StealthGas (NASDAQ: GASS) earns $60.6M in 2025 and clears all debt
Rhea-AI Filing Summary
StealthGas Inc. reported strong 2025 results, earning net income of $60.6M for the year and $12.8M in the fourth quarter, with basic EPS of $1.64 for 2025 and $0.34 for the quarter. Annual revenues rose to $173.2M, while adjusted EBITDA reached $90.1M, reflecting solid operating performance in its LPG shipping business.
The company became debt-free in 2025 after repaying $350M over three years and ended the year with cash and cash equivalents of $99.1M, currently at about $110M. As of March 2026, it has contracted revenues of roughly $104M, including about $66M for the remainder of 2026, with around 48% of fleet days fixed on period contracts.
StealthGas is selling two debt-free vessels, Eco Invictus and Eco Universe, with expected gross proceeds of about $29M, and continues to focus on modernizing and upsizing its fleet. One vessel, Eco Wizard, was damaged in a July 2025 incident; the company expects to be indemnified in line with insured value and war risk coverage, subject to final agreement with underwriters.
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Insights
StealthGas delivers solid 2025 profits, exits debt, builds cash.
StealthGas generated full-year net income of $60.6M on revenues of $173.2M, with adjusted EBITDA of $90.1M. Q4 net income was $12.8M on revenues of $39.4M, indicating continued profitability despite operational disruptions.
The balance sheet strengthened markedly: all long-term debt and current debt were eliminated by year-end, after $350M of repayments over three years, while cash and cash equivalents increased to $99.1M. Total assets were $711.7M and stockholders’ equity $690.3M, leaving minimal liabilities.
Forward visibility is supported by approximately $104M of contracted revenues as of March 2026, including about $66M for the rest of 2026 with roughly 48% of fleet days fixed. Key variables are resolution of the Eco Wizard insurance claim and execution of asset sales, which influence future cash but are governed by third-party counterparties and underwriters.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number 001-36797
STEALTHGAS INC.
(Translation of registrant’s name into English)
331 Kifissias Avenue Erithrea 14561 Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Financial and Operating Results for the three and twelve months ended December 31, 2025
The press release issued by StealthGas Inc. (the “Company”) on March 2, 2026 announcing its financial and operating results for the three and twelve months ended December 31, 2025, is attached hereto as Exhibit 99.1.
EXHIBIT INDEX
| 99.1 | StealthGas Inc. Press Release dated March 2, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 3, 2026
| STEALTHGAS INC. | ||
| By: |
/s/ Harry Vafias | |
| Name: |
Harry Vafias | |
| Title: |
Chief Executive Officer | |
Exhibit 99.1
STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2025
FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE, March 2, 2026. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
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| • | Continued focus on period coverage. About 48% of fleet days for the remainder of 2026 are secured on period charters, with total fleet employment days for all periods generating about $104 million (excl. our single JV vessel) in contracted revenues. |
| • | Repaid all debt obligations in our fully owned fleet, making $85.9 million in debt repayments during the twelve months of 2025 and $350 million since December 2022. Currently, all the vessels in the fully owned fleet are unencumbered. |
| • | During 2025 the Company spent $1.8 million on share repurchases. Overall, under the current program the Company has spent over $21.2 million in share repurchases since June 2023. |
| • | The Company further strengthened its liquidity with cash and cash equivalents of $99.1 million as of December 31, 2025. |
Fourth Quarter 2025 Results1:
| • | Revenues for the three months ended December 31, 2025, amounted to $39.4 million compared to revenues of $43.5 million for the three months ended December 31, 2024, based on an average of 28.4 vessels and 27.6 vessels owned by the Company, respectively. The decrease in revenue is mainly attributable to the loss of revenue from our vessel Eco Wizard due to the incident that occurred in July 2025 and rendered it inoperable, which was mitigated by the increase in the number of vessels in our fleet. |
| • | Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2025, were $5.9 million and $12.7 million, respectively, compared to $3.2 million and $13.6 million, respectively, for the three months ended December 31, 2024. The $2.7 million increase in voyage expenses was mainly due to an increase in bunkers costs and port expenses as a result of the increase in spot market days for the fleet. |
| • | General and administrative expenses for the three months ended December 31, 2025 and 2024, were $2.2 million and $3.0 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense. |
