Welcome to our dedicated page for Icon Energy news (Ticker: ICON), a resource for investors and traders seeking the latest updates and insights on Icon Energy stock.
Icon Energy Corp (ICON) provides essential maritime logistics solutions through its dry bulk vessel operations. This news hub offers investors and industry professionals verified updates about the company’s strategic developments and market position.
Access timely reports on earnings announcements, fleet expansions, charter agreements, and operational milestones. Our curated collection ensures transparent tracking of ICON’s activities in global dry bulk shipping, from new vessel acquisitions to partnership disclosures.
Key updates include regulatory filings, management commentaries, and market analyses relevant to ICON’s specialized operations. All content is sourced directly from official company communications and reputable financial publications.
Bookmark this page for streamlined access to ICON’s latest developments in maritime logistics and dry bulk shipping. Check regularly for objective updates that matter to stakeholders in global commodity transportation.
Icon Energy Corp. (NASDAQ: ICON) has reported its financial results for 2024, showing mixed performance. Revenue increased 19% to $5.3 million from $4.5 million in 2023, primarily due to the acquisition of M/V Bravo. However, operating profit declined to $0.2 million from $1.1 million, and the company recorded a net loss of $0.2 million compared to a net income of $1.2 million in 2023.
Key developments include the delivery of Kamsarmax dry bulk carrier M/V Bravo in September 2024, securing a $91.5 million term loan facility, and completing an IPO with gross proceeds of $5.0 million. The company declared a cash dividend of $0.07 per common share for Q4 2024, payable May 30, 2025.
Recent developments include a successful public offering raising $12.0 million, regaining Nasdaq compliance, and entering an agreement to acquire a third vessel, M/V Charlie. The company implemented a 1-for-40 reverse stock split on April 1, 2025.
Icon Energy Corp (Nasdaq: ICON) has announced a 1-for-40 reverse stock split effective April 1, 2025, to maintain its Nasdaq listing compliance. The decision comes after receiving notification from Nasdaq on March 7, 2025, regarding non-compliance with the minimum $1.00 bid price requirement.
The company's shares have traded below $0.10 for six consecutive days from March 20-27, 2025, risking immediate suspension. Post-split, ICON's 87,410,311 outstanding shares will reduce to approximately 2,185,257 shares. The split aims to increase share price and maintain Nasdaq compliance without affecting shareholders' ownership percentages or voting rights.
Additionally, ICON reported that 99.99% of warrants from its recent $12.0 million public offering have been exercised as of March 27, 2025.
Icon Energy Corp. (NASDAQ: ICON) has announced a significant fleet expansion through an agreement to bareboat charter-in a 2020-built Ultramax dry bulk carrier with a 63,668 dwt capacity. The vessel, to be named M/V Charlie, comes equipped with scrubber-fitting and eco features.
The financial terms include a $2.75 million advance payment, an additional $2.75 million upon delivery, and a $7,500 daily hire rate over a three-year bareboat charter period. Icon has an option to purchase the vessel for $18.0 million at the end of the period.
Additionally, Icon has secured a 9-12 month time charter contract with an unaffiliated dry bulk operator, featuring a floating daily hire rate linked to the Baltic Supramax Index, plus additional earnings from fuel cost savings through the vessel's scrubber. Delivery is expected between May and August 2025.
Icon Energy Corp (Nasdaq: ICON) has received a notification from Nasdaq dated March 7, 2025, indicating non-compliance with listing requirements as its share price remained below $1.00 for 30 consecutive trading days from January 23 to March 6, 2025. The company has been granted a 180-day grace period until September 3, 2025, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive trading days.
Additionally, Icon announced its upcoming 2025 Annual General Meeting scheduled for March 17, 2025. Shareholders will vote on three key proposals: electing Spiros Vellas as Class I Director, ratifying Ernst & Young as independent auditors, and granting the board authority to implement reverse stock splits. The latter proposal aims to provide flexibility in maintaining Nasdaq listing requirements if deemed necessary.
