Imperial Petroleum (US:IMPP)2023-08-10 13:20Financial Performance - Revenues for Q2 2023 were $59.0 million, an increase of $47.7 million or 422.1% compared to Q2 2022[5] - Net income for Q2 2023 was $16.8 million, up by $16.7 million compared to Q2 2022[5] - Adjusted net income for Q2 2023 was $26.6 million, a 26,500% increase compared to Q2 2022[5] - For the first half of 2023, the company generated a net income of $52.6 million, corresponding to a basic EPS of $3.17[8] - Revenues for the first half of 2023 amounted to $124.5 million, an increase of $108.0 million or 654.5% compared to the same period in 2022[8] - Revenues surged from $11.35 million in Q2 2022 to $59.04 million in Q2 2023, marking a 419.5% increase[25] - Adjusted net income rose significantly from $85,719 in Q2 2022 to $26.61 million in Q2 2023, an increase of 30,974.5%[24] - EBITDA increased from $3.02 million in Q2 2022 to $21.03 million in Q2 2023, reflecting a growth of 594.5%[24] - Net income for the six-month period ended June 30, 2023, was $52,550,587, a significant increase from $304,101 in the same period of 2022, representing a growth of approximately 17,200%[27] Cash and Assets - Cash and cash equivalents as of June 30, 2023, were $98.6 million, with zero debt on the balance sheet[5] - Total assets as of December 31, 2023, amounted to $365.82 billion, an increase from $344.64 billion on June 30, 2022[26] - Current assets totaled $133.87 billion, with cash and cash equivalents at $50.90 billion[26] - Non-current assets reached $231.95 billion, with investments in related parties at $12.65 billion[26] - The company reported restricted cash of $5.60 billion, indicating liquidity management strategies[26] - The company has a total of $2.26 billion in inventories, which is crucial for operational efficiency[26] - Total cash, cash equivalents, and restricted cash at the end of the period decreased to $36,713,632 in 2023 from $82,121,446 in 2022, reflecting a decline of approximately 55.3%[27] Fleet and Operations - The average number of vessels owned during Q2 2023 was 11.8, compared to 6.0 vessels in Q2 2022[7] - Average number of vessels increased from 6.0 in Q2 2022 to 11.8 in Q2 2023, representing a 96.7% increase[19] - The number of owned vessels in the fleet increased from 8 at the end of Q2 2022 to 10 at the end of Q2 2023[19] - Total voyage days for the fleet increased from 539 in Q2 2022 to 1,044 in Q2 2023, a growth of 93.6%[19] - Fleet utilization decreased slightly from 99.4% in Q2 2022 to 97.4% in Q2 2023[19] - Total charter days for the fleet increased from 346 in Q2 2022 to 310 in Q2 2023, a decrease of 10.4%[19] Expenses and Liabilities - Total expenses rose from $11.08 million in Q2 2022 to $42.45 million in Q2 2023, an increase of 283.5%[25] - Current liabilities were reported at $24.38 billion, with trade accounts payable at $8.11 billion[26] - Total current liabilities included accrued liabilities of $1.98 billion and current portion of long-term debt at $10.17 billion[26] - The company incurred an impairment loss of $9.0 million related to the spin-off of two drybulk carriers to C3is Inc.[8] - The company reported an impairment loss of $8,996,023 in 2023, which was not present in the previous year, indicating potential challenges in asset valuation[27] Strategic Actions - The company sold its Aframax tanker to C3is Inc. for $43 million in July 2023[5] - CEO Harry Vafias indicated that the company is significantly undervalued with a fleet valued at approximately $225 million and about $100 million in cash[10] - Distribution of net assets of C3is Inc. to shareholders and warrantholders amounted to $20,957,952, indicating strategic asset management[27] Cash Flow and Financing - Cash flows from operating activities provided $63,816,346 in 2023, compared to $1,270,841 in 2022, indicating a substantial increase in operational efficiency[27] - Cash used in investing activities was $20,197,305 in 2023, a decrease from $79,022,533 in 2022, suggesting a reduction in capital expenditures[27] - Proceeds from equity offerings decreased to $12,095,253 in 2023 from $167,572,515 in 2022, indicating a decline in capital raising efforts[27] - Loan repayments increased significantly to $70,438,500 in 2023 from $2,402,000 in 2022, highlighting a shift in financing strategy[27] - Interest paid rose to $1,735,054 in 2023 from $305,349 in 2022, reflecting increased borrowing costs[27] - The company reported a non-cash financing activity of $185,000 related to dividends declared on Preferred Shares Series C in 2023[27]