| • | Depreciation for the three months ended December 31, 2025 and 2024, was $5.4 million and $6.6 million, respectively. The $1.2 million decrease is mainly related to the two vessels that had been classified as held for sale as of December 31, 2025, whereas no vessels were classified as held for sale during the same period last year. |
| • | Gain on sale of vessels for the three months ended December 31, 2025, was $0.7 million compared to nil for the same period last year. The gain is attributed to the sale of one vessel during the three months ended December 31, 2025. |
| • | Interest and finance costs for the three months ended December 31, 2025 and 2024, were $0.01 million and $1.4 million, respectively. The $1.39 million decrease from the same period of last year is primarily due to continued debt prepayments. |
| • | Interest income for the three months ended December 31, 2025 and 2024, was $0.9 million and $1.1 million, respectively. The decrease of $0.2 million is mainly attributed to the decrease in rates of time deposits. |
| • | Equity earnings in joint ventures for the three months ended December 31, 2025 and 2024, was a gain of $1.1 million and $0.5 million, respectively. The $0.6 million increase was primarily due to higher revenues due to better market conditions. |
| • | As a result of the above, for the three months ended December 31, 2025, the Company reported net income of $12.8 million, compared to net income of $14.2 million for the three months ended December 31, 2024. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2025 and 2024 was 36.1 million and 35.3 million, respectively. |
| • | Earnings per share, basic, for the three months ended December 31, 2025, amounted to $0.34 compared to earnings per share, basic, of $0.38 for the same period of last year. |
| • | Adjusted net income, was $13.3 million corresponding to an Adjusted EPS of $0.36 for the three months ended December 31, 2025 compared to Adjusted net income of $16.4 million corresponding to an Adjusted EPS of $0.44 for the same period of last year. |
| • | EBITDA for the three months ended December 31, 2025, amounted to $17.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. |
| • | An average of 28.4 vessels were owned by the Company during the three months ended December 31, 2025 compared to 27.6 vessels for the same period of 2024. |
Twelve months 2025 Results1:
| • | Revenues for the twelve months ended December 31, 2025, amounted to $173.2 million compared to revenues of $167.3 million for the twelve months ended December 31, 2024, based on an average of 28.4 vessels and 27.2 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in our fleet and improved market conditions, despite the loss of revenue from our vessel Eco Wizard. |
| • | Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2025, were $22.5 million and $53.9 million, respectively, compared to $11.7 million and $49.8 million, respectively, for the twelve months ended December 31, 2024. The $10.8 million increase in voyage expenses was mainly due to an increase in port expenses and in bunkers costs as a result of the increase in spot market days for the fleet. The $4.1 million increase in vessels’ operating expenses was mainly due to increase in crew, maintenance repairs and spares expenses partly in conjunction with the higher number of vessels in the fleet. |
| • | Drydocking costs for the twelve months ended December 31, 2025 and 2024, were $3.6 million and $5.3 million, respectively. Drydocking expenses for twelve months ended December 31, 2025 mainly relate to the completion of four vessels’ drydocking, compared to the same period of last year which included the completion of seven vessel’s drydocking. |
| • | General and administrative expenses for the twelve months ended December 31, 2025 and 2024, were $8.3 million and $10.3 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense. |
| • | Depreciation for the twelve months ended December 31, 2025 and 2024, was $25.3 million and $26.1 million, respectively, a $0.8 million decrease is mainly related to the two vessels that had been classified as held for sale as of December 31, 2025, whereas no vessels were classified as held for sale during the same period last year. |
| • | Impairment loss for the twelve months ended December 31, 2025 and 2024, was $0.5 million and nil, respectively. As a result of the agreed sale terms for the vessels Gas Cerberus, which was delivered in June 2025, a non-cash impairment loss of $0.5 million was recognized in the first quarter of 2025. |
| • | Gain on sale of vessels for the twelve months ended December 31, 2025, was $0.5 million compared to gain of $0.05 million for the same period last year. The gain is attributed to the sale of two vessels during the twelve months ended December 31, 2025, compared to the gain from the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023. |
| • | Interest and finance costs for the twelve months ended December 31, 2025 and 2024, were $2.2 million and $9.1 million, respectively. The $6.9 million decrease from the same period of last year is primarily due to continued debt prepayments. |
| • | Interest income for the twelve months ended December 31, 2025 and 2024, was $3.0 million and $3.4 million, respectively. The decrease of $0.4 million is mainly attributed to the decrease in rates of time deposits. |
