Financial Performance - Total revenues for the first half of 2023 reached $41.1 million, an increase from $38.8 million in the same period of 2022, representing a growth of 5.5%[6] - Net income for the first half of 2023 was $5.8 million, compared to $8.6 million in the first half of 2022, indicating a decrease of 32.5%[6] - Earnings per share (EPS) for the first half of 2023 was $0.13, a significant recovery from a loss of $6.15 per share in the same period of 2022[6][7] - EBITDA for the first half of 2023 was $23.4 million, up from $21.6 million in the first half of 2022, reflecting an increase of 8.3%[17] Assets and Cash Flow - Total assets as of June 30, 2023, were $446.2 million, down from $469.3 million at the end of 2022, a decrease of 4.9%[9] - Cash and cash equivalents, including restricted cash, totaled $13.6 million as of June 30, 2023, compared to $20.5 million at the end of 2022[6][9] Operational Efficiency - The average age of the tanker fleet is less than three years, highlighting the modernity and efficiency of the vessels operated by the company[2] - The company has a substantial charter backlog, which is expected to contribute positively to income and cash flow generation extending into 2024[2] Financial Obligations - Interest and finance costs increased to $10.5 million in the first half of 2023, up from $6.9 million in the same period of 2022, representing a rise of 51.5%[17] - The company has no capital commitments going forward after completing its newbuilding program in 2022[2]

Financial Performance - The press release was issued on April 3, 2023, detailing the company's financial performance and strategic initiatives[3] Company Registration - The company is registered under Form 20-F, indicating it is a foreign private issuer[2] - The report is incorporated into the company's registration statements on Form F-3, which includes multiple file numbers[4] Compliance and Verification - The CEO, Evangelos J. Pistiolis, signed the report, affirming its accuracy and compliance with SEC regulations[6]

Financial Performance - Total revenues for 2022 reached $80.656 million, a significant increase from $56.367 million in 2021, representing a growth of approximately 43%[329] - EBITDA for 2022 was reported at $46.554 million, a substantial increase from $23.284 million in 2021, indicating a growth of approximately 100%[329] - Net income rose by $10.3 million, or 120%, from $8.6 million in 2021 to $18.9 million in 2022[349] - Operating income rose by 120% from $14.8 million in 2021 to $32.6 million in 2022[349] - Total charter revenues increased by $24.3 million, or 43%, from $56.4 million in 2021 to $80.7 million in 2022[349] Fleet and Operations - Fleet utilization in 2022 was 99.72%, showing a slight improvement from 96.93% in 2021[327] - The total number of vessels at the end of 2022 was 8, consistent with the previous year, while the average number of vessels remained stable at 8.0[327] - Total operating days for the fleet in 2022 were 2,893, an increase from 2,500 in 2021, representing a growth of about 16%[329] - Average daily Time Charter Equivalent (TCE) increased to $27,310 in 2022, up from $22,020 in 2021, reflecting a growth of about 24%[329] - Time charter equivalent revenues for 2022 were $79.008 million, up from $55.050 million in 2021, marking an increase of approximately 43%[329] Expenses and Costs - Vessel operating expenses for 2022 were $6,397 per day, up from $6,070 in 2021, reflecting an increase of about 5%[329] - Vessel operating expenses increased by $2.9 million, or 19%, from $15.7 million in 2021 to $18.6 million in 2022, attributed to larger vessels and increased average vessels employed[352] - Vessel depreciation increased by $5.6 million, or 73%, from $7.7 million in 2021 to $13.3 million in 2022, due to the employment of larger vessels[353] - Interest and finance costs surged by $7.4 million, or 105%, from $7.0 million in 2021 to $14.4 million in 2022, primarily due to increased loan balances and rising LIBOR rates[355] Cash Flow and Financing - Cash and cash equivalents increased from $6.4 million in 2021 to $24.5 million in 2022[365] - Net cash provided by operating activities increased by $17.3 million, or 108%, from $16.1 million in 2021 to $33.4 million in 2022[366] - Net cash used in investing activities for the year ended December 31, 2022 was $142.7 million, which included $216.7 million for advances for vessels under construction, offset by $71.7 million from the sale of vessels[369] - Net cash provided by financing activities for the year ended December 31, 2022 was $127.4 million, consisting of $165.2 million from long-term debt proceeds and $47.6 million from the issuance of Series F Shares[371] Market Conditions and Risks - The BDTI reached a high of 2,496 and a low of 679 in 2022, while the BCTI reached a high of 2,143 and a low of 543, indicating high volatility in charter rates[382] - The invasion of Ukraine has led to increased volatility in the tanker market, with short-term positive effects but uncertain long-term impacts on ton-mile demand[383] - Inflation has indirectly increased the base lending costs of loans, with LIBOR rising from 0.10% in January 2022 to 4.78% in December 2022, significantly affecting cash flow[386] Corporate Governance - The company has five shareholders of record as of March 27, 2023, holding an aggregate of 20,346,091 common shares, representing 100% of outstanding common shares[422] - The Chief Executive Officer is entitled to a cash payment of €10 million in the event of a change of control[409] - The Chief Operating Officer is entitled to receive a cash payment equal to three years' annual base salary in the event of a change of control[410] - The Chief Financial Officer is entitled to a cash payment equal to three years' annual base salary in the event of a change of control[412] - The Chief Technical Officer is also entitled to a cash payment equal to three years' annual base salary in the event of a change of control[413] Employment and Compensation - As of December 31, 2022, the company employed 170 sea-going employees, an increase from 146 in 2021 and 136 in 2020[418] - The total compensation paid to senior management and directors for the fiscal year ended December 31, 2022, was $0.4 million[407]

EXHIBIT 99.1 TOP Ships Announces Record Net Income of $18.9 Million for the Year Ended December 31, 2022, 120% Increase From 2021, and Adoption of Shareholder-Friendly Measures Including Moratorium on New Equity Offerings ATHENS, Greece, March 01, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022. As of and for the year ended December ...

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of September 2022 Commission File Number: 001-37889 TOP SHIPS INC. (Translation of registrant's name into English) 1 VAS. SOFIAS & MEG. ALEXANDROU STREET 151 24, MAROUSSI ATHENS, GREECE (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of For ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR ☐ SHELL COMPANY REPOR ...

EXHIBIT 99.1 TOP Ships Announces Record Net Income for the Year Ended December 31, 2021 and Other Corporate Developments ATHENS, Greece, March 14, 2022 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2021. For the year ended December 31, 2021, the Company reported: Evangelos Pistiolis, the President, Chief Executive Officer and Director of th ...

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of September 2021 Commission File Number: 001-37889 TOP SHIPS INC. (Translation of registrant's name into English) 1 Vas. Sofias & Meg. Alexandrou Street 151 24, Maroussi Athens, Greece (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of For ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ 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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR ☐ SHELL COMPANY REPOR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR [ ] SHELL COMPA ...