STEALTHGAS INC. Reports Third Quarter And Nine Months 2024 Financial And Operating Results
StealthGas Inc. (NASDAQ: GASS) reported strong Q3 2024 financial results with revenues increasing 16.7% to $40.4 million compared to Q3 2023. The company achieved record net income of $55.7 million for the first nine months of 2024, up 29.3% year-over-year. Q3 net income was $12.1 million with basic EPS of $0.33.
The company secured 65% of fleet days for 2025 on period charters, generating over $220 million in contracted revenues. Cash position remains strong at $77.4 million, with 25 out of 28 vessels unencumbered. The company made $106.6 million in debt repayments during the first nine months of 2024.
StealthGas Inc. (NASDAQ: GASS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un aumento delle entrate del 16,7% a 40,4 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha registrato un reddito netto record di 55,7 milioni di dollari nei primi nove mesi del 2024, in aumento del 29,3% rispetto all'anno precedente. Il reddito netto del terzo trimestre è stato di 12,1 milioni di dollari con un utile per azione di base di 0,33 dollari.
L'azienda ha assicurato il 65% dei giorni della flotta per il 2025 con contratti a lungo termine, generando oltre 220 milioni di dollari in ricavi contrattati. La posizione di liquidità rimane solida a 77,4 milioni di dollari, con 25 delle 28 navi non gravate da oneri. L'azienda ha effettuato rimborsi del debito per 106,6 milioni di dollari nei primi nove mesi del 2024.
StealthGas Inc. (NASDAQ: GASS) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 16.7% en los ingresos, alcanzando los 40.4 millones de dólares en comparación con el tercer trimestre de 2023. La compañía alcanzó un ingreso neto récord de 55.7 millones de dólares en los primeros nueve meses de 2024, un aumento del 29.3% interanual. El ingreso neto del tercer trimestre fue de 12.1 millones de dólares, con una ganancia básica por acción de 0.33 dólares.
La compañía aseguró el 65% de los días de la flota para 2025 mediante contratos a largo plazo, generando más de 220 millones de dólares en ingresos contratados. La posición de efectivo sigue siendo sólida en 77.4 millones de dólares, con 25 de los 28 barcos libres de cargas. La compañía realizó pagos de deuda por 106.6 millones de dólares durante los primeros nueve meses de 2024.
StealthGas Inc. (NASDAQ: GASS)는 2024년 3분기에 강력한 재무 결과를 발표하며 2023년 3분기 대비 16.7% 증가한 4040만 달러의 수익을 달성했습니다. 회사는 2024년 첫 9개월 동안 5570만 달러의 기록적인 순이익을 기록하였으며, 이는 전년 대비 29.3% 증가한 수치입니다. 3분기 순이익은 1210만 달러였고, 기본 주당 순이익(EPS)은 0.33달러입니다.
회사는 2025년을 위해 65%의 함대 일수를 장기 계약으로 확보하였고, 이는 2억 2000만 달러 이상의 계약된 수익을 생성하고 있습니다. 현금 보유액은 7740만 달러로 강력한 상태를 유지하고 있으며, 28척 중 25척이 부담 없이 운영되고 있습니다. 회사는 2024년 첫 9개월 동안 1억 660만 달러의 부채 상환을 진행했습니다.
StealthGas Inc. (NASDAQ: GASS) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec une augmentation des revenus de 16,7 % à 40,4 millions de dollars par rapport au troisième trimestre 2023. L'entreprise a enregistré un revenu net record de 55,7 millions de dollars pour les neuf premiers mois de 2024, en hausse de 29,3 % par rapport à l'année précédente. Le revenu net du troisième trimestre était de 12,1 millions de dollars, avec un bénéfice par action (BPA) de base de 0,33 dollar.
L'entreprise a sécurisé 65 % des jours de flotte pour 2025 grâce à des contrats à terme, générant plus de 220 millions de dollars de revenus contractés. La position de liquidité reste forte à 77,4 millions de dollars, avec 25 des 28 navires non grevés. L'entreprise a remboursé 106,6 millions de dollars de dettes durant les neuf premiers mois de 2024.
