Toro Corp. Reports Net Income of $1.3 Million for the Three Months Ended September 30, 2025 and $4.3 Million for the Nine Months Ended September 30, 2025
Rhea-AI Summary
Toro Corp. (NASDAQ: TORO) reported Q3 2025 net income of $1.3M (30% higher YoY) and EBITDA from continuing operations of $1.6M versus $(0.1M) in Q3 2024. Total vessel revenues for Q3 were $5.4M (+1.9% YoY); nine‑month vessel revenues were $15.0M (‑12.8% YoY). Cash declined to $25.1M as of Sept 30, 2025 from $37.2M year‑end 2024. Key transactions: purchased 60,000 Castor Series E preferred shares for $60.0M (redeemed Oct 13, 2025), completed the Robin Energy spin‑off on Apr 14, 2025, repaid a $100.0M senior term loan from Castor, acquired two MR tankers for $36.25M and $30.3M, and entered an ATM facility for up to $12.5M.
Positive
- Q3 net income +30% to $1.3M
- Q3 EBITDA improved to $1.6M from $(0.1M)
- Completed Robin spin‑off on Apr 14, 2025
- Acquired two MR tankers for $36.25M and $30.3M
- ATM facility authorized up to $12.5M
Negative
- Nine‑month net income down 82.2% to $4.3M
- Cash balance declined $12.1M to $25.1M
- Nine‑month vessel revenues down 12.8% to $15.0M
- $60.0M paid to purchase Castor Series E preferred shares
Market Reaction 15 min delay 9 Alerts
Following this news, TORO has gained 26.86%, reflecting a significant positive market reaction. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $5.24. This price movement has added approximately $17M to the company's valuation. Trading volume is exceptionally heavy at 14.0x the average, suggesting very strong buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
TORO was up 1.22% while key Marine Shipping peers like SHIP (-3.6%), DSX (-3.45%), GASS (-0.22%), SMHI (-0.69%) and HTCO (-1.45%) were down, indicating stock-specific strength rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 15 | Preferred redemption | Positive | +2.4% | Full cash redemption of 60,000 Castor Series E preferred shares. |
| Oct 01 | Earnings update | Positive | +33.8% | Q2 2025 results with higher net income and strategic fleet moves. |
| Sep 16 | Vessel sale | Neutral | +0.5% | Announced sale of LPG carrier Dream Terrax to Robin for $20M. |
| Sep 15 | AGM results | Neutral | +4.7% | Shareholders approved director re-election and 2025 auditor appointment. |
| Sep 04 | Vessel sale completion | Neutral | -0.4% | Completion of the sale and delivery of LPG carrier Dream Syrax. |
Recent company-specific announcements, including asset sales and capital markets actions, have generally seen modest to strong positive price reactions, with only one small negative move.
Over the past few months, Toro reported multiple corporate and capital markets actions. It completed sales of LPG carriers Dream Syrax and Dream Terrax to Robin, held its 2025 AGM, and agreed with Castor on full redemption of 60,000 Series E preferred shares. Q2 2025 results showed higher net income but lower revenues. Today’s Q3 2025 earnings extend that pattern of operational reshaping with MR tanker acquisitions, vessel sales, and evolving capital allocation, including term loan repayment and preferred share transactions.
Market Pulse Summary
The stock is surging +26.9% following this news. A strong positive reaction aligns with Toro’s pattern of constructive responses to earnings and balance sheet developments. Q3 2025 showed higher net income of $1.3 million and improved Daily TCE of $13,363, but nine-month revenues and net income declined versus 2024. Investors would need to weigh sustainability of earnings after vessel sales, sizable investments in MR tankers and Castor securities, and future use of the $12.5 million ATM facility.
Key Terms
EBITDA financial
at-the-market financial
ATM offering financial
time charter technical
Ownership Days technical
Equity Incentive Plan financial
AI-generated analysis. Not financial advice.
LIMASSOL, Cyprus, Dec. 05, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), a global energy transportation provider, 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 from continuing operations:
$5.4 million , as compared to$5.3 million for the three months ended September 30, 2024, or a1.9% increase; - Net income from continuing operations:
$1.3 million , as compared to$1.0 million for the three months ended September 30, 2024, or a30% increase; - Net income:
$1.3 million , as compared to$1.0 million for the three months ended September 30, 2024, or a30% increase; - Earnings/(Loss) per common share, basic, from continuing operations:
$0.01 per share, as compared to$(0.01) per share for the three months ended September 30, 2024; - EBITDA(1) from continuing operations:
$1.6 million , as compared to$(0.1) million for the three months ended September 30, 2024; - Cash of
$25.1 million as of September 30, 2025, as compared to$37.2 million as of December 31, 2024; - On September 29, 2025, we purchased 60,000
8.75% Series E Cumulative Perpetual Convertible Preferred Shares (“Series E Preferred Shares”) of Castor Maritime Inc. (“Castor”) with a stated amount of$1,000 each for total consideration of$60.0 million in cash (these shares were subsequently fully redeemed by Castor on October 13, 2025); and - During the three months ended September 30, 2025, we completed two vessel acquisitions and two vessel disposals.
