olivLaw · US equity research
Toppoint Holdings Inc. TOPP
Trucking & Courier Services (No Air) · SIC 4210 · Vertical: Trucking & Courier Services (No Air) (SIC 4210)
Toppoint Holdings is a truckload services provider focused on the recycling export supply chain, with a major role in waste paper hauling across New Jersey and Pennsylvania. The company moved from a heavy loss in fiscal 2025 to a second quarter of 2026 with rising revenue and a positive gross margin, which raises the question of how durable that recovery will be.
At the close of 03 Nov 2026, Toppoint Holdings Inc. (TOPP) stock was 0.11 USD (+2.73% on the day), with market capitalisation 2.8 m USD, beta 0.08, 52-week range 0.11–2.75 USD. Latest reported quarter (Q2 2026): revenue of 4.6 m USD (+16.9% YoY), net income of -306.7 k USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.4
- weak (30–45)
- Bollinger (20, 2)
- 0.09 – 0.17
- in the lower half of the band · %B 0.28 · band width 59.4%
- SMA 50 / 200
- 0.14 / 0.69
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.6% | −2.0% | −7.6 pp | — |
| 3 months | −75.8% | −2.2% | −73.6 pp | — |
| 6 months | −87.8% | +4.3% | −92.1 pp | — |
| Year to date | −86.0% | +10.6% | −96.6 pp | — |
| 1 year | −91.4% | +10.5% | −101.9 pp | −2.0% |
| 3 years | unavailable | +73.7% | unavailable | −23.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 m | 3.9 m | 3.8 m | 4.0 m | 4.5 m | 4.3 m | 4.1 m | 4.6 m |
| Cost of revenue | 3.3 m | 3.3 m | 3.3 m | 3.5 m | 3.1 m | 6.1 m | 4.3 m | 4.3 m |
| SG&A | 892.7 k | 427.6 k | 517.2 k | 2.0 m | 5.6 m | -674.9 k | 547.0 k | — |
| Operating income | -435.1 k | -564.6 k | -407.1 k | -1.6 m | -4.2 m | -1.2 m | -714.1 k | -340.6 k |
| Depreciation & amortisation | 17.0 k ≈ | 50.1 k | 97.0 k | 133.7 k ≈ | 136.4 k ≈ | -27.2 k | 79.8 k | 79.8 k ≈ |
| Interest expense | 56.7 k | 80.2 k | 100.0 k | 152.1 k | 31.8 k | 79.6 k | 27.2 k | 54.6 k |
| Pre-tax income | -27.4 k | -258.4 k | -434.8 k | -1.6 m | -4.1 m | -1.1 m | -653.7 k | -306.7 k |
| Income tax | 138 | -205.6 k | 93.7 k | -108.8 k | 0 ≈ | 0 | — | — |
| Net income | -27.5 k | -52.8 k | -528.5 k | -1.5 m | -4.1 m | -1.1 m | -653.7 k | -306.7 k |
| Diluted EPS | 0.00 | -0.00 ≈ | -0.03 | -0.09 | -0.23 | -0.06 ≈ | -0.03 | -0.01 |
| Operating cash flow | -635.9 k ≈ | 219.1 k | -884.4 k | -255.1 k ≈ | -445.0 k ≈ | -197.0 k | -790.8 k | -127.6 k ≈ |
| Capex | 5.9 k ≈ | 1.2 m | 692.6 k | 320.4 k ≈ | 0 ≈ | -657.6 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.0 m | 16.0 m | 16.5 m |
| Revenue YoY | unavailable | −11.1% | +3.2% |
| Net income | 542.4 k | 174.9 k | -7.3 m |
| Net income YoY | unavailable | −67.8% | −4,300.0% |
| Diluted EPS | 0.04 | 0.01 | -0.41 |
| Diluted EPS YoY | unavailable | −75.0% | −4,200.0% |
| net % | 3.0% | 1.1% | -44.4% |
| Free cash flow | 1.9 m | -1.8 m | -2.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 m USD
- Financial debt
- 1.0 m USD
- Net debt
- -164.6 k USD
- Equity
- 8.6 m USD
- Total assets
- 11.0 m USD
- Debt / equity
- 0.12x
- Current ratio
- 3.23x
- ROE
- -131.6%
- ROA
- -91.9%
- FCF margin
- -12.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.0 m | 16.0 m | 16.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Cost of revenue | 15.4 m | 13.7 m | 16.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Gross profit | 2.6 m ≈ | 2.3 m ≈ | 497.7 k ≈ | SEC (XBRL)· 25 Mar 2026derived |
| SG&A | — | 2.3 m | 7.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | 774.3 k | -645.8 k | -7.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Depreciation & amortisation | 54.9 k | 97.0 k | 339.9 k | SEC (XBRL)· 25 Mar 2026verified |
| EBITDA | 829.2 k ≈ | -548.8 k ≈ | -7.0 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Interest expense | 10.3 k | 139.7 k | 363.5 k | SEC (XBRL)· 25 Mar 2026verified |
| Pre-tax income | 920.3 k | 65.5 k | -7.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Income tax | 377.9 k | -109.4 k | -15.2 k | SEC (XBRL)· 25 Mar 2026verified |
| Net income | 542.4 k | 174.9 k | -7.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | 0.04 | 0.01 | -0.41 | SEC (XBRL)· 25 Mar 2026verified |
| Weighted average diluted shares | 15.0 m | 15.0 m | 17.9 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 m | 557.6 k | 1.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Receivables | 940.6 k | 1.2 m | 1.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | 2.8 m | 2.2 m | 5.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | 96.1 k | 1.2 m | 1.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Intangibles (excl. goodwill) | 798.6 k | 739.4 k | 470.5 k | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | 5.0 m | 5.0 m | 11.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Accounts payable | 335.6 k | 339.5 k | 423.5 k | SEC (XBRL)· 25 Mar 2026verified |
| Long-term debt | — | 149.9 k | 1.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | 1.6 m | 1.8 m | 1.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Total liabilities | 2.6 m | 2.4 m | 2.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Equity | 2.4 m † | 2.5 m † | 8.6 m † | SEC (XBRL)· 25 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.0 m | -593.7 k | -1.8 m | SEC (XBRL)· 25 Mar 2026verified |