StealthGas Inc. (NASDAQ: GASS) hat für das dritte Quartal 2024 starke finanzielle Ergebnisse berichtet, mit einem Umsatzanstieg von 16,7% auf 40,4 Millionen Dollar im Vergleich zum dritten Quartal 2023. Das Unternehmen erzielte im ersten neun Monaten von 2024 ein Rekordnettoeinkommen von 55,7 Millionen Dollar, was einem Anstieg von 29,3% im Jahresvergleich entspricht. Das Nettoeinkommen im dritten Quartal betrug 12,1 Millionen Dollar bei einem Basis-EPS von 0,33 Dollar.
Das Unternehmen sicherte sich 65% der Flottentage für 2025 durch Zeitcharter und erwirtschaftete über 220 Millionen Dollar an vertraglich vereinbarten Einnahmen. Die Liquiditätsposition bleibt mit 77,4 Millionen Dollar stark, wobei 25 der 28 Schiffe unbelastet sind. Im ersten neun Monaten von 2024 leistete das Unternehmen Rückzahlungen von insgesamt 106,6 Millionen Dollar.
- Record net income of $55.7 million for nine months 2024, up 29.3% YoY
- Revenue increased 16.7% to $40.4 million in Q3 2024
- Secured 65% of fleet days for 2025 with $220 million contracted revenues
- Strong cash position of $77.4 million with reduced debt of $86.4 million
- 25 out of 28 vessels are debt-free
- Decreased fleet utilization due to four vessels in drydock during Q3 2024
- General and administrative expenses increased to $2.7 million from $1.7 million YoY
- No vessel sale gains in Q3 2024 compared to $4.7 million in Q3 2023
Insights
StealthGas delivered exceptional financial performance with
Strong contract coverage with
The LPG shipping market shows remarkable strength, particularly in Europe where StealthGas operates predominantly. Period rates for pressurized vessels are at historic highs, indicating robust demand fundamentals. The company's strategic fleet management, including the acquisition of full control of Gas Defiance and the planned sale of Gas Shuriken, demonstrates active portfolio optimization.
High contract coverage reduces exposure to market volatility while securing stable cash flows. The increased interest from charterers for period coverage suggests continued strong market conditions, providing potential for further rate improvements. The company's focus on newer, larger vessels is enhancing operational efficiency and earning potential.
ATHENS, Greece, Nov. 25, 2024 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- All-time record Net Income of
$55.7 million for the nine months of 2024, a29.3% increase compared to the same period last year. Strong profitability continued for the third quarter, with Net income of$12.1 million corresponding to a basic EPS of$0.33 . - Revenues increased by
16.7% compared to the same period of last year to$40.4 million for the third quarter of 2024, despite a decrease in utilization mainly due to four vessels undergoing drydock during the third quarter of 2024 compared to zero vessels last year. - Further increased period coverage. About
65% of fleet days for 2025 are already secured on period charters, with total fleet employment days for all subsequent periods generating over$220 million (excl. JV vessels) in contracted revenues. - Continued reducing leverage, making
$106.6 million in debt repayments during the first nine months of 2024. Currently, 25 out of 28 vessels in the fully owned fleet are unencumbered. - Maintaining ample cash and cash equivalents (incl. restricted cash) of
$77.4 million as of September 30, 2024 enabling the Company to further reduce debt.
