First Quarter 2025 Financial and Operating Results [Operational and Financial Highlights](index=1&type=section&id=Operational%20and%20Financial%20Highlights) StealthGas Inc. reported a slight revenue increase in Q1 2025 to $42.0 million, driven by better market conditions, but net income decreased to $14.1 million ($0.38 EPS) from $17.7 million ($0.49 EPS) in Q1 2024, primarily due to higher operating expenses, drydocking costs, and an impairment loss, despite lower interest costs. The company continued its debt reduction strategy, making significant repayments and maintaining strong liquidity, while also pursuing share repurchases [Q1 2025 Key Financial Performance](index=1&type=section&id=Q1%202025%20Key%20Financial%20Performance) This section presents a comparative overview of StealthGas Inc.'s key financial metrics for Q1 2025 versus Q1 2024, highlighting changes in revenues, net income, EPS, and major expense categories Q1 2025 Key Financial Performance (YoY) | Metric | Q1 2024 (USD) | Q1 2025 (USD) | Change (USD) | | :-------------------------------- | :---------- | :---------- | :----- | | Revenues | $41.6 million | $42.0 million | +$0.4 million | | Net Income | $17.7 million | $14.1 million | -$3.6 million | | Basic EPS | $0.49 | $0.38 | -$0.11 | | Time Charter Equivalent (TCE) Revenues | - | $36.9 million | -4.6% | - Revenues increased due to better market conditions and an average of **28.0 vessels** owned in Q1 2025 compared to **27.0 vessels** in Q1 2024[3](index=3&type=chunk)[6](index=6&type=chunk) - Key expense changes (Q1 2025 vs Q1 2024): - Voyage expenses increased by **$2.2 million** to **$5.1 million**, mainly due to increased spot market days, port expenses, and bunkers costs[6](index=6&type=chunk) - Vessels' operating expenses increased by **$2.0 million** to **$13.5 million**, mainly due to increased crew and maintenance costs[6](index=6&type=chunk) - Drydocking costs were **$0.4 million** in Q1 2025 (nil in Q1 2024)[6](index=6&type=chunk) - Impairment loss of **$0.5 million** recognized in Q1 2025 due to the agreed sale of the vessel Gas Cerberus[6](index=6&type=chunk) - Interest and finance costs decreased by **$1.8 million** to **$1.4 million**, primarily due to continued debt prepayments[6](index=6&type=chunk) [Fleet and Debt Management](index=1&type=section&id=Fleet%20and%20Debt%20Management) This section details StealthGas Inc.'s debt reduction efforts, liquidity position, and ongoing share repurchase program during Q1 2025 - Debt Repayments: **$34.4 million** in Q1 2025, with a further **$19.2 million** in the current quarter of 2025[4](index=4&type=chunk) - Unencumbered Vessels: All but one vessel in the fully owned fleet are unencumbered[4](index=4&type=chunk) - Cash and Cash Equivalents (incl. restricted cash): **$77.1 million** as of March 31, 2025[4](index=4&type=chunk) - Share Repurchases: **$1.8 million** spent since the last quarterly announcement; over **$21.2 million** spent since June 2023 under the current program[4](index=4&type=chunk) [Fleet Update and Strategic Initiatives](index=2&type=section&id=Fleet%20Update%20and%20Strategic%20Initiatives) The company has secured approximately 70% of its 2025 fleet days under period contracts, ensuring over $165 million in total contracted revenues. Strategic fleet management includes the planned sale of the debt-free vessel "Gas Cerberus" to enhance liquidity and an agreement to acquire the remaining shares in two joint venture vessels, consolidating them into the fully owned fleet [Chartering Arrangements and Contracted Revenues](index=2&type=section&id=Chartering%20Arrangements%20and%20Contracted%20Revenues) This section outlines StealthGas Inc.'s fleet coverage for 2025, total contracted revenues, and recent new or extended charter agreements - 2025 Fleet Coverage: **Circa 70%** of fleet days for 2025 are secured under period contracts[4](index=4&type=chunk)[7](index=7&type=chunk) - Total Contracted Revenues (all subsequent periods): Approximately **$165 million** (excluding JV vessels)[4](index=4&type=chunk)[5](index=5&type=chunk) - Contracted Revenues (remainder of 2025): Approximately **$72 million**[7](index=7&type=chunk) - New Charter Agreements: - Eco Dominator: 12-month time charter until March 2026[6](index=6&type=chunk) - Eco Nical: 12-month time charter extension until May 2026[6](index=6&type=chunk) - Gas Esco: 6-month time charter extension until September 2025[6](index=6&type=chunk) [Vessel Sales and Joint Venture Changes](index=3&type=section&id=Vessel%20Sales%20and%20Joint%20Venture%20Changes) This section details the planned sale of the vessel Gas Cerberus and the agreement to acquire remaining shares in two joint venture vessels, impacting fleet composition and liquidity - Vessel Sale: Agreement to sell the vessel Gas Cerberus to a third party, with delivery expected in Q2 2025. The vessel is debt-free, and proceeds will contribute to liquidity[7](index=7&type=chunk) - Joint Venture Buyback: Agreed in principle to purchase the remaining 49.9% share in Eco Lucidity and Gas Haralambos from a JV partner, expected within June 2025, leading to consolidation into the fully owned fleet[8](index=8&type=chunk) - JV Fleet Impact: Following the buyback, only one vessel will remain in a joint venture[8](index=8&type=chunk) [Management Commentary](index=3&type=section&id=Board%20Chairman%20Michael%20Jolliffe%20Commented) Board Chairman Michael Jolliffe highlighted a strong start to 2025, expressing confidence in sustaining momentum despite market uncertainties. He emphasized the company's success in eliminating financial risk, achieving a net debt-free position with 27 out of 28 vessels unencumbered, and its commitment to returning value to shareholders through ongoing share repurchases - Q1 2025 Performance: Strong start to the year, underpinning confidence for sustaining momentum throughout 2025[9](index=9&type=chunk) - Market Outlook: Expects trade flows to normalize and sentiment to improve as LPG shipping fundamentals remain positive, despite current uncertainties and charterer reluctance for longer-term commitments[9](index=9&type=chunk) - Financial Strategy: Steadfast in strategy, having "all but eliminated its financial risk," being net debt-free after over **$50 million** in debt repayments this year[9](index=9&type=chunk) - Fleet Status: **27 out of 