| • | Equity earnings in joint ventures for the twelve months ended December 31, 2025 and 2024, was a gain of $5.1 million and $15.6 million, respectively. The $10.5 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year. |
| • | As a result of the above, for the twelve months ended December 31, 2025, the Company reported net income of $60.6 million, compared to net income of $69.9 million for the twelve months ended December 31, 2024. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2025 and 2024 was 35.9 million and 35.2 million, respectively. |
| • | Earnings per share, basic, for the twelve months ended December 31, 2025, amounted to $1.64 compared to earnings per share, basic, of $1.91 for the same period of last year. |
| • | Adjusted net income was $65.6 million corresponding to an Adjusted EPS of $1.77 for the twelve months ended December 31, 2025 compared to Adjusted net income of $77.3 million corresponding to an Adjusted EPS of $2.11 for the same period of last year. |
| • | EBITDA for the twelve months ended December 31, 2025, amounted to $85.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. |
| • | An average of 28.4 vessels were owned by the Company during the twelve months ended December 31, 2025, compared to 27.2 vessels for the same period of 2024. |
| 1 | EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. |
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
| • | A three year time charter extension for its 2014 built LPG carrier Eco Corsair, until Feb 2029. |
| • | A four months time charter for its 2017 built LPG carrier Eco Frost, until Mar 2026. |
| • | A three months time charter extension for its 2008 built LPG carrier Gas Defiance, until Mar 2026. |
| • | A three months time charter for its 2015 built LPG carrier Eco Lucidity, until Mar 2026. |
| • | A three months time charter extension for its 2018 built LPG carrier Eco Arctic, until Apr 2026. |
As of March 2026, the Company has total contracted revenues of approximately $104 million (excluding the JV vessel). For the remainder of 2026 the Company has circa 48% of fleet days secured under period contracts and contracted revenues of approximately $66 million (excluding the JV vessel).
The previously announced sale of the vessel Eco Invictus is expected to be concluded within the first quarter of 2026. In addition, in December 2025, the Company entered into a new agreement with a third party for the sale of the 2015-built vessel Eco Universe with expected delivery in April 2025. Both vessels under sale are debt free with the gross proceeds from these sales of circa $29 million further strengthening the cash position.
The vessel Eco Wizard is currently at a port in Latvia where further assessments are being conducted following damage caused during the July incident. The Company anticipates to be indemnified for the loss of the vessel in accordance with the insured value and applicable war risk coverage, subject to final adjustment and agreement with underwriters.
CEO Harry Vafias Commented
StealthGas generated $60.6 million in profits for the whole of 2025, a very successful year, the fourth in a row, of strong profitability and $12.7 million for the fourth quarter despite having one of our most profitable vessels out of action since July 2025. It was to put it mildly a turbulent year for the markets as we had anticipated. Trade in LPG over this period continued to grow with its ups and downs, showing resilience in the face of geopolitical tensions, driven primarily by US exports while medium-term fundamentals remain robust. In line with our strategic objectives during 2025 the Company became debt-free after having paid down $350 million in debt obligations over the last 3 years, ending the year with $99 million cash and currently having $110 million cash. In December the Company entered into another agreement to sell one smaller vessel in the fleet as we are looking to take advantage of firm prices to divest some of the older assets and eventually modernize and move the fleet into larger sized vessels as the opportunities arise.
Conference Call details:
On March 2, 2026 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
https://register-conf.media-server.com/register/BIb28a942d198a4c4da280c78671e6b213
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 29 LPG carriers, including one Joint Venture vessel, in the water. These LPG vessels have a total capacity of 339,134 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.” Visit our website at www.stealthgas.com
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, including regarding contracted revenue, market conditions, pending vessel sales and our vessel damaged in the third quarter of 2025, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes 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, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, the impact of the loss of the Eco Wizard and extent of insurance coverage, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, tensions in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden, accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
Konstantinos Sistovaris
Investor Relations
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2024 and December 31, 2025.
