TOP Ships H1 profit, $680M tanker contracts

TOP Ships Inc. combines first-half 2026 profitability with a $680.4 million contracted-revenue newbuilding program and a pivot back to core tanker assets.

Rhea-AI Filing Summary

TOP SHIPS INC. (TOPS) reported profitable and cash-generative results for the six months ended June 30, 2026, with net income of $6.5 million on revenue of $25.5 million, EBITDA of $17.2 million and net cash from operating activities of $11.1 million. Basic and diluted EPS were $0.68 and $0.61, respectively, and stockholders’ equity was $76.7 million on total assets of $373.5 million.

The company highlighted a major expansion of its newbuilding program: eight 47,499 dwt MR product tankers delivering between 2028 and 2029 (one agreed sold) with seven-year time charters to Trafigura plus options, and three additional 49,940 dwt MR newbuildings with five-year charters to an oil major plus options. These contracts represent $680.4 million of contracted revenue, including optional periods, with about 85% of construction installments financed or expected to be financed via lease arrangements.

TOP Ships also reported capital allocation moves aligned with its tanker focus, using $23.5 million previously committed to a potential Dubai residential real estate acquisition toward the three MR newbuildings and continuing to seek divestiture of its megayacht M/Y Para Bellvm to redeploy capital into its core business.

Positive

• $6.5 million net income and $11.1 million operating cash flow for the first half of 2026 demonstrate profitable, cash-generating operations.
• Long-term charter coverage from newbuildings provides $680.4 million in contracted revenue, enhancing revenue visibility and fleet employment.
• Approximately 85% of construction installments for the new vessels are financed or expected to be financed through lease financing arrangements, limiting upfront cash needs.

Negative

• EBITDA declined from $24.4 million in the first half of 2025 to $17.2 million in 2026, and net income decreased from $7.6 million to $6.5 million, indicating weaker profitability year over year.

Key Figures

Net income: $6.5 million Revenue: $25.5 million EBITDA: $17.2 million +5 more

8 metrics

Net income $6.5 million Six months ended June 30, 2026

Revenue $25.5 million Six months ended June 30, 2026

EBITDA $17.2 million Six months ended June 30, 2026; down from $24.4 million in 2025

Net cash from operating activities $11.1 million Six months ended June 30, 2026

Basic and diluted EPS $0.68 basic; $0.61 diluted Six months ended June 30, 2026

Stockholders’ equity $76.7 million As of June 30, 2026

Contracted revenue from newbuilding program $680.4 million Including optional charter periods for MR newbuildings

Financed construction installments Approximately 85% Portion of newbuilding construction installments financed or expected via lease financing

Key Terms

EBITDA, time charter, lease financing arrangements, scrubber-fitted, +1 more

5 terms

EBITDA financial

"The Company reported net income of $6.5 million, revenues of $25.5 million, EBITDA of $17.2 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

time charter financial

"Each vessel comes with a seven-year time charter with Trafigura commencing on its delivery"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

lease financing arrangements financial

"Approximately 85% of the construction installments for these vessels are financed, or expected to be financed, through lease financing arrangements"

scrubber-fitted technical

"three additional high-specification, scrubber-fitted 49,940 dwt MR newbuildings"

A vessel described as scrubber-fitted has been equipped with an exhaust gas cleaning system—a large filter that removes sulfur and other pollutants from ship engine emissions. For investors this matters because the retrofit changes operating economics and regulatory exposure: it can allow use of less expensive fuel while meeting environmental rules, but it requires upfront capital, affects maintenance and resale value, and alters running costs and compliance risk.

forward-looking statements regulatory

"Matters discussed in this press release may constitute forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Net income: $6.5 million

Six months ended June 30, 2026

Net income $6.5 million -$1.1 million vs. $7.6 million in 2025

Revenue $25.5 million

EBITDA $17.2 million -$7.2 million vs. $24.4 million in 2025

Net cash from operating activities $11.1 million

Basic EPS $0.68

Diluted EPS $0.61

FAQ

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

What were TOPS’s key financial results for the six months ended June 30, 2026?

TOP Ships Inc. reported net income of $6.5 million, revenue of $25.5 million, EBITDA of $17.2 million and net cash from operating activities of $11.1 million for the six months ended June 30, 2026. Basic and diluted EPS were $0.68 and $0.61, respectively.

How did TOPS’s 2026 EBITDA and net income compare to 2025?

For the six months ended June 30, 2025, TOP Ships reported EBITDA of $24.4 million and net income of $7.6 million. For the same period in 2026, EBITDA was $17.2 million and net income was $6.5 million, reflecting lower profitability year over year.

What is the size of TOPS’s contracted revenue from its newbuilding program (TOPS)?

TOP Ships Inc. stated that its newbuilding program represents $680.4 million of contracted revenue, including the optional charter periods. This total combines $539.8 million from eight MR tankers chartered to Trafigura and $140.6 million from three additional MR newbuildings chartered to an oil major.

How is TOPS financing its tanker newbuilding program?

TOP Ships Inc. disclosed that approximately 85% of the construction installments for its newbuilding vessels are financed, or expected to be financed, through lease financing arrangements agreed as part of these transactions.

What strategic capital allocation steps did TOPS take regarding non-core assets?

TOP Ships Inc. elected not to proceed with a potential $23.5 million Dubai residential real estate acquisition and applied that amount toward acquiring three MR newbuildings. The company also continues to pursue divestiture of its megayacht M/Y Para Bellvm to redeploy capital into its tanker business.

What is TOPS’s balance sheet position as of June 30, 2026?

