ATHENS, GREECE, September 5, 2025 - 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 second quarter and six months ended June 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 83.1% in Q2 25’ versus 80.9% in Q2 24’.
- About 60% of fleet calendar days in Q2 25’ were dedicated to time charter activity while 36.8% to spot activity.
- Massive increase in number of vessels within Q2 25’ as in the beginning of Q2 25’ our fleet counted 12 vessels while by the end of the second quarter 2025, Imperial Petroleum’s fleet had reached 19 vessels.
- Delivery of the supramax drybulk carrier, Supra Pasha (2012 built) on April 26th, 2025.
- Delivery of the supramax drybulk carrier, Supra Monarch (2011 built) on May 23rd, 2025.
- Delivery of the kamsarmax drybulk carrier, Eco Sikoussis (2008 built) on May 31st, 2025.
- Delivery of the supramax drybulk carrier, Supra Duke (2011 built) on June 13th, 2025.
- Delivery of the kamsarmax drybulk carrier, Eco Czar (2009 built) on June 14th, 2025.
- Delivery of the supramax drybulk carrier, Supra Sovereign (2012 built) on June 19th, 2025.
- Delivery of the supramax drybulk carrier, Supra Baron (2009 built) on June 22nd, 2025.
- Fleet book value as of June 30, 2025 was slightly above $350 million, marking a 54.4% increase within a single quarter.
- Revenues of $36.3 million in Q2 25’ compared to $47.0 million in Q2 24’- a 22.8% decline as market rates were stronger during Q2 24’.
- Net income of $12.8 million in Q2 25’ versus $19.5 million in Q2 24’ and $11.3 million in Q1 25’.
- Net income of $24.1 million, EBITDA1 of $31.8 million and operating cash flow generation of $42.0 million, each for the first half of 2025.
- Cash and cash equivalents including time deposits of $212.2 million as of June 30, 2025, which is about 80% higher than our current market capitalization of about $120 million.
Second Quarter 2025 Results:
- Revenues for the three months ended June 30, 2025 amounted to $36.3 million, a decrease of $10.7 million, or 22.8%, compared to revenues of $47.0 million for the three months ended June 30, 2024, primarily due to a decrease in the level of tanker market rates. During the three months ended June 30, 2025 average daily spot rates for product and suezmax tankers were $9,500 lower and about $1,000 higher, respectively, when compared to the same period of last year. In addition for the three months ended June 30, 2025, average daily one-year time charter rates for product and suezmax tankers were about $12,000 and 18,000 lower compared to the three months ended June 30, 2024.
- Voyage expenses and vessels’ operating expenses fo r the three months ended June 30, 2025 were $10.7 million and $8.4 million, respectively, compared to $17.1 million and $6.5 million, respectively, for the three months ended June 30, 2024. The $6.4 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 36.4%. The $1.9 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 3.8 vessels between the two periods.
- Drydocking costs for the three months ended June 30, 2025 and 2024 were $1.7 million and nil, respectively. During the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking, whereas during the three months ended June 30, 2024 no vessel underwent drydocking.
- General and administrative costs for the three months ended June 30, 2025 and 2024 were $1.1 million and $1.5 million, respectively. The $0.4 million decrease is primarily due to a reduction in stock-based compensation costs.
- Depreciation for the three months ended June 30, 2025 and 2024 was $5.7 million and $4.2 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Management fees for the three months ended June 30, 2025 and 2024 were $0.6 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.8 million and $0.006 million, respectively. The $0.8 million of costs for the three months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed payment for the vessels to be made within one year from the date of the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until vessel payment, although no interest was contractually charged by the sellers. The final balances paid remained the same as the originally agreed purchase prices.
- Interest income for the three months ended June 30, 2025 was $2.3 million as compared to $1.2 million for the three months ended June 30, 2024. The $1.1 million increase is mainly attributed to a higher amount of funds placed under time deposits.
- Interest income – related party for the three months ended June 30, 2025 was nil as compared to $0.8 million for the three months ended June 30, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended June 30, 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 three months ended June 30, 2025, was nil.
- Foreign exchange (loss)/gain for the three months ended June 30, 2025 was a gain of $3.0 million as compared to a loss of $0.3 million for the three months ended June 30, 2024. The $3.0 million foreign exchange gain for the three months ended June 30, 2025, is mainly attributed to the strengthening of the euro currency against the dollar at the end of the three months ended June 30, 2025 when compared to the respective currency values at the end of the first quarter of 2025. As of June 30, 2025, the Company held a portion of its cash and cash equivalents in Euros.
