11.1 million from $3.5 million. Gross profit for the third quarter was $1.7 million, reflecting an increase from $1.5 million in the prior year, but gross profit for the nine-month period fell to $3.9 million from $4.3 million.

Vivakor's operating expenses rose significantly, with a 60.77% increase in the third quarter to $3.7 million, and a 47.98% increase for the nine months to $10.3 million. This contributed to a loss from operations of $2.0 million for the third quarter, compared to a loss of $745,114 in the same period of 2023. The consolidated net loss for the third quarter was $1.7 million, an improvement from a loss of $2.7 million in the prior year.

The company’s accumulated deficit increased to approximately $72.8 million as of September 30, 2024, while total stockholders' equity decreased to $16.7 million from $17.2 million at the end of 2023. Cash and cash equivalents were reported at $687,172, down from $744,307 at the end of the previous year.

Strategically, Vivakor completed the acquisition of Endeavor Crude, LLC and related entities on October 1, 2024, for a purchase price of $120 million, which is subject to post-closing adjustments. This acquisition is expected to enhance Vivakor's operational capabilities in the crude oil sector, as Endeavor operates a fleet of over 500 commercial tractors and trailers. The company also reported ongoing integration efforts for the acquired entities, which are anticipated to take time due to their size.

In terms of financing, Vivakor raised approximately $4.7 million through debt financings and $1.4 million through the sale of common stock during the nine months ended September 30, 2024. The company has also entered into various loan agreements, including a secured promissory note of $3.67 million with a 22% interest rate, maturing on October 31, 2025.

Overall, while Vivakor has shown growth in revenue for the nine-month period, it continues to face challenges in profitability and operational costs, alongside significant strategic developments with the recent acquisition.