Heidmar Maritime (HMR) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenue rose 23% year-over-year to $9.6 million, driven by new time charter revenue from the PSV ACE Supplier.

• Net loss from continuing operations was $0.1 million, or $0.002 per share, while adjusted net income was $0.5 million, excluding non-cash stock-based compensation.

• First half 2025 revenue was $15.2 million, down from $16.4 million in H1 2024, mainly due to fewer vessels under management and terminated syndication agreements.

• Strategic acquisition of the C/V A. Obelix container vessel for $25.25 million, with delivery expected in September 2025 and supported by seller and debt financing.

• Disposal of non-core Americana Liberty LLC resulted in a $13.6 million loss from discontinued operations, including an $11.1 million goodwill impairment.

Financial highlights

• Q2 2025 total revenue: $9.6 million (Q2 2024: $7.8 million); H1 2025: $15.2 million (H1 2024: $16.4 million).

• Adjusted EBITDA for Q2 2025 was $94,000, down from $502,000 in Q2 2024; H1 2025 adjusted EBITDA was $1.4 million (H1 2024: $2.7 million).

• Cash and cash equivalents at June 30, 2025: $11.3 million.

• Net loss from continuing operations for H1 2025: $6.0 million (H1 2024: net income $1.9 million).

• Net loss from discontinued operations for H1 2025: $13.6 million.

Outlook and guidance

• Management remains focused on scaling maritime services and project development, including new vessel investments.

• Market uncertainty from geopolitics and policy is creating both challenges and opportunities, with tanker and container segments seeing near-term benefits.

• The C/V A. Obelix acquisition is expected to generate $17–20 million in EBITDA over its charter.