| FLEET DATA |
Q4 2024 | Q4 2025 | 12M 2024 | 12M 2025 | ||||||||||||
| Average number of vessels (1) |
27.6 | 28.4 | 27.2 | 28.4 | ||||||||||||
| Period end number of owned vessels in fleet |
28 | 28 | 28 | 28 | ||||||||||||
| Total calendar days for fleet (2) |
2,542 | 2,610 | 9,944 | 10,368 | ||||||||||||
| Total voyage days for fleet (3) |
2,446 | 2,412 | 9,677 | 10,027 | ||||||||||||
| Fleet utilization (4) |
96.2 | % | 92.4 | % | 97.3 | % | 96.7 | % | ||||||||
| Total charter days for fleet (5) |
2,265 | 2,208 | 8,930 | 8,642 | ||||||||||||
| Total spot market days for fleet (6) |
181 | 204 | 747 | 1,385 | ||||||||||||
| Fleet operational utilization (7) |
95.0 | % | 88.5 | % | 95.4 | % | 91.8 | % | ||||||||
| 1) | Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. |
| 2) | Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. |
| 3) | Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. |
| 4) | Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. |
| 5) | Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. |
| 6) | Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. |
| 7) | Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. |
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
| (Expressed in United States Dollars, |
Fourth Quarter Ended December 31st, |
Twelve months Periods Ended December 31st, |
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| 2024 | 2025 | 2024 | 2025 | |||||||||||||
| Net Income - Adjusted Net Income |
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| Net income |
14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||||||
| Less gain on derivatives |
— | — | (99,286 | ) | — | |||||||||||
| Plus swap interest received |
— | — | 208,127 | — | ||||||||||||
| Less gain on sale of vessels, net |
— | (659,218 | ) | (46,384 | ) | (538,000 | ) | |||||||||
| Plus impairment loss |
— | — | — | 488,400 | ||||||||||||
| Plus share based compensation |
2,206,296 | 1,153,844 | 7,326,808 | 4,967,250 | ||||||||||||
| Adjusted Net Income |
16,404,823 | 13,270,182 | 77,251,442 | 65,566,266 | ||||||||||||
| Net income – EBITDA |
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| Net income |
14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||||||
| Plus interest and finance costs |
1,425,886 | 10,653 | 9,062,562 | 2,241,719 | ||||||||||||
| Less interest income |
(1,052,786 | ) | (859,187 | ) | (3,416,221 | ) | (2,953,442 | ) | ||||||||
| Plus depreciation |
6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||||||||||
| EBITDA |
21,170,176 | 17,339,610 | 101,585,205 | 85,189,369 | ||||||||||||
| Net income - Adjusted EBITDA |
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| Net income |
14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||||||
| Less gain on derivatives |
— | — | (99,286 | ) | — | |||||||||||
| Less gain on sale of vessels, net |
— | (659,218 | ) | (46,384 | ) | (538,000 | ) | |||||||||
| Plus impairment loss |
— | — | — | 488,400 | ||||||||||||
| Plus share based compensation |
2,206,296 | 1,153,844 | 7,326,808 | 4,967,250 | ||||||||||||
| Plus interest and finance costs |
1,425,886 | 10,653 | 9,062,562 | 2,241,719 | ||||||||||||
| Less interest income |
(1,052,786 | ) | (859,187 | ) | (3,416,221 | ) | (2,953,442 | ) | ||||||||
| Plus depreciation |
6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||||||||||
| Adjusted EBITDA |
23,376,472 | 17,834,236 | 108,766,343 | 90,107,019 | ||||||||||||
| EPS - Adjusted EPS |
||||||||||||||||
| Net income |
14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||||||
| Adjusted net income |
16,404,823 | 13,270,182 | 77,251,442 | 65,566,266 | ||||||||||||
| Weighted average number of shares, basic |
35,345,251 | 36,111,888 | 35,237,059 | 35,881,239 | ||||||||||||
| EPS - Basic |
0.38 | 0.34 | 1.91 | 1.64 | ||||||||||||
| Adjusted EPS – Basic |
0.44 | 0.36 | 2.11 | 1.77 | ||||||||||||
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Quarters Ended December 31, |
Twelve month Periods Ended December 31, |
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| 2024 | 2025 | 2024 | 2025 | |||||||||||||
| Revenues |
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| Revenues |
43,467,117 | 39,371,480 | 167,262,185 | 173,161,478 | ||||||||||||
