OceanPal Inc. Reports Financial Results for the Year Ended December 31, 2025, and Introduces 2026 Guidance
Rhea-AI Summary
OceanPal (NASDAQ: SVRN) reported 2025 results and provided 2026 guidance following its strategic shift into a NEAR Protocol treasury via newly formed SovereignAI Services LLC.
Key 2025 figures: total revenue $14.1M, net loss $65.2M, cash $33.2M, digital assets $77.5M (≈51.3M NEAR). 2026 guidance forecasts positive segment EBITDA and consolidated Adjusted EBITDA ranging from $(1.1)M to $14.4M depending on NEAR price scenarios.
Positive
- Digital assets of $77.5M on balance sheet
- Cash and equivalents increased to $33.2M (Dec 31, 2025)
- Approximately 51.3M NEAR tokens held, targeting 5.0% annual yield
- Shipping EBITDA guidance of $1.5M–$2.5M for 2026
- SovereignAI EBITDA projected positive across all NEAR price scenarios
Negative
- Net loss of $65.2M for 2025 driven by unrealized digital asset adjustments
- Operating loss of $31.4M in 2025
- Vessel revenue declined from $25.7M (2024) to $13.4M (2025)
- Vessels, net decreased to $40.8M from $71.3M year-over-year
News Market Reaction – SVRN
In the Mar 26 session, SVRN gained 50.00%, reflecting a significant positive market reaction. Argus tracked a peak move of +109.4% during that session. Argus tracked a trough of -22.5% from its starting point during tracking. Our momentum scanner triggered 47 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 13 | Nasdaq bid-price notice | Negative | -31.0% | Nasdaq staff determined shares failed minimum $1.00 bid requirement. |
| Feb 11 | Treasury yield mandate | Positive | -9.6% | G-20 Group appointed to manage NEAR treasury yield strategy. |
| Jan 30 | Auditor change | Neutral | -1.2% | CBIZ CPAs engaged as new independent registered public accounting firm. |
| Jan 13 | Preferred tender results | Positive | -7.2% | Accepted 18,996 Series D preferred shares at $1,400 plus dividends. |
| Dec 11 | Dividend clarification | Neutral | -0.7% | Clarified accrued dividend of $16.33 per tendered Series D share. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent corporate and financing news has often been followed by negative price reactions, even when announcements were operationally or strategically positive.
Over the past several months, SVRN has navigated multiple balance-sheet and listing actions ahead of these 2025 results and 2026 guidance. A Nasdaq minimum bid-price deficiency notice on Mar 13, 2026 drew a sharp selloff. Earlier, the company tendered about $26.9M of Series D preferreds and clarified accrued dividends, while appointing CBIZ CPAs as its new auditor. It also advanced its NEAR treasury strategy via a G-20 Group mandate. Today’s earnings and guidance update build on that shift toward a dual shipping–digital asset model.
