Globus Maritime (GLBS) Q3 2025 earnings summary

Executive summary

• Revenue rose 41% year-over-year in Q3 2025 to $12.6 million, driven by a larger fleet and higher TCE rates.

• Net income for Q3 2025 was $0.7 million, reversing a loss in the same quarter last year; however, a net loss of $2.6 million was recorded for the nine-month period.

• Adjusted EBITDA reached $5.5 million in Q3 2025 and $10.7 million for the nine months.

• All vessels are deployed on short-term charters, capturing improved market rates.

Financial highlights

• Q3 2025 revenue: $12.6 million (up from $8.95 million in Q3 2024); 9M 2025 revenue: $30.8 million (up from $26.2 million in 9M 2024).

• Q3 2025 net income: $0.7 million vs. Q3 2024 net loss of $0.55 million; 9M 2025 net loss: $2.6 million vs. 9M 2024 net income of $2.4 million.

• Adjusted EBITDA: $5.5 million in Q3 2025, $10.7 million in 9M 2025.

• Basic EPS: $0.04 in Q3 2025, $(0.13) in 9M 2025.

• Net cash from operating activities: $3.6 million in Q3 2025, $10.8 million in 9M 2025.

Outlook and guidance

• Management expects continued constructive market conditions and is optimistic about the midsize bulker segment.

• Charter rates for midsize bulk carriers in Q4 2025 are ranging between $15,000 and $18,000 per day.

• Two new Ultramax vessels under construction, scheduled for delivery in the second half of 2026, are expected to enhance operational flexibility.