Highlights of the Nine Months Ended September 30, 2025:
- Total vessel revenues from continuing operations:
$15.0 million , as compared to$17.2 million for the nine months ended September 30, 2024, or a12.8% decrease; - Net income from continuing operations:
$4.2 million , as compared to$4.5 million for the nine months ended September 30, 2024, or a6.7% decrease; - Net income:
$4.3 million , as compared to$24.2 million for the nine months ended September 30, 2024, or a82.2% decrease; - Earnings/(Loss) per common share, basic, from continuing operations:
$0.04 per share, as compared to$(0.03) per share for the nine months ended September 30, 2024; - EBITDA(1) from continuing operations:
$3.8 million , as compared to$1.7 million for the nine months ended September 30, 2024; - The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. (“Robin”), was completed on April 14, 2025; and
- On May 5, 2025, the
$100.0 million senior term loan facility from Toro to Castor was fully repaid.
(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:
“During the third quarter of 2025, we acquired two MR tanker vessels and sold two LPG carriers, demonstrating the steady progression of our business throughout the period.
We also maintained a robust, debt-free balance sheet, underscoring the stability of our operations and the strong performance across our core activities during the quarter.”
Earnings Commentary:
Third quarter ended September 30, 2025, and 2024 Results
Total vessel revenues from continuing operations increased to
Voyage expenses from continuing operations for our fleet increased to
The decrease in vessel operating expenses from continuing operations by
Management fees from continuing operations amounted to
Depreciation expenses from continuing operations amounted to
General and administrative expenses from continuing operations in the three months ended September 30, 2025, amounted to
Interest and finance costs, net, from continuing operations amounted to
Recent Financial Developments Commentary:
Equity update
On October 15, 2025, we paid to Castor a dividend amounting to
As of December 5, 2025, we had 21,473,509 common shares issued and outstanding.
Liquidity/ Financing/Cash flow update
Our consolidated cash position decreased by
Recent Business Developments Commentary:
On October 15, 2025, we received from Castor a dividend on the Castor Series D Preferred Shares, amounting to
On October 15, 2025, we received from Robin a dividend on the Robin Series A Preferred Shares, amounting to
Full Redemption by Castor of the
On October 13, 2025, we and Castor agreed to the full redemption of 60,000 shares of Castor’s
At the Market (“ATM”) Offering Agreement
On November 13, 2025, we entered into an “at-the-market” (“ATM”) offering agreement with Maxim Group LLC (“Maxim”). Under the terms of the ATM offering agreement, we may, from time to time, sell its common shares having an aggregate offering value of up to
Vessel acquisitions
On May 3, 2025, we entered into an agreement to purchase a 2021-built MR (MR2 class) tanker vessel from an unaffiliated third party for a purchase price of
On September 19, 2025, we, through a wholly owned subsidiary, entered into an agreement with an unaffiliated third-party to acquire a 2014-built MR (MR2 class) tanker vessel for a purchase price of
Vessel sales
On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Syrax, at a price of
On September 16, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Terrax, at a price of
Fleet Employment Status (as of December 5, 2025): During the three months ended September 30, 2025, we operated on average 4.5 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.
