ATHENS, Greece, March 06, 2026 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the "Company"), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
-- Fleet operational utilization of 91.8% for Q4 25' compared to 88.7% in Q3
25', representing the best quarterly performance in 2025. In Q4 24' our
fleet operational utilization was 86.0%.
-- Fleet operational utilization for Q4 25' was 90.4% for our drybulk fleet
and 93.4% for our tanker fleet.
-- Reduction of idle days in Q4 25' by 24.3% compared to Q3 25'.
-- About 71% of total fleet calendar days in Q4 25' were dedicated to time
charter activity while 29% to spot activity.
-- Delivery of the drybulk carrier Post Marvel on January 12, 2026,
increasing our current fleet on the water to 20 vessels.
-- Further fleet growth, following the agreement in December 2025, to
acquire three handysize drybulk carriers and one product tanker vessel
-- Revenues of $51.1 million in Q4 25' compared to $26.2 million in Q4 24',
representing a 95.0% increase. This increase is mainly the outcome of our
dynamic fleet growth.
-- Impressive increase of our operating income to $13.7 million in Q4 25',
marking a $8.7 million or 174% increase compared to Q4 24' and a $3.4
million or 33.0% increase to Q3 25'.
-- Net income of $15.0 million in Q4 25' compared to $3.9 million in Q4 24',
representing a 284.6% rise and $11.0 million in Q3 25', representing a
36.4% rise.
-- EBITDA1 of $21.3 million for Q4 25' compared to $6.4 million in Q4 24',
representing an increase of 232.8%.
-- Net income of $50.0 million for 12M 25', EBITDA of $71.0 million and cash
flows from operations $80.8 million.
-- Cash and cash equivalents including time deposits of $179.1 million as of
December 31, 2025. Our current cash position as of the date of this
release is about $198 million.
-- Enactment of a $10 million share repurchase program; Under this scheme
the Company has repurchased to date a total of 251,625 common shares for
an aggregate amount of $0.9 million.
Fourth Quarter 2025 Results:
-- Revenues for the three months ended December 31, 2025 amounted to $51.1
million, an increase of $24.9 million, or 95.0%, compared to revenues of
$26.2 million for the three months ended December 31, 2024, primarily due
to the increase of our fleet by an average of 8.0 vessels along with the
strengthening of spot market rates for suezmax tankers.
-- Voyage expenses and vessels' operating expenses for the three months
ended December 31, 2025 were $16.6 million and $11.3 million,
respectively, compared to $8.5 million and $6.7 million, respectively,
for the three months ended December 31, 2024. The $8.1 million increase
in voyage expenses is mainly attributed to increased port expenses due to
higher number of transits through the Suez Canal and increased bunkers
consumption, primarily resulting from ballast voyages of the newly
acquired dry bulk carriers. The $4.6 million increase in vessels'
operating expenses is primarily due to the increased size of our fleet by
an average of 8.0 vessels.
-- Drydocking costs for the three months ended December 31, 2025 and 2024
were nil and $0.2 million, respectively. During the three months ended
December 31, 2025 and 2024, no vessel underwent drydocking whereas in the
three months ended December 31, 2024 charges related to a drydocking
which took place at the end of the third quarter of 2024.
-- General and administrative costs for the three months ended December 31,
2025 and 2024 were $1.1 million and $1.0 million, respectively. This
increase is mainly attributed to the increase in stock-based compensation
costs.
-- Depreciation for the three months ended December 31, 2025 and 2024 was
$7.6 million and $4.5 million, respectively. This increase is
attributable to the increase in the average number of vessels in our
fleet.
-- Management fees for the three months ended December 31, 2025 and 2024
were $0.8 million and $0.4 million, respectively. This increase is
attributable to the increase in the average number of vessels in our
fleet.
-- Interest and finance costs for the three months ended December 31, 2025
and 2024 were $0.004 million and $0.3 million, respectively. The $0.3
million of costs for the three months ended December 31, 2024 relate
mainly to the accrued interest expense -- related party, in connection
with the $14.0 million, part of the acquisition price of our bulk carrier,
Neptulus, which was fully repaid in May 2025.
