LIMASSOL,
Highlights of the Fourth Quarter Ended
- Total vessel revenues:
$13.3 million for the three months endedDecember 31, 2025 , as compared to$15.0 million for the three months endedDecember 31, 2024 , or an 11.3% decrease; - Revenue from services:
$9.2 million for the three months endedDecember 31, 2025 ; - Net income of
$17.6 million for the three months endedDecember 31, 2025 , as compared to a$32.7 million loss for the three months endedDecember 31, 2024 , or a 153.8% increase; - Adjusted net income(1) of
$5.2 million for the three months endedDecember 31, 2025 , as compared to a$7.7 million loss for the three months endedDecember 31, 2024 ; - Earnings / (loss) per common share, basic:
$1.21 per share for the three months endedDecember 31, 2025 , as compared to ($1.24 ) per share for the three months endedDecember 31, 2024 ; - EBITDA(1):
$23.5 million for the three months endedDecember 31, 2025 , as compared to$(28.7) million for the three months endedDecember 31, 2024 ; - Adjusted EBITDA(1):
$11.2 million for the three months endedDecember 31, 2025 , as compared to$3.4 million for the three months endedDecember 31, 2024 ; - Cash and restricted cash of
$152.8 million as ofDecember 31, 2025 , as compared to$87.9 million as ofDecember 31, 2024 ; - On
October 13, 2025 , we and Toro Corp. (“Toro”) agreed to the full redemption of 60,000 shares of our 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by us inSeptember 2025 (the “Series E Preferred Shares”), for cash consideration equal to its stated amount of$60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and - On
October 13, 2025 , we secured a$50.0 million sustainability-linked senior term loan facility with a five-year tenor.
Highlights of the Year Ended
- Total vessel revenues:
$46.2 million for the year endedDecember 31, 2025 , as compared to$65.1 million for the year endedDecember 31, 2024 , or a 29.0% decrease; - Revenue from services:
$35.6 million for the year endedDecember 31, 2025 ; - Net income of
$21.5 million for the year endedDecember 31, 2025 , as compared to$15.3 million for the year endedDecember 31, 2024 , or a 40.5% increase; - Adjusted net income(1) of
$14.5 million for the year endedDecember 31, 2025 , as compared to$30.9 million for the year endedDecember 31, 2024 ; - Earnings per common share, basic:
$1.13 per share for the year endedDecember 31, 2025 , as compared to$3.50 per share for the year endedDecember 31, 2024 ; - EBITDA(1):
$40.2 million for the year endedDecember 31, 2025 , as compared to$29.7 million for the year endedDecember 31, 2024 ; - Adjusted EBITDA(1):
$33.2 million for the year endedDecember 31, 2025 , as compared to$52.3 million for the year endedDecember 31, 2024 ; - In addition to the full redemption of the Series E Preferred Shares, during the year ended
December 31, 2025 , the Company completed full repayment of its$100 million senior term loan from Toro; and - During the year ended
December 31, 2025 , the Company completed four vessel disposals.
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under
Management Commentary for Fourth Quarter 2025:
Mr.
“In Q4 2025, stronger market rates combined with solid charter demand continued to support our positive long-term outlook for the dry-bulk sector.
“During the quarter, we initiated our second sale-and-leaseback transaction, thoughtfully incorporating leverage to enhance balance sheet efficiency and further optimize our capital structure, while also securing a
“With a disciplined approach to funding and a strong balance sheet, we remain well positioned to capitalize on future opportunities and sustain value delivery.”
