Icon Energy Corp.(ICON) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue for the three-month period ended March 31, 2025, was $1,525,000, up 12.1% from $1,360,000 in the same period of 2024[5] - Net loss attributable to common shareholders for the three-month period ended March 31, 2025, was $3,613,000, compared to a net income of $430,000 in the same period of 2024[5] - Operating loss for the three-month period ended March 31, 2025, was $813,000, a decline from an operating profit of $406,000 in the same period of 2024[5] - Cash flows from operating activities resulted in a net cash outflow of $561,000 for the three-month period ended March 31, 2025, compared to a net cash inflow of $704,000 in the same period of 2024[9] - The net loss for the three-month period ended March 31, 2025, was $2,977,000, compared to a net income of $430,000 for the same period in 2024[56] - The net loss attributable to common shareholders for the same period was $3,613,000, with a basic and diluted loss per common share of $4.73[56] Assets and Equity - Total assets increased to $37,768,000 as of March 31, 2025, compared to $28,795,000 as of December 31, 2024, representing a growth of 31.4%[4] - Cash and cash equivalents increased to $7,717,000 as of March 31, 2025, from $946,000 as of December 31, 2024, marking a significant increase of 715.5%[4] - Total shareholders' equity rose to $21,334,000 as of March 31, 2025, compared to $11,746,000 as of December 31, 2024, reflecting an increase of 81.9%[4] - As of March 31, 2025, Icon's total assets amounted to $25,526 million, reflecting a decrease from $26,098 million as of January 1, 2025[30] Debt and Financing - Total long-term debt as of March 31, 2025, is $15,500 million, down from $16,200 million as of December 31, 2024, representing a decrease of approximately 4.3%[35] - The current portion of long-term debt decreased to $1,800 million from $2,300 million, a reduction of about 21.7%[35] - The company entered into a new term loan facility for up to $91,500 million, with a committed portion of $16,500 million fully borrowed to finance vessel acquisitions[36] - The weighted average interest rate on the borrowed portion of the term loan facility was 8.3% during the three-month period ended March 31, 2025[38] - The company has a minimum 'loan to mortgaged vessels value' ratio requirement of 65% under the term loan facility, which it was in compliance with as of March 31, 2025[36] - The uncommitted upsize option of up to $75,000 million under the term loan facility remains available for future vessel acquisitions[37] Shareholder Actions - The company issued 2,148,980 common shares during the first quarter of 2025, raising $12,563,000 in additional paid-in capital[7] - Icon completed its initial public offering of 31,250 common shares at $160.00 per share, raising approximately $5,000 million before expenses[15] - A public offering on January 24, 2025, raised approximately $12,000 million from the sale of 229,007 units at $52.4 per unit, aimed at funding operations and fleet expansion[49] - The Company declared a cash dividend of $0.07 per common share for the fourth quarter of 2024, paid on May 30, 2025[65] - The Company declared a dividend of $2,249 on Series A Preferred Shares, paid in kind by issuing 2,249 Series A Preferred Shares on June 30, 2025[67] Operational Developments - The company took delivery of a new vessel, M/V Charlie, on June 21, 2025, expanding its fleet to three vessels[12] - Icon Energy Corp. acquired Maui Shipping Co. in June 2024, enhancing its operational capabilities in the shipping industry[13] - Icon's management agreement with Pavimar Shipping Co. became effective on January 18, 2024, providing various vessel management services[22] - The company has identified one single reportable segment for its operations, focusing on the transportation of dry bulk cargoes[17] Other Financial Metrics - The company reported technical management fees of $144 million for the three-month period ended March 31, 2025, compared to $59 million for the same period in 2024[25] - The company incurred commercial management commissions of $19 million for the three-month period ended March 31, 2025, slightly up from $18 million in the same period of 2024[25] - The accumulated dividends on Series A Preferred Shares increased from $977 million as of December 31, 2024, to $1,613 million as of March 31, 2025[29] - The balance of deferred drydocking costs decreased from $731 million on January 1, 2025, to $602 million by March 31, 2025[31] - The Class A Warrants had a maximum underlying common share range of 343,511 to 2,290,076, with 1,920,000 common shares issued by March 31, 2025[52] - The Company recorded a loss of $34,278 related to the excess fair value of the Class A Warrants over proceeds received[59] Compliance and Regulatory Matters - The Company received a notification from Nasdaq on March 7, 2025, regarding non-compliance with the Minimum Bid Price Requirement due to a closing bid price below $1.00 per share for 30 consecutive trading days[53] - A reverse stock split was executed on April 1, 2025, reducing the number of outstanding common shares from 87,410,311 to 2,185,230[64]