28 vessels** are unencumbered[9](index=9&type=chunk) - Shareholder Returns: Continued share repurchases, spending **$1.8 million** since March and over **$21.2 million** since June 2023[9](index=9&type=chunk) Company Information and Disclosures [About StealthGas Inc.](index=3&type=section&id=About%20STEALTHGAS%20INC.) StealthGas Inc. is a Nasdaq-listed ship-owning company specializing in the international LPG shipping sector, operating a fleet of 31 LPG carriers, including three joint venture vessels, with a total capacity of 349,170 cubic meters - Business: Ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry[12](index=12&type=chunk) - Fleet Size: **31 LPG carriers**, including **three Joint Venture vessels**, with a total capacity of **349,170 cubic meters (cbm)**[12](index=12&type=chunk) - Listing: Shares are listed on the Nasdaq Global Select Market and trade under the symbol "GASS"[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20details) StealthGas Inc. hosted a conference call on May 28, 2025, at 10:00 am ET to discuss its Q1 2025 results and outlook, with pre-registration and webcast options available for participants - Date & Time: May 28, 2025, at 10:00 am ET[10](index=10&type=chunk) - Access: Participants should pre-register to receive dial-in numbers and a personal PIN. A live and archived webcast is available through the STEALTHGAS INC. website (www.stealthgas.com)[10](index=10&type=chunk)[11](index=11&type=chunk) [Forward-Looking Statements and Risks](index=4&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements based on current views and assumptions, which are inherently subject to significant uncertainties and contingencies. Key risks that could cause actual results to differ materially include global economic and geopolitical conditions, market fluctuations, operational costs, financing capabilities, and regulatory or political events - Nature: Forward-looking statements reflect current views with respect to future events and financial performance, based on various assumptions[13](index=13&type=chunk) - Uncertainties: Assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the company's control[13](index=13&type=chunk) - Key Risk Factors: Include strength of world economies, geopolitical conditions (e.g., trade disruptions, conflicts in Ukraine, Israel and Gaza, Red Sea attacks), general market conditions (charter rates, vessel values), operating expenses, ability to obtain financing, regulatory actions, and potential litigation[13](index=13&type=chunk) - Further Details: Risks and uncertainties are further described in reports filed with the U.S. Securities and Exchange Commission[14](index=14&type=chunk) [Company Contact](index=4&type=section&id=Company%20Contact) Contact information for StealthGas Inc., including a company representative, phone number, email, and website, is provided for inquiries - Contact Person: Konstantinos Sistovaris[15](index=15&type=chunk) - Phone: 00-30-210-6250-001[15](index=15&type=chunk) - Email: info@stealthgas.com[15](index=15&type=chunk) - Website: www.stealthgas.com[15](index=15&type=chunk) Detailed Financial and Operational Data [Fleet Operating Data](index=5&type=section&id=Fleet%20Data) The company's fleet data for Q1 2025 shows an increase in the average number of vessels and total calendar days compared to Q1 2024. Fleet utilization remained high at 99.2%, although operational utilization slightly decreased to 94.0% due to an increase in spot market days Fleet Data (Q1 2024 vs Q1 2025) | FLEET DATA | Q1 2024 | Q1 2025 | | :-------------------------- | :------ | :------ | | Average number of vessels | 27.04 | 28.00 | | Period end number of owned vessels in fleet | 27 | 28 | | Total calendar days for fleet | 2,461 | 2,520 | | Total voyage days for fleet | 2,439 | 2,500 | | Fleet utilization | 99.1% | 99.2% | | Total charter days for fleet | 2,232 | 2,118 | | Total spot market days for fleet | 207 | 382 | | Fleet operational utilization | 97.7% | 94.0% | [Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%2C%20EBITDA%2C%20adjusted%20EBITDA%20and%20adjusted%20EPS) This section defines and reconciles non-GAAP financial measures such as Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EPS. These metrics are used by the company and investors to assess financial performance on a comparable basis, despite not being recognized under U.S. GAAP [Definitions and Purpose](index=5&type=section&id=Definitions%20and%20Purpose) This section provides the definitions and explains the purpose of various non-GAAP financial measures used by StealthGas Inc. for performance assessment - Adjusted Net Income: 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[18](index=18&type=chunk) - EBITDA: Net income before interest and finance costs, interest income, and depreciation[18](index=18&type=chunk) - Adjusted EBITDA: 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[18](index=18&type=chunk) - Adjusted EPS: Adjusted net income divided by the weighted average number of shares[19](index=19&type=chunk) - Purpose: These measures are included as a basis for assessing financial performance, allowing for comparable period-to-period performance and better evaluation of operating performance[19](index=19&type=chunk) - GAAP Disclaimer: EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are not recognized measurements under U.S. GAAP and may not be comparable to those reported by other companies[21](index=21&type=chunk) [Reconciliation Tables](index=6&type=section&id=Reconciliation%20Tables) This section presents tables reconciling GAAP net income and EPS to their respective adjusted non-GAAP counterparts, including EBITDA and Adjusted EBITDA Reconciliation of Non-GAAP Measures (Q1 2024 vs Q1 2025) | (Expressed in United States Dollars, except number of shares) | March 31st, 2024 (USD) | March 31st, 2025 (USD) | | :---------------------------------------------------------- | :--------------- | :--------------- | | **Net Income - Adjusted Net Income** | | | | Net income | 17,729,716 | 14,107,680 | | Adjusted Net Income | 19,137,582 | 16,136,482 | | **Net income – EBITDA** | | | | Net income | 17,729,716 | 14,107,680 | | EBITDA | 26,637,757 | 21,424,274 | | **Net income - Adjusted EBITDA** | | | | Net income | 17,729,716 | 14,107,680 | | Adjusted EBITDA | 27,837,496 | 23,453,076 | | **EPS - Adjusted