Robin Energy Ltd. Reports Net Income of $5.6 Million for the Three Months Ended June 30, 2026, and $6.1 Million for the Six Months Ended June 30, 2026
Robin Energy delivers sharply higher 2026 earnings, boosts cash via ship sale and equity raises, and reshapes its capital structure and fleet profile.
Rhea-AI Summary
Robin Energy (RBNE) reported net income of $5.6 million for Q2 2026 and $6.1 million for the six months ended June 30, 2026.
Q2 total vessel revenues rose to $2.6 million from $2.0 million a year earlier, a 29.2% increase, while operating income increased to $5.8 million from $0.3 million. Adjusted EBITDA reached $6.4 million in Q2 versus $0.7 million, and Q2 basic EPS was $11.01, slightly above $10.88 in Q2 2025. For the first half, vessel revenues grew 121.5% to $8.0 million and adjusted EBITDA rose to $8.6 million from $1.0 million.
The company completed the $12.8 million sale of the tanker M/T Wonder Mimosa, recognizing a $6.2 million gain, lifted cash to $35.7 million versus $5.6 million at year-end 2025, effected a 1‑for‑15 reverse stock split, raised $17.1 million via an ATM and $3.0 million in a July underwritten offering, and invested $5.5 million in secured convertible notes of IntegrEn Limited.
Positive
- Q2 2026 vessel revenue $2.6m, up 29.2% vs Q2 2025
- Q2 2026 net income $5.6m vs $0.5m in Q2 2025
- Q2 2026 adjusted EBITDA $6.4m vs $0.7m in Q2 2025
- H1 2026 vessel revenues $8.0m, up 121.5% vs H1 2025
- Cash balance $35.7m at June 30, 2026 vs $5.6m at Dec. 31, 2025
- Gain on vessel sale $6.2m from $12.8m M/T Wonder Mimosa disposal
- ATM equity proceeds $17.1m from 0.4m shares in H1 2026
- July 2026 offering proceeds $3.0m from 750,000 new common shares
- Two LPG carriers on time charters at about $353k–$360k per month into late 2026–early 2027
Negative
- Average Daily TCE fell to $11,381 in Q2 2026 from $20,054 in Q2 2025
- Vessel operating expenses rose to $1.2m in Q2 2026 from $0.6m in Q2 2025
- General and administrative expenses doubled to $0.8m in Q2 2026 from $0.4m
- Equity dilution from 0.4m ATM shares plus 750,000 shares in July offering
- 1‑for‑15 reverse stock split reduced outstanding shares to 0.6m on July 9, 2026
- Self‑tender offer cash outflow $3.0m to repurchase 66,667 shares
News Explained
The IntegrEn notes may partly convert into subsidiary equity and are due by year-end 2026.
After selling its tanker, Robin Energy did not proceed with the proposed separation of its tanker segment and withdrew the related SEC registration statement in
In
Robin Energy’s tender offer expired on
Key Figures
- Second-quarter vessel revenues
- $2.6 million vs. $2.0 million
- Three months ended June 30, 2026 vs. 2025
- Second-quarter net income
- $5.6 million vs. $0.5 million
- Three months ended June 30, 2026 vs. 2025
- Six-month vessel revenues
- $8.0 million vs. $3.6 million
- Six months ended June 30, 2026 vs. 2025
- Six-month net income
- $6.1 million vs. $0.4 million
- Six months ended June 30, 2026 vs. 2025
- Cash
- $35.7 million
- As of June 30, 2026; compared with $5.6 million as of December 31, 2025
- Gain on vessel sale
- $6.2 million
- M/T Wonder Mimosa sale, recorded in the second quarter of 2026
- ATM offering proceeds and shares
- $17.1 million gross proceeds; 0.4 million shares issued
- Six months ended June 30, 2026
- Public offering
- 750,000 shares at $4.00 per share; $3.0 million gross proceeds
- Underwritten offering on July 27, 2026
Key Terms
at-the-market offering financial
ebitda financial
u.s. gaap financial
daily tce rate technical
senior secured convertible loan notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LIMASSOL, Cyprus, Sept. 23, 2026 (GLOBE NEWSWIRE) -- Robin Energy Ltd. (NASDAQ: RBNE), (“Robin”, or the “Company”), an international ship-owning company providing energy transportation services globally, today announced its results for the three months and the six months ended June 30, 2026.
