Imperial Petroleum Announces Management Estimate of Net Asset Value Per Share

Rhea-AI Summary

Imperial Petroleum (Nasdaq: IMPP) estimated a Net Asset Value (NAV) of $508.03 million as of September 30, 2025, pro forma for its registered equity offering completed on December 1, 2025.

Management reported a NAV of $11.38 per common share for currently outstanding shares and $9.21 per share fully diluted (assuming cash exercise of all warrants and options). The estimate is based on vessel market values, an investment in C3is Inc., and cash, less preferred liquidation value, and excludes seven vessel acquisition agreements entered into in August and December 2025.

Management cautioned the NAV is a point-in-time estimate subject to assumptions and change and does not represent the price a shareholder would receive for shares.

Positive

• NAV $508.03M as of Sep 30, 2025 pro forma for Dec 1, 2025 equity offering
• $11.38 NAV per common share outstanding
• CEO Harry Vafias owns 30.1% of common stock, indicating insider alignment

Negative

• Estimated NAV excludes seven vessel acquisition values and payment obligations
• NAV is based on estimates and may change; does not represent realizable liquidation value

Key Figures

Estimated NAV $508.03M Management estimate as of Sept 30, 2025, pro forma for Dec 1, 2025 equity offering

NAV per share $11.38 Per common share currently outstanding, post equity offering

Fully diluted NAV/share $9.21 Assuming exercise of all outstanding warrants and options for cash

CEO common shares 13.45M shares Direct and indirect beneficial ownership of common stock

CEO common ownership 30.1% Percentage of outstanding common stock

CEO preferred shares 200,209 shares Series A Cumulative Redeemable Perpetual Preferred Stock

CEO preferred ownership 25.2% Percentage of outstanding Series A preferred shares

52-week range $2.117–$6.57 Pre-news trading range with last close at $3.83

Market Reality Check

$3.79 Last Close

Volume Volume 947,243 is 0.8x the 20-day average of 1,180,305, indicating subdued activity pre-announcement. normal

Technical Shares at $3.83 were trading above the $3.63 200-day moving average, indicating a modest upward bias before this NAV update.

Peers on Argus

Peers showed mixed moves: DLNG -1.51%, MMLP -3.42%, KNOP +3.03%, SMC -0.11%, TEN -0.09%. This pattern suggests the IMPP news is more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	Earnings update	Positive	-4.9%	Strong Q3 2025 growth and debt-free balance sheet reported.
Dec 05	Earnings scheduling	Neutral	-0.8%	Announcement of Q3 2025 results release and conference call date.
Nov 28	Equity offering	Negative	-21.8%	Pricing of $60M registered direct offering with warrants.
Sep 12	Preferred dividend	Positive	+9.6%	Declaration of dividend on Series A preferred shares.
Sep 05	Earnings update	Positive	+2.0%	Q2 2025 results with fleet growth and solid profitability.

Pattern Detected

IMPP’s news flow has mostly seen price moves that align with the tone of announcements, with one notable divergence on strong Q3 2025 results.

Recent Company History

Over the last six months, Imperial Petroleum reported multiple financial milestones and capital actions. Q2 and Q3 2025 results showed profitability, fleet expansion to 19 vessels, and periods of zero debt. A $60M registered direct offering in late November 2025 supported further growth but coincided with a sharp negative reaction. The preferred dividend declaration on September 12, 2025 saw a strong positive response. Today’s NAV communication builds on this backdrop of balance sheet focus and fleet investment.

Market Pulse Summary

This announcement highlights management’s estimated NAV of $508.03M, equal to $11.38 per common share and $9.21 on a fully diluted basis, compared with a pre-news price of $3.83. It underscores a sizable insider stake and a balance sheet built through recent fleet expansion and equity issuance. Investors may focus on how often NAV is updated, the assumptions behind vessel valuations, and future capital decisions that could affect per-share value.

