Imperial Petroleum (US:IMPP)2024-02-15 14:06Financial Performance - Revenues for Q4 2023 were $29.9 million, a decrease of $8.0 million or 21.1% compared to Q4 2022, primarily due to lower average number of vessels and softer market conditions[5] - Net income for Q4 2023 was $6.5 million, down from $13.8 million in Q4 2022[5] - Total revenues for 12M 2023 reached $183.7 million, an increase of $86.7 million or 89.4% compared to 12M 2022, driven by improved market conditions and a larger fleet[7] - Net income for 12M 2023 was $71.1 million, marking a 141% increase from $29.5 million in 12M 2022[8] - Adjusted net income for 12M 2023 was $74.4 million, corresponding to an adjusted EPS of $3.39, compared to $29.6 million and $2.91 in the previous year[8] - EBITDA for 12M 2023 amounted to $82.8 million, with adjusted EBITDA of $86.0 million[8] - Net income for Q4 2023 was $6,463,943, down from $13,755,961 in Q4 2022, a decrease of 53.0%[27] - Net income for 2023 increased to $71,134,002, up from $29,510,928 in 2022, representing a growth of approximately 141%[29] Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $124 million, approximately 50% higher than the current market capitalization[5] - Total current assets increased to $133.87 million as of December 31, 2023, compared to $118.78 million in 2022, reflecting a growth of approximately 12.7%[28] - Total non-current assets amounted to $231.95 million, up from $226.31 million in the previous year, indicating a growth of about 2.3%[28] - Total assets reached $365.82 million, representing an increase from $344.09 million in 2022, which is a growth of approximately 6.3%[28] - Cash and cash equivalents at the end of 2023 reached $91,927,512, up from $57,506,919 at the end of 2022, reflecting a growth of approximately 60%[29] - Total cash, cash equivalents, and restricted cash at the end of 2023 amounted to $91,927,512, compared to $57,506,919 at the end of 2022, marking an increase of about 60%[29] Fleet and Operations - Fleet operational utilization was 68.5% in Q4 2023, with 76% of fleet calendar days dedicated to spot activity[5] - Fleet utilization improved to 95.3% in Q4 2023 from 90.6% in Q4 2022[21] - The average number of vessels increased to 10.00 for the twelve months ended December 31, 2023, compared to 6.99 in 2022[21] - Total voyage days for the fleet increased to 3,481 in 2023 from 2,464 in 2022, reflecting a growth of 41.2%[21] - Total charter days for the fleet decreased to 1,058 in 2023 from 1,348 in 2022, a decline of 21.5%[21] - The company plans to acquire two tanker vessels for an aggregate price of $71 million, expected to be financed with cash-on-hand[10] - The company plans to acquire two additional tanker vessels by February 2024, increasing total fleet capacity to 791,716 deadweight tons[16] Shareholder Actions - The company repurchased 4,251,881 common shares for approximately $8.4 million under a $10 million share buyback program[5] - The weighted average number of shares increased significantly to 23,566,153 in Q4 2023 from 12,696,609 in Q4 2022, reflecting a dilution effect[27] Liabilities and Equity - Current liabilities were reported at $24.38 million, a slight increase from $24.31 million in the previous year, showing a marginal growth of 0.3%[28] - Total liabilities stood at $84.16 million, compared to $82.92 million in 2022, reflecting an increase of about 1.5%[28] - Stockholders' equity remained stable, indicating a solid financial position for the company[28] Cash Flow and Investments - Net cash provided by operating activities rose to $79,530,359 in 2023, compared to $40,898,062 in 2022, indicating an increase of about 94%[29] - Proceeds from equity offerings decreased to $29,070,586 in 2023 from $168,001,415 in 2022, a decline of about 83%[29] - Acquisition and improvement of vessels reduced significantly to $28,145,103 in 2023 from $118,678,560 in 2022, a decrease of approximately 76%[29] - Net cash used in investing activities improved to $12,288,684 in 2023, compared to a net cash outflow of $186,678,560 in 2022[29] Other Financial Metrics - The company reported a net gain on the sale of vessels of $3,865,890 in 2023, compared to no such gain in 2022[29] - The company experienced a significant unrealized foreign exchange loss of $426,040 in 2023, which was not present in 2022[29] - Interest paid increased to $1,735,054 in 2023 from $898,368 in 2022, representing an increase of approximately 93%[29]