Highlights of the Second Quarter Ended June 30, 2026:
- Total vessel revenues:
$2.6 million , as compared to$2.0 million for the three months ended June 30, 2025, or a29.2% increase; - Net income:
$5.6 million , as compared to$0.5 million for the three months ended June 30, 2025, or a980.7% increase; - Operating income:
$5.8 million , as compared to$0.3 million for the three months ended June 30, 2025, or a 1,571% increase; - Earnings per common share, basic:
$11.01 per share, as compared to$10.88 per share for the three months ended June 30, 2025; - Adjusted net income(1):
$6.0 million , as compared to$0.5 million for the three months ended June 30, 2025; - EBITDA(1):
$6.0 million , as compared to$0.7 million for the three months ended June 30, 2025; - Adjusted EBITDA(1):
$6.4 million , as compared to$0.7 million for the three months ended June 30, 2025; - Cash of
$35.7 million as of June 30, 2026, as compared to$5.6 million as of December 31, 2025; - During the three months ended June 30, 2026, we received gross proceeds of
$2.2 million by issuing 0.1 million common shares through an at-the-market (“ATM”) offering agreement entered into on November 13, 2025, with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to which we offered and sold common shares through the sales agents at our discretion. As of September 23, 2026, there were no further transactions; - On March 24, 2026, we commenced a tender offer to purchase up to 66,667 common shares (1,000,000 common shares pre-reverse stock split as described below) at
$3.00 per share (pre-reverse stock split as described below), which expired on April 23, 2026. The offer was oversubscribed and the Company accepted 66,667 shares for an aggregate cost of$3.0 million excluding fees relating to the offer; and - On April 22, 2026, we entered into an agreement with an unaffiliated third party for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product tanker, for a price of
$12.8 million . The vessel was delivered to its new owners on April 29, 2026, and we recorded during the second quarter of 2026 a net gain of$6.2 million from the sale of the M/T Wonder Mimosa.
Highlights of the Six Months Ended June 30, 2026:
- Total vessel revenues:
$8.0 million , as compared to$3.6 million for the six months ended June 30, 2025, or a121.5% increase; - Net income:
$6.1 million , as compared to$0.4 million for the six months ended June 30, 2025, or a 1,306% increase; - Earnings per common share, basic:
$14.07 per share, as compared to$9.42 per share for the six months ended June 30, 2025; - Adjusted net income(1):
$7.4 million , as compared to$0.4 million for the six months ended June 30, 2025; - EBITDA(1):
$7.3 million , as compared to$1.0 million for the six months ended June 30, 2025; - Adjusted EBITDA(1):
$8.6 million , as compared to$1.0 million for the six months ended June 30, 2025; and - During the six months ended June 30, 2026, we received gross proceeds of
$17.1 million by issuing 0.4 million common shares through the ATM offering agreement entered into on November 13, 2025, with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to which we offered and sold common shares through the sales agents at our discretion.
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definitions and reconciliation of these measures to Net income/(Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“During the second quarter of 2026 we completed the sale of the M/T Wonder Mimosa, our Handysize tanker, realizing a gain on sale of
Earnings Commentary:
Second quarter ended June 30, 2026 and 2025 Results
Total vessel revenues increased to
Voyage expenses for our fleet amounted to
The increase in vessel operating expenses by
The increase in management fees to
Depreciation expenses amounted to
General and administrative expenses in the three months ended June 30, 2026, amounted to
Gain on sale of vessel in the three months ended June 30, 2026, amounted to
Interest and finance costs, net, amounted to
Recent Financial Developments Commentary:
Equity Update
During the six months ended June 30, 2026, we received gross proceeds of
On March 24, 2026, we commenced a tender offer to purchase up to 66,667 common shares (1,000,000 common shares pre reverse stock split as described below) at
On July 9, 2026, we effected a 1-for-15 reverse stock split of our common shares without any change in the number of authorized common shares. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of issued and outstanding shares as of July 9, 2026, was decreased to 0.6 million shares, respectively, while the par value of the Company’s common shares remained unchanged at
On July 15, 2026, we paid to Toro a dividend amounting to
On July 27, 2026, we issued and sold 750,000 common shares at an offering price of
As of September 23, 2026, we had 1,332,297 common shares issued and outstanding.
Recent Business Developments Commentary:
Vessel disposal
On April 22, 2026, we entered into an agreement with an unaffiliated third party for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product tanker, for a price of
Withdrawal of Form 20-F relating to proposed spin-off of Company’s tanker segment
In light of the sale of the Company’s tanker vessel, M/T Wonder Mimosa, completed on April 29, 2026, the proposed spin-off of the Company’s tanker segment announced in March 2026 did not proceed and the related registration statement filed with the SEC was withdrawn in July 2026.