EPS** | | | | EPS - Basic | 0.49 | 0.38 | | Adjusted EPS – Basic | 0.53 | 0.44 | [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2025 include the statements of income, balance sheets, and cash flows. These statements detail a year-over-year decrease in net income, a reduction in total assets and liabilities with an increase in stockholders' equity, and increased cash flow from operations offset by significant loan repayments in financing activities [Statements of Income](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) This section provides the unaudited condensed consolidated statements of income, detailing revenues, expenses, and net income for Q1 2025 compared to Q1 2024 Unaudited Condensed Consolidated Statements of Income (Q1 2024 vs Q1 2025) | | Three Months Period Ended March 31, 2024 (USD) | Three Months Period Ended March 31, 2025 (USD) | | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Revenues | 41,563,908 | 42,025,987 | | Total expenses | 24,048,870 | 29,403,021 | | Income from operations | 17,515,038 | 12,622,966 | | Net Income | 17,729,716 | 14,107,680 | | Earnings per share - Basic | 0.49 | 0.38 | | Weighted average number of shares - Basic | 35,119,500 | 35,725,720 | [Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets, outlining assets, liabilities, and stockholders' equity as of December 31, 2024, and March 31, 2025 Unaudited Condensed Consolidated Balance Sheets (Dec 31, 2024 vs Mar 31, 2025) | | December 31, 2024 (USD) | March 31, 2025 (USD) | | :----------------------------------- | :---------------- | :------------- | | Total current assets | 92,070,405 | 86,151,555 | | Total non current assets | 640,169,459 | 631,504,491 | | Total assets | 732,239,864 | 717,656,046 | | Total current liabilities | 43,943,632 | 45,369,564 | | Total non current liabilities | 61,769,418 | 30,919,710 | | Total liabilities | 105,713,050 | 76,289,274 | | Total stockholders' equity | 626,526,814 | 641,366,772 | - Cash and cash equivalents decreased from **$80.7 million** (Dec 31, 2024) to **$74.4 million** (Mar 31, 2025)[24](index=24&type=chunk) - Long-term debt significantly reduced from **$61.6 million** (Dec 31, 2024) to **$30.3 million** (Mar 31, 2025)[24](index=24&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the unaudited condensed consolidated statements of cash flows, showing cash movements from operating, investing, and financing activities for Q1 2025 versus Q1 2024 Unaudited Condensed Consolidated Statements of Cash Flows (Q1 2024 vs Q1 2025) | | Three Months Period Ended March 31, 2024 (USD) | Three Months Period Ended March 31, 2025 (USD) | | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash provided by operating activities | 23,677,023 | 27,731,021 | | Net cash used in investing activities | (61,735,591) | — | | Net cash provided by/(used in) financing activities | 37,938,824 | (35,125,423) | | Net decrease in cash, cash equivalents and restricted cash | (119,744) | (7,394,402) | | Cash, cash equivalents and restricted cash at end of period | 83,635,957 | 77,126,748 | - Loan repayments were **$34.4 million** in Q1 2025, compared to **$32.0 million** in Q1 2024[25](index=25&type=chunk) - Stock repurchases amounted to **$1.1 million** in Q1 2025, compared to **$0.3 million** in Q1 2024[25](index=25&type=chunk)

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4] - Earnings per share on an adjusted basis were 44 cents for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that amount [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with plans to continue accumulating cash faster [5][24] - The strategy includes diversifying and renewing the fleet, with recent agreements to acquire shares in two jointly owned vessels [7][16] - The company aims to return value to shareholders through share repurchase programs, spending approximately $1.8 million since March 2025 [5][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is expected to pay premium rates West of Suez due to a shortage of suitable vessels in Europe [12] - The company remains cautious but confident in sustaining momentum throughout 2025, with almost every major LPG importer increasing imports [40][41] - The firm believes that the medium-term climate may lead to new trade routes, positively impacting ton-mile demand [32] Other Important Information - The company has scheduled drydockings for three vessels for the remainder of the year, indicating a light year in terms of drydockings [10] - The company has seen a significant reduction in interest costs, which are expected to be further halved in upcoming quarters [19][24] Q&A Session Summary Question: What is the outlook for the LPG market? - The company expects continued growth in global LPG exports, with the U.S. maintaining a strong position despite recent trade tensions [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24] Question: What are the company's plans for fleet expansion? - The company is looking for opportunities to sell older vessels and replace them with newer tonnage, while also acquiring shares in jointly owned vessels [7][16]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4][20] - Earnings per share on an adjusted basis were 44¢ for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that figure [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29][30] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with a strategy to accumulate cash faster [5][24] - The company plans to continue diversifying and renewing its fleet, with recent agreements to acquire shares in two vessels [7][16] - The management is looking to extend the duration of charters and maintain a visible revenue stream [6][9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum throughout 2025 despite market uncertainties [40] - The company noted that the market will continue to pay premium rates West of Suez due to a shortage of suitable vessels [12] - The management highlighted the potential for increased LPG volumes due to OPEC's decision to lift oil production cuts [28] Other Important Information - The company has begun a share repurchase program, spending approximately $1.8 million since March 2025 [5][41] - The company expects interest costs to be further reduced in upcoming quarters due to lower debt levels [19] Q&A Session Summary Question: What is the outlook for the LPG market? - The management