-- Interest income for the three months ended December 31, 2025 was $1.3
million as compared to $2.3 million for the three months ended December
31, 2024. The $1.0 million decrease is mainly attributed to a lower
amount of funds placed under time deposits along with a decrease in time
deposit rates.
-- Foreign exchange loss for the three months ended December 31, 2025 was
$0.2 million as compared to $3.3 million for the three months ended
December 31, 2024. The $3.1 million decrease is mainly attributed to
movements in the euro/U.S. dollar exchange rate during the quarters.
Specifically, the euro appreciated slightly between September 30, 2025
and December 31, 2025, compared to a depreciation during the same period
in 2024. Moreover, the Company held lower euro-denominated amounts of
funds compared to the prior period.
-- As a result of the above, for the three months ended December 31, 2025,
the Company reported net income of $15.0 million, compared to net income
of $3.9 million for the three months ended December 31, 2024. Dividends
paid on Series A Preferred Shares amounted to $0.4 million for the three
months ended December 31, 2025. The weighted average number of shares of
common stock outstanding, basic, for the three months ended December 31,
2025 was 38.1 million. Earnings per share, basic and diluted, for the
three months ended December 31, 2025 amounted to $0.37 and $0.35,
respectively, compared to earnings per share, basic and diluted, of $0.10
and $0.10, respectively, for the three months ended December 31, 2024.
-- Adjusted net income1 was $15.8 million corresponding to an Adjusted EPS1,
basic, of $0.39 for the three months ended December 31, 2025 compared to
an Adjusted net income of $4.6 million corresponding to an Adjusted EPS,
basic, of $0.12 for the same period of last year.
-- EBITDA for the three months ended December 31, 2025 amounted to $21.3
million, while Adjusted EBITDA1 for the three months ended December 31,
2025 amounted to $22.1 million.
-- An average of 19.0 vessels were owned by the Company during the three
months ended December 31, 2025 compared to 11.0 vessels for the same
period of 2024.
Twelve months 2025 Results:
-- Revenues for the twelve months ended December 31, 2025 amounted to $161.0
million, an increase of $13.5 million, or 9.2%, compared to revenues of
$147.5 million for the twelve months ended December 31, 2024, primarily
due to the increase in the average number of vessels following the
expansion of our drybulk fleet.
-- Voyage expenses and vessels' operating expenses for the twelve months
ended December 31, 2025 were $49.4 million and $37.7 million,
respectively, compared to $52.0 million and $26.4 million, respectively,
for the twelve months ended December 31, 2024. The $2.6 million decrease
in voyage expenses is mainly attributed to a decrease in spot days by
24.1% as a result of a rise in time charter activity. The $11.3 million
increase in vessels' operating expenses was primarily due to the increase
in the average number of vessels in our fleet.
-- Drydocking costs for the twelve months ended December 31, 2025 and 2024
were $1.7 million. During the twelve months ended December 31, 2025, one
suezmax tanker and one supramax drybulk carrier underwent drydocking
while in the same period of last year two tanker vessels underwent
drydocking.
-- General and administrative costs for the twelve months ended December 31,
2025 and 2024 were $4.6 million and $4.9 million, respectively. This
change is mainly attributed to the decrease in stock-based compensation
costs.
-- Depreciation for the twelve months ended December 31, 2025 was $25.9
million, a $8.9 million increase from $17.0 million for the same period
of last year, due to the increase in the average number of our vessels.
-- Other operating income for the twelve months ended December 31, 2025 was
$0.9 million and related to the accrued income of an insurance claim in
connection with dry-docking repairs undertaken in prior years, that is
expected to be collected within 2025. Other operating income for the
twelve months ended December 31, 2024 was $1.9 million and related to the
collection of an insurance claim in connection with repairs undertaken in
prior years.
-- Interest and finance costs for the twelve months ended December 31, 2025
and 2024 were $2.3 million and $0.4 million, respectively. The $2.3
million of costs for the twelve months ended December 31, 2025 relate
mainly to accrued interest expense -- related party in connection with
our last nine vessel acquisitions for which purchase agreement allowed
vessels for repayment to take place within one year from purchase
agreement. For accounting purposes, the outstanding balances payable on
these nine vessels had to be allocated between principal and imputed
interest up until vessel repayment, although no interest was
contractually charged by the sellers. The final balances repaid in full
within the twelve months of 2025, remained the same as the originally
agreed purchase prices. The $0.4 million of costs for the twelve months
ended December 31, 2024 relate mainly to the accrued interest expense --
related party, in connection with the $14.0 million, part of the
acquisition price of our bulk carrier, Neptulus, which was fully repaid
in May 2025.