Third Quarter 2024 Results1:
- Revenues for the three months ended September 30, 2024 amounted to
$40.4 million compared to revenues of$34.7 million for the three months ended September 30, 2023, based on an average of 27.0 vessels and 27.6 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions. - Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2024 were
$2.9 million and$12.3 million , respectively, compared to$2.4 million and$12.3 million , respectively, for the three months ended September 30, 2023. The$0.5 million increase in voyage expenses was mainly due to bunker expenses, while the vessels’ operating expenses remained stable between 2024 and 2023. - Drydocking costs for the three months ended September 30, 2024 and 2023 were
$2.9 million and$0.06 million , respectively. Drydocking expenses during the third quarter of 2024 mainly relate to the completed drydocking of four vessels, while the drydocking of one vessel was still in progress, compared to no drydocking of vessels in the same period of last year. - General and administrative expenses for the three months ended September 30, 2024 and 2023 were
$2.7 million and$1.7 million , respectively. The change is mainly attributed to the increase in stock-based compensation expense. - Depreciation for the three months ended September 30, 2024 and 2023 was
$6.5 million and$5.5 million , respectively, a$1.0 million increase despite the decrease in average number of vessels owned by the Company, as the Company partly replaced some of the older vessels with newer and larger ones which have a higher cost. - Net gain on sale of vessels for the three months ended September 30, 2024 was nil compared to
$4.7 million for the same period last year, which was primarily due to the sale of two of the Company’s vessels during the three months ended September 30, 2023. - Interest and finance costs for the three months ended September 30, 2024 and 2023, were
$1.8 million and$2.5 million , respectively. The$0.7 million decrease from the same period of last year is primarily due to continued debt prepayments. - Equity earnings in joint ventures for the three months ended September 30, 2024 and 2023 was a gain of
$1.1 million and$0.9 million , respectively. The$0.2 million increase was primarily due to slightly higher revenues due to better market conditions. - As a result of the above, for the three months ended September 30, 2024, the Company reported net income of
$12.1 million , compared to net income of$15.7 million for the three months ended September 30, 2023. The weighted average number of shares outstanding, basic, for the three months ended September 30, 2024 and 2023 was 35.2 million and 37.3 million, respectively. - Earnings per share, basic, for the three months ended September 30, 2024 amounted to
$0.33 compared to earnings per share, basic, of$0.41 for the same period of last year. - Adjusted net income was
$14.2 million corresponding to an Adjusted EPS, basic, of$0.38 for the three months ended September 30, 2024 compared to Adjusted net income of$12.0 million corresponding to an Adjusted EPS, basic, of$0.31 for the same period of last year. - EBITDA for the three months ended September 30, 2024 amounted to
$19.7 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 27.0 vessels were owned by the Company during the three months ended September 30, 2024 compared to 27.6 vessels for the same period of 2023.
Nine months 2024 Results:
- Revenues for the nine months ended September 30, 2024, amounted to
$123.8 million , an increase of$14.4 million , or13.2% , compared to revenues of$109.4 million for the nine months ended September 30, 2023, based on an average of 27.0 vessels and 30.1 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions. - Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2024 were
$8.4 million and$36.2 million , respectively, compared to$9.9 million and$40.2 million for the nine months ended September 30, 2023. The$1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the$4.0 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet. - Drydocking costs for the nine months ended September 30, 2024 and 2023 were
$3.5 million and$2.6 million , respectively. The costs for the nine months ended September 30, 2024 mainly related to the completed drydocking of four vessels while one vessel was still in progress, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize of vessels. - General and administrative expenses for the nine months ended September 30, 2024 and 2023 were
$7.3 million and$3.7 million , respectively. The change is mainly attributed to the increase in stock-based compensation expense. - Depreciation for the nine months ended September 30, 2024, was
$19.5 million , a$1.4 million increase from$18.1 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost. - Impairment loss for the nine months ended September 30, 2024 and 2023 were nil and
$2.8 million , respectively, relating to two vessels for which the Company had entered into separate agreements to sell them to third parties during the nine months ended September 30, 2023. - Gain on sale of vessels for the nine months ended September 30, 2024 was
$0.05 million compared to$7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the nine months ended September 30, 2023 compared to the sale of two vessels during the nine months ended September 30, 2024, which had been classified as held for sale as of December 31, 2023. - Interest and finance costs for the nine months ended September 30, 2024 and 2023 were
$7.6 million and$7.6 million , respectively. - Equity earnings in joint ventures for the nine months ended September 30, 2024 and 2023 was a gain of
$15.2 million and a gain of$11.4 million , respectively. The$3.8 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures. - As a result of the above, the Company reported a net income for the nine months ended September 30, 2024 of
$55.7 million , compared to a net income of$43.0 million for the nine months ended September 30, 2023. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2024 and 2023 was 35.2 million and 37.8 million, respectively. - Earnings per share, basic, for the nine months ended September 30, 2024 amounted to
$1.52 compared to earnings per share, basic, of$1.12 for the same period of last year. - Adjusted net income was
$60.8 million , corresponding to an Adjusted EPS, basic, of$1.67 per share, for the nine months ended September 30, 2024 compared to adjusted net income of$40.0 million , or$1.04 per share, for the same period of last year. - EBITDA for the nine months ended September 30, 2024 amounted to
$80.4 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 27.0 vessels were owned by the Company during the nine months ended September 30, 2024, compared to 30.1 vessels for the same period of 2023.
