StealthGas (GASS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached $44.5 million, up 10% year-over-year, with adjusted net income of $14.4 million and adjusted EPS of $0.39.

• Net income for Q3 was $13.3 million, up from $12.1 million last year; nine-month net income was $47.9 million.

• Achieved debt-free status after repaying $85.9 million in 2025 and $350 million since 2023; all vessels are now unencumbered.

• Share repurchases totaled $1.8 million in 2025 and $21.2 million since June 2023.

• Ended Q3 with $69.7 million in cash and cash equivalents.

Financial highlights

• Adjusted net income for Q3 was $14.4 million (EPS $0.39); adjusted net income for nine months was $52.3 million (EPS $1.42).

• EBITDA for Q3 was $19.5 million; for nine months, $67.8 million.

• Operating expenses rose due to fleet expansion and inflation, with a 22.4% year-over-year increase.

• Interest expenses dropped significantly due to reduced debt levels.

• Shareholders' equity increased by $50 million to $676.4 million, an 8% rise over nine months.

Outlook and guidance

• Over 57% of fleet days for the next year are fixed, with contracted revenues exceeding $130 million.

• For 2026, 46% of fleet days are secured, representing $77 million in revenues.

• Charter rates have been increasing in the current quarter, with improved sentiment and trade flows.

• Management remains optimistic as winter season firming is underway and geopolitical risks have eased.

• Ongoing focus on divesting older assets and maintaining a strong balance sheet.