| LPG Carriers | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Dream Arrax | LPG carrier 5,000 cbm | 4,753 | 2015 | Japan | Time Charter period(1) | Apr-26 | May-26 | |
| Dream Vermax | LPG carrier 5,000 cbm | 5,155 | 2015 | Japan | Time Charter period(2) | Feb-26 | Apr-27 | |
| MR Tankers | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| M/T Wonder Altair | MR2 | 50,303 | 2021 | China | Time Charter period(3) | Dec-25 | Feb-26 | |
| M/T Wonder Maia | MR2 | 50,880 | 2014 | South Korea | Time Charter period | Mar-26 | May-26 | |
(1) The vessel has been fixed under a time charter period contract of twelve months starting from May 2024, at
(2) The vessel has been fixed under a time charter period contract of twelve months starting from March 2024, at
(3) On September 24, 2025, the vessel has been fixed under a new time charter period contract of twelve months (plus or minus forty days in charterer’s option) at
Financial Results (Continuing Operations) Overview:
Set forth below are selected financial and operational data of our fleet (continuing operations) for each 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 | $ | 5,377,324 | $ | 5,318,237 | $ | 14,974,277 | $ | 17,165,481 | |||||
| Operating loss | $ | (943,474 | ) | $ | (2,049,487 | ) | $ | (3,704,477 | ) | $ | (3,823,674 | ) | |
| Net income and comprehensive income | $ | 1,271,460 | $ | 974,043 | $ | 4,182,774 | $ | 4,514,076 | |||||
| EBITDA(1) | $ | 1,553,277 | $ | (119,508 | ) | $ | 3,782,337 | $ | 1,676,415 | ||||
| Earnings/(Loss) per common share, basic and diluted | $ | 0.04 | $ | (0.03 | ) | $ | 0.01 | $ | (0.01 | ) | |||
(1) EBITDA is not a 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 (Continuing Operations):
Set forth below are selected financial and operational data of our fleet (continuing operations) 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) | 418 | 460 | 1,245 | 1,370 | |||||||||
| Available Days(2)(7) | 378 | 446 | 1,159 | 1,330 | |||||||||
| Operating Days(3)(7) | 378 | 446 | 1,159 | 1,330 | |||||||||
| Daily TCE Rate(4) | $ | 13,363 | $ | 11,426 | $ | 12,098 | $ | 11,930 | |||||
| Fleet Utilization(5) | 100 | % | 100 | % | 100 | % | 100 | % | |||||
| Daily vessel operating expenses(6) | $ | 5,378 | $ | 4,964 | $ | 5,459 | $ | 4,993 | |||||
(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 and Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
TORO CORP.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed 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 | |||||||||||||
| Time charter revenues | 5,377,324 | 3,877,383 | 13,096,236 | 10,394,268 | |||||||||
| Voyage charter revenues | — | (350 | ) | — | 1,310,312 | ||||||||
| Pool revenues | — | 1,441,204 | 1,878,041 | 5,460,901 | |||||||||
| Total vessel revenues | $ | 5,377,324 | $ | 5,318,237 | $ | 14,974,277 | $ | 17,165,481 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (326,273 | ) | (222,346 | ) | (953,267 | ) | (1,299,007 | ) | |||||
| Vessel operating expenses | (2,247,865 | ) | (2,283,348 | ) | (6,796,193 | ) | (6,839,757 | ) | |||||
| General and administrative expenses (including related party fees) | (2,107,223 | ) | (3,096,911 | ) | (6,063,168 | ) | (7,795,087 | ) | |||||
| Management fees - related parties | (481,800 | ) | (492,660 | ) | (1,401,789 | ) | (1,438,150 | ) | |||||
| Depreciation and amortization | (1,157,637 | ) | (1,272,459 | ) | (3,464,337 | ) | (3,591,785 | ) | |||||
| Provision for doubtful accounts | — | — | — | (25,369 | ) | ||||||||
| Operating loss | $ | (943,474 | ) | $ | (2,049,487 | ) | $ | (3,704,477 | ) | $ | (3,823,674 | ) | |
| Interest and finance costs, net(1) | 875,820 | 2,343,513 | 3,864,774 | 6,429,446 | |||||||||
| Other expenses, net(2) | 10,642 | 18,631 | 73,172 | 5,526 | |||||||||
| Dividend income from related party | 1,328,472 | 638,889 | 3,949,305 | 1,902,778 | |||||||||
| Income taxes | — | 22,497 | — | — | |||||||||
| Net income and comprehensive incomefrom continuing operations, net of taxes | $ | 1,271,460 | $ | 974,043 | $ | 4,182,774 | $ | 4,514,076 | |||||
| Net income and comprehensive income from discontinued operations, net of taxes | $ | 15,741 | $ | 1,306 | $ | 116,507 | $ | 19,715,401 | |||||
| Net income and comprehensive income | $ | 1,287,201 | $ | 975,349 | $ | 4,299,281 | $ | 24,229,477 | |||||
| Dividend on Series A Preferred Shares | (299,445 | ) | (357,778 | ) | (1,003,334 | ) | (1,065,556 | ) | |||||
| Deemed dividend on Series A Preferred Shares | (864,372 | ) | (773,739 | ) | (2,422,324 | ) | (2,283,440 | ) | |||||
| Net income/(Loss) attributable to common shareholders | $ | 123,384 | $ | (156,168 | ) | $ | 873,623 | $ | 20,880,481 | ||||
| Earnings/(Loss) per common share, basic, continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | (0.03 | ) | |||
| Earnings/(Loss) per common share, diluted, continuing operations | $ | 0.01 | $ | (0.01 | ) | $ | 0.04 | $ | (0.03 | ) | |||
| Earnings per common share, basic, discontinued operations | $ | 0.001 | $ | 0.0001 | $ | 0.01 | $ | 1.14 | |||||
| Earnings per common share, diluted, discontinued operations | $ | 0.0002 | $ | 0.0001 | $ | 0.001 | $ | 1.14 | |||||
| Earnings/(Loss) per common share, basic, total | $ | 0.0011 | $ | (0.0099 | ) | $ | 0.05 | $ | 1.11 | ||||
| Earnings/(Loss) per common share, diluted, total | $ | 0.0102 | $ | (0.0099 | ) | $ | 0.041 | $ | 1.11 | ||||
| Weighted average number of common shares outstanding, basic: | 17,909,082 | 17,112,114 | 17,769,388 | 17,314,461 | |||||||||
| Weighted average number of common shares outstanding, diluted: | 66,861,281 | 17,112,114 | 79,382,502 | 17,314,461 | |||||||||
(1) Includes interest and finance costs and interest income (including interest income from related party), if any.
