Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR (Exact name of Registrant as specified in its charter) Not applicable (Translation of ...

Group 1 - StealthGas Inc. (NASDAQ: GASS) reported double-digit net income growth in the last quarter [1] - The company experienced a significant decrease in total debt [1] - Positive cash flow and free cash flow indicate potential interest from new investors [1] Group 2 - The analyst has a beneficial long position in GASS shares through stock ownership or derivatives [2] - The article expresses the analyst's own opinions without compensation from any company mentioned [2]

Financial Data and Key Metrics Changes - Revenues for Q4 2024 reached $43.5 million, a 27% increase year-over-year, while full-year revenues were $167.3 million, the highest in company history, surpassing the previous record of $164 million in 2018 [6][7][8] - Adjusted earnings per share for Q4 were $0.44, compared to $0.29 in the same quarter last year, and $2.11 for the full year, up from $1.34 [35][8] - Net income for Q4 was $14.2 million, a 60% increase from $8.9 million in Q4 2023, and full-year net income was $69.9 million, a 35% increase from $51.9 million [33][34] Business Line Data and Key Metrics Changes - Net revenues after voyage expenses for Q4 were $40.3 million, a 31% increase, and $155.6 million for the full year, a 19% increase, driven by rechartering vessels at higher rates and the addition of larger vessels [28] - Operating expenses for Q4 were $13.6 million, a 6% increase, while total operating expenses for the year were $49.8 million, a 6% decrease [29][30] Market Data and Key Metrics Changes - Global LPG exports increased by 4.4% in 2024, with the US being the largest exporter, showing an 11% year-on-year growth [43][44] - China and India, the largest importers, increased their LPG imports by 11.5% and 6.6% respectively in 2024 [45] Company Strategy and Development Direction - The company is focused on deleveraging and optimizing cash flow generation, with a strategic priority on maintaining a visible revenue stream [8][10] - The fleet strategy includes conservative diversification and renewal, with no new announcements during the call [11] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the company's solid state, despite geopolitical uncertainties affecting LPG trade [54][66] - The company is cautious about the geopolitical landscape, including sanctions on Russian LPG and potential tightening of Iranian sanctions [47][50] Other Important Information - The company has reduced its debt significantly, with current debt levels close to $50 million, marking the first time it is net debt-free [9][41] - A share repurchase program has been renewed with an authorization of up to $10.5 million for share buybacks [10][67] Summary of Q&A Session - There was no question and answer session at the end of the conference call [2]

Core Viewpoint - StealthGas Inc. will release its fourth quarter operating and financial results for the period ended December 31, 2024, on February 21, 2025, before the market opens in New York [1] Group 1: Financial Results Announcement - The company is set to announce its fourth quarter results on February 21, 2025 [1] - The announcement will occur before the market opens in New York [1] Group 2: Conference Call Details - A conference call will be hosted by the company's management on February 21, 2025, at 10:00 am ET to discuss the results and the company's operations and outlook [2] - Participants are required to pre-register to receive dial-in numbers and a personal PIN for the conference call [2] Group 3: Online Registration and Webcast - There will be a live and archived webcast of the conference call available on the StealthGas Inc. website [3] - Participants should register on the website approximately 10 minutes prior to the start of the webcast [3] Group 4: Company Overview - StealthGas Inc. is a ship-owning company that serves the liquefied petroleum gas (LPG) sector of the international shipping industry [4] - The company's fleet includes fully pressurized, semi-refrigerated, and fully refrigerated vessels [4] - StealthGas Inc. is listed on the Nasdaq Global Select Market under the symbol "GASS" [4]

Financial Data and Key Metrics Changes - Revenues for Q3 2024 were $40.4 million, down 3% from the previous quarter but up 17% year-over-year [6] - Adjusted net income for Q3 was $14.2 million, an 18% increase from $12 million in the same quarter last year [6][32] - Adjusted earnings per share were $0.38 for the quarter, a 23% increase, and $1.67 for the nine-month period, marking a 61% increase [7][33] - The company reduced its total debt to below $100 million for the first time, with total debt at $86.4 million compared to cash of $77.4 million [8][39][65] Business Line Data and Key Metrics Changes - Net revenues after voyage expenses for Q3 were $37.5 million, a 16% increase, attributed to rechartering vessels at higher rates and the addition of larger vessels [27] - Operating expenses remained stable at $12.3 million for the quarter, with a 10% decrease for the nine-month period [28] - Dry-docking expenses for Q3 were $2.9 million due to four vessels undergoing dry-dock, impacting overall profitability [29][30] Market Data and Key Metrics Changes - Global LPG exports increased by 5.5% in the first nine months of 2024, with US propane exports growing by 12% year-over-year [43] - The LPG shipping market saw a divergence between East and West, with the West maintaining firm rates while the East experienced slower activity [53][55] - The order book for handysize vessels remains healthy, supporting period market rates going into the next year [60] Company Strategy and Development Direction - The company is focused on deleveraging and optimizing cash generation, having made $108 million in debt repayments [8][40] - The fleet strategy includes diversifying and renewing, with recent sales and acquisitions of vessels [9][10] - The company aims to secure 65% of contracted days for 2025, amounting to approximately $100 million in revenue [12][64] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record year, despite a heavy dry-dock schedule impacting fleet utilization [63] - The company anticipates continued higher rates in the West due to a shortage of well-maintained vessels [17] - The impact of geopolitical events, such as the Houthi attacks in the Red Sea, is expected to influence trade routes and demand dynamics [19] Other Important Information - The company has eliminated refinancing risk, with only $115 million due at the end of 2025 [42] - The book value of investments in joint ventures was $30.9 million, with expectations of further reductions [36][22] Q&A Session Summary - No specific questions or answers were recorded in the provided content [69]

