Heidmar Maritime Holdings Corp. Reports Fourth Quarter 2025 Results
Rhea-AI Summary
Heidmar Maritime Holdings (NASDAQ: HMR) reported Q4 2025 total revenues of $25.1 million (Q4 2024: $5.3M) and full-year 2025 revenues of $55.9 million (2024: $28.9M). Net loss from continuing operations attributable to shareholders was $4.0 million in Q4 and $8.6 million for 2025.
Cash and cash equivalents were $18.6 million at December 31, 2025. Fleet additions and new charters expanded managed vessels, and management noted CEO share purchases raising his ownership to ~45%.
Positive
- Total revenues increased to $55.9M in 2025 (+93% vs 2024)
- Fleet scale-up: nine managed vessels in 2025 vs two in 2024
- Two MR2 newbuilds began ~2-year time charters at ~$23,000/day
- Cash position of $18.6M at year-end 2025
Negative
- Net loss from continuing operations of $8.6M for 2025
- G&A rose to $18.5M in 2025, up $5.6M year-over-year
- Share issuance generated only $271k in net proceeds
Key Figures
Market Reality Check
Peers on Argus
Marine shipping peers like TORO showed upside, with TORO appearing on momentum scans up 5.23%, but scanner data does not flag a coordinated sector move for HMR.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -0.8% | Reported strong Q3 revenue growth with adjusted net income and fleet additions. |
| Aug 11 | Q2 2025 earnings | Positive | -1.9% | Q2 revenue growth with near break-even loss and major vessel acquisition plan. |
Recent earnings reports with strong revenue growth have coincided with modest negative price reactions, suggesting a pattern of cautious market response to results that still include losses and higher G&A.
Over the past few quarters, Heidmar has reported rapid revenue growth alongside ongoing net losses and higher G&A linked to its Nasdaq listing and incentives. Q2 2025 results highlighted expanding revenue and an acquisition plan funded with structured financing. Q3 2025 showed further revenue acceleration and positive net income for the quarter, supported by fleet additions. This Q4 and full‑year 2025 release continues that narrative of scaling the managed fleet and revenue base while absorbing higher public-company and compensation costs.
Historical Comparison
Past 2 earnings releases saw an average move of -1.33% despite strong revenue growth, as investors focused on continued losses and rising G&A expenses.
Earnings updates from Q2 to Q3 2025 showed rising revenues and expanding managed fleet capacity while net results swung between small losses and profits. This Q4 and full‑year 2025 report extends that progression, with larger revenues driven by more vessels and charter activity but higher G&A from stock-based compensation, bonuses, and public-company costs.
Market Pulse Summary
This announcement details strong Q4 and full‑year 2025 revenue growth driven by more vessels on short‑term spot and time charters, alongside continued net losses and higher G&A from public‑company and incentive costs. Recent history shows similar themes in earlier 2025 earnings releases and ongoing fleet expansion. Investors may focus on how quickly added vessels and profitable charters translate into sustained profitability, and how tightly management controls G&A as the platform scales.
Key Terms
time charter technical
spot charter technical
vlcc technical
suezmax technical
memorandum of agreement financial
AI-generated analysis. Not financial advice.
ATHENS, Greece and NEW YORK, March 24, 2026 (GLOBE NEWSWIRE) -- Heidmar Maritime Holdings Corp. (the "Company" or "Heidmar") (NASDAQ: HMR) today reported its results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Total revenues of
$25.1 million , up from$5.3 million in Q4 2024. - Net loss from continuing operations attributable to shareholders of
$4.0 million or$0.07 loss per share. - Cash and cash equivalents of
$18.6 million as of December 31, 2025.
FOURTH QUARTER 2025 RESULTS COMPARED TO FOURTH QUARTER 2024
Total revenues, earned from commissions, management fees and voyage and time charter hire, were
YEAR ENDED 2025 RESULTS COMPARED TO YEAR ENDED 2024
Total revenues, earned from commissions, management fees and voyage and time charter hire, were
Key quarterly highlights:
- On January 28, 2026, the Company announced that the Memorandum of Agreement (MOA) announced on July 7, 2025, with respect to the acquisition of C/V A. Obelix, was mutually terminated in accordance with the terms therein. The deposit of
$2,525,000 was returned to the Company, and there was no financial impact to the Company. - Under the purchase agreement with B. Riley Principal Capital II LLC (BRPC II) announced in June 2025, the Company as of December 31, 2025, had issued and sold 215,272 shares at a gross average price of
$1.26 per share, generating net proceeds of approximately$270,967. During the fourth quarter ended December 31, 2025, the Company issued and sold 13,590 shares at a gross average price of$1.11 per share, generating net proceeds of approximately$15,028.
