ATHENS, Greece, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, provides a commercial update on earnings and vessel employment. Vessel Employment Updates In December 2025, we extended the time charter of the M/V Alfa with an international commodity trading conglomerate for an indefinite period, expiring upon three month ...

Core Viewpoint - Icon Energy Corp. has successfully sold 132,144 shares under the Standby Equity Purchase Agreement (SEPA) at an average price of $1.86 per share, indicating a strategic move to raise capital for growth opportunities [1][2][3] Group 1: SEPA Details - Icon entered into the SEPA with an investor on August 27, 2025, allowing the company to issue up to $20 million worth of common shares over three years [2] - The SEPA provides Icon with a flexible and efficient source of capital, enabling the company to pursue growth opportunities and support strategic initiatives [3] Group 2: Company Overview - Icon Energy Corp. is an international shipping company that specializes in worldwide seaborne transportation services for dry bulk cargoes through its fleet of oceangoing vessels [3] - The company is headquartered in Athens, Greece, and its common shares are traded on the Nasdaq Capital Market under the symbol "ICON" [3]

Financial Performance - Revenue for the six-month period ended June 30, 2025, was $3,547,000, up 30.5% from $2,719,000 in the same period of 2024[5] - Net loss attributable to common shareholders for the six-month period ended June 30, 2025, was $4,966,000, compared to a net income of $912,000 in the same period of 2024[5] - The Company reported a net loss of $3,694,000 for the six-month period ended June 30, 2025, compared to a net income of $987,000 for the same period in 2024[61] - Dividends on Series A Preferred Shares amounted to $1,272,000 for the six-month period ended June 30, 2025, compared to $75,000 for the same period in 2024[61] Assets and Liabilities - Total assets increased to $58,668,000 as of June 30, 2025, compared to $28,795,000 as of December 31, 2024, representing a growth of 103%[4] - Cash and cash equivalents increased to $3,789,000 as of June 30, 2025, from $946,000 as of December 31, 2024, marking a rise of 300%[4] - Total current liabilities rose to $4,383,000 as of June 30, 2025, compared to $3,331,000 as of December 31, 2024, an increase of 31.6%[4] - The total long-term debt increased to $36,183 as of June 30, 2025, up from $15,931 on December 31, 2024, primarily due to the finance lease liability[36] Shareholder Equity - The total shareholders' equity increased to $20,464,000 as of June 30, 2025, from $11,746,000 as of December 31, 2024, reflecting a growth of 74%[4] - The accumulated dividends on the Series A Preferred Shares amounted to $nil as of June 30, 2025, compared to $977 as of December 31, 2024[29] - The Company issued 2,249 Series A Preferred Shares as a dividend in kind on June 30, 2025, valued at $2,249,000[59] Operational Developments - Icon Energy Corp. acquired Maui Shipping Co. on June 11, 2024, enhancing its operational capacity in the shipping sector[12] - The fleet includes three vessels with charter expirations ranging from October 2025 to June 2026, indicating ongoing operational commitments[12] - For the six-month period ended June 30, 2025, 99% of the Company's revenue was derived from a single charterer, compared to 100% for the same period in 2024[17] Management and Agreements - The management agreement with Pavimar became effective on January 18, 2024, providing vessel commercial and technical management services[22] - The management fees for services provided by Pavimar for the six-month periods ended June 30, 2025, and 2024, were $7 and $nil, respectively[27] - Total charges by Pavimar for the six-month period ended June 30, 2025, included technical management fees of $298, commercial management commissions of $45, and sale and purchase commissions of $317[25] Financing Activities - The Company raised approximately $12,000,000 from a public offering on January 24, 2025, selling 229,007 units at $52.40 per unit[51] - The Company completed its initial public offering on July 15, 2024, selling 31,250 common shares at $160.00 per share, generating gross proceeds of approximately $5,000,000[48] - The Company executed a reverse stock split on April 1, 2025, converting 87,410,311 outstanding common shares into 2,185,230 shares[57] Compliance and Taxation - The Company is in compliance with all applicable financial covenants related to its loan agreement as of June 30, 2025[36] - The Company is incorporated in the Republic of Marshall Islands and is not subject to income taxes there[65] - The Company intends to claim exemption from U.S. federal income tax under Section 883 of the Internal Revenue Code for the 2024 and 2025 taxable years[67] - The Company believes it will satisfy the 50% Ownership Test for the 2024 and 2025 taxable years[67] Other Financial Information - The estimated fair value of Class A Warrants was recognized at $46,269, with a loss of $34,278 recorded in the interim consolidated statement of loss[64] - The net effect of fair value measurements during the six-month period ended June 30, 2025, was a loss of $537[64] - The protection and indemnity insurance coverage for pollution is $1,000,000 per vessel per incident, with no current claims or contingent liabilities reported[34] - There are no subsequent events that require disclosure as of the date the financial statements were issued[68]