Investment in secured convertible loan notes
In September 2026, we, through a wholly owned subsidiary, invested
Liquidity/ Financing/Cash Flow Update
Our consolidated cash position increased by
Fleet Employment Status (as of September 23, 2026):
During the three months ended June 30, 2026, we operated on average 2.3 vessels earning a Daily TCE Rate(1) of
(1) Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
| LPG Carriers | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Dream Syrax | LPG carrier 5,000 cbm | 5,158 | 2015 | Japan | Time Charter period | Feb-27 | Mar-27 | |
| Dream Terrax | LPG carrier 5,000 cbm | 4,743 | 2020 | Japan | Time Charter period | Dec-26 | Jan-27 | |
Financial Results Overview:
Set forth below are selected financial and operational data of the three months and six months ended June 30, 2026 and 2025, respectively:
| Three Months Ended | Six Months Ended | ||||||||
| (Expressed in U.S. dollars) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | |||||
| Total vessel revenues | $ | 2,599,440 | $ | 2,011,664 | $ | 7,973,158 | $ | 3,598,828 | |
| Operating income | $ | 5,817,634 | $ | 348,228 | $ | 7,144,305 | $ | 270,732 | |
| Net income and comprehensive income | $ | 5,574,735 | $ | 515,860 | $ | 6,099,699 | $ | 433,783 | |
| Adjusted net income(1) | $ | 6,001,251 | $ | 515,860 | $ | 7,374,885 | $ | 433,783 | |
| EBITDA(1) | $ | 5,972,434 | $ | 715,144 | $ | 7,308,954 | $ | 999,495 | |
| Adjusted EBITDA(1) | $ | 6,398,950 | $ | 715,144 | $ | 8,584,140 | $ | 999,495 | |
| Earnings per common share, basic | $ | 11.01 | $ | 10.88 | $ | 14.07 | $ | 9.42 | |
| Earnings per common share, diluted | $ | 1.89 | $ | 2.35 | $ | 3.25 | $ | 2.00 | |
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data of our fleet for each of the three and six months ended June 30, 2026 and 2025, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| (Expressed in U.S. dollars except for operational data) | 2026 | 2025 | 2026 | 2025 | |||||
| Ownership Days(1)(7) | 211 | 91 | 481 | 181 | |||||
| Available Days(2)(7) | 211 | 91 | 481 | 181 | |||||
| Operating Days(3)(7) | 191 | 91 | 461 | 181 | |||||
| Daily TCE Rate(4) | $ | 11,381 | $ | 20,054 | $ | 15,023 | $ | 17,617 | |
| Fleet Utilization(5)(7) | |||||||||
| Daily vessel operating expenses(6) | $ | 5,702 | $ | 6,577 | $ | 5,680 | $ | 6,840 | |
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4) Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
(5) Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7) Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
ROBIN ENERGY LTD.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in U.S. Dollars—except for number of share data)
| (In U.S. dollars except for number of share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| REVENUES | ||||||||||||
| Pool revenues | 460,440 | 2,011,664 | 3,725,158 | 3,598,828 | ||||||||
| Time charter revenues | 2,139,000 | — | 4,248,000 | — | ||||||||
| Total vessel revenues | $ | 2,599,440 | $ | 2,011,664 | $ | 7,973,158 | $ | 3,598,828 | ||||
| EXPENSES | ||||||||||||
| Voyage expenses (including commissions to related party) | (198,121 | ) | (186,786 | ) | (747,043 | ) | (410,169 | ) | ||||
| Vessel operating expenses | (1,203,197 | ) | (598,494 | ) | (2,732,190 | ) | (1,238,068 | ) | ||||
| General and administrative expenses (including related party fees) | (763,969 | ) | (413,887 | ) | (1,574,630 | ) | (756,423 | ) | ||||
| Management fees - related parties | (246,100 | ) | (97,461 | ) | (544,600 | ) | (193,851 | ) | ||||
| Depreciation and amortization | (577,162 | ) | (366,808 | ) | (1,437,133 | ) | (729,585 | ) | ||||
| Gain on sale of vessel | 6,206,743 | — | 6,206,743 | — | ||||||||
| Operating income | $ | 5,817,634 | $ | 348,228 | $ | 7,144,305 | $ | 270,732 | ||||
| Finance costs, net(1) | 179,463 | 167,524 | 227,878 | 163,873 | ||||||||
| Other expenses, net(2) | (422,362 | ) | 108 | (1,272,484 | ) | (822 | ) | |||||
| Net income and comprehensive income, net of taxes | $ | 5,574,735 | $ | 515,860 | $ | 6,099,699 | $ | 433,783 | ||||
| Dividend on Series A Preferred Shares | (125,000 | ) | (106,944 | ) | (250,000 | ) | (106,944 | ) | ||||
| Net income attributable to common shareholders | $ | 5,449,735 | $ | 408,916 | $ | 5,849,699 | $ | 326,839 | ||||
| Earnings per common share, basic | $ | 11.01 | $ | 10.88 | $ | 14.07 | $ | 9.42 | ||||
| Earnings per common share, diluted | $ | 1.89 | $ | 2.35 | $ | 3.25 | $ | 2.00 | ||||
| Weighted average number of common shares outstanding, basic: | 495,075 | 37,567 | 415,863 | 34,710 | ||||||||
| Weighted average number of common shares outstanding, diluted: | 2,953,943 | 219,398 | 1,875,095 | 216,541 | ||||||||
(1) Includes finance costs and interest income, if any.