As of September 30, 2024, cash and cash equivalents (including restricted cash) amounted to
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
- An eighteen months time charter extension for its 2007 built LPG carrier Gas Flawless, until Jul 2026.
- A twelve months time charter for its 2008 built LPG carrier Gas Defiance, until Dec 2025.
- A twelve months time charter for its 2015 built LPG carrier Eco Galaxy, until Sep 2025.
- A six months time charter for its 2012 built LPG carrier Gas Esco, until Mar 2025.
- A three months time charter for its 2014 built LPG carrier Eco Chios, until Mar 2025.
As of November 2024, the Company has total contracted revenues of approximately
For 2025 the Company has circa
In late September 2024, the joint venture owning the vessel Gas Shuriken entered into an agreement to sell the vessel to a third party. The delivery of the vessel is expected to take place in January 2025.
On November 4, 2024, the debt facility on the vessels Gas Shuriken and Gas Defiance, owned through a joint venture, matured and was paid off. Immediately following the debt repayment, the Company also acquired full control of the vessel Gas Defiance purchasing it from its joint venture partner, as such the vessel going forward will be part of the Company’s fully owned fleet.
CEO Harry Vafias Commented:
Our Company had another quarter of high performance during the seasonally weaker summer months. We managed to increase revenues by
Conference Call details:
On November 25, 2024 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
https://register.vevent.com/register/BI100bc15449d24af9a07d7a07d0210040
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 32 LPG carriers, including four Joint Venture vessels in the water. These LPG vessels have a total capacity of 354,188 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended September 30, 2023 and September 30, 2024.
| FLEET DATA | Q3 2023 | Q3 2024 | 9M 2023 | 9M 2024 | ||||
| Average number of vessels (1) | 27.6 | 27.0 | 30.1 | 27.0 | ||||
| Period end number of owned vessels in fleet | 27 | 27 | 27 | 27 | ||||
| Total calendar days for fleet (2) | 2,537 | 2,484 | 8,214 | 7,402 | ||||
| Total voyage days for fleet (3) | 2,529 | 2,381 | 8,125 | 7,231 | ||||
| Fleet utilization (4) | 99.7 | % | 95.9 | % | 98.9 | % | 97.7 | % |
| Total charter days for fleet (5) | 2,351 | 2,260 | 7,337 | 6,665 | ||||
| Total spot market days for fleet (6) | 178 | 121 | 788 | 566 | ||||
| Fleet operational utilization (7) | 96.9 | % | 92.6 | % | 96.6 | % | 95.5 | % |
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
| (Expressed in United States Dollars, except number of shares) | Third Quarter Ended September 30th, | Nine months Periods Ended September 30th, | ||||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Net Income - Adjusted Net Income | ||||||||
| Net income | 15,740,616 | 12,145,425 | 43,047,783 | 55,663,650 | ||||
| Less gain on derivatives | (197,247 | ) | - | (493,355 | ) | (99,286 | ) | |
| Plus swap interest received | 217,754 | - | 607,042 | 208,127 | ||||
| Less net gain on sale of vessels | (4,719,796 | ) | - | (7,645,781 | ) | (46,384 | ) | |
| Plus impairment loss | - | - | 2,816,873 | - | ||||
| Plus share based compensation | 920,688 | 2,017,049 | 1,649,189 | 5,120,512 | ||||
| Adjusted Net Income | 11,962,015 | 14,162,474 | 39,981,751 | 60,846,619 | ||||
