IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a
ship-owning company providing petroleum products, crude oil and dry
bulk seaborne transportation services, announced today its
unaudited financial and operating results for the fourth quarter
and twelve months ended December 31, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of
86.0% in Q4 24’ versus 68.5% in Q4 23’.
- Almost 180% increase in Q4 24’ time
charter days compared to Q4 23’, as two of our product tankers and
one newly acquired bulk carrier were under time charter (“TC”)
employment for the whole period.
- For the 12M 24’ period our
operational utilization was 78.3%. 69% of our fleet calendar days
were dedicated to spot activity, while 29% to time charter
activity.
- Delivery of the product tanker,
Clean Imperial on January 10, 2025. With this vessel addition, our
tanker fleet totals nine ships.
- Revenues of $26.2 million in Q4 24’
compared to $29.9 million in Q4 23’, representing a 12.4% decline
due primarily to decreased spot market rates.
- Net income of $3.9 million in Q4
24’ compared to $6.5 million in Q4 23’. In Q4 24’ we incurred a
$3.3 million foreign exchange loss.
- Cash and cash equivalents including
time deposits of $206.7 million as of December 31, 2024, compared
to $124.0 million as of December 31, 2023, representing a 66.7%
increase.
- For the 12M 24’ period our net
income was $50.2 million, while our operating cash flow amounted to
$77.7 million.
- Recurring profitability and a
debt-free capital structure facilitate robust cash flow generation
and low breakeven points.
Fourth Quarter 2024 Results:
- Revenues for the
three months ended December 31, 2024 amounted to $26.2 million, a
decrease of $3.7 million, or 12.4%, compared to revenues of $29.9
million for the three months ended December 31, 2023, primarily due
to a decrease in the spot market rates.
-
Voyage expenses and vessels’ operating expenses
fo r the three
months ended December 31, 2024 were $8.5 million and $6.7 million,
respectively, compared to $13.8 million and $5.7 million,
respectively, for the three months ended December 31, 2023. The
$5.3 million decrease in voyage expenses is mainly attributed to
increased time charter activity leading to a decline of spot days
by 10.3%. The decline in spot days along with the decrease in the
Suez Canal transits compared to the same period of last year, led
to decreased bunker consumption by 15.6% and lower port expenses by
44.9%. The $1.0 million increase in vessels’ operating expenses is
primarily due to the increased size of our fleet by an average of
2.0 vessels between the two periods.
- Drydocking costs for
the three months ended December 31, 2024 and 2023 were $0.2 million
and $2.5 million, respectively. This decrease is due to the fact
that during the three months ended December 31, 2024, no vessel
underwent drydocking and charges related only to a drydocking which
took place at the end of the third quarter of 2024, while one of
our suezmax tankers and one of our handysize dry vessels underwent
drydocking in the fourth quarter of last year.
- General and
administrative costs for the three months ended December 31, 2024
and 2023 were $1.0 million and $1.2 million, respectively. This
change is mainly attributed to the decrease in stock-based
compensation costs.
- Depreciation for the
three months ended December 31, 2024 and 2023 was $4.5 million and
$3.5 million, respectively. The change is attributable to the
increase in the average number of vessels in our fleet.
- Management fees for
each of the three months ended December 31, 2024 and 2023 were $0.4
million.
- Interest and finance
costs for the three months ended December 31, 2024 and 2023 were
$0.3 million and $0.01 million, respectively. The $0.3 million of
costs for the three months ended December 31, 2024 relate mainly to
accrued interest expense – related party in connection with the
$14.0 million, part of the acquisition price of our bulk carrier,
Neptulus, which is payable by May 2025.
- Interest income for
the three months ended December 31, 2024 was $2.3 million as
compared to $2.0 million for the three months ended December 31,
2023. The $0.3 million increase is mainly attributed to a higher
amount of funds placed under time deposits.
- Foreign exchange
gain/(loss) for the three months ended December 31, 2024 was a loss
of $3.3 million as compared to a gain of $1.4 million for the three
months ended December 31, 2023. The $3.3 million foreign exchange
loss for the three months ended December 31, 2024, is mainly
attributed to the decline in the euro/dollar exchange rate and to
the higher amount of funds placed under time deposits in euro.