Earnings Commentary:
Fourth Quarter ended
Total vessel revenues for the three months ended
Revenue from services for the three months ended
There was an increase in voyage expenses to
Vessel operating expenses decreased by
Cost of revenue from services for the three months ended
Management fees in the three months ended
Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to
General and administrative expenses in the three months ended
Loss on vessels held for sale in the three months ended
During the three months ended
Net loss from equity method investments in the three months ended
Net gain from equity method investments measured at fair value in the three months ended
During the three months ended
Other income in the three months ended
Dividend income from equity method investments measured at fair value (related party) amounted to
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position (including our restricted cash) as of
As of
More specifically, on
On
Additionally, on
Recent Business Developments Commentary:
Series E Preferred Shares
On
New loan facility
On
Fleet Employment Status (as of
During the three months ended
Our employment profile as of
(2) Daily TCE Rate is not a recognized measure under
| Dry Bulk Carriers | |||||||||
| Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment(1) | Daily Gross Charter Rate | Estimated Redelivery Date | |||
| Earliest | Latest | ||||||||
| Kamsarmax | 83,375 | 2011 | TC period | -(4) | -(4) | ||||
| Magic Perseus | Kamsarmax | 82,158 | 2013 | TC period | -(4) | -(4) | |||
| Magic Starlight | Kamsarmax | 81,048 | 2015 | TC period | -(4) | -(4) | |||
| Panamax | 76,822 | 2014 | TC period | -(4) | -(4) | ||||
| Magic P | Panamax | 76,453 | 2004 | N/A | -(10) | -(10) | |||
| Magic Pluto | Panamax | 74,940 | 2013 | TC period | -(4) | -(4) | |||
| Kamsarmax | 81,845 | 2020 | TC period | 108% of BPI5TC(2) | -(4) | -(4) | |||
| Ultramax | 63,310 | 2015 | TC period | 111% of BSI10TC (12) | -(4) | -(4) | |||
| Containerships | |||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment | Daily Gross ($/day) | Estimated Redelivery Date | ||
| Earliest | Latest | ||||||||
| Raphaela | Containership | 26,811 | 2008 | TC period | Nov-26 | Jan-27 | |||
(1) TC stands for time charter.
(2) The benchmark vessel used in the calculation of the average Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.
(3) The vessel’s daily gross charter rate is equal to 97% of BPI5TC(2). In accordance with the prevailing charter party, on
(4) In accordance with the prevailing charter party, both parties (owners and charterers) have the option to terminate the charter by providing 3 months’ written notice to the other party.
(5) The vessel’s daily gross charter rate is equal to 100% of BPI5TC(2). In accordance with the prevailing charter party, on
(6) The vessel’s daily gross charter rate is equal to 98% of BPI5TC(2). In accordance with the prevailing charter party, on
(7) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed-consumption, and design characteristics.
(8) The vessel’s daily gross charter rate is equal to 102% of BPI4TC(7). In accordance with the prevailing charter party, on
(9) The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels.
(10) Under the prevailing pool agreement, owners may terminate the charter by giving three months’ written notice.
(11) The vessel’s daily gross charter rate is equal to 100% of BPI4TC(7). In accordance with the prevailing charter party, on
(12) The benchmark vessel used in the calculation of the average of the Baltic Supramax Index 10TC routes (“BSI10TC”) is a non-scrubber fitted 58,000mt dwt vessel (Supramax) with specific age, speed–consumption, and design characteristics.
Financial Results Overview of Operations:
Set forth below are selected financial data of our dry bulk, containership and asset management segments for each of the three months and year ended
| Three Months Ended | Year Ended | |||||||||
| (Expressed in | 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | ||||||
| Total vessel revenues | $ | 13,329,096 | $ | 14,989,190 | $ | 46,240,892 | $ | 65,069,003 | ||
