Imperial Petroleum Inc. Reports Third Quarter and Nine Months 2025 Financial and Operating Results
1. IMPP reported Q3 2025 net income of $11.0 million, up from $10.1 million.
2. Fleet operational utilization hit 88.7%, significantly up from 65.6% last year.
3. Q3 revenues increased by 25.5% due to fleet expansion and market rate improvements.
4. Cash and cash equivalents were $172 million, no outstanding debt reported.
5. Capital raised $60 million for future fleet expansion at $6.30 per share.
The company demonstrated significant revenue growth and increased operational efficiency. Historical growth patterns suggest positive market responses post similar earnings announcements.
How important is it?
The company's strong financial results and plans for expansion directly influence investor sentiment and market positioning for IMPP.
Why Short Term?
Immediate impact expected due to positive earnings news and upcoming fleet expansion plans. Short-term market reactions follow recent financial performance releases.
ATHENS, Greece, Dec. 11, 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 third quarter and nine months ended September 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Full integration of our seven drybulk vessels within Q3 25' leading to a 36.1% increase of fleet calendar days compared to Q2 25'.
Fleet operational utilization of 88.7% for Q3 25' versus 65.6% in in Q3 24'.
Operational utilization for Q3 25' was 92.5% for our drybulk fleet and 84.4% for our tanker fleet.
About 75% of total fleet calendar days in Q3 25' were dedicated to time charter activity while 25% to spot activity.
Revenues of $41.4 million in Q3 25' compared to $33.0 million in Q3 24', representing a 25.5% increase. This is mainly attributed to the increase in average number of vessels in our fleet following the expansion of our drybulk fleet.
Impressive increase of our operating income to $10.3 million in Q3 25', marking a $4.3 million or 71.7% increase compared to Q3 24' and a $2.1 million or 25.6% rise compared to Q2 25'.
Net income of $11.0 million in Q3 25' versus $10.1 million in Q3 24' and $12.8 million in Q2 25'.
EBITDA(1) of $17.9 million for Q3 25' versus $12.2 million in Q3 24' – an increase of 46.7%.
Net income of $35.0 million for 9M 25', EBITDA of $49.7 million and operating cash flow generation of $57.0 million.
Cash and cash equivalents including time deposits of $99.3 million as of September 30, 2025. Our current cash position as of the date of this release is in the order of $172 million.
Capital raise of $60 million through a registered direct equity offering to institutional investors at a purchase price of $6.30 on December 1, 2025; these proceeds are expected to be utilized for further fleet expansion.
Third Quarter 2025 Results:
Revenues for the three months ended September 30, 2025 amounted to $41.4 million, an increase of $8.4 million, or 25.5%, compared to revenues of $33.0 million for the three months ended September 30, 2024, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet along with an improvement in market rates for both tankers and drybulk vessels.
Voyage expenses and vessels' operating expenses for the three months ended September 30, 2025 were $11.6 million and $10.9 million, respectively, compared to $13.0 million and $7.2 million, respectively, for the three months ended September 30, 2024. The $1.4 million decrease in voyage expenses is mainly attributed to increased time charter activity as five out of our nine tankers and nearly all of our ten dry bulk vessels were under time charter employment during the whole period, leading to a decline in spot employment. The $3.7 million increase in vessels' operating expenses is primarily due to the increased size of our fleet by an average of 8.6 vessels.
Drydocking costs for the three months ended September 30, 2025 and 2024 were $0.05 million and $0.9 million, respectively. During the three months ended September 30, 2025, no vessel underwent drydocking whereas during the three months ended September 30, 2024 one of our product tankers underwent drydocking.
General and administrative costs for the three months ended September 30, 2025 and 2024 were $1.2 million for each period.
Depreciation for the three months ended September 30, 2025 and 2024 was $7.5 million and $4.3 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 September 30, 2025 and 2024 were $0.8 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
Other operating income for the three months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025.
