Cool Company (CLCO) Q3 2025 earnings summary

Executive summary

• Q3 2025 operating revenues reached $86.3 million, up from $85.5 million in Q2 2025, with net income at $10.8 million, down from $11.9 million due to higher non-recurring legal expenses.

• Average daily TCE improved to $70,500 from $69,900 sequentially, while adjusted EBITDA declined to $52.6 million from $56.5 million.

• A three-year floating-rate charter commenced, and two vessel drydocks were completed, including performance upgrades.

• Announced a merger agreement with EPS Ventures Ltd, with all outstanding shares to be acquired for $9.65 per share, expected to close by Q1 2026.

Financial highlights

• Time and voyage charter revenues for Q3 2025 were $81.7 million, up from $81.2 million in Q2 2025 and $77.7 million in Q3 2024.

• Operating income for Q3 2025 was $32.6 million, down from $37.0 million in Q2 2025 and $38.9 million in Q3 2024.

• Net income for the nine months ended September 30, 2025, was $31.8 million, compared to $71.4 million for the same period in 2024.

• Adjusted EBITDA for Q3 2025 was $52.6 million, compared to $56.5 million in Q2 2025 and $53.7 million in Q3 2024.

• Cash and cash equivalents at September 30, 2025, were $117.6 million, with total contractual debt at $1,387.8 million.

Outlook and guidance

• The merger with EPS is expected to close in Q4 2025 or Q1 2026, after which shares will be delisted from NYSE and Euronext Growth Oslo.

• Forward-looking statements highlight expectations for LNG shipping market trends, charter rates, and vessel utilization, but caution significant risks and uncertainties.