| Revenue from services(2) | $ | 9,236,296 | $ | 1,174,376 | $ | 35,573,513 | $ | 1,174,376 | ||
| Operating (loss)/income | $ | 11,566,745 | $ | (7,011,456 | ) | $ | (18,424,758 | ) | $ | 21,426,610 |
| Net income / (loss), net of taxes | $ | 17,554,867 | $ | (32,716,878 | ) | $ | 21,542,163 | $ | 15,304,934 | |
| Adjusted net income, net of taxes(1) | $ | 5,213,575 | $ | (7,672,983 | ) | $ | 14,538,968 | $ | 30,920,979 | |
| EBITDA(1) | $ | 23,518,602 | $ | (28,667,952 | ) | $ | 40,227,317 | $ | 29,679,564 | |
| Adjusted EBITDA(1) | $ | 11,177,310 | $ | 3,393,478 | $ | 33,224,122 | $ | 52,313,144 | ||
| Earnings / (Loss) per common share, basic attributable to | $ | 1.21 | $ | (1.24 | ) | $ | 1.13 | $ | 3.50 | |
| Earnings / (Loss) per common share, diluted attributable to | $ | 0.24 | $ | (1.24 | ) | $ | 0.36 | $ | 0.38 | |
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under
(2) Results for the three months and year ended
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data which are applicable only for our dry bulk vessel and containership segments for each of the three months and year ended
| Three Months Ended | Year Ended | ||||||||
| (Expressed in | 2025 | 2024 | 2025 | 2024 | |||||
| Ownership Days(1)(7) | 829 | 1,186 | 3,633 | 4,669 | |||||
| Available Days(2)(7) | 828 | 1,180 | 3,506 | 4,626 | |||||
| Operating Days(3)(7) | 826 | 1,176 | 3,497 | 4,588 | |||||
| Daily TCE Rate(4) | $ | 14,456 | $ | 11,648 | $ | 12,026 | $ | 13,147 | |
| Fleet Utilization(5) | 100% | 100% | 100% | 99% | |||||
| Daily vessel operating expenses(6) | $ | 5,392 | $ | 5,333 | $ | 5,269 | $ | 5,609 | |
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4) Daily TCE Rate is not a recognized measure under
(5) Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7) Our definitions of Ownership Days, Available Days, Operating Days and Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
Unaudited Condensed Consolidated Statements of Comprehensive Income / (Loss) (Expressed in | |||||||||||||
| (In | Three Months Ended | Year Ended | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| REVENUES | |||||||||||||
| Time charter revenues | $ | 11,854,219 | $ | 14,989,190 | $ | 42,180,126 | $ | 65,069,003 | |||||
| Pool revenues | 1,474,877 | — | 4,060,766 | — | |||||||||
| Total vessel revenues | $ | 13,329,096 | $ | 14,989,190 | $ | 46,240,892 | $ | 65,069,003 | |||||
| Revenue from services (including related party revenues) | $ | 9,236,296 | $ | 1,174,376 | $ | 35,573,513 | $ | 1,174,376 | |||||
| Total revenues | $ | 22,565,392 | $ | 16,163,566 | $ | 81,814,405 | $ | 66,243,379 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (1,359,301 | ) | (1,244,365 | ) | (4,078,667 | ) | (4,248,856 | ) | |||||
| Vessel operating expenses | (4,469,873 | ) | (6,324,637 | ) | (19,140,916 | ) | (26,188,773 | ) | |||||
| Cost of revenue from services | (6,136,741 | ) | (1,117,476 | ) | (22,116,441 | ) | (1,117,476 | ) | |||||
| Management fees -related parties | (866,932 | ) | (1,270,332 | ) | (4,022,007 | ) | (4,808,602 | ) | |||||
| Depreciation and amortization | (4,740,862 | ) | (3,988,177 | ) | (14,760,087 | ) | (15,037,006 | ) | |||||
| Loss on vessels held for sale (including commissions to related party) | — | (3,629,521 | ) | (5,554,777 | ) | (3,629,521 | ) | ||||||
| (Provision) / recovery of provision for doubtful accounts | 1,662,022 | (4,823 | ) | 1,640,626 | (4,823 | ) | |||||||
| General and administrative expenses (including related party fees) | (5,302,740 | ) | (8,453,888 | ) | (19,429,796 | ) | (13,343,878 | ) | |||||
| Net gain/(loss) on sale of vessel (including commissions to related party) | — | 5,781 | (2,005,320 | ) | 19,298,394 | ||||||||
| Gain from a claim | — | 6,740 | — | 1,418,096 | |||||||||
| Net gain/(loss) on disposition of assets | (100,014 | ) | 158,440 | 309,680 | 158,440 | ||||||||
| Net (loss) from equity method investments | (137,003 | ) | — | (326,123 | ) | — | |||||||
| Net gain / (loss) from equity method investments measured at fair value | 10,452,797 | 2,687,236 | (10,755,335 | ) | 2,687,236 | ||||||||
| Operating income / (loss) | $ | 11,566,745 | $ | (7,011,456 | ) | $ | (18,424,758 | ) | $ | 21,426,610 | |||