As of June 30, 2026, TOP Ships Inc. reported cash and cash equivalents (including restricted cash) of $13.3 million, total assets of $373.5 million and total stockholders’ equity of $76.7 million.

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

Form 6-K: How Foreign Companies Report to the SEC →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/17/2026 - 06:43 AM Accepted by SEC EDGAR 09/17/2026 - 06:42 AM Learn about SEC filing dates

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 September 2026

Commission File Number: 001-37889

TOP SHIPS INC.
(Translation of registrant's name into English)

20 Iouliou Kaisara Str
19002, Paiania
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 [ X ]      Form 40-F [   ]

On September 16, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Exhibit 99.1. Press release dated September 16, 2026

The information contained in this Report, except for the commentary of Evangelos J. Pistiolis contained in Exhibit 99.1, is hereby incorporated by reference into the Registrant’s registration statements on Form F-3 (File Nos. 333-290238, 333-268475 and 333-267545).

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.

		TOP SHIPS INC.
		(Registrant)
Date: September 17, 2026		/s/ Evangelos J. Pistiolis
		Evangelos J. Pistiolis
		Chief Executive Officer

EXHIBIT 99.1

TOP Ships Inc. Announces Net Income of $6.5 Million, Diluted Earnings per Share of $0.61 and Stockholders’ Equity of $76.7 Million for the Six Months Ended June 30, 2026

ATHENS, Greece, Sept. 16, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company” or “TOP Ships”) (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient “ECO” tanker vessels, today announced its financial results for the six months ended June 30, 2026. The Company reported net income of $6.5 million, revenues of $25.5 million, EBITDA of $17.2 million and net cash provided by operating activities of $11.1 million. Basic and diluted earnings per common share were $0.68 and $0.61, respectively. As of June 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $13.3 million, total assets of $373.5 million and total stockholders’ equity of $76.7 million. The Company’s unaudited interim condensed consolidated financial statements and related operating and financial review for the six months ended June 30, 2026 are included in the Company’s Report on Form 6-K furnished to the Securities and Exchange Commission on September 15, 2026.

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships, commented:

“The first half of 2026 was profitable and cash-generative. We earned net income of $6.5 million and EBITDA of $17.2 million on revenues of $25.5 million and generated $11.1 million of net cash from operating activities.

At the same time, we have significantly reshaped the Company’s growth profile. Our newbuilding program now comprises eight high-specification 47,499 dwt MR product tankers scheduled for delivery between 2028 and 2029, one of which we have agreed to sell. Each vessel comes with a seven-year time charter with Trafigura commencing on its delivery, with a charterer’s option to extend for four additional years, representing contracted revenue of $539.8 million, including the optional periods and excluding the vessel we have contracted to sell.

Subsequent to June 30, 2026, we agreed to acquire three additional high-specification, scrubber-fitted 49,940 dwt MR newbuildings, which come with five-year time charters to an oil major, with a charterer’s option to extend for one additional year, adding $140.6 million of contracted revenue including the optional periods. Approximately 85% of the construction installments for these vessels are financed, or expected to be financed, through lease financing arrangements agreed as part of these transactions.

The result is a modern, fuel-efficient fleet with employment secured from the delivery of each vessel. In aggregate, our newbuilding program represents contracted revenue, including the optional periods, of $680.4 million, providing long-term revenue visibility. Consistent with this focus on our core business, in July we elected not to proceed with the potential acquisition of certain residential real estate assets in Dubai and applied the $23.5 million paid under the related letter of intent toward the acquisition of the three MR newbuildings referred to above. Finally, we continue to pursue the divestiture of the megayacht M/Y Para Bellvm with the objective of releasing capital for redeployment into our core tanker business.”

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. The Company’s tanker operating fleet has a total capacity of 857,000 dwt and consists of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tanker, two 300,000 dwt VLCCs and, through a joint venture, 50% interests in two 50,000 dwt product tankers. The Company has entered into newbuilding contracts for eight 47,499 dwt MR newbuilding tankers scheduled for delivery from the second quarter of 2028 through the fourth quarter of 2029, one of which it has agreed to sell, and has entered into a share purchase agreement to acquire three shipowning companies that have entered into newbuilding contracts for three high-specification 49,940 dwt MR newbuilding tankers scheduled for delivery in 2029, with closing expected to occur by September 30, 2026. In addition, the Company owns the megayacht M/Y Para Bellvm, which it has announced its intention to divest. The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. Its common shares trade on the NYSE American under the symbol “TOPS”.

Non-GAAP Measures

EBITDA is not a measure prepared in accordance with U.S. GAAP. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is used as a supplemental financial measure by management and by external users of the Company’s financial statements to assess financial and operating performance, and the Company believes it assists investors by increasing the comparability of its performance from period to period. EBITDA is not 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, and as presented may not be comparable to similarly titled measures of other companies. The table below reconciles EBITDA to net income, the most directly comparable U.S. GAAP measure.

Reconciliation of Net Income to EBITDA – Six months ended June 30,

(Expressed in millions of U.S. Dollars)	2025		2026
Net Income	7.6		6.5
Add: Vessel depreciation	6.9		5.1
Add: Interest and finance costs	10.0		5.7
Less: Interest income	(0.1)		(0.1)
EBITDA	24.4		17.2

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 expected delivery of the Company’s newbuilding vessels, the expected closing of the share purchase agreement described herein, the expected financing of the Company’s remaining contractual commitments, the commencement and performance of the time charters referred to herein, the intended divestiture of the Company’s megayacht and potential equity release that may be realized in connection with a divestiture, the redeployment of capital, and the Company’s expectations regarding the positioning of its fleet and its future operating performance.

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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 16.4 KB