Imperial Petroleum Inc. Reports Third Quarter and Nine Months 2025 Financial and Operating Results
11.12.2025 | GlobeNewswire
ATHENS, Dec. 11, 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 third quarter and nine months ended September 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Full integration of our seven drybulk vessels within Q3 25' leading to a 36.1% increase of fleet calendar days compared to Q2 25'.
- Fleet operational utilization of 88.7% for Q3 25' versus 65.6% in in Q3 24'.
- Operational utilization for Q3 25' was 92.5% for our drybulk fleet and 84.4% for our tanker fleet.
- About 75% of total fleet calendar days in Q3 25' were dedicated to time charter activity while 25% to spot activity.
- Revenues of $41.4 million in Q3 25' compared to $33.0 million in Q3 24', representing a 25.5% increase. This is mainly attributed to the increase in average number of vessels in our fleet following the expansion of our drybulk fleet.
- Impressive increase of our operating income to $10.3 million in Q3 25', marking a $4.3 million or 71.7% increase compared to Q3 24' and a $2.1 million or 25.6% rise compared to Q2 25'.
- Net income of $11.0 million in Q3 25' versus $10.1 million in Q3 24' and $12.8 million in Q2 25'.
- EBITDA(1) of $17.9 million for Q3 25' versus $12.2 million in Q3 24' - an increase of 46.7%.
- Net income of $35.0 million for 9M 25', EBITDA of $49.7 million and operating cash flow generation of $57.0 million.
- Cash and cash equivalents including time deposits of $99.3 million as of September 30, 2025. Our current cash position as of the date of this release is in the order of $172 million.
- Capital raise of $60 million through a registered direct equity offering to institutional investors at a purchase price of $6.30 on December 1, 2025; these proceeds are expected to be utilized for further fleet expansion.
Third Quarter 2025 Results:
- Revenues for the three months ended September 30, 2025 amounted to $41.4 million, an increase of $8.4 million, or 25.5%, compared to revenues of $33.0 million for the three months ended September 30, 2024, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet along with an improvement in market rates for both tankers and drybulk vessels.
- Voyage expenses and vessels' operating expenses for the three months ended September 30, 2025 were $11.6 million and $10.9 million, respectively, compared to $13.0 million and $7.2 million, respectively, for the three months ended September 30, 2024. The $1.4 million decrease in voyage expenses is mainly attributed to increased time charter activity as five out of our nine tankers and nearly all of our ten dry bulk vessels were under time charter employment during the whole period, leading to a decline in spot employment. The $3.7 million increase in vessels' operating expenses is primarily due to the increased size of our fleet by an average of 8.6 vessels.
- Drydocking costs for the three months ended September 30, 2025 and 2024 were $0.05 million and $0.9 million, respectively. During the three months ended September 30, 2025, no vessel underwent drydocking whereas during the three months ended September 30, 2024 one of our product tankers underwent drydocking.
- General and administrative costs for the three months ended September 30, 2025 and 2024 were $1.2 million for each period.
- Depreciation for the three months ended September 30, 2025 and 2024 was $7.5 million and $4.3 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 September 30, 2025 and 2024 were $0.8 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Other operating income for the three months ended September 30, 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.
- Interest and finance costs for the three months ended September 30, 2025 and 2024 were $0.9 million and $0.1 million, respectively. The $0.9 million of costs for the three months ended September 30, 2025 relate mainly to accrued interest expense - related party in connection with our last seven dry bulk vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these seven vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were paid in full within the third quarter of 2025, remained the same as the originally agreed purchase prices. The $0.1 million of costs for the three months ended September 30, 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 the second quarter of 2025.
- Interest income for the three months ended September 30, 2025 was $1.5 million as compared to $2.1 million for the three months ended September 30, 2024. The $0.6 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.
- Interest income - related party for the three months ended September 30, 2025 was nil as compared to $0.1 million for the three months ended September 30, 2024. The decrease is mainly attributed to the $0.1 million of accrued interest income - related party for the three months ended September 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.
- Foreign exchange (loss)/gain for the three months ended September 30, 2025 was a loss of $0.1 million as compared to a gain of $1.7 million for the three months ended September 30, 2024. The $1.8 million decrease is mainly attributed to the decreased fluctuation of euro dollar foreign exchange rate when compared to the second quarter of 2025 along with the decrease in the amount of funds held in Euro currency.