Fleet Developments:
-
- Two MR2 newbuild tankers: Two newbuilding MR2 tankers, constructed at a leading Korean shipyard commenced employment following delivery under a time charter of approximately two years at a rate of approximately
$23,000 per day. The ships joined Heidmar’s technically and commercially managed fleet in February 2026. Both ships have been employed profitably in the short-term period market. - One MR2 tanker vessel: One MR2 tanker joined Heidmar’s commercially managed fleet in January 2026.
- One VLCC tanker newbuilding: A state-of-the-art VLCC tanker, built at a leading Chinese shipyard, joined Heidmar’s commercially managed fleet in late February 2026.
- One Suezmax tanker newbuilding: A state-of-the-art Suezmax tanker, built at a leading Chinese shipyard, joined Heidmar’s fleet under commercial management in March 2026.
- Two MR2 newbuild tankers: Two newbuilding MR2 tankers, constructed at a leading Korean shipyard commenced employment following delivery under a time charter of approximately two years at a rate of approximately
Management Commentary
Pankaj Khanna, Chief Executive Officer of Heidmar, commented:
As we look back at events of the fourth quarter of 2025, my thoughts are with the seafarers onboard our own managed ships and those who are either stuck inside the Middle East Gulf or are looking at transiting through war zones. The situation at sea in the Gulf is critical and seems to have no near-term resolution. My thoughts are also with colleagues, customers and friends in the Middle East who must live with constant threat of projectiles that could lead to severe consequences, including injury and loss of life.
The reality of the situation on the ground is that the world has lost
Currently the freight rates for crude tankers that can find cargoes in the Middle East and in other areas have sky rocketed and remain at historical high levels. With our managed fleet of 40 vessels we are in the thick of this and assisting our customers with moving oil as expeditiously as possible.
Against this backdrop, Heidmar’s integrated service offerings is attractive for shipowners and is starting to show its potential. We have added several vessels in Q4 2025 and through Q1 2026 and expect further additions of mainly newbuildings from our partners this year and through the next 2 years.
Further reinforcing this confidence, I increased my personal investment in the company through open market purchases during the period, bringing my total ownership to approximately
Conference Call details:
Our management team will host a conference call to discuss our financial results on Tuesday, March 24, 2026, at 9:00 a.m. Eastern Time (ET).
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll Free Dial In). Please quote “Heidmar” to the operator and/or conference ID 13759460. Click here for additional participant International Toll- Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Webcast:
There will also be a live, and then archived, webcast of the conference call, available through the Company’s website. To listen to the archived audio file, visit www.heidmar.com and click on Financials and Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The information on our website does not form a part of and is not incorporated by reference into this release.
About Heidmar, Inc.
Heidmar is an Athens-based, commercial and pool management business serving the crude and product tanker market and Heidmar is committed to safety, performance, relationships and transparency. With operations in Athens, London, Singapore, Chennai, Hong Kong and Dubai, Heidmar has a reputation as a reliable and responsible partner with a goal of maximizing its customers' profitability. Heidmar seeks to offer vessel owners a "one stop" solution for all maritime services in the crude oil and refined petroleum products sectors. Heidmar believes its unique business model and extensive experience in the maritime industry allows the Company to achieve premier market coverage and utilization, as well as provide customers in the sector with seamless commercial transportation services. For more information, please visit www.heidmar.com.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Company. All statements other than statements of historical facts contained in this press release, including statements regarding the Company’s future results of operations and financial position, business strategy, prospective costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated operations of Heidmar are forward-looking statements. These forward- looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include unforeseen liabilities, expansion and growth of the Company’s operations, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker, container or PSV vessel capacity, changes in the Company’s operating expenses, demand for the Company’s managed fleet, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general international geopolitical conditions and conflicts, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off‐ hires, and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not rely on these forward-looking statements as predictions of future events. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
CONTACT INFORMATION:
Investor Relations/Media Contact:
Nicolas Bornozis / Daniela Guerrero Capital Link, Inc.
