Toro Corp. Reports Net Income of $1.6 Million for the Three Months Ended March 31, 2025
Toro Corp. (NASDAQ: TORO) reported Q1 2025 financial results with net income of $1.6 million, down 92.8% from $22.1 million in Q1 2024. Total vessel revenues decreased 14.1% to $5.5 million, while EBITDA from continuing operations was $1.0 million.
The company's cash position strengthened to $92.7 million as of March 31, 2025, up from $37.2 million in December 2024. Key developments include the full repayment of a $100 million loan from Castor Maritime, acquisition of a 2021-built MR tanker for $36.25 million, and announcement of a share repurchase tender offer for 4.5 million shares at $2.75 per share.
The company also agreed to sell its LPG Dream Syrax vessel for $18.0 million and completed the spin-off of its Handysize tanker segment to Robin Energy Ltd. The fleet earned an average Daily TCE Rate of $11,480 during Q1 2025, compared to $13,048 in Q1 2024.
Toro Corp. (NASDAQ: TORO) ha comunicato i risultati finanziari del primo trimestre 2025 con un utile netto di 1,6 milioni di dollari, in calo del 92,8% rispetto ai 22,1 milioni di dollari del primo trimestre 2024. I ricavi totali dalle navi sono diminuiti del 14,1%, attestandosi a 5,5 milioni di dollari, mentre l'EBITDA delle operazioni continuative è stato di 1,0 milione di dollari.
La posizione di cassa della società si è rafforzata a 92,7 milioni di dollari al 31 marzo 2025, in aumento rispetto ai 37,2 milioni di dollari di dicembre 2024. Tra gli sviluppi chiave si segnalano il rimborso completo di un prestito da 100 milioni di dollari con Castor Maritime, l'acquisizione di una petroliera MR costruita nel 2021 per 36,25 milioni di dollari e l'annuncio di un offerta pubblica di riacquisto azioni per 4,5 milioni di azioni a 2,75 dollari ciascuna.
La società ha inoltre concordato la vendita della sua nave LPG Dream Syrax per 18,0 milioni di dollari e ha completato la scissione del segmento delle petroliere Handysize a favore di Robin Energy Ltd. La flotta ha registrato una tariffa media giornaliera TCE di 11.480 dollari nel primo trimestre 2025, rispetto ai 13.048 dollari del primo trimestre 2024.
Toro Corp. (NASDAQ: TORO) reportó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 1,6 millones de dólares, una caída del 92,8% respecto a los 22,1 millones de dólares del primer trimestre de 2024. Los ingresos totales por buques disminuyeron un 14,1%, situándose en 5,5 millones de dólares, mientras que el EBITDA de operaciones continuas fue de 1,0 millón de dólares.
La posición de efectivo de la compañía se fortaleció a 92,7 millones de dólares al 31 de marzo de 2025, frente a los 37,2 millones de dólares de diciembre de 2024. Entre los desarrollos clave se incluyen el pago total de un préstamo de 100 millones de dólares con Castor Maritime, la adquisición de un petrolero MR construido en 2021 por 36,25 millones de dólares y el anuncio de una oferta de recompra de acciones por 4,5 millones de acciones a 2,75 dólares por acción.
La compañía también acordó vender su buque LPG Dream Syrax por 18,0 millones de dólares y completó la escisión de su segmento de petroleros Handysize a Robin Energy Ltd. La flota obtuvo una tarifa diaria promedio TCE de 11.480 dólares durante el primer trimestre de 2025, comparado con 13.048 dólares en el primer trimestre de 2024.
Toro Corp. (NASDAQ: TORO)는 2025년 1분기 재무 실적을 발표하며 순이익 160만 달러를 기록했으며, 이는 2024년 1분기의 2,210만 달러 대비 92.8% 감소한 수치입니다. 총 선박 매출은 14.1% 감소한 550만 달러를 기록했으며, 지속 영업에서의 EBITDA는 100만 달러였습니다.