| Interest and finance costs, net (1) | (501,917 | ) | (26,448 | ) | (3,059,198 | ) | 796,364 | ||||||
| Other (expenses) / income, net | 3,591,785 | (25,644,673 | ) | 25,924,673 | (6,784,052 | ) | |||||||
| Dividend income from equity method investments measured at fair value (related party) | 3,619,210 | — | 17,967,315 | — | |||||||||
| Income taxes | (178,191 | ) | (34,301 | ) | (323,104 | ) | (133,988 | ) | |||||
| Withholding Tax on dividends received | (542,765 | ) | — | (542,765 | ) | — | |||||||
| Net income / (loss) | $ | 17,554,867 | $ | (32,716,878 | ) | $ | 21,542,163 | $ | 15,304,934 | ||||
| Less: Net income attributable to the non-controlling interest | (3,470,080 | ) | (685,938 | ) | (2,273,340 | ) | (685,938 | ) | |||||
| Net income / (loss) attributable to | 14,084,787 | (33,402,816 | ) | 19,268,823 | 14,618,996 | ||||||||
| Dividend on Series D Preferred Shares | (1,277,778 | ) | (743,055 | ) | (4,979,167 | ) | (2,645,833 | ) | |||||
| Deemed dividend on Series D Preferred Shares | (779,907 | ) | (227,908 | ) | (3,005,817 | ) | (606,444 | ) | |||||
| Dividend on Series E Preferred Shares | (175,000 | ) | — | (189,583 | ) | — | |||||||
| Deemed dividend on Series E Preferred Shares | (167,984 | ) | — | (168,629 | ) | — | |||||||
| Deemed contribution from Series D preferred shareholders | — | 22,437,675 | — | 22,437,675 | |||||||||
| Net income / (loss) attributable to common shareholders of | $ | 11,684,118 | $ | (11,936,104 | ) | $ | 10,925,627 | $ | 33,804,394 | ||||
| Other comprehensive income / (loss): | |||||||||||||
| Foreign currency translation | 950,863 | (1,878,694 | ) | 29,647,528 | (1,878,694 | ) | |||||||
| Net cash flow hedges | (56,687 | ) | (168,377 | ) | 324,666 | (168,377 | ) | ||||||
| Other comprehensive income / (loss) | 894,176 | (2,047,071 | ) | 29,972,194 | (2,047,071 | ) | |||||||
| Other comprehensive loss / (income) attributable to noncontrolling interests | (212,793 | ) | 537,884 | (7,834,495 | ) | 537,884 | |||||||
| Other comprehensive income / (loss) attributable to | 681,383 | (1,509,187 | ) | 22,137,699 | (1,509,187 | ) | |||||||
| Total comprehensive income / (loss) | 18,449,043 | (34,763,949 | ) | 51,514,357 | 13,257,863 | ||||||||
| Less: Comprehensive income attributable to noncontrolling interests | (3,682,872 | ) | (148,054 | ) | (10,107,835 | ) | (148,054 | ) | |||||
| Total comprehensive income / (loss) attributable to | 14,766,171 | (34,912,003 | ) | 41,406,522 | 13,109,809 | ||||||||
| Earnings / (loss) per common share, basic attributable to | $ | 1.21 | $ | (1.24 | ) | $ | 1.13 | $ | 3.50 | ||||
| Earnings / (loss) per common share, diluted attributable to | $ | 0.24 | $ | (1.24 | ) | $ | 0.36 | $ | 0.38 | ||||
| Weighted average number of common shares outstanding, basic | 9,662,354 | 9,662,354 | 9,662,354 | 9,662,354 | |||||||||
| Weighted average number of common shares outstanding, diluted | 57,606,487 | 9,662,354 | 53,652,910 | 38,745,250 | |||||||||
(1) Includes interest and finance costs and interest income, if any.
Unaudited Condensed Consolidated Balance Sheets (Expressed in | |||||
2025 | 2024 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 151,775,129 | $ | 87,896,786 | |
| Due from related parties | 13,155,509 | 6,393,625 | |||
| Assets held for sale | — | 69,430,788 | |||
| Investment in equity securities | 27,759,775 | 69,119,010 | |||
| Investment in debt securities | 554,924 | — | |||
| Other current assets | 28,169,537 | 21,018,015 | |||
| Total current assets | 221,414,874 | 253,858,224 | |||
| NON-CURRENT ASSETS: | |||||
| Vessels, net | 156,496,033 | 200,443,193 | |||
| Property, plant and equipment, net | 34,658,519 | 1,994,191 | |||
| Restricted cash | 1,000,000 | — | |||
| Due from related parties | 2,893,839 | 3,504,667 | |||
| Investment in related party | 117,521,579 | 117,560,467 | |||
| Equity method investments | 50,045,840 | 50,503,722 | |||
| Equity method investments measured at fair value | 139,745,917 | 115,455,048 | |||
| Intangible assets, net | 21,173,403 | 19,323,603 | |||
| 24,126,824 | 17,932,243 | ||||
| Other non-current assets | 28,281,613 | 16,801,563 | |||