- As a result of the
above, for the three months ended December 31, 2024, the Company
reported net income of $3.9 million, compared to net income of $6.5
million for the three months ended December 31, 2023. Dividends
paid on Series A Preferred Shares amounted to $0.4 million for the
three months ended December 31, 2024. The weighted average number
of shares of common stock outstanding, basic, for the three months
ended December 31, 2024 was 32.7 million. Earnings per share, basic
and diluted, for the three months ended December 31, 2024 amounted
to $0.10 and $0.10, respectively, compared to loss per share, basic
and diluted, of $0.02 and $0.02, respectively, for the three months
ended December 31, 2023.
- Adjusted net income1 was $4.6
million corresponding to an Adjusted EPS1, basic of $0.12 for the
three months ended December 31, 2024 compared to an Adjusted net
income of $7.2 million corresponding to an Adjusted EPS, basic, of
$0.01 for the same period of last year.
- EBITDA1 for the three months ended
December 31, 2024 amounted to $6.4 million, while Adjusted EBITDA1
for the three months ended December 31, 2024 amounted to $7.1
million.
- An average of 11.0
vessels were owned by the Company during the three months ended
December 31, 2024 compared to 9.0 vessels for the same period of
2023.
Twelve months 2024 Results:
- Revenues for the
twelve months ended December 31, 2024 amounted to $147.5 million,
representing a decrease of $36.2 million, or 19.7%, compared to
revenues of $183.7 million for the twelve months ended December 31,
2023, primarily due to softer market spot rates. As of the end of
2024, daily spot market rates were about $22,000 for standard
product tankers versus $33,000 as of the end of the same period of
2023 and $30,000 for standard suezmax tankers as opposed to $60,000
as of the end of the same period of 2023.
- Voyage expenses and
vessels’ operating expenses for the twelve months ended December
31, 2024 were $52.0 million and $26.4 million, respectively,
compared to $62.5 million and $25.6 million, respectively, for the
twelve months ended December 31, 2023. The $10.5 million decrease
in voyage expenses is mainly attributed to a reduction in port
expenses due to decreased transits through the Suez Canal and a
decrease in voyage commissions resulting from lower market rates
and consequently softer revenue generation. The $0.8 million
increase in vessels’ operating expenses was primarily due to the
increase in the average number of vessels.
- Drydocking costs for
the twelve months ended December 31, 2024 and 2023 were $1.7
million and $6.6 million, respectively. This decrease is due to the
fact that during the twelve months ended December 31, 2024 two
tanker vessels underwent drydocking, while in the same period of
last year three of our product tankers, one of our suezmax tankers
and two of our drybulk carriers underwent drydocking.
- General and
administrative costs for each of the twelve months ended December
31, 2024 and 2023 were $4.9 million.
- Depreciation for the
twelve months ended December 31, 2024 was $17.0 million, a $1.4
million increase from $15.6 million for the same period of last
year, mainly due to the depreciation of the vessels added in the
fleet during 2024.
- Management fees for
the twelve months ended December 31, 2024 and 2023 were $1.7
million and $1.6 million, respectively. The increase of $0.1
million is attributable to the slight increase in the average
number of vessels in our fleet.
- Other operating
income for the twelve months ended December 31, 2024 was $1.9
million and related to the collection of a claim in connection with
repairs undertaken in prior years.
- Net loss on sale of vessel/ Net gain on sale of vessel –
related party for the twelve months ended December 31, 2024 was a
loss of $1.6 million and related to the sale of the Aframax tanker
Gstaad Grace II to a third party whereas net gain on sale of vessel
for the twelve months ended December 31, 2023 was $8.2 million and
related to the sale of the Aframax tanker Afrapearl II (ex. Stealth
Berana) to C3is Inc., a related party.
- Impairment loss for
the twelve months period ended December 31, 2024 and 2023 stood at
nil and $9.0 million, and related to the spin-off of two drybulk
carriers to C3is Inc. in 2023. The decline of drybulk vessels’ fair
values, at the time of the spin off, compared to one year before
when these vessels were acquired resulted in the incurrence of
impairment loss.
