Robin Energy Ltd. Reports Results for the Three Months Ended September 30, 2025 and for the Nine Months Ended September 30, 2025.
Robin Energy (NASDAQ: RBNE) reported results for the three and nine months ended September 30, 2025. Q3 total vessel revenues were $2.0M (up 42.9% YoY) and Q3 net income was $0.2M versus a $0.1M loss a year earlier. Nine-month revenue was $5.6M and nine-month net income was $0.7M. EBITDA was $0.5M for Q3 and $1.5M for nine months. Cash totaled $2.7M as of Sept 30, 2025.
Key transactions: completed spin-off from Toro on April 14, 2025; raised ~$8.6M in an underwritten offering (Sept 12, 2025) and ~$17.2M in June registered direct offerings; acquired two LPG carriers for $18.0M and $20.0M (deliveries Sept 3 and Sept 25, 2025); allocated $5.0M to Bitcoin as treasury reserve.
Robin Energy (NASDAQ: RBNE) ha riportato i risultati per i tre e i nove mesi terminati il 30 settembre 2025. I ricavi totali del trimestre III ammontano a 2,0 milioni di dollari (in crescita del 42,9% rispetto all'anno precedente) e l’utile netto del trimestre III è stato di 0,2 milioni di dollari rispetto alla perdita di 0,1 milioni di dollari dell’anno precedente. I ricavi dei nove mesi sono stati 5,6 milioni di dollari e l’utile netto dei nove mesi è di 0,7 milioni di dollari. EBITDA è stato di 0,5 milioni di dollari nel trimestre III e di 1,5 milioni di dollari nei nove mesi. Al 30 settembre 2025 la cassa era di 2,7 milioni di dollari.
Operazioni chiave: completata la spin-off da Toro il 14 aprile 2025; raccolti circa 8,6 milioni di dollari in un'offerta supportata dalla underwriter (12 settembre 2025) e circa 17,2 milioni di dollari in offerte dirette registrate di giugno; sono state acquisite due navi LPG per 18,0 milioni e 20,0 milioni di dollari (consegne rispettivamente il 3 settembre e il 25 settembre 2025); allocata una riserva di tesoreria in Bitcoin pari a 5,0 milioni di dollari.
Robin Energy (NASDAQ: RBNE) presentó resultados para los tres y nueve meses terminados el 30 de septiembre de 2025. Los ingresos totales del tercer trimestre fueron de 2,0 millones de dólares (un crecimiento del 42,9% interanual) y la utilidad neta del tercer trimestre fue de 0,2 millones de dólares frente a una pérdida de 0,1 millones de dólares del año anterior. Los ingresos de los nueve meses fueron 5,6 millones de dólares y la utilidad neta de los nueve meses fue de 0,7 millones de dólares. El EBITDA fue de 0,5 millones de dólares en el Q3 y de 1,5 millones de dólares para los nueve meses. El efectivo totalizó 2,7 millones de dólares al 30 de septiembre de 2025.
Transacciones clave: completada la escisión de Toro el 14 de abril de 2025; recaudó aproximadamente 8,6 millones de dólares en una oferta respaldada por suscripción (12 de septiembre de 2025) y aproximadamente 17,2 millones de dólares en ofertas registradas directas de junio; se adquirieron dos buques LPG por 18,0 millones y 20,0 millones de dólares (entregas el 3 de septiembre y el 25 de septiembre de 2025); asignó 5,0 millones de dólares a Bitcoin como reserva de tesorería.
Robin Energy (NASDAQ: RBNE) 는 2025년 9월 30일로 종료된 3개월 및 9개월 실적을 발표했습니다. 3분기 총 선박 매출은 200만 달러로 전년 동기 대비 42.9% 증가했고 3분기 순이익은 20만 달러로 작년의 10만 달러 손실에서 흑자로 돌아섰습니다. 9개월 매출은 560만 달러, 9개월 순이익은 70만 달러였습니다. EBITDA는 3분기에 50만 달러, 9개월 동안은 150만 달러였습니다. 2025년 9월 30일 기준 현금은 270만 달러였습니다.