Financial Performance - Revenue for the three-month period ended March 31, 2025, was $1,525,000, up 12.1% from $1,360,000 in the same period of 2024[5] - Net loss attributable to common shareholders for the three-month period ended March 31, 2025, was $3,613,000, compared to a net income of $430,000 in the same period of 2024[5] - Operating loss for the three-month period ended March 31, 2025, was $813,000, a decline from an operating profit of $406,000 in the same period of 2024[5] - Cash flows from operating activities resulted in a net cash outflow of $561,000 for the three-month period ended March 31, 2025, compared to a net cash inflow of $704,000 in the same period of 2024[9] - The net loss for the three-month period ended March 31, 2025, was $2,977,000, compared to a net income of $430,000 for the same period in 2024[56] - The net loss attributable to common shareholders for the same period was $3,613,000, with a basic and diluted loss per common share of $4.73[56] Assets and Equity - Total assets increased to $37,768,000 as of March 31, 2025, compared to $28,795,000 as of December 31, 2024, representing a growth of 31.4%[4] - Cash and cash equivalents increased to $7,717,000 as of March 31, 2025, from $946,000 as of December 31, 2024, marking a significant increase of 715.5%[4] - Total shareholders' equity rose to $21,334,000 as of March 31, 2025, compared to $11,746,000 as of December 31, 2024, reflecting an increase of 81.9%[4] - As of March 31, 2025, Icon's total assets amounted to $25,526 million, reflecting a decrease from $26,098 million as of January 1, 2025[30] Debt and Financing - Total long-term debt as of March 31, 2025, is $15,500 million, down from $16,200 million as of December 31, 2024, representing a decrease of approximately 4.3%[35] - The current portion of long-term debt decreased to $1,800 million from $2,300 million, a reduction of about 21.7%[35] - The company entered into a new term loan facility for up to $91,500 million, with a committed portion of $16,500 million fully borrowed to finance vessel acquisitions[36] - The weighted average interest rate on the borrowed portion of the term loan facility was 8.3% during the three-month period ended March 31, 2025[38] - The company has a minimum 'loan to mortgaged vessels value' ratio requirement of 65% under the term loan facility, which it was in compliance with as of March 31, 2025[36] - The uncommitted upsize option of up to $75,000 million under the term loan facility remains available for future vessel acquisitions[37] Shareholder Actions - The company issued 2,148,980 common shares during the first quarter of 2025, raising $12,563,000 in additional paid-in capital[7] - Icon completed its initial public offering of 31,250 common shares at $160.00 per share, raising approximately $5,000 million before expenses[15] - A public offering on January 24, 2025, raised approximately $12,000 million from the sale of 229,007 units at $52.4 per unit, aimed at funding operations and fleet expansion[49] - The Company declared a cash dividend of $0.07 per common share for the fourth quarter of 2024, paid on May 30, 2025[65] - The Company declared a dividend of $2,249 on Series A Preferred Shares, paid in kind by issuing 2,249 Series A Preferred Shares on June 30, 2025[67] Operational Developments - The company took delivery of a new vessel, M/V Charlie, on June 21, 2025, expanding its fleet to three vessels[12] - Icon Energy Corp. acquired Maui Shipping Co. in June 2024, enhancing its operational capabilities in the shipping industry[13] - Icon's management agreement with Pavimar Shipping Co. became effective on January 18, 2024, providing various vessel management services[22] - The company has identified one single reportable segment for its operations, focusing on the transportation of dry bulk cargoes[17] Other Financial Metrics - The company reported technical management fees of $144 million for the three-month period ended March 31, 2025, compared to $59 million for the same period in 2024[25] - The company incurred commercial management commissions of $19 million for the three-month period ended March 31, 2025, slightly up from $18 million in the same period of 2024[25] - The accumulated dividends on Series A Preferred Shares increased from $977 million as of December 31, 2024, to $1,613 million as of March 31, 2025[29] - The balance of deferred drydocking costs decreased from $731 million on January 1, 2025, to $602 million by March 31, 2025[31] - The Class A Warrants had a maximum underlying common share range of 343,511 to 2,290,076, with 1,920,000 common shares issued by March 31, 2025[52] - The Company recorded a loss of $34,278 related to the excess fair value of the Class A Warrants over proceeds received[59] Compliance and Regulatory Matters - The Company received a notification from Nasdaq on March 7, 2025, regarding non-compliance with the Minimum Bid Price Requirement due to a closing bid price below $1.00 per share for 30 consecutive trading days[53] - A reverse stock split was executed on April 1, 2025, reducing the number of outstanding common shares from 87,410,311 to 2,185,230[64]

