StealthGas (GASS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached $42 million, up from $41.6 million year-over-year but down from $43.5 million sequentially, reflecting resilience amid market volatility.

• Adjusted net income was $16.1 million (adjusted EPS $0.44), down 15.7% year-over-year but stable sequentially.

• Net income was $14.1 million, a 20% decrease year-over-year, with basic EPS of $0.38.

• Nearly completed deleveraging, with only one vessel mortgaged and a free cash balance more than double the remaining debt.

• Share repurchases totaled $1.8 million since March, $21.2 million since June 2023.

Financial highlights

• Net revenues (after voyage expenses) were $36.9 million, down 4.6% year-over-year due to spot market weakness and higher voyage costs.

• Operating expenses rose 17% to $13.5 million, mainly from higher crew and maintenance costs.

• EBITDA was $21.4 million, with adjusted EBITDA at $23.5 million; EBITDA margin was approximately 51%.

• Interest expenses halved to $1.4 million, reflecting continued debt prepayments.

• Cash and equivalents at quarter-end were $77.1 million, down 9% due to debt repayments.

Outlook and guidance

• 70% of 2025 fleet days are secured on period charters, with over $165 million in contracted revenues.

• Management expects continued strong cash flow generation and positive fundamentals for small and Handy LPG segments.

• Market remains volatile but period coverage and secured revenues provide earnings visibility.

• Summer season expected to bring weaker demand, but trade flows are expected to normalize.

• Anticipate further cash accumulation and potential for additional share repurchases.