Icon Energy Corp. Financials
This page shows Icon Energy Corp. (ICON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Asset growth is being funded externally, while depreciation-supported cash flow masks that expansion has not yet covered its financing cost.
Between FY2024 and FY2025, operating cash flow stayed positive at$864K and$799K even as net losses widened from-$210K to-$4.2M , because heavy depreciation lifted cash earnings. But free cash flow remained negative at-$17.2M and-$5.3M , so the business is currently financing asset build-out with outside capital rather than with its own operations.
FY2025 shows a financing-cost squeeze: operating income was only
The balance sheet got more liquid but also more leveraged: current ratio improved from 0.4x to 1.1x, yet debt-to-equity moved from 1.5x to 1.7x as financing cash inflow hit
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Icon Energy Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Icon Energy Corp. has an operating margin of 10.8%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 395.4% the prior year.
Icon Energy Corp. carries a low D/E ratio of 1.73, meaning only $1.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Icon Energy Corp.'s current ratio of 1.10 is below the typical benchmark, resulting in a score of 17/100. However, the company holds substantial cash reserves (85% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Icon Energy Corp. generated $799K in operating cash flow, capex of $6.1M consumed most of it, leaving -$5.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Icon Energy Corp. generates a -19.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -1.8% the prior year.
Icon Energy Corp. scores 0.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.3M) relative to total liabilities ($37.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Icon Energy Corp. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Icon Energy Corp. generates $-0.19 in operating cash flow ($799K OCF vs -$4.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Icon Energy Corp. earns $0.0 in operating income for every $1 of interest expense ($180K vs $3.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Icon Energy Corp. generated $1.7M in revenue in fiscal year 2025. This represents an increase of 3786.0% from the prior year.
Icon Energy Corp.'s EBITDA was $3.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 139.2% from the prior year.
Icon Energy Corp. reported -$4.2M in net income in fiscal year 2025. This represents a decrease of 1898.6% from the prior year.
Icon Energy Corp. earned $-18.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 94.1% from the prior year.
Cash & Balance Sheet
Icon Energy Corp. generated -$5.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 69.2% from the prior year.
Icon Energy Corp. held $3.9M in cash against $0 in long-term debt as of fiscal year 2025.
Icon Energy Corp. had 691,977 shares outstanding in fiscal year 2025. This represents an increase of 9444.5% from the prior year.
Margins & Returns
Icon Energy Corp.'s operating margin was 10.8% in fiscal year 2025, reflecting core business profitability. This is down 384.6 percentage points from the prior year.
Icon Energy Corp.'s net profit margin was -251.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 237.2 percentage points from the prior year.
Icon Energy Corp.'s ROE was -19.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 17.8 percentage points from the prior year.
Capital Allocation
Icon Energy Corp. invested $6.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 66.2% from the prior year.
ICON Income Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A |
ICON Balance Sheet
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Total Assets | $58.4M-0.4% | $58.7M+103.7% | $28.8M+123.5% | $12.9M |
| Current Assets | $5.0M+7.6% | $4.7M+262.7% | $1.3M-57.3% | $3.0M |
| Cash & Equivalents | $3.9M+2.4% | $3.8M+300.5% | $946K-65.0% | $2.7M |
| Inventory | $314K+6.8% | $294K+121.1% | $133K+133.3% | $57K |
| Accounts Receivable | $278K+73.8% | $160K | $0 | N/A |
| Goodwill | N/A | N/A | N/A | N/A |
| Total Liabilities | $37.1M-3.0% | $38.2M+124.1% | $17.0M+359.2% | $3.7M |
| Current Liabilities | $4.6M+4.7% | $4.4M+31.6% | $3.3M-10.3% | $3.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A |
| Total Equity | $21.4M+4.5% | $20.5M+74.2% | $11.7M+28.1% | $9.2M |
| Retained Earnings | -$4.1M-14.1% | -$3.6M-2885.9% | $128K-77.8% | $577K |
ICON Cash Flow Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
ICON Financial Ratios
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A |
| Current Ratio | 1.10+0.0 | 1.07+0.7 | 0.39-0.4 | 0.81 |
| Debt-to-Equity | 1.73-0.1 | 1.87+0.4 | 1.45+1.0 | 0.41 |
| FCF Margin | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Icon Energy Corp.'s annual revenue?
Icon Energy Corp. (ICON) reported $1.7M in total revenue for fiscal year 2025. This represents a 3786.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Icon Energy Corp.'s revenue growing?
Icon Energy Corp. (ICON) revenue grew by 3786% year-over-year, from $43K to $1.7M in fiscal year 2025.
Is Icon Energy Corp. profitable?
No, Icon Energy Corp. (ICON) reported a net income of -$4.2M in fiscal year 2025, with a net profit margin of -251.2%.
What is Icon Energy Corp.'s EBITDA?
Icon Energy Corp. (ICON) had EBITDA of $3.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Icon Energy Corp.'s operating margin?
Icon Energy Corp. (ICON) had an operating margin of 10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Icon Energy Corp.'s net profit margin?
Icon Energy Corp. (ICON) had a net profit margin of -251.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Icon Energy Corp.'s return on equity (ROE)?
Icon Energy Corp. (ICON) has a return on equity of -19.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Icon Energy Corp.'s free cash flow?
Icon Energy Corp. (ICON) generated -$5.3M in free cash flow during fiscal year 2025. This represents a 69.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Icon Energy Corp.'s operating cash flow?
Icon Energy Corp. (ICON) generated $799K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Icon Energy Corp.'s total assets?
Icon Energy Corp. (ICON) had $58.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Icon Energy Corp.'s capital expenditures?
Icon Energy Corp. (ICON) invested $6.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Icon Energy Corp.'s current ratio?
Icon Energy Corp. (ICON) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Icon Energy Corp.'s debt-to-equity ratio?
Icon Energy Corp. (ICON) had a debt-to-equity ratio of 1.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Icon Energy Corp.'s return on assets (ROA)?
Icon Energy Corp. (ICON) had a return on assets of -7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Icon Energy Corp.'s Altman Z-Score?
Icon Energy Corp. (ICON) has an Altman Z-Score of 0.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Icon Energy Corp.'s Piotroski F-Score?
Icon Energy Corp. (ICON) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Icon Energy Corp.'s earnings high quality?
Icon Energy Corp. (ICON) has an earnings quality ratio of -0.19x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Icon Energy Corp. cover its interest payments?
Icon Energy Corp. (ICON) has an interest coverage ratio of 0.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Icon Energy Corp.?
Icon Energy Corp. (ICON) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.