Core Insights - Icon Energy Corp. has successfully added the M/V Charlie to its fleet, enhancing its capacity for dry bulk cargo transportation [1][2] - The M/V Charlie is a 2020-built, eco-friendly Ultramax dry bulk carrier equipped with a scrubber, which is expected to contribute to revenue generation immediately [2][4] - The vessel has been chartered out for 9 to 12 months at a floating daily hire rate linked to the Baltic Supramax Index, along with a share of fuel cost savings due to the scrubber [3] Company Overview - Icon Energy Corp. is an international shipping company based in Athens, Greece, specializing in worldwide seaborne transportation services for dry bulk cargoes [4] - The company's shares are traded on the Nasdaq Capital Market under the symbol "ICON" [4] Future Plans - The company aims to continue expanding its fleet through disciplined and opportunistic acquisitions, as stated by the Chairwoman and CEO [4]

Market Conditions - The Baltic Dry Index (BDI) has shown significant volatility, declining from an all-time high of 11,793 in May 2008 to a low of 290 in February 2016, representing a decline of approximately 98%[34] - The BDI ranged from a low of 976 on December 19, 2024, to a high of 2,419 on March 18, 2024, with a current value of 1,300 as of April 23, 2025[34] - The ongoing war between Russia and Ukraine has caused instability in energy markets and significant volatility in commodity prices, adversely affecting shipping freight rates[60] - The economic conditions in China and the Asia Pacific region may continue to experience volatile or negative growth, impacting the demand for shipping services[50] - Global financial markets are experiencing volatility, with risks associated with changes in interest rates and instability in banking and securities markets, which may impair the ability to borrow[51] Financial Performance Risks - The company is currently dependent on index-linked charters, which may adversely affect its financial performance if spot freight charter rates decline[39] - An over-supply of dry bulk vessel capacity may depress charter rates and vessel values, adversely affecting the company's financial results[42] - The company relies on a limited number of customers for a significant portion of its revenue, which poses a risk to its financial stability[31] - The company is exposed to fluctuations in interest rates, including volatility of SOFR, which could impact its financial condition[33] - The company may face challenges in accessing credit and capital markets, which could affect its ability to operate and grow[33] Geopolitical and Regulatory Risks - The company faces risks from geopolitical events, including the ongoing war in Ukraine and tensions in the Middle East, which could negatively impact its business and financial condition[46] - Significant tariffs announced by President Trump include a 34% tax on imports from China, 20% on products from the E.U., and a baseline 10% tax on imports from many countries, which could adversely affect operating results and cash flows[53] - The U.S. Trade Representative has enacted fees targeting Chinese owners and operators, calculated at a rate of $50 per net ton for each port entrance beginning October 14, 2025, increasing to $140 per net ton in 2028[68][69] - The potential for further economic sanctions related to the war in Ukraine could disrupt operations and negatively impact financial condition[61] - The company is subject to evolving sanctions and embargo laws, which could result in fines or penalties and adversely affect its business operations[96] Environmental and Compliance Challenges - The IMO has set a target to reduce CO2 emissions from international shipping by at least 40% by 2030 compared to 2008 levels[81] - Compliance with new greenhouse gas regulations may incur substantial implementation and compliance costs, adversely affecting financial results[83] - The EU Emissions Trading Scheme will require compliance starting January 2024, with significant costs associated with purchasing emissions allowances[85] - The company may face increased costs due to stricter sulfur content standards in designated Emission Control Areas, effective from January 1, 2015[84] - The company has installed approved Ballast Water Treatment Systems (BWTS) on its vessels to comply with updated guidelines, but further regulations may incur additional compliance costs[104] Operational Risks - The company faces risks from operating ocean-going vessels, including mechanical failures and geopolitical events, which could increase costs or lower revenues[65] - The company may experience operational disruptions due to public health threats, such as pandemics, which could materially affect business performance[55] - Increased inspection procedures and tighter import/export controls could lead to higher operational costs and disrupt business[106] - Acts of piracy have increased, particularly in regions like the Gulf of Guinea and the South China Sea, posing risks to vessel operations and insurance costs[107] - Maritime claims could lead to vessel arrests, interrupting cash flows and requiring significant payments to resolve[111] Financial Structure and Governance - The company operates as a holding entity, relying on its wholly owned subsidiaries to distribute funds for financial obligations and potential dividends[152] - The company maintains cash with a limited number of financial institutions, exposing it to credit risk, particularly in Greece[149] - The company is classified as an "emerging growth company" and has opted out of certain financial accounting standards, which may affect the attractiveness of its Common Shares to investors[187] - The company incurs significant legal, accounting, and compliance costs due to its public listing in the U.S., which were not present as a private entity[189] - The Chairwoman and CEO controls 99.9% of the voting power due to ownership of Series B Preferred Shares, limiting the influence of other shareholders[214] Shareholder Considerations - The market price of the company's Common Shares is subject to significant fluctuations due to various factors, including seasonal variations and changes in market valuations[207] - The company may issue additional Common Shares in the future, which could dilute existing shareholders and affect the market price of its securities[201] - Holders of Series A Preferred Shares have priority over Common Shares regarding dividends, which may limit dividend payments to Common Shareholders[213] - The multi-class share structure concentrates voting control with the Chairwoman, limiting the ability of other shareholders to influence corporate matters[221] - Anti-takeover provisions in the company's bylaws may hinder shareholders' ability to change the Board of Directors or prevent favorable mergers[218]