- As a result of the above, for the three months ended September 30, 2025, the Company reported net income of $11.0 million, compared to net income of $10.1 million for the three months ended September 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.44 million for the three months ended September 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended September 30, 2025 was 33.7 million. Earnings per share, basic and diluted, for the three months ended September 30, 2025 amounted to $0.30 and $0.29, respectively, compared to earnings per share, basic and diluted, of $0.29 and $0.27, respectively, for the three months ended September 30, 2024.
- Adjusted net income1 was $11.8 million corresponding to an Adjusted EPS1, basic, of $0.32 for the three months ended September 30, 2025 compared to an Adjusted net income of $10.9 million corresponding to an Adjusted EPS, basic, of $0.32 for the same period of last year.
- EBITDA for the three months ended September 30, 2025 amounted to $17.9 million, while Adjusted EBITDA1 for the three months ended September 30, 2025 amounted to $18.7 million.
- An average of 19.0 vessels were owned by the Company during the three months ended September 30, 2025 compared to an average of 10.4 vessels for the same period of 2024.
Nine months 2025 Results:
- Revenues for the nine months ended September 30, 2025 amounted to $109.9 million, a decrease of $11.4 million, or 9.4%, compared to revenues of $121.3 million for the nine months ended September 30, 2024, primarily due to stronger tanker rates prevailing in the first half of 2024 compared to the same period of 2025.
- Voyage expenses and vessels' operating expenses for the nine months ended September 30, 2025 were $32.8 million and $26.4 million, respectively, compared to $43.6 million and $19.7 million, respectively, for the nine months ended September 30, 2024. The $10.8 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 28.2% as a result of a rise in time charter activity. The $6.7 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 nine months ended September 30, 2025 and 2024 were $1.7 million and $1.5 million, respectively. During the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 were $3.5 million and $3.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
- Depreciation for the nine months ended September 30, 2025 was $18.3 million, a $5.8 million increase from $12.5 million for the same period of last year, due to the increase in the average number of our vessels.
- Other operating income for the nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 were $2.3 million and $0.1 million, respectively. The $2.3 million of costs for the nine months ended September 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 to take place within one year from the date of entry into 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 the time of payment, although no interest was contractually charged by the sellers. The final balances, which were repaid in full within the nine months of 2025, remained the same as the originally agreed purchase prices.
- Interest income for the nine months ended September 30, 2025 and 2024 was $6.0 million and $4.4 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
- Foreign exchange gain for the nine months ended September 30, 2025 was $4.6 million as compared to $0.6 million for the nine months ended September 30, 2024. The $4.0 million increase in foreign exchange gain for the nine months ended September 30, 2025 is mainly attributed the strengthening of the euro currency against the dollar at the end of the nine months ended September 30, 2025 when compared to the respective currency values at the end the same period of last year.
- As a result of the above, the Company reported net income for the nine months ended September 30, 2025 of $35.0 million, compared to net income of $46.2 million for the nine months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the nine months ended September 30, 2025 amounted to $0.98 and $0.93, respectively, compared to earnings per share, basic and diluted, for the nine months ended September 30, 2024 of $1.47 and $1.32, respectively.
- Adjusted Net Income was $37.4 million corresponding to an Adjusted EPS, basic, of $1.04 for the nine months ended September 30, 2025 compared to adjusted net income of $50.6 million, or $1.61 Adjusted EPS, basic, for the same period of last year.
- EBITDA for the nine months ended September 30, 2025 amounted to $49.7 million while Adjusted EBITDA for the nine months ended September 30, 2025 amounted to $52.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
- An average of 15.0 vessels were owned by the Company during the nine months ended September 30, 2025 compared to an average of 10.2 vessels for the same period of 2024.
- As of September 30, 2025, cash and cash equivalents including time deposits amounted to $99.3 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 December 11, 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 | January 26 |
| Clean Thrasher | 2008 | Korea | 47,000 | MR product tanker | Time Charter | January 26 |
| Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46,000 | MR product tanker | Spot | |
| 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 | December 25 |
| Glorieuse | 2012 | Japan | 38,000 | Handysize drybulk | Time Charter | December 25 |
| Neptulus | 2012 | Japan | 33,000 | Handysize drybulk | Time Charter | January 26 |
| Supra Pasha | 2012 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Monarch | 2011 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Baron | 2009 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Supra Sovereign | 2012 | Japan | 56,000 | Supramax drybulk | Time Charter | January 26 |
| Supra Duke | 2011 | Japan | 56,000 | Supramax drybulk | Time Charter | December 25 |
| Eco Sikousis | 2008 | Japan | 82,000 | Kamsarmax drybulk | Time Charter | December 25 |
| Eco Czar | 2023 | Japan | 82,000 | Kamsarmax drybulk | Time Charter | February 2026 |
| 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 the first quarter of 2026 and August 2026. |
CEO Harry Vafias Commented
The full integration of our recently delivered seven drybulk vessels, increasing our fleet to 19 ships and soon to 22 ships, enhanced within Q3 25 our income and profitability stemming from core operations. Market rates for both tanker and drybulk markets are solid and this seems likely to hold in the upcoming quarters. With our debt free balance sheet, our cash base that is currently about $172 million and our focus on quality built Japanese and Korean ships, we aim for an even better performance in the fourth quarter of 2025.
