STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2025 Financial and Operating Results
Rhea-AI Summary
STEALTHGAS (NASDAQ: GASS) reported unaudited results for Q4 and full-year 2025. For 2025 the company posted net income $60.6M and EPS $1.64 on revenues of $173.2M. Q4 net income was $12.8M and revenues were $39.4M.
The company repaid $85.9M of debt in 2025 and $350M since Dec 2022, leaving fully owned vessels unencumbered and cash of $99.1M as of Dec 31, 2025.
Positive
- Net income of $60.6M for 2025
- Repayments of $85.9M in 2025; $350M since Dec 2022
- Cash and cash equivalents of $99.1M at year-end
- Contracted revenues of approximately $104M (ex-JV)
- ~48% of 2026 fleet days secured under period charters
Negative
- Q4 revenues down 9% to $39.4M
- Q4 net income declined 10% year-over-year
- Loss of operations from vessel Eco Wizard after July incident
- Equity earnings in joint ventures fell by $10.5M YoY
Key Figures
Market Reality Check
Peers on Argus
GASS is up 1.59% with marine peers also firm: UFG up 14.0% and SMHI up 4.44%. The move occurs alongside broader strength in shipping names.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Quarterly earnings | Positive | -1.9% | Reported Q3 2025 profit growth and deleveraging alongside strong cash position. |
| Aug 25 | Quarterly earnings | Positive | +5.4% | Strong Q2 2025 results with record revenues and significant debt reduction. |
| May 28 | Quarterly earnings | Positive | +6.6% | Solid Q1 2025 profit with higher revenues and continued deleveraging progress. |
| Feb 21 | Annual results | Positive | +7.8% | All-time record 2024 net income and strong revenue growth with major debt cuts. |
| Nov 25 | Quarterly earnings | Positive | -4.0% | Q3 2024 results showed higher revenues and record nine‑month profitability. |
Earnings releases have generally been positive and often coincided with upside moves, though there are instances where strong results were followed by short-term selloffs.
Over the last year, STEALTHGAS has reported a series of strong earnings, highlighted by record 2024 net income of $69.9M and robust quarterly profits through 2025. The company consistently emphasized debt reduction, cash build-up, and high contracted coverage of fleet days. Earlier 2025 earnings showed rising revenues but some moderation in net income versus 2024 records. Today’s full-year 2025 update, with solid profitability but slightly lower earnings than 2024, fits this narrative of high, but normalizing, performance after a record year.
Historical Comparison
In the past year, GASS earnings headlines saw an average move of 2.77%. Today’s modest 1.59% uptick is directionally consistent but slightly smaller than typical.
Across 2024–2025 earnings, STEALTHGAS moved from record 2024 profits into 2025 with still-high but slightly lower net income, while steadily reducing debt and maintaining strong fleet coverage.
Market Pulse Summary
This announcement highlights STEALTHGAS’s continued profitability, with 2025 net income of $60.6M and basic EPS of $1.64, alongside meaningful debt reduction totaling $350M since December 2022. Revenues grew to $173.2M despite the Eco Wizard incident, and cash reached $99.1M at year-end. Historically, earnings reports have often coincided with notable price moves. Investors may focus on trends in fleet coverage, contracted revenues near $104M, and whether profitability stabilizes after the record 2024 results.
Key Terms
ebitda financial
adjusted ebitda financial
adjusted net income financial
adjusted eps financial
non-gaap financial
time charter technical
spot market technical
AI-generated analysis. Not financial advice.
ATHENS, Greece, March 02, 2026 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- In 2025 the Company maintained its high profitability reporting Net Income of
$60.6 million and EPS of$1.64 . - For the fourth quarter Net income came in at
$12.8 million corresponding to a basic EPS of$0.34 ,10% lower than the$14.2 million achieved in the previous year. - Revenues for the fourth quarter of
$39.4 million , decreased9% or$4.1 million compared to the same period of last year. - Continued focus on period coverage. About
48% of fleet days for the remainder of 2026 are secured on period charters, with total fleet employment days for all periods generating about$104 million (excl. our single JV vessel) in contracted revenues. - Repaid all debt obligations in our fully owned fleet, making
$85.9 million in debt repayments during the twelve months of 2025 and$350 million since December 2022. Currently, all the vessels in the fully owned fleet are unencumbered. - During 2025 the Company spent
$1.8 million on share repurchases. Overall, under the current program the Company has spent over$21.2 million in share repurchases since June 2023. - The Company further strengthened its liquidity with cash and cash equivalents of
$99.1 million as of December 31, 2025.