- Interest and finance
costs for the twelve months ended December 31, 2024 and 2023 were
$0.4 million and $1.8 million, respectively. The $0.4 million of
costs for the twelve months ended December 31, 2024 relate mainly
to accrued interest expense – related party in connection with the
$14.0 million, part of the acquisition price of our bulk carrier,
Neptulus, which is payable by May 2025. The $1.8 million of costs
for the twelve months ended December 31, 2023 related mainly to
$1.3 million of interest charges incurred up to the full repayment
of all outstanding loans concluded in April 2023 along with the
full amortization of $0.5 million of loan related charges following
the repayment of the Company’s outstanding debt.
- Interest income for
the twelve months ended December 31, 2024 and 2023 was $8.3 million
and $5.8 million, respectively. The increase is mainly attributed
to the interest earned from the time deposits held by the Company
as well as the interest income – related party for the twelve
months ended December 31, 2024 in connection with the $38.7 million
of the sale price of the Aframax tanker Afrapearl II (ex. Stealth
Berana) which was received in July 2024.
- As a result of the
above, the Company reported net income for the twelve months ended
December 31, 2024 of $50.2 million, compared to a net income of
$71.1 million for the twelve months ended December 31, 2023. The
weighted average number of shares outstanding, basic, for the
twelve months ended December 31, 2024 was 29.9 million. Earnings
per share, basic and diluted, for the twelve months ended December
31, 2024 amounted to $1.54 and $1.40, respectively, compared to
earnings per share, basic and diluted, of $3.22 and $2.93 for the
twelve months ended December 31, 2023.
- Adjusted Net Income was $55.1 million corresponding to an
Adjusted EPS, basic of $1.70 for the twelve months ended December
31, 2024 compared to adjusted net income of $74.4 million,
corresponding to an Adjusted EPS, basic of $3.39 for the same
period of last year.
- EBITDA for the twelve months ended
December 31, 2024 amounted to $59.2 million while Adjusted EBITDA
for the twelve months ended December 31, 2024 amounted to $64.2
million.
- An average of 10.4
vessels were owned by the Company during the twelve months ended
December 31, 2024 compared to 10.0 vessels for the same period of
2023.
- As of December 31,
2024, cash and cash equivalents including time deposits amounted to
$206.7 million and total bank debt amounted to nil.
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS
are non-GAAP measures. Refer to the reconciliation of these
measures to the most directly comparable financial measure in
accordance with GAAP set forth later in this release.
Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA
to Net Income are set forth below.
Fleet Employment Table
As of February 13, 2025, the profile and deployment of our fleet
is the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Name |
|
YearBuilt |
|
CountryBuilt |
|
Vessel Size(dwt) |
|
VesselType |
|
EmploymentStatus |
|
Expiration ofCharter(1) |
| Tankers |
|
|
|
|
|
|
|
|
|
|
|
|
| Magic Wand |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Spot |
|
|
| Clean Thrasher |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Time Charter |
|
May 2025 |
| Clean Sanctuary (ex. Falcon
Maryam) |
|
2009 |
|
Korea |
|
46,000 |
|
MR product tanker |
|
Spot |
|
|
| Clean Nirvana |
|
2008 |
|
Korea |
|
50,000 |
|
MR product tanker |
|
Spot |
|
|
| Clean Justice |
|
2011 |
|
Japan |
|
46,000 |
|
MR product tanker |
|
Time Charter |
|
August 2027 |
| Aquadisiac |
|
2008 |
|
Korea |
|
51,000 |
|
MR product tanker |
|
Spot |
|
|
| Clean Imperial |
|
2009 |
|
Korea |
|
40,000 |
|
MR product tanker |
|
Time Charter |
|
January 2026 |
| Suez Enchanted |
|
2007 |
|
Korea |
|
160,000 |
|
Suezmax tanker |
|
Spot |
|
|
| Suez Protopia |
|
2008 |
|
Korea |
|
160,000 |
|
Suezmax tanker |
|
Spot |
|
|
| Drybulk
Carriers(2) |
|
|
|
|
|
|
|
|
|
|
|
|
| Eco Wildfire |
|
2013 |
|
Japan |
|
33,000 |
|
Handysize drybulk |
|
Time Charter |
|
February 2025 |
| Glorieuse |
|
2012 |
|
Japan |
|
38,000 |
|
Handysize drybulk |
|
Time Charter |
|
February 2025 |
| Neptulus |
|
2012 |
|
Japan |
|
33,000 |
|
Handysize drybulk |
|
Time Charter |
|
March 2025 |
|
Fleet Total |
|
|
|
|
|
751,000 dwt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Earliest date
charters could expire.(2) We have contracted to acquire seven
Japanese built drybulk carriers, aggregating approximately 443,000
dwt, which are expected to be delivered to us between February 2025
and May 2025. |
|
|
|
CEO Harry Vafias
Commented
For yet another year Imperial Petroleum
demonstrated exceptional results; we continued to be consistent
with profitability, cash flow generation and fleet growth across
the quarters. Market conditions in 2024 were somewhat softer than
2023 when tanker rates oscillated around all time high levels.
