Toppoint Holdings TOPP

Toppoint Holdings Inc. is a truckload services and solutions provider focused on the recycling export supply chain. The company operates primarily in the New Jersey and Pennsylvania regional trucking market, moving waste paper, scrap metal, and wooden logs from waste companies, recycling centers, and commodity traders to the ports of Newark, New Jersey, and Philadelphia, Pennsylvania. In addition, it provides import drayage services, transporting cargo‑filled containers from those ports to customer delivery locations, and offers logistics brokerage for other commodities such as plastic and specialty goods.

Toppoint Holdings Inc. generates revenue by charging fees for loading, transport, port drayage, and unloading of goods under its truckload services. Its core revenue comes from export transportation of waste paper, which accounts for the majority of tonnage moved, supplemented by shipments of scrap metal and wood products. The company also earns from import drayage at the Newark and Philadelphia ports and from brokerage arrangements where it arranges third‑party carriers for loads such as plastic and other specialty commodities. Customers include large waste management firms, recycling centers, commodity traders, and importers who pay per load or per container for the services rendered.

The company operates through the following segments.

• Waste Paper Products: This segment handles the export transportation of recycled paper, which has been the company’s core commodity since inception. It serves waste paper generators in New Jersey and Pennsylvania, moving the material to the ports of Newark and Philadelphia for shipment overseas. In the years ended December 31, 2025 and 2024, the segment completed approximately 4,152 and 2,576 orders, involving 13,232 and 16,641 loads, which amounted to roughly 496,200 and 465,948 tons of waste paper, respectively. The segment uses the number of loads completed as a key performance indicator.

• Waste Metal and Forestry: This segment transports scrap metal and wood products for export. It was added to diversify the company’s offerings and to provide a steady pipeline of loads for its fleet. The segment serves scrap metal processors and wood product manufacturers, moving the materials to the same ports used for waste paper. Although volumes are lower and more volatile than waste paper, the segment contributes to fleet utilization and risk mitigation against commodity price swings.

• Import: This segment provides drayage services for imported containers at the ports of Newark, New Jersey, and Philadelphia, Pennsylvania. It picks up containers from vessels and delivers them to customers’ designated locations. While the company holds a minority market share in this competitive area, it leverages its reliable truckload service and competitive pricing to grow its presence.

• Others: This segment includes occasional trucking services for plastic and other commodities, as well as logistics brokerage solutions. The brokerage activities involve arranging third‑party carriers for loads that require movement through major ports in California, Georgia, South Carolina, Texas, and Illinois, and along commercial rail lines. The segment allows the company to serve customers whose needs fall outside its owned fleet capacity.

Toppoint Holdings Inc. operates in a highly competitive and fragmented truckload industry, where regional drayage providers vie on price, timeliness, safety, and customer experience. Its primary competitors include Evans Delivery Company, Inc., Matrix Transport LLC, and Portx Inc., which focus on the ports of New Jersey, New York, and Pennsylvania. The company differentiates itself through a large vendor pool of approximately 100 trucks, a proprietary analytics system that enables competitive pricing, real‑time visibility via telematics, a fully remote workforce that supports 24/7 customer service, consistently positive cash flows, and a satisfactory Department of Transportation safety rating—the highest available. These strengths, combined with an experienced management team, allow the company to maintain reliable service and to attract and retain customers in a challenging market.

Toppoint Holdings Inc. serves a customer base composed of large national waste management firms, regional recycling centers, commodity traders, and import‑export businesses. Specific customer names disclosed in the filing include Waste Management, FR. Meyer’s Sohn North America, Recycling Management Resources, Georgia-Pacific, Metal Green Recycling, Fortune Logistics, Fortune Metal Inc., Harrington Star Express, CNCF Freight Inc., and Cellmark Inc., among others. The company notes that its ten largest customers accounted for roughly 59% of total revenue in 2025 and 58% in 2024, and that it works with over 207 recycling centers and commodity traders operating in nearly 1,077 locations across the United States and in Mexico.