(2) Includes aggregated amounts for foreign exchange gains/(losses), gain/(loss) on equity securities and other income, as applicable in each period.
TORO CORP.
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 | $ | 25,110,522 | $ | 37,193,010 |
| Due from related parties | 6,716,165 | 6,072,800 | ||
| Loan to related party, current | — | 10,364,205 | ||
| Other current assets | 2,111,647 | 1,149,269 | ||
| Current assets of discontinued operations | 416,493 | 495,003 | ||
| Total current assets | 34,354,827 | 55,274,287 | ||
| NON-CURRENT ASSETS: | ||||
| Vessels, net | 97,436,480 | 72,767,793 | ||
| Due from related parties | 1,940,415 | 1,590,501 | ||
| Investment in related party | 187,105,374 | 100,687,500 | ||
| Loan to related party, non-current | — | 90,000,000 | ||
| Other non-currents assets | 9,482,113 | 6,087,103 | ||
| Total non-current assets | 295,964,382 | 271,132,897 | ||
| Total assets | 330,319,209 | 326,407,184 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Due to related parties | 291,667 | 338,333 | ||
| Other current liabilities | 3,973,142 | 2,737,462 | ||
| Current liabilities of discontinued operations | 1,520,715 | 1,619,763 | ||
| Total current liabilities | 5,785,524 | 4,695,558 | ||
| NON-CURRENT LIABILITIES: | ||||
| Total non-current liabilities | — | — | ||
| Total liabilities | 5,785,524 | 4,695,558 | ||
| MEZZANINE EQUITY: | ||||
| 125,088,143 | 122,665,819 | |||
| Total mezzanine equity | 125,088,143 | 122,665,819 | ||
| SHAREHOLDERS’ EQUITY: | ||||
| Common shares, | 19,073 | 19,094 | ||
| Preferred shares, | 40 | 40 | ||
| Additional paid-in capital | 58,131,357 | 58,605,224 | ||
| Retained Earnings | 141,295,072 | 140,421,449 | ||
| Total shareholders’ equity | 199,445,542 | 199,045,807 | ||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 330,319,209 | $ | 326,407,184 |
TORO CORP.