-- Interest income for the twelve months ended December 31, 2025 and 2024
was $7.3 million and $8.3 million, respectively. The decrease is mainly
attributed to the $1.6 million of accrued interest income -- related
party for the twelve months ended December 31, 2024, in connection with
the $38.7 million of the sale price of the Aframax tanker Afrapearl II
(ex. Stealth Berana). The balance was collected in July 2024, thus the
balance for the twelve months ended December 31, 2025 was nil.
-- Foreign exchange (loss)/gain for the twelve months ended December 31,
2025 was a gain of $4.4 million as compared to a loss of $2.7 million for
the twelve months ended December 31, 2024. The $4.4 million foreign
exchange gain for the twelve months ended December 31, 2025, is mainly
attributed to favourable exchange rate movements, reflecting an
appreciation of the euro/U.S. dollar exchange rate, compared to a
depreciation during the same period in 2024.
-- As a result of the above, the Company reported net income for the twelve
months ended December 31, 2025 of $50.0 million, compared to a net income
of $50.2 million for the twelve months ended December 31, 2024. The
weighted average number of shares outstanding, basic, for the twelve
months ended December 31, 2025 was 34.5 million. Earnings per share,
basic and diluted, for the twelve months ended December 31, 2025 amounted
to $1.35 and $1.29, respectively compared to earnings per share, basic
and diluted, for the twelve months ended December 31, 2024 amounted to
$1.54 and $1.40, respectively.
-- Adjusted Net Income was $53.2 million corresponding to an Adjusted EPS,
basic of $1.44 for the twelve months ended December 31, 2025 compared to
adjusted net income of $55.1 million, or $1.70 Adjusted EPS, basic, for
the same period of last year.
-- EBITDA for the twelve months ended December 31, 2025 amounted to $71.0
million while Adjusted EBITDA for the twelve months ended December 31,
2025 amounted to $74.2 million. Reconciliations of Adjusted Net Income,
EBITDA and Adjusted EBITDA to Net Income are set forth below.
-- An average of 16.0 vessels were owned by the Company during the twelve
months ended December 31, 2025 compared to 10.4 vessels for the same
period of 2024.
-- As of December 31, 2025, cash and cash equivalents including time
deposits amounted to $179.1 million and total debt amounted to nil.
(1) EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
Fleet Employment Table
As of March 6, 2026, the profile and deployment of our fleet is the following:
Name Year Country Vessel Vessel Employment Expiration
Size of
Built Built (dwt) Type Status Charter(1)
----- ------- ---------- ---------- ----------- ----------
Tankers
-------------
Magic Wand 2008 Korea 47,000 MR product Spot
tanker
Clean 2008 Korea 47,000 MR product Time April 26
Thrasher tanker Charter
Clean 2009 Korea 46,000 MR product Spot
Sanctuary tanker
(ex.
Falcon
Maryam)
Clean 2008 Korea 50,000 MR product Spot
Nirvana tanker
Clean 2011 Japan 46,000 MR product Time September
Justice tanker Charter 27
Aquadisiac 2008 Korea 51,000 MR product Spot
tanker
Clean 2009 Korea 40,000 MR product Spot
Imperial tanker
Suez 2007 Korea 160,000 Suezmax Spot
Enchanted tanker
Suez 2008 Korea 160,000 Suezmax Spot
Protopia tanker
Drybulk
Carriers
-------------
Eco 2013 Japan 33,000 Handysize Time March 26
Wildfire drybulk Charter
Glorieuse 2012 Japan 38,000 Handysize Time March 26
drybulk Charter
Neptulus 2012 Japan 33,000 Handysize Time April 26
drybulk Charter
Supra 2012 Japan 56,000 Supramax Time March 26
Pasha drybulk Charter
Supra 2011 Japan 56,000 Supramax Time March 26
Monarch drybulk Charter
Supra 2009 Japan 56,000 Supramax Time March 26
Baron drybulk Charter
Supra 2012 Japan 56,000 Supramax Time March 26
Sovereign drybulk Charter
Supra Duke 2011 Japan 56,000 Supramax Time March 26
drybulk Charter
Eco 2008 Japan 82,000 Kamsarmax Time June 26
Sikousis drybulk Charter
Eco Czar 2009 Japan 82,000 Kamsarmax Time March 26
drybulk Charter
Post 2013 Japan 96,000 Post Time March 26
Marvel Panamax Charter
Fleet 1,291,000
Total (2) dwt
(1) Earliest date charters could expire.
