StealthGas (GASS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenues of $47.2 million, up 13% year-over-year and 12% sequentially, marking the second-best quarterly profit ever.

• Adjusted net income for Q2 2025 was $21.7 million, with adjusted EPS of $0.59, both lower than Q2 2024 due to one-time gains last year but higher than Q1 2025.

• Fully owned fleet is now debt-free after repaying $86 million in 2025, completing a strategic deleveraging objective.

• Over 70% of 2025 revenue is fixed, with contracted revenues exceeding $150 million for future periods.

• Share repurchase program continued, with $1.8 million spent on buybacks in 2025.

Financial highlights

• Net income for Q2 2025 was $20.4 million, down from Q2 2024 due to lower JV earnings and fewer one-off gains.

• EBITDA for Q2 2025 was $26.9 million; adjusted EBITDA was $28.2 million.

• Operating income for Q2 was $19.7 million, up 22% year-over-year.

• Interest expenses dropped significantly due to reduced debt levels.

• Shareholders' equity increased by $35.7 million to $662.2 million over six months.

Outlook and guidance

• Over 70% of 2025 fleet days are covered, securing $48 million in revenue for the remainder of the year and $150–155 million in total future revenues.

• Management expects chartering activity to pick up in Q4 as the market exits the seasonally weaker summer months.

• Positive fundamentals for LPG shipping expected due to low orderbook and aging fleet in small and Handy segments.

• Inflationary pressures on operating costs are moderating.