(2) Includes aggregated amounts for foreign exchange gains/(losses) and change in fair value of crypto assets-Bitcoin, as applicable in each period.
ROBIN ENERGY LTD.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars—except for number of share data)
| June 30, 2026 | December 31, 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 35,739,253 | $ | 5,649,692 | |
| Due from related parties | 4,619,805 | 6,034,859 | |||
| Investment in crypto assets-Bitcoin | 2,576,214 | 3,851,400 | |||
| Other current assets | 1,839,288 | 1,166,860 | |||
| Total current assets | 44,774,560 | 16,702,811 | |||
| NON-CURRENT ASSETS: | |||||
| Vessels, net | 31,999,671 | 39,207,988 | |||
| Due from related parties | 592,620 | 981,162 | |||
| Other non-current assets | 1,346,643 | 2,057,152 | |||
| Total non-current assets | 33,938,934 | 42,246,302 | |||
| Total assets | 78,713,494 | 58,949,113 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Due to related party | 106,944 | 106,944 | |||
| Other current liabilities | 3,289,238 | 2,495,422 | |||
| Total current liabilities | 3,396,182 | 2,602,366 | |||
| NON-CURRENT LIABILITIES: | |||||
| Total non-current liabilities | — | — | |||
| Total liabilities | 3,396,182 | 2,602,366 | |||
| MEZZANINE EQUITY: | |||||
| 25,877,180 | 25,877,180 | ||||
| Total mezzanine equity | 25,877,180 | 25,877,180 | |||
| SHAREHOLDERS’ EQUITY: | |||||
| Common shares, | 582 | 187 | |||
| Preferred shares, | 40 | 40 | |||
| Additional paid-in capital | 44,566,504 | 31,576,581 | |||
| Treasury shares; 0 and 2,058 shares as of June 30, 2026 and December 31, 2025, respectively | — | (130,548 | ) | ||
| Retained earnings/(accumulated deficit) | 4,873,006 | (976,693 | ) | ||
| Total shareholders’ equity | 49,440,132 | 30,469,567 | |||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 78,713,494 | $ | 58,949,113 | |
ROBIN ENERGY LTD.
