|
Limassol, Cyprus, October 23, 2025 Robin Energy Ltd. (NASDAQ: RBNE), ("Robin", or the "Company"), an international ship-owning company providing energy transportation services globally, today announced its results for the three months and the nine months ended September 30, 2025. Highlights of the Third Quarter Ended September 30, 2025: • Total vessel revenues: $2.0 million, as compared to $1.4 million for the three months ended September 30, 2024, or a 42.9% increase; • Net income: $0.2 million, as compared to $(0.1) million loss, for the three months ended September 30, 2024, or a 300.0% increase; • Earnings/(Loss) per common share, basic: $0.01 per share, as compared to $(0.05) per share for the three months ended September 30, 2024; • EBITDA(1): $0.5 million, as compared to $0.2 million for the three months ended September 30, 2024; • Cash of $2.7 million as of September 30, 2025, as compared to $0.01 million as of December 31, 2024; • On July 10, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro Corp. ('Toro') to acquire a 2015-built 5,000 cbm LPG Carrier vessel, LPG Dream Syrax, for a purchase price of $18.0 million. The vessel was delivered to us on September 3, 2025; • On September 12, 2025, we successfully completed an underwritten public offering, issuing and selling 6.6 million common shares, including the partial exercise of the overallotment option by the underwriter of 0.9 million shares, resulting in gross proceeds of approximately $8.6 million; • On September 16, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro to acquire a 2020-built 5,000 cbm LPG Carrier vessel, LPG Dream Terrax, for a purchase price of $20.0 million. The vessel was delivered to us on September 25, 2025. As a result of the acquisition of LPG Dream Syrax and LPG Dream Terrax, management has determined that, with effect from the third quarter of 2025, we operate in two reportable segments: (i) the tanker segment and (ii) the LPG carrier segment; and • On September 9, 2025, we completed allocations in the aggregate amount of $5 million to Bitcoin, as a primary treasury reserve asset. The above allocation comes as part of the newly adopted comprehensive Bitcoin treasury framework, announced on July 31, 2025. Highlights of the Nine Months Ended September 30, 2025: • Total vessel revenues: $5.6 million, as compared to $5.5 million for the nine months ended September 30, 2024; • Net income: $0.7 million, as compared to $1.2 million for the nine months ended September 30, 2024; • Earnings per common share, basic: $0.10 per share, as compared to $0.52 per share for the nine months ended September 30, 2024; • EBITDA(1) : $1.5 million, as compared to $2.1 million for the nine months ended September 30, 2024. • Our spin-off (the "Spin-Off") from Toro was completed on April 14, 2025 and our shares commenced trading on the Nasdaq Capital Market under the symbol "RBNE" on April 15, 2025; and • In June 2025, we successfully completed four registered direct equity offerings, issuing and selling 3.6 million common shares to certain institutional investors, resulting in gross proceeds of approximately $17.2 million. (1) EBITDA is not a recognized measure under United States generally accepted accounting principles ("U.S. GAAP"). Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented: "The third quarter of 2025 reflected continued progress towards our strategy. We sustained a robust, debt-free balance sheet and advanced our growth objectives with the acquisition of two LPG vessels, while maintaining steady performance from our oil tanker operations, further expanding our fleet and reinforcing our market position. Our Bitcoin treasury strategy continues to reflect our conviction in diversification and financial innovation. As we advance, we are firmly focused on accelerating growth, maximizing profitability, and driving long-term value for our shareholders." Earnings Commentary: Third quarter ended September 30, 2025 and 2024 Results Total vessel revenues, net of charterers' commissions, increased to $2.0 million in the three months ended September 30, 2025, from $1.4 million in the same period in 2024. This increase of $0.6 million was mainly associated with the increase in the Available Days of our fleet to 123 days in the three months ended September 30, 2025 from 78 days in the same period in 2024 due to (i) the scheduled dry-dock and special survey of M/T Wonder Mimosa, which initiated and was completed in the second and third quarters of 2024, and (ii) the acquisitions of LPG Dream Syrax and LPG Dream Terrax in September 2025. During the three months ended September 30, 2025, our fleet earned on average a Daily TCE Rate of $14,647, compared to an average Daily TCE Rate of $17,722 earned during the same period in 2024. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Voyage expenses for our fleet increased to $0.2 million in the three months ended September 30, 2025, from $0.1 million in the same period in 2024. This increase of $0.1 million was mainly associated with the increase in available days in the three months ended September 30, 2025, as compared to the same period in 2024. The increase in vessel operating expenses by $0.2 million to $0.8 million in the three months ended September 30, 2025, from $0.6 million in the same period in 2024, mainly reflects the increase in the Ownership Days of our fleet to 125 days in the three months ended September 30, 2025 from 92 days in the same period in 2024. The increase in management fees to $0.14 million in the three months ended September 30, 2025, from $0.10 million in the same period in 2024, mainly reflects (i) the increase in the Ownership Days of our fleet in the three months ended September 30, 2025, compared to the same period in 2024 and (ii) the increased management fees due to an inflation-based adjustment that was effected on July 1, 2025, following our entry into the master management agreement with Castor Ships with effect from April 14, 2025. Depreciation expenses amounted to $0.2 million for our fleet in the three months ended September 30, 2025 from $0.1 million in the same period in 2024, as a result of the increase in Ownership Days of our fleet in the three months ended September 30, 2025, compared to the same period in 2024. Dry-dock amortization charges in the three months ended September 30, 2025 and the same period of 2024 amounted to $0.2 million and mainly relates to M/T Wonder Mimosa which initiated and completed its scheduled dry dock in the second and third quarters of 2024. General and administrative expenses in the three months ended September 30, 2025, amounted to $0.4 million, compared to $0.5 million in the same period of 2024. The amount of $0.4 million is mainly associated with (i) incurred legal and other corporate fees primarily related to the growth of our company and (ii) the flat management for the three months ended September 30, 2025 amounting to $0.2 million. For the three months ended September 30, 2024, General and administrative expenses reflect the expense allocations made to the Company by Toro. For further details of the allocation, please refer to the Combined Carve-Out Financial Statements and related notes included elsewhere in the annual report on Form 20-F filed with the SEC on April 15, 2025. Interest and finance costs, net, amounted to $(0.2) million in the three months ended September 30, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $0.002 million. This variation is mainly due to the substantial increase in interest income for the three months ended September 30, 2025 on our available cash. Full report . Robin Energy Ltd. press release 
|