| Capex | 85.6 k | 1.2 m | 355.4 k | SEC (XBRL)· 25 Mar 2026verified |
| Free cash flow | 1.9 m ≈ | -1.8 m ≈ | -2.1 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Investing cash flow | -1.1 m | -1.2 m | -5.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | -205.9 k | 907.4 k | 8.3 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -65.7% | 0 (vs peers) | 29% |
| Net margin · Quality | -35.7% | 14 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -33.3x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 5.6x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -68.6% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TOPPOINT HOLDINGS INC. (TOPP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.5 m USD in 2025; YoY growth 3.2%; net margin -35.7%; ROE -58.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.6x
What contradicts it
- ROIC: -65.7%
- Net margin: -35.7%
- Interest coverage: -33.3x
- FCF yield: -68.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Trucking & Courier Services (No Air) (SIC 4210) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc. | 16.0 bn | 12.7 | 14.4% | 18.5% | +15.7% | −2% / −9% |
| TFIITfi International Inc. | 8.1 bn | 25.9 | 11.6% | 3.9% | −6.1% | +10% / −19% |
| FLXBingEx Limited | 329.1 m | 21.4 | 14.1% | 2.7% | −6.7% | −54% / unavailable |
| ETSElite Express Holding Inc. | 82.3 m | — | -31.2% | -169.2% | unavailable | +201% / unavailable |
| TOPPToppoint Holdings Inc. | 2.8 m | — | -58.6% | -35.7% | +3.2% | −91% / unavailable |
| UPSUnited Parcel Service Inc | — | 20.3 | 29.7% | 5.1% | −2.6% | +14% / −28% |
| SFWLShengfeng Development Limited | — | — | 9.6% | 2.1% | +13.6% | −73% / −98% |
| HXHXHaoxin Holdings Limited | — | 0.6 | 17.3% | 12.0% | +29.2% | −70% / unavailable |
1- and 3-year price returns: for TOPP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Toppoint Holdings is a truckload services provider focused on the recycling export supply chain, with a major role in waste paper hauling across New Jersey and Pennsylvania. The company moved from a heavy loss in fiscal 2025 to a second quarter of 2026 with rising revenue and a positive gross margin, which raises the question of how durable that recovery will be.123
SWOT
Strengths
- The company has long-standing relationships with large recycling industry clients, a network of owner-operators that lets it scale quickly, and a track record of growing its client base.1
- Real-time shipment monitoring and a proprietary dispatch system let the company react quickly to vessel delays and reduce empty miles.1
- The June 2026 private placement strengthened the balance sheet, and positive operating cash flow in some periods reduces reliance on factoring.23
Weaknesses
- Revenue is concentrated in a small number of clients, and the ten largest customers make up a major share of the total.1
- General and administrative expenses rose sharply in 2025, producing a large net loss.1
- The company has reported material weaknesses in internal control over financial reporting, and part of its liquidity depends on collecting a loan receivable.23
Opportunities
- Expansion into Houston and planned moves into Latin America, including Chancay in Peru, could open new container volumes if they materialize.2
- Rising demand for recycled non-ferrous metals and new contracts with large waste management clients could support volumes.12
- The double-use container model, moving the same box on import and export legs, could improve asset utilization and margins.3
Threats
- Trade and tariff policy could abruptly reduce import and export volumes, and the effects are hard to predict.1
- The recovered paper market remains weak, and intense competition can press rates down.1
- If the borrower on the loan fails to meet its obligations, the company could lose liquidity and the capacity to invest.1
Risks
- Dependence on large clientshigh
A small number of clients account for a major share of revenue, and losing one important client could quickly affect results.1
- Loan receivablehigh
A significant amount remains to be collected from a borrower without a credit rating. If payments are delayed or missed, liquidity could be affected.12
- Dilution and participation rightsmedium
Investors hold rights to designate directors and to participate in future issuances, which could complicate or raise the cost of financing.1
- Tariff policymedium
Changes in tariffs and trade policy can reduce import and export volumes and raise equipment and fuel costs.1
- Internal controlmedium
The reported weaknesses in internal control could weigh on confidence in the financial statements and add costs.23
Investment thesis
What would need to be true (bull case)
- If the gross margin recovery seen in the second quarter of 2026 holds, the company could show that its model can sustain higher revenue per load.
