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Imperial Petroleum Inc. Reports Second Quarter and Six Months 2025 Financial and Operating Results

1. IMPP's fleet expanded from 12 to 19 vessels in Q2 2025. 2. Net income declined from $19.5M to $12.8M year-over-year. 3. Operational utilization improved to 83.1%, surpassing last year. 4. Revenues decreased by 22.8% due to lower tanker rates. 5. Company maintains cash reserves of $212 million, debt-free.

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Why Neutral?

While cash reserves are strong, declining revenues and net income signal caution. Historical market reactions show mixed responses during similar revenue declines.

How important is it?

Strong financial reserves can cushion against market volatility, but revenue drops concern investors.

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Current financial performance will likely influence stock within the coming quarters, especially if market conditions improve.

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ATHENS, Greece, Sept. 05, 2025 (GLOBE NEWSWIRE) -- 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 second quarter and six months ended June 30, 2025. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 83.1% in Q2 25’ versus 80.9% in Q2 24’.About 60% of fleet calendar days in Q2 25’ were dedicated to time charter activity while 36.8% to spot activity.Massive increase in number of vessels within Q2 25’ as in the beginning of Q2 25’ our fleet counted 12 vessels while by the end of the second quarter 2025, Imperial Petroleum’s fleet had reached 19 vessels.Delivery of the supramax drybulk carrier, Supra Pasha (2012 built) on April 26th, 2025.Delivery of the supramax drybulk carrier, Supra Monarch (2011 built) on May 23rd, 2025.Delivery of the kamsarmax drybulk carrier, Eco Sikoussis (2008 built) on May 31st, 2025.Delivery of the supramax drybulk carrier, Supra Duke (2011 built) on June 13th, 2025.Delivery of the kamsarmax drybulk carrier, Eco Czar (2009 built) on June 14th, 2025.Delivery of the supramax drybulk carrier, Supra Sovereign (2012 built) on June 19th, 2025.Delivery of the supramax drybulk carrier, Supra Baron (2009 built) on June 22nd, 2025.Fleet book value as of June 30, 2025 was slightly above $350 million, marking a 54.4% increase within a single quarter.Revenues of $36.3 million in Q2 25’ compared to $47.0 million in Q2 24’- a 22.8% decline as market rates were stronger during Q2 24’.Net income of $12.8 million in Q2 25’ versus $19.5 million in Q2 24’ and $11.3 million in Q1 25’.Net income of $24.1 million, EBITDA1 of $31.8 million and operating cash flow generation of $42.0 million, each for the first half of 2025.Cash and cash equivalents including time deposits of $212.2 million as of June 30, 2025, which is about 80% higher than our current market capitalization of about $120 million. Second Quarter 2025 Results: Revenues for the three months ended June 30, 2025 amounted to $36.3 million, a decrease of $10.7 million, or 22.8%, compared to revenues of $47.0 million for the three months ended June 30, 2024, primarily due to a decrease in the level of tanker market rates. During the three months ended June 30, 2025 average daily spot rates for product and suezmax tankers were $9,500 lower and about $1,000 higher, respectively, when compared to the same period of last year. In addition for the three months ended June 30, 2025, average daily one-year time charter rates for product and suezmax tankers were about $12,000 and 18,000 lower compared to the three months ended June 30, 2024.Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2025 were $10.7 million and $8.4 million, respectively, compared to $17.1 million and $6.5 million, respectively, for the three months ended June 30, 2024. The $6.4 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 36.4%. The $1.9 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 3.8 vessels between the two periods.Drydocking costs for the three months ended June 30, 2025 and 2024 were $1.7 million and nil, respectively. During the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking, whereas during the three months ended June 30, 2024 no vessel underwent drydocking.General and administrative costs for the three months ended June 30, 2025 and 2024 were $1.1 million and $1.5 million, respectively. The $0.4 million decrease is primarily due to a reduction in stock-based compensation costs.Depreciation for the three months ended June 30, 2025 and 2024 was $5.7 million and $4.2 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.Management fees for the three months ended June 30, 2025 and 2024 were $0.6 