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Icon Energy Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary9 Jun, 2026

Executive summary

  • Revenue increased 139% year-over-year to $3.6 million in Q1 2026, driven by fleet expansion and higher charter rates.

  • Net income for Q1 2026 was $0.4 million, a turnaround from a $3.0 million loss in Q1 2025.

  • EBITDA improved to $2.2 million from a negative $0.7 million year-over-year.

  • Fleet expanded to three vessels, with high utilization (99.9%) and increased operating days.

Financial highlights

  • Revenue: $3.6 million in Q1 2026 vs. $1.5 million in Q1 2025.

  • Net income: $0.4 million in Q1 2026 vs. $3.0 million loss in Q1 2025.

  • EBITDA: $2.2 million in Q1 2026 vs. negative $0.7 million in Q1 2025.

  • Daily TCE: $12,902 in Q1 2026 vs. $8,056 in Q1 2025.

  • Daily OPEX: $5,278 in Q1 2026 vs. $5,156 in Q1 2025.

Outlook and guidance

  • Minimum contracted revenue as of March 31, 2026, is $14.5 million.

  • M/V Alfa converted to a fixed hire rate of $18,000/day for June–December 2026, adding $3.7 million to contracted revenue.

  • Recent investment in a container feeder vessel expected to generate $19 million in contracted revenue over 24–26 months.

  • Management expects sufficient working capital for the next twelve months.

Pavimar Master Management Agreement fee structure
Impact of PIK on Series A dividend rates
Terms of the May 2026 container vessel investment
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