(2) We have agreements to acquire an additional five
handysize drybulk carriers of 173,400 dwt aggregate
capacity and a product tanker of 50,000 dwt capacity,
with deliveries scheduled in 2026.
CEO Harry Vafias Commented
With Net Income generation of $50 million -- 2025 was yet another profitable year for Imperial Petroleum. Markets for both tanker and drybulk carriers were firm particularly in the second half of 2025 thus assisting our performance which was also leveraged by our dynamic fleet expansion. Within 2026 we will take delivery of another six vessels hence we will enjoy a fleet on the water of 26 high quality ships without any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of about $198 million.
Our key concern is the geopolitical tension in the Middle East which we deem as critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent and of course we hope that the duration of this unfortunate geopolitical turn will be as brief as possible.
Conference Call details:
On March 6, 2026 at 10:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and outlook.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
Online Registration:
https://register-conf.media-server.com/register/BI8de397729bf0497c91029e410d950a13
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty vessels on the water - seven M.R. product tankers, two suezmax tankers, three handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,291,000 deadweight tons (dwt) and has contracted to acquire an additional five handysize drybulk carriers and a product tanker of 223,400 dwt aggregate capacity. Following these deliveries, the Company's fleet will count a total of 26 vessels with an aggregate capacity of about 1.5 million dwt. IMPERIAL PETROLEUM INC.'s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols "IMPP" and "IMPPP," respectively.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC's operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com
Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com
Fleet Data:
The following key indicators highlight the Company's operating performance during the periods ended December 31, 2024 and December 31, 2025.
FLEET DATA Q4 2024 Q4 2025 12M 2024 12M 2025 Average number of vessels (1) 11.00 19.00 10.39 16.03 Period end number of owned vessels in fleet 11 19 11 19 Total calendar days for fleet (2) 1,012 1,748 3,801 5,851 Total voyage days for fleet (3) 1,010 1,748 3,700 5,791 Fleet utilization (4) 99.8% 100.0% 97.3% 99.0% Total charter days for fleet (5) 446 1,236 1,092 3,812 Total spot market days for fleet (6) 564 512 2,608 1,979 Fleet operational utilization (7) 86.0% 91.8% 78.3% 87.5%
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before net loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, net loss on sale of vessel and share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in United
States Dollars,
except number of Fourth Quarter Ended Twelve months Period Ended
shares) December 31st, December 31st,
---------------------- ------------------------ ----------------------------
2024 2025 2024 2025
Net Income -
Adjusted Net Income
----------------------
Net income 3,917,661 14,963,825 50,157,772 49,978,247
Plus net loss on
sale of vessel -- -- 1,589,702 --
Plus share based
compensation 665,062 827,283 3,397,082 3,187,650
Adjusted Net Income 4,582,723 15,791,108 55,144,556 53,165,897
Net income - EBITDA
----------------------
Net income 3,917,661 14,963,825 50,157,772 49,978,247
Plus interest and
finance costs 276,622 3,657 398,320 2,323,947
Less interest income (2,268,975) (1,305,977) (8,305,517) (7,258,348)
Plus depreciation 4,466,447 7,646,422 16,991,900 25,930,557
EBITDA 6,391,755 21,307,927 59,242,475 70,974,403
Net income -
Adjusted EBITDA
----------------------
Net income 3,917,661 14,963,825 50,157,772 49,978,247
Plus net loss on
sale of vessel -- -- 1,589,702 --
Plus share based
compensation 665,062 827,283 3,397,082 3,187,650
Plus interest and
finance costs 276,622 3,657 398,320 2,323,947
Less interest income (2,268,975) (1,305,977) (8,305,517) (7,258,348)
Plus depreciation 4,466,447 7,646,422 16,991,900 25,930,557