주요 거래: 2025년 4월 14일 토로로부터의 분사 완료; 2025년 9월 12일에 약 860만 달러를 주관사 인수 하에 조달했고(언더라이티드 어포링), 6월의 등록 직거래 공모를 통해 약 1720만 달러를 조달했습니다; 9월 3일 및 9월 25일에 각각 1800만 달러와 2000만 달러 규모의 LPG 운반선을 두 척 인수; 현금을 비트코인으로 500만 달러의 보유를 배정했습니다.
Robin Energy (NASDAQ: RBNE) a publié ses résultats pour les périodes de trois et neuf mois clos au 30 septembre 2025. Les revenus totaux du trimestre T3 se sont élevés à 2,0 millions de dollars (en hausse de 42,9 % d’une année sur l’autre) et le bénéfice net du T3 s’est élevé à 0,2 million de dollars contre une perte de 0,1 million de dollars l’an dernier. Les revenus des neuf mois se sont élevés à 5,6 millions de dollars et le bénéfice net des neuf mois à 0,7 million de dollars. EBITDA de 0,5 million de dollars pour le T3 et de 1,5 million de dollars sur les neuf mois. La trésorerie s’élevait à 2,7 millions de dollars au 30 septembre 2025.
Transactions clés : scission complétée de Toro le 14 avril 2025 ; levée d’environ 8,6 millions de dollars lors d’une offre souscrite (12 septembre 2025) et d’environ 17,2 millions de dollars lors d’offres directes enregistrées de juin ; acquisition de deux navires LPG pour 18,0 et 20,0 millions de dollars (livraisons les 3 septembre et 25 septembre 2025) ; affectation de 5,0 millions de dollars à Bitcoin comme réserve de trésorerie.
Robin Energy (NASDAQ: RBNE) hat die Ergebnisse für die drei und neun Monate zum 30. September 2025 gemeldet. Umsatz im Q3 insgesamt betrug 2,0 Mio. USD (YoY-Anstieg von 42,9 %) und Nettoeinkommen im Q3 betrug 0,2 Mio. USD gegenüber einem Verlust von 0,1 Mio. USD im Vorjahr. Umsatz in den neun Monaten betrug 5,6 Mio. USD und Nettoeinkommen in den neun Monaten betrug 0,7 Mio. USD. EBITDA betrug 0,5 Mio. USD im Q3 und 1,5 Mio. USD über die neun Monate. Die Barmittel beliefen sich zum 30. September 2025 auf 2,7 Mio. USD.
Wichtige Transaktionen: Abspaltung von Toro am 14. April 2025 abgeschlossen; rund 8,6 Mio. USD aus einer von Underwritern begleiteten Emission (12. September 2025) und rund 17,2 Mio. USD aus Juni-registrierten Direct Offerings aufgenommen; Erwerb von zwei LPG-Tragern für 18,0 Mio. USD bzw. 20,0 Mio. USD (Lieferungen am 3. September bzw. 25. September 2025); Zuweisung von 5,0 Mio. USD in Bitcoin als Treasury- Reserve.
Robin Energy (NASDAQ: RBNE) أصدرت النتائج للثلاثة و التسعة أشهر المنتهية في 30 سبتمبر 2025. إجمالي إيرادات الربع الثالث كان 2.0 مليون دولار (ارتفاع 42.9% على أساس سنوي) وصافي الدخل للربع الثالث بلغ 0.2 مليون دولار مقابل خسارة 0.1 مليون دولار في السنة الماضية. إيرادات التسعة أشهر بلغت 5.6 مليون دولار وصافي دخل التسعة أشهر كان 0.7 مليون دولار. EBITDA كان 0.5 مليون دولار للربع الثالث و1.5 مليون دولار للثلاثة عشر شهراً. النقد بلغ 2.7 مليون دولار حتى 30 سبتمبر 2025.
الصفقات الرئيسية: اكتمال التفريع عن Toro في 14 أبريل 2025؛ جمع نحو 8.6 مليون دولار من عرض مُؤمَّن عليه (12 سبتمبر 2025) ونحو 17.2 مليون دولار في عروض مباشرة مسجَّلة في يونيو؛ شراء سفينتين لنقل اللـب LPG بقيمة 18.0 مليون دولار و20.0 مليون دولار (التسليمات في 3 سبتمبر و25 سبتمبر 2025); تخصيص 5.0 مليون دولار من النقد كاحتياطي Bitcoin.
