Awilco LNG (ALNG) Q1 2025 earnings summary

Executive summary

• Reported net loss of USD 3.3 million and loss per share of USD 0.02 for Q1 2025, reversing from a net profit of USD 1.5 million and USD 0.01 per share in Q4 2024.

• EBITDA declined to USD 3.8 million from USD 8.8 million sequentially; net freight income fell to USD 8.3 million from USD 9.3 million.

• Vessel utilization dropped to 72% in Q1 2025 from 89% in Q4 2024; WilForce faced lengthy idle periods in a weak spot market.

• WilPride remains on a fixed rate contract until late 2025, with an extension option; WilForce trades in the spot market.

• Maintains a comfortable cash position despite challenging market conditions.

Financial highlights

• Total assets at USD 329.6 million as of March 31, 2025, down from USD 335.2 million at year-end 2024.

• Cash and cash equivalents at USD 22.9 million, slightly down from USD 23.5 million at year-end.

• Net cash provided by operating activities was USD 6.0 million in Q1 2025, up from USD 4.8 million in Q4 2024.

• Book equity was USD 134.0 million; long-term interest-bearing debt at USD 174.6 million.

• No significant investing activities; minor investment in office furniture.

Outlook and guidance

• LNG shipping market remains challenging, but increasing LNG production and phase-out of older steam vessels are expected to rebalance the market.

• Demand for LNG is anticipated to continue rising, supporting future market improvement.

• One vessel fixed until late 2025 provides earnings stability; company actively seeks longer contracts for the other vessel.

• Well positioned to endure current market softness due to cash reserves and contract coverage.