Unaudited Condensed Consolidated Statements of Cash Flows
| (Expressed in U.S. Dollars) | Six Months Ended June 30, | |||||
| 2026 | 2025 | |||||
| Cash Flows (used in)/provided by Operating Activities: | ||||||
| Net income | $ | 6,099,699 | $ | 433,783 | ||
| Adjustments to reconcile net income to net cash provided by Operating activities: | ||||||
| Depreciation and amortization | 1,437,133 | 729,585 | ||||
| Change in fair value of crypto assets-Bitcoin | 1,275,186 | — | ||||
| Gain on sale of vessel | (6,206,743 | ) | — | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade | (760,662 | ) | (303,922 | ) | ||
| Inventories | 59,656 | (20,346 | ) | |||
| Due from/to related parties | 1,903,596 | 12,201,784 | ||||
| Prepaid expenses and other assets | 386,347 | (124,791 | ) | |||
| Accounts payable | 365,416 | (259,998 | ) | |||
| Accrued liabilities | 237,897 | 410,425 | ||||
| Deferred revenue | 15,000 | — | ||||
| Dry-dock costs paid | (16,259 | ) | — | |||
| Net Cash provided by Operating Activities | 4,796,266 | 13,066,520 | ||||
| Cash flow (used in)/provided by Investing Activities: | ||||||
| Capitalized vessel improvements | (118,638 | ) | — | |||
| Net proceeds from sale of vessel | 12,328,880 | — | ||||
| Net cash provided by Investing Activities | 12,210,242 | — | ||||
| Cash flows (used in)/provided by Financing Activities: | ||||||
| Net increase in former parent company Investment | — | 329,618 | ||||
| Gross proceeds from issuance of common shares pursuant to registered direct offerings | — | 17,157,000 | ||||
| Common share issuance expenses pursuant to registered direct offerings | — | (1,501,182 | ) | |||
| Payment of Dividend on Series A Preferred Shares | (250,000 | ) | (1,389 | ) | ||
| Gross proceeds from issuance of common shares pursuant to ATM | 17,050,366 | — | ||||
| Common share issuance expenses pursuant to ATM | (681,938 | ) | — | |||
| Capital contribution from former parent company due to spin-off | — | 10,356,450 | ||||
| Payment for repurchase of common shares pursuant to self- tender offer | (3,035,375 | ) | ||||
| Net cash provided by Financing Activities | 13,083,053 | 26,340,497 | ||||
| Net increase in cash and cash equivalents | 30,089,561 | 39,407,017 | ||||
| Cash and cash equivalents at the beginning of the period | 5,649,692 | 369 | ||||
| Cash and cash equivalents at the end of the period | $ | 35,739,253 | $ | 39,407,386 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”), is a metric of the average daily net revenue performance of our vessels. The Daily TCE Rate is not a metric of financial performance under U.S. GAAP (i.e., it is a non-GAAP metric) and should not be considered as an alternative to any metric of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking or due to other unforeseen circumstances. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance metric used primarily to compare period-to-period changes in a company’s performance and, management believes that the Daily TCE Rate provides meaningful information to our investors because it compares daily net earnings generated by our vessels irrespective of the mix of charter types (e.g., time charter, voyage charter, pools) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies.
The following table reconciles the calculation of the Daily TCE Rate for our fleet to Total vessel revenues, the most directly comparable U.S. GAAP financial measure, for the periods presented:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars, except for Available Days) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Total vessel revenues | $ | 2,599,440 | $ | 2,011,664 | $ | 7,973,158 | $ | 3,598,828 | |||||
| Voyage expenses (including commissions to related party) | (198,121 | ) | (186,786 | ) | (747,043 | ) | (410,169 | ) | |||||
| TCE revenues | $ | 2,401,319 | $ | 1,824,878 | $ | 7,226,115 | $ | 3,188,659 | |||||
| Available Days | 211 | 91 | 481 | 181 | |||||||||
| Daily TCE Rate | $ | 11,381 | $ | 20,054 | $ | 15,023 | $ | 17,617 | |||||
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude any change at fair Value of crypto assets-Bitcoin, which the Company believes is not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assist our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies, of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA and Adjusted EBITDA to Net income, the most directly comparable U.S. GAAP financial measure, for the periods presented:
Reconciliation of EBITDA to Net Income
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net income, net of taxes | $ | 5,574,735 | $ | 515,860 | $ | 6,099,699 | $ | 433,783 | |||||||||
| Depreciation and amortization | 577,162 | 366,808 | 1,437,133 | 729,585 | |||||||||||||
| Finance costs, net(1) | (179,463 | ) | (167,524 | ) | (227,878 | ) | (163,873 | ) | |||||||||
| EBITDA | $ | 5,972,434 | $ | 715,144 | $ | 7,308,954 | $ | 999,495 | |||||||||
| Change in fair value of crypto assets-Bitcoin | $ | 426,516 | $ | — | $ | 1,275,186 | $ | — | |||||||||
| Adjusted EBITDA | $ | 6,398,950 | $ | 715,144 | $ | 8,584,140 | $ | 999,495 | |||||||||
(1) Includes finance costs and interest income, if any.