- As a result of the above, for the three months ended June 30, 2025, the Company reported net income of $12.8 million, compared to net income of $19.5 million for the three months ended June 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the three months ended June 30, 2025 amounted to $0.36 and $0.35, respectively, compared to earnings per share, basic and diluted, of $0.64 and $0.56, respectively, for the three months ended June 30, 2024.
- Adjusted net income1 was $13.4 million corresponding to an Adjusted EPS1, basic of $0.38 for the three months ended June 30, 2025 compared to an Adjusted net income of $22.2 million corresponding to an Adjusted EPS, basic, of $0.73 for the same period of last year.
- EBITDA1 for the three months ended June 30, 2025 amounted to $17.1 million, while Adjusted EBITDA1 for the three months ended June 30, 2025 amounted to $17.7 million.
- An average of 14.1 vessels were owned by the Company during the three months ended June 30, 2025 compared to 10.3 vessels for the same period of 2024.
Six Months 2025 Results:
- Revenues for the six months ended June 30, 2025 amounted to $68.4 million, a decrease of $19.8 million, or 22.4%, compared to revenues of $88.2 million for the six months ended June 30, 2024, primarily due to a year to date decline of daily tanker spot and time charter rates.
- Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $21.2 million and $15.5 million, respectively, compared to $30.6 million and $12.5 million, respectively, for the six months ended June 30, 2024. The $9.4 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 27% as a result of a rise in time charter activity. The $3.0 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 six months ended June 30, 2025 and 2024 were $1.7 million and $0.6 million, respectively. During the six months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year one tanker vessel underwent drydocking.
- General and administrative costs for the six months ended June 30, 2025 and 2024 were $2.3 million and $2.7 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
- Depreciation for the six months ended June 30, 2025 was $10.7 million, a $2.5 million increase from $8.2 million for the same period of last year, due to the increase in the average number of our vessels.
- Interest and finance costs for the six months ended June 30, 2025 and 2024 were $1.4 million and $0.008 million, respectively. The $1.4 million of costs for the six months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed vessels for repayment to take place within one year from purchase agreement. For accounting purposes, the outstanding balances payable for 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 paid remained the same as the originally agreed purchase prices.
- Interest income for the six months ended June 30, 2025 and 2024 was $4.5 million and $2.3 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
- Interest income – related party for the six months ended June 30, 2025 was nil as compared to $1.5 million for the six months ended June 30, 2024. The decrease is mainly attributed to the $1.5 million of accrued interest income – related party for the six months ended June 30, 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 six months ended June 30, 2025 was nil.
- Foreign exchange (loss)/gain for the six months ended June 30, 2025 was a gain of $4.7 million as compared to a loss of $1.1 million for the six months ended June 30, 2024. The $4.7 million foreign exchange gain for the six months ended June 30, 2025 is mainly attributed to the strengthening of the euro currency against the dollar at the end of the six months ended June 30, 2025 when compared to the respective currency values at the end of last year. As of June 30, 2025 the Company held a portion of its cash and cash equivalents in Euros.
- As a result of the above, the Company reported net income for the six months ended June 30, 2025 of $24.1 million, compared to a net income of $36.2 million for the six months ended June 30, 2024. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2025 was 33.1 million. Earnings per share, basic and diluted, for the six months ended June 30, 2025 amounted to $0.67 and $0.65, respectively, compared to earnings per share, basic and diluted, of $1.20 and $1.06 for the six months ended June 30, 2024.
- Adjusted Net Income1 was $25.6 million corresponding to an Adjusted EPS1, basic of $0.72 for the six months ended June 30, 2025 compared to adjusted net income of $39.7 million, or $1.32 Adjusted EPS, basic, for the same period of last year.
- EBITDA for the six months ended June 30, 2025 amounted to $31.8 million while Adjusted EBITDA1 for the six months ended June 30, 2025 amounted to $33.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
- An average of 13.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 10.1 vessels for the same period of 2024.