Conference Call details:
On December 11, 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.
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/BI070a67268c6047158716d8fe3d38aeb7
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, three handysize drybulk carriers, five supramax drybulk carriers and two kamsarmax drybulk vessels - with a total capacity of 1,195,000 deadweight tons (dwt) and has contracted to acquire an additional two handysize drybulk carriers and a post panamax drybulk carrier 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 obtain financing and comply with covenants in any such 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 September 30, 2024 and September 30, 2025.
| FLEET DATA | Q3 2024 | Q3 2025 | 9M 2024 | 9M 2025 |
| Average number of vessels (1) | 10.41 | 19.00 | 10.18 | 15.03 |
| Period end number of owned vessels in fleet | 11 | 19 | 11 | 19 |
| Total calendar days for fleet (2) | 958 | 1,748 | 2,789 | 4,103 |
| Total voyage days for fleet (3) | 890 | 1,739 | 2,690 | 4,043 |
| Fleet utilization (4) | 92.9% | 99.5% | 96.5% | 98.5% |
| Total charter days for fleet (5) | 261 | 1,308 | 646 | 2,576 |
| Total spot market days for fleet (6) | 629 | 431 | 2,044 | 1,467 |
| Fleet operational utilization (7) | 65.6% | 88.7% | 75.5% | 85.7% |
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, | Third Quarter Ended | Nine months Period Ended | ||
| except number of shares) | September 30th, | September 30th, | ||
| 2024 | 2025 | 2024 | 2025 | |
| Net Income - Adjusted Net Income | ||||
| Net income | 10,061,069 | 10,964,002 | 46,240,111 | 35,014,422 |
| Plus net loss on sale of vessel | -- | -- | 1,589,702 | -- |
| Plus share based compensation | 836,648 | 799,648 | 2,732,020 | 2,360,367 |
| Adjusted Net Income | 10,897,717 | 11,763,650 | 50,561,833 | 37,374,789 |
| Net income - EBITDA | ||||
| Net income | 10,061,069 | 10,964,002 | 46,240,111 | 35,014,422 |
| Plus interest and finance costs | 113,471 | 875,818 | 121,698 | 2,320,290 |
| Less interest income | (2,262,938) | (1,493,807) | (6,036,542) | (5,952,371) |
| Plus depreciation | 4,290,384 | 7,535,007 | 12,525,453 | 18,284,135 |
| EBITDA | 12,201,986 | 17,881,020 | 52,850,720 | 49,666,476 |
| Net income - Adjusted EBITDA | ||||
| Net income | 10,061,069 | 10,964,002 | 46,240,111 | 35,014,422 |
| Plus net loss on sale of vessel | -- | -- | 1,589,702 | -- |
| Plus share based compensation | 836,648 | 799,648 | 2,732,020 | 2,360,367 |
| Plus interest and finance costs | 113,471 | 875,818 | 121,698 | 2,320,290 |
| Less interest income | (2,262,938) | (1,493,807) | (6,036,542) | (5,952,371) |
| Plus depreciation | 4,290,384 | 7,535,007 | 12,525,453 | 18,284,135 |
| Adjusted EBITDA | 13,038,634 | 18,680,668 | 57,172,442 | 52,026,843 |
| EPS | ||||
| Numerator | ||||
| Net income | 10,061,069 | 10,964,002 | 46,240,111 | 35,014,422 |
| Less: Cumulative dividends on preferred shares | (435,245) | (435,245) | (1,305,737) | (1,305,737) |
| Less: Undistributed earnings allocated to non-vested shares | (437,903) | (371,772) | (2,353,108) | (1,239,283) |
| Net income attributable to common shareholders, basic | 9,187,921 | 10,156,985 | 42,581,266 | 32,469,402 |
| Denominator | ||||
| Weighted average number of shares | 31,383,953 | 33,664,833 | 28,995,256 | 33,295,052 |
| EPS - Basic | 0.29 | 0.30 | 1.47 | 0.98 |
| Adjusted EPS | ||||
| Numerator | ||||
| Adjusted net income | 10,897,717 | 11,763,650 | 50,561,833 | 37,374,789 |
| Less: Cumulative dividends on preferred shares | (435,245) | (435,245) | (1,305,737) | (1,305,737) |
