Pacific Radiance (RXS) H1 2026 earnings summary

Executive summary

• 6M 2026 revenue fell 19% YoY to $19.82m; net profit declined 47% to $4.67m as lower shipyard and ship management revenue and higher Middle East operating costs weighed on results.

• Operating cash flow was positive at $1.43m, while cash and bank balances ended the period at $12.61m, down $1.78m from year-end 2025.

Financial highlights

• Gross profit decreased 39% YoY to $7.34m; profit before tax fell 31% to $4.82m.

• Other operating income rose to $4.27m from $1.86m, mainly reflecting a $2.93m fair value gain on warrants, a $0.55m vessel impairment write-back and higher dormitory rental income.

• General and administrative expenses were broadly stable at $6.57m; other operating expenses declined to $0.04m from $0.33m.

• Basic and diluted EPS were 0.3 US cents, versus 0.6 US cents in 6M 2025.

Outlook and guidance

• The near-term operating environment is expected to remain uncertain, particularly in the Middle East; disciplined resource deployment and cost control remain priorities.

• Offshore wind demand for vessels, including crew transfer vessels, presents opportunities to expand participation in the sector.