| Total non-current assets | 575,943,567 | 543,518,697 | |||
| Total assets | 797,358,441 | 797,376,921 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net | 5,637,620 | 1,053,156 | |||
| Current portion of financial liabilities, net | 1,548,990 | — | |||
| Current portion of long-term debt, related party, net | — | 9,970,623 | |||
| Accrued liabilities | 16,700,000 | 23,045,515 | |||
| Liabilities directly associated with assets held for sale | — | 17,656,371 | |||
| Due to related parties, current | 1,106,606 | 889,020 | |||
| Other current liabilities | 9,413,688 | 11,787,100 | |||
| Total current liabilities | 34,406,904 | 64,401,785 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net | 64,992,597 | 2,603,900 | |||
| Long-term financial liabilities, net | 12,046,770 | — | |||
| Long-term debt, related party, net | — | 89,921,162 | |||
| Deferred tax liabilities | 10,596,230 | 8,096,383 | |||
| Other non-current liabilities | 6,358,462 | 6,887,969 | |||
| Total non-current liabilities | 93,994,059 | 107,509,414 | |||
| Total liabilities | 128,400,963 | 171,911,199 | |||
| MEZZANINE EQUITY | |||||
| 5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 100,000 shares issued and outstanding as of | 80,714,075 | 77,708,258 | |||
| Total mezzanine equity | 80,714,075 | 77,708,258 | |||
| SHAREHOLDERS’ EQUITY | |||||
| Common shares, | 9,662 | 9,662 | |||
| Series B Preferred Shares - 12,000 shares issued and outstanding as of | 12 | 12 | |||
| Additional paid-in capital | 265,339,741 | 265,389,338 | |||
| Retained earnings | 239,452,780 | 228,527,153 | |||
| Accumulated other comprehensive income / (loss) | 20,628,512 | (1,509,187 | ) | ||
| 525,430,707 | 492,416,978 | ||||
| Noncontrolling interests | 62,812,696 | 55,340,486 | |||
| Total shareholders’ equity | 588,243,403 | 547,757,464 | |||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 797,358,441 | $ | 797,376,921 | |
Unaudited Consolidated Statements of Cash Flows | ||||||
| (Expressed in | Year Ended | |||||
| 2025 | 2024 | |||||
| Cash Flows provided by Operating Activities: | ||||||
| Net income | $ | 21,542,163 | $ | 15,304,934 | ||
| Adjustments to reconcile net income to net cash provided by Operating Activities: | ||||||
| Depreciation and amortization | 14,760,087 | 15,037,006 | ||||
| Amortization and write off of deferred finance charges | 213,502 | 810,000 | ||||
| Amortization of fair value of acquired time charters | 119,733 | 622,541 | ||||
| Straight line amortization of hire | 99,244 | (52,084 | ) | |||
| Net loss / (gain) on sale of vessels | 2,005,320 | (19,298,394 | ) | |||
| Loss on vessels held for sale | 5,554,777 | 3,629,521 | ||||
| Provision / (recovery) of provision for doubtful accounts | (1,640,626 | ) | 4,823 | |||
| Non-cash compensation (transfer of shares) | 272,780 | — | ||||
| Adjustments for non-cash finance costs | 252,681 | — | ||||
| Net gain on disposition of assets | (244,024 | ) | — | |||
| Non-cash effects from translation to reporting currency | 48,443 | (121,572 | ) | |||
| Deferred income taxes | (1,009,194 | ) | — | |||
| Share-based compensation | 242,571 | 9,494 | ||||
| Unrealized loss from equity method investments | 215,153 | — | ||||
| Unrealized (gains) / losses from equity method investments measured at fair value | 10,755,335 | (2,687,236 | ) | |||
| Dividend income from equity method investments measured at fair value (related party) | (17,967,315 | ) | — | |||
| Unrealized foreign exchange losses from equity method investments | 684,929 | — | ||||
| Realized loss on sale of equity securities | 7,827,960 | 269,119 | ||||
| Unrealized (gains) / losses on equity securities | (24,724,671 | ) | 14,664,266 | |||
| Unrealized gain on debt securities | (4,069 | ) | — | |||
| Amortization of bonds' premium discount | (4,424 | ) | — | |||
| Gain from a claim | — | (1,418,096 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | (2,982,439 | ) | 3,500,308 | |||
| Inventories | 868,044 | (259,885 | ) | |||
| Due from/to related parties | (6,305,244 | ) | 5,826,732 | |||
| Prepaid expenses and other assets | 509,950 | 1,014,149 | ||||