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.8 million and $0.006 million, respectively. The $0.8 million of costs for the three months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed payment for the vessels to be made within one year from the date of the purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until vessel payment, although no interest was contractually charged by the sellers. The final balances paid remained the same as the originally agreed purchase prices.Interest income for the three months ended June 30, 2025 was $2.3 million as compared to $1.2 million for the three months ended June 30, 2024. The $1.1 million increase is mainly attributed to a higher amount of funds placed under time deposits.Interest income – related party for the three months ended June 30, 2025 was nil as compared to $0.8 million for the three months ended June 30, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the three months ended June 30, 2025, was nil.Foreign exchange (loss)/gain for the three months ended June 30, 2025 was a gain of $3.0 million as compared to a loss of $0.3 million for the three months ended June 30, 2024. The $3.0 million foreign exchange gain for the three months ended June 30, 2025, is mainly attributed to the strengthening of the euro currency against the dollar at the end of the three months ended June 30, 2025 when compared to the respective currency values at the end of the first quarter of 2025. As of June 30, 2025, the Company held a portion of its cash and cash equivalents in Euros.As a result of the above, for the three months ended June 30, 2025, the Company reported net income of $12.8 million, compared to net income of $19.5 million for the three months ended June 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the three months ended June 30, 2025 amounted to $0.36 and $0.35, respectively, compared to earnings per share, basic and diluted, of $0.64 and $0.56, respectively, for the three months ended June 30, 2024.Adjusted net income1 was $13.4 million corresponding to an Adjusted EPS1, basic of $0.38 for the three months ended June 30, 2025 compared to an Adjusted net income of $22.2 million corresponding to an Adjusted EPS, basic, of $0.73 for the same period of last year.EBITDA1 for the three months ended June 30, 2025 amounted to $17.1 million, while Adjusted EBITDA1 for the three months ended June 30, 2025 amounted to $17.7 million.An average of 14.1 vessels were owned by the Company during the three months ended June 30, 2025 compared to 10.3 vessels for the same period of 2024. Six Months 2025 Results: Revenues for the six months ended June 30, 2025 amounted to $68.4 million, a decrease of $19.8 million, or 22.4%, compared to revenues of $88.2 million for the six months ended June 30, 2024, primarily due to a year to date decline of daily tanker spot and time charter rates.Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $21.2 million and $15.5 million, respectively, compared to $30.6 million and $12.5 million, respectively, for the six months ended June 30, 2024. The $9.4 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 27% as a result of a rise in time charter activity. The $3.0 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet.Drydocking costs for the six months ended June 30, 2025 and 2024 were $1.7 million and $0.6 million, respectively. During the six months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year one tanker vessel underwent drydocking.General and administrative costs for the six months ended June 30, 2025 and 2024 were $2.3 million and $2.7 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.Depreciation for the six months ended June 30, 2025 was $10.7 million, a $2.5 million increase from $8.2 million for the same period of last year, due to the increase in the average number of our vessels.Interest and finance costs for the six months ended June 30, 2025 and 2024 were $1.4 million and $0.008 million, respectively. The $1.4 million of costs for the six months ended June 30, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which the purchase agreement allowed vessels for repayment to take place within one year from purchase agreement. For accounting purposes, the outstanding balances payable for these nine vessels had to be allocated between principal and imputed interest up until vessel repayment, although no interest was contractually charged by the sellers. The final balances paid remained the same as the originally agreed purchase prices.Interest income for the six months ended June 30, 2025 and 2024 was $4.5 million and $2.3 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.Interest income – related party for the six months ended June 30, 2025 was nil as compared to $1.5 million for the six months ended June 30, 2024. The decrease is mainly attributed to the $1.5 million of accrued interest income – related party for the six months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the six months ended June 30, 2025 was nil.Foreign exchange (loss)/gain for the six months ended June 30, 2025 was a gain of $4.7 million as compared to a loss of $1.1 million for the six months ended June 30, 2024. The $4.7 million foreign exchange gain for the six months ended June 30, 2025 is mainly attributed to the strengthening of the euro currency against the dollar at the end of the six months ended June 30, 2025 when compared to the respective currency values at the end of last year. As of June 30, 2025 the Company held a portion of its cash and cash equivalents in Euros.As a result of the above, the Company reported net income for the six months ended June 30, 2025 of $24.1 million, compared to a net income of $36.2 million for the six months ended June 30, 2024. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2025 was 33.1 million. Earnings per share, basic and diluted, for the six months ended June 30, 2025 amounted to $0.67 and $0.65, respectively, compared to earnings per share, basic and diluted, of $1.20 and $1.06 for the six months ended June 30, 2024.Adjusted Net Income1 was $25.6 million corresponding to an Adjusted EPS1, basic of $0.72 for the six months ended June 30, 2025 compared to adjusted net income of $39.7 million, or $1.32 Adjusted EPS, basic, for the same period of last year.EBITDA for the six months ended June 30, 2025 amounted to $31.8 million while Adjusted EBITDA1 for the six months ended June 30, 2025 amounted to $33.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 13.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 10.1 vessels for the same period of 2024.As of June 30, 2025, cash and cash equivalents including time deposits amounted to $212.2 million and total 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 September 5, 2025, the profile and deployment of our fleet is the following: NameYearCountryVessel SizeVesselEmploymentExpiration of BuiltBuilt(dwt)TypeStatusCharter(1)Tankers      Magic Wand2008Korea47,000MR product tankerTime CharterOctober 25Clean Thrasher2008Korea47,000MR product tankerTime CharterNovember 25Clean Sanctuary (ex. Falcon Maryam)2009Korea46,000MR product tankerTime CharterSeptember 25Clean Nirvana2008Korea50,000MR product tankerSpot Clean Justice2011Japan46,000MR product tankerTime CharterSeptember 27Aquadisiac2008Korea51,000MR product tankerSpot Clean Imperial2009Korea40,000MR product tankerTime CharterJanuary 26Suez Enchanted2007Korea160,000Suezmax tankerSpot Suez Protopia2008Korea160,000Suezmax tankerSpot Drybulk Carriers(2)      Eco Wildfire2013Japan33,000Handysize drybulkTime CharterOctober 25Glorieuse2012Japan38,000Handysize drybulkTime CharterOctober 25Neptulus2012Japan33,000Handysize drybulkTime CharterSeptember 25Supra Pasha2012Japan56,000Supramax drybulkTime CharterOctober 25Supra Monarch2011Japan56,000Supramax drybulkTime CharterSeptember 25Supra Baron2009Japan56,000Supramax drybulkTime CharterSeptember 25Supra Sovereign2012Japan56,000Supramax drybulkTime CharterOctober 25Supra Duke2011Japan56,000Supramax drybulkTime CharterSeptember 25Eco Sikousis2008Japan82,000Kamsarmax drybulkTime CharterSeptember 25Eco Czar2009Japan82,000Kamsarmax drybulkTime CharterSeptember 25Fleet Total  1,195,000dwt    (1)Earliest date charters could expire.(2)We have contracted to acquire three Japanese-built drybulk carriers, with a total capacity of approximately 164,400 dwt and an average age of approximately 12.5 years, which are expected to be delivered to us between September 2025 and August 2026.   CEO Harry Vafias Commented: “We are proud for completing our recent fleet expansion; this is an important milestone for us. Imperial Petroleum now operates a combined, diversified fleet of nine tankers and ten drybulk carriers- all non – Chinese built vessels. In terms of our financials, we remain profitable, debt free and as of the end of Q2 25’ we held about $212 million in cash. In the first half of 2025 we generated $24.1 million of net profit and $42 million of operating cash flow. Market rates for both tankers and drybulk carriers are currently favorable therefore we hope that we will be able to take advantage of the second half of 2025, utilize our fleet at full speed and produce even better results.” Conference Call details: On September 5, 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-conf.media-server.com/register/BI304534da4780408a9b0922b734574b98 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 nineteen vessels on the water - seven M.R. product tankers, two suezmax tankers and ten drybulk carriers - with a total capacity of 1,195,000 deadweight tons (dwt) and has contracted to acquire an additional three drybulk carriers of 164,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 22 vessels with an aggregate capacity of 1.4 million dwt. 