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 Activitiesof continuing operations: | ||||||
| Net income | $ | 4,299,281 | $ | 24,229,477 | ||
| Less: Net income from discontinued operations, net of taxes | (116,507 | ) | (19,715,401 | ) | ||
| Net income from continuing operations, net of taxes | 4,182,774 | 4,514,076 | ||||
| Adjustments to reconcile net income fromcontinuing operations to net cash (used in)/provided by Operating activities: | ||||||
| Depreciation and amortization | 3,464,337 | 3,591,785 | ||||
| Amortization of fair value of acquired charter | (698,670 | ) | — | |||
| Amortization of investment in debt securities | (3,687 | ) | — | |||
| Provision for doubtful accounts | — | 25,369 | ||||
| Stock based compensation cost | 2,418,150 | 4,364,393 | ||||
| Straight line amortization of hire | (6,292 | ) | — | |||
| Unrealized (gain)/loss on equity securities | (66,033 | ) | 1,440 | |||
| Realized loss on sale of equity securities | — | 2,369 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | (789,609 | ) | 841,401 | |||
| Inventories | (720,587 | ) | (34,616 | ) | ||
| Due from/to related parties | (14,367,824 | ) | 137,587 | |||
| Prepaid expenses and other assets | (595,440 | ) | 741,674 | |||
| Accounts payable | 299,356 | (555,563 | ) | |||
| Accrued liabilities | 438,434 | 306,364 | ||||
| Deferred revenue | (649,000 | ) | 674,000 | |||
| Dry-dock costs paid | (2,350,800 | ) | (1,101,199 | ) | ||
| Net Cash (used in)/provided by Operating Activities from continuing operations | (9,444,891 | ) | 13,509,080 | |||
| Cash flow (used in)/provided by Investing Activitiesof continuing operations: | ||||||
| Vessel acquisitions and other vessel improvements | (66,648,692 | ) | (114,607 | ) | ||
| Proceeds from sale of vessels | 38,000,000 | — | ||||
| Purchase of debt securities | (2,910,000 | ) | — | |||
| Investment in related party | (60,000,000 | ) | — | |||
| Loan to related party | 100,364,205 | — | ||||
| Purchase of equity securities | — | (3,073,093 | ) | |||
| Proceeds from sale of equity securities | — | 249,338 | ||||
| Net cash provided by/(used in) Investing Activitiesfrom continuing operations | 8,805,513 | (2,938,362 | ) | |||
| Cash flows (used in)/provided by Financing Activities of continuing operations: | ||||||
| Payments for repurchase of common stock | (132,633 | ) | — | |||
| Payment of Dividend on Series A Preferred Shares | (1,050,000 | ) | (1,050,000 | ) | ||
| Payment for repurchase of common shares | — | (3,728,008 | ) | |||
| Cash contribution related to Spin-Off | (10,356,450 | ) | — | |||
| Net cash used in Financing Activities from continuing operations | (11,539,083 | ) | (4,778,008 | ) | ||
| Cash flows of discontinued operations: | ||||||
| Net cash provided by Operating Activities from discontinued operations | 94,708 | 3,530,126 | ||||
| Net cash provided by Investing Activities from discontinued operations | — | 32,488,070 | ||||
| Net cash used in Financing Activities from discontinued operations | — | (5,257,200 | ) | |||
| Net cash provided by discontinued operations | 94,708 | 30,760,996 | ||||
| Net (decrease)/increase in cash and cash equivalents | (12,083,753 | ) | 36,553,706 | |||
| Cash and cash equivalents at the beginning of the period | 37,197,848 | 155,585,401 | ||||
| Cash and cash equivalents at the end of the period | $ | 25,114,095 | $ | 192,139,107 | ||
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 (continuing operations) to Total vessel revenues, the most directly comparable U.S. GAAP financial measure, for the periods presented:
| 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 | $ | 5,377,324 | $ | 5,318,237 | $ | 14,974,277 | $ | 17,165,481 | |||||
| Voyage expenses including commissions to related party | (326,273 | ) | (222,346 | ) | (953,267 | ) | (1,299,007 | ) | |||||
| TCE revenues | $ | 5,051,051 | $ | 5,095,891 | $ | 14,021,010 | $ | 15,866,474 | |||||
| Available Days | 378 | 446 | 1,159 | 1,330 | |||||||||
| Daily TCE Rate | $ | 13,363 | $ | 11,426 | $ | 12,098 | $ | 11,930 | |||||
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 from continuing operations, 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 from continuing operations, net of taxes | $ | 1,271,460 | $ | 974,043 | $ | 4,182,774 | $ | 4,514,076 | |||||
| Depreciation and amortization | 1,157,637 | 1,272,459 | 3,464,337 | 3,591,785 | |||||||||
| Interest and finance costs, net(1) | (875,820 | ) | (2,343,513 | ) | (3,864,774 | ) | (6,429,446 | ) | |||||
| US source income taxes | — | (22,497 | ) | — | — | ||||||||
| EBITDA | $ | 1,553,277 | $ | (119,508 | ) | $ | 3,782,337 | $ | 1,676,415 | ||||
(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 our spin-off from Castor Maritime Inc., the effects of the Robin 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 segments 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
Toro Corp.
Email: ir@torocorp.com
FAQ
What did TORO report for Q3 2025 net income and EBITDA?
How did TORO's nine‑month 2025 vessel revenues compare to 2024 (TORO)?
What cash and liquidity changes did TORO report as of Sept 30, 2025?
What major transactions did TORO complete in 2025 that affect shareholders (TORO)?
How will the TORO ATM offering work and what's the size?
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