| Accounts payable | 1,081,688 | (1,786,123 | ) | |||
| Accrued liabilities | (7,861,871 | ) | 4,390,018 | |||
| Income tax receivable / payable | (5,725,870 | ) | 129,173 | |||
| Derivative assets and liabilities, net | (1,357,938 | ) | 61,026 | |||
| Deferred revenue | 201,597 | (970,440 | ) | |||
| Dry-dock costs paid | (5,349,236 | ) | (1,199,999 | ) | ||
| Dividends received from equity investments | — | 222,490 | ||||
| Dividends received from equity method investments measured at fair value | 17,967,315 | 4,209,527 | ||||
| 10,046,351 | 41,911,298 | |||||
| Cash flow provided by / (used in) Investing Activities: | ||||||
| Vessel acquisition and other vessel improvements | (699,164 | ) | (72,171,465 | ) | ||
| Acquisition of a subsidiary, net of cash acquired | — | (162,960,366 | ) | |||
| Advances for vessel acquisitions | — | — | ||||
| Net proceeds from sale of vessels | 61,936,124 | 107,867,155 | ||||
| Acquisitions of property and equipment, net | (190,096 | ) | — | |||
| Net proceeds from dispositions of long term assets | 3,963 | — | ||||
| Purchase of equity securities | (15,694,496 | ) | (59,903,362 | ) | ||
| Proceeds from sale of equity securities | 74,463,553 | 52,940,067 | ||||
| Purchase of debt securities | (1,796,431 | ) | — | |||
| Payments for acquisition of equity method investments | (26,180,269 | ) | — | |||
| Proceeds from disposition of equity method investments | 127,634 | — | ||||
| Return of invested capital from equity method investments | 4,941,515 | — | ||||
| Payments received on mezzanine loan | 409,080 | — | ||||
| Proceeds from sale of debt securities | 500,000 | — | ||||
| Payments for acquisition of equity investments | (755,128 | ) | — | |||
| Proceeds from disposition of equity investments | — | 248,715 | ||||
| Proceeds from disposition of subsidiaries, net of cash disposed of | — | (914,718 | ) | |||
| Proceeds from a claim | — | 1,418,096 | ||||
| Net cash provided by / (used in) Investing Activities: | 97,066,285 | (133,475,878 | ) | |||
| Cash flows (used in) / provided by Financing Activities: | ||||||
| Gross proceeds from Series E Preferred Shares | 60,000,000 | — | ||||
| Series E Preferred Shares issuance expenses | (39,500 | ) | — | |||
| Redemption of Series E Preferred Shares | (60,000,000 | ) | — | |||
| Dividends paid on Series E Preferred Shares | (313,712 | ) | — | |||
| Gross proceeds from Series D Preferred Shares | — | 50,000,000 | ||||
| Series D Preferred Shares issuance expenses | — | (10,000 | ) | |||
| Dividends paid on Series D Preferred Shares | (4,597,222 | ) | (2,500,000 | ) | ||
| Repurchase of warrants | — | (1,058,481 | ) | |||
| Repayment of long-term debt (including related party) | (102,181,653 | ) | (86,866,269 | ) | ||
| Proceeds from long-term debt (including related party) | 51,577,002 | 100,000,000 | ||||
| Proceeds from long term financial liability | 14,640,000 | — | ||||
| Repayment of long-term financial liability | (658,080 | ) | — | |||
| Payment of deferred financing costs | (1,568,902 | ) | — | |||
| Cash dividends paid to noncontrolling interests | (2,848,198 | ) | — | |||
| Proceeds from sale of subsidiary shares to noncontrolling interests | 27,127 | — | ||||
| Transactions with non-controlling interest | (353,243 | ) | — | |||
| Net cash (used in) / provided by Financing Activities: | (46,316,381 | ) | 59,565,250 | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,361,876 | (284,819 | ) | |||
| Net increase in cash, cash equivalents, and restricted cash | 64,158,131 | (32,284,149 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 88,616,998 | 120,901,147 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 152,775,129 | $ | 88,616,998 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under
The following table reconciles the calculation of the Daily TCE Rate which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in
| Three Months Ended | Year Ended | ||||||||||||
| (In | 2025 | 2024 | 2025 | 2024 | |||||||||
| Total vessel revenues | $ | 13,329,096 | $ | 14,989,190 | $ | 46,240,892 | $ | 65,069,003 | |||||
| Voyage expenses - including commissions to related party | (1,359,301 | ) | (1,244,365 | ) | (4,078,667 | ) | (4,248,856 | ) | |||||
