Euroseas(US:ESEA)2025-11-19 21:48Financial Performance - Total net revenues for Q3 2025 were $56.9 million, a 5.1% increase from $54.1 million in Q3 2024[26] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024, resulting in earnings per share of $4.27 and $4.25 for basic and diluted shares, respectively[14][36] - Adjusted EBITDA for Q3 2025 was $38.8 million, up from $36.1 million in Q3 2024[24][35] - For the first nine months of 2025, the Company reported total net revenues of $170.5 million, a 6.8% increase from $159.6 million in the same period of 2024[39] - Net income for the first nine months of 2025 was $96.5 million, compared to $88.4 million for the same period in 2024[39] - Adjusted EBITDA for the first nine months of 2025 was $115.2 million, compared to $102.9 million for the same period in 2024[50] - Net income for the nine months ended September 30, 2025, was $96.47 million, up from $88.38 million in the same period of 2024, reflecting a year-over-year increase of 9.4%[81] - Adjusted net income for the nine months ended September 30, 2025, was $84.99 million, an increase from $80.24 million in 2024, which is a rise of 5.5%[83] Revenue and Earnings - Time charter revenue for Q3 2025 was $58,547,672, an increase of 3.2% compared to $55,375,268 in Q3 2024[74] - Average time charter equivalent rate for the first nine months of 2025 was $28,735 per day, up from $28,624 per day in the same period of 2024[39] - Basic and diluted earnings per share for the first nine months of 2025 were $13.90 and $13.84, respectively, compared to $12.75 and $12.66 for the same period in 2024[51] - Earnings per share (basic) for Q3 2025 was $4.27, compared to $3.97 in Q3 2024, indicating a 7.6% increase[76] - Adjusted earnings per share (basic) increased from $11.57 in the nine months ended September 30, 2024, to $12.25 in 2025, reflecting a growth of 5.9%[83] Expenses and Costs - Vessel operating expenses for the nine-month period of 2025 amounted to $35.2 million, an increase from $34.3 million in the same period of 2024[41] - Total interest and other financing costs for the first nine months of 2025 were $11.7 million, compared to $10.7 million for the same period in 2024[48] - The company reported interest and other financing costs of $9.54 million for the nine months ended September 30, 2025, compared to $5.53 million in the same period of 2024, indicating a significant increase of 72.5%[81] - General and administrative expenses increased to $4.4 million for the nine-month period ended September 30, 2025, compared to $3.7 million for the same period in 2024[44] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.70 per share, representing a yield of about 5%[20] - The company paid dividends totaling $14,000,695 in the nine months ended September 30, 2025, up from $12,533,010 in the same period of 2024[78] Assets and Liabilities - As of September 30, 2025, the company had outstanding debt of $224.0 million against cash reserves of $112.4 million[25] - Total current assets increased significantly from $84,706,760 as of December 31, 2024, to $160,029,953 as of September 30, 2025[77] - Cash and cash equivalents rose from $73,739,504 at the end of 2024 to $100,210,876 by September 30, 2025, marking a growth of 35.8%[77] - Total liabilities increased from $228,269,125 at the end of 2024 to $246,691,048 by September 30, 2025[77] Fleet and Operations - The average number of vessels operated in Q3 2025 was 22.0, compared to 23.0 in the same period last year[23] - The company operates a fleet of 21 vessels, with plans to expand to 25 vessels by 2028, increasing total carrying capacity from 61,144 TEU to 79,080 TEU[88] - The company has secured multi-year forward charters for five vessels, expected to generate a minimum of $183 million in EBITDA during the charter period[17] - The company anticipates further vessel acquisitions and entering into additional time charters as part of its growth strategy[89] Gains and Losses - The company recorded a gain of approximately $9.3 million from the sale of M/V Marcos V, which was sold for about $50.0 million[15] - The Company recognized a $10.2 million gain on the sale of M/V "Diamantis" in January 2025, compared to a $5.7 million gain on the sale of M/V "EM Astoria" in June 2024[47] - The unrealized loss on derivatives for the nine months ended September 30, 2025, was $380,832, compared to a gain of $247,867 in the same period of 2024[83] Non-GAAP Measures - The company emphasizes that Adjusted EBITDA and Adjusted net income are non-GAAP measures that provide insight into financial performance and liquidity[82]