회사의 현금 보유액은 2025년 3월 31일 기준 9,270만 달러로 2024년 12월의 3,720만 달러에서 증가했습니다. 주요 사항으로는 Castor Maritime로부터의 1억 달러 대출 전액 상환, 2021년 제작된 MR 탱커를 3,625만 달러에 인수, 주당 2.75달러에 450만 주를 대상으로 하는 자사주 매입 공개 입찰 발표가 포함됩니다.
또한 회사는 LPG Dream Syrax 선박을 1,800만 달러에 매각하기로 합의했으며, Handysize 탱커 부문을 Robin Energy Ltd.에 분사 완료했습니다. 선단은 2025년 1분기 동안 일평균 TCE 요율이 11,480달러로, 2024년 1분기의 13,048달러에 비해 낮았습니다.
Toro Corp. (NASDAQ: TORO) a publié ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 1,6 million de dollars, en baisse de 92,8 % par rapport à 22,1 millions de dollars au premier trimestre 2024. Les revenus totaux des navires ont diminué de 14,1 % pour atteindre 5,5 millions de dollars, tandis que l'EBITDA des activités poursuivies s'est élevé à 1,0 million de dollars.
La trésorerie de l'entreprise s'est renforcée à 92,7 millions de dollars au 31 mars 2025, contre 37,2 millions de dollars en décembre 2024. Parmi les faits marquants figurent le remboursement intégral d'un prêt de 100 millions de dollars auprès de Castor Maritime, l'acquisition d'un pétrolier MR construit en 2021 pour 36,25 millions de dollars, et l'annonce d'une offre publique de rachat d'actions portant sur 4,5 millions d'actions à 2,75 dollars par action.
L'entreprise a également convenu de vendre son navire LPG Dream Syrax pour 18,0 millions de dollars et a finalisé la scission de son segment de pétroliers Handysize au profit de Robin Energy Ltd. La flotte a enregistré un taux TCE journalier moyen de 11 480 dollars au premier trimestre 2025, contre 13 048 dollars au premier trimestre 2024.
Toro Corp. (NASDAQ: TORO) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 1,6 Millionen US-Dollar, was einem Rückgang von 92,8 % gegenüber 22,1 Millionen US-Dollar im ersten Quartal 2024 entspricht. Die Gesamterlöse aus Schiffen sanken um 14,1 % auf 5,5 Millionen US-Dollar, während das EBITDA aus fortgeführten Geschäftsbereichen 1,0 Million US-Dollar betrug.
Die Liquiditätsposition des Unternehmens verbesserte sich zum 31. März 2025 auf 92,7 Millionen US-Dollar, gegenüber 37,2 Millionen US-Dollar im Dezember 2024. Wichtige Entwicklungen umfassen die vollständige Rückzahlung eines 100-Millionen-Dollar-Darlehens von Castor Maritime, den Erwerb eines im Jahr 2021 gebauten MR-Tankers für 36,25 Millionen US-Dollar sowie die Ankündigung eines Aktienrückkaufangebots für 4,5 Millionen Aktien zu je 2,75 US-Dollar.
Das Unternehmen vereinbarte außerdem den Verkauf seines LPG-Schiffs Dream Syrax für 18,0 Millionen US-Dollar und schloss die Ausgliederung seines Handysize-Tanker-Segments an Robin Energy Ltd. ab. Die Flotte erzielte im ersten Quartal 2025 eine durchschnittliche tägliche TCE-Rate von 11.480 US-Dollar, verglichen mit 13.048 US-Dollar im ersten Quartal 2024.
- Cash position increased significantly to $92.7 million from $37.2 million in December 2024
- Successfully collected full repayment of $100 million senior term loan from Castor
- Expanded fleet with acquisition of modern 2021-built MR tanker
- Launched share repurchase tender offer for 4.5 million shares at $2.75 per share
- Completed strategic spin-off of Handysize tanker segment
- Net income decreased 92.8% year-over-year to $1.6 million
- Total vessel revenues declined 14.1% to $5.5 million
- Daily TCE Rate decreased to $11,480 from $13,048 year-over-year
- Operating loss of $1.6 million compared to $226,050 loss in Q1 2024
- Vessel operating expenses increased by $0.3 million to $2.6 million
Insights
Toro reports mixed Q1 2025 results with declining revenue/income but improved EPS, alongside strategic fleet restructuring and $92.7M cash position.
