Icon Energy Corp.(US:ICON) GlobeNewswire News Room·2025-04-23 13:00Core Viewpoint - Icon Energy Corp. reported its financial results for the year ended December 31, 2024, highlighting a revenue increase but a net loss, alongside the declaration of a cash dividend of $0.07 per common share [1][3][24]. Financial Highlights - Revenue for 2024 was $5.3 million, a 19% increase from $4.5 million in 2023 [7][8]. - Operating profit decreased to $0.2 million from $1.1 million in 2023 [8][9]. - The company reported a net loss of $0.2 million compared to a net income of $1.2 million in 2023 [8][11]. - EBITDA for 2024 was $1.8 million, down from $2.1 million in 2023 [8][11]. Operational Highlights - The fleet expanded with the delivery of the Kamsarmax dry bulk carrier, M/V Bravo, which began an 11- to 14-month charter [5][15]. - The average number of vessels increased to 1.3 in 2024 from 1.0 in 2023 [12]. - Vessel utilization remained at 100% for both years [12]. Cash Dividend - A cash dividend of $0.07 per common share was declared for the fourth quarter of 2024, payable on or around May 30, 2025 [3][24]. Nasdaq Compliance - The company regained compliance with Nasdaq Listing Rule 5550(a)(2) after the closing bid price of its common shares remained at $1.00 or greater for ten consecutive trading days [4][20]. Key Events - Icon completed an initial public offering in July 2024, raising $5.0 million [15]. - A new term loan facility of $91.5 million was established, with $16.5 million drawn for vessel acquisitions [5][17]. - A public offering in January 2025 generated gross proceeds of approximately $12.0 million [19]. Fleet Employment and Operational Data - Ownership Days increased to 465.8 in 2024 from 365.0 in 2023 due to the addition of the M/V Bravo [12]. - Minimum Contracted Revenue expected from current contracts is $4.1 million [14]. Recent Developments - An agreement was made to charter-in a new vessel, M/V Charlie, with an option to purchase, expected to be delivered between May and August 2025 [21][22].