Imperial Petroleum (US:IMPP)2024-12-03 21:30Financial Performance - Revenues for Q3 2024 were $33.0 million, a 12.2% increase from $29.4 million in Q3 2023[5] - Adjusted net income for Q3 2024 was $10.9 million, up 142.2% from $4.5 million in Q3 2023[5] - Revenues for the nine months ended September 30, 2024 were $121.3 million, a decrease of 21.1% from $153.8 million in the same period of 2023[8] - Net income for the nine months ended September 30, 2024 was $46.2 million, down from $64.7 million in the same period of 2023[8] - EBITDA for the nine months ended September 30, 2024 was $52.9 million, compared to $67.2 million for the same period in 2023[8] - Adjusted net income for Q3 2024 was $10,897,717, compared to $4,527,954 in Q3 2023, reflecting a significant increase of about 141%[23] - Basic earnings per share (EPS) decreased to $0.29 in Q3 2024 from $0.56 in Q3 2023, reflecting a decline of about 48%[24] - Net income for the nine-month period ended September 30, 2023, was $64,670,059, compared to $46,240,111 in 2024, reflecting a decrease of approximately 28.5%[27] Cash and Assets - Cash and cash equivalents were approximately $200 million as of September 30, 2024, a 58.7% increase from $126 million a year earlier[5] - Total current assets amounted to $183.18 billion, a decrease from $188.78 billion in the previous period[26] - Cash and cash equivalents were reported at $91.92 billion, down from $121.67 billion[26] - Total non-current assets reached $193.64 billion, compared to $252.84 billion previously[26] - Total assets stood at $376.83 billion, a decline from $541.44 billion[26] - Current liabilities were $145.29 billion, a decrease from $168.28 billion[26] - Total liabilities amounted to $145.29 billion, down from $168.28 billion[26] - Stockholders' equity was reported at $362.30 billion, compared to $473.41 billion in the previous period[26] - Retained earnings were $97.60 billion, reflecting a decrease from $142.54 billion[26] Fleet and Operations - Fleet operational utilization was 65.6% in Q3 2024, down from 70.5% in Q3 2023[5] - The average number of vessels owned during Q3 2024 was 10.4, compared to 9.1 in Q3 2023[6] - Fleet utilization improved to 92.9% in Q3 2024 from 88.6% in Q3 2023, indicating enhanced operational efficiency[19] - The average number of vessels increased to 10.41 in Q3 2024 from 9.14 in Q3 2023, with a total of 11 owned vessels by the end of Q3 2024[19] - Total charter days for the fleet increased to 261 in Q3 2024 from 180 in Q3 2023, indicating a rise of approximately 45%[19] - The company has contracted to acquire a product tanker with approximately 40,000 dwt capacity, expected to be delivered in Q1 2025[10] - The company has also contracted to acquire seven drybulk carriers, aggregating approximately 443,000 dwt, expected to be delivered between January and May 2025[10] - The company has contracted to acquire an additional 40,000 dwt M.R. product tanker and seven drybulk carriers with a total capacity of 443,000 dwt, expanding its fleet to 19 vessels[15] Investment and Financing Activities - Net cash provided by operating activities for the nine-month period in 2023 was $73,730,889, while in 2024 it was $68,616,299, indicating a decline of about 6.4%[27] - Proceeds from the sale of vessels increased from $3,865,890 in 2023 to $41,153,578 in 2024, marking a substantial rise of about 964.5%[27] - Acquisition and improvement of vessels rose sharply from $(27,684,795) in 2023 to $(74,593,568) in 2024, indicating an increase of approximately 169.5%[27] - Net cash used in investing activities shifted from $(32,560,355) in 2023 to $1,757,530 in 2024, showing a significant turnaround[27] - Proceeds from equity offerings were $27,950,586 in 2023, while there were no proceeds in 2024, indicating a decrease of 100%[27] - Loan repayments in 2023 amounted to $(70,438,500), with no repayments recorded in 2024, reflecting a significant change in financing strategy[27] Other Financial Metrics - The company reported total voyage expenses of $12,558,037 in Q3 2024, slightly up from $12,206,039 in Q3 2023, reflecting a marginal increase of about 3%[25] - Cash and cash equivalents at the end of the period increased significantly from $49,149,246 in 2023 to $167,148,589 in 2024, representing a growth of approximately 239.5%[27] - The unrealized foreign exchange loss on time deposits was recorded at $580,990 in 2024, which was not present in 2023[27] - Share-based compensation increased from $1,682,448 in 2023 to $2,732,020 in 2024, representing an increase of approximately 62.3%[27] Strategic Focus - The company is focusing on market expansion and new product development strategies moving forward[26]