- Total vessel revenues +42.9% in Q3 2025
- Completed two LPG vessel acquisitions totaling $38.0M
- Gross proceeds of ~$25.8M from equity raises in 2025
- Cash balance increased to $2.7M as of Sept 30, 2025
- Nine-month net income down to $0.7M from $1.2M in 2024
- Nine-month EBITDA declined to $1.5M from $2.06M in 2024
- Daily TCE Rate declined YoY (Q3: $14,647 vs $17,722)
Insights
Q3 shows quarter-over-quarter profit recovery and fleet expansion, but nine-month metrics are mixed, leaving impact neutral.
Revenue for the three months rose to
However, nine-month figures show flat total vessel revenues at
Balance sheet actions improved liquidity but introduced new asset mix and deployment risks; overall impact is neutral.
Cash increased from
The company reports being debt-free and paid a
LIMASSOL, Cyprus, Oct. 23, 2025 (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 nine months ended September 30, 2025.
Highlights of the Third Quarter Ended September 30, 2025:
- Total vessel revenues:
$2.0 million , as compared to$1.4 million for the three months ended September 30, 2024, or a42.9% increase; - Net income:
$0.2 million , as compared to$(0.1) million loss, for the three months ended September 30, 2024, or a300.0% increase; - Earnings/(Loss) per common share, basic:
$0.01 per share, as compared to$(0.05) per share for the three months ended September 30, 2024; - EBITDA(1):
$0.5 million , as compared to$0.2 million for the three months ended September 30, 2024; - Cash of
$2.7 million as of September 30, 2025, as compared to$0.01 million as of December 31, 2024; - On July 10, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro Corp. (‘Toro”) to acquire a 2015-built 5,000 cbm LPG Carrier vessel, LPG Dream Syrax, for a purchase price of
$18.0 million . The vessel was delivered to us on September 3, 2025; - On September 12, 2025, we successfully completed an underwritten public offering, issuing and selling 6.6 million common shares, including the partial exercise of the overallotment option by the underwriter of 0.9 million shares, resulting in gross proceeds of approximately
$8.6 million ; - On September 16, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro to acquire a 2020-built 5,000 cbm LPG Carrier vessel, LPG Dream Terrax, for a purchase price of
$20.0 million . The vessel was delivered to us on September 25, 2025. As a result of the acquisition of LPG Dream Syrax and LPG Dream Terrax, management has determined that, with effect from the third quarter of 2025, we operate in two reportable segments: (i) the tanker segment and (ii) the LPG carrier segment; and - On September 9, 2025, we completed allocations in the aggregate amount of
$5 million to Bitcoin, as a primary treasury reserve asset. The above allocation comes as part of the newly adopted comprehensive Bitcoin treasury framework, announced on July 31, 2025.
Highlights of the Nine Months Ended September 30, 2025:
- Total vessel revenues:
$5.6 million , as compared to$5.5 million for the nine months ended September 30, 2024; - Net income:
$0.7 million , as compared to$1.2 million for the nine months ended September 30, 2024; - Earnings per common share, basic:
$0.10 per share, as compared to$0.52 per share for the nine months ended September 30, 2024; - EBITDA(1) :
$1.5 million , as compared to$2.1 million for the nine months ended September 30, 2024. - Our spin-off (the “Spin-Off”) from Toro was completed on April 14, 2025 and our shares commenced trading on the Nasdaq Capital Market under the symbol “RBNE” on April 15, 2025; and
- In June 2025, we successfully completed four registered direct equity offerings, issuing and selling 3.6 million common shares to certain institutional investors, resulting in gross proceeds of approximately
$17.2 million .
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, 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:
“The third quarter of 2025 reflected continued progress towards our strategy. We sustained a robust, debt-free balance sheet and advanced our growth objectives with the acquisition of two LPG vessels, while maintaining steady performance from our oil tanker operations, further expanding our fleet and reinforcing our market position. Our Bitcoin treasury strategy continues to reflect our conviction in diversification and financial innovation. As we advance, we are firmly focused on accelerating growth, maximizing profitability, and driving long-term value for our shareholders.”