| Net income - EBITDA | ||||||||
| Net income | 15,740,616 | 12,145,425 | 43,047,783 | 55,663,650 | ||||
| Plus interest and finance costs | 2,481,489 | 1,783,067 | 7,612,283 | 7,636,676 | ||||
| Less interest income | (834,799 | ) | (695,222 | ) | (2,759,952 | ) | (2,363,435 | ) |
| Plus depreciation | 5,549,825 | 6,492,714 | 18,141,842 | 19,478,138 | ||||
| EBITDA | 22,937,131 | 19,725,984 | 66,041,956 | 80,415,029 | ||||
| Net income - Adjusted EBITDA | ||||||||
| Net income | 15,740,616 | 12,145,425 | 43,047,783 | 55,663,650 | ||||
| Less gain on derivatives | (197,247 | ) | - | (493,355 | ) | (99,286 | ) | |
| Less net gain on sale of vessels | (4,719,796 | ) | - | (7,645,781 | ) | (46,384 | ) | |
| Plus impairment loss | - | - | 2,816,873 | - | ||||
| Plus share based compensation | 920,688 | 2,017,049 | 1,649,189 | 5,120,512 | ||||
| Plus interest and finance costs | 2,481,489 | 1,783,067 | 7,612,283 | 7,636,676 | ||||
| Less interest income | (834,799 | ) | (695,222 | ) | (2,759,952 | ) | (2,363,435 | ) |
| Plus depreciation | 5,549,825 | 6,492,714 | 18,141,842 | 19,478,138 | ||||
| Adjusted EBITDA | 18,940,776 | 21,743,033 | 62,368,882 | 85,389,871 | ||||
| EPS - Adjusted EPS | ||||||||
| Net income | 15,740,616 | 12,145,425 | 43,047,783 | 55,663,650 | ||||
| Adjusted net income | 11,962,015 | 14,162,474 | 39,981,751 | 60,846,619 | ||||
| Weighted average number of shares, basic | 37,332,943 | 35,241,126 | 37,815,107 | 35,200,732 | ||||
| EPS - Basic | 0.41 | 0.33 | 1.12 | 1.52 | ||||
| Adjusted EPS - Basic | 0.31 | 0.38 | 1.04 | 1.67 | ||||
| StealthGas Inc. Unaudited Condensed Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) | ||||||||||||
| Quarters Ended September 30, | Nine month Periods Ended September 30, | |||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||
| Revenues | ||||||||||||
| Revenues | 34,653,846 | 40,445,006 | 109,388,521 | 123,795,068 | ||||||||
| Expenses | ||||||||||||
| Voyage expenses | 1,951,151 | 2,420,995 | 8,550,984 | 6,914,953 | ||||||||
| Voyage expenses - related party | 426,428 | 499,366 | 1,353,380 | 1,527,237 | ||||||||
| Vessels' operating expenses | 12,102,515 | 12,058,117 | 39,516,125 | 35,556,412 | ||||||||
| Vessels' operating expenses - related party | 199,000 | 209,000 | 703,000 | 662,502 | ||||||||
| Drydocking costs | 62,409 | 2,881,407 | 2,614,010 | 3,456,942 | ||||||||
| Management fees - related party | 1,072,119 | 1,063,519 | 3,483,120 | 3,169,200 | ||||||||
| General and administrative expenses | 1,652,958 | 2,657,696 | 3,673,358 | 7,298,960 | ||||||||
| Depreciation | 5,549,825 | 6,492,714 | 18,141,842 | 19,478,138 | ||||||||
| Impairment loss | -- | -- | 2,816,873 | -- | ||||||||
| Net gain on sale of vessels | (4,719,796 | ) | -- | (7,645,781 | ) | (46,384 | ) | |||||
| Total expenses | 18,296,609 | 28,282,814 | 73,206,911 | 78,017,960 | ||||||||
| Income from operations | 16,357,237 | 12,162,192 | 36,181,610 | 45,777,108 | ||||||||
| Other (expenses)/income | ||||||||||||
| Interest and finance costs | (2,481,489 | ) | (1,783,067 | ) | (7,612,283 | ) | (7,636,676 | ) | ||||
| Gain on derivatives | 197,247 | -- | 493,355 | 99,286 | ||||||||
| Interest income | 834,799 | 695,222 | 2,759,952 | 2,363,435 | ||||||||
| Foreign exchange loss | (29,894 | ) | (33,519 | ) | (162,893 | ) | (96,290 | ) | ||||