| Expenses |
||||||||||||||||
| Voyage expenses |
2,679,927 | 5,394,093 | 9,594,880 | 20,433,872 | ||||||||||||
| Voyage expenses - related party |
535,991 | 464,102 | 2,063,228 | 2,097,322 | ||||||||||||
| Vessels’ operating expenses |
13,404,725 | 12,481,722 | 48,961,137 | 52,980,264 | ||||||||||||
| Vessels’ operating expenses - related party |
212,500 | 238,419 | 875,002 | 933,616 | ||||||||||||
| Drydocking costs |
1,855,672 | 1,846,503 | 5,312,614 | 3,602,010 | ||||||||||||
| Management fees - related party |
1,089,040 | 1,118,961 | 4,258,240 | 4,445,120 | ||||||||||||
| General and administrative expenses |
3,010,733 | 2,248,264 | 10,309,693 | 8,333,449 | ||||||||||||
| Depreciation |
6,598,549 | 5,412,588 | 26,076,687 | 25,252,476 | ||||||||||||
| Impairment loss |
— | — | — | 488,400 | ||||||||||||
| Net gain on sale of vessels |
— | (659,218 | ) | (46,384 | ) | (538,000 | ) | |||||||||
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| Total expenses |
29,387,137 | 28,545,434 | 107,405,097 | 118,028,529 | ||||||||||||
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| Income from operations |
14,079,980 | 10,826,046 | 59,857,088 | 55,132,949 | ||||||||||||
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| Other (expenses)/income |
||||||||||||||||
| Interest and finance costs |
(1,425,886 | ) | (10,653 | ) | (9,062,562 | ) | (2,241,719 | ) | ||||||||
| Gain on derivatives |
— | — | 99,286 | — | ||||||||||||
| Interest income |
1,052,786 | 859,187 | 3,416,221 | 2,953,442 | ||||||||||||
| Foreign exchange gain/(loss) |
25,598 | (18,210 | ) | (70,692 | ) | (282,697 | ) | |||||||||
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| Other (expenses)/income, net |
(347,502 | ) | 830,324 | (5,617,747 | ) | 429,026 | ||||||||||
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|||||||||
| Income before equity in earnings of investees |
13,732,478 | 11,656,370 | 54,239,341 | 55,561,975 | ||||||||||||
| Equity earnings in joint ventures |
466,049 | 1,119,186 | 15,622,836 | 5,086,641 | ||||||||||||
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|||||||||
| Net Income |
14,198,527 | 12,775,556 | 69,862,177 | 60,648,616 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings per share |
||||||||||||||||
| - Basic |
0.38 | 0.34 | 1.91 | 1.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| - Diluted |
0.38 | 0.34 | 1.90 | 1.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average number of shares |
||||||||||||||||
| - Basic |
35,345,251 | 36,111,888 | 35,237,059 | 35,881,239 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| - Diluted |
35,409,350 | 36,111,888 | 35,333,160 | 35,881,239 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, 2024 |
December 31, 2025 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
80,653,398 | 99,077,831 | ||||||
| Trade and other receivables |
6,156,300 | 7,744,675 | ||||||
| Other current assets |
193,265 | 22,419 | ||||||
| Claims receivable |
55,475 | 61,697,544 | ||||||
| Inventories |
3,891,147 | 1,899,887 | ||||||
| Advances and prepayments |
733,212 | 1,145,504 | ||||||
| Assets held for sale |
— | 24,945,022 | ||||||
| Fair value of derivatives |
387,608 | — | ||||||
|
|
|
|
|
|||||
| Total current assets |
92,070,405 | 196,532,882 | ||||||
|
|
|
|
|
|||||
| Non current assets |
||||||||
| Operating lease right-of-use assets |
— | 104,801 | ||||||
| Vessels, net |
608,214,416 | 491,413,817 | ||||||
| Other receivables |
370,053 | 171,275 | ||||||
| Restricted cash |
3,867,752 | — | ||||||
| Investments in joint ventures |
27,717,238 | 23,467,353 | ||||||
|
|
|
|
|
|||||
| Total non current assets |
640,169,459 | 515,157,246 | ||||||
|
|
|
|
|
|||||
| Total assets |
732,239,864 | 711,690,128 | ||||||
|
|
|
|
|
|||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities |
||||||||
| Payable to related parties |
388,130 | 1,045,962 | ||||||
| Trade accounts payable |
10,994,434 | 9,881,737 | ||||||
| Accrued and other liabilities |
4,922,587 | 4,443,142 | ||||||
| Operating lease liabilities |
— | 104,801 | ||||||
| Deferred income |
4,304,667 | 5,665,271 | ||||||
| Current portion of long-term debt |
