Icon Energy (ICON) Q4 2025 earnings summary

Executive summary

• Revenue more than doubled to $11.26 million in 2025, driven by fleet expansion and higher operating days.

• Net loss widened to $4.2 million in 2025, reflecting higher operating, finance, and administrative costs post-IPO.

• The company completed its IPO in July 2024, raising $5 million, and executed additional equity and debt financings to support growth.

• Fleet expanded to three vessels, all on index-linked time charters, increasing exposure to market volatility.

Financial highlights

• Revenue, net: $11.26 million in 2025, up 112% from $5.31 million in 2024.

• EBITDA: $3.0 million in 2025, up from $1.8 million in 2024.

• Net loss: $4.2 million in 2025, compared to $0.2 million loss in 2024.

• Cash and equivalents: $4.6 million at year-end 2025.

• Total assets: $58.4 million at December 31, 2025.

Outlook and guidance

• Management expects continued volatility in dry bulk markets due to macroeconomic and geopolitical factors.

• Ongoing focus on fleet growth, with uncommitted loan facility upsize option of $75 million for future acquisitions.

• Minimum contracted revenue on non-cancellable charters as of year-end 2025 is $4.6 million.