PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Unaudited Q2 2025 financial statements reveal decreased net income, cash flow from operations, and slightly reduced total assets Unaudited Condensed Consolidated Balance Sheets Total assets decreased to $1.749 billion as of June 30, 2025, with liabilities and equity also slightly reduced Condensed Consolidated Balance Sheet Data (in USD) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Total Current Assets | $371,659,818 | $382,356,404 | | Total Assets | $1,749,083,305 | $1,778,660,280 | | Total Current Liabilities | $111,845,782 | $107,884,142 | | Total Liabilities | $714,283,780 | $732,554,095 | | Total Shareholders' Equity | $1,034,799,525 | $1,046,106,185 | Unaudited Condensed Consolidated Statements of Operations Q2 2025 net income sharply declined to $10.1 million from $51.3 million, primarily due to lower revenues and higher expenses Consolidated Statements of Operations Highlights (in USD) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $84,211,966 | $114,353,042 | | Total Expenses | $69,265,521 | $59,525,460 | | Operating Income | $15,591,809 | $55,473,525 | | Net Income | $10,082,101 | $51,288,140 | | EPS - Diluted | $0.24 | $1.25 | Unaudited Condensed Consolidated Statements of Shareholders' Equity Shareholders' equity decreased to $1.035 billion, mainly from dividends and stock repurchases, partially offset by net income - Key changes in shareholders' equity for the quarter ended June 30, 2025 included: net income of +$10.1 million, dividend payment of -$21.3 million, and purchase of treasury stock of -$1.8 million21 Unaudited Condensed Consolidated Statements of Cash Flows Net cash from operations significantly decreased to $0.8 million, with financing activities leading to a net decrease in cash Consolidated Statements of Cash Flows Highlights (in USD) | Cash Flow Activity | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $814,474 | $41,224,784 | | Net cash used in investing activities | ($3,056,789) | ($1,251,982) | | Net cash provided by/(used in) financing activities | ($36,999,660) | $30,830,300 | | Net increase/(decrease) in cash | ($38,950,698) | $70,778,056 | Notes to Unaudited Condensed Consolidated Financial Statements Notes detail the 26-vessel VLGC fleet, newbuilding, Helios Pool JV, debt, and dividend declarations - As of June 30, 2025, the company's fleet consists of 26 VLGCs, with one newbuilding Very Large Gas Carrier / Ammonia Carrier (VLGC/AC) of 93,000 cbm capacity expected for delivery in the second calendar quarter of 202624 - The company holds a 50% interest in the Helios LPG Pool, a joint venture with MOL Energia, which operated 29 VLGCs as of June 30, 2025, including 26 from Dorian's fleet44 Total Debt Obligations (in USD) | Category | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | 2023 A&R Debt Facility | $180,000,000 | $185,000,000 | | Total Japanese Financings | $307,250,806 | $314,152,330 | | BALCAP Facility | $56,202,020 | $58,266,112 | | Total debt obligations | $543,452,826 | $557,418,442 | - On August 1, 2025, the Board of Directors declared an irregular cash dividend of $0.60 per share, totaling approximately $25.6 million, payable around August 27, 202591 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management attributes 26.4% revenue decrease to lower TCE rates and fewer available fleet days, with increased operating and administrative expenses Overview Dorian LPG operates 26 VLGCs in the Helios Pool, with a newbuilding VLGC/AC on order for 2026 delivery - The company's fleet consists of 26 VLGCs with a total capacity of ~2.2 million cbm and an average age of 8.7 years, with all vessels operating within the Helios Pool9395 - A newbuilding VLGC/Ammonia Carrier (93,000 cbm) is scheduled for delivery in the second calendar quarter of 202693 Our Fleet The fleet, as of July 30, 2025, consists of 21 owned and 5 time chartered-in VLGCs, mostly ECO-design, with most in the Helios Pool Fleet Composition as of July 30, 2025 | Category | Count | Total Capacity (Cbm) | | :--- | :--- | :--- | | Dorian Owned VLGCs | 21 | 1,762,000 | | Time Chartered-in VLGCs | 5 | 424,265 (approx.) | | Total Fleet | 26 | ~2,200,000 | Results of Operations Q2 2025 revenues decreased 26.4% to $84.2 million due to lower TCE rates, with increased operating and administrative expenses Revenue Comparison (in USD) | Revenue Type | Q1 FY2026 (ended June 30, 2025) | Q1 FY2025 (ended June 30, 2024) | Change (%) | | :--- | :--- | :--- | :--- | | Net pool revenues—related party | $83,842,752 | $109,407,054 | (23.4)% | | Total Revenues | $84,211,966 | $114,353,042 | (26.4)% | - The decrease in revenue was primarily due to TCE rates declining by $10,517 per available day, from $50,243 to $39,726, driven by lower spot rates103 - General and administrative expenses increased by $6.5 million (62.2%), mainly due to a $5.9 million increase in cash bonuses resulting from differences in the timing of approvals compared to the prior year105 Operating Statistics and Reconciliation of GAAP to non-GAAP Measures Q2 2025 Adjusted EBITDA was $38.6 million, down from $78.0 million, with the TCE rate significantly declining to $39,726 per day Reconciliation of Net Income to Adjusted EBITDA (in USD) | Line Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net income | $10,082,101 | $51,288,140 | | Interest and finance costs | $7,714,797 | $9,518,430 | | Unrealized loss on derivatives | $1,183,841 | $421,627 | | Realized gain on interest rate swaps | ($539,429) | ($1,717,249) | | Stock-based compensation expense | $1,757,879 | $1,275,459 | | Depreciation and amortization | $18,379,147 | $17,170,986 | | Adjusted EBITDA | $38,578,336 | $77,957,393 | Key Operating Statistics | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Available days | 2,086 | 2,260 | | Time charter equivalent rate (TCE) | $39,726 | $50,243 | | Daily vessel operating expenses | $11,466 | $10,717 | Liquidity and Capital Resources As of June 30, 2025, the company held $277.9 million in cash, with future liquidity needs including debt repayments and a newbuilding VLGC/AC commitment - As of June 30, 2025, the company held cash and cash equivalents of $277.9 million120 - During the quarter, the company repurchased 100,000 shares for $1.8 million under its 2022 Common Share Repurchase Authority126 - A dividend of $0.50 per share ($21.3 million total) was paid in May 2025, and another irregular dividend of $0.60 per share ($25.6 million total) was declared in August 2025127128 - The company has approximately $86.2 million in outstanding contractual commitments for its newbuilding VLGC/AC expected for delivery in 2026140 Critical Accounting Estimates The primary critical accounting estimate is long-lived asset impairment, with no impairment charges recognized for VLGCs as of June 30, 2025 - Based on independent appraisals as of June 30, 2025, there were no indications of impairment on any of the company's VLGCs, and no impairment charges were recognized146 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The company mitigates interest rate risk on its SOFR-based debt facility using swaps, with a 20 basis point change impacting unhedged interest expense by $0.1 million annually - The company hedges its interest rate risk on the 2023 A&R Debt Facility, where a hypothetical 20 basis point change in SOFR would result in a $0.1 million change in annual interest expense on the unhedged portion of its debt151 ITEM 4. CONTROLS AND PROCEDURES Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective152 - No material changes were made to the company's internal control over financial reporting during the three months ended June 30, 2025153 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The company is involved in ordinary course legal proceedings but is unaware of any material claims requiring financial statement disclosure or provision - The company is not aware of any material legal claims that are reasonably possible or probable and would require disclosure or provision155 ITEM 1A. RISK FACTORS This section updates risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - This section serves as an update to the risk factors detailed in the Annual Report on Form 10-K for the year ended March 31, 2025156 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS During Q2 2025, the company repurchased 100,000 common shares for $1.8 million, with $94.4 million remaining available under the repurchase program Issuer Purchases of Equity Securities (Quarter ended June 30, 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Maximum Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | April 1-30, 2025 | 100,000 | $18.23 | $94,397,162 | | May 1-31, 2025 | 0 | N/A | $94,397,162 | | June 1-30, 2025 | 0 | N/A | $94,397,162 | | Total | 100,000 | $18.23 | $94,397,162 | ITEM 5. OTHER INFORMATION No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter158 ITEM 6. EXHIBITS This section refers to the Exhibit Index, listing all exhibits filed or furnished with the Form 10-Q report, including certifications and XBRL data - A list of exhibits filed with the report is provided, including CEO/CFO certifications and XBRL data159161
Dorian LPG(LPG) - 2026 Q1 - Quarterly Report