| Other expenses, net | (1,479,337 | ) | (1,121,364 | ) | (4,521,869 | ) | (5,270,245 | ) | ||||
| Income before equity in earnings of investees | 14,877,900 | 11,040,828 | 31,659,741 | 40,506,863 | ||||||||
| Equity earnings in joint ventures | 862,716 | 1,104,597 | 11,388,042 | 15,156,787 | ||||||||
| Net Income | 15,740,616 | 12,145,425 | 43,047,783 | 55,663,650 | ||||||||
| Earnings per share | ||||||||||||
| - Basic | 0.41 | 0.33 | 1.12 | 1.52 | ||||||||
| - Diluted | 0.41 | 0.33 | 1.12 | 1.52 | ||||||||
| Weighted average number of shares | ||||||||||||
| - Basic | 37,332,943 | 35,241,126 | 37,815,107 | 35,200,732 | ||||||||
| - Diluted | 37,436,333 | 35,322,675 | 37,855,518 | 35,307,660 | ||||||||
| StealthGas Inc. Unaudited Condensed Consolidated Balance Sheets (Expressed in United States Dollars) | |||||||
| December 31, | September 30, | ||||||
| 2023 | 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 77,202,843 | 73,417,570 | |||||
| Trade and other receivables | 4,506,741 | 2,613,904 | |||||
| Other current assets | 130,589 | 8,729 | |||||
| Claims receivable | 55,475 | 55,475 | |||||
| Inventories | 1,979,683 | 1,821,780 | |||||
| Advances and prepayments | 1,409,418 | 1,786,875 | |||||
| Restricted cash | 659,137 | -- | |||||
| Assets held for sale | 34,879,925 | -- | |||||
| Total current assets | 120,823,811 | 79,704,333 | |||||
| Non current assets | |||||||
| Advances for vessel acquisitions | 23,414,570 | -- | |||||
| Operating lease right-of-use assets | 99,379 | 23,692 | |||||
| Vessels, net | 504,295,083 | 604,981,792 | |||||
| Other receivables | 48,040 | 508,548 | |||||
| Restricted cash | 5,893,721 | 3,942,924 | |||||
| Investments in joint ventures | 39,671,603 | 30,858,390 | |||||
| Deferred finance charges | 1,105,790 | -- | |||||
| Fair value of derivatives | 1,858,677 | 400,436 | |||||
| Total non current assets | 576,386,863 | 640,715,782 | |||||
| Total assets | 697,210,674 | 720,420,115 | |||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Payable to related parties | 955,567 | 874,458 | |||||
| Trade accounts payable | 9,953,137 | 10,844,238 | |||||
| Accrued liabilities | 5,681,144 | 4,318,564 | |||||
| Operating lease liabilities | 71,173 | 23,692 | |||||
| Deferred income | 5,386,126 | 7,709,051 | |||||
| Current portion of long-term debt | 16,624,473 | 6,246,426 | |||||
| Total current liabilities | 38,671,620 | 30,016,429 | |||||
| Non current liabilities | |||||||
| Operating lease liabilities | 28,206 | -- | |||||
| Deferred income | 1,928,712 | 65,535 | |||||
| Long-term debt | 106,918,176 | 80,203,354 | |||||
| Total non current liabilities | 108,875,094 | 80,268,889 | |||||
| Total liabilities | 147,546,713 | 110,285,318 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Capital stock | 453,434 | 462,937 | |||||
| Treasury stock | (44,453,836 | ) | (44,792,012 | ) | |||
| Additional paid-in capital | 446,938,868 | 452,406,127 | |||||
| Retained earnings | 145,993,681 | 201,657,331 | |||||
| Accumulated other comprehensive income | 731,814 | 400,414 | |||||
| Total stockholders' equity | 549,663,961 | 610,134,797 | |||||
| Total liabilities and stockholders' equity | 697,210,674 | 720,420,115 | |||||
| StealthGas Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in United States Dollars) | |||||||
| Nine month Periods Ended September 30, | |||||||