Revenue Performance - Revenue for the year ended December 31, 2024, was $5.3 million, a 19% increase from $4.5 million in 2023[5] - Revenue for the year ended December 31, 2024, was $5,309,000, an increase of 18.6% compared to $4,476,000 in 2023[31] - The minimum contracted revenue expected from current contracts is $4.1 million between January 1, 2025, and the respective earliest expiration dates[15] Profitability - Operating profit decreased to $0.2 million in 2024 from $1.1 million in 2023, while net loss was $0.2 million compared to net income of $1.2 million in 2023[5] - Net loss attributable to common shareholders for 2024 was $1,187,000, compared to a net income of $1,155,000 in 2023, reflecting a significant decline[31] - EBITDA for 2024 was $1.8 million, down from $2.1 million in 2023[5] - EBITDA for 2024 was $1,812,000, down from $2,136,000 in 2023, indicating a decrease of 15.2%[37] - Daily Time Charter Equivalent (TCE) for 2024 was $11,440, a slight decrease from $11,822 in 2023, representing a decline of 3.2%[37] - The company reported a significant increase in vessel values and operating expenses, impacting overall profitability and cash flow[28] Cash Flow and Assets - Cash provided by operating activities for 2024 was $864,000, a decrease of 65.5% from $2,505,000 in 2023[33] - Cash, cash equivalents, and restricted cash at the end of 2024 were $1,446,000, down from $2,702,000 at the end of 2023, reflecting a decrease of 46.6%[33] - Total assets increased to $28,795,000 in 2024 from $12,882,000 in 2023, marking a substantial growth of 123.8%[32] - Total long-term debt as of December 31, 2024, was $15,931,000, with no long-term debt reported in 2023[32] Operational Highlights - The company delivered the Kamsarmax dry bulk carrier, M/V Bravo, in September 2024, which commenced an 11- to 14-month charter[5] - The average number of vessels increased to 1.3 in 2024 from 1.0 in 2023, with vessel utilization remaining at 100%[13] - A definitive agreement was made to acquire a third vessel, the M/V Charlie, with an expected delivery between May and August 2025[23] Financing Activities - A new term loan facility of up to $91.5 million was successfully closed, with $16.5 million drawn for vessel acquisitions[5] - The company completed a public offering in January 2025, raising gross proceeds of approximately $12.0 million[20] - The company declared a cash dividend of $0.07 per common share for the fourth quarter of 2024, totaling approximately $152,966[25] Operating Expenses - Daily Operating Expenses (OPEX) for 2024 were $5,103, compared to $5,151 in 2023, showing a marginal decrease of 0.9%[37]