indicated that global LPG exports are on a steady upward path, with the U.S. being a significant player, and expects continued growth in the market [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24][41] Question: What are the implications of geopolitical tensions on trade? - The management noted that geopolitical tensions have led to rerouting of trade flows, particularly with China looking to the Middle East for supplies [30]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, a slight increase from $41.6 million in Q1 2024 but a decrease from $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4][20] - Earnings per share on an adjusted basis were 44¢ for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that figure [5][23] Business Line Data and Key Metrics Changes - The company maintained a period coverage of 70% of fleet days for 2025 and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [8][9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward trend, with global LPG exports increasing by 4.4% in 2024 and the U.S. marking an 8% year-on-year growth in Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29][30] Company Strategy and Development Direction - The company is focused on deleveraging and has successfully reduced its debt, aiming to accumulate cash faster [5][23] - The strategy includes diversifying and renewing the fleet, with plans to sell older vessels and replace them with newer ones [6][7] - The company has begun a share repurchase program, spending approximately $1.8 million on share buybacks since the last call [5][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum throughout 2025, despite a period of uncertainty in the market [40][41] - The company noted that almost every major LPG importer has increased imports, while major exporters have significantly increased exports [40][41] - The firm believes that the market will continue to pay premium rates West of Suez due to a shortage of suitable vessels [12] Other Important Information - The company has no vessels held for sale as of March 31, and the debt situation has improved significantly, with a focus on reducing debt levels [21][22] - The company is familiar with the vessels acquired through joint ventures and expects to take delivery of them soon [16] Q&A Session Summary Question: What is the outlook for the LPG market? - The LPG market is expected to continue its upward trend, with the U.S. maintaining strong export growth and traditional exporters in the Middle East looking to strengthen their exports [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [23][41] Question: What are the company's plans for fleet renewal? - The company plans to sell older vessels and replace them with newer ones, focusing on maintaining a modern and efficient fleet [6][7]

Financial Performance - Revenues reached $42.0 million in Q1 2025, compared to $41.6 million in Q1 2024[6] - Adjusted Net Income was $16.1 million in Q1 2025, down from $19.1 million in Q1 2024[6] - Adjusted EPS was $0.44 in Q1 2025, compared to $0.53 in Q1 2024[6] - Net Revenues decreased by 4.6% year-over-year to $36.9 million due to increased voyage costs[19] - Net income decreased by 20% year-over-year to $14.1 million[19] Fleet and Operations - Debt was further reduced by $54 million during 2025[6] - 70% of revenue stream is fixed for the remainder of 2025, with over $165 million in contracted revenues for subsequent periods (excluding JV vessels)[6,10] - The company spent $1.8 million in share repurchases since March, bringing the total to $21.2 million since 2023[6] - The company maintains period coverage for 2025 to 70% and secured close to $70 million in revenues for remainder of the year[10] Joint Ventures - StealthGas received $2.6 million in dividends from both JVs in Q1 2025[18] - The two JV structures combined had cash and cash equivalents of approximately $11 million in Q1 2025[17] Market Trends - Global LPG exports continue to grow steadily, with a 4.4% increase in FY2024[31] - US exports continue to trend higher with an 8% year-over-year increase in Q1 2025[31] - Approximately 30% of the small LPG fleet is over 20 years of age[35]

Core Insights - StealthGas Inc. reported strong profitability in Q1 2025 with a net income of $14.1 million and a basic EPS of $0.38, slightly down from $17.7 million and $0.49 in Q1 2024 [4][12] - Time Charter equivalent revenues decreased by 4.6% year-over-year to $36.9 million due to a muted market [4] - The company has secured approximately 70% of fleet days for 2025 under period charters, generating over $165 million in contracted revenues [4][7] Financial Performance - Revenues for Q1 2025 were $42.0 million, compared to $41.6 million in Q1 2024, attributed to an increase in the average number of vessels owned [4][29] - Voyage expenses increased to $5.1 million from $2.9 million in the previous year, primarily due to higher port and bunker costs [4] - Operating expenses for vessels rose to $13.5 million from $11.5 million, driven by increased crew and maintenance costs [4] Debt Management and Share Repurchase - The company made $34.4 million in debt repayments during Q1 2025 and an additional $19.2 million in the current quarter, with most vessels in the fleet unencumbered [4][10] - StealthGas has spent $1.8 million on share repurchases since March 2025, totaling over $21.2 million since June 2023 [4][10] Fleet and Operational Updates - As of June 2025, the company has a total of 31 LPG carriers, with a total capacity of 349,170 cubic meters [15] - The company is in the process of selling the vessel Gas Cerberus, which is expected to enhance liquidity [8] - An agreement is in principle to purchase the remaining 49.9% share in two vessels from a joint venture partner, expected to consolidate these vessels into the fully owned fleet [9] Market Outlook - The company anticipates normalization of trade flows and improvement in sentiment as LPG shipping fundamentals remain positive despite market uncertainties [10]

