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Imperial Petroleum (IPMM) investor relations material
Imperial Petroleum Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant fleet expansion in Q2 2025, growing from 12 to 19 vessels, all non-Chinese built, with seven new dry bulk carriers delivered.
Maintained recurring profitability and a debt-free balance sheet, ending Q2 2025 with $212.2 million in cash.
Q2 2025 net income was $12.8 million, up 13% sequentially from Q1 2025, with H1 2025 net income at $24.1 million.
Fleet operational utilization improved to 83.1% in Q2 2025 from 80.9% in Q2 2024.
About 60% of fleet days were on time charter and 37% on spot activity, reflecting a flexible employment strategy.
Financial highlights
Q2 2025 revenues were $36.3 million, down 22.8% year-over-year due to lower tanker market rates.
EBITDA for Q2 2025 was $17.1 million; H1 2025 EBITDA was $31.8 million and operating cash flow $42 million.
Adjusted net income for Q2 2025 was $13.4 million; adjusted EPS (basic) was $0.38.
Cash and cash equivalents as of June 30, 2025, were $212.2 million, about 80% higher than market capitalization.
Fleet book value increased by 54.4% in Q2 2025 to slightly above $350 million.
Outlook and guidance
Management expects to benefit from favorable market rates for both tankers and dry bulk carriers in H2 2025.
Tanker and dry bulk market rates have strengthened post-June 2025, driven by geopolitical events and trade fundamentals.
Dry bulk trade volumes up 2% year-over-year since July 2025, with a stable outlook for the sector.
Ongoing geopolitical and trade policy risks, including OPEC+ actions and trade wars, could impact future performance.
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