Icon Energy Corp.(US:ICON)2025-04-25 13:01Revenue 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]