Toro Corp's Q1 2025 results reveal a 14.1% decrease in vessel revenues to
Despite these revenue challenges, Toro achieved a significant 480% improvement in basic earnings per share from continuing operations, reaching
The company's balance sheet shows remarkable strength with cash increasing dramatically to
Operationally, the fleet earned an average Daily TCE Rate of
Toro has made strategic fleet adjustments, including the acquisition of a 2021-built MR tanker vessel for
The spin-off of Toro's Handysize tanker segment to create Robin Energy Ltd. was completed in April 2025, representing a significant corporate restructuring that will shape the company's future operational focus.
LIMASSOL, Cyprus, July 17, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), a global energy transportation provider, today announced its results for the three months ended March 31, 2025.
Highlights of the First Quarter Ended March 31, 2025:
- Total vessel revenues from continuing operations:
$5.5 million , as compared to$6.4 million for the three months ended March 31, 2024, or a14.1% decrease; - Net income from continuing operations:
$1.5 million , as compared to$2.4 million for the three months ended March 31, 2024, or a37.5% decrease; - Net income:
$1.6 million , as compared to$22.1 million for the three months ended March 31, 2024, or a92.8% decrease; - Earnings/(Loss) per common share, basic, from continuing operations:
$0.01 9 per share, as compared to$(0.00 5) per share for the three months ended March 31, 2024, or a480.0% increase; - EBITDA(1) from continuing operations:
$1.0 million , as compared to$1.6 million for the three months ended March 31, 2024; - Cash of
$92.7 million as of March 31, 2025, as compared to$37.2 million as of December 31, 2024; - On March 24, 2025, and March 31, 2025, the Company received from Castor Maritime Inc. (“Castor”) partial prepayments related to the
$100.0 million senior term loan facility amounting to$13,500,000 and$34,000,000 , respectively (the loan was subsequently fully repaid by Castor on May 5, 2025); and - The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. (“Robin”) was completed on April 14, 2025.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“In the first quarter of 2025, despite reduced rates from our tanker segment compared to the same period in 2024, Toro maintained solid operational performance with strong cash inflows from the partial repayment of a senior term loan, which was fully repaid shortly after the end of the first quarter.
“Since then, the Company has expanded its fleet with the addition of a modern MR tanker and agreed to sell one LPG vessel. On July 10th, Toro has also launched a share repurchase tender offer for 4.5 million of its own shares to deliver value to our shareholders. Toro remains focused on optimizing its fleet and delivering long-term value to shareholders.”
Earnings Commentary:
First quarter ended March 31, 2025, and 2024 Results
Total vessel revenues, net of charterers’ commissions, from continuing operations decreased to
Voyage expenses from continuing operations for our fleet decreased to
The increase in vessel operating expenses from continuing operations by
Management fees from continuing operations increased to
Depreciation expenses from continuing operations for our fleet amounted to
General and administrative expenses from continuing operations in the three months ended March 31, 2025, amounted to
Interest and finance costs, net, from continuing operations amounted to
Recent Financial Developments Commentary:
Equity update
On April 15, 2025, the Company paid to Castor a dividend amounting to
As of July 16, 2025, we had 19,093,853 common shares issued and outstanding.
