Heidmar Maritime (HMR) Q1 2026 earnings summary

Executive summary

• Delivered a strong Q1 2026 with significant financial progress, including total revenues of $18.4 million, up from $5.8 million in Q1 2025, driven by fleet growth and higher vessel employment on spot and time charters.

• Net income attributable to shareholders was $2.8 million ($0.05/share), compared to a net loss of $6.0 million in Q1 2025.

• Adjusted net income, excluding non-cash items, was $3.4 million ($0.06/share), up from $0.9 million in Q1 2025.

• Asset-light, fee-based commercial management model enables rapid scaling and operational agility.

• Added eight vessels in Q1 2026, expanding reach across tanker segments; ongoing additions expected.

Financial highlights

• Revenue rose to $18.4M, up 216% year-over-year, driven by record freight rates and more vessels on spot/time charters.

• Adjusted EBITDA for Q1 2026 was $3.3 million, compared to $1.2 million in Q1 2025.

• G&A expenses decreased to $3.6M from $6.1M, reflecting lower stock-based comp.

• Cash and equivalents at $27.6M as of March 31, 2026, up from $18.6M at year-end; net cash from operations $6.6M, more than double Q1 2025.

• Net cash provided by operating activities was $3.1 million for Q1 2026.

Outlook and guidance

• Expect strong tanker rates and increased tonne-mile demand to persist for at least the next 12 months, supported by structural changes in global energy trade and inventory rebuilding.

• G&A expected to remain stable even as fleet grows, supporting strong EBITDA margins.

• Confident in ability to generate sustainable returns as platform scales.

• Ongoing geopolitical tensions and rerouting of global energy trade are anticipated to sustain strong vessel utilization.