Heidmar Maritime (HMR) Registration Filing summary

Company overview and business model

• Operates global commercial and technical management for tanker and dry-bulk vessel pools, with a focus on asset-light commercial management and chartering of crude oil and refined petroleum product tankers.

• Manages 39 vessels as of June 2025, including tankers and bulk carriers, and has expanded into technical management and offshore services.

• Business model includes asset management, tanker pooling, commercial/time charters, S&P services, and technical management, leveraging a proprietary digital platform for transparency.

• Recent expansion into offshore supply vessel management and a five-year North Sea contract, plus acquisition of a technical management company.

• Completed a business