Every 424B that TOP Ships Inc. (TOPS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow TOPS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TOPS filings page.
TOP SHIPS INC. (TOPS) filed a prospectus supplement for its existing registration covering up to 50,000,000 common shares and updated investors with financial results for the six months ended June 30, 2026. Net income was $6.5 million on revenues of $25.5 million, with diluted EPS of $0.61 and EBITDA of $17.2 million.
The company reported $11.1 million of net cash from operating activities, cash and cash equivalents of $13.3 million, total assets of $373.5 million, and stockholders’ equity of $76.7 million. Management highlighted a large tanker newbuilding program with time charters that together represent $680.4 million of contracted revenue including optional periods, most construction installments being largely financed through lease arrangements, and a strategic focus on core tanker operations by redirecting capital from a canceled Dubai real estate transaction and pursuing divestiture of the megayacht M/Y Para Bellvm.
TOP SHIPS INC. (TOPS) filed a prospectus supplement covering up to 50,000,000 common shares under its Form F-1, updating the document with its Form 6-K for the six months ended June 30, 2026. The company reported revenue of $25.5 million, down 42% from $43.8 million a year earlier, but remained profitable with net income of $6.5 million and EBITDA of $17.2 million. Long-term debt (excluding unamortized fees) was about $264.0 million and cash and restricted cash totaled $13.3 million, alongside a working capital deficit of $16.0 million. TOP Ships is executing a large tanker newbuilding program with remaining shipyard commitments of $307.4 million for nine MR tankers plus an additional $140.2 million tied to three MR tankers, largely financed through Chinese lease facilities. The fleet and newbuildings are backed by long-term time charters, with future minimum receipts of $116.0 million for vessels in operation and $412.8 million for vessels under construction, while the company also maintains a $50.0 million equity line facility to support liquidity.
TOP Ships Inc. is supplementing a prospectus covering up to 50,000,000 common shares by incorporating recent transactions that reshape its tanker portfolio and contracted revenues. The company agreed to buy all shares of three SPVs, each owning a contract for a 49,940 dwt MR chemical/product tanker, with pre-delivery installments of $49.5 million per vessel, of which $2.8 million per vessel is already paid. The net purchase price for the SPVs is about $4.7 million, after a $2.6 million cash payment and crediting a $23.5 million refund from a cancelled Dubai real-estate deal, and is due by September 30, 2026. These three vessels have five-year time charters plus a one-year option with a major oil trader, providing potential gross revenue backlog of about $140.6 million. Separately, TOP Ships is selling all shares of Roman Shark V Inc. to related party Rubico Inc. for about $6.5 million, with a sale-and-leaseback financing covering 85% of the $45.2 million pre-delivery installments, bearing interest at Term SOFR plus 1.80%. Rubico will pay quarterly installments of $0.5 million over 10 years and a final $18.2 million balloon. Management highlights that, including these deals and optional periods, potential gross revenue backlog from three newbuildings is about $141 million, from ten newbuilding MR tankers about $680 million, and total contracted backlog including JV vessels about $929 million.
TOP Ships Inc. supplements its existing prospectus covering up to 50,000,000 common shares by incorporating new information from a recent report. Management now estimates net asset value as of June 30, 2026 at $359.2 million, a 24% increase from the NAV reported on March 10, 2026.
This estimate equals $47.19 per common share based on current shares outstanding and $12.49 per share on a fully diluted basis, assuming conversion of all convertible preferred shares and exercise of all warrants. The tanker fleet has an average age of about 5.2 years, with a pipeline of eight 47,499 dwt MR tanker newbuildings slated for delivery from Q2 2028 to Q4 2029.
The CEO states the company is trading at a 94% discount to the current estimate of fully diluted NAV and reiterates plans to sell the megayacht M/Y Para Bellvm and exit the megayacht sector, with the goal of redeploying released capital toward the core tanker business.
TOP Ships Inc. filed a prospectus supplement to its Form F-1 registration statement covering up to 50,000,000 common shares, updating the base prospectus with information from three July 2026 Form 6-K reports. These reports describe several asset and capital allocation decisions.
The company agreed to sell 100% of the shares of a special-purpose vehicle holding a contract for a 47,499 dwt ECO MR product/chemical tanker scheduled for 2029 delivery, for an aggregate price of about $6.25 million, payable at closing and expected to complete by September 30, 2026, subject to customary conditions. A special board committee of independent directors approved the sale after obtaining a fairness opinion.
TOP Ships also elected not to exercise an option to acquire a Dubai residential real estate portfolio, with the $23.5 million advance cash payment to be refunded and no further obligations under that potential deal. Management states an intention to deploy this capital, and proceeds expected from a planned sale of the 47-meter megayacht M/Y Para Bellvm, toward its core tanker business, while cautioning there is no assurance a megayacht sale will be completed or what its final terms or proceeds will be.
TOP Ships Inc. filed a Prospectus Supplement registering up to 50,000,000 common shares under its Form F-1 registration statement.
The supplement incorporates a Form 6-K and a press release dated June 24, 2026 stating that the M/T Legio X, a 2022-built VLCC, safely exited the Strait of Hormuz and continued to earn revenue under its time charter with no interruption to contracted cash flows. The press release also cites a third-party broker estimate that comparable VLCC values rose by approximately 13% versus the management estimate used in the Company’s March 10, 2026 net asset value announcement.
Top Ships Inc. registered up to 50,000,000 common shares via a Prospectus Supplement. The company also disclosed it has elected not to proceed with a previously announced $10,000,000 public offering and has withdrawn the related Form F-1 registration.
TOP Ships Inc. filed a prospectus to register up to 50,000,000 Common Shares for resale by B. Riley Principal Capital II, LLC, related to a committed equity purchase agreement under which TOP Ships may, at its option, sell up to $50,000,000 of Common Shares to the Selling Shareholder. The resale registration covers shares that the company may issue to the Selling Shareholder; the company expects net proceeds from sales to the Selling Shareholder, if any, to be used for general corporate purposes including working capital, debt repayment and fleet expansion. The registration reflects a 4.99% beneficial ownership limitation on purchases by the Selling Shareholder and notes concentrated voting control by family‑related trusts and affiliated entities holding a combined majority of voting power as of May 6, 2026.