Key Terms
time charter equivalent technical
non-gaap financial
adjusted ebitda financial
tender offer financial
cumulative convertible perpetual preferred stock financial
at-the-market offering financial
collateral receivable financial
staking reward income financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
2025 Financial Highlights | |||
($ in Millions USD) | |||
2025 (unaudited) | 2024 | Change | |
Vessel Revenues | |||
Staking Reward Income¹ | — | N/A | |
Total Revenue and Other Income | |||
Operating Loss | |||
Net Loss | |||
Net Loss attributable to Common Stockholders | |||
AVERAGE DAILY RESULTS (in USD) | |||
Time charter equivalent (TCE) rate2 | |||
Daily vessel operating expenses3 | |||
Balance Sheet Highlights | |||
($ in Millions USD) | |||
Dec 31, 2025 | Dec 31, 2024 | Change | |
Cash and Cash Equivalents | |||
Digital Assets at Fair Value | — | N/A | |
Vessels, net | |||
Total Assets | |||
Total Liabilities | |||
Total Stockholders' Equity | |||
(See financial tables attached) |
2026 Financial Guidance | |||
($ in Millions USD, except for NEAR's token price) | |||
SHIPPING SEGMENT | |||
Vessel Revenue8 | |||
Shipping Operating Costs9 | |||
Shipping EBITDA | |||
SOVEREIGNAI SEGMENT | Current Spot5 | 2025 Avg. Price6 | 2025 High Price7 |
NEAR Price Assumption | |||
Staking Revenue10 | |||
SovereignAI Opex11 | |||
SovereignAI EBITDA | |||
CONSOLIDATED | |||
Total Revenue | |||
Corporate G&A12 | |||
Adjusted EBITDA4 | |||
Key Fundamentals:
- Total assets of
$165.5 million $77.5 million $33.2 million - Approximately 51.3 million NEAR tokens are held on the balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions), generating a
5.0% target annualized yield—producing approximately 2.75 million NEAR tokens per year in protocol rewards. - Both operating segments are projected to be EBITDA-positive during 2026: shipping segment generating
$1 $2.5 million in EBITDA, and SovereignAI is self-funding with staking income exceeding subsidiary operating costs across all guidance scenarios. - Approximately three years of operating capital on hand; ability to fund operations from revenue without liquidating digital asset holdings.
- First publicly traded NEAR Protocol treasury company, providing institutional-grade exposure to the NEAR ecosystem through a regulated public vehicle.
- Three-vessel fleet operating with no scheduled drydockings in 2026, materially lower vessel operating expenses versus FY 2025.
- Total stockholders' equity of
$156.6 million
¹ SovereignAI Services LLC was formed on October 26, 2025; staking reward income reflects approximately two months of operations. |
Management Commentary
"2025 was the most consequential year in our Company's history," said Sal Ternullo, Co-CEO. "We executed a strategic transformation that fundamentally repositioned the business from a pure-play shipping company into a diversified operating platform with two distinct, complementary revenue engines. The formation of SovereignAI Services LLC together with the completion of our PIPE transaction in the fourth quarter, marked our emergence as the first publicly traded company with exposure to NEAR Protocol, with holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) alongside our maritime fleet. Our reported net loss of
"We streamlined our fleet from five vessels to three, divesting one older Capesize vessel and one Panamax vessel, reducing the average age of our fleet while eliminating near-term drydocking obligations", said Robert Perri, Co-CEO. "The remaining three-vessel fleet—two Panamax drybulk carriers and one MR2 product tanker—are well positioned to take advantage of the current disruptions in the shipping market".
"Our strategy for growing enterprise value is clear: to compound long-term value through NEAR token accumulation and staking yield, while sustaining a stable, cash-generative maritime operation. With total stockholders' equity of
Recent Developments
On October 29, 2025, the Company entered into a Sales Agreement (the "Sales Agreement") with Clear Street LLC ("Clear Street") and Cohen & Company Capital Markets, a division of Cohen & Company ("Cohen & Co.) (each, an "Agent," and, together, the "Agents"), as co-sales agents, pursuant to which the Company may offer and sell shares of the Company's common shares, from time to time having an aggregate sales price of up to
On December 1, 2025, the Board of Directors authorized a share buy-back program (the "Share Buy-Back Program"), with Clear Street LLC ("Clear Street") acting as Agent, for up to
Strategic Overview
Maritime Operations – Fleet Optimization