Group 1 - The article highlights the advantages of small/handysize LPG carriers, emphasizing the healthy balance sheet of StealthGas (GASS) and its buyback program [1] - At the time of publication, GASS was trading at 42% of its PNAV, indicating it was significantly cheaper than its peers [1] - The author expresses a preference for shipping and mining enterprises but is open to exploring other industries if they align with the investment style [1] Group 2 - The author filters for new investment ideas that are overlooked, offer asymmetric risk rewards, and provide dividends with attractive yields [1] - The analytical approach is fundamentally focused, with an emphasis on numbers, while also incorporating technical analysis to optimize market timing [1]

Financial Data and Key Metrics Changes - The company reported record net income of $25.8 million for Q2 2024, a 146% increase from $10.5 million in Q2 2023, with earnings per share rising to $0.70, marking a 159% increase [5][17] - Voyage revenues increased to $41.8 million, a 14% year-over-year increase, while net revenues for the quarter were $39.1 million, an 18% increase [5][13] - Operating expenses decreased by 7% to $12.5 million for the quarter, contributing to a 60% increase in income from operations to $16.1 million [14][15] Business Line Data and Key Metrics Changes - The company sold two smaller vessels and received two new medium gas carriers, maintaining a focus on chartering with 55% of fleet days contracted for 2025 [4][6] - Contracted revenues for future periods exceeded $220 million, with 85% of fleet days secured for 2024 [8][31] Market Data and Key Metrics Changes - LPG exports from the U.S. increased by 11% in the first half of 2024, while Middle East exports remained flat due to OPEC production cuts [22][23] - Seaborne import volumes in China rose by 11% year-on-year, indicating strong demand, while India is expected to grow its LPG demand alongside economic growth [23][24] Company Strategy and Development Direction - The company is focused on debt reduction, having prepaid $107 million in debt and maintaining a net debt ratio below 5% [6][20][31] - The strategy includes securing long-term charters to stabilize cash flow, with all vessels currently fixed and a significant portion of future revenues contracted [8][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the LPG market, anticipating increased activity during the winter months due to rising heating demand [30] - The company remains cautious about potential oversupply in the medium-sized ship segment but sees strong fundamentals in the Handy Size segment due to a limited order book [28][29] Other Important Information - The book value of the company's investments in joint ventures decreased to $30 million due to the sale of a medium gas carrier [9][18] - The company has eliminated refinancing risk with only a $15 million balloon payment due at the end of 2025 [21] Summary of Q&A Session Questions and Answers - There was no Q&A session following the conference call, as indicated in the records [33]

bfk92 StealthGas, Inc. (NASDAQ:GASS) is about to release their Q2 2024 earnings results in just a couple of weeks. Given the 35% drop in their share price since June 2024, I decided to take a deeper look into this stock, given that, in my view, this pre-earnings selloff is unjustified. In this article, I will provide you with my rationale, starting with a brief company overview section for those readers new to this stock. I will cover their recent financial performance and the impact of their plans to moder ...

Financial Data and Key Metrics Changes - The company reported record quarterly profits for Q1 2024, with net voyage revenues increasing to $38.7 million, a 14% year-over-year increase and a 26% increase compared to the previous quarter [4][7] - Net income for Q1 2024 was $17.7 million, a 5% increase from $16.8 million in the same quarter last year, marking the highest quarterly profit ever recorded by the company [4][8] - Earnings per share were reported at $0.49, with an adjusted basis of $0.53, benefiting from a reduced share count due to share buybacks [4][8] - Total debt increased by $37.1 million to $160.6 million, primarily due to a $70 million loan drawn down for financing [15] Business Line Data and Key Metrics Changes - The company sold two smaller vessels and took delivery of two new medium gas carriers during the first quarter, maintaining a focus on enhancing fleet capacity [11] - Contracted revenues for 2024 reached over $180 million, with 73% of fleet days covered by contracts, indicating a strong focus on securing period charters [11][12] Market Data and Key Metrics Changes - LPG exports increased by 4.3% in 2023, with a 5% increase in the first quarter of 2024, driven by strong US export growth [17] - The company noted a significant 27% year-on-year increase in LPG import demand from China, alongside supportive government policies in India for LPG usage [30] Company Strategy and Development Direction - The company is strategically shifting towards larger vessels to maintain a young fleet profile and provide comprehensive services to industrial customers [22] - The focus remains on reducing spot exposure and increasing period charters to stabilize revenue streams [11][12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term market fundamentals despite entering seasonally weaker summer months, citing strong demand from China and India [20][30] - The company anticipates continued profitability driven by higher revenues and reduced expenses, with a focus on maintaining a competitive edge in the LPG shipping market [20][33] Other Important Information - The company has successfully reduced its debt significantly, with 23 unencumbered vessels and a debt ratio below 15% [20][27] - The book value of the company's investments in joint ventures stood at $42.3 million, with a notable interim distribution of $24 million from the sale of a vessel [23] Summary of Q&A Session Questions and Answers - There was no question-and-answer session during the conference call, as all participants were on listen-only mode [1]

• Completed the sale of two small LPG vessels in January 2024. 32 VESSELS 4 | StealthGas Key Highlights • Took delivery of two MGC's, the Eco Oracle and Eco Wizard in January 2024. • Contracted revenues for all subsequent periods over $180 million (excl. JV vessels). • Net Income of $17.7 million in Q1 24 compared to $16.8 million in Q1 23 (+5%) • Repurchased 3.9 million shares during 2023. Repurchased $0.4 million in Q1 24. 3 4 MGC's Semi-Refrigerated Cbm's • 8 vessels sold in 2023 (67,763cbm total) and 3 ...