Fourth Quarter 2025 Results1:
- Revenues for the three months ended December 31, 2025, amounted to
$39.4 million compared to revenues of$43.5 million for the three months ended December 31, 2024, based on an average of 28.4 vessels and 27.6 vessels owned by the Company, respectively. The decrease in revenue is mainly attributable to the loss of revenue from our vessel Eco Wizard due to the incident that occurred in July 2025 and rendered it inoperable, which was mitigated by the increase in the number of vessels in our fleet. - Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2025, were
$5.9 million and$12.7 million , respectively, compared to$3.2 million and$13.6 million , respectively, for the three months ended December 31, 2024. The$2.7 million increase in voyage expenses was mainly due to an increase in bunkers costs and port expenses as a result of the increase in spot market days for the fleet. - General and administrative expenses for the three months ended December 31, 2025 and 2024, were
$2.2 million and$3.0 million , respectively. The change is mainly attributed to the decrease in stock-based compensation expense. - Depreciation for the three months ended December 31, 2025 and 2024, was
$5.4 million and$6.6 million , respectively. The$1.2 million decrease is mainly related to the two vessels that had been classified as held for sale as of December 31, 2025, whereas no vessels were classified as held for sale during the same period last year. - Gain on sale of vessels for the three months ended December 31, 2025, was
$0.7 million compared to nil for the same period last year. The gain is attributed to the sale of one vessel during the three months ended December 31, 2025. - Interest and finance costs for the three months ended December 31, 2025 and 2024, were
$0.01 million and$1.4 million , respectively. The$1.39 million decrease from the same period of last year is primarily due to continued debt prepayments. - Interest income for the three months ended December 31, 2025 and 2024, was
$0.9 million and$1.1 million , respectively. The decrease of$0.2 million is mainly attributed to the decrease in rates of time deposits. - Equity earnings in joint ventures for the three months ended December 31, 2025 and 2024, was a gain of
$1.1 million and$0.5 million , respectively. The$0.6 million increase was primarily due to higher revenues due to better market conditions. - As a result of the above, for the three months ended December 31, 2025, the Company reported net income of
$12.8 million , compared to net income of$14.2 million for the three months ended December 31, 2024. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2025 and 2024 was 36.1 million and 35.3 million, respectively. - Earnings per share, basic, for the three months ended December 31, 2025, amounted to
$0.34 compared to earnings per share, basic, of$0.38 for the same period of last year. - Adjusted net income, was
$13.3 million corresponding to an Adjusted EPS of$0.36 for the three months ended December 31, 2025 compared to Adjusted net income of$16.4 million corresponding to an Adjusted EPS of$0.44 for the same period of last year. - EBITDA for the three months ended December 31, 2025, amounted to
$17.3 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 28.4 vessels were owned by the Company during the three months ended December 31, 2025 compared to 27.6 vessels for the same period of 2024.