Adjusted EBITDA 7,056,817 22,135,210 64,229,259 74,162,053
EPS
----------------------
Numerator
----------------------
Net income 3,917,661 14,963,825 50,157,772 49,978,247
Less: Cumulative
dividends on
preferred shares (435,246) (435,246) (1,740,983) (1,740,983)
Less: Undistributed
earnings allocated
to non-vested
shares (122,899) (427,829) (2,311,172) (1,675,770)
Net income
attributable to
common
shareholders,
basic 3,359,516 14,100,750 46,105,617 46,561,494
Denominator
----------------------
Weighted average
number of shares 32,729,505 38,075,190 29,933,920 34,499,909
EPS - Basic 0.10 0.37 1.54 1.35
Adjusted EPS
----------------------
Numerator
----------------------
Adjusted net income 4,582,723 15,791,108 55,144,556 53,165,897
Less: Cumulative
dividends on
preferred shares (435,246) (435,246) (1,740,983) (1,740,983)
Less: Undistributed
earnings allocated
to non-vested
shares (146,370) (452,190) (2,549,216) (1,786,510)
Adjusted net income
attributable to
common
shareholders,
basic 4,001,107 14,903,672 50,854,357 49,638,404
Denominator
----------------------
Weighted average
number of shares 32,729,505 38,075,190 29,933,920 34,499,909
Adjusted EPS 0.12 0.39 1.70 1.44
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
Quarters Ended Twelve Month Periods
December 31, Ended December 31,
2024 2025 2024 2025
Revenues
Revenues 26,211,665 51,144,317 147,479,980 161,004,306
Expenses/(Income)
Voyage expenses 8,122,190 15,995,662 50,168,529 47,426,686
Voyage expenses -
related party 338,262 627,684 1,856,361 1,973,331
Vessels' operating
expenses 6,561,878 11,152,366 26,044,734 37,198,535
Vessels' operating
expenses - related
party 89,500 155,500 328,000 523,000
Drydocking costs 195,418 -- 1,691,361 1,744,525
Management fees --
related party 445,280 769,120 1,672,440 2,574,440
General and
administrative
expenses 994,777 1,146,909 4,894,070 4,615,373
Depreciation 4,466,447 7,646,422 16,991,900 25,930,557
Other operating income -- -- (1,900,000) (885,443)
Net loss on sale of
vessel -- -- 1,589,702 --
Total expenses, net 21,213,752 37,493,663 103,337,097 121,101,004
---------------------- ----------- ---------- ----------- -----------
Income from
operations 4,997,913 13,650,654 44,142,883 39,903,302
---------------------- ----------- ---------- ----------- -----------
Other
(expenses)/income
Interest and finance
costs (3,508) (3,657) (16,269) (12,906)
Interest expense --
related party (273,114) -- (382,051) (2,311,041)
Interest income 2,268,975 1,305,977 6,668,877 7,258,348
Interest income --
related party -- -- 1,636,640 --
Dividend income from
related party 191,667 191,667 762,500 760,417
Foreign exchange
(loss)/gain (3,264,272) (180,816) (2,654,808) 4,380,127
Other
(expenses)/income,
net (1,080,252) 1,313,171 6,014,889 10,074,945
---------------------- ----------- ---------- ----------- -----------
Net Income 3,917,661 14,963,825 50,157,772 49,978,247
---------------------- ----------- ---------- ----------- -----------
Earnings per share
- Basic 0.10 0.37 1.54 1.35
=========== ========== =========== ===========
- Diluted 0.10 0.35 1.40 1.29
=========== ========== =========== ===========
Weighted average
number of shares
-Basic 32,729,505 38,075,190 29,933,920 34,499,909
=========== ========== =========== ===========
-Diluted 34,710,951 41,104,205 33,010,419 36,230,221
=========== ========== =========== ===========
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, December 31,
2024 2025
------------------------------------------ ------------ ------------
Assets
Current assets
Cash and cash equivalents 67,783,531 5,771,505
Time deposits 138,948,481 173,282,440
Trade and other receivables 13,456,083 13,403,555
Other current assets 652,769 1,107,956
Claims receivable -- 479,488
Inventories 7,306,356 4,720,873
Advances and prepayments 250,562 245,014
Total current assets 228,397,782 199,010,831
------------------------------------------- ------------ ------------
Non current assets
Operating lease right-of-use asset 78,761 --
Vessels, net 208,230,018 335,406,781
Investment in related party 12,798,500 12,990,167
Total non current assets 221,107,279 348,396,948