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 and other protectionist measures 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 complete the acquisition of our three recently contracted vessels, ability to obtain financing and comply with covenants in any 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 June 30, 2024 and June 30, 2025. FLEET DATAQ2 2024Q2 20256M 20246M 2025Average number of vessels (1)10.314.110.113.0Period end number of owned vessels in fleet10191019Total calendar days for fleet (2)9361,2841,8312,355Total voyage days for fleet (3)9221,2371,8002,304Fleet utilization (4)98.5%96.3%98.3%97.8%Total charter days for fleet (5)1787643851,268Total spot market days for fleet (6)7444731,4151,036Fleet operational utilization (7)80.9%83.1%80.7%83.4%      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 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 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 loss on sale of vessel and share based compensation. Adjusted EPS represents Adjusted net income 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. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. (Expressed in United States Dollars, except number of shares)Second Quarter Ended June 30th,Six Months Period Ended June 30th, 2024202520242025Net Income - Adjusted Net Income    Net income19,524,43812,759,43436,179,04224,050,420Plus net loss on sale of vessel1,589,702--1,589,702--Plus share based compensation1,036,562671,6431,895,3721,560,719Adjusted Net Income22,150,70213,431,07739,664,11625,611,139     Net income - EBITDA    Net income19,524,43812,759,43436,179,04224,050,420Plus interest and finance costs5,797838,0898,2271,444,472Less interest income(1,987,726)(2,274,170)(3,773,604)(4,458,564)Plus depreciation4,208,0085,746,2918,235,06910,749,128EBITDA21,750,51717,069,64440,648,73431,785,456     Net income - Adjusted EBITDA    Net income19,524,43812,759,43436,179,04224,050,420Plus net loss on sale of vessel1,589,702--1,589,702--Plus share based compensation1,036,562671,6431,895,3721,560,719Plus interest and finance costs5,797838,0898,2271,444,472Less interest income(1,987,726)(2,274,170)(3,773,604)(4,458,564)Plus depreciation4,208,0085,746,2918,235,06910,749,128Adjusted EBITDA24,376,78117,741,28744,133,80833,346,175     EPS    Numerator    Net income19,524,43812,759,43436,179,04224,050,420Less: Cumulative dividends on preferred shares(435,246)(435,246)(870,492)(870,492)Less: Undistributed earnings allocated to non-vested shares(1,137,477)(410,718)(1,985,920)(869,583)Net income attributable to common shareholders, basic17,951,71511,913,47033,322,63022,310,345Denominator    Weighted average number of shares27,965,87233,267,48727,789,76633,107,097EPS - Basic0.640.361.200.67     Adjusted EPS    Numerator    Adjusted net income22,150,70213,431,07739,664,11625,611,139Less: Cumulative dividends on preferred shares(435,246)(435,246)(870,492)(870,492)Less: Undistributed earnings allocated to non-vested shares(1,293,969)(433,101)(2,181,937)(928,132)Adjusted net income attributable to common shareholders, basic20,421,48712,562,73036,611,68723,812,515     Denominator    Weighted average number of shares27,965,87233,267,48727,789,76633,107,097Adjusted EPS0.730.381.320.72      Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares)      Quarters Ended June 30, Six Month Periods Ended June 30,     2024 2025 2024 2025         Revenues           Revenues  47,041,881 36,348,819 88,245,162 68,440,445            Expenses/(Income)           Voyage expenses  16,524,695 10,271,965 29,488,302 20,326,079 Voyage expenses - related party 587,970 432,863 1,102,384 834,616 Vessels' operating expenses 6,389,255 8,297,520 12,340,816 15,319,448 Vessels' operating expenses - related party77,500 109,000 159,500 207,500 Drydocking costs  -- 1,692,033 625,457 1,692,033 Management fees – related party  411,840 564,960 805,640 1,036,200 General and administrative expenses 1,476,204 1,064,964 2,683,372 2,282,941 Depreciation  4,208,008 5,746,291 8,235,069 10,749,128 Other operating income  (1,900,000) -- (1,900,000) -- Net loss on sale of vessel  1,589,702 -- 1,589,702 --Total expenses, net  29,365,174 28,179,596 55,130,242 52,447,945            Income from operations 17,676,707 