Twelve months 2025 Results1:
- Revenues for the twelve months ended December 31, 2025, amounted to
$173.2 million compared to revenues of$167.3 million for the twelve months ended December 31, 2024, based on an average of 28.4 vessels and 27.2 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in our fleet and improved market conditions, despite the loss of revenue from our vessel Eco Wizard. - Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2025, were
$22.5 million and$53.9 million , respectively, compared to$11.7 million and$49.8 million , respectively, for the twelve months ended December 31, 2024. The$10.8 million increase in voyage expenses was mainly due to an increase in port expenses and in bunkers costs as a result of the increase in spot market days for the fleet. The$4.1 million increase in vessels’ operating expenses was mainly due to increase in crew, maintenance repairs and spares expenses partly in conjunction with the higher number of vessels in the fleet. - Drydocking costs for the twelve months ended December 31, 2025 and 2024, were
$3.6 million and$5.3 million , respectively. Drydocking expenses for twelve months ended December 31, 2025 mainly relate to the completion of four vessels’ drydocking, compared to the same period of last year which included the completion of seven vessel’s drydocking. - General and administrative expenses for the twelve months ended December 31, 2025 and 2024, were
$8.3 million and$10.3 million , respectively. The change is mainly attributed to the decrease in stock-based compensation expense. - Depreciation for the twelve months ended December 31, 2025 and 2024, was
$25.3 million and$26.1 million , respectively, a$0.8 million decrease is mainly related to the two vessels that had been classified as held for sale as of December 31, 2025, whereas no vessels were classified as held for sale during the same period last year. - Impairment loss for the twelve months ended December 31, 2025 and 2024, was
$0.5 million and nil, respectively. As a result of the agreed sale terms for the vessels Gas Cerberus, which was delivered in June 2025, a non-cash impairment loss of$0.5 million was recognized in the first quarter of 2025. - Gain on sale of vessels for the twelve months ended December 31, 2025, was
$0.5 million compared to gain of$0.05 million for the same period last year. The gain is attributed to the sale of two vessels during the twelve months ended December 31, 2025, compared to the gain from the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023. - Interest and finance costs for the twelve months ended December 31, 2025 and 2024, were
$2.2 million and$9.1 million , respectively. The$6.9 million decrease from the same period of last year is primarily due to continued debt prepayments. - Interest income for the twelve months ended December 31, 2025 and 2024, was
$3.0 million and$3.4 million , respectively. The decrease of$0.4 million is mainly attributed to the decrease in rates of time deposits. - Equity earnings in joint ventures for the twelve months ended December 31, 2025 and 2024, was a gain of
$5.1 million and$15.6 million , respectively. The$10.5 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year. - As a result of the above, for the twelve months ended December 31, 2025, the Company reported net income of
$60.6 million , compared to net income of$69.9 million for the twelve months ended December 31, 2024. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2025 and 2024 was 35.9 million and 35.2 million, respectively. - Earnings per share, basic, for the twelve months ended December 31, 2025, amounted to
$1.64 compared to earnings per share, basic, of$1.91 for the same period of last year. - Adjusted net income was
$65.6 million corresponding to an Adjusted EPS of$1.77 for the twelve months ended December 31, 2025 compared to Adjusted net income of$77.3 million corresponding to an Adjusted EPS of$2.11 for the same period of last year. - EBITDA for the twelve months ended December 31, 2025, amounted to
$85.2 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 28.4 vessels were owned by the Company during the twelve months ended December 31, 2025, compared to 27.2 vessels for the same period of 2024.
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.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
- A three year time charter extension for its 2014 built LPG carrier Eco Corsair, until Feb 2029.
- A four months time charter for its 2017 built LPG carrier Eco Frost, until Mar 2026.
- A three months time charter extension for its 2008 built LPG carrier Gas Defiance, until Mar 2026.
- A three months time charter for its 2015 built LPG carrier Eco Lucidity, until Mar 2026.
- A three months time charter extension for its 2018 built LPG carrier Eco Arctic, until Apr 2026.
As of March 2026, the Company has total contracted revenues of approximately
The previously announced sale of the vessel Eco Invictus is expected to be concluded within the first quarter of 2026. In addition, in December 2025, the Company entered into a new agreement with a third party for the sale of the 2015-built vessel Eco Universe with expected delivery in April 2025. Both vessels under sale are debt free with the gross proceeds from these sales of circa
The vessel Eco Wizard is currently at a port in Latvia where further assessments are being conducted following damage caused during the July incident. The Company anticipates to be indemnified for the loss of the vessel in accordance with the insured value and applicable war risk coverage, subject to final adjustment and agreement with underwriters.
CEO Harry Vafias Commented
StealthGas generated
Conference Call details:
On March 2, 2026 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.
https://register-conf.media-server.com/register/BIb28a942d198a4c4da280c78671e6b213
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 29 LPG carriers, including one Joint Venture vessel, in the water. These LPG vessels have a total capacity of 339,134 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
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, including regarding contracted revenue, market conditions, pending vessel sales and our vessel damaged in the third quarter of 2025, 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 STEALTHGAS 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, STEALTHGAS 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, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, the impact of the loss of the Eco Wizard and extent of insurance coverage, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, tensions in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden, accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2024 and December 31, 2025.
| FLEET DATA | Q4 2024 | Q4 2025 | 12M 2024 | 12M 2025 | ||||
| Average number of vessels (1) | 27.6 | 28.4 | 27.2 | 28.4 | ||||
| Period end number of owned vessels in fleet | 28 | 28 | 28 | 28 | ||||
| Total calendar days for fleet (2) | 2,542 | 2,610 | 9,944 | 10,368 | ||||
| Total voyage days for fleet (3) | 2,446 | 2,412 | 9,677 | 10,027 | ||||
| Fleet utilization (4) | ||||||||
| Total charter days for fleet (5) | 2,265 | 2,208 | 8,930 | 8,642 | ||||
| Total spot market days for fleet (6) | 181 | 204 | 747 | 1,385 | ||||
| Fleet operational utilization (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 commercially 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 loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels 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 gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.
