Company Summary: Toppoint Holdings Inc.

Business Overview

• Core Focus: Truckload services and solutions provider specializing in the recycling export supply chain.
• Market Share:
  • Approximately 34% of waste paper export drayage volumes through New Jersey ports.
  • Approximately 30% through Philadelphia ports.
• Geographic Operations: Serving regional markets in New Jersey and Pennsylvania, with expansion into Florida, Baltimore, Mexico, and future plans for Canada, UK, and Australia.
• Major Commodities Transported:
  • Waste paper products (core revenue; about 465,948 tons in 2024)
  • Scrap metal (ferrous and non-ferrous)
  • Wooden logs
  • Plastics and other specialized commodities
• Additional Services:
  • Import container pickup and delivery at ports.
  • Logistics brokerage for non-fleet loads, including major ports nationwide and rail lines.
• Clients: Over 280 recycling centers and commodity traders across nearly 2,300 locations, including Fortune 500 waste companies.
• Verticals and Order Volumes:
  • 2024: ~2,576 orders, ~16,641 loads (~465,948 tons of waste paper).
  • 2023: ~2,831 orders, ~18,094 loads (~506,632 tons of waste paper).
• Fast Growing Client Base: From 10 clients in 2016 to 303 in 2023 (~53.17% CAGR).

Fleet and Operations

• Employees: Total of 11 (2 full-time U.S. employees, 9 overseas contractors)
• Owner-Operators: Around 100 trucks, responsible for vehicle costs and maintenance but under company supervision.
• Operational Efficiency Tools: Proprietary dispatch system, real-time shipment visibility, and GPS tracking with about 250 updates daily.
• Equipment:
  • Uses chassis trucks for container hauling (40-foot and 20-foot containers).
  • leased premises in Newark, NJ with a large operation base.

Strategic Developments & Expansion

• Expanded into refrigerated logistics, international exports (Mexico and potential in Canada, UK, Australia), and increased partnerships.
• Recently secured new clients including Casella Waste Systems, Waste Management, and added capacity with existing clients.

Financial Highlights

• 2024 Revenue: ~$16 million (down 11% from 2023)
• 2023 Revenue: ~$18 million
• Net Income (2024): ~$175 thousand (down from ~$542 thousand in 2023)
• 2023 Net Income: ~$542 thousand
• Expenses: Cost of revenues around $13.7 million; general administrative costs ~$3 million (up 59% from 2023).
• Operating Results: Operating loss of ~$646 thousand in 2024 compared to profit of ~$774 thousand in 2023.
• Cash and Equivalents: ~$558 thousand as of December 31, 2024, compared to ~$1.5 million in 2023.
• Trade & Market Position: Significant market share in port drayage for waste paper; operates in a highly competitive industry with key competitors like Evans Delivery, Matrix Transport, Portx Inc.

Miscellaneous

• Listing: Shares began trading on NYSE American under the symbol TOPP on January 22, 2025.
• Public Offering: Raised approximately $8.28 million net from an IPO of 2.5 million shares at $4.00/share in January 2025.
• Employees & Management: Executive team led by CEO & Chairman Hok C Chan, with a 3-year employment agreement. Several independent directors, including Jimmy M. Wong and Pablo A. Santana.
• Business Model: Primarily operates via a brokerage model supported by owner-operators; maintains positive cash flow and focuses on growth through geographic expansion and client diversification.