Core Viewpoint - StealthGas Inc. will release its first quarter operating and financial results for the period ended March 31, 2025, before the market opens on May 28, 2025 [1] Group 1: Financial Results Announcement - The company is set to announce its first quarter results on May 28, 2025, before market opening [1] - A conference call will be held on the same day at 10:00 am ET to discuss the results and the company's operations and outlook [2] Group 2: Conference Call Details - Participants are required to pre-register to receive dial-in numbers and a personal PIN for the conference call [2] - There will be a live and archived webcast of the conference call available on the company's website [3] Group 3: Company Overview - StealthGas Inc. operates in 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]

[Forward-Looking Information](index=3&type=section&id=FORWARD-LOOKING%20INFORMATION) This report contains forward-looking statements regarding future events and financial results, subject to risks and uncertainties that could cause actual results to differ materially - This report contains forward-looking statements regarding future events and financial results. These statements are based on current views and are subject to risks and uncertainties that could cause actual results to differ materially[12](index=12&type=chunk)[13](index=13&type=chunk) - Key areas covered by forward-looking statements include future operating results, global economic and political conditions (such as conflicts in Ukraine and Gaza), business strategy, capital spending, shipping market trends, vessel acquisitions, and financial liquidity[14](index=14&type=chunk) PART I [Item 3. Key Information](index=4&type=section&id=Item%203.%20Key%20Information) This section details significant risks associated with the company's business, industry, and stock, covering market cyclicality, geopolitical impacts, regulatory challenges, operational hazards, financial risks from debt and market volatility, and risks related to corporate structure and taxation [Risk Factors](index=4&type=section&id=D.%20Risk%20Factors) The company faces a multitude of risks categorized by industry, business operations, taxation, corporate structure, and common stock investment, including market cyclicality, geopolitical instability, stringent environmental regulations, customer dependency, debt covenants, reliance on its manager, potential U.S. income tax and PFIC classification, Marshall Islands incorporation risks, and stock price volatility with suspended dividends - Industry risks include cyclical demand for LPG transport, geopolitical events like conflicts in Ukraine and Gaza, potential over-supply of ships, fluctuating vessel values, and stringent environmental regulations[27](index=27&type=chunk) - Business risks involve dependence on a few key charterers, exposure to the volatile spot market, restrictive covenants in loan agreements, and reliance on its manager, Stealth Maritime Corporation S.A[27](index=27&type=chunk)[31](index=31&type=chunk) - Taxation risks include potential U.S.-source income tax and classification as a passive foreign investment company (PFIC), which has adverse consequences for U.S. shareholders[28](index=28&type=chunk) - Risks related to common stock include historical price fluctuations, dividend suspension since **2009**, and anti-takeover provisions[31](index=31&type=chunk) [Item 4. Information on the Company](index=32&type=section&id=Item%204.%20Information%20on%20the%20Company) StealthGas Inc., incorporated in the Marshall Islands, provides seaborne transportation services for LPG producers and users, operating a fleet of **31 LPG carriers** as of April 1, 2025, managed by Stealth Maritime globally on a mix of period charters and spot market employment, subject to extensive international and national regulations [History and Development of the Company](index=32&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) StealthGas Inc. was incorporated in the Marshall Islands in December 2004, completed its IPO on Nasdaq in October 2005, significantly grew its fleet, and spun off its tanker business in December 2021 to focus solely on LPG carriers, with its fleet comprising **31 LPG carriers** as of April 1, 2025 - The company was incorporated in the Marshall Islands in **December 2004** and completed its initial public offering on Nasdaq in **October 2005**[174](index=174&type=chunk)[175](index=175&type=chunk) - In **December 2021**, the company completed the spin-off of its tanker business by distributing shares of the newly formed Imperial Petroleum Inc. to its stockholders, thereby separating the tanker fleet from the core LPG carrier business[177](index=177&type=chunk) - As of **April 1, 2025**, the company's operating fleet consisted of **31 LPG carriers**, including three vessels owned through joint ventures, with a total capacity of **349,170 cbm**[19](index=19&type=chunk)[178](index=178&type=chunk) [Business Overview](index=33&type=section&id=B.%20Business%20Overview) The company owns and operates an LPG carrier fleet with an average age of **10.4 years** as of April 2025, managed by Stealth Maritime, employing a chartering strategy balancing period charters and spot market employment, while adhering to extensive environmental and safety regulations and maintaining comprehensive insurance in a competitive, seasonal LPG market Fleet Composition (as of April 1, 2025) | Category | Number of Vessels | Total Capacity (cbm) | | :--- | :--- | :--- | | **Owned LPG Carriers** | 28 | 298,082 | | **JV LPG Carriers** | 3 | 51,088 | | **Total Fleet** | **31** | **349,170** | - As of **April 1, 2025**, the company had **67%** of its available fleet days for the remainder of **2025** and **33%** for **2026** covered by period charters[193](index=193&type=chunk) - For the year ended **December 31, 2024**, the company's three largest customers accounted for **32.3%** of its revenues[195](index=195&type=chunk) - The company is subject to significant environmental regulations, including the IMO's MARPOL Annex VI for air pollution, the Ballast Water Management (BWM) Convention, and the EU's Emissions Trading Scheme (ETS), which now includes maritime transport[201](index=201&type=chunk)[212](index=212&type=chunk)[228](index=228&type=chunk) - The LPG carrier market is seasonal, typically experiencing stronger demand and rates during the fall and winter months due to increased consumption of propane and butane for heating[260](index=260&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=48&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial performance and condition, detailing **FY2024** revenues of **$167.3 million** and net income of **$69.9 million** driven by improved market conditions, and discussing key operational metrics, results of operations, liquidity, cash flows, debt facilities, and critical accounting estimates, particularly vessel impairment [Operating Results](index=49&type=section&id=A.