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.
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.
| (Expressed in United States Dollars, except number of shares) | Fourth Quarter Ended December 31st, | Twelve months Periods Ended December 31st, | ||||||
| 2024 | 2025 | 2024 | 2025 | |||||
| Net Income - Adjusted Net Income | ||||||||
| Net income | 14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||
| Less gain on derivatives | -- | -- | (99,286 | ) | -- | |||
| Plus swap interest received | -- | -- | 208,127 | -- | ||||
| Less gain on sale of vessels, net | -- | (659,218 | ) | (46,384 | ) | (538,000 | ) | |
| Plus impairment loss | -- | -- | -- | 488,400 | ||||
| Plus share based compensation | 2,206,296 | 1,153,844 | 7,326,808 | 4,967,250 | ||||
| Adjusted Net Income | 16,404,823 | 13,270,182 | 77,251,442 | 65,566,266 | ||||
| Net income – EBITDA | ||||||||
| Net income | 14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||
| Plus interest and finance costs | 1,425,886 | 10,653 | 9,062,562 | 2,241,719 | ||||
| Less interest income | (1,052,786 | ) | (859,187 | ) | (3,416,221 | ) | (2,953,442 | ) |
| Plus depreciation | 6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||
| EBITDA | 21,170,176 | 17,339,610 | 101,585,205 | 85,189,369 | ||||
| Net income - Adjusted EBITDA | ||||||||
| Net income | 14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||
| Less gain on derivatives | -- | -- | (99,286 | ) | -- | |||
| Less gain on sale of vessels, net | -- | (659,218 | ) | (46,384 | ) | (538,000 | ) | |
| Plus impairment loss | -- | -- | -- | 488,400 | ||||
| Plus share based compensation | 2,206,296 | 1,153,844 | 7,326,808 | 4,967,250 | ||||
| Plus interest and finance costs | 1,425,886 | 10,653 | 9,062,562 | 2,241,719 | ||||
| Less interest income | (1,052,786 | ) | (859,187 | ) | (3,416,221 | ) | (2,953,442 | ) |
| Plus depreciation | 6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||
| Adjusted EBITDA | 23,376,472 | 17,834,236 | 108,766,343 | 90,107,019 | ||||
| EPS - Adjusted EPS | ||||||||
| Net income | 14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||
| Adjusted net income | 16,404,823 | 13,270,182 | 77,251,442 | 65,566,266 | ||||
| Weighted average number of shares, basic | 35,345,251 | 36,111,888 | 35,237,059 | 35,881,239 | ||||
| EPS - Basic | 0.38 | 0.34 | 1.91 | 1.64 | ||||
| Adjusted EPS – Basic | 0.44 | 0.36 | 2.11 | 1.77 | ||||
| StealthGas Inc. Unaudited Condensed Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) | ||||||||||||
| Quarters Ended December 31, | Twelve month Periods Ended December 31, | |||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||
| Revenues | ||||||||||||
| Revenues | 43,467,117 | 39,371,480 | 167,262,185 | 173,161,478 | ||||||||
| Expenses | ||||||||||||
| Voyage expenses | 2,679,927 | 5,394,093 | 9,594,880 | 20,433,872 | ||||||||
| Voyage expenses - related party | 535,991 | 464,102 | 2,063,228 | 2,097,322 | ||||||||
| Vessels' operating expenses | 13,404,725 | 12,481,722 | 48,961,137 | 52,980,264 | ||||||||
| Vessels' operating expenses - related party | 212,500 | 238,419 | 875,002 | 933,616 | ||||||||
| Drydocking costs | 1,855,672 | 1,846,503 | 5,312,614 | 3,602,010 | ||||||||
| Management fees - related party | 1,089,040 | 1,118,961 | 4,258,240 | 4,445,120 | ||||||||
| General and administrative expenses | 3,010,733 | 2,248,264 | 10,309,693 | 8,333,449 | ||||||||
| Depreciation | 6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||||||
| Impairment loss | -- | -- | -- | 488,400 | ||||||||
| Net gain on sale of vessels | -- | (659,218 | ) | (46,384 | ) | (538,000 | ) | |||||
