Icon Energy (ICON) investor relations material

Executive summary

• Revenue increased 121% year-over-year to $7.8 million for the six months ended June 30, 2026, driven by higher charter rates and fleet expansion.

• Net loss narrowed significantly to $0.4 million from $3.7 million in the prior year period.

• EBITDA improved to $3.1 million from a negative $0.3 million year-over-year.

• Fleet utilization remained high at 99.9%, with an average of 3 vessels in operation.

• Major capital events included a reverse stock split, new vessel employment, and a $0.5 million investment in a container feeder vessel.

Financial highlights

• Revenue, net: $7.8 million (up from $3.5 million year-over-year).

• Net loss: $0.4 million (improved from $3.7 million loss year-over-year).

• EBITDA: $3.1 million (vs. negative $0.3 million year-over-year).

• Daily TCE: $14,683 (vs. $8,789 year-over-year).

• Daily OPEX: $5,748 (vs. $5,366 year-over-year).

• Cash, cash equivalents, and restricted cash: $8.2 million as of June 30, 2026.

Outlook and guidance

• Minimum contracted revenue on non-cancellable time charters as of June 30, 2026, is estimated at $13.9 million.

• The company expects continued volatility in charter rates and vessel values due to market dynamics.

• Sufficient working capital is projected for the next twelve months, with additional liquidity available through loan facilities and equity programs.