Adjusted Net Income. To derive Adjusted Net income from Net income, we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as change in fair value of crypto assets-Bitcoin which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income to Net income, the most directly comparable U.S. GAAP financial measure, for the periods presented:
Adjusted Net Income Reconciliation
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||
| Net income, net of taxes | $ | 5,574,735 | $ | 515,860 | $ | 6,099,699 | $ | 433,783 | |
| Change in fair value of crypto assets-Bitcoin | 426,516 | — | 1,275,186 | — | |||||
| Adjusted net income | $ | 6,001,251 | $ | 515,860 | $ | 7,374,885 | $ | 433,783 | |
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements 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. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
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, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: our planned fleet growth and our potential to acquire tanker and LPG carrier vessels and alternatives for our tanker and LPG carrier segment; the effects of our spin-off from Toro, our business strategy, expected capital spending and other plans and objectives for future operations, including our ability to expand our business as a new entrant to the tanker and liquefied petroleum gas shipping industry, market conditions and trends, including volatility and cyclicality in charter rates (particularly for vessels employed in the spot voyage market or pools), factors affecting supply and demand for vessels, such as fluctuations in demand for and the price of the products we transport, fluctuating vessel values, changes in worldwide fleet capacity, opportunities for the profitable operations of vessels in the segment of the shipping industry in which we operate and global economic and financial conditions, including interest rates, inflation and the growth rates of world economies, our ability to realize the expected benefits of vessel acquisitions or sales and the effects of any change in our fleet’s size or composition, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our future financial condition, operating results, future revenues and expenses, future liquidity and the adequacy of cash flows from our operations, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, the availability of debt or equity financing on acceptable terms and our ability to comply with the covenants contained in agreements relating thereto, in particular due to economic, financial or operational reasons, our continued ability to enter into time charters, voyage charters or pool arrangements with existing and new customers and pool operators and to re-charter our vessels upon the expiry of the existing charters or pool agreements, any failure by our contractual counterparties to meet their obligations, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market, our ability to maintain compliance with applicable listing standards or the delisting of our common shares, volatility in our share price, potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions, such as political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, including the war in the Middle East between the U.S. and Israel and Iran and effective closure of the Strait of Hormuz, as well as any further broadening of the conflict), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars” (including the imposition of tariffs) and potential governmental requisitioning of our vessels during a period of war or emergency, global public health threats and major outbreaks of disease, any material cybersecurity incident, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for tanker and LPG carriers and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy, smuggling or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry and to vessel rules and regulations, as well as changes in inspection procedures and import and export controls, inadequacies in our insurance coverage, developments in tax laws, treaties or regulations or their interpretation in any country in which we operate and changes in our tax treatment or classification, the impact of climate change, adverse weather and natural disasters, accidents or the occurrence of other unexpected events, including in relation to the operational risks associated with transporting LPG, crude oil and/or refined petroleum products and any other factors described in our filings with the SEC.
The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.
CONTACT DETAILS
For further information please contact:
Investor Relations
Robin Energy Ltd.
Email: ir@robinenergy.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Robin Energy’s fleet mix and employment change in 2026?
During Q2 2026 Robin Energy operated on average 2.3 vessels versus 1.0 a year earlier, reflecting the acquisition of LPG Dream Syrax and LPG Dream Terrax and the sale of the tanker M/T Wonder Mimosa. As of September 23, 2026, both LPG carriers are employed on time charters: Dream Syrax at $360,000 per month with estimated redelivery between February and March 2027, and Dream Terrax at $353,000 per month with estimated redelivery between December 2026 and January 2027.
What were the key terms and outcome of the 2026 self‑tender offer?
On March 24, 2026, Robin Energy launched a tender offer to purchase up to 66,667 common shares (1,000,000 pre‑reverse‑split shares) at $3.00 per share on a pre‑reverse‑split basis. The offer expired on April 23, 2026, was oversubscribed, and the company accepted 66,667 shares for a total cost of $3.0 million, excluding fees related to the offer.
What investment did Robin Energy make in IntegrEn Limited’s convertible notes?
In September 2026, through a wholly owned subsidiary, Robin Energy invested $5.5 million (€4.7 million) in senior secured convertible loan notes issued by IntegrEn Limited. The notes bear no coupon, mature on December 31, 2026, and are redeemable at a premium to principal, with part of the entitlement potentially convertible into equity of a subsidiary of the issuer. The notes are secured over contractual rights of the issuer group and benefit from a guarantee covering certain deductions from any refund under a supply contract.
Why was the proposed spin‑off of the tanker segment withdrawn?
In light of the sale of the company’s tanker vessel, M/T Wonder Mimosa, completed on April 29, 2026, the proposed spin‑off of the tanker segment announced in March 2026 did not proceed. The related registration statement filed with the SEC was withdrawn in July 2026.