Toro Corp. announced its financial results

Toro Corp. Reports Net Income of $1.3 Million for the Three Months Ended September 30, 2025 and $4.3 Million for the Nine Months Ended September 30, 2025

Limassol, Cyprus - December 5, 2025

Toro Corp. (NASDAQ: TORO), ("Toro", or the "Company"), a global energy transportation provider, 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 from continuing operations: $5.4 million, as compared to $5.3 million for the three months ended September 30, 2024, or a 1.9% increase;

• Net income from continuing operations: $1.3 million, as compared to $1.0 million for the three months ended September 30, 2024, or a 30% increase;

• Net income: $1.3 million, as compared to $1.0 million for the three months ended September 30, 2024, or a 30% increase;

• Earnings/(Loss) per common share, basic, from continuing operations: $0.01 per share, as compared to $(0.01) per share for the three months ended September 30, 2024;

• EBITDA(1) from continuing operations: $1.6 million, as compared to $(0.1) million for the three months ended September 30, 2024;

• Cash of $25.1 million as of September 30, 2025, as compared to $37.2 million as of December 31, 2024;

• On September 29, 2025, we purchased 60,000 8.75% Series E Cumulative Perpetual Convertible Preferred Shares ("Series E Preferred Shares") of Castor Maritime Inc. ("Castor") with a stated amount of $1,000 each for total consideration of $60.0 million in cash (these shares were subsequently fully redeemed by Castor on October 13, 2025); and

• During the three months ended September 30, 2025, we completed two vessel acquisitions and two vessel disposals.

Highlights of the Nine Months Ended September 30, 2025:

• Total vessel revenues from continuing operations: $15.0 million, as compared to $17.2 million for the nine months ended September 30, 2024, or a 12.8% decrease;

• Net income from continuing operations: $4.2 million, as compared to $4.5 million for the nine months ended September 30, 2024, or a 6.7% decrease;

• Net income: $4.3 million, as compared to $24.2 million for the nine months ended September 30, 2024, or a 82.2% decrease;

• Earnings/(Loss) per common share, basic, from continuing operations: $0.04 per share, as compared to $(0.03) per share for the nine months ended September 30, 2024;

• EBITDA(1) from continuing operations: $3.8 million, as compared to $1.7 million for the nine months ended September 30, 2024;

• The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. ("Robin"), was completed on April 14, 2025; and

• On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor was fully repaid.

(1) EBITDA is not a recognized measure under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Management Commentary:

Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:

"During the third quarter of 2025, we acquired two MR tanker vessels and sold two LPG carriers, demonstrating the steady progression of our business throughout the period. We also maintained a robust, debt-free balance sheet, underscoring the stability of our operations and the strong performance across our core activities during the quarter."

Earnings Commentary:

Third quarter ended September 30, 2025, and 2024 Results
Total vessel revenues from continuing operations increased to $5.4 million for the three months ended September 30, 2025, compared to $5.3 million for the same period in 2024. This $0.1 million increase mainly reflects the higher contractual hire rates for our LPG carrier vessels, partially offset by the decrease in the Available Days (as defined below) of our fleet to 378 days in the three months ended September 30, 2025 from 446 days in the same period in 2024, due to the change in the composition of our fleet. During the three months ended September 30, 2025, our fleet earned an average Daily TCE Rate of $13,363, compared to $11,426 in the same period of 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 from continuing operations for our fleet increased to $0.3 million in the three months ended September 30, 2025, from $0.2 million in the same period in 2024. This increase of $0.1 million was mainly associated with the increased brokerage commission expenses.

The decrease in vessel operating expenses from continuing operations by $0.1 million to $2.2 million in the three months ended September 30, 2025, from $2.3 million in the same period in 2024, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 418 days in the three months ended September 30, 2025, from 460 days in the corresponding period in 2024, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $5,378 in the three months ended September 30, 2025 from $4,964 in the same period in 2024, mainly due to the change in the composition of our fleet following the addition of the MR tanker vessels which incur higher Daily vessel operating expenses than the LPG carrier vessels.

Management fees from continuing operations amounted to $0.5 million for each of the three-month periods ended September 30, 2025 and 2024, reflecting the decrease in the Ownership Days of our fleet, offset by the increase in management fees from $1,071 per vessel per day to $1,100 per vessel per day effective July 1, 2025, under the terms of the amended and restated master management agreement between us, our ship owning subsidiaries and Castor Ships S.A.

Depreciation expenses from continuing operations amounted to $1.1 million for each of the three-month periods ended September 30, 2025 and 2024, as a result of higher depreciation expenses of M/T Wonder Altair and M/T Wonder Maia, offset by the decrease in the Ownership Days of our fleet in the three months ended September 30, 2025, compared to the same period in 2024. Dry-dock amortization charges from continuing operations amounted to $0.1 million for the three months ended September 30, 2025, compared to a charge of $0.2 million in the three months ended September 30, 2024. For the period of three months ended September 30, 2025, the dry-dock amortization charges are related to (i) LPG Dream Terrax (classified as held for sale on September 16, 2025) and LPG Dream Arrax, which completed their scheduled dry-dock in the second quarter of 2025, respectively and (ii) LPG Dream Vermax and LPG Dream Syrax (classified as held for sale on July 10, 2025), which completed their scheduled dry-dock in third quarter of 2025. For the period of three months ended September 30, 2024, the dry-dock amortization charges are related to M/T Wonder Mimosa, which completed their scheduled dry-dock in the third quarter of 2024.

General and administrative expenses from continuing operations in the three months ended September 30, 2025, amounted to $2.1 million, whereas, in the same period of 2024, general and administrative expenses totaled $3.1 million. This decrease is mainly associated with the stock-based compensation cost for non-vested shares granted under our Equity Incentive Plan amounting to $0.6 million and $1.7 million for the three months ended September 30, 2025 and 2024 respectively.

Interest and finance costs, net, from continuing operations amounted to $0.9 million in the three months ended September 30, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $2.3 million. This variation is mainly due to the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances during the three months ended September 30, 2025, as compared with the same period of 2024.

Recent Financial Developments Commentary:

Equity update
On October 15, 2025, we paid to Castor a dividend amounting to $0.4 million on its 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series A Preferred Shares") for the period from July 15, 2025 to October 14, 2025.

As of December 5, 2025, we had 21,473,509 common shares issued and outstanding.

Liquidity/ Financing/Cash flow update
Our consolidated cash position decreased by $12.1 million, from $37.2 million as of December 31, 2024, to $25.1 million as of September 30, 2025. During the nine months ended September 30, 2025, this decrease was mainly driven by (i) $9.4 million of net operating cash flows used in continuing operations and (ii) $11.5 million of net financing cash flows used in continuing operations, mainly reflecting a $10.4 million capital contribution to Robin in connection with the Robin Spin-Off and payment to Castor of a dividend on the Series A Preferred Shares for the period from October 15, 2024 to July 14, 2025, amounting to $1.1 million. These outflows were partially offset by $8.8 million of net cash inflows from investing activities of continuing operations, mainly reflecting (i) proceeds from the repayment of the $100.0 million principal amount plus $0.4 million of related interest of the senior term loan facility by Castor and proceeds from the sale of vessels LPG Dream Syrax and LPG Dream Terrax amounting to $38.0 million, and (ii) partially offset by $60.0 million paid to purchase 60,000 Series E Preferred Shares of Castor, payments of $66.6 million related to the acquisition of M/T Wonder Altair and M/T Wonder Maia and purchases of debt securities of $2.9 million.

Recent Business Developments Commentary: On October 15, 2025, we received from Castor a dividend on the Castor Series D Preferred Shares, amounting to $1,250,000 for the dividend period from July 15, 2025 to October 14, 2025.

On October 15, 2025, we received from Robin a dividend on the Robin Series A Preferred Shares, amounting to $125,000 for the dividend period from July 15, 2025 to October 14, 2025.

Full Redemption by Castor of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares On October 13, 2025, we and Castor agreed to the full redemption of 60,000 shares of Castor’s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025 (the "Series E Preferred Shares"), for a cash consideration equal to the stated amount of $60.0 million of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions.

At the Market ("ATM") Offering Agreement
On November 13, 2025, we entered into an "at-the-market" ("ATM") offering agreement with Maxim Group LLC ("Maxim"). Under the terms of the ATM offering agreement, we may, from time to time, sell its common shares having an aggregate offering value of up to $12.5 million through Maxim, as sales agent. We will determine, at its sole discretion, the timing and number of shares to be sold under the ATM facility. We intend to use the proceeds from the offering and sale of the securities for capital expenditures, working capital, to make vessel, other asset or share acquisitions, to fund the construction of newbuild vessels or for other general corporate purposes, or a combination thereof.

Vessel acquisitions
On May 3, 2025, we entered into an agreement to purchase a 2021-built MR (MR2 class) tanker vessel from an unaffiliated third party for a purchase price of $36.25 million. The M/T Wonder Altair was delivered to us on July 11, 2025.

On September 19, 2025, we, through a wholly owned subsidiary, entered into an agreement with an unaffiliated third-party to acquire a 2014-built MR (MR2 class) tanker vessel for a purchase price of $30.3 million. The M/T Wonder Maia was delivered to us on September 29, 2025.

Vessel sales
On July 10, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Syrax, at a price of $18.0 million. The vessel was delivered to its new owner on September 3, 2025. On September 16, 2025, we entered into an agreement with a wholly owned subsidiary of Robin, for the sale of the LPG carrier Dream Terrax, at a price of $20.0 million. The vessel was delivered to its new owner on September 25, 2025.

Full report

About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels.

Following the above mentioned transaction, the Company's fleet will comprise of two LPG carriers and one MR tanker vessel that transport petrochemical gases and refined petroleum products worldwide.

Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol "TORO".

Toro Corp., press release