Nevertheless, our debt free fleet of eleven vessels managed to
generate $50 million of profit and maintain an enviable cash base
of $207 million. In the period ahead our key focus is to
materialize our already announced fleet growth plans, sustain our
profitable momentum and as always, seek opportunities to enhance
the value of our Company.
Conference Call details:
On February 13, 2025 at 10:00 am ET, the
company’s management will host a conference call to discuss the
results and the company’s operations and outlook.
Online Registration:
Conference call participants should pre-register
using the below link to receive the dial-in numbers and a personal
PIN, which are required to access the conference call.
https://register.vevent.com/register/BI127dcd86b3bd4efc8d71152e3b8a8800
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the IMPERIAL PETROLEUM INC.
website (www.ImperialPetro.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
About IMPERIAL PETROLEUM
INC.
IMPERIAL PETROLEUM INC. is a ship-owning company
providing petroleum products, crude oil and drybulk seaborne
transportation services. The Company owns a total of twelve vessels
on the water - seven M.R. product tankers, two suezmax tankers and
three handysize drybulk carriers - with a total capacity of 751,000
deadweight tons (dwt), and has contracted to acquire an additional
seven drybulk carriers of 443,000 dwt aggregate capacity. Following
these deliveries, the Company’s fleet will count a total of 19
vessels. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75%
Series A Cumulative Redeemable Perpetual Preferred Stock are listed
on the Nasdaq Capital Market and trade under the symbols “IMPP” and
“IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although IMPERIAL PETROLEUM INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, geopolitical conditions, including any trade
disruptions resulting from tariffs imposed by the United States
or other countries, general market conditions, including
changes in charter hire rates and vessel values, charter
counterparty performance, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled
drydockings, changes in IMPERIAL PETROLEUM INC’s operating
expenses, including bunker prices, drydocking and insurance costs,
ability to obtain financing and comply with covenants in our
financing arrangements, actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, the conflict in Ukraine and
related sanctions, the conflicts in the Middle East, potential
disruption of shipping routes due to ongoing attacks by Houthis in
the Red Sea and Gulf of Aden or accidents and political events
or acts by terrorists.
Risks and uncertainties are further described in
reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities
and Exchange Commission.
Fleet List and Fleet
Deployment For
information on our fleet and further information:Visit our website
at www.ImperialPetro.com
Company Contact:Fenia
Sakellaris IMPERIAL PETROLEUM INC.E-mail:
info@ImperialPetro.com
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended December 31, 2023 and 2024.
|
FLEET DATA |
Q4 2023 |
|
Q4 2024 |
|
12M 2023 |
|
12M 2024 |
|
|
Average number of vessels (1) |
9.00 |
|
11.00 |
|
10.00 |
|
10.39 |
|
|
Period end number of owned vessels in fleet |
9 |
|
11 |
|
9 |
|
11 |
|
|
Total calendar days for fleet (2) |
828 |
|
1,012 |
|
3,650 |
|
3,801 |
|
|
Total voyage days for fleet (3) |
789 |
|
1,010 |
|
3,481 |
|
3,700 |
|
|
Fleet utilization (4) |
95.3 |
% |
99.8 |
% |
95.4 |
% |
97.3 |
% |
|
Total charter days for fleet (5) |
160 |
|
446 |
|
1,058 |
|
1,092 |
|
|
Total spot market days for fleet (6) |
629 |
|
564 |
|
2,423 |
|
2,608 |
|
|
Fleet operational utilization (7) |
68.5 |
% |
86.0 |
% |
75.1 |
% |
78.3 |
% |
|
|
|
|
|
|
|
|
|
|
1) Average number of vessels is the number of owned
vessels that constituted our fleet for the relevant period, as
measured by the sum of the number of days each vessel was a part of
our fleet during the period divided by the number of calendar days
in that period.2) Total calendar days for fleet are the total days
the vessels we operated were in our possession for the relevant
period including off-hire days associated with major repairs,
drydockings or special or intermediate surveys.3) Total voyage days
for fleet reflect the total days the vessels we operated were in
our possession for the relevant period net of off-hire days
associated with major repairs, drydockings or special or
intermediate surveys.4) Fleet utilization is the percentage of time
that our vessels were available for revenue generating voyage days,
and is determined by dividing voyage days by fleet calendar days
for the relevant period.5) Total charter days for fleet are the
number of voyage days the vessels operated on time or bareboat
charters for the relevant period.6) Total spot market charter days
for fleet are the number of voyage days the vessels operated on
spot market charters for the relevant period.7) Fleet operational
utilization is the percentage of time that our vessels generated
revenue, and is determined by dividing voyage days excluding
commercially idle days by fleet calendar days for the relevant
period.
