Successfully Completed IPO on NYSE American, Paving the Way for Accelerated Growth
Capital Deployment Focused on Infrastructure, Technology, and Scaling - Modernized Fleet Investment Boosts Efficiency and Service Reliability
North Wales, PA, April 16, 2025 (GLOBE NEWSWIRE) -- Toppoint Holdings Inc. (“Toppoint Holdings” or the “Company”) today provided a business update for the year ended December 31, 2024.
“2024 was a pivotal year for Toppoint, marked by continued profitability, stable margins, and the successful execution of our long-term growth strategy,” said Leo Chan, CEO of Toppoint Holdings. “We strengthened our operational foundation, invested in technology and infrastructure, and prepared the Company for our recently completed initial public offering (IPO), all while maintaining strong financial discipline. While industry-wide softness in recycled material exports impacted top-line revenue, we remained resilient and focused on building a business positioned for sustainable expansion in 2025 and beyond. Now, with the capital raised through our IPO, we have the resources necessary to further scale our business, accelerate our growth, and drive long-term value.”
Toppoint has established itself as a trusted logistics partner to major waste companies, recycling centers, and commodity traders, specializing in the transport of wastepaper, scrap metal, and other recyclable materials, along with imports to and from key U.S. East Coast ports. In 2024, the Company significantly advanced its growth strategy with expansions into high-volume regional markets including Tampa, Jacksonville and Miami in Florida; Baltimore, Maryland; and Ensenada, Mexico. These moves further solidified Toppoint’s leadership along the East Coast while laying the groundwork for future international growth.
The Company started off 2025 with a major milestone - the successful completion of its $10 million IPO and the commencement of trading on the NYSE American, marking a defining moment in its corporate evolution. The IPO broadened visibility among institutional and retail investors and provided capital to accelerate key strategic initiatives. Proceeds are being used to fund geographic expansion, modernize fleet and chassis infrastructure, invest in digital technology, and scale operational support across the Company’s global, remote workforce. These investments are strengthening Toppoint’s position as a leading, tech-enabled logistics provider in the recycling and export supply chain.
The Company has also broadened its service portfolio through strategic partnerships, most notably entering the refrigerated logistics sector in collaboration with a nationwide cold-chain provider. This diversification introduced a more consistent, year-round freight stream, helping to balance seasonal volatility in recycling exports and further stabilizing the Company’s revenue mix.
Additionally, Toppoint continues to strengthen relationships with key customers, including an expanded partnership with Waste Management following its acquisition of Winter Brothers Waste Systems. This new location is expected to add approximately 1,000 loads annually and generate up to $2 million in incremental revenue. The Company also secured a new logistics engagement with a leading resource renewal and recycling provider operating throughout the Eastern U.S.—a sustainability-focused company that generated more than $370 million in revenue from its Eastern Division alone in 2023. Toppoint has dedicated fleet capacity to support this partner’s growing operations, helping optimize the transport of recyclable materials to meet rising regional demand.
To support its growing operations, Toppoint modernized its chassis fleet by replacing leased aging equipment and purchasing brand-new 20/40 adjustable models. These upgraded chassis allow drivers to transport both 20-foot and 40-foot containers in a single trip—eliminating the inefficiency of trailer swaps and reducing empty miles. The investment has significantly improved asset utilization, reduced downtime, and repair costs, and enhanced overall service reliability. This modernization reflects Toppoint’s ongoing commitment to operational excellence, cost efficiency, and scalable growth.
“Our team delivered outstanding results in 2024 by executing a clear and disciplined strategy. We expanded into new regions, diversified our services, deepened relationships with top-tier customers, and built new ones that align with our long-term vision. Our recent chassis fleet upgrade and expansion into refrigerated logistics demonstrate our commitment to continuous improvement and customer responsiveness. The successful completion of our IPO was a major milestone which we believe validates the strength of our platform and opens the door to even greater opportunities,” continued Mr. Chan.
“We believe we are well-positioned to drive meaningful and sustainable growth across multiple verticals, both domestically and internationally. As we look to 2025 and beyond, our priorities remain clear—scale our operations efficiently, leverage technology to optimize logistics, and expand our footprint alongside our customers. We are building a Company with the infrastructure, leadership, and resilience to thrive in any market environment. Above all, we are focused on creating long-term shareholder value by executing with discipline, investing in innovation, and maintaining the trust of our partners and the communities we serve. We believe that the future is bright for Toppoint and we are excited about the future.”
Financial results for the year ended December 31, 2024
For the year ended December 31, 2024, revenue totaled $16.0 million compared to $18.0 million in 2023. The decline in revenue was primarily due to reduced wastepaper export volumes, reflecting a broader slowdown in global recycled material demand and ongoing port disruptions that impacted overall shipment activity.
Cost of revenues were $13.7 million for the year ended December 31, 2024, compared to $15.4 million in the prior year. The decline was largely attributable to lower freight activity.
Gross profit for the year ended December 31, 2024, was $2.3 million compared to $2.6 million in 2023, reflecting a modest year-over-year decline primarily driven by lower overall revenues. Despite the decrease in gross profit, gross margin remained relatively stable at 14.6% in 2024, compared to 14.7% in the prior year, reflecting effective cost controls and operational efficiency.
Selling, general and administrative expenses were $2.9 million in 2024, compared to $1.9 million in 2023. This increase was driven primarily by investments in personnel, technology infrastructure, and professional services to support the Company’s growth initiatives and its IPO.
Net income for 2024 was $0.2 million, compared to $0.5 million in 2023. The decrease in profitability was largely driven by lower revenue and higher selling, general and administrative expenses associated with expansion efforts and IPO preparation. Despite the decline, the Company remained profitable and believes these strategic investments position it well for long-term growth.
The complete financial results for the year ended December 31, 2024, are available in the Company’s Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission and available at: www.sec.gov.
About Toppoint Holdings Inc.
Established in 2014 and headquartered in North Wales, Pennsylvania, Toppoint Holdings Inc. specializes in the transport of wastepaper, scrap metal, and wooden logs for large waste companies, recycling centers, and commodity traders. The Company’s operations extend to major ports, including Newark, NJ, and Philadelphia, PA. With a commitment to growth and innovation, Toppoint Holdings recently expanded into the recycling export transport markets of Tampa, Jacksonville, and Miami, FL; Baltimore, MD; and Ensenada, Mexico, as of 2024. The Company also provides trucking and logistics brokerage solutions for plastic and other commodities, and imports, servicing key commercial hubs across the U.S. For additional information, please go to https://toppointtrucking.com/.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “believe,” “plan,” “expect,” “intend,” “should,” “seek,” “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC available at www.sec.gov.
Investor Relations Inquiries:
Crescendo Communications, LLC
212-671-1020
TOPP@crescendo-ir.com