- As of June 30, 2025, cash and cash equivalents including time deposits amounted to $212.2 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 September 5, 2025, the profile and deployment of our fleet is the following:
|
Name |
Year |
Country |
Vessel Size |
Vessel |
Employment |
Expiration of |
|
|
Built |
Built |
(dwt) |
Type |
Status |
Charter(1) |
|
Tankers |
||||||
|
Magic Wand |
2008 |
Korea |
47,000 |
MR product tanker |
Time Charter |
October 25 |
|
Clean Thrasher |
2008 |
Korea |
47,000 |
MR product tanker |
Time Charter |
November 25 |
|
Clean Sanctuary (ex. Falcon Maryam) |
2009 |
Korea |
46,000 |
MR product tanker |
Time Charter |
September 25 |
|
Clean Nirvana |
2008 |
Korea |
50,000 |
MR product tanker |
Spot |
|
|
Clean Justice |
2011 |
Japan |
46,000 |
MR product tanker |
Time Charter |
September 27 |
|
Aquadisiac |
2008 |
Korea |
51,000 |
MR product tanker |
Spot |
|
|
Clean Imperial |
2009 |
Korea |
40,000 |
MR product tanker |
Time Charter |
January 26 |
|
Suez Enchanted |
2007 |
Korea |
160,000 |
Suezmax tanker |
Spot |
|
|
Suez Protopia |
2008 |
Korea |
160,000 |
Suezmax tanker |
Spot |
|
|
Drybulk Carriers(2) |
||||||
|
Eco Wildfire |
2013 |
Japan |
33,000 |
Handysize drybulk |
Time Charter |
October 25 |
|
Glorieuse |
2012 |
Japan |
38,000 |
Handysize drybulk |
Time Charter |
October 25 |
|
Neptulus |
2012 |
Japan |
33,000 |
Handysize drybulk |
Time Charter |
September 25 |
|
Supra Pasha |
2012 |
Japan |
56,000 |
Supramax drybulk |
Time Charter |
October 25 |
|
Supra Monarch |
2011 |
Japan |
56,000 |
Supramax drybulk |
Time Charter |
September 25 |
|
Supra Baron |
2009 |
Japan |
56,000 |
Supramax drybulk |
Time Charter |
September 25 |
|
Supra Sovereign |
2012 |
Japan |
56,000 |
Supramax drybulk |
Time Charter |
October 25 |
|
Supra Duke |
2011 |
Japan |
56,000 |
Supramax drybulk |
Time Charter |
September 25 |
|
Eco Sikousis |
2008 |
Japan |
82,000 |
Kamsarmax drybulk |
Time Charter |
September 25 |
|
Eco Czar |
2009 |
Japan |
82,000 |
Kamsarmax drybulk |
Time Charter |
September 25 |
|
Fleet Total |
1,195,000 dwt |
|
(1) |
Earliest date charters could expire. (2) We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately 164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between September 2025 and August 2026. |
CEO Harry Vafias Commented
We are proud for completing our recent fleet expansion; this is an important milestone for us. Imperial Petroleum now operates a combined, diversified fleet of nine tankers and ten drybulk carriers- all non – Chinese built vessels. In terms of our financials, we remain profitable, debt free and as of the end of Q2 25’ we held about $212 million in cash. In the first half of 2025 we generated $24.1 million of net profit and $42 million of operating cash flow. Market rates for both tankers and drybulk carriers are currently favorable therefore we hope that we will be able to take advantage of the second half of 2025, utilize our fleet at full speed and produce even better results.
Conference Call details:
On September 5, 2025 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.
Online Registration:
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.
https://register-conf.media-server.com/register/BI304534da4780408a9b0922b734574b98
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 nineteen vessels on the water - seven M.R. product tankers, two suezmax tankers and ten drybulk carriers - with a total capacity of 1,195,000 deadweight tons (dwt) and has contracted to acquire an additional three drybulk carriers of 164,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 22 vessels with an aggregate capacity of 1.4 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 complete the acquisition of our three recently contracted vessels, ability to obtain financing and comply with covenants in any 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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2024 and June 30, 2025.