Reconciliation of Adjusted Net Income,
EBITDA, adjusted EBITDA and adjusted
EPS:
Adjusted net income represents net income before
impairment loss, net (gain)/loss on sale of vessel and share based
compensation. EBITDA represents net income before interest and
finance costs, interest income and depreciation. Adjusted EBITDA
represents net income before interest and finance costs, interest
income, depreciation, impairment loss, net (gain)/loss on sale of
vessel and share based compensation.Adjusted EPS represents
Adjusted net income attributable to common shareholders divided by
the weighted average number of shares. EBITDA, adjusted EBITDA,
adjusted net income and adjusted EPS are not recognized
measurements under U.S. GAAP. Our calculation of EBITDA, adjusted
EBITDA, adjusted net income and adjusted EPS may not be comparable
to that reported by other companies in the shipping or other
industries. In evaluating Adjusted EBITDA, Adjusted net income and
Adjusted EPS, you should be aware that in the future we may incur
expenses that are the same as or similar to some of the adjustments
in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and
adjusted EPS are included herein because they are a basis, upon
which we and our investors assess our financial performance. They
allow us to present our performance from period to period on a
comparable basis and provide investors with a means of better
evaluating and understanding our operating performance.
|
(Expressed in United States
Dollars, except number of
shares) |
Third Quarter Ended December 31st, |
|
Twelve Months Period Ended December 31st, |
|
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
|
Net Income - Adjusted Net Income |
|
|
|
|
|
|
|
|
|
Net income |
6,463,943 |
|
3,917,661 |
|
71,134,002 |
|
50,157,772 |
|
|
Less/Plus net (gain)/loss on sale of vessel |
-- |
|
-- |
|
(8,182,777 |
) |
1,589,702 |
|
|
Plus impairment loss |
-- |
|
-- |
|
8,996,023 |
|
-- |
|
|
Plus share based compensation |
752,407 |
|
665,062 |
|
2,434,855 |
|
3,397,082 |
|
|
Adjusted Net Income |
7,216,350 |
|
4,582,723 |
|
74,382,103 |
|
55,144,556 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income – EBITDA |
|
|
|
|
|
|
|
|
|
Net income |
6,463,943 |
|
3,917,661 |
|
71,134,002 |
|
50,157,772 |
|
|
Plus interest and finance costs |
11,139 |
|
276,622 |
|
1,821,908 |
|
398,320 |
|
|
Less interest income |
(2,004,611 |
) |
(2,268,975 |
) |
(5,833,756 |
) |
(8,305,517 |
) |
|
Plus depreciation |
3,485,073 |
|
4,466,447 |
|
15,629,116 |
|
16,991,900 |
|
|
EBITDA |
7,955,544 |
|
6,391,755 |
|
82,751,270 |
|
59,242,475 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Net income |
6,463,943 |
|
3,917,661 |
|
71,134,002 |
|
50,157,772 |
|
|
Less/Plus net (gain)/loss on sale of vessel |
-- |
|
-- |
|
(8,182,777 |
) |
1,589,702 |
|
|
Plus impairment loss |
-- |
|
-- |
|
8,996,023 |
|
-- |
|
|
Plus share based compensation |
752,407 |
|
665,062 |
|
2,434,855 |
|
3,397,082 |
|
|
Plus interest and finance costs |
11,139 |
|
276,622 |
|
1,821,908 |
|
398,320 |
|
|
Less interest income |
(2,004,611 |
) |
(2,268,975 |
) |
(5,833,756 |
) |
(8,305,517 |
) |
|
Plus depreciation |
3,485,073 |
|
4,466,447 |
|
15,629,116 |
|
16,991,900 |
|
|
Adjusted EBITDA |
8,707,951 |
|