Tender Offer
On July 10, 2025, we commenced a tender offer to purchase up to 4,500,000 of our common shares, using funds available from cash and cash equivalents on hand, at a price of
Liquidity/Financing/Cash flow update
Our consolidated cash position increased by
Recent Business Developments Commentary:
Full repayment by Castor of the
On December 11, 2024, Toro entered into a facility agreement with Castor to provide a
Vessel acquisition
On May 30, 2025, the Company, through a wholly owned subsidiary, entered into agreement with an unaffiliated third-party to acquire a 2021-built MR tanker vessel, the M/T Wonder Altair, for a purchase price of
Vessel sale
On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG Dream Syrax, at a price of
Fleet Employment Status (as of July 16, 2025): During the three months ended March 31, 2025, we operated on average 5.0 vessels earning a Daily TCE Rate(1) of
(1) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
| LPG Carriers | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Dream Terrax | LPG carrier 5,000 cbm | 4,743 | 2020 | Japan | Time Charter period(1) | Feb-26 | Feb-26 | |
| Dream Arrax | LPG carrier 5,000 cbm | 4,753 | 2015 | Japan | Time Charter period(2) | Apr-26 | May-26 | |
| Dream Syrax(3) | LPG carrier 5,000 cbm | 5,158 | 2015 | Japan | Time Charter period(4) | Dec-25 | Jan-27 | |
| Dream Vermax | LPG carrier 5,000 cbm | 5,155 | 2015 | Japan | Time Charter period(5) | Mar-26 | Apr-27 | |
| MR (Handysize/MR2) tanker | ||||||||
| Name | Type | DWT | Year Built | Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| M/T Wonder Altair | MR2 | 50,303 | 2021 | China | Time Charter period | Nov-25 | Feb-26 | |
| (1) | The vessel has been fixed under a time charter period contract of twelve months starting from August 2024, at |
| (2) | The vessel has been fixed under a time charter period contract of twelve months starting from May 2024, at |
| (3) | On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG Dream Syrax, at a price of |
| (4) | The vessel has been fixed under a time charter period contract of twelve months starting from May 2024, at |
| (5) | The vessel has been fixed under a time charter period contract of twelve months starting from March 2024, at |
Financial Results (Continuing Operations) Overview:
Set forth below are selected financial and operational data of our Handysize tanker and LPG carrier segments for each of the three months ended March 31, 2025 and 2024, respectively:
| Three Months Ended | ||||||
| (Expressed in U.S. dollars) | March 31, 2025 (unaudited) | March 31, 2024 (unaudited) | ||||
| Total vessel revenues | $ | 5,538,912 | $ | 6,419,462 | ||
| Operating loss | $ | (1,600,497 | ) | $ | (226,050 | ) |
| Net income and comprehensive income | $ | 1,482,736 | $ | 2,397,632 | ||
| EBITDA(1) | $ | 955,627 | $ | 1,562,662 | ||
| Earnings/(Loss) per common share, basic | $ | 0.019 | $ | (0.005 | ) | |
| Earnings/(Loss) per common share, diluted | $ | 0.017 | $ | (0.005 | ) | |
(1) EBITDA is not recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data (Continuing Operations):
Set forth below are selected financial and operational data of our Handysize tanker and LPG carrier segments for each of the three months March 31, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended March 31, | ||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | ||||
| Ownership Days(1)(7) | 450 | 455 | ||||
| Available Days(2)(7) | 446 | 455 | ||||
| Operating Days(3)(7) | 446 | 455 | ||||
| Daily TCE Rate(4) | $ | 11,480 | $ | 13,048 | ||
| Fleet Utilization(5) | 100 | % | 100 | % | ||
| Daily vessel operating expenses(6) | $ | 5,715 | $ | 4,947 | ||
| (1) | Ownership Days are the total number of calendar days in a period during which we owned a vessel. |
| (2) | Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys. |
| (3) | Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days. |
| (4) | Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. |
| (5) | Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period. |
| (6) | Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period. |
| (7) | Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies. |
APPENDIX A
TORO CORP.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in U.S. Dollars—except for number of share data)
| (In U.S. dollars except for number of share data) | Three Months Ended March 31, | |||||