%20Operating%20Results) For the year ended **December 31, 2024**, StealthGas reported a significant increase in profitability, with revenues growing by **16.6%** to **$167.3 million** and net income rising to **$69.9 million** from **$51.9 million** in **2023**, primarily due to higher charter rates, with the average Time Charter Equivalent (TCE) rate increasing to **$16,080 per day** and fleet utilization at **97.3%** Key Financial Performance (Year Ended Dec 31) | Metric | 2023 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | **$143.5 million** | **$167.3 million** | **+16.6%** | | **Income from Operations** | **$45.8 million** | **$59.9 million** | **+30.8%** | | **Net Income** | **$51.9 million** | **$69.9 million** | **+34.7%** | | **Equity Earnings in JVs** | **$12.3 million** | **$15.6 million** | **+26.8%** | Fleet Operational Data (excluding JV Vessels) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Average Number of Vessels** | 29.3 | 27.2 | | **Fleet Utilization** | 98.8% | 97.3% | | **Average TCE Daily Rate** | $12,334 | $16,080 | - The increase in revenues in **2024** was primarily driven by higher earnings from the existing fleet due to improved market conditions, despite a smaller average fleet size[305](index=305&type=chunk) - General and administrative expenses increased by **$5.0 million** in **2024**, mainly due to higher stock-based compensation expense[309](index=309&type=chunk) - Equity earnings from joint ventures rose by **$3.3 million** in **2024**, largely attributed to a profitable sale of a Medium Gas Carrier by one of the joint ventures[315](index=315&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) As of **December 31, 2024**, the company maintained a solid liquidity position with **$80.7 million** in cash and cash equivalents, primarily funding operations, vessel acquisitions, and debt service through cash from operations and bank borrowings, having significantly reduced its net debt to **$84.9 million** at year-end and remaining in compliance with all financial covenants Cash Flow Summary (Year Ended Dec 31) | Cash Flow | 2023 | 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **$77.4 million** | **$103.5 million** | | **Net Cash (Used in)/Provided by Investing Activities** | **$111.3 million** | **($64.5 million)** | | **Net Cash Used in Financing Activities** | **($174.2 million)** | **($38.3 million)** | - As of **December 31, 2024**, the company had **$80.7 million** in cash and cash equivalents and **$84.9 million** in outstanding debt, net of deferred finance charges[318](index=318&type=chunk)[333](index=333&type=chunk) - The company has a share repurchase program, increased to **$30 million** in **February 2025**, with **$20.5 million** used to repurchase **4.1 million shares** as of **April 1, 2025**[325](index=325&type=chunk) - Key financial covenants include maintaining a maximum leverage ratio of **80%**, a minimum vessel value to loan ratio of **120%-130%**, and an EBITDA to interest expense ratio of over **2.5x**, all of which the company complied with as of **December 31, 2024**[338](index=338&type=chunk) [Critical Accounting Estimates](index=62&type=section&id=E.%20Critical%20Accounting%20Estimates) The company's most critical accounting estimate is vessel impairment assessment, triggered by events indicating non-recoverable carrying amounts, using an undiscounted cash flow test with assumptions on future charter rates (based on a nine-year historical average), operating expenses, and scrap values, resulting in no impairment recorded in **2024** despite **8 of 28 owned vessels** having carrying values exceeding market values - The company reviews its vessels for impairment whenever indicators suggest the carrying amount may not be recoverable, using an undiscounted future net cash flow analysis[349](index=349&type=chunk) - Key assumptions in the impairment test include future charter rates, which are estimated using a **nine-year historical average** for periods without existing charters, along with vessel utilization, operating costs, and scrap values[350](index=350&type=chunk)[351](index=351&type=chunk) - As of **December 31, 2024**, **8 of the 28 owned vessels** had carrying values exceeding their market values by an aggregate of **$9.5 million**, but no impairment loss was recognized as the undiscounted cash flow test indicated their carrying values were recoverable[358](index=358&type=chunk) - The impairment test is highly sensitive to future charter rate assumptions. A sensitivity analysis shows that using different historical average periods (e.g., **1, 3, or 5 years**) would not have resulted in an impairment charge for any vessels in **2024**[356](index=356&type=chunk)[357](index=357&type=chunk) [Item 6. Directors, Senior Management and Employees](index=64&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section provides information on the company's leadership and governance structure, detailing a four-member board with three independent directors, Harry N. Vafias as President, CEO, and CFO, executive compensation paid via Stealth Maritime, independent director fees, a classified board structure, and Audit, Nominating, and Compensation committees composed of independent directors, along with an equity compensation plan - The Board of Directors consists of **four members**: Harry N. Vafias (President, CEO, CFO), Michael G. Jolliffe (Chairman), Markos Drakos, and John Kostoyannis. The latter three are independent directors[362](index=362&type=chunk)[371](index=371&type=chunk) - Executive compensation is reimbursed to the manager, Stealth Maritime, and totaled **$0.9 million** in **2024**. Independent directors receive annual fees[368](index=368&type=chunk) - The company has a classified Board of Directors with **three-year staggered terms**. It maintains an Audit Committee, a Nominating and Corporate Governance Committee, and a Compensation Committee, each composed entirely of independent directors[370](index=370&type=chunk)[376](index=376&type=chunk) - The company adopted a new Equity Compensation Plan in **2024**, allowing for awards up to **10%** of outstanding shares. In **2024**, share-based compensation expense was **$7.3 million**[369](index=369&type=chunk)[385](index=385&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=69&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure and related party transactions, identifying CEO Harry N. Vafias as the largest beneficial owner with **31.03%** of common stock as of April 1, 2025, and highlighting significant transactions through its management agreement with Stealth Maritime, including management fees, brokerage commissions, executive compensation reimbursement, and vessel acquisitions from affiliated entities Major Shareholders (as of April 1, 2025) | Shareholder | Beneficial Ownership (%) | | :--- | :--- | | **Harry N. Vafias (CEO)** | **31.03%** | | **Glendon Capital Management L.P.