Interest and finance costs for the three months ended September 30, 2025 and 2024 were $0.9 million and $0.1 million, respectively. The $0.9 million of costs for the three months ended September 30, 2025 relate mainly to accrued interest expense – related party in connection with our last seven dry bulk vessel acquisitions for which the purchase agreement allowed payment to take place within one year from the date of entry into the purchase agreement. For accounting purposes, the outstanding balances payable for these seven vessels had to be allocated between principal and imputed interest up until the time of payment, although no interest was contractually charged by the sellers. The final balances, which were paid in full within the third quarter of 2025, remained the same as the originally agreed purchase prices. The $0.1 million of costs for the three months ended September 30, 2024 relate mainly to the accrued interest expense – related party, in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which was fully repaid in the second quarter of 2025.
Interest income for the three months ended September 30, 2025 was $1.5 million as compared to $2.1 million for the three months ended September 30, 2024. The $0.6 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.
Interest income – related party for the three months ended September 30, 2025 was nil as compared to $0.1 million for the three months ended September 30, 2024. The decrease is mainly attributed to the $0.1 million of accrued interest income – related party for the three months ended September 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.
Foreign exchange (loss)/gain for the three months ended September 30, 2025 was a loss of $0.1 million as compared to a gain of $1.7 million for the three months ended September 30, 2024. The $1.8 million decrease is mainly attributed to the decreased fluctuation of euro dollar foreign exchange rate when compared to the second quarter of 2025 along with the decrease in the amount of funds held in Euro currency.
As a result of the above, for the three months ended September 30, 2025, the Company reported net income of $11.0 million, compared to net income of $10.1 million for the three months ended September 30, 2024. Dividends paid on Series A Preferred Shares amounted to $0.44 million for the three months ended September 30, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended September 30, 2025 was 33.7 million. Earnings per share, basic and diluted, for the three months ended September 30, 2025 amounted to $0.30 and $0.29, respectively, compared to earnings per share, basic and diluted, of $0.29 and $0.27, respectively, for the three months ended September 30, 2024.
Adjusted net income1 was $11.8 million corresponding to an Adjusted EPS1, basic, of $0.32 for the three months ended September 30, 2025 compared to an Adjusted net income of $10.9 million corresponding to an Adjusted EPS, basic, of $0.32 for the same period of last year.
EBITDA for the three months ended September 30, 2025 amounted to $17.9 million, while Adjusted EBITDA1 for the three months ended September 30, 2025 amounted to $18.7 million.
An average of 19.0 vessels were owned by the Company during the three months ended September 30, 2025 compared to an average of 10.4 vessels for the same period of 2024.
Nine months 2025 Results:
Revenues for the nine months ended September 30, 2025 amounted to $109.9 million, a decrease of $11.4 million, or 9.4%, compared to revenues of $121.3 million for the nine months ended September 30, 2024, primarily due to stronger tanker rates prevailing in the first half of 2024 compared to the same period of 2025.
Voyage expenses and vessels' operating expenses for the nine months ended September 30, 2025 were $32.8 million and $26.4 million, respectively, compared to $43.6 million and $19.7 million, respectively, for the nine months ended September 30, 2024. The $10.8 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 28.2% as a result of a rise in time charter activity. The $6.7 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 nine months ended September 30, 2025 and 2024 were $1.7 million and $1.5 million, respectively. During the nine months ended September 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year two tanker vessels underwent drydocking.
General and administrative costs for the nine months ended September 30, 2025 and 2024 were $3.5 million and $3.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
Depreciation for the nine months ended September 30, 2025 was $18.3 million, a $5.8 million increase from $12.5 million for the same period of last year, due to the increase in the average number of our vessels.
Other operating income for the nine months ended September 30, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years that is expected to be collected within 2025. Other operating income for the nine months ended September 30, 2024 was $1.9 million and related to the collection of an insurance claim in connection with repairs undertaken in prior years.
Interest and finance costs for the nine months ended September 30, 2025 and 2024 were $2.3 million and $0.1 million, respectively. The $2.3 million of costs for the nine months ended September 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 to take place within one year from the date of entry into 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 the time of payment, although no interest was contractually charged by the sellers. The final balances, which were repaid in full within the nine months of 2025, remained the same as the originally agreed purchase prices.
Interest income for the nine months ended September 30, 2025 and 2024 was $6.0 million and $4.4 million, respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
Foreign exchange gain for the nine months ended September 30, 2025 was $4.6 million as compared to $0.6 million for the nine months ended September 30, 2024. The $4.0 million increase in foreign exchange gain for the nine months ended September 30, 2025 is mainly attributed the strengthening of the euro currency against the dollar at the end of the nine months ended September 30, 2025 when compared to the respective currency values at the end the same period of last year.