| Total expenses | 29,387,137 | 28,545,434 | 107,405,097 | 118,028,529 | ||||||||
| Income from operations | 14,079,980 | 10,826,046 | 59,857,088 | 55,132,949 | ||||||||
| Other (expenses)/income | ||||||||||||
| Interest and finance costs | (1,425,886 | ) | (10,653 | ) | (9,062,562 | ) | (2,241,719 | ) | ||||
| Gain on derivatives | -- | -- | 99,286 | -- | ||||||||
| Interest income | 1,052,786 | 859,187 | 3,416,221 | 2,953,442 | ||||||||
| Foreign exchange gain/(loss) | 25,598 | (18,210 | ) | (70,692 | ) | (282,697 | ) | |||||
| Other (expenses)/income, net | (347,502 | ) | 830,324 | (5,617,747 | ) | 429,026 | ||||||
| Income before equity in earnings of investees | 13,732,478 | 11,656,370 | 54,239,341 | 55,561,975 | ||||||||
| Equity earnings in joint ventures | 466,049 | 1,119,186 | 15,622,836 | 5,086,641 | ||||||||
| Net Income | 14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||
| Earnings per share | ||||||||||||
| - Basic | 0.38 | 0.34 | 1.91 | 1.64 | ||||||||
| - Diluted | 0.38 | 0.34 | 1.90 | 1.64 | ||||||||
| Weighted average number of shares | ||||||||||||
| - Basic | 35,345,251 | 36,111,888 | 35,237,059 | 35,881,239 | ||||||||
| - Diluted | 35,409,350 | 36,111,888 | 35,333,160 | 35,881,239 | ||||||||
| StealthGas Inc. Unaudited Condensed Consolidated Balance Sheets (Expressed in United States Dollars) | ||||||
| December 31, | December 31, | |||||
| 2024 | 2025 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 80,653,398 | 99,077,831 | ||||
| Trade and other receivables | 6,156,300 | 7,744,675 | ||||
| Other current assets | 193,265 | 22,419 | ||||
| Claims receivable | 55,475 | 61,697,544 | ||||
| Inventories | 3,891,147 | 1,899,887 | ||||
| Advances and prepayments | 733,212 | 1,145,504 | ||||
| Assets held for sale | -- | 24,945,022 | ||||
| Fair value of derivatives | 387,608 | -- | ||||
| Total current assets | 92,070,405 | 196,532,882 | ||||
| Non current assets | ||||||
| Operating lease right-of-use assets | -- | 104,801 | ||||
| Vessels, net | 608,214,416 | 491,413,817 | ||||
| Other receivables | 370,053 | 171,275 | ||||
| Restricted cash | 3,867,752 | -- | ||||
| Investments in joint ventures | 27,717,238 | 23,467,353 | ||||
| Total non current assets | 640,169,459 | 515,157,246 | ||||
| Total assets | 732,239,864 | 711,690,128 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities | ||||||
| Payable to related parties | 388,130 | 1,045,962 | ||||
| Trade accounts payable | 10,994,434 | 9,881,737 | ||||
| Accrued and other liabilities | 4,922,587 | 4,443,142 | ||||
| Operating lease liabilities | -- | 104,801 | ||||
| Deferred income | 4,304,667 | 5,665,271 | ||||
| Current portion of long-term debt | 23,333,814 | -- | ||||
| Total current liabilities | 43,943,632 | 21,140,913 | ||||
| Non current liabilities | ||||||
| Deferred income | 213,563 | 222,605 | ||||
| Long-term debt | 61,555,855 | -- | ||||
| Total non current liabilities | 61,769,418 | 222,605 | ||||
| Total liabilities | 105,713,050 | 21,363,518 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity | ||||||
| Capital stock | 370,414 | 371,857 | ||||
| Additional paid-in capital | 409,912,934 | 413,450,279 | ||||
| Retained earnings | 215,855,858 | 276,504,474 | ||||
| Accumulated other comprehensive income | 387,608 | -- | ||||
| Total stockholders' equity | 626,526,814 | 690,326,610 | ||||
| Total liabilities and stockholders' equity | 732,239,864 | 711,690,128 | ||||
| StealthGas Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in United States Dollars) | ||||||
| Twelve month Periods Ended December 31, | ||||||
| 2024 | 2025 | |||||
