LIMASSOL, Cyprus, April 10, 2026 (GLOBE NEWSWIRE) -- Robin Energy Ltd. $(RBNE)$, ("Robin", or the "Company"), an international ship-owning company providing energy transportation services globally, today announced its results for the three months and the year ended December 31, 2025.
Highlights of the Fourth Quarter Ended December 31, 2025:
-- Total vessel revenues: $4.3 million, as compared to $1.3 million for the
three months ended December 31, 2024, or a 230.8% increase;
-- Net loss: $(0.7) million, as compared to $(0.2) million, for the three
months ended December 31, 2024;
-- Operating income/(loss): $0.4 million, as compared to $(0.2) million, for
the three months ended December 31, 2024;
-- Loss per common share, basic: $(0.2) per share, as compared to $(0.4) per
share for the three months ended December 31, 2024;
-- Adjusted net income/(loss)(1): $0.5 million, as compared to $(0.2)
million for the three months ended December 31, 2024;
-- EBITDA(1): $0.2 million, as compared to $0.2 million for the three months
ended December 31, 2024;
-- Adjusted EBITDA(1): $1.4 million, as compared to $0.2 million for the
three months ended December 31, 2024;
-- Cash of $5.6 million as of December 31, 2025, as compared to $369 as of
December 31, 2024;
-- On October 27, 2025, we successfully completed a registered direct
offering with a certain institutional investor, issuing and selling 0.3
million common shares and 1.0 million pre-funded warrants, resulting in
gross proceeds of approximately $7.0 million;
-- On November 13, 2025, we entered into an at-the-market ("ATM") offering
agreement with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to
which we may, from time to time, offer and sell up to $75.0 million of
our common shares through the sales agents at our discretion (as of April
10, 2026, we have received gross proceeds of $14.8 million under the ATM
by issuing 3.8 million common shares);
-- On December 24, 2025, we effected a 1-for-5 reverse stock split, with all
share and per-share amounts retroactively adjusted to reflect the reverse
stock split.
Highlights of the Year Ended December 31, 2025:
-- Total vessel revenues: $9.9 million, as compared to $6.8 million for the
year ended December 31, 2024, or a 45.6% increase;
-- Net (loss)/income: $(0.01) million, as compared to $1.1 million, for the
year ended December 31, 2024;
-- Operating income: $0.7 million, as compared to $1.1 million, for the year
ended December 31, 2024;
-- (Loss)/Earnings per common share, basic: $(0.30) per share, as compared
to $2.20 per share for the year ended December 31, 2024;
-- Adjusted net income(1): $1.1 million, as compared to $1.1 million for the
year ended December 31, 2024;
-- EBITDA(1): $1.7 million, as compared to $2.2 million for the year ended
December 31, 2024;
-- Adjusted EBITDA(1): $2.8 million, as compared to $2.2 million for the
year ended December 31, 2024;
-- Our spin-off (the "Spin-Off") from Toro was completed on April 14, 2025
and our shares commenced trading on the Nasdaq Capital Market under the
symbol "RBNE" on April 15, 2025;
-- On September 9, 2025, we completed allocations in the aggregate amount of
$5 million to Bitcoin, as a primary treasury reserve asset. The above
allocation comes as part of the newly adopted comprehensive Bitcoin
treasury framework, announced on July 31, 2025;
-- During the year ended December 31, 2025, we completed two LPG carrier
vessel acquisitions; and
-- During the year ended December 31, 2025, we successfully completed six
registered equity offerings, issuing and selling 2.3 million common
shares and 1.0 million pre-funded warrants to certain institutional
investors, resulting in gross proceeds of approximately $32.8 million.
(1) Adjusted net income/(loss), EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definitions and reconciliation of these measures to Net income/(Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
"2025 marked our first full year of operations as an independent, publicly listed company and a year of meaningful strategic progress. We advanced our growth objectives with the acquisition of two LPG carriers, effectively tripling our fleet within a short timeframe, while maintaining a robust, debt-free balance sheet.
"As we move forward, we continue to seek opportunities that will further drive our growth and strengthen our position in the market."
Earnings Commentary:
Fourth quarter ended December 31, 2025 and 2024 Results
Total vessel revenues increased to $4.3 million in the three months ended December 31, 2025, from $1.3 million in the same period in 2024. This increase of $3.0 million was mainly associated with the increase in the Available Days of our fleet to 276 days in the three months ended December 31, 2025 from 92 days in the same period in 2024 due to the acquisitions of LPG Dream Syrax and LPG Dream Terrax in September 2025. During the three months ended December 31, 2025, our fleet earned on average a Daily TCE Rate of $13,418, compared to an average Daily TCE Rate of $13,133 earned during the same period in 2024. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Voyage expenses for our fleet increased to $0.6 million in the three months ended December 31, 2025, from $0.1 million in the same period in 2024. This increase of $0.5 million was mainly associated with the increase in Available days in the three months ended December 31, 2025, as compared to the same period in 2024.
The increase in vessel operating expenses by $0.8 million to $1.4 million in the three months ended December 31, 2025, from $0.6 million in the same period in 2024, mainly reflects the increase in the Ownership Days of our fleet to 276 days in the three months ended December 31, 2025 from 92 days in the same period in 2024.
The increase in management fees to $0.3 million in the three months ended December 31, 2025, from $0.1 million in the same period in 2024, mainly reflects (i) the increase in the Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024 and (ii) the increased management fees due to an inflation-based adjustment that was effected on July 1, 2025, following our entry into the master management agreement with Castor Ships with effect from April 14, 2025.
Depreciation expenses amounted to $0.6 million for our fleet in the three months ended December 31, 2025 from $0.1 million in the same period in 2024, as a result of the increase in Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024. Dry-dock amortization charges amounted to $0.3 million in the three months ended December 31, 2025 from $ 0.2 million in the same period of 2024. This increase in dry-dock amortization charges primarily resulted from the increase in dry-dock amortization days to 276 dry-dock amortization days in the three months ended December 31, 2025 from 92 days in the three months ended December 31, 2024.
General and administrative expenses in the three months ended December 31, 2025, amounted to $0.7 million, compared to $0.4 million in the same period of 2024. The amount of $0.7 million is mainly associated with (i) incurred legal and other corporate fees primarily related to the growth of our company, including expenses related to Proposed AI OKTO Spin-Off (as defined below) and (ii) the flat management for the three months ended December 31, 2025 amounting to $0.2 million. For the three months ended December 31, 2024, General and administrative expenses reflect the expense allocations made to the Company by Toro. For further details of the allocation, please refer to the Combined Carve-Out Financial Statements and related notes included elsewhere in the annual report on Form 20-F filed with the SEC on April 15, 2025.
Interest and finance costs, net, amounted to $(0.02) million in the three months ended December 31, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $0.002 million. This variation is mainly due to the substantial increase in interest income for the three months ended December 31, 2025 on our available cash.
Recent Financial Developments Commentary:
Equity Update
On January 15, 2026, we paid to Toro a dividend amounting to $0.1 million on our 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series A Preferred Shares") for the period from October 15, 2025 to January 14, 2026.
On October 27, 2025, we issued and sold 280,000 common shares and 1,028,000 pre-funded warrants to a certain institutional investor in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $7.0 million and $6.3 million, respectively. As of today, all pre-funded warrants were cashless exercised.
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