As a result of the above, the Company reported net income for the nine months ended September 30, 2025 of $35.0 million, compared to net income of $46.2 million for the nine months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2025 was 33.3 million. Earnings per share, basic and diluted, for the nine months ended September 30, 2025 amounted to $0.98 and $0.93, respectively, compared to earnings per share, basic and diluted, for the nine months ended September 30, 2024 of $1.47 and $1.32, respectively.
Adjusted Net Income was $37.4 million corresponding to an Adjusted EPS, basic, of $1.04 for the nine months ended September 30, 2025 compared to adjusted net income of $50.6 million, or $1.61 Adjusted EPS, basic, for the same period of last year.
EBITDA for the nine months ended September 30, 2025 amounted to $49.7 million while Adjusted EBITDA for the nine months ended September 30, 2025 amounted to $52.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 15.0 vessels were owned by the Company during the nine months ended September 30, 2025 compared to an average of 10.2 vessels for the same period of 2024.
As of September 30, 2025, cash and cash equivalents including time deposits amounted to $99.3 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 December 11, 2025, the profile and deployment of our fleet is the following:
Name
Year
Country
Vessel Size
Vessel
Employment
Expiration of
Built
Built
(dwt)
Type
Status
Charter(1)
Tankers
Magic Wand
2008
Korea
47,000
MR product tanker
Time Charter
January 26
Clean Thrasher
2008
Korea
47,000
MR product tanker
Time Charter
January 26
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
September 27
Aquadisiac
2008
Korea
51,000
MR product tanker
Spot
Clean Imperial
2009
Korea
40,000
MR product tanker
Time Charter
January 26
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
December 25
Glorieuse
2012
Japan
38,000
Handysize drybulk
Time Charter
December 25
Neptulus
2012
Japan
33,000
Handysize drybulk
Time Charter
January 26
Supra Pasha
2012
Japan
56,000
Supramax drybulk
Time Charter
December 25
Supra Monarch
2011
Japan
56,000
Supramax drybulk
Time Charter
December 25
Supra Baron
2009
Japan
56,000
Supramax drybulk
Time Charter
December 25
Supra Sovereign
2012
Japan
56,000
Supramax drybulk
Time Charter
January 26
Supra Duke
2011
Japan
56,000
Supramax drybulk
Time Charter
December 25
Eco Sikousis
2008
Japan
82,000
Kamsarmax drybulk
Time Charter
December 25
Eco Czar
2023
Japan
82,000
Kamsarmax drybulk
Time Charter
February 2026
Fleet Total
1,195,000 dwt
(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 the first quarter of 2026 and August 2026.
CEOHarry Vafias Commented
The full integration of our recently delivered seven drybulk vessels, increasing our fleet to 19 ships and soon to 22 ships, enhanced within Q3 25 our income and profitability stemming from core operations. Market rates for both tanker and drybulk markets are solid and this seems likely to hold in the upcoming quarters. With our debt free balance sheet, our cash base that is currently about $172 million and our focus on quality built Japanese and Korean ships, we aim for an even better performance in the fourth quarter of 2025.
Conference Call details:
On December 11, 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.
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.
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, three handysize drybulk carriers, five supramax drybulk carriers and two kamsarmax drybulk vessels - with a total capacity of 1,195,000 deadweight tons (dwt) and has contracted to acquire an additional two handysize drybulk carriers and a post panamax drybulk carrier 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 obtain financing and comply with covenants in any such 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 September 30, 2024 and September 30, 2025.
FLEET DATA
Q3 2024
Q3 2025
9M 2024
9M 2025
Average number of vessels (1)
10.41
19.00
10.18
15.03
Period end number of owned vessels in fleet
11
19
11
19
Total calendar days for fleet (2)
958
1,748
2,789
4,103
Total voyage days for fleet (3)
890
1,739
2,690
4,043
Fleet utilization (4)
92.9%
99.5%
96.5%
98.5%
Total charter days for fleet (5)
261
1,308
646
2,576
Total spot market days for fleet (6)
629
431
2,044
1,467
Fleet operational utilization (7)
65.6%
88.7%
75.5%
85.7%
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 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, 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.