** | **15.97%** | | **TowerView LLC** | **7.31%** | - The company has a management agreement with Stealth Maritime, a related party controlled by the Vafias family, for a comprehensive range of services[393](index=393&type=chunk)[394](index=394&type=chunk) Fees Paid to Stealth Maritime (FY 2024) | Fee Type | Amount | | :--- | :--- | | **Management Fees** | **$4.3 million** | | **Brokerage Commissions** | **$2.1 million** | | **Executive Compensation Reimbursement** | **$0.9 million** | - In **January 2024**, the company took delivery of two newbuilding Medium Gas Carriers acquired from companies affiliated with the Vafias family for a total of **$117 million**[405](index=405&type=chunk)[641](index=641&type=chunk) [Item 8. Financial Information](index=72&type=section&id=Item%208.%20Financial%20Information) This section confirms the company is not currently a party to any material legal proceedings and reiterates its dividend policy, noting cash dividends have been suspended since **March 2009** to preserve liquidity, with any future declarations at the Board's discretion and subject to financial performance, cash requirements, and credit facility restrictions - The company is not currently a party to any material legal proceedings that would have a significant effect on its financial position or results[409](index=409&type=chunk)[410](index=410&type=chunk) - The company has not paid a cash dividend since **March 2009**. The Board of Directors suspended dividends due to market conditions and to preserve cash resources. The declaration of future dividends is at the Board's discretion and is subject to various factors, including loan covenants[412](index=412&type=chunk)[413](index=413&type=chunk)[414](index=414&type=chunk) [Item 10. Additional Information](index=73&type=section&id=Item%2010.%20Additional%20Information) This section details the company's share capital structure, including authorized common and 'blank check' preferred stock, outlines anti-takeover provisions in its corporate documents like a classified board, and provides a comprehensive overview of material tax consequences for the company and its shareholders under Marshall Islands and U.S. federal law, including the Section 883 exemption and potential PFIC status [Share Capital & Corporate Documents](index=73&type=section&id=A.%20Share%20Capital%20%26%20B.%20Articles%20of%20Incorporation%20and%20Bylaws) The company's authorized capital consists of **100 million common shares** and **5 million 'blank check' preferred shares**, with **37.0 million common shares** outstanding as of April 1, 2025, and its corporate documents include anti-takeover provisions such as a classified board with staggered **three-year terms**, prohibition on cumulative voting, and board authority to issue preferred stock without shareholder approval - Authorized capital stock consists of **100,000,000 shares of common stock** and **5,000,000 shares of 'blank check' preferred stock**, which can be issued by the Board without further stockholder action[416](index=416&type=chunk)[419](index=419&type=chunk) - The company has a classified Board of Directors with **three-year staggered terms**, which could discourage hostile takeovers[431](index=431&type=chunk) - Other anti-takeover provisions include advance notice requirements for stockholder proposals, allowing only the Board to call special meetings, and prohibiting business combinations with 'interested stockholders' for **three years**, subject to certain exceptions[433](index=433&type=chunk)[434](index=434&type=chunk)[436](index=436&type=chunk) [Tax Considerations](index=77&type=section&id=E.%20Tax%20Considerations) As a Marshall Islands corporation not conducting business there, the company is not subject to Marshall Islands income, capital gains, or withholding taxes, and expects U.S.-source shipping income to be exempt under Section 883 of the Code, contingent on meeting the 'Publicly-Traded Test' but potentially lost under the '5% Override Rule', while also facing the risk of Passive Foreign Investment Company (PFIC) classification, which would result in adverse U.S. tax consequences for U.S. shareholders - As a Marshall Islands corporation not conducting business there, the company is not subject to Marshall Islands income, capital gains, or withholding taxes[442](index=442&type=chunk) - The company expects to be exempt from U.S. federal income tax on its U.S.-source shipping income under Section 883 of the Code, but this is contingent on satisfying the 'Publicly-Traded Test', which can be challenged by the '5% Override Rule'[451](index=451&type=chunk)[457](index=457&type=chunk) - There is a risk the company could be classified as a Passive Foreign Investment Company (PFIC), which would subject U.S. Holders to a disadvantageous tax regime on distributions and gains unless they make a QEF or mark-to-market election[474](index=474&type=chunk)[483](index=483&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are adverse movements in LPG carrier freight rates and vessel values, with exposure to interest rate, currency, and bunker price risks managed through interest rate swaps covering **$19.2 million** of its **$85.9 million** debt as of December 31, 2024, and minimal foreign exchange risk due to U.S. dollar revenues - The company's main market risks are from fluctuations in LPG charter rates and vessel values[499](index=499&type=chunk) - To manage interest rate risk on its floating-rate debt (based on