During 2025, the Company executed a targeted fleet rationalization program, divesting two vessels: the M/V Salt Lake City, a 2005-built Capesize bulk carrier, and the M/V Protefs, a 2004-built Panamax bulk carrier sold and delivered to their new owners in the first and second quarter of 2025, respectively. Combined, these transactions generated net proceeds of approximately
Vessel revenues for fiscal year 2025 totaled
SovereignAI Services LLC – NEAR Protocol Treasury
In October 2025, the Company established SovereignAI Services LLC as a wholly-owned subsidiary to implement its NEAR Protocol digital asset treasury strategy. As of December 31, 2025, SovereignAI held total assets of approximately
The Company's holdings of approximately 51.3 million NEAR tokens held on balance sheet (in addition to 2.85 million NEAR tokens reported as collateral receivable for derivatives positions) generate a target of
About the Company
OceanPal Inc. (NASDAQ: SVRN) is a diversified operating company that combines global shipping transportation services with a digital asset treasury strategy anchored in the NEAR Protocol blockchain. Through its wholly-owned subsidiary SovereignAI Services LLC, the Company operates the first publicly traded NEAR Protocol treasury, accumulating NEAR tokens, generating yield through institutional staking, and offering investors regulated public market exposure to the NEAR ecosystem. The Company's maritime division owns and operates a fleet of three vessels - two Panamax dry bulk carriers and one MR2 product tanker - engaged in the seaborne transportation of bulk commodities including iron ore, coal, and grain, as well as refined petroleum products. OceanPal is focused on compounding long-term shareholder value through disciplined capital allocation across both business segments.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "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, 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 the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, the highly volatile nature of the price of NEAR Protocol tokens and other digital assets, changes in demand for dry bulk and petroleum products shipping capacity, changes in the Company's operating expenses, changes in governmental rules and regulations or actions taken by regulatory authorities with respect to both maritime and digital asset activities, significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between
OCEANPAL INC. | ||
Expressed in Millions of | ||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
2025 (Unaudited) | 2024 | |
REVENUES AND OTHER INCOME: | ||
Vessel revenues | ||
Staking reward income | 0.7 | — |
EXPENSES: | ||
Voyage expenses | 1.9 | 3.7 |
Vessel operating expenses | 7.8 | 12.5 |
Depreciation and amortization | 5.8 | 7.2 |
General and administrative expenses | 10.4 | 6.2 |
Management fees | 1.2 | 1.3 |
Promote fees | 15.0 | — |
Support agreement costs | — | 6.8 |
Impairment loss | — | 6.1 |
Loss on sale of vessels | 3.4 | 0.0 |
Other operating income | - | (0.1) |
Operating loss | ||
OTHER INCOME (EXPENSES): | ||
Unrealized loss on digital assets | (26.0) | — |
Realized loss on digital assets | (1.6) | — |
Unrealized loss on digital assets receivable | (0.1) | — |
Net loss on derivative instruments | (0.4) | — |
Provision for credit losses on collateral | (0.6) | — |
Change in fair value of warrant liability | (4.2) | — |
Interest and finance costs | (1.6) | (0.1) |
Interest income | 0.7 | 0.3 |
Loss on equity method investment | (0.1) | (0.1) |
Other income | 0.1 | 0.0 |
Net loss and comprehensive loss | ||
Less: Deemed dividend upon redemption of Series D preferred stock | (2.3) | - |
Less: Dividends on Series C preferred stock | (0.9) | (0.7) |
Less: Dividends on Series D preferred stock | (1.6) | (1.2) |
Net loss attributed to common stockholders | ||
Loss per common share, basic and diluted* | ||
Weighted average number of common shares, basic* | 7,701,226 | 298,605 |
*2024 figures as adjusted to reflect the one-for-twenty five reverse stock split effected on August 25, 2025 |
CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||
($ in Millions USD) | ||
Dec 31, 2025 (unaudited) | Dec 31,2024** | |
ASSETS | ||
Cash and cash equivalents | ||
Digital assets at fair value | 77.5 | — |
Collateral receivable, net of allowance | 3.7 | — |
Other current assets | 4.4 | 6.9 |
Vessels, net | 40.8 | 71.3 |
Other non-current assets | 5.9 | 4.1 |
Total assets | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Total liabilities | ||
Total stockholders' equity | 156.6 | 84.4 |
Total liabilities and stockholders' equity | ||
** The balance sheet data for December 31, 2024 have been derived from the audited consolidated financial statements at that date. |
Website: www.oceanpal.com
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SOURCE OceanPal Inc.