v3.26.1
Segments
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segments

Note 16. Segments

 

The Company operates through three reportable operating segments: (i) transportation and logistics services, (ii) terminaling and storage services, and (iii) supply and trading. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), evaluates segment performance based on gross profit.

 

Three Months Ended March 31, 2026:

 

                               
   

Transportation

and Logistics
Segment

    

Terminaling

and Storage
Segment

     Supply
and Trading
Segment		     Total
Consolidated		  
Revenues   $ 402,728     $ 140,532     $ 13,550,125     $ 14,093,384  
Revenues - related party     3,632,508       1,732,218       -       5,364,726  
Total revenues     4,035,235       1,872,750       13,550,125       19,458,110  
Cost of revenues     -       195,336       13,539,544       13,734,880  
Gross profit   $ 4,035,235     $ 1,677,414     $ 10,581     $ 5,723,230  

 

Three Months Ended March 31, 2025:

 

   

Transportation
and Logistics
Segment

    

Terminaling
and Storage
Segment

    

Supply
and Trading
Segment

    

Total
Consolidated

  
Revenues   $ 3,287,663     $ 16,231,043     $ 13,269,810     $ 32,788,516  
Revenues - related party     2,514,241       2,037,534       -       4,551,775  
Total revenues     5,801,904       18,268,577       13,269,810       37,340,291  
Cost of revenues     2,106,371       17,232,060       13,243,426       32,581,857  
Gross profit   $ 3,695,533     $ 1,036,517     $ 26,384     $ 4,758,434  

 

Note 16. Segments

 

As previously disclosed in our periodic filings with the SEC, the Company historically reported two business segments: crude oil transportation and facility services for terminaling and storage. In August 2024, the Company launched supply and trading activities, and beginning with the third quarter of 2025, management determined that these activities meet the criteria for a reportable operating segment under ASC 280. As a result, the Company now reports three reportable operating segments: transportation and logistics services, terminaling and storage services, and supply and trading.

 

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM evaluates operating performance and allocates resources using segment gross profit, which is determined on the same basis as consolidated gross profit presented in the Company’s condensed consolidated statements of operations. The CODM does not review segment asset information in assessing performance or allocating resources; therefore, segment assets are not presented. In prior periods, the Company presented segment results through net income (loss); however, beginning in 2025, the CODM evaluates segment performance based on gross profit. Accordingly, segment disclosures have been revised to reflect the current measure of segment performance.

 

Beginning in the third quarter of 2025, the Company no longer reports “Corporate and Other” as a separate category, as these activities do not constitute an operating segment and are not separately reviewed by the CODM. Corporate-level expenses, including executive and shared services personnel costs, stock-based compensation, legal and audit expenses, and other overhead items, are now allocated to operating segments or included in consolidated results, as appropriate.

Year ended December 31, 2025

 

                               
    Transportation and
Logistics Segment		     Terminaling and
Storage Segment		     Supply
and Trading
Segment		    

Total

Consolidated

  
Revenues   $ 23,218,485     $ 3,389,461     $ 57,585,457     $ 84,193,403  
Revenues - related party     11,895,108       8,330,299       -       20,225,406  
Total revenues     35,113,592       11,719,760       57,585,457       104,418,809  
Cost of revenues     4,970,253       4,162,336       57,540,070       66,672,658  
Gross profit   $ 30,143,339     $ 7,557,424     $ 45,388     $ 37,746,151  

 

Year ended December 31, 2024

 

                                 
    Transportation and
Logistics Segment		     Terminaling and
Storage Segment		     Supply
and Trading
Segment		     Total
Consolidated		  
Revenues   $ 18,782,745     $ 39,829,406     $ -     $ 58,612,151  
Revenues - related party     -       31,199,089               31,199,089  
Total revenues     18,782,745       71,028,495               89,811,240  
Cost of revenues     13,804,019       65,788,017       -       79,592,036  
Gross profit   $ 4,978,726     $ 5,240,478     $       $ 10,219,204