(Expressed in United States Dollars,
Third Quarter Ended
Nine months Period Ended
except number of shares)
September 30th,
September 30th,
2024
2025
2024
2025
Net Income - Adjusted Net Income
Net income
10,061,069
10,964,002
46,240,111
35,014,422
Plus net loss on sale of vessel
--
--
1,589,702
--
Plus share based compensation
836,648
799,648
2,732,020
2,360,367
Adjusted Net Income
10,897,717
11,763,650
50,561,833
37,374,789
Net income - EBITDA
Net income
10,061,069
10,964,002
46,240,111
35,014,422
Plus interest and finance costs
113,471
875,818
121,698
2,320,290
Less interest income
(2,262,938)
(1,493,807)
(6,036,542)
(5,952,371)
Plus depreciation
4,290,384
7,535,007
12,525,453
18,284,135
EBITDA
12,201,986
17,881,020
52,850,720
49,666,476
Net income - Adjusted EBITDA
Net income
10,061,069
10,964,002
46,240,111
35,014,422
Plus net loss on sale of vessel
--
--
1,589,702
--
Plus share based compensation
836,648
799,648
2,732,020
2,360,367
Plus interest and finance costs
113,471
875,818
121,698
2,320,290
Less interest income
(2,262,938)
(1,493,807)
(6,036,542)
(5,952,371)
Plus depreciation
4,290,384
7,535,007
12,525,453
18,284,135
Adjusted EBITDA
13,038,634
18,680,668
57,172,442
52,026,843
EPS
Numerator
Net income
10,061,069
10,964,002
46,240,111
35,014,422
Less: Cumulative dividends on preferred shares
(435,245)
(435,245)
(1,305,737)
(1,305,737)
Less: Undistributed earnings allocated to non-vested shares
(437,903)
(371,772)
(2,353,108)
(1,239,283)
Net income attributable to common shareholders, basic
9,187,921
10,156,985
42,581,266
32,469,402
Denominator
Weighted average number of shares
31,383,953
33,664,833
28,995,256
33,295,052
EPS - Basic
0.29
0.30
1.47
0.98
Adjusted EPS
Numerator
Adjusted net income
10,897,717
11,763,650
50,561,833
37,374,789
Less: Cumulative dividends on preferred shares
(435,245)
(435,245)
(1,305,737)
(1,305,737)
Less: Undistributed earnings allocated to non-vested shares
(475,965)
(400,007)
(2,579,426)
(1,326,060)
Adjusted net income attributable to common shareholders, basic
9,986,507
10,928,398
46,676,670
34,742,992
Denominator
Weighted average number of shares
31,383,953
33,664,833
28,995,256
33,295,052
Adjusted EPS
0.32
0.32
1.61
1.04
Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares)
Quarters Ended September 30,
Nine Month Periods Ended September 30,
2024
2025
2024
2025
Revenues
Revenues
33,023,153
41,419,544
121,268,315
109,859,989
Expenses/(Income)
Voyage expenses
12,558,037
11,104,945
42,046,339
31,431,024
Voyage expenses - related party
415,715
511,031
1,518,099
1,345,647
Vessels' operating expenses
7,142,040
10,726,721
19,482,856
26,046,169
Vessels' operating expenses - related party
79,000
160,000
238,500
367,500
Drydocking costs
870,486
52,492
1,495,943
1,744,525
Management fees – related party
421,520
769,120
1,227,160
1,805,320
General and administrative expenses
1,215,921
1,185,523
3,899,293
3,468,464
Depreciation
4,290,384
7,535,007
12,525,453
18,284,135
Other operating income
--
(885,443)
(1,900,000)
(885,443)
Net loss on sale of vessel
--
--
1,589,702
--
Total expenses, net
26,993,103
31,159,396
82,123,345
83,607,341
Income from operations
6,030,050
10,260,148
39,144,970
26,252,648
Other (expenses)/income
Interest and finance costs
(4,534)
(2,527)
(12,761)
(9,249)
Interest expense – related party
(108,937)
(873,291)
(108,937)
(2,311,041)
Interest income
2,142,734
1,493,807
4,399,902
5,952,371
Interest income – related party
120,204
--
1,636,640
--
Dividend income from related party
191,666
191,667
570,833
568,750
Foreign exchange gain/(loss)
1,689,886
(105,802)
609,464
4,560,943
Other income, net
4,031,019
703,854
7,095,141
8,761,774
Net Income
10,061,069
10,964,002
46,240,111
35,014,422
