Robin Energy Ltd. Reports Net Income of $0.5 Million for the Three Months Ended June 30, 2025 and $0.4 Million for the Six Months Ended June 30, 2025

Core Insights - Robin Energy Ltd. reported its financial results for the second quarter and the first half of 2025, highlighting significant growth in revenues and net income compared to the same periods in 2024 [1][2][4]. Financial Performance - Total vessel revenues for Q2 2025 reached $2.0 million, a 33.3% increase from $1.5 million in Q2 2024 [6]. - Net income for Q2 2025 was $0.5 million, reflecting a 150.0% increase from $0.2 million in Q2 2024 [6]. - Earnings per common share for Q2 2025 were $0.15, up from $0.08 in Q2 2024 [6]. - EBITDA for Q2 2025 was $0.7 million, compared to $0.4 million in Q2 2024 [6]. - For the first half of 2025, total vessel revenues were $3.6 million, down from $4.0 million in the same period of 2024 [6]. - Net income for the first half of 2025 was $0.4 million, down from $1.4 million in the first half of 2024 [6]. - Earnings per common share for the first half of 2025 were $0.13, compared to $0.57 in the first half of 2024 [6]. - EBITDA for the first half of 2025 was $1.0 million, down from $1.9 million in the first half of 2024 [6]. Operational Highlights - The company operated an average of 1.0 vessel in Q2 2025, with a Daily TCE Rate of $20,054, compared to $21,964 in Q2 2024 [24][30]. - Available Days for the tanker vessel increased to 91 days in Q2 2025 from 65 days in Q2 2024, contributing to the revenue growth [5][30]. - The company maintained a debt-free balance sheet and had cash reserves of $39.4 million as of June 30, 2025, a significant increase from $0.01 million at the end of 2024 [6][19]. Strategic Developments - The company completed a spin-off from Toro Corp. on April 14, 2025, and began trading on Nasdaq under the symbol "RBNE" on April 15, 2025 [6][12]. - Management adopted a Bitcoin treasury strategy, allocating $5 million to Bitcoin as a primary treasury reserve asset [20]. - The company acquired two LPG vessels, effectively tripling its fleet size [4][21][22]. Recent Equity Offerings - In June 2025, the company completed four registered direct equity offerings, raising approximately $17.2 million by issuing 3.6 million common shares [6][13][14][15][16]. - On September 12, 2025, the company conducted a public offering, raising approximately $8.6 million [17].