| 2025 | 2024 | |||||
| REVENUES | ||||||
| Time charter revenues | 3,951,748 | 3,178,134 | ||||
| Voyage charter revenues | — | 762,148 | ||||
| Pool revenues | 1,587,164 | 2,479,180 | ||||
| Total vessel revenues | $ | 5,538,912 | $ | 6,419,462 | ||
| EXPENSES | ||||||
| Voyage expenses (including commissions to related party) | (418,808 | ) | (482,724 | ) | ||
| Vessel operating expenses | (2,571,739 | ) | (2,250,790 | ) | ||
| General and administrative expenses (including related party fees) | (2,386,061 | ) | (2,257,574 | ) | ||
| Management fees - related parties | (481,950 | ) | (472,745 | ) | ||
| Depreciation and amortization | (1,280,851 | ) | (1,156,310 | ) | ||
| Provision for doubtful accounts | — | (25,369 | ) | |||
| Operating loss | $ | (1,600,497 | ) | $ | (226,050 | ) |
| Interest and finance costs, net (1) | 1,807,960 | 2,013,777 | ||||
| Other expenses, net(2) | 25,273 | 458 | ||||
| Dividend income from related party | 1,250,000 | 631,944 | ||||
| Income taxes | — | (22,497 | ) | |||
| Net income and comprehensive income from continuing operations, net of taxes | $ | 1,482,736 | $ | 2,397,632 | ||
| Net income and comprehensive income from discontinued operations, net of taxes | $ | 102,360 | $ | 19,729,727 | ||
| Net income and comprehensive income | $ | 1,585,096 | $ | 22,127,359 | ||
| Dividend on Series A Preferred Shares | (350,000 | ) | (353,889 | ) | ||
| Deemed dividend on Series A Preferred Shares | (771,129 | ) | (751,378 | ) | ||
| Net income attributable to common shareholders | $ | 463,967 | $ | 21,022,092 | ||
| Earnings/(Loss) per common share, basic, continuing operations | $ | 0.019 | $ | (0.005 | ) | |
| Earnings/(Loss) per common share, diluted, continuing operations | $ | 0.017 | $ | (0.005 | ) | |
| Earnings per common share, basic, discontinued operations | $ | 0.006 | $ | 1.112 | ||
| Earnings per common share, diluted, discontinued operations | $ | 0.001 | $ | 1.112 | ||
| Earnings per common share, basic, total | $ | 0.025 | $ | 1.107 | ||
| Earnings per common share, diluted, total | $ | 0.018 | $ | 1.107 | ||
| Weighted average number of common shares outstanding, basic: | 17,653,853 | 17,739,362 | ||||
| Weighted average number of common shares outstanding, diluted: | 87,342,635 | 17,739,362 | ||||
| (1) | Includes interest and finance costs and interest income (including interest income from related party), if any. |
| (2) | Includes aggregated amounts for foreign exchange gains/(losses), gain/(loss) on equity securities and other income, as applicable in each period. |
TORO CORP.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars—except for number of share data)
| March 31, 2025 | December 31, 2024 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 92,724,040 | $ | 37,193,010 |
| Due from related parties | 4,515,858 | 6,072,800 | ||
| Loan to related party, current | 14,000,000 | 10,364,205 | ||
| Other current assets | 1,680,107 | 1,149,269 | ||
| Current assets of discontinued operations | 562,312 | 495,003 | ||
| Total current assets | 113,482,317 | 55,274,287 | ||
| NON-CURRENT ASSETS: | ||||
| Vessels, net | 71,706,967 | 72,767,793 | ||
| Due from related parties | 1,590,501 | 1,590,501 | ||
| Investment in related party | 101,090,278 | 100,687,500 | ||
| Loan to related party, non-current | 36,000,000 | 90,000,000 | ||
| Other non-currents assets | 6,044,356 | 6,087,103 | ||
| Total non-current assets | 216,432,102 | 271,132,897 | ||
| Total assets | 329,914,419 | 326,407,184 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Due to related parties | 388,333 | 338,333 | ||
| Other current liabilities | 4,073,497 | 2,737,462 | ||
| Current liabilities of discontinued operations | 1,578,025 | 1,619,763 | ||
| Total current liabilities | 6,039,855 | 4,695,558 | ||
| NON-CURRENT LIABILITIES: | ||||
| Total non-current liabilities | — | — | ||
| Total liabilities | 6,039,855 | 4,695,558 | ||
| MEZZANINE EQUITY: | ||||
| 123,436,948 | 122,665,819 | |||
| Total mezzanine equity | 123,436,948 | 122,665,819 | ||
| SHAREHOLDERS’ EQUITY: | ||||
| Common shares, | 19,094 | 19,094 | ||
| Preferred shares, | 40 | 40 | ||
| Additional paid-in capital | 59,533,066 | 58,605,224 | ||
| Retained Earnings | 140,885,416 | 140,421,449 | ||
| Total shareholders’ equity | 200,437,616 | 199,045,807 | ||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 329,914,419 | $ | 326,407,184 |
TORO CORP.