------------------------------------------- ------------ ------------
Total assets 449,505,061 547,407,779
------------------------------------------- ------------ ------------
Liabilities and Stockholders' Equity
Current liabilities
Trade accounts payable 5,243,872 5,959,924
Payable to related parties 18,725,514 3,038,447
Accrued liabilities 3,370,020 4,195,986
Operating lease liability, current portion 78,761 --
Deferred income 1,419,226 3,399,325
Total current liabilities 28,837,393 16,593,682
------------------------------------------- ------------ ------------
Total liabilities 28,837,393 16,593,682
------------------------------------------- ------------ ------------
Commitments and contingencies
------------------------------------------- ------------ ------------
Stockholders' equity
Capital stock 382,755 489,006
Preferred Stock, Series A 7,959 7,959
Preferred Stock, Series B 160 160
Treasury stock (8,390,225) (8,390,225)
Additional paid-in capital 282,642,357 344,445,271
Retained earnings 146,024,662 194,261,926
Total stockholders' equity 420,667,668 530,814,097
------------------------------------------- ------------ ------------
Total liabilities and stockholders'
equity 449,505,061 547,407,779
------------------------------------------- ------------ ------------
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
Twelve Month Periods Ended December 31,
2024 2025
Cash flows from operating
activities
Net income for the year 50,157,772 49,978,247
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 16,991,900 25,930,557
Non-cash lease expense 71,237 78,761
Share based compensation 3,397,082 3,187,650
Net loss on sale of vessel 1,589,702 --
Unrealized foreign exchange
loss/(gain) on time
deposits 1,983,810 (967,751)
Changes in operating assets
and liabilities:
(Increase)/decrease in
Trade and other receivables 42,730 52,528
Other current assets (349,996) (455,187)
Claims receivable -- (479,488)
Inventories (15,233) 2,585,483
Changes in operating lease
liabilities (71,237) (78,761)
Advances and prepayments (88,625) 5,548
Due from related parties 2,206,821 (191,667)
Increase/(decrease) in
Trade accounts payable (2,173,926) 716,052
Due to related parties 3,091,759 (2,386,635)
Accrued liabilities 361,520 825,966
Deferred income 500,110 1,980,099
-------------------- -------------------
Net cash provided by
operating activities 77,695,426 80,781,402
---------------------------- -------------------- -------------------
Cash flows from investing
activities
Proceeds from sale of
vessel, net 41,153,578 --
Payments for acquisition,
improvement and capitalized
expenses of vessels (74,672,266) (1,707,320)
Increase in bank time
deposits (259,603,451) (318,126,975)
Maturity of bank time
deposits 150,770,970 284,760,767
Proceeds from seller
financing 35,700,000 --
Net cash used in investing
activities (106,651,169) (35,073,528)
---------------------------- -------------------- -------------------
Cash flows from financing
activities
Proceeds from exercise of
stock options 475,000 655,000
Proceeds from equity
offering -- 60,000,570
Proceeds from warrants
exercise 8,600,000 2,066,666
Stock issuance costs -- (4,000,721)
Issuance costs of warrants
exercise (22,178) --
Stock repurchases (2,504,498) --
Dividends paid on preferred
shares (1,736,562) (1,736,415)
Repayment of seller
financing -- (164,705,000)
Net cash provided by/(used
in) financing activities 4,811,762 (107,719,900) ---------------------------- -------------------- ------------------- Net decrease in cash and cash equivalents (24,143,981) (62,012,026) Cash and cash equivalents at beginning of year 91,927,512 67,783,531 Cash and cash equivalents at end of year 67,783,531 5,771,505 ----------------------------- -------------------- ------------------- Cash breakdown Cash and cash equivalents 67,783,531 5,771,505 ---------------------------- -------------------- ------------------- Total cash and cash equivalents shown in the statements of cash flows 67,783,531 5,771,505 ----------------------------- -------------------- --------
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