Bruton (BRUT) H1 2026 earnings summary

Executive summary

• Achieved net income of $296,000 for the first half of 2026, reversing a net loss of $108,000 in the same period last year.

• Raised $50 million in a private placement and increased issued shares to 61.9 million.

• Delivered first VLCC, Mount Vision, in July 2026 and secured sale-leaseback financing for four vessels.

• Approved a demerger plan to transfer eight VLCC newbuildings to OMC Tankers Ltd., pending listing.

Financial highlights

• Cash and cash equivalents decreased to $11.8 million from $89.7 million at year-end 2025.

• Total assets rose to $233.7 million from $184.2 million at December 31, 2025.

• Net cash used in investing activities was $126.9 million, mainly for newbuilding installments.

• Net cash provided by financing activities was $48.4 million from share issuance.

• Basic and diluted EPS for the period was $0.01, compared to $(0.01) last year.

Outlook and guidance

• Outstanding newbuilding commitments total $1.27 billion through 2029.

• Company lacks sufficient working capital for the next 12 months and is dependent on further equity or debt financing.

• Sale-leaseback financing covers 85–90% of newbuilding costs for first four VLCCs.

• Demerger, if completed, will fully finance the company.