Earnings per share
- Basic
0.29
0.30
1.47
0.98
- Diluted
0.27
0.29
1.32
0.93
Weighted average number of shares
-Basic
31,383,953
33,664,833
28,995,256
33,295,052
-Diluted
34,263,264
36,405,731
32,435,279
34,838,521
Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars)
December 31,
September 30,
2024
2025
Assets
Current assets
Cash and cash equivalents
67,783,531
2,858,795
Time deposits
138,948,481
96,462,936
Trade and other receivables
13,456,083
11,592,393
Other current assets
652,769
1,677,940
Claims receivable
--
885,443
Inventories
7,306,356
6,774,367
Advances and prepayments
250,562
225,008
Total current assets
228,397,782
120,476,882
Non current assets
Operating lease right-of-use asset
78,761
19,263
Vessels, net
208,230,018
343,053,203
Investment in related party
12,798,500
12,798,500
Total non current assets
221,107,279
355,870,966
Total assets
449,505,061
476,347,848
Liabilities and Stockholders' Equity
Current liabilities
Trade accounts payable
5,243,872
8,378,540
Payable to related parties
18,725,514
4,567,879
Accrued liabilities
3,370,020
2,886,763
Operating lease liability, current portion
78,761
19,263
Deferred income
1,419,226
1,512,017
Total current liabilities
28,837,393
17,364,462
Total liabilities
28,837,393
17,364,462
Commitments and contingencies
Stockholders' equity
Capital stock
382,755
401,798
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
287,230,347
Retained earnings
146,024,662
179,733,347
Total stockholders' equity
420,667,668
458,983,386
Total liabilities and stockholders' equity
449,505,061
476,347,848
Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars
Nine Month Periods Ended September 30,
2024
2025
Cash flows from operating activities
Net income for the period
46,240,111
35,014,422
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
12,525,453
18,284,135
Non-cash lease expense
53,681
59,498
Share based compensation
2,732,020
2,360,367
Net loss on sale of vessel
1,589,702
--
Unrealized foreign exchange loss/(gain) on time deposits
580,990
(1,041,651)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables
1,010,078
1,863,690
Other current assets
206,747
(1,025,171)
Claims receivable
--
(885,443)
Inventories
598,099
531,989
Changes in operating lease liabilities
(53,681)
(59,498)
Advances and prepayments
(127,225)
25,554
Due from related parties
2,206,821
--
Increase/(decrease) in
Trade accounts payable
(1,876,732)
3,134,668
Due to related parties
2,253,296
(856,260)
Accrued liabilities
621,976
(483,257)
Deferred income
54,963
92,791
Net cash provided by operating activities
68,616,299
57,015,834
Cash flows from investing activities
Proceeds from sale of vessel, net
41,153,578
--
Payments for acquisition, improvement and capitalized expenses of vessels
(74,593,568)
(1,707,320)
Increase in bank time deposits
(120,331,710)
(154,383,415)
Maturity of bank time deposits
119,829,230
197,910,611
Proceeds from seller financing
35,700,000
--
Net cash provided by investing activities
1,757,530
41,819,876
Cash flows from financing activities
Proceeds from exercise of stock options
--
180,000
Proceeds from warrants exercise
8,600,000
2,066,666
Stock repurchases
(2,504,498)
--
Dividends paid on preferred shares
(1,248,254)
(1,302,112)
Repayment of seller financing
--
(164,705,000)
Net cash provided by/(used in) financing activities
4,847,248
(163,760,446)
Net increase/(decrease) in cash and cash equivalents
75,221,077
(64,924,736)
Cash and cash equivalents at beginning of period
91,927,512
67,783,531
Cash and cash equivalents at end of period
167,148,589
2,858,795
Cash breakdown
Cash and cash equivalents
167,148,589
2,858,795
Total cash and cash equivalents shown in the statements of cash flows