Earnings Commentary:
Third quarter ended September 30, 2025 and 2024 Results
Total vessel revenues, net of charterers’ commissions, increased to
Voyage expenses for our fleet increased 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 September 30, 2025, amounted to
Interest and finance costs, net, amounted to
Recent Financial Developments Commentary:
Equity Update
On October 15, 2025, we paid to Toro a dividend amounting to
As of October 23, 2025, we had 12,628,731 common shares issued and outstanding.
Liquidity/ Financing/Cash Flow Update
Our consolidated cash position increased by
Fleet Employment Status (as of October 23, 2025): During the three months ended September 30, 2025, we operated on average 1.4 vessels earning a Daily TCE Rate(1) of
(1) Daily TCE Rate is not a recognized measure 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.
| Tanker | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Wonder Mimosa | Handysize | 36,718 | 2006 | Korea | Tanker Pool(1) | N/A | N/A | N/A |
| 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(2) | Feb-26 | Mar-26 | |
| Dream Terrax | LPG carrier 5,000 cbm | 4,743 | 2020 | Japan | Time Charter period(3) | Dec-26 | Jan-27 | |
| (1) | The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels. |
| (2) | The vessel was delivered to us on September 3, 2025. The vessel has been fixed by the previous owner under a time charter period contract, which continues under our ownership, starting from May 18, 2025 until January 1, 2026, at |
| (3) | The vessel was delivered to us on September 25, 2025. The vessel has been fixed by the previous owner under a time charter period contract, which continues under our ownership, of seven months starting from August 2025, at |
Financial Results Overview:
Set forth below are selected financial and operational data of the three months and nine months ended September 30, 2025 and 2024, respectively:
| Three Months Ended | Nine Months Ended | |||||||||
| (Expressed in U.S. dollars) | September 30, 2025 (unaudited) | September 30, 2024 (unaudited) | September 30, 2025 (unaudited) | September 30, 2024 (unaudited) | ||||||
| Total vessel revenues | $ | 1,962,635 | $ | 1,441,204 | $ | 5,561,463 | $ | 5,460,901 | ||
| Operating income/(loss) | $ | 8,884 | $ | (129,512 | ) | $ | 279,616 | $ | 1,263,268 | |
| Net income/(loss) and comprehensive income | $ | 224,726 | $ | (113,826 | ) | $ | 658,509 | $ | 1,248,414 | |
| EBITDA(1) | $ | 496,375 | $ | 199,840 | $ | 1,495,870 | $ | 2,056,423 | ||
| Earnings/(loss) per common share, basic | $ | 0.01 | $ | (0.05 | ) | $ | 0.10 | $ | 0.52 | |
| Earnings/(loss) per common share, diluted | $ | 0.01 | $ | (0.05 | ) | $ | 0.03 | $ | 0.06 | |
| (1) | EBITDA is not recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure 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 nine months ended September 30, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Ownership Days(1)(7) | 125 | 92 | 306 | 274 | |||||||||
| Available Days(2)(7) | 123 | 78 | 304 | 234 | |||||||||
| Operating Days(3)(7) | 123 | 78 | 304 | 234 | |||||||||
| Daily TCE Rate(4) | $ | 14,622 | $ | 17,722 | $ | 16,415 | $ | 22,416 | |||||
| Fleet Utilization(5) | |||||||||||||
| Daily vessel operating expenses(6) | $ | 6,211 | $ | 6,441 | $ | 6,583 | $ | 6,308 | |||||
| (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 measure 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 September 30, | Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| REVENUES | |||||||||||||
| Pool revenues | 1,610,561 | 1,441,204 | 5,209,389 | 5,460,901 | |||||||||
