Top Ships Announces Management Estimate of Net Asset Value at $289 Million

TOP Ships (NASDAQ:TOPS) management estimates net asset value (NAV) at $289 million as of Dec 31, 2025, including its 50% joint-venture vessel values, debt and cash.

Rhea-AI Summary

TOP Ships (NASDAQ:TOPS) management estimates net asset value (NAV) at $289 million as of Dec 31, 2025, including its 50% joint-venture vessel values, debt and cash. That equals $58.81 per share and $45.13 fully diluted (assuming 1,488,478 warrants).

The company notes it is trading at a 91.2% discount to the fully diluted NAV, and describes a fleet averaging 4.8 years in age with time charters running through Q1 2028 to Q3 2031.

Positive

• Management NAV estimate of $289 million as of Dec 31, 2025
• $45.13 fully diluted NAV per share (assumes exercise of 1,488,478 warrants)
• Fleet average age of 4.8 years with eco-friendly, fuel-efficient vessels
• Time charters contracted through Q1 2028 to Q3 2031 providing predictable cash flow

Negative

• Shares trading at a 91.2% discount to fully diluted NAV
• NAV per common share on current basis is $58.81, indicating potential valuation disconnect

Argus Mar 10 session

-9.09% close to close Open Argus

Details

News Market Reaction – TOPS

In the Mar 10 session, TOPS declined 9.09%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -9.1% in the session following this news. A negative reaction despite management hig...

Analysis

The stock moved -9.1% in the session following this news. A negative reaction despite management highlighting a NAV of $289 million and fully diluted NAV of $45.13 per share would fit prior instances where asset or charter-positive news did not consistently translate into gains. The wide cited 91.2% discount to NAV and a young fleet with charters into 2028–2031 underscore an asset-heavy story, but historical patterns show that headline-positive transactions sometimes preceded selling, suggesting that investors may focus on structure, dilution overhang, or execution risk rather than headline NAV alone.

Key Figures

Net Asset Value: $289 million NAV per share: $58.81 per common share Fully diluted NAV/share: $45.13 per common share +5 more

Net Asset Value

$289 million

Management NAV estimate as of December 31, 2025

NAV per share

$58.81 per common share

Based on current common shares outstanding

Fully diluted NAV/share

$45.13 per common share

Assuming exercise of all outstanding warrants

Outstanding warrants

1,488,478 warrants

Used in fully diluted NAV calculation

Discount to NAV

91.2% discount

Based on fully diluted NAV vs latest market close

Fleet average age

4.8 years

Average age of company’s tanker fleet

Earliest charter expiry

Q1 2028

Earliest time charter expiration in current fleet

Latest charter expiry

Q3 2031

Longest-dated time charter expiration

Historical Context

5 past events · Latest: Feb 23

5 events

1. Feb 23

   Fleet acquisition deal

   24h Move

   -10.8%

   Agreement to acquire nine ECO MR tanker newbuildings with large charter backlog.

2. Jan 06

   Charter rate uplift

   24h Move

   +2.2%

   Time charter amendment at higher daily rate and defined purchase option.

3. Dec 31

   Asset sale

   24h Move

   +5.1%

   Sale agreement for newbuilding mega yacht at a stated purchase price.

4. Nov 28

   Real estate LOI

   24h Move

   +2.8%

   Letter of intent for Dubai real estate portfolio at discount to appraised value.

5. Nov 20

   Charter extension

   24h Move

   -0.2%

   Three-year extension of MR tanker charter adding multi-year revenue backlog.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, warrants, fully diluted, time charters

4 terms

net asset value financial

"management estimates the Company’s net asset value (“NAV”) as of December 31, 2025"

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.

View in glossary

warrants financial

"on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants)"

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.

View in glossary

fully diluted financial

"NAV of $58.81 per common share ... and $45.13 per common share on a fully diluted basis"

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.

time charters financial

"Our time charters with high quality customers have been generating positive cashflow"

Time charters are contracts in which a ship owner rents a vessel to a renter for a set period of time; the renter directs where the ship goes and pays for fuel and voyage costs, while the owner provides the crew and handles maintenance. Investors care because time charters turn uncertain spot-market sales into more predictable revenue and cash flow, reducing near-term exposure to volatile freight rates—like renting a truck for months instead of selling single deliveries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, March 10, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”) as of December 31, 2025 to be $289 million (including the Company’s 50% Joint Venture vessel’s values, debt and cash). This translates into a NAV of $58.81 per common share (based on number of common shares currently outstanding) and $45.13 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants).

The Company’s CEO said:

“As per the latest market close, we are trading at a 91.2% discount to the Company’s current estimate of the fully-diluted NAV of the Company. The company’s fleet has an average age of about 4.8 years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Our time charters with high quality customers have been generating positive cashflow and income and we expect that they will continue the same way, since our earliest time charter expires in Q1 2028 and the longest one expires in Q3 2031.”

About the Company

TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org.

Cautionary Note Regarding 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, which are other than statements of historical facts, including with respect to the Company’s future operational performance and the trading of the Company’s shares.

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, our management's examination of 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 expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. 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.

For further information please contact:

Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What NAV did TOP Ships (TOPS) announce for Dec 31, 2025?

The company estimated a $289 million NAV as of Dec 31, 2025. According to the company, this figure includes the 50% joint-venture vessel values, outstanding debt, and cash balances.

How much is TOPS NAV per share and fully diluted per share?

$58.81 per share on the current share count and $45.13 fully diluted. According to the company, the fully diluted figure assumes exercise of 1,488,478 outstanding warrants.

What does TOPS say about its fleet age and efficiency?

TOPS reports an average fleet age of 4.8 years with eco-friendly, fuel-efficient vessels. According to the company, this modern fleet supports operational efficiency and market competitiveness.

What charter coverage does TOP Ships have and how does it affect cash flow?

Time charters extend from Q1 2028 to Q3 2031, providing multi-year contracted revenue. According to the company, these contracts have been generating positive cash flow and income.

Why does TOPS say its stock trades at a 91.2% discount to NAV?

The company reported the market price implies a 91.2% discount to fully diluted NAV. According to the company, this reflects the gap between market valuation and their management NAV estimate as of Dec 31, 2025.