Icon Energy Corp (Nasdaq: ICON) has successfully closed its upsized public offering, raising $12.0 million in gross proceeds. The offering consisted of 9,160,305 units priced at $1.31 per unit, with each unit comprising one common share and one warrant to purchase an additional common share.
The company plans to utilize the net proceeds for general corporate purposes, including working capital, debt repayments, and fleet expansion. The offering was facilitated by Maxim Group as the sole placement agent, following the effectiveness of registration statements filed with the SEC on January 23, 2025.
Icon Energy Corp. (NASDAQ: ICON) has announced the pricing of an upsized public offering of 9,160,305 units at $1.31 per unit, expected to raise approximately $12.0 million in gross proceeds. Each unit includes one common share (or pre-funded warrant) and one warrant to purchase one common share.
The warrants will be immediately exercisable at an initial price of $2.62 per share and will expire after three years. The exercise price will be adjusted downward on the 15th, 30th, and 45th days post-closing to 60%, 40%, and 30% of the closing price, respectively, with proportional increases in underlying shares. An alternative cashless exercise option allows exchanging each warrant for 1.5 common shares.
The offering is expected to close on January 24, 2025. Net proceeds will fund general corporate purposes, including working capital, debt repayments, and fleet expansion. Maxim Group serves as the sole placement agent.
Icon Energy Corp. (NASDAQ: ICON) reported financial results for the nine months ended September 30, 2024, showing revenue of $3.6 million, up 10% year-over-year. The company posted net income of $0.6 million, down from $0.8 million in 2023, and EBITDA remained stable at $1.5 million. Key developments include the delivery of the Kamsarmax vessel M/V Bravo, securing a $91.5 million term loan facility, and declaring a quarterly dividend of $0.085 per share. The company completed its IPO in July 2024, raising $5 million, and maintains two vessels under index-linked time charters with minimum contracted revenue of $8.8 million.
Icon Energy Corp. (Nasdaq: ICON) has announced two significant developments: the delivery of the Kamsarmax dry bulk carrier M/V Bravo and the signing of a term loan facility for up to $91.5 million. The M/V Bravo, delivered on September 23, 2024, has been secured with a time charter for 11 to 14 months at a floating daily hire rate linked to the Baltic Panamax Index. The company has already borrowed $16.5 million from the new term loan facility to partially finance the M/V Bravo and leverage its existing Panamax carrier, M/V Alfa. The loan has a four-year tenor with an interest rate of 3.95% over SOFR. The remaining $75 million is available for future vessel acquisitions, subject to terms to be determined at the time of request.
Icon Energy Corp. (Nasdaq: ICON) reported strong financial results for the six-month period ended June 30, 2024. The company saw an 18% increase in revenue to $2.7 million and a 43% increase in net income to $1.0 million compared to the same period in 2023. EBITDA rose by 26% to $1.5 million, while operating profit increased by 46% to $1.0 million.
Key developments after the reporting period include:
- Successful IPO on Nasdaq, raising $5 million
- Declaration of a $0.08 per share dividend
- Agreement to acquire a Kamsarmax dry bulk carrier for $17.57 million
- New time charter agreement for the acquired vessel
- Non-binding term sheet for a $91 million credit facility
Icon Energy Corp. (Nasdaq: ICON) has announced several key updates:
1. A quarterly cash dividend of $0.08 per common share ($116,000 total) for Q2 2024, payable on September 30, 2024.
2. Entered a non-binding term sheet for a new $16 million senior secured credit facility to finance vessel acquisitions.
3. Preliminary financial results for H1 2024:
- Revenue: $2.6-$2.8 million (15-20% YoY increase)
- Operating profit: $0.9-$1.1 million (42-50% YoY increase)
- Net income: $0.9-$1.1 million (40-45% YoY increase)
Full financial results will be announced by September 10, 2024.