| TCE revenues | $ | 11,969,795 | $ | 13,744,825 | $ | 42,162,225 | $ | 60,820,147 | |||||
| Available Days | $ | 828 | $ | 1,180 | $ | 3,506 | $ | 4,626 | |||||
| Daily TCE Rate | $ | 14,456 | $ | 11,648 | $ | 12,026 | $ | 13,147 | |||||
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under
The following table reconciles EBITDA and Adjusted EBITDA to Net (loss)/ income, the most directly comparable
| Three Months Ended | Year Ended | ||||||||||||
| (In | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income / (loss), net of taxes | $ | 17,554,867 | $ | (32,716,878 | ) | $ | 21,542,163 | $ | 15,304,934 | ||||
| Depreciation and amortization | 4,740,862 | 3,988,177 | 14,760,087 | 15,037,006 | |||||||||
| Interest and finance costs, net (1) | 501,917 | 26,448 | 3,059,198 | (796,364 | ) | ||||||||
| Income taxes | 178,191 | 34,301 | 323,104 | 133,988 | |||||||||
| Withholding Tax on dividends received | 542,765 | — | 542,765 | — | |||||||||
| EBITDA | $ | 23,518,602 | $ | (28,667,952 | ) | $ | 40,227,317 | $ | 29,679,564 | ||||
| Unrealized (gain) / loss on equity securities | (3,064,471 | ) | 24,092,116 | (24,724,671 | ) | 14,664,266 | |||||||
| Unrealized (gain) / loss on debt securities | (372 | ) | — | (4,069 | ) | — | |||||||
| Unrealized loss / (gain) from equity method investments | 137,003 | (2,687,236 | ) | 215,153 | — | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (10,452,796 | ) | — | 10,755,335 | (2,687,236 | ) | |||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 977,621 | — | 684,929 | — | |||||||||
| (Gain) / Loss on vessels held for sale | — | 3,629,521 | 5,554,777 | 3,629,521 | |||||||||
| Share-based compensation | 61,723 | 9,494 | 242,571 | 9,494 | |||||||||
| Non-cash compensation (transfer of shares) | — | — | 272,780 | — | |||||||||
| Non-recurring expenses(2) | — | 7,017,535 | — | 7,017,535 | |||||||||
| Adjusted EBITDA | $ | 11,177,310 | $ | 3,393,478 | $ | 33,224,122 | $ | 52,313,144 | |||||
(1) Includes interest and finance costs and interest income, if any.
(2) Includes expenses related to business acquisition transactions.
Adjusted Net Income. To derive Adjusted Net Income/(Loss) from Net Income/(Loss), we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as unrealized losses from investments measured at fair value and other items which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income for the periods presented:
Adjusted Net Income Reconciliation
| Three Months Ended | Year Ended | ||||||||||||
| (In | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income / (loss), net of taxes | $ | 17,554,867 | $ | (32,716,878 | ) | $ | 21,542,163 | $ | 15,304,934 | ||||
| Unrealized (gain) / loss on equity securities | (3,064,471 | ) | 24,092,116 | (24,724,671 | ) | 14,664,266 | |||||||
| Unrealized (gain) / loss on debt securities | (372 | ) | — | (4,069 | ) | — | |||||||
| Unrealized loss / (gain) from equity method investments | 137,003 | (2,687,236 | ) | 215,153 | — | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (10,452,796 | ) | — | 10,755,335 | (2,687,236 | ) | |||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 977,621 | — | 684,929 | — | |||||||||
| (Gain) / Loss on vessels held for sale | — | 3,629,521 | 5,554,777 | 3,629,521 | |||||||||
| Share-based compensation | 61,723 | 9,494 | 242,571 | 9,494 | |||||||||
| Non-cash compensation (transfer of shares) | — | — | 272,780 | — | |||||||||
| Adjusted net income, net of taxes | $ | 5,213,575 | $ | (7,672,983 | ) | $ | 14,538,968 | $ | 30,920,979 | ||||
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements 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. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include generally: our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and containership vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our vessel acquisitions, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, the effects of our acquisition of MPC Münchmeyer
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Email: ir@castormaritime.com
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