| Less: Undistributed earnings allocated to non-vested shares | (475,965) | (400,007) | (2,579,426) | (1,326,060) |
| Adjusted net income attributable to common shareholders, basic | 9,986,507 | 10,928,398 | 46,676,670 | 34,742,992 |
| Denominator | ||||
| Weighted average number of shares | 31,383,953 | 33,664,833 | 28,995,256 | 33,295,052 |
| Adjusted EPS | 0.32 | 0.32 | 1.61 | 1.04 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Quarters Ended September 30, | Nine Month Periods Ended September 30, | |||||||
| 2024 | 2025 | 2024 | 2025 | |||||
| Revenues | ||||||||
| Revenues | 33,023,153 | 41,419,544 | 121,268,315 | 109,859,989 | ||||
| Expenses/(Income) | ||||||||
| Voyage expenses | 12,558,037 | 11,104,945 | 42,046,339 | 31,431,024 | ||||
| Voyage expenses - related party | 415,715 | 511,031 | 1,518,099 | 1,345,647 | ||||
| Vessels' operating expenses | 7,142,040 | 10,726,721 | 19,482,856 | 26,046,169 | ||||
| Vessels' operating expenses - related party | 79,000 | 160,000 | 238,500 | 367,500 | ||||
| Drydocking costs | 870,486 | 52,492 | 1,495,943 | 1,744,525 | ||||
| Management fees - related party | 421,520 | 769,120 | 1,227,160 | 1,805,320 | ||||
| General and administrative expenses | 1,215,921 | 1,185,523 | 3,899,293 | 3,468,464 | ||||
| Depreciation | 4,290,384 | 7,535,007 | 12,525,453 | 18,284,135 | ||||
| Other operating income | -- | (885,443) | (1,900,000) | (885,443) | ||||
| Net loss on sale of vessel | -- | -- | 1,589,702 | -- | ||||
| Total expenses, net | 26,993,103 | 31,159,396 | 82,123,345 | 83,607,341 | ||||
| Income from operations | 6,030,050 | 10,260,148 | 39,144,970 | 26,252,648 | ||||
| Other (expenses)/income | ||||||||
| Interest and finance costs | (4,534) | (2,527) | (12,761) | (9,249) | ||||
| Interest expense - related party | (108,937) | (873,291) | (108,937) | (2,311,041) | ||||
| Interest income | 2,142,734 | 1,493,807 | 4,399,902 | 5,952,371 | ||||
| Interest income - related party | 120,204 | -- | 1,636,640 | -- | ||||
| Dividend income from related party | 191,666 | 191,667 | 570,833 | 568,750 | ||||
| Foreign exchange gain/(loss) | 1,689,886 | (105,802) | 609,464 | 4,560,943 | ||||
| Other income, net | 4,031,019 | 703,854 | 7,095,141 | 8,761,774 | ||||
| Net Income | 10,061,069 | 10,964,002 | 46,240,111 | 35,014,422 | ||||
| Earnings per share | ||||||||
| - Basic | 0.29 | 0.30 | 1.47 | 0.98 | ||||
| - Diluted | 0.27 | 0.29 | 1.32 | 0.93 | ||||
| Weighted average number of shares | ||||||||
| -Basic | 31,383,953 | 33,664,833 | 28,995,256 | 33,295,052 | ||||
| -Diluted | 34,263,264 | 36,405,731 | 32,435,279 | 34,838,521 | ||||
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, | September 30, | ||||||
| 2024 | 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 67,783,531 | 2,858,795 | |||||
| Time deposits | 138,948,481 | 96,462,936 | |||||
| Trade and other receivables | 13,456,083 | 11,592,393 | |||||
| Other current assets | 652,769 | 1,677,940 | |||||
| Claims receivable | -- | 885,443 | |||||
| Inventories | 7,306,356 | 6,774,367 | |||||
| Advances and prepayments | 250,562 | 225,008 | |||||
| Total current assets | 228,397,782 | 120,476,882 | |||||
| Non current assets | |||||||
| Operating lease right-of-use asset | 78,761 | 19,263 | |||||
| Vessels, net | 208,230,018 | 343,053,203 | |||||
| Investment in related party | 12,798,500 | 12,798,500 | |||||
| Total non current assets | 221,107,279 | 355,870,966 | |||||