| 2023 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net income for the period | 43,047,783 | 55,663,650 | |||||
| Adjustments to reconcile net income to net cash | |||||||
| provided by operating activities: | |||||||
| Depreciation | 18,141,842 | 19,478,138 | |||||
| Amortization of deferred finance charges | 1,263,253 | 659,660 | |||||
| Amortization of operating lease right-of-use assets | 70,636 | 75,687 | |||||
| Share based compensation | 1,649,189 | 5,120,512 | |||||
| Change in fair value of derivatives | 317,341 | 108,841 | |||||
| Proceeds from disposal of interest rate swaps | -- | 1,018,000 | |||||
| Equity earnings in joint ventures | (11,388,042 | ) | (15,156,787 | ) | |||
| Dividends received from joint ventures | 14,589,215 | 21,930,000 | |||||
| Impairment loss | 2,816,873 | -- | |||||
| Gain on sale of vessels | (7,645,781 | ) | (46,384 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| (Increase)/decrease in | |||||||
| Trade and other receivables | 995,286 | 1,432,329 | |||||
| Other current assets | 227,290 | 121,860 | |||||
| Inventories | 1,500,675 | 404,631 | |||||
| Changes in operating lease liabilities | (70,636 | ) | (75,687 | ) | |||
| Advances and prepayments | (987,802 | ) | (377,457 | ) | |||
| Increase/(decrease) in | |||||||
| Balances with related parties | (354,739 | ) | (69,261 | ) | |||
| Trade accounts payable | (2,653,718 | ) | 713,621 | ||||
| Accrued liabilities | (1,206,302 | ) | (1,362,580 | ) | |||
| Deferred income | (1,307,450 | ) | 459,748 | ||||
| Net cash provided by operating activities | 59,004,913 | 90,098,521 | |||||
| Cash flows from investing activities | |||||||
| Insurance proceeds | 126,666 | -- | |||||
| Proceeds from sale of vessels, net | 80,109,781 | 34,679,584 | |||||
| Acquisition and improvements of vessels | (71,729 | ) | (96,572,799 | ) | |||
| Maturity of short term investments | 26,500,000 | -- | |||||
| Return of investments from joint ventures | 4,688,785 | 2,040,000 | |||||
| Advances to joint ventures | (2,636 | ) | -- | ||||
| Net cash provided by/(used in) investing activities | 111,350,867 | (59,853,215 | ) | ||||
| Cash flows from financing activities | |||||||
| Proceeds from exercise of stock options | 747,500 | 356,250 | |||||
| Stock repurchase | (8,815,843 | ) | (338,176 | ) | |||
| Deferred finance charges paid | (988,166 | ) | (22,167 | ) | |||
| Advances to joint ventures | -- | (11,848 | ) | ||||
| Loan repayments | (150,654,446 | ) | (106,624,572 | ) | |||
| Proceeds from long-term debt | -- | 70,000,000 | |||||
| Net cash used in financing activities | (159,710,955 | ) | (36,640,513 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | 10,644,825 | (6,395,207 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 69,154,944 | 83,755,701 | |||||
| Cash, cash equivalents and restricted cash at end of period | 79,799,769 | 77,360,494 | |||||
| Cash breakdown | |||||||
| Cash and cash equivalents | 73,216,142 | 73,417,570 | |||||
| Restricted cash, current | 667,458 | -- | |||||
| Restricted cash, non current | 5,916,169 | 3,942,924 | |||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 79,799,769 | 77,360,494 | |||||
FAQ
What was StealthGas (GASS) revenue in Q3 2024?
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How much contracted revenue does StealthGas (GASS) have for 2025?
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