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Imperial Petroleum (IPMM) investor relations material
Imperial Petroleum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 marked the first full quarter with seven newly acquired dry bulk ships fully integrated, increasing fleet size and operational days by 36.1% quarter-on-quarter.
Fleet operational utilization improved to 88.7% in Q3 2025 from 65.6% in Q3 2024, with about 75% of fleet calendar days on time charter.
Revenues for Q3 2025 rose 25.5% year-over-year to $41.4 million, driven by fleet expansion and improved market rates.
Net income for Q3 2025 was $11.0 million, with nine-month net income at $35.0 million.
EBITDA for Q3 2025 was $17.9 million, and for the nine months, $49.7 million; operating cash flow for nine months was $57.0 million.
Financial highlights
Q3 2025 revenues: $41.4 million (+25.5% YoY); operating income: $10.3 million (+72% YoY, +23% QoQ).
Net income: $11.0 million for Q3; $35.0 million for nine months; Q3 EPS: $0.30; nine-month EPS: $0.98.
EBITDA: $17.9 million for Q3; $49.7 million for nine months.
Operating cash flow: $57.0 million for nine months.
Cash including time deposits at quarter end: ~$100 million, with a current cash base of about $172 million.
Outlook and guidance
Market rates for both tanker and dry bulk segments remain strong, with positive prospects for Q4 2025.
Target fleet size is 25–30 vessels, with $52 million committed for three dry bulk vessel acquisitions in 2026.
Drydocking costs of approximately $14 million expected for 12 scheduled drydockings.
Proceeds from a $60 million equity offering are earmarked for further fleet growth.
Favorable market conditions expected to continue, but geopolitical risks and trade tensions could impact future performance.
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