SOFR), the company uses interest rate swaps. As of **December 31, 2024**, one swap agreement was in place covering a notional amount of **$19.2 million**[501](index=501&type=chunk)[502](index=502&type=chunk) - A hypothetical **one percentage point** increase in interest rates would increase the company's annualized interest expense by approximately **$0.8 million**, based on its debt and swap positions at year-end **2024**[502](index=502&type=chunk) - Foreign exchange risk is limited because all revenues are in U.S. dollars, and only about **20.3%** of expenses in **2024** were in other currencies[503](index=503&type=chunk) PART II [Item 15. Controls and Procedures](index=89&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and its internal control over financial reporting were effective as of **December 31, 2024**, a conclusion affirmed by an unqualified opinion from the independent registered public accounting firm, Deloitte Certified Public Accountants S.A. - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2024**[509](index=509&type=chunk)[510](index=510&type=chunk) - Management assessed the internal control over financial reporting using the COSO framework and concluded that it was effective as of **December 31, 2024**[514](index=514&type=chunk)[515](index=515&type=chunk) - The independent auditor, Deloitte, issued an unqualified attestation report on the effectiveness of the company's internal control over financial reporting as of **December 31, 2024**[516](index=516&type=chunk)[518](index=518&type=chunk) [Item 16. Other Disclosures](index=92&type=section&id=Item%2016.%20Other%20Disclosures) This section covers various governance and disclosure topics, including Markos Drakos as the Audit Committee financial expert, the adoption of a Code of Business Conduct and Ethics, **$286,000** in fees paid to Deloitte for **2024**, an active share repurchase program, an exemption from certain Nasdaq governance standards as a foreign private issuer, and the company's cybersecurity risk management strategy and governance [Principal Accountant Fees and Services](index=92&type=section&id=16C.%20Principal%20Accountant%20Fees%20and%20Services) The company's independent auditor is Deloitte Certified Public Accountants S.A., with total fees billed for fiscal year **2024** amounting to **$286,000**, entirely for audit services, compared to **$308,000** in **2023**, with all services pre-approved by the Audit Committee Accountant Fees (in thousands) | Service Category | 2023 | 2024 | | :--- | :--- | :--- | | **Audit fees** | **$308** | **$286** | | **Assurance/audit related fees** | — | — | | **Tax fees** | — | — | | **All other fees** | — | — | | **Total** | **$308** | **$286** | [Purchases of Equity Securities](index=93&type=section&id=16E.%20Purchases%20of%20Equity%20Securities%20by%20the%20Issuer%20and%20Affiliated%20Purchasers) The company has an active share repurchase program, increased to a total of **$30 million** in **February 2025**, having repurchased **4,114,749 shares** for **$20.5 million** at an average price of **$4.98 per share** as of April 1, 2025, with repurchases made at management's discretion - The Board of Directors authorized a share repurchase program, which was increased to a total of **$30 million** in **February 2025**[537](index=537&type=chunk) - As of **April 1, 2025**, a total of **4,114,749 shares** had been repurchased for **$20.5 million**, leaving **$9.5 million** authorized for future repurchases[325](index=325&type=chunk)[537](index=537&type=chunk) [Cybersecurity](index=95&type=section&id=16K.%20Cybersecurity) The Board of Directors holds ultimate oversight for cybersecurity risks, with day-to-day management handled by Stealth Maritime, which has implemented an industry-standard cybersecurity risk management program including risk assessments, monitoring, employee training, and an incident response plan, and while threats have not materially affected the company to date, it remains a recognized risk - The Board of Directors has ultimate responsibility for overseeing cybersecurity risks[552](index=552&type=chunk) - The company's manager, Stealth Maritime, has implemented a comprehensive cybersecurity risk management program that includes risk assessments, monitoring, employee training, and an incident response plan[547](index=547&type=chunk)[548](index=548&type=chunk)[550](index=550&type=chunk) - To date, risks from cybersecurity threats have not materially affected the company's business, operations, or financial condition[555](index=555&type=chunk) PART III [Item 18. Financial Statements](index=97&type=section&id=Item%2018.%20Financial%20Statements) This section contains the company's audited consolidated financial statements for the three years ended **December 31, 2024**, prepared in accordance with U.S. GAAP, including an unqualified opinion from Deloitte, which identifies vessel impairment as a critical audit matter, and comprises the Consolidated Balance Sheets, Statements of Income, Comprehensive Income, Stockholders' Equity, and Cash Flows, along with detailed notes [Report of Independent Registered Public Accounting Firm](index=101&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent auditor, Deloitte, issued an unqualified opinion on StealthGas Inc.'s consolidated financial statements, confirming fair presentation in conformity with U.S. GAAP, and highlighted 'Vessel Impairment' as a Critical Audit Matter due to the complex and subjective judgments involved in estimating future charter rates for the undiscounted cash flow analysis - The auditor issued an unqualified opinion on the company's consolidated financial statements for the three years ended **December 31, 2024**[569](index=569&type=chunk) - The Critical Audit Matter identified was 'Vessel Impairment – Future Charter Rates used in the undiscounted future cash flows for vessels with impairment indication'[574](index=574&type=chunk) - The auditor identified this as a critical matter because estimating future charter rates involves complex judgments and has a significant impact on the impairment analysis. Audit procedures included testing controls, evaluating the methodology, and comparing assumptions to historical data and third-party information[577](index=577&type=chunk)[579](index=579&type=chunk)

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]