|
FLEET DATA |
Q2 2024 |
Q2 2025 |
6M 2024 |
6M 2025 |
|
Average number of vessels (1) |
10.3 |
14.1 |
10.1 |
13.0 |
|
Period end number of owned vessels in fleet |
10 |
19 |
10 |
19 |
|
Total calendar days for fleet (2) |
936 |
1,284 |
1,831 |
2,355 |
|
Total voyage days for fleet (3) |
922 |
1,237 |
1,800 |
2,304 |
|
Fleet utilization (4) |
98.5% |
96.3% |
98.3% |
97.8% |
|
Total charter days for fleet (5) |
178 |
764 |
385 |
1,268 |
|
Total spot market days for fleet (6) |
744 |
473 |
1,415 |
1,036 |
|
Fleet operational utilization (7) |
80.9% |
83.1% |
80.7% |
83.4% |
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 impairment loss, 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, impairment loss, 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. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance.
|
(Expressed in United States Dollars, |
Second Quarter Ended June 30th, |
Six Months Period Ended June 30th, |
||
|
|
2024 |
2025 |
2024 |
2025 |
|
Net Income - Adjusted Net Income |
||||
|
Net income |
19,524,438 |
12,759,434 |
36,179,042 |
24,050,420 |
|
Plus net loss on sale of vessel |
1,589,702 |
-- |
1,589,702 |
-- |
|
Plus share based compensation |
1,036,562 |
671,643 |
1,895,372 |
1,560,719 |
|
Adjusted Net Income |
22,150,702 |
13,431,077 |
39,664,116 |
25,611,139 |
|
Net income - EBITDA |
|
|||
|
Net income |
19,524,438 |
12,759,434 |
36,179,042 |
24,050,420 |
|
Plus interest and finance costs |
5,797 |
838,089 |
8,227 |
1,444,472 |
|
Less interest income |
(1,987,726) |
(2,274,170) |
(3,773,604) |
(4,458,564) |
|
Plus depreciation |
4,208,008 |
5,746,291 |
8,235,069 |
10,749,128 |
|
EBITDA |
21,750,517 |
17,069,644 |
40,648,734 |
31,785,456 |
|
Net income - Adjusted EBITDA |
||||
|
Net income |
19,524,438 |
12,759,434 |
36,179,042 |
24,050,420 |
|
Plus net loss on sale of vessel |
1,589,702 |
-- |
1,589,702 |
-- |
|
Plus share based compensation |
1,036,562 |
671,643 |
1,895,372 |
1,560,719 |
|
Plus interest and finance costs |
5,797 |
838,089 |
8,227 |
1,444,472 |
|
Less interest income |
(1,987,726) |
(2,274,170) |
(3,773,604) |
(4,458,564) |
|
Plus depreciation |
4,208,008 |
5,746,291 |
8,235,069 |
10,749,128 |
|
Adjusted EBITDA |
24,376,781 |
17,741,287 |
44,133,808 |
33,346,175 |
|
EPS |
||||
|
Numerator |
||||
|
Net income |
19,524,438 |
12,759,434 |
36,179,042 |
24,050,420 |
|
Less: Cumulative dividends on preferred shares |
(435,246) |
(435,246) |
(870,492) |
(870,492) |
|
Less: Undistributed earnings allocated to non-vested shares |
(1,137,477) |
(410,718) |
(1,985,920) |
(869,583) |
|
Net income attributable to common shareholders, basic |
17,951,715 |
11,913,470 |
33,322,630 |
22,310,345 |
|
Denominator |
|
|||
|
Weighted average number of shares |
27,965,872 |
33,267,487 |
27,789,766 |
33,107,097 |
|
EPS - Basic |
0.64 |
0.36 |
1.20 |
0.67 |
|
|
|
|
|
|
|
Adjusted EPS |
|
|||
|
Numerator |
|
|||
|
Adjusted net income |
22,150,702 |
13,431,077 |
39,664,116 |
25,611,139 |
|
Less: Cumulative dividends on preferred shares |
(435,246) |
(435,246) |
(870,492) |
(870,492) |
|
Less: Undistributed earnings allocated to non-vested shares |
(1,293,969) |
(433,101) |
(2,181,937) |
(928,132) |
|
Adjusted net income attributable to common shareholders, basic |
20,421,487 |
12,562,730 |
36,611,687 |
23,812,515 |
|
Denominator |
|
|||
|
Weighted average number of shares |
27,965,872 |
33,267,487 |
27,789,766 |
33,107,097 |
|
Adjusted EPS |
0.73 |
0.38 |