230 Park Avenue, Suite 1540 New York, N.Y. 10169
Tel.: (212) 661-7566
Email: heidmar@capitallink.com
HEIDMAR MARITIME HOLDINGS CORP. FINANCIAL TABLES
Explanatory Note
On February 20, 2025, the common shares of Heidmar Maritime Holdings Corp. (the “Company”) commenced trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “HMR” through a business combination transaction involving Heidmar Inc. (“HMI”) and MGO Global Inc. (“MGO”), a Nasdaq-listed company. The Company and HMI are entities under common control. Pursuant to U.S. generally accepted accounting principles (“U.S. GAAP”), this transaction is accounted for as a business acquisition, with Heidmar Inc. being the accounting acquirer and MGO the acquired entity.
Accordingly, the historical interim financial information of Heidmar Inc. has been carried forward as the historical interim financial information of the Company. The interim financial information for the three-month and twelve-month periods ended December 31, 2025, includes the results of operations and financial position of Heidmar Maritime Holdings Corp. and its subsidiaries, Heidmar Inc. and MGO.
Comparative interim financial information for the three-month and twelve-month periods ended December 31, 2024, reflects only the historical financial results of Heidmar Inc., the accounting acquirer. The results of MGO for the comparative period are not presented within the comparative financial information, as MGO is accounted for as the acquired entity and its historical interim financial information does not constitute the predecessor interim financial information of the Company. The Company consolidates MGO from the date of acquisition.
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in U.S. dollars) | |||||||
| Three months ended December 31, | Year ended December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Revenues: | |||||||
| Trade revenues | 3,698,154 | 2,002,588 | 12,331,723 | 13,098,942 | |||
| Voyage and time charter revenues | 21,381,999 | 3,311,971 | 43,520,135 | 15,180,700 | |||
| Syndication income | - | - | - | 670,231 | |||
| Total revenues | 25,080,153 | 5,314,559 | 55,851,858 | 28,949,873 | |||
| Expenses/ (Income): | |||||||
| Voyage expenses | 685,267 | - | 2,692,965 | 610,292 | |||
| (Gain)/ loss on inventories | (122,967 | ) | 101,756 | (305,600 | ) | 101,756 | |
| Operating lease, charter-in and other expenses | 23,292,622 | 2,915,165 | 43,546,230 | 13,364,229 | ||||||||
| Gain on disposal of subsidiary | - | - | (61,130 | ) | - | |||||||
| General and administrative expenses | 5,176,994 | 3,347,588 | 18,540,542 | 12,899,599 | ||||||||
| Depreciation and amortization | 18,497 | 10,987 | 76,467 | 60,546 | ||||||||
| Total expenses, net | 29,050,413 | 6,375,496 | 64,489,474 | 27,036,422 | ||||||||
| Net (loss)/income from continuing operations | (3,970,260 | ) | (1,060,937 | ) | (8,637,616 | ) | 1,913,451 | |||||
| Net loss from discontinued operations | - | - | (13,923,516 | ) | - | |||||||
| Net (loss)/income | (3,970,260 | ) | (1,060,937 | ) | (22,561,132 | ) | 1,913,451 | |||||
| Net (loss)/income from continuing operations per: | ||||||||||||
| Common share, basic and diluted | (0.07 | ) | (0.02 | ) | (0.15 | ) | 0.03 | |||||
| Net loss from discontinued operations per: | ||||||||||||
| Common share, basic and diluted | - | - | (0.24 | ) | - | |||||||
| Net (loss)/income per: | ||||||||||||
| Common share, basic and diluted | (0.07 | ) | (0.02 | ) | (0.39 | ) | 0.03 | |||||
| Weighted average shares outstanding: | ||||||||||||
| Common shares, basic and diluted | 58,400,371 | 57,123,798 | 58,203,129 | 57,123,798 | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA (in U.S. dollars) | ||
| December 31, 2025 | December 31, 2024 | |
| (unaudited) | (audited) | |
| ASSETS | ||
| Cash and cash equivalents | 18,648,537 | 20,029,506 |
| Other current assets | 7,795,973 | 10,222,269 |
| Investment in joint venture | - | 1,569,573 |
| Other non-current assets | 44,755,156 | 6,300,148 |
| Total assets | 71,199,666 | 38,121,496 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Accounts payable and accruals | 4,168,821 | 1,730,308 |
| Payable to shareholder | - | 5,239,219 |
| Other liabilities | 56,321,859 | 12,936,559 |
| Total stockholders’ equity | 10,708,986 | 18,215,410 |
| Total liabilities and stockholders’ equity | 71,199,666 | 38,121,496 |
| OTHER FINANCIAL DATA (unaudited) (in U.S. dollars) | |||||
| Year ended December 31, | |||||
| 2025 | 2024 | ||||
| Net cash provided by operating activities from continuing operations | 13,234,808 | 6,759,303 | |||
