Core Insights - StealthGas Inc. reported a profitable third quarter in 2025 with a net income of $13.3 million, a 10% increase from $12.1 million in the same period last year, and revenues of $44.5 million, also up 10% year-over-year [4][8][30] - The company has maintained high fleet coverage with 85% of fleet days for 2025 secured on period charters, generating approximately $130 million in contracted revenues [4][9] - The company has successfully repaid all debt obligations in its fully owned fleet, totaling $350 million since December 2022, and currently holds $69.7 million in cash and cash equivalents [4][13][34] Financial Performance - For Q3 2025, revenues increased to $44.5 million from $40.4 million in Q3 2024, attributed to a higher number of vessels and improved market conditions [4][8] - Voyage expenses rose to $7.2 million from $2.9 million in Q3 2024, primarily due to increased bunker costs and port expenses [4][30] - General and administrative expenses decreased to $1.9 million from $2.7 million in Q3 2024, mainly due to lower stock-based compensation [4][30] Nine-Month Results - For the nine months ended September 30, 2025, revenues were $133.8 million, up from $123.8 million in the same period of 2024, driven by an increase in fleet size and market conditions [8][30] - Net income for the nine months was $47.9 million, down from $55.7 million in 2024, with adjusted net income at $52.3 million compared to $60.8 million last year [8][30] - The average number of vessels owned increased to 28.4 in the nine months of 2025 from 27.0 in 2024 [8][30] Fleet and Operations - As of November 2025, the company has total contracted revenues of approximately $130 million, with 46% of fleet days for 2026 secured under period contracts [9][11] - The company completed the sale of the vessel Gas Elixir in November 2025 and is in the process of selling the Eco Invictus, which is expected to enhance liquidity [10][11] - The Eco Wizard remains stranded in Russia, requiring further repairs before it can return to operations, impacting revenue generation [12][30] Management Commentary - The CEO noted a modest seasonal softening in spot rates during summer but highlighted a solid profit quarter due to high period coverage [13] - The company aims to maintain a solid balance sheet and has successfully reduced debt obligations significantly over the past three years [13]