Core Viewpoint - Icon Energy Corp. reported its financial results for the year ended December 31, 2024, highlighting a revenue increase but a net loss, alongside the declaration of a cash dividend of $0.07 per common share [1][3][24]. Financial Highlights - Revenue for 2024 was $5.3 million, a 19% increase from $4.5 million in 2023 [7][8]. - Operating profit decreased to $0.2 million from $1.1 million in 2023 [8][9]. - The company reported a net loss of $0.2 million compared to a net income of $1.2 million in 2023 [8][11]. - EBITDA for 2024 was $1.8 million, down from $2.1 million in 2023 [8][11]. Operational Highlights - The fleet expanded with the delivery of the Kamsarmax dry bulk carrier, M/V Bravo, which began an 11- to 14-month charter [5][15]. - The average number of vessels increased to 1.3 in 2024 from 1.0 in 2023 [12]. - Vessel utilization remained at 100% for both years [12]. Cash Dividend - A cash dividend of $0.07 per common share was declared for the fourth quarter of 2024, payable on or around May 30, 2025 [3][24]. Nasdaq Compliance - The company regained compliance with Nasdaq Listing Rule 5550(a)(2) after the closing bid price of its common shares remained at $1.00 or greater for ten consecutive trading days [4][20]. Key Events - Icon completed an initial public offering in July 2024, raising $5.0 million [15]. - A new term loan facility of $91.5 million was established, with $16.5 million drawn for vessel acquisitions [5][17]. - A public offering in January 2025 generated gross proceeds of approximately $12.0 million [19]. Fleet Employment and Operational Data - Ownership Days increased to 465.8 in 2024 from 365.0 in 2023 due to the addition of the M/V Bravo [12]. - Minimum Contracted Revenue expected from current contracts is $4.1 million [14]. Recent Developments - An agreement was made to charter-in a new vessel, M/V Charlie, with an option to purchase, expected to be delivered between May and August 2025 [21][22].

Core Viewpoint - Icon Energy Corp. announced a 1-for-40 reverse stock split effective April 1, 2025, to comply with Nasdaq listing requirements and improve its stock price [1][4][9]. Corporate Matters Update - On January 24, 2025, the company closed a public offering of units worth $12.0 million, which included common shares and warrants [2]. - As of March 27, 2025, 99.99% of the warrants from the offering have been exercised [3]. Reverse Stock Split Details - The reverse stock split will convert every 40 outstanding common shares into 1 share, effective April 1, 2025, under the existing trading symbol "ICON" [4][5]. - The new CUSIP number for the common shares post-split will be Y4001C 206 [4]. - The total number of outstanding common shares will decrease from 87,410,311 to approximately 2,185,257, adjusted for fractional shares [10]. Compliance and Listing Status - The company received a notification from Nasdaq on March 7, 2025, regarding non-compliance due to the closing bid price being below $1.00 for 30 consecutive trading days [6]. - The company has until September 3, 2025, to regain compliance, with a potential additional grace period if other listing standards are met [6][9]. - The closing bid price has been at or below $0.10 for six consecutive trading days, prompting the board to implement the reverse stock split to maintain Nasdaq listing [8]. Purpose of the Reverse Stock Split - The reverse stock split aims to increase the market price of the common shares, maintain compliance with Nasdaq rules, and regain compliance with listing standards [9].

Core Viewpoint - Icon Energy Corp. has entered into a definitive agreement to charter-in a modern dry bulk carrier, the M/V Charlie, which is expected to enhance its operational capacity and revenue generation capabilities [1][4]. Group 1: Agreement Details - Icon has signed a bareboat charter-in agreement for a 2020-built, scrubber-fitted, Eco, Ultramax dry bulk carrier with a carrying capacity of 63,668 dwt [1]. - The company has made an advance payment of $2.75 million and will pay an additional $2.75 million upon delivery, followed by a hire rate of $7,500 per day over a three-year charter period [2]. - At the end of the charter period, Icon has the option to purchase the vessel for $18.0 million [2]. Group 2: Charter Employment - Icon has secured a time charter for the M/V Charlie with a reputable dry bulk operator for a period of 9 to 12 months, with a floating daily hire rate linked to the Baltic Supramax Index [3]. - In addition to the daily hire rate, Icon will receive part of the fuel cost savings realized by the charterer through the vessel's scrubber [3]. Group 3: Strategic Implications - The addition of the M/V Charlie is expected to expand Icon's operational capacity and strengthen its ability to serve customers [4]. - The vessel is anticipated to commence generating revenue immediately upon delivery, leveraging existing industry relationships [4].