Toro Corp. Reports Net Income of $1.3 Million for the Three Months Ended September 30, 2025 and $4.3 Million for the Nine Months Ended September 30, 2025

Core Insights - Toro Corp. reported its financial results for the third quarter and nine months ended September 30, 2025, highlighting a stable performance despite some declines in revenue and net income compared to the previous year [1][2]. Financial Performance - Third Quarter - Total vessel revenues from continuing operations increased to $5.4 million, a 1.9% increase from $5.3 million in the same period of 2024 [5][6]. - Net income from continuing operations rose to $1.3 million, reflecting a 30% increase from $1.0 million in the third quarter of 2024 [5][6]. - EBITDA from continuing operations was $1.6 million, compared to a loss of $0.1 million in the same period last year [5][6]. - The average Daily TCE Rate improved to $13,363 from $11,426 in the same period of 2024 [6][41]. Financial Performance - Nine Months - Total vessel revenues from continuing operations decreased to $15.0 million, a 12.8% decline from $17.2 million for the nine months ended September 30, 2024 [5][28]. - Net income from continuing operations was $4.2 million, down 6.7% from $4.5 million in the same period last year [5][28]. - Net income overall dropped significantly to $4.3 million, an 82.2% decrease from $24.2 million for the nine months ended September 30, 2024 [5][28]. - EBITDA for the nine months was $3.8 million, up from $1.7 million in the same period of 2024 [5][28]. Operational Developments - The company acquired two MR tanker vessels and sold two LPG carriers during the third quarter, indicating ongoing fleet management activities [4]. - The spin-off of the Handysize tanker segment to Robin Energy Ltd. was completed on April 14, 2025 [5]. Cash Flow and Liquidity - Cash position decreased by $12.1 million to $25.1 million as of September 30, 2025, primarily due to net operating cash flows used in continuing operations and financing activities [15][38]. - The company made a capital contribution of $10.4 million to Robin in connection with the spin-off [15]. Recent Business Developments - On October 15, 2025, Toro received dividends from Castor and Robin, amounting to $1.25 million and $0.125 million, respectively [16]. - An "at-the-market" offering agreement was established on November 13, 2025, allowing the company to sell common shares valued up to $12.5 million for various corporate purposes [18].