| Net cash used in investing activities from continuing operations | (5,043,747 | ) | (4,027,411 | ) | |
| Net cash used in financing activities from continuing operations | (9,487,692 | ) | (1,525,185 | ) | |
| Net cash used in operating activities from discontinued operations | (883,550 | ) | - | ||
| Net cash provided by investing activities from discontinued operations | 883,550 | - | |||
NON-GAAP FINANCIAL MEASURES
Reconciliation of Net (loss)/income from continuing operations to Adjusted EBITDA (unaudited)
(in U.S. Dollars)
| Three months ended December 31, | Year ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net (loss)/income from continuing operations | (3,970,260 | ) | (1,060,937 | ) | (8,637,616 | ) | 1,913,451 | |||||
| Interest and finance (income)/cost, net | (48,162 | ) | 222,161 | (268,183 | ) | 1,403,975 | ||||||
| Depreciation and amortization | 18,497 | 10,987 | 76,467 | 60,546 | ||||||||
| EBITDA | (3,999,925 | ) | (827,789 | ) | (8,829,332 | ) | 3,377,972 | |||||
| Stock-based compensation | 649,342 | - | 4,962,819 | - | ||||||||
| Non-cash expense relating to the fair value of earnout shares | - | - | 3,917,767 | - | ||||||||
| - | ||||||||||||
| Adjusted EBITDA | (3,350,583 | ) | (827,789 | ) | 51,254 | 3,377,972 | ||||||
Adjusted EBITDA reconciliation:
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represent net (loss)/income from continuing operations before interest and finance (income)/ costs, net, depreciation and amortization and income taxes, if any, during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA further adjusted to exclude stock-based compensation and the non-cash expense relating to the fair value of the earnout shares which the Company believes are not indicative of the ongoing performance of its core operations. We present EBITDA and Adjusted EBITDA as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss).EBITDA and Adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Reconciliation of Net (loss)/income from continuing operations to Adjusted Net (loss)/income from continuing operations) (unaudited)
(in U.S. Dollars)
| Three months ended December 31, | Year ended December 31, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Net (loss) / income from continuing operations | (3,970,260 | ) | (1,060,937 | ) | (8,637,616 | ) | 1,913,451 | |||
| Non-cash expense relating to the fair value of earnout shares | - | - | 3,917,767 | - | ||||||
| Stock-based compensation | 649,342 | - | 4,962,819 | - | ||||||
| Adjusted net (loss)/income from continuing operations attributable to shareholders | (3,320,918 | ) | (1,060,937 | ) | 242,970 | 1,913,451 | ||||
| Weighted-average number of shares outstanding | 58,400,371 | 57,123,798 | 58,203,129 | 57,123,798 | ||||||
| Adjustednet(loss)/income from continuing operations per share attributable to shareholders | (0.06 | ) | (0.02 | ) | 0.004 | 0.03 | ||||
Heidmar considers Adjusted net (loss)/income from continuing operations to represent net (loss)/income before certain non-cash items, including the loss on the fair value of the earnout shares and amortization of stock-based compensation. We have included adjustments for these items because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects these items may have from period-to-period. Our presentation of Adjusted net (loss)/income from continuing operations should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Adjusted net (loss)/income from continuing operations per share attributable to shareholders equals Adjusted net (loss)/income from continuing operations per share attributable to shareholders divided by the weighted average number of shares outstanding during the period. Adjusted net (loss)/income from continuing operations and adjusted net (loss)/income from continuing operations per share do not represent and should not be considered as an alternative to net (loss)/income from continuing operations and net (loss)/income from continuing operations per share, as determined by GAAP. The Company's definition of Adjusted net (loss)/income from continuing operations may not be the same as that used by other companies in shipping or other industries. Adjusted net (loss)/income from continuing operations is not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
FAQ
What were Heidmar (HMR) Q4 2025 revenues and EPS impact?
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What caused Heidmar's (HMR) increased general and administration expenses in 2025?
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What fleet developments did Heidmar (HMR) announce around Q4 2025 and early 2026?
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