Bruton (BRUT) Q2 2025 earnings summary

Executive summary

• Focused on owning and operating two VLCCs under construction, targeting delivery in August and December 2026.

• No operational revenue yet; business remains pre-operational with all assets under construction.

• Listed on Euronext Growth since November 2024.

Financial highlights

• Net loss of $108,000 for the six months ended June 30, 2025, compared to net income of $54,000 for the same period in 2024.

• Cash and cash equivalents decreased to $3.7 million as of June 30, 2025, from $4.0 million at year-end 2024.

• No revenue recognized; all expenses are general and administrative.

• Basic and diluted loss per share was $(0.01) for the first half of 2025.

Outlook and guidance

• Outstanding newbuilding commitments total $240.9 million, with significant payments due in 2026 and 2027.

• Insufficient working capital to fund committed capital program for the next 12 months; plans to raise further equity or seek debt financing.

• Payment schedule for vessel installments has been deferred, with interest payable on deferred amounts.