Pangaea Logistics Solutions(US:PANL)2025-05-12 20:45Financial Performance - Pangaea reported a non-GAAP adjusted net loss of $2.2 million, or $0.03 per share, on total revenue of $122.8 million for the first quarter of 2025[3]. - For the three months ended March 31, 2025, the net loss was $2,198,674 compared to a net income of $12,665,634 in the same period of 2024[25]. - Gross profit decreased to $10,228,418 in Q1 2025 from $18,333,600 in Q1 2024, reflecting a significant decline in profitability[27]. - Net transportation and service revenue fell to $20,124,431 in Q1 2025, down from $25,742,595 in Q1 2024, indicating a decrease of approximately 21.8% year-over-year[27]. - Adjusted EBITDA for Q1 2025 was $14,774,444, compared to $19,947,193 in Q1 2024, representing a decline of about 26%[27]. - The company reported a basic net loss per share of $0.03 for Q1 2025, compared to earnings of $0.26 per share in Q1 2024[27]. Cash and Debt Position - The company had $63.9 million in cash and cash equivalents and total debt of $390.8 million as of March 31, 2025[6]. - Cash and cash equivalents at the end of Q1 2025 were $63,948,677, down from $95,873,255 at the end of Q1 2024, reflecting a decrease of approximately 33.3%[25]. - Net cash used in operating activities was $(4,355,819) in Q1 2025, compared to $8,999,281 provided in Q1 2024, indicating a significant cash outflow[25]. - The company incurred $6,732,470 in cash dividends paid during Q1 2025, an increase from $4,874,127 in Q1 2024[25]. - Payments of long-term debt increased to $4,129,304 in Q1 2025 from $3,356,824 in Q1 2024, reflecting a rise of approximately 23%[25]. - The company experienced a net change in cash and cash equivalents of $(22,856,793) in Q1 2025, compared to $(3,164,611) in Q1 2024, indicating a worsening liquidity position[25]. Operational Metrics - Time Charter Equivalent (TCE) rates decreased by 36% year-over-year to $11,390 per day, compared to $17,697 per day in the same period of 2024[4]. - Total Adjusted EBITDA decreased by 24.2% to $14.8 million, with an Adjusted EBITDA margin of 12.0%, down from 18.6% in the prior year[5]. - The company executed 4,275 shipping days at an average TCE of $12,524 per day for the second quarter, indicating continued strength in its commercial platform[11]. - Pangaea's owned fleet of 41 vessels was well utilized on average, despite 160 days of off-hire due to dry dockings, supplemented by an average of 19 chartered-in vessels[15]. Strategic Initiatives - Pangaea's Board of Directors authorized a new share repurchase program of up to $15 million, representing 5.6% of the company's market capitalization[7]. - A quarterly cash dividend of $0.05 per common share was declared, to be paid on June 16, 2025[8]. - Pangaea is focused on integrating the acquired Handysize fleet to unlock operational efficiencies and expand its terminal services at the Port of Tampa, with completion expected in the second half of 2025[14]. - The company plans to selectively invest in its fleet to maximize TCE rates and meet evolving regulatory requirements[16].