Heidmar Maritime (HMR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues rose to $25.1 million from $5.3 million in Q4 2024, driven by fleet expansion and new charters.

• Q4 2025 net loss from continuing operations was $4 million, compared to $1.1 million loss in Q4 2024; full-year net loss was $8.6 million, versus $1.9 million net income in 2024.

• Fleet expanded to nine vessels in 2025 from two in 2024, including MR2, VLCC, and Suezmax tankers.

• CEO increased personal stake to 45% of shares; board governance strengthened with a new independent director.

• Discontinued operations, mainly from the sale of Americana Liberty, contributed a $13.9 million net loss, including $11.2 million goodwill impairment.

Financial highlights

• Full-year 2025 revenues reached $55.9 million, up from $29 million in 2024.

• Adjusted EBITDA for 2025 was $3.4 million, compared to $3.9 million in 2024.

• General and administrative expenses increased to $18.5 million in 2025, mainly due to stock-based compensation, executive bonuses, and public company costs.

• Cash and cash equivalents stood at $18.6 million at year-end 2025.

• Total assets grew to $71.2 million at December 31, 2025, from $38.1 million a year earlier.

Outlook and guidance

• Excluding one-off costs, 2025 G&A was just under $13 million; 2026 cash costs expected around $13.5 million.

• Management expects further fleet additions, mainly newbuildings, over the next two years.

• Q1 2026 expected to be a record for tanker earnings due to strong freight rates.

• Positive EBITDA already reported in Q1 2026; 2026 expected to be a "clean" year with positive operating leverage.

• No current acquisition projects, but open to opportunities amid asset price volatility.