23,333,814 | — | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
43,943,632 | 21,140,913 | ||||||
|
|
|
|
|
|||||
| Non current liabilities |
||||||||
| Deferred income |
213,563 | 222,605 | ||||||
| Long-term debt |
61,555,855 | — | ||||||
|
|
|
|
|
|||||
| Total non current liabilities |
61,769,418 | 222,605 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
105,713,050 | 21,363,518 | ||||||
|
|
|
|
|
|||||
| Commitments and contingencies |
| |||||||
| Stockholders’ equity |
||||||||
| Capital stock |
370,414 | 371,857 | ||||||
| Additional paid-in capital |
409,912,934 | 413,450,279 | ||||||
| Retained earnings |
215,855,858 | 276,504,474 | ||||||
| Accumulated other comprehensive income |
387,608 | — | ||||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
626,526,814 | 690,326,610 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
732,239,864 | 711,690,128 | ||||||
|
|
|
|
|
|||||
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
| Twelve month Periods Ended December 31, | ||||||||
| 2024 | 2025 | |||||||
| Cash flows from operating activities |
||||||||
| Net income for the year |
69,862,177 | 60,648,616 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation |
26,076,687 | 25,252,476 | ||||||
| Amortization of deferred finance charges |
711,378 | 990,921 | ||||||
| Amortization of operating lease right-of-use assets |
99,379 | 126,754 | ||||||
| Share based compensation |
7,326,808 | 4,967,250 | ||||||
| Change in fair value of derivatives |
108,841 | — | ||||||
| Proceeds from disposal of interest rate swaps |
1,018,000 | — | ||||||
| Equity earnings in joint ventures |
(15,622,836 | ) | (5,086,641 | ) | ||||
| Dividends received from joint ventures |
20,570,036 | 2,634,000 | ||||||
| Impairment loss |
— | 488,400 | ||||||
| Gain on sale of vessels |
(46,384 | ) | (538,000 | ) | ||||
| Changes in operating assets and liabilities: |
||||||||
| (Increase)/decrease in |
||||||||
| Trade and other receivables |
(1,971,610 | ) | (1,004,172 | ) | ||||
| Other current assets |
(62,676 | ) | 170,846 | |||||
| Claims receivable |
— | (4,474,893 | ) | |||||
| Inventories |
(1,664,738 | ) | 2,154,930 | |||||
| Changes in operating lease liabilities |
(99,379 | ) | (126,754 | ) | ||||
| Advances and prepayments |
676,228 | (240,405 | ) | |||||
| Increase/(decrease) in |
||||||||
| Balances with related parties |
(555,589 | ) | 590,092 | |||||
| Trade accounts payable |
628,899 | (1,677,299 | ) | |||||
| Accrued liabilities |
(758,558 | ) | (802,426 | ) | ||||
| Deferred income |
(2,796,608 | ) | 1,108,984 | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
103,500,055 | 85,182,679 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Payment for acquisition of remaining interest in joint venture, net of cash acquired |
— | (7,976,895 | ) | |||||
| Proceeds from sale of vessels, net |
34,679,584 | 25,072,377 | ||||||
| Acquisition and improvements of vessels |
(106,169,013 | ) | (412,428 | ) | ||||
| Return of investments from joint ventures |
7,007,164 | — | ||||||
|
|
|
|
|
|||||
| Net cash (used in)/provided by investing activities |
(64,482,265 | ) | 16,683,054 | |||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Proceeds from exercise of stock options |
356,250 | 356,250 | ||||||
| Stock repurchase |
(338,176 | ) | (1,784,712 | ) | ||||
| Deferred finance charges paid |
(22,167 | ) | — | |||||
| Advances to joint ventures |
(11,847 | ) | — | |||||
| Loan repayments |
(108,236,401 | ) | (85,880,590 | ) | ||||
| Proceeds from long-term debt |
70,000,000 | — | ||||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(38,252,341 | ) | (87,309,052 | ) | ||||
|
|
|
|
|
|||||
| Net increase in cash, cash equivalents and restricted cash |
765,449 | 14,556,681 | ||||||
| Cash, cash equivalents and restricted cash at beginning of year |
83,755,701 | 84,521,150 | ||||||
|
|
|
|
|
|||||
| Cash, cash equivalents and restricted cash at end of year |
84,521,150 | 99,077,831 | ||||||
|
|
|
|
|
|||||
| Cash breakdown |
||||||||
| Cash and cash equivalents |
80,653,398 | 99,077,831 | ||||||
| Restricted cash, non current |
3,867,752 | — | ||||||
|
|
|
|
|
|||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
84,521,150 | 99,077,831 | ||||||
|
|
|
|
|
|||||