Robin Energy Ltd(RBNE) - 2025 Q2 - Quarterly Report

Financial Performance - Net income for the six months ended June 30, 2025, was $433,783, a decrease of 68% compared to $1,362,240 for the same period in 2024[6] - Operating income fell from $1,392,780 in 2024 to $270,732 in 2025, a decline of about 80%[6] - Earnings per common share decreased from $0.57 in 2024 to $0.13 in 2025, a decline of approximately 77%[6] - Basic earnings per common share for the six months ended June 30, 2025, were $0.13, down from $0.57 in the same period of 2024[59] - Diluted earnings per common share for the six months ended June 30, 2025, were $0.03, compared to $0.09 in 2024[59] Revenue and Expenses - Total vessel revenues decreased from $4,019,697 in the first half of 2024 to $3,598,828 in the first half of 2025, reflecting a decline of approximately 10.5%[6] - Total vessel operating expenses for the six months ended June 30, 2025, were $1,238,068, compared to $1,135,874 in 2024, indicating an increase of approximately 9.0%[61] - The operating loss for the tanker segment increased significantly to $(2,571,673) in the six months ended June 30, 2025, compared to an operating profit of $2,074,385 in the same period of 2024[64] Assets and Liabilities - Total assets increased from $21.58 million as of December 31, 2024, to $48.60 million as of June 30, 2025, representing a growth of 125%[4] - Total current liabilities increased from $470,158 to $2,254,012, marking an increase of approximately 378%[4] Cash Flow and Liquidity - Cash and cash equivalents surged from $369 to $39,407,386, indicating a significant increase in liquidity[10] - The company reported a net cash provided by operating activities of $13,066,520 for the six months ended June 30, 2025, compared to $7,700,485 in 2024, an increase of approximately 69%[10] Share Issuance and Preferred Shares - The issuance of common shares pursuant to registered direct offerings generated gross proceeds of $17,157,000 in 2025[10] - The Company issued 2,000,000 Series A Preferred Shares to Toro with a stated amount of $25 per share, resulting in an accrued dividend of $105,555 as of June 30, 2025[35] - The Company issued 2,000,000 Series A Preferred Shares with a par value of $0.001 and a stated value of $25 each as part of the Spin-Off to Toro[47] Spin-Off and Subsidiaries - Robin Energy Ltd. was formed on September 24, 2024, as a wholly owned subsidiary of Toro Corp, and completed its Spin-Off on April 14, 2025, with Toro contributing $10,356,450 in cash for working capital[12] - The Spin-Off involved the distribution of 2,386,731 common shares of Robin to Toro shareholders at a ratio of one Robin share for every eight Toro shares[12] - Robin's consolidated financial statements include the accounts of its wholly owned subsidiaries, reflecting the historical carrying costs of the assets and liabilities from their incorporation dates[14] Corporate Governance and Management - Castor Ships S.A., controlled by Robin's CEO, provided ship management and chartering services to the company's subsidiaries, charging a daily fee of $250 per vessel and commissions of 1.25% on charter agreements and 1% on vessel transactions[27] Other Financial Metrics - Interest income for the six months ended June 30, 2025, was reported at $169,895, compared to no interest income in the previous year[64] - Foreign exchange losses amounted to $(822) for the six months ended June 30, 2025, contrasting with a gain of $89 in the same period of 2024[64] - Unallocated corporate general and administrative expenses increased to $(756,423) in the six months ended June 30, 2025, from $(681,605) in the same period of 2024[64]