| Total assets | 449,505,061 | 476,347,848 | |||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Trade accounts payable | 5,243,872 | 8,378,540 | |||||
| Payable to related parties | 18,725,514 | 4,567,879 | |||||
| Accrued liabilities | 3,370,020 | 2,886,763 | |||||
| Operating lease liability, current portion | 78,761 | 19,263 | |||||
| Deferred income | 1,419,226 | 1,512,017 | |||||
| Total current liabilities | 28,837,393 | 17,364,462 | |||||
| Total liabilities | 28,837,393 | 17,364,462 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Capital stock | 382,755 | 401,798 | |||||
| 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 | 287,230,347 | |||||
| Retained earnings | 146,024,662 | 179,733,347 | |||||
| Total stockholders' equity | 420,667,668 | 458,983,386 | |||||
| Total liabilities and stockholders' equity | 449,505,061 | 476,347,848 | |||||
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
| Nine Month Periods Ended September 30, | ||||
| 2024 | 2025 | |||
| Cash flows from operating activities | ||||
| Net income for the period | 46,240,111 | 35,014,422 | ||
| Adjustments to reconcile net income to net cash | ||||
| provided by operating activities: | ||||
| Depreciation | 12,525,453 | 18,284,135 | ||
| Non-cash lease expense | 53,681 | 59,498 | ||
| Share based compensation | 2,732,020 | 2,360,367 | ||
| Net loss on sale of vessel | 1,589,702 | -- | ||
| Unrealized foreign exchange loss/(gain) on time deposits | 580,990 | (1,041,651) | ||
| Changes in operating assets and liabilities: | ||||
| (Increase)/decrease in | ||||
| Trade and other receivables | 1,010,078 | 1,863,690 | ||
| Other current assets | 206,747 | (1,025,171) | ||
| Claims receivable | -- | (885,443) | ||
| Inventories | 598,099 | 531,989 | ||
| Changes in operating lease liabilities | (53,681) | (59,498) | ||
| Advances and prepayments | (127,225) | 25,554 | ||
| Due from related parties | 2,206,821 | -- | ||
| Increase/(decrease) in | ||||
| Trade accounts payable | (1,876,732) | 3,134,668 | ||
| Due to related parties | 2,253,296 | (856,260) | ||
| Accrued liabilities | 621,976 | (483,257) | ||
| Deferred income | 54,963 | 92,791 | ||
| Net cash provided by operating activities | 68,616,299 | 57,015,834 | ||
| Cash flows from investing activities | ||||
| Proceeds from sale of vessel, net | 41,153,578 | -- | ||
| Payments for acquisition, improvement and capitalized expenses of vessels | (74,593,568) | (1,707,320) | ||
| Increase in bank time deposits | (120,331,710) | (154,383,415) | ||
| Maturity of bank time deposits | 119,829,230 | 197,910,611 | ||
| Proceeds from seller financing | 35,700,000 | -- | ||
| Net cash provided by investing activities | 1,757,530 | 41,819,876 | ||
| Cash flows from financing activities | ||||
| Proceeds from exercise of stock options | -- | 180,000 | ||
| Proceeds from warrants exercise | 8,600,000 | 2,066,666 | ||
| Stock repurchases | (2,504,498) | -- | ||
| Dividends paid on preferred shares | (1,248,254) | (1,302,112) | ||
| Repayment of seller financing | -- | (164,705,000) | ||
| Net cash provided by/(used in) financing activities | 4,847,248 | (163,760,446) | ||
| Net increase/(decrease) in cash and cash equivalents | 75,221,077 | (64,924,736) | ||
| Cash and cash equivalents at beginning of period | 91,927,512 | 67,783,531 | ||
| Cash and cash equivalents at end of period | 167,148,589 | 2,858,795 | ||
| Cash breakdown | ||||
| Cash and cash equivalents | 167,148,589 | 2,858,795 | ||
| Total cash and cash equivalents shown in the statements of cash flows | 167,148,589 | 2,858,795 | ||