| Cash flows from operating activities | ||||||
| Net income for the year | 69,862,177 | 60,648,616 | ||||
| Adjustments to reconcile net income to net cash | ||||||
| provided by operating activities: | ||||||
| Depreciation | 26,076,687 | 25,252,476 | ||||
| Amortization of deferred finance charges | 711,378 | 990,921 | ||||
| Amortization of operating lease right-of-use assets | 99,379 | 126,754 | ||||
| Share based compensation | 7,326,808 | 4,967,250 | ||||
| Change in fair value of derivatives | 108,841 | -- | ||||
| Proceeds from disposal of interest rate swaps | 1,018,000 | -- | ||||
| Equity earnings in joint ventures | (15,622,836 | ) | (5,086,641 | ) | ||
| Dividends received from joint ventures | 20,570,036 | 2,634,000 | ||||
| Impairment loss | -- | 488,400 | ||||
| Gain on sale of vessels | (46,384 | ) | (538,000 | ) | ||
| Changes in operating assets and liabilities: | ||||||
| (Increase)/decrease in | ||||||
| Trade and other receivables | (1,971,610 | ) | (1,004,172 | ) | ||
| Other current assets | (62,676 | ) | 170,846 | |||
| Claims receivable | -- | (4,474,893 | ) | |||
| Inventories | (1,664,738 | ) | 2,154,930 | |||
| Changes in operating lease liabilities | (99,379 | ) | (126,754 | ) | ||
| Advances and prepayments | 676,228 | (240,405 | ) | |||
| Increase/(decrease) in | ||||||
| Balances with related parties | (555,589 | ) | 590,092 | |||
| Trade accounts payable | 628,899 | (1,677,299 | ) | |||
| Accrued liabilities | (758,558 | ) | (802,426 | ) | ||
| Deferred income | (2,796,608 | ) | 1,108,984 | |||
| Net cash provided by operating activities | 103,500,055 | 85,182,679 | ||||
| Cash flows from investing activities | ||||||
| Payment for acquisition of remaining interest in joint venture, net of cash acquired | -- | (7,976,895 | ) | |||
| Proceeds from sale of vessels, net | 34,679,584 | 25,072,377 | ||||
| Acquisition and improvements of vessels | (106,169,013 | ) | (412,428 | ) | ||
| Return of investments from joint ventures | 7,007,164 | -- | ||||
| Net cash (used in)/provided by investing activities | (64,482,265 | ) | 16,683,054 | |||
| Cash flows from financing activities | ||||||
| Proceeds from exercise of stock options | 356,250 | 356,250 | ||||
| Stock repurchase | (338,176 | ) | (1,784,712 | ) | ||
| Deferred finance charges paid | (22,167 | ) | -- | |||
| Advances to joint ventures | (11,847 | ) | -- | |||
| Loan repayments | (108,236,401 | ) | (85,880,590 | ) | ||
| Proceeds from long-term debt | 70,000,000 | -- | ||||
| Net cash used in financing activities | (38,252,341 | ) | (87,309,052 | ) | ||
| Net increase in cash, cash equivalents and restricted cash | 765,449 | 14,556,681 | ||||
| Cash, cash equivalents and restricted cash at beginning of year | 83,755,701 | 84,521,150 | ||||
| Cash, cash equivalents and restricted cash at end of year | 84,521,150 | 99,077,831 | ||||
| Cash breakdown | ||||||
| Cash and cash equivalents | 80,653,398 | 99,077,831 | ||||
| Restricted cash, non current | 3,867,752 | -- | ||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 84,521,150 | 99,077,831 | ||||
Company Contact: Konstantinos Sistovaris Investor Relations STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com
FAQ
What were STEALTHGAS (GASS) full-year 2025 net income and EPS?
How much debt did STEALTHGAS (GASS) repay in 2025 and since 2022?
How much cash did STEALTHGAS (GASS) report at year-end 2025?
What impact did the Eco Wizard incident have on STEALTHGAS (GASS) results?
How much of STEALTHGAS (GASS) 2026 fleet days are secured under period charters?
What contracted revenue visibility does STEALTHGAS (GASS) have entering 2026?