Unaudited Condensed Consolidated Statements of Cash Flows
| (Expressed in U.S. Dollars) | Three Months Ended March 31, | |||||
| 2025 | 2024 | |||||
| Cash Flows (used in)/provided by Operating Activities of continuing operations: | ||||||
| Net income | $ | 1,585,096 | $ | 22,127,359 | ||
| Less: Net income from discontinued operations, net of taxes | (102,360 | ) | (19,729,727 | ) | ||
| Net income from continuing operations, net of taxes | 1,482,736 | 2,397,632 | ||||
| Adjustments to reconcile net income from continuing operations to net cash provided by Operating activities: | ||||||
| Depreciation and amortization | 1,280,851 | 1,156,310 | ||||
| Provision for doubtful accounts | — | 25,369 | ||||
| Stock based compensation cost | 927,842 | 1,219,111 | ||||
| Straight line amortization of hire | (80,211 | ) | — | |||
| Unrealized gain on equity securities | (21,177 | ) | — | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | (175,431 | ) | 377,436 | |||
| Inventories | (148,885 | ) | (247,656 | ) | ||
| Due from/to related parties | 1,568,368 | 80,810 | ||||
| Prepaid expenses and other assets | (105,133 | ) | 400,865 | |||
| Accounts payable | 726,965 | (417,920 | ) | |||
| Other deferred charges | — | (24,409 | ) | |||
| Accrued liabilities | 447,457 | 497,106 | ||||
| Deferred revenue | — | 308,500 | ||||
| Dry-dock costs paid | (15,669 | ) | (21,286 | ) | ||
| Net Cash provided by Operating Activities from continuing operations | 5,887,713 | 5,751,868 | ||||
| Cash flow (used in)/provided by Investing Activities of continuing operations: | ||||||
| Vessel acquisitions and other vessel improvements | — | (32,610 | ) | |||
| Proceeds from repayment of loan to related party | 50,000,000 | — | ||||
| Net cash provided by/(used in) Investing Activities from continuing operations | 50,000,000 | (32,610 | ) | |||
| Cash flows (used in)/provided by Financing Activities of continuing operations: | ||||||
| Payment of Dividend on Series A Preferred Shares | (350,000 | ) | (350,000 | ) | ||
| Payment for repurchase of common shares | — | (3,728,008 | ) | |||
| Net cash used in Financing Activities from continuing operations | (350,000 | ) | (4,078,008 | ) | ||
| Cash flows of discontinued operations: | ||||||
| Net cash (used in)/provided by Operating Activities from discontinued operations | (7,065 | ) | 1,954,552 | |||
| Net cash provided by Investing Activities from discontinued operations | — | 32,488,070 | ||||
| Net cash used in Financing Activities from discontinued operations | — | (5,257,200 | ) | |||
| Net cash (used in)/provided by discontinued operations | (7,065 | ) | 29,185,422 | |||
| Net increase in cash and cash equivalents | 55,530,648 | 30,826,672 | ||||
| Cash and cash equivalents at the beginning of the period | 37,197,848 | 155,585,401 | ||||
| Cash and cash equivalents at the end of the period | $ | 92,728,496 | $ | 186,412,073 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”), is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (i.e., it is a non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking or due to other unforeseen circumstances. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and, management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (e.g., time charter, voyage charter, pools or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies.