1.32 |
0.72 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
|
Quarters Ended June 30, |
|
Six Month Periods Ended June 30, |
|||||||||
|
2024 |
2025 |
2024 |
2025 |
||||||||
|
|
|||||||||||
|
Revenues |
|||||||||||
|
Revenues |
47,041,881 |
36,348,819 |
88,245,162 |
68,440,445 |
|||||||
|
Expenses/(Income) |
|||||||||||
|
Voyage expenses |
16,524,695 |
10,271,965 |
29,488,302 |
20,326,079 |
|||||||
|
Voyage expenses - related party |
587,970 |
432,863 |
1,102,384 |
834,616 |
|||||||
|
Vessels' operating expenses |
6,389,255 |
8,297,520 |
12,340,816 |
15,319,448 |
|||||||
|
Vessels' operating expenses - related party |
77,500 |
109,000 |
159,500 |
207,500 |
|||||||
|
Drydocking costs |
-- |
1,692,033 |
625,457 |
1,692,033 |
|||||||
|
Management fees – related party |
411,840 |
564,960 |
805,640 |
1,036,200 |
|||||||
|
General and administrative expenses |
1,476,204 |
1,064,964 |
2,683,372 |
2,282,941 |
|||||||
|
Depreciation |
4,208,008 |
5,746,291 |
8,235,069 |
10,749,128 |
|||||||
|
Other operating income |
(1,900,000) |
-- |
(1,900,000) |
-- |
|||||||
|
Net loss on sale of vessel |
1,589,702 |
-- |
1,589,702 |
-- |
|||||||
|
Total expenses, net |
29,365,174 |
|
28,179,596 |
|
55,130,242 |
|
52,447,945 |
||||
|
|
|
|
|
|
|
|
|
||||
|
Income from operations |
17,676,707 |
|
8,169,223 |
|
33,114,920 |
|
15,992,500 |
||||
|
Other (expenses)/income |
|||||||||||
|
|
Interest and finance costs |
(5,797) |
(3,115) |
(8,227) |
(6,722) |
||||||
|
|
Interest expense – related party |
-- |
(834,974) |
-- |
(1,437,750) |
||||||
|
Interest income |
1,221,907 |
2,274,170 |
2,257,168 |
4,458,564 |
|||||||
|
Interest income – related party |
765,819 |
-- |
1,516,436 |
-- |
|||||||
|
Dividend income from related party |
189,584 |
189,583 |
379,167 |
377,083 |
|||||||
|
Foreign exchange (loss)/gain |
(323,782) |
2,964,547 |
(1,080,422) |
4,666,745 |
|||||||
|
Other income, net |
1,847,731 |
|
4,590,211 |
|
3,064,122 |
|
8,057,920 |
||||
|
Net Income |
19,524,438 |
|
12,759,434 |
|
36,179,042 |
|
24,050,420 |
||||
|
|
|
||||||||||
|
Earnings per share |
|
|
|
|
|
|
|||||
|
- Basic |
0.64 |
0.36 |
1.20 |
0.67 |
|||||||
|
- Diluted |
0.56 |
0.35 |
1.06 |
0.65 |
|||||||
|
Weighted average number of shares |
|||||||||||
|
-Basic |
27,965,872 |
33,267,487 |
27,789,766 |
33,107,097 |
|||||||
|
-Diluted |
32,069,815 |
35,172,985 |
31,515,129 |
34,407,373 |
|||||||
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
|
December 31, |
June 30, |
||||||
|
2024 |
2025 |
||||||
|
Assets |
|||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
67,783,531 |
127,683,611 |
|||||
|
Time deposits |
138,948,481 |
84,506,500 |
|||||
|
Trade and other receivables |
13,456,083 |
12,785,314 |
|||||
|
Other current assets |
652,769 |
166,792 |
|||||
|
Inventories |
7,306,356 |
5,986,830 |
|||||
|
Advances and prepayments |
250,562 |
225,541 |
|||||
|
Total current assets |
228,397,782 |
|
231,354,588 |
||||
|
Non current assets |
|||||||
|
Operating lease right-of-use asset |
78,761 |
39,912 |
|||||
|
Vessels, net |
208,230,018 |
350,588,210 |
|||||
|
Investment in related party |
12,798,500 |
12,796,416 |
|||||
|
Total non current assets |
221,107,279 |
363,424,538 |
|||||
|
Total assets |
449,505,061 |
594,779,126 |
|||||
|
Liabilities and Stockholders' Equity |
|||||||
|
Current liabilities |
|||||||
|
|
Trade accounts payable |
5,243,872 |
6,199,571 |
||||
|
Payable to related parties |
18,725,514 |
137,708,679 |