7,056,817 |
|
85,999,371 |
|
64,229,259 |
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
Numerator |
|
|
|
|
|
|
|
|
|
Net income |
6,463,943 |
|
3,917,661 |
|
71,134,002 |
|
50,157,772 |
|
|
Less: Cumulative dividends on preferred shares |
(462,225 |
) |
(435,246 |
) |
(2,130,254 |
) |
(1,740,983 |
) |
|
Less: Undistributed earnings allocated to non-vested shares |
-- |
|
(122,899 |
) |
(2,508,399 |
) |
(2,311,172 |
) |
|
Less: Deemed dividend from the conversion of the Series C Preferred
Shares |
(6,507,789 |
) |
-- |
|
(6,507,789 |
) |
-- |
|
|
Net (loss)/ income attributable to common shareholders, basic |
(506,071 |
) |
3,359,516 |
|
59,987,560 |
|
46,105,617 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
23,566,153 |
|
32,729,505 |
|
18,601,539 |
|
29,933,920 |
|
|
EPS - Basic |
(0.02 |
) |
0.10 |
|
3.22 |
|
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
|
|
|
|
|
|
|
|
Numerator |
|
|
|
|
|
|
|
|
|
Adjusted net income |
7,216,350 |
|
4,582,723 |
|
74,382,103 |
|
55,144,556 |
|
|
Less: Cumulative dividends on preferred shares |
(462,225 |
) |
(435,246 |
) |
(2,130,254 |
) |
(1,740,983 |
) |
|
Less: Undistributed earnings allocated to non-vested shares |
(12,908 |
) |
(146,370 |
) |
(2,638,768 |
) |
(2,549,216 |
) |
|
Less: Deemed dividend from the conversion of the Series C Preferred
Shares |
(6,507,789 |
) |
-- |
|
(6,507,789 |
) |
-- |
|
|
Adjusted net income attributable to common shareholders, basic |
233,428 |
|
4,001,107 |
|
63,105,292 |
|
50,854,357 |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
23,566,153 |
|
32,729,505 |
|
18,601,539 |
|
29,933,920 |
|
|
Adjusted EPS, Basic |
0.01 |
|
0.12 |
|
3.39 |
|
1.70 |
|
|
|
|
|
|
|
|
|
|
|
Imperial Petroleum
Inc.Unaudited Consolidated Statements of
Income(Expressed in United States Dollars, except
for number of shares)
|
|
|
Quarters Ended December 31, |
|
|
Twelve Month Periods Ended December 31, |
|
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
29,881,814 |
|
|
26,211,665 |
|
|
183,725,820 |
|
|
147,479,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
13,470,678 |
|
|
8,122,190 |
|
|
60,276,962 |
|
|
50,168,529 |
|
|
Voyage expenses - related party |
|
348,535 |
|
|
338,262 |
|
|
2,253,979 |
|
|
1,856,361 |
|
|
Vessels' operating expenses |
|
5,541,258 |
|
|
6,561,878 |
|
|
25,295,851 |
|
|
26,044,734 |
|
|
Vessels' operating expenses - related party |
117,500 |
|
|
89,500 |
|
|
346,583 |
|
|
328,000 |
|
|
Drydocking costs |
|
2,454,960 |
|
|
195,418 |
|
|
6,551,534 |
|
|
1,691,361 |
|
|
Management fees – related party |
|
364,320 |
|
|
445,280 |
|
|
1,606,440 |
|
|
1,672,440 |
|
|
General and administrative expenses |
|
1,173,120 |
|
|
994,777 |
|
|
4,934,468 |
|
|
4,894,070 |
|
|
Depreciation |
|
3,485,073 |
|
|
4,466,447 |
|
|
15,629,116 |
|
|
16,991,900 |
|
|
Other operating income |
|
-- |
|
|
-- |
|
|
-- |
|
|
(1,900,000 |
) |
|
Impairment loss |
|
-- |
|
|
-- |
|
|
8,996,023 |
|
|
-- |
|
|
Net gain on sale of vessel – related party |
|
-- |
|
|
-- |
|
|
(8,182,777 |
) |
|
-- |
|
|
Net loss on sale of vessel |
|
-- |
|
|
-- |
|
|
-- |
|
|
1,589,702 |
|
|
Total expenses |
|
26,955,444 |
|
|
21,213,752 |
|
|
117,708,179 |
|
|
103,337,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
2,926,370 |
|