The following table reconciles the calculation of the Daily TCE Rate for our Handysize tanker and LPG carrier segments (continuing operations) to Total vessel revenues from continuing operations, the most directly comparable U.S. GAAP financial measure, for the periods presented (amounts in U.S. dollars, except for Available Days):
| Three Months Ended March 31, | ||||||
| (In U.S. dollars, except for Available Days) | 2025 | 2024 | ||||
| Total vessel revenues | $ | 5,538,912 | $ | 6,419,462 | ||
| Voyage expenses including commissions to related party | (418,808 | ) | (482,724 | ) | ||
| TCE revenues | $ | 5,120,104 | $ | 5,936,738 | ||
| Available Days | 446 | 455 | ||||
| Daily TCE Rate | $ | 11,480 | $ | 13,048 | ||
EBITDA. EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. EBITDA is used as a supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA to Net Income from continuing operations, the most directly comparable U.S. GAAP financial measure, for the periods presented:
Reconciliation of EBITDA to Net Income
| Three Months Ended March 31, | ||||||
| (In U.S. dollars) | 2025 | 2024 | ||||
| Net Income from continuing operations, net of taxes | $ | 1,482,736 | $ | 2,397,632 | ||
| Depreciation and amortization | 1,280,851 | 1,156,310 | ||||
| Interest and finance costs, net(1) | (1,807,960 | ) | (2,013,777 | ) | ||
| US source income taxes | — | 22,497 | ||||
| EBITDA | $ | 955,627 | $ | 1,562,662 | ||
| (1) | Includes interest and finance costs and interest income (including interest income from related party), if any. |
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements 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. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe 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, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of our spin-off from Castor Maritime Inc., the effects of the Robin Spin-Off, our business strategy, expected capital spending and other plans and objectives for future operations, including our ability to expand our business as a new entrant to the tanker and liquefied petroleum gas shipping industry, market conditions and trends, including volatility and cyclicality in charter rates (particularly for vessels employed in the spot voyage market or pools), factors affecting supply and demand for vessels, such as fluctuations in demand for and the price of the products we transport, fluctuating vessel values, changes in worldwide fleet capacity, opportunities for the profitable operations of vessels in the segments of the shipping industry in which we operate and global economic and financial conditions, including interest rates, inflation and the growth rates of world economies, our ability to realize the expected benefits of vessel acquisitions or sales and the effects of any change in our fleet’s size or composition, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our future financial condition, operating results, future revenues and expenses, future liquidity and the adequacy of cash flows from our operations, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, the availability of debt or equity financing on acceptable terms and our ability to comply with the covenants contained in agreements relating thereto, in particular due to economic, financial or operational reasons, our continued ability to enter into time charters, voyage charters or pool arrangements with existing and new customers and pool operators and to re-charter our vessels upon the expiry of the existing charters or pool agreements, any failure by our contractual counterparties to meet their obligations, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market, our ability to maintain compliance with applicable listing standards or the delisting of our common shares, volatility in our share price, potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions, such as political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars” and potential governmental requisitioning of our vessels during a period of war or emergency, global public health threats and major outbreaks of disease, any material cybersecurity incident, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for tanker and LPG carriers and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy, smuggling or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry and to vessel rules and regulations, as well as changes in inspection procedures and import and export controls, inadequacies in our insurance coverage, developments in tax laws, treaties or regulations or their interpretation in any country in which we operate and changes in our tax treatment or classification, the impact of climate change, adverse weather and natural disasters, accidents or the occurrence of other unexpected events, including in relation to the operational risks associated with transporting LPG, crude oil and/or refined petroleum products and any other factors described in our filings with the SEC.
The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.
CONTACT DETAILS
For further information please contact:
Investor Relations
Toro Corp.
Email: ir@torocorp.com
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