| Time charter revenues | 352,074 | — | 352,074 | — | |||||||||
| Total vessel revenues | $ | 1,962,635 | $ | 1,441,204 | $ | 5,561,463 | $ | 5,460,901 | |||||
EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (161,000 | ) | (58,879 | ) | (571,169 | ) | (215,505 | ) | |||||
| Vessel operating expenses | (776,363 | ) | (592,530 | ) | (2,014,431 | ) | (1,728,404 | ) | |||||
| General and administrative expenses (including related party fees) | (400,209 | ) | (486,824 | ) | (1,156,632 | ) | (1,168,429 | ) | |||||
| Management fees - related parties | (138,600 | ) | (98,532 | ) | (332,451 | ) | (287,630 | ) | |||||
| Depreciation and amortization | (477,579 | ) | (333,951 | ) | (1,207,164 | ) | (797,665 | ) | |||||
| Operating income/(loss) | $ | 8,884 | $ | (129,512 | ) | $ | 279,616 | $ | 1,263,268 | ||||
Interest and finance costs, net(1) | 205,930 | (2,212 | ) | 369,803 | (10,344 | ) | |||||||
| Other expenses, net(2) | 9,912 | (4,599 | ) | 9,090 | (4,510 | ) | |||||||
| US income tax | — | 22,497 | — | — | |||||||||
Net income and comprehensive income, net of taxes | $ | 224,726 | $ | (113,826 | ) | $ | 658,509 | $ | 1,248,414 | ||||
| Dividend on Series A Preferred Shares | (126,389 | ) | — | (233,333 | ) | — | |||||||
| Net income/(loss) attributable to common shareholders | $ | 98,337 | $ | (113,826 | ) | $ | 425,176 | $ | 1,248,414 | ||||
| Earnings/(loss) per common share, basic | $ | 0.01 | $ | (0.05 | ) | $ | 0.10 | $ | 0.52 | ||||
Earnings/(loss) per common share, diluted | $ | 0.01 | $ | (0.05 | ) | $ | 0.03 | $ | 0.06 | ||||
| Weighted average number of common shares outstanding, basic: | 7,364,796 | 2,386,731 | 4,207,921 | 2,386,731 | |||||||||
| Weighted average number of common shares outstanding, diluted: | 30,133,304 | 2,386,731 | 21,677,168 | 19,855,978 | |||||||||
| (1) | Includes interest and finance costs and interest income, if any. |
| (2) | Includes aggregated amounts for foreign exchange 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)
| September 30, 2025 | December 31, 2024 | |||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 2,660,266 | $ | 369 | ||
| Due from related parties | 2,247,712 | 12,376,064 | ||||
| Investment in crypto-assets-Bitcoin | 5,020,168 | — | ||||
| Other current assets | 1,100,250 | 507,507 | ||||
| Total current assets | 11,028,396 | 12,883,940 | ||||
| NON-CURRENT ASSETS: | ||||||
| Vessels, net | 39,794,276 | 6,875,903 | ||||
| Due from related parties | 388,542 | 388,542 | ||||
| Other non-currents assets | 2,369,727 | 1,433,595 | ||||
| Total non-current assets | 42,552,545 | 8,698,040 | ||||
| Total assets | 53,580,941 | 21,581,980 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Due to related parties | 393,562 | — | ||||
| Other current liabilities | 2,118,704 | 470,158 | ||||
| Total current liabilities | 2,512,266 | 470,158 | ||||
| NON-CURRENT LIABILITIES: | ||||||
| Total non-current liabilities | — | — | ||||
| Total liabilities | — | 470,158 | ||||
| MEZZANINE EQUITY: | ||||||
| 25,877,180 | — | |||||
| Total mezzanine equity | 25,877,180 | — | ||||
| SHAREHOLDERS’ EQUITY: | ||||||
| Former net parent company investment | — | 21,111,822 | ||||
| Common shares, | 12,629 | 1 | ||||
| Preferred shares, | 40 | — | ||||
| Additional paid-in capital | 25,326,868 | — | ||||
| Due from stockholder | — | (1 | ) | |||
| Accumulated deficit | (148,042 | ) | — | |||
| Total shareholders’ equity | 25,191,495 | 21,111,822 | ||||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 53,580,941 | $ | 21,581,980 | ||
ROBIN ENERGY LTD.