|
4,997,913 |
|
|
66,017,641 |
|
|
44,142,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(11,139 |
) |
|
(3,508 |
) |
|
(1,821,908 |
) |
|
(16,269 |
) |
|
Interest expense – related party |
|
-- |
|
|
(273,114 |
) |
|
-- |
|
|
(382,051 |
) |
|
Interest income |
|
1,260,971 |
|
|
2,268,975 |
|
|
4,470,396 |
|
|
6,668,877 |
|
|
Interest income – related party |
|
743,640 |
|
|
-- |
|
|
1,363,360 |
|
|
1,636,640 |
|
|
Dividend income from related party |
|
191,667 |
|
|
191,667 |
|
|
404,167 |
|
|
762,500 |
|
|
Foreign exchange gain/(loss) |
|
1,352,434 |
|
|
(3,264,272 |
) |
|
700,346 |
|
|
(2,654,808 |
) |
|
Other income/(expenses), net |
|
3,537,573 |
|
|
(1,080,252 |
) |
|
5,116,361 |
|
|
6,014,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
6,463,943 |
|
|
3,917,661 |
|
|
71,134,002 |
|
|
50,157,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
(0.02 |
) |
|
0.10 |
|
|
3.22 |
|
|
1.54 |
|
|
- Diluted |
|
(0.02 |
) |
|
0.10 |
|
|
2.93 |
|
|
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
23,566,153 |
|
|
32,729,505 |
|
|
18,601,539 |
|
|
29,933,920 |
|
|
-Diluted |
|
23,566,153 |
|
|
34,704,542 |
|
|
22,933,671 |
|
|
33,008,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperial Petroleum
Inc.Unaudited Consolidated Balance
Sheets(Expressed in United States
Dollars)
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
91,927,512 |
|
|
79,783,531 |
|
|
Time deposits |
32,099,810 |
|
|
126,948,481 |
|
|
Receivables from related parties |
37,906,821 |
|
|
-- |
|
|
Trade and other receivables |
13,498,813 |
|
|
13,456,083 |
|
|
Other current assets |
302,773 |
|
|
652,769 |
|
|
Inventories |
7,291,123 |
|
|
7,306,356 |
|
|
Advances and prepayments |
161,937 |
|
|
250,562 |
|
|
Total current assets |
183,188,789 |
|
|
228,397,782 |
|
|
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
-- |
|
|
78,761 |
|
|
Vessels, net |
180,847,252 |
|
|
208,230,018 |
|
|
Investment in related party |
12,798,500 |
|
|
12,798,500 |
|
|
Total non current assets |
193,645,752 |
|
|
221,107,279 |
|
|
Total assets |
376,834,541 |
|
|
449,505,061 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade accounts payable |
8,277,118 |
|
|
5,243,872 |
|
|
Payable to related parties |
2,324,334 |
|
|
18,725,514 |
|
|
Accrued liabilities |
3,008,500 |
|
|
3,370,020 |
|
|
Operating lease liability, current portion |
-- |
|
|
78,761 |
|
|
Deferred income |
919,116 |
|
|
1,419,226 |
|
|
Total current liabilities |
14,529,068 |
|
|
28,837,393 |
|
|
|
|
|
|
|
|
|
Total liabilities |
14,529,068 |
|
|
28,837,393 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock |
332,573 |
|
|
382,755 |
|
|
Preferred Stock, Series A |
7,959 |
|
|
7,959 |
|
|
Preferred Stock, Series B |
160 |
|
|
160 |
|
|
Treasury stock |
(5,885,727 |
) |
|
(8,390,225 |
) |
|
Additional paid-in capital |
270,242,635 |
|
|
282,642,357 |
|
|
Retained earnings |
97,607,873 |
|
|
146,024,662 |
|
|
Total stockholders' equity |
362,305,473 |
|
|
420,667,668 |
|
|
Total liabilities and stockholders' equity |
376,834,541 |
|
|
449,505,061 |
|
|
|
|
|
|
|
|
Imperial Petroleum
Inc.Unaudited Consolidated Statements of Cash
Flows(Expressed in United States
Dollars
|
|
Twelve Month Periods Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income for the year |