- Growth in import and metal volumes suggests the company can diversify its portfolio and win share in segments with better pricing.
- The private placement and loan collections could provide liquidity to invest in equipment and new markets.
What would break the thesis
- Repeated net losses and high overhead could keep eroding capital if revenue does not grow enough.
- Dependence on a few clients and import volumes that may have been pulled forward could make revenue less predictable.
- If the loan is not collected on schedule or internal control does not improve, investor confidence could decline.
What to watch
- Trend in gross margin and general and administrative expensesQ3 2026
- Collection of the loan installment expected in 20262026
- Results from the Houston and Chancay operationsnext 10-K
- Remediation of the internal control weaknessesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Toppoint Holdings Inc. is a Nevada company headquartered in North Wales, Pennsylvania, that provides full truckload services for the recycling export supply chain. Revenue was 16.5 million USD in fiscal 2025, and its activity covers waste paper, ferrous and non-ferrous scrap metal, wooden logs and import container transport from the ports of Newark and Philadelphia.1
The business model relies on a fleet of about 100 trucks owned by owner-operators who work under the company's exclusive direction. The company entered Houston in February 2026 and serves clients across more than 207 recycling centers and commodity traders in about 1,077 locations.1
Market context
US recovered paper exports fell to roughly 13.3 million short tons in 2024, down 11 percent from 2023. The market stayed soft in 2025 with a modest rebound in volumes but uneven overseas demand. Non-ferrous metal exports remained volatile, and containerized imports fluctuated with tariff policy.1
The company operates in a fragmented regional market with many carriers and brokers, and margins in paper transport are thin. Its results depend on export demand, the price of recycled materials and port traffic in New Jersey, Pennsylvania and its newer markets.1
Trends
- Tariffs and trade flowsmixed
Tariff changes and trade policy have created volatility in containerized imports but have also supported demand for import transport. The company noted that part of its import growth in the first half of 2026 reflects shipments brought forward ahead of tariff changes and does not expect that to recur at the same level.12
- Recovered paper marketheadwind
Recovered paper exports are weighed down by China's restrictions on unsorted waste imports and by growing domestic consumption at US mills. If containerboard demand in the US keeps absorbing more fiber, export volumes could stay under pressure.12
- Operating costs and laborheadwind
Fuel prices, driver pay and tolls can compress margins, and driver shortages are a known industry risk. The company raised service prices in 2026 to offset some of these costs.13
Competitive position
The company competes with many truckload carriers, freight brokers and larger transport firms that have more equipment, bigger fleets and dedicated contracts. Competition intensifies through rate cuts and customers soliciting bids from several carriers at once.1
The import segment at the Newark and Philadelphia ports is especially crowded, and Toppoint holds a modest share there. The company tries to differentiate through reliable service, competitive prices and direct relationships with importers.1
- Large-fleet truckload carriers
Large North American truckload carriers have more access to equipment and capital, and industry consolidation could strengthen their position against Toppoint.1
- Freight brokerage companies
Brokers can affect customer relationships and rate levels, especially in the import segment where rates are price-sensitive.1
- Port import transport operators
In containerized import transport at the New Jersey and Pennsylvania ports, several firms focus on the same segment, which limits the company's market share.1
- Regional recovered paper haulers
In the regional waste paper market of New Jersey and Pennsylvania there are several local suppliers competing on price and reliability.1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report07 Oct 2026Other events · Financial statements and exhibits
- Current report30 Sept 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Shareholder vote · Other events
- Current report21 Aug 2026Other events · Financial statements and exhibits
- Current report12 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Proxy statement10 Aug 2026
- Current report25 Jun 2026Departure or appointment of officers
- Current report02 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Toppoint Holdings Inc. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Toppoint Holdings Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Toppoint Holdings Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.