|||||
|
Accrued liabilities |
3,370,020 |
3,237,675 |
|||||
|
Operating lease liability, current portion |
78,761 |
39,912 |
|||||
|
Deferred income |
1,419,226 |
2,184,974 |
|||||
|
Total current liabilities |
28,837,393 |
149,370,811 |
|||||
|
Total liabilities |
28,837,393 |
149,370,811 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Capital stock |
382,755 |
386,646 |
|||||
|
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 |
284,199,185 |
|||||
|
Retained earnings |
146,024,662 |
169,204,590 |
|||||
|
Total stockholders' equity |
|
|
420,667,668 |
|
445,408,315 |
||
|
Total liabilities and stockholders' equity |
|
449,505,061 |
|
594,779,126 |
|||
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
|
Six Month Periods Ended June 30, |
|||||||
|
2024 |
2025 |
||||||
|
Cash flows from operating activities |
|||||||
|
Net income for the period |
36,179,042 |
24,050,420 |
|||||
|
Adjustments to reconcile net income to net cash |
|
||||||
|
provided by operating activities: |
|||||||
|
Depreciation |
8,235,069 |
10,749,128 |
|||||
|
Non-cash lease expense |
35,086 |
38,849 |
|||||
|
Share based compensation |
1,895,372 |
1,560,719 |
|||||
|
Net loss on sale of vessel |
1,589,702 |
-- |
|||||
|
Unrealized foreign exchange loss/(gain) on time deposits |
773,620 |
(1,030,640) |
|||||
|
Dividend income from related party |
(379,167) |
-- |
|||||
|
Changes in operating assets and liabilities: |
|||||||
|
(Increase)/decrease in |
|||||||
|
Trade and other receivables |
(5,039,734) |
670,769 |
|||||
|
Other current assets |
(335,060) |
485,977 |
|||||
|
Inventories |
(1,415,296) |
1,319,526 |
|||||
|
Changes in operating lease liabilities |
(35,086) |
(38,849) |
|||||
|
Advances and prepayments |
(442,887) |
25,021 |
|||||
|
Due from related parties |
(1,516,435) |
2,084 |
|||||
|
Increase/(decrease) in |
|||||||
|
Trade accounts payable |
(1,861,518) |
955,699 |
|||||
|
Due to related parties |
929,416 |
2,602,248 |
|||||
|
Accrued liabilities |
199,764 |
(132,345) |
|||||
|
Deferred income |
489,065 |
765,748 |
|||||
|
Net cash provided by operating activities |
39,300,953 |
42,024,354 |
|||||
|
Cash flows from investing activities |
|||||||
|
Dividends income received |
381,250 |
-- |
|||||
|
Proceeds from sale of vessel, net |
41,153,578 |
-- |
|||||
|
Acquisition and improvement of vessels |
(72,856,860) |
(28,820) |
|||||
|
Increase in bank time deposits |
(91,715,140) |
(101,608,390) |
|||||
|
Maturity of bank time deposits |
63,029,230 |
157,081,011 |
|||||
|
Net cash (used in)/provided by investing activities |
(60,007,942) |
|
55,443,801 |
||||
|
Cash flows from financing activities |
|||||||
|
Proceeds from warrants exercise |
1,800,000 |
-- |
|||||
|
Stock repurchases |
(2,504,498) |
-- |
|||||
|
Dividends paid on preferred shares |
(777,193) |
(868,075) |
|||||
|
Repayment of seller and capital expenditures financing |
-- |
(36,700,000) |
|||||
|
Net cash used in financing activities |
(1,481,691) |
|
(37,568,075) |
||||
|
Net (decrease)/increase in cash and cash equivalents |
(22,188,680) |
59,900,080 |
|||||
|
Cash and cash equivalents at beginning of period |
91,927,512 |
67,783,531 |
|||||
|
Cash and cash equivalents at end of period |
69,738,832 |
|
127,683,611 |
||||
|
Cash breakdown |
|||||||
|
Cash and cash equivalents |
69,738,832 |
127,683,611 |
|||||
|
Total cash and cash equivalents shown in the statements of cash flows |
69,738,832 |
127,683,611 |
|||||