71,134,002 |
|
|
50,157,772 |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
15,629,116 |
|
|
16,991,900 |
|
|
Amortization of deferred finance charges |
474,039 |
|
|
-- |
|
|
Non - cash lease expense |
62,609 |
|
|
71,237 |
|
|
Share based compensation |
2,434,855 |
|
|
3,397,082 |
|
|
Impairment loss |
8,996,023 |
|
|
-- |
|
|
Net gain on sale of vessel – related party |
(8,182,777 |
) |
|
-- |
|
|
Net loss on sale of vessel |
-- |
|
|
1,589,702 |
|
|
Unrealized foreign exchange (gain)/loss on time deposits |
(426,040 |
) |
|
1,983,810 |
|
|
Dividend income from related party |
(404,167 |
) |
|
-- |
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
Trade and other receivables |
(6,477,912 |
) |
|
42,730 |
|
|
Other current assets |
(62,771 |
) |
|
(349,996 |
) |
|
Inventories |
(1,908,513 |
) |
|
(15,233 |
) |
|
Changes in operating lease liabilities |
(62,609 |
) |
|
(71,237 |
) |
|
Advances and prepayments |
(181,990 |
) |
|
(88,625 |
) |
|
Due from related parties |
(2,940,967 |
) |
|
2,206,821 |
|
|
Increase/(decrease) in |
|
|
|
|
|
|
Trade accounts payable |
118,523 |
|
|
(2,173,926 |
) |
|
Due to related parties |
-- |
|
|
3,091,759 |
|
|
Accrued liabilities |
1,383,841 |
|
|
361,520 |
|
|
Deferred income |
(54,903 |
) |
|
500,110 |
|
|
Net cash provided by operating activities |
79,530,359 |
|
|
77,695,426 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Dividends income received |
241,667 |
|
|
-- |
|
|
Proceeds from sale of vessel, net |
3,865,890 |
|
|
41,153,578 |
|
|
Acquisition and improvement of vessels |
(28,145,103 |
) |
|
(74,672,266 |
) |
|
Increase in bank time deposits |
(167,501,480 |
) |
|
(247,603,451 |
) |
|
Maturity of bank time deposits |
203,827,710 |
|
|
150,770,970 |
|
|
Proceeds from seller financing |
-- |
|
|
35,700,000 |
|
|
Net cash provided by/(used in) investing
activities |
12,288,684 |
|
|
(94,651,169 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from exercise of stock options |
-- |
|
|
475,000 |
|
|
Proceeds from equity offerings |
29,070,586 |
|
|
-- |
|
|
Proceeds from warrants exercise |
-- |
|
|
8,600,000 |
|
|
Stock issuance costs |
(1,492,817 |
) |
|
-- |
|
|
Issuance costs on warrants exercise |
-- |
|
|
(22,178 |
) |
|
Stock repurchase |
(5,885,727 |
) |
|
(2,504,498 |
) |
|
Warrants repurchase |
(1,521,738 |
) |
|
-- |
|
|
Dividends paid on preferred shares |
(2,130,254 |
) |
|
(1,736,562 |
) |
|
Loan repayments |
(70,438,500 |
) |
|
-- |
|
|
Cash retained by C3is Inc. at spin-off |
(5,000,000 |
) |
|
-- |
|
|
Net cash (used in)/provided by financing
activities |
(57,398,450 |
) |
|
4,811,762 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
34,420,593 |
|
|
(12,143,981 |
) |
|
Cash and cash equivalents at beginning of year |
57,506,919 |
|
|
91,927,512 |
|
|
Cash and cash equivalents at end of year |
91,927,512 |
|
|
79,783,531 |
|
|
Cash breakdown |
|
|
|
|
|
|
Cash and cash equivalents |
91,927,512 |
|
|
79,783,531 |
|
|
Total cash and cash equivalents shown in the statements of
cash flows |
91,927,512 |
|
|
79,783,531 |
|
|
|
|
|
|
|
|
Imperial Petroleum (NASDAQ:IMPP)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Imperial Petroleum (NASDAQ:IMPP)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