8,169,223 33,114,920 15,992,500            Other (expenses)/income         Interest and finance costs (5,797) (3,115) (8,227) (6,722) Interest expense – related party -- (834,974) -- (1,437,750) Interest income  1,221,907 2,274,170 2,257,168 4,458,564 Interest income – related party  765,819 -- 1,516,436 -- Dividend income from related party  189,584 189,583 379,167 377,083 Foreign exchange (loss)/gain (323,782) 2,964,547 (1,080,422) 4,666,745Other income, net  1,847,731 4,590,211 3,064,122 8,057,920            Net Income  19,524,438 12,759,434 36,179,042 24,050,420            Earnings per share         - Basic   0.64 0.36 1.20 0.67- Diluted   0.56 0.35 1.06 0.65            Weighted average number of shares       -Basic   27,965,872 33,267,487 27,789,766 33,107,097-Diluted   32,069,815 35,172,985 31,515,129 34,407,373             Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets(Expressed in United States Dollars)      December 31, June 30,     2024 2025        Assets      Current assets      Cash and cash equivalents 67,783,531 127,683,611 Time deposits  138,948,481 84,506,500 Trade and other receivables 13,456,083 12,785,314 Other current assets  652,769 166,792 Inventories  7,306,356 5,986,830 Advances and prepayments 250,562 225,541Total current assets  228,397,782 231,354,588        Non current assets      Operating lease right-of-use asset 78,761 39,912 Vessels, net  208,230,018 350,588,210 Investment in related party 12,798,500 12,796,416Total non current assets  221,107,279 363,424,538Total assets   449,505,061 594,779,126        Liabilities and Stockholders' Equity    Current liabilities      Trade accounts payable 5,243,872 6,199,571 Payable to related parties 18,725,514 137,708,679 Accrued liabilities  3,370,020 3,237,675 Operating lease liability, current portion 78,761 39,912 Deferred income  1,419,226 2,184,974Total current liabilities  28,837,393 149,370,811Total liabilities  28,837,393 149,370,811        Commitments and contingencies            Stockholders' equity      Capital stock  382,755 386,646 Preferred Stock, Series A 7,959 7,959 Preferred Stock, Series B 160 160 Treasury stock (8,390,225) (8,390,225) Additional paid-in capital 282,642,357 284,199,185 Retained earnings  146,024,662 169,204,590Total stockholders' equity  420,667,668 445,408,315Total liabilities and stockholders' equity 449,505,061 594,779,126      Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars      Six Month Periods Ended June 30,     2024 2025      Cash flows from operating activities     Net income for the period  36,179,042 24,050,420        Adjustments to reconcile net income to net cash    provided by operating activities:     Depreciation  8,235,069 10,749,128 Non-cash lease expense35,086 38,849 Share based compensation 1,895,372 1,560,719 Net loss on sale of vessel  1,589,702 -- Unrealized foreign exchange loss/(gain) on time deposits  773,620 (1,030,640) Dividend income from related party (379,167) --        Changes in operating assets and liabilities:    (Increase)/decrease in      Trade and other receivables (5,039,734) 670,769 Other current assets  (335,060) 485,977 Inventories  (1,415,296) 1,319,526 Changes in operating lease liabilities (35,086) (38,849) Advances and prepayments (442,887) 25,021 Due from related parties (1,516,435) 2,084 Increase/(decrease) in      Trade accounts payable (1,861,518) 955,699 Due to related parties 929,416 2,602,248 Accrued liabilities  199,764 (132,345) Deferred income  489,065 765,748Net cash provided by operating activities 39,300,953 42,024,354        Cash flows from investing activities     Dividends income received381,250 -- Proceeds from sale of vessel, net41,153,578 -- Acquisition and improvement of vessels(72,856,860) (28,820) Increase in bank time deposits (91,715,140) (101,608,390) Maturity of bank time deposits 63,029,230 157,081,011Net cash (used in)/provided by investing activities (60,007,942) 55,443,801        Cash flows from financing activities     Proceeds from warrants exercise 1,800,000 -- Stock repurchases  (2,504,498) -- Dividends paid on preferred shares (777,193) (868,075) Repayment of seller and capital expenditures financing -- (36,700,000)Net cash used in financing activities (1,481,691) (37,568,075)        Net (decrease)/increase in cash and cash equivalents(22,188,680) 59,900,080Cash and cash equivalents at beginning of period91,927,512 67,783,531Cash and cash equivalents at end of period69,738,832 127,683,611Cash breakdown      Cash and cash equivalents 69,738,832 127,683,611Total cash and cash equivalents shown in the statements of cash flows69,738,832 127,683,611

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