Icon Energy Corp.(ICON) - 2024 Q3 - Quarterly Report

Financial Performance - Revenue for the nine-month period ended September 30, 2024, was $3.582 million, a 10% increase from $3.248 million in the same period of 2023[5] - Operating profit decreased to $0.567 million from $0.710 million year-over-year, while net income fell to $0.562 million from $0.752 million[12] - EBITDA remained stable at $1.5 million, consistent with the previous year[13] - EBITDA for the nine-month period ended September 30, 2024, was $1,492,000, slightly up from $1,484,000 in 2023[33] - Cash provided by operating activities for the nine-month period ended September 30, 2024, was $588,000, down from $1,533,000 in the same period of 2023[30] - The company reported a net decrease in cash of $879,000 for the nine-month period ended September 30, 2024, compared to a decrease of $1,774,000 in 2023[30] Fleet and Operations - Daily Time Charter Equivalent (TCE) increased by 16% to $13,258, compared to $11,462 in the prior year[10] - The fleet's ownership days increased to 281.8 from 273.0 due to the addition of the M/V Bravo, while vessel utilization remained at 100%[14] - Daily Time Charter Equivalent (TCE) increased to $13,258 for the nine-month period ended September 30, 2024, compared to $11,462 in 2023[33] - Daily Operating Expenses (OPEX) decreased to $5,064 for the nine-month period ended September 30, 2024, from $5,136 in 2023[34] - The minimum contracted revenue expected from current charters is $8.8 million, linked to the Baltic Panamax Index[16] - The M/V Bravo was delivered on September 23, 2024, and is under an index-linked time charter for 11 to 14 months[18] Financial Position - Total assets increased to $30,551,000 as of September 30, 2024, compared to $12,882,000 on December 31, 2023[29] - Total long-term debt as of September 30, 2024, was $16,206,000, with no long-term debt reported as of December 31, 2023[29] - Total shareholders' equity increased to $12,641,000 as of September 30, 2024, from $9,169,000 on December 31, 2023[29] - Cash, cash equivalents, and restricted cash at the end of the period were $1,823,000, compared to $1,777,000 at the end of the same period in 2023[30] Capital and Dividends - The company successfully closed a $91.5 million term loan facility, with $16.5 million drawn and $75 million reserved for future vessel acquisitions[5] - Icon declared a cash dividend of $0.085 per common share for Q3 2024, following a $0.08 dividend for Q2 2024[4] - The company completed its initial public offering on July 15, 2024, raising approximately $5 million[17]