Key Terms

net asset value financial

"the Company’s management estimates Imperial Petroleum Inc’s Net Asset Value (“NAV”)"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

fully diluted financial

"$9.21 per common share on a fully diluted basis (assuming exercise of all"

Fully diluted is the total number of a company's shares that would exist if every potential share from stock options, warrants, convertible debt and other claims were converted into common stock — like counting every reserved pizza slice as if everyone who could request one already had it. Investors use the fully diluted share count to see the realistic ownership picture and how those future claims could lower each shareholder’s percentage, earnings per share and implied valuation.

warrants financial

"fully diluted basis (assuming exercise of all outstanding warrants and options for cash)"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

options financial

"fully diluted basis (assuming exercise of all outstanding warrants and options for cash)"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

beneficially owns regulatory

"Harry Vafias, directly and indirectly, beneficially owns 13.45 million shares"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

liquidation value financial

"less the liquidation value of outstanding preferred shares"

Liquidation value is the amount of cash that could be realized if a company’s assets were sold off quickly and its debts and sale costs were paid, usually yielding less than normal selling value. For investors it matters because it provides a practical “floor” or worst‑case estimate of what shareholders or creditors might recover in a bankruptcy or forced sale, helping gauge downside risk much like the cash you’d get from a hastily held garage sale versus a planned auction.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, announced today that at September 30, 2025, pro forma for the Company’s registered equity offering completed on December 1, 2025, the Company’s management estimates Imperial Petroleum Inc’s Net Asset Value (“NAV”) to be $508.03 million. This translates to a NAV of $11.38 per common share currently outstanding and $9.21 per common share on a fully diluted basis (assuming exercise of all outstanding warrants and options for cash), following the equity offering.

As of the date hereof, the Company’s largest stockholder, CEO and Chairman, Harry Vafias, directly and indirectly, beneficially owns 13.45 million shares, or 30.1 %, of the outstanding Common Stock, and 200,209 shares, or 25.2%, of the outstanding Series A Cumulative Redeemable Perpetual Preferred Stock, and has not sold a single share since the Company’s inception, reflecting his confidence in the prospects for the Company.

NET ASSET VALUE (“NAV”)

The estimated NAV is based on estimates of the market value of the vessels in the fleet, investment in C3is Inc., and cash based on the financial statements as of September 30, 2025, pro forma for our equity offering completed on December 1, 2025, less the liquidation value of outstanding preferred shares. The estimated NAV does not reflect our agreements to acquire seven vessels entered into in August and December 2025, including the vessel values and related payment obligations.

The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for such holder’s shares of the Company’s common stock. This NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances. Net Asset Value Calculation methodologies may vary across industries and companies.

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 five handysize drybulk carriers, a post panamax drybulk carrier and a product tanker of 319,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 26 vessels with an aggregate capacity of about 1.5 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, including statements relating to the net asset value of the Company. 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.

Company Contact:

Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

FAQ

What NAV did Imperial Petroleum (IMPP) report on December 22, 2025?

Management estimated a NAV of $508.03 million as of September 30, 2025, pro forma for the Dec 1, 2025 equity offering.

What is Imperial Petroleum's NAV per share (IMPP) as reported Dec 22, 2025?

The company reported a NAV of $11.38 per common share outstanding and $9.21 per share on a fully diluted basis.

Does the reported IMPP NAV include recent vessel purchase agreements?

No; the estimated NAV explicitly does not include the seven vessel acquisition values and related payment obligations entered into in Aug and Dec 2025.

How did Imperial Petroleum calculate the NAV reported for IMMP?

The NAV is based on estimated vessel market values, the investment in C3is Inc., and cash as of Sep 30, 2025, less the liquidation value of outstanding preferred shares.

What insider ownership did Imperial Petroleum disclose on Dec 22, 2025?

CEO and chairman Harry Vafias beneficially owns 13.45 million shares (30.1%) of common stock and 200,209 shares (25.2%) of Series A preferred stock.