Unaudited Condensed Consolidated Statements of Cash Flows
| (Expressed in U.S. Dollars) | Nine Months Ended September 30, | |||||
| 2025 | 2024 | |||||
| Cash Flows (used in)/provided by Operating Activities: | ||||||
| Net income | $ | 658,509 | $ | 1,248,414 | ||
| Adjustments to reconcile net income to net cash provided by Operating activities: | ||||||
| Depreciation and amortization | 1,207,164 | 797,665 | ||||
| Change in fair value of crypto assets-Bitcoin | (20,168 | ) | — | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | (161,452 | ) | 314,287 | |||
| Inventories | (63,125 | ) | (25,661 | ) | ||
| Due from/to related parties | 9,616,885 | 6,095,804 | ||||
| Prepaid expenses and other assets | (331,377 | ) | 15,134 | |||
| Accounts payable | 307,568 | (232,256 | ) | |||
| Accrued liabilities | 681,998 | 132,336 | ||||
| Deferred revenue | 337,000 | — | ||||
| Dry-dock costs paid | — | (1,098,965 | ) | |||
| Net Cash provided by Operating Activities | 12,233,002 | 7,246,758 | ||||
| Cash flow (used in)/provided by Investing Activities: | ||||||
| Capitalized vessel improvements | (38,090,000 | ) | (70,220 | ) | ||
| Purchase of crypto assets-Bitcoin | (5,000,000 | ) | — | |||
| Net cash used in Investing Activities | (43,090,000 | ) | (70,220 | ) | ||
| Cash flows (used in)/provided by Financing Activities: | ||||||
| Net increase/(decrease) in former parent company Investment | 329,618 | (7,176,571 | ) | |||
| Gross proceeds from issuance of common shares pursuant to registered direct offerings | 25,781,200 | — | ||||
| Common share issuance expenses pursuant to registered direct offerings | (2,823,984 | ) | ||||
| Payment of Dividend on Series A Preferred Shares | (126,389 | ) | — | |||
| Capital contribution from former parent company due to spin off | 10,356,450 | — | ||||
| Net cash provided by/(used in) Financing Activities | 33,516,895 | (7,176,571 | ) | |||
| Net increase/(decrease) in cash and cash equivalents | 2,659,897 | (33 | ) | |||
| Cash and cash equivalents at the beginning of the period | 369 | 351 | ||||
| Cash and cash equivalents at the end of the period | $ | 2,660,266 | $ | 318 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”), is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (i.e., it is a non-GAAP measure) and should not be considered as an alternative to any measure 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 measure 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 (amounts in U.S. dollars, except for Available Days):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (In U.S. dollars, except for Available Days) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Total vessel revenues | $ | 1,962,635 | $ | 1,441,204 | $ | 5,561,463 | $ | 5,460,901 | |||||
| Voyage expenses including commissions to related party | (161,000 | ) | (58,879 | ) | (571,169 | ) | (215,505 | ) | |||||
| TCE revenues | $ | 1,801,635 | $ | 1,382,325 | $ | 4,990,294 | $ | 5,245,396 | |||||
| Available Days | 123 | 78 | 304 | 234 | |||||||||
| Daily TCE Rate | $ | 14,647 | $ | 17,722 | $ | 16,415 | $ | 22,416 | |||||
EBITDA. EBITDA is not a measure of financial performance under U.S. GAAP, does 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. EBITDA is used as a supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA assists 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 as a measure 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 as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles 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 September 30, | Nine Months Ended September 30, | |||||||||||
| (In U.S. dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net Income/(loss) , net of taxes | $ | 224,726 | $ | (113,826 | ) | $ | 658,509 | $ | 1,248,414 | |||
| Depreciation and amortization | 477,579 | 333,951 | 1,207,164 | 797,665 | ||||||||
| Interest and finance costs, net(1) | (205,930 | ) | 2,212 | (369,803 | ) | 10,344 | ||||||
| US source income taxes | — | (22,497 | ) | — | — | |||||||
| EBITDA | $ | 496,375 | $ | 199,840 | $ | 1,495,870 | $ | 2,056,423 | ||||
| (1) | Includes interest and finance costs and interest income, if any. |
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: the effects of Spin-Off, 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), 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
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