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Heidmar Maritime
Heidmar Maritime (HMR) investor relations material
Heidmar Maritime Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Mar, 2026
Executive summary
Q4 2025 revenues rose to $25.1 million from $5.3 million in Q4 2024, driven by managed fleet growth and new charters.
Net loss from continuing operations was $4 million ($0.07 per share) for Q4 2025; full-year net loss was $8.6 million ($0.15 per share), compared to net income of $1.9 million in 2024.
Full-year 2025 revenues reached $55.9 million, up from $28.9 million in 2024.
Fleet expanded significantly, with nine vessels operating in 2025 versus two in 2024, including new MR2, VLCC, and Suezmax tankers; managed 40 vessels by early 2026.
Cash and cash equivalents stood at $18.6 million as of December 31, 2025.
Financial highlights
General and administrative expenses rose to $18.5 million in 2025 from $12.9 million in 2024, mainly due to stock-based compensation, executive bonuses, and public company costs.
Adjusted EBITDA for 2025 was $3.4 million, compared to $3.9 million in 2024.
Adjusted net income from continuing operations for 2025 was $243,000, compared to $1.9 million in 2024.
Net cash provided by operating activities from continuing operations was $13.2 million in 2025.
Total assets grew to $71.2 million at December 31, 2025, from $38.1 million a year earlier.
Outlook and guidance
Management expects further fleet additions, mainly newbuildings, through 2026 and 2027.
Q1 2026 expected to be a record for tanker earnings due to strong freight rates.
Positive EBITDA already reported in Q1 2026; 2026 expected to be a "clean" year with positive operating leverage.
The company is positioned to benefit from high freight rates and increased demand for tanker services amid ongoing geopolitical disruptions.
No current acquisition projects, but open to opportunities amid asset price volatility.
Rationale for terminating A. Obelix acquisition
AI integration plans for the ERP platform
Impact of Hormuz closure on VLCC commissions
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Latest events from Heidmar Maritime
- Asset-light vessel manager seeks up to $20M via equity facility, targeting fleet growth.HMR
Registration Filing29 Nov 2025 - Seeks up to $20M in equity for fleet growth, with asset-light model and high customer concentration.HMRRegistration Filing29 Nov 2025
- Q3 2025 revenue surged 117% year-over-year, driven by fleet growth and strong tanker markets.HMRQ3 202513 Nov 2025
- Revenue rose 23% in Q2 2025, with new vessel charters and portfolio shifts amid market volatility.HMRQ2 202510 Sep 2025
- Q1 2025 saw a net loss and revenue drop, with management targeting new growth opportunities.HMRQ1 202510 Sep 2025
Next Heidmar Maritime earnings date
Q1 20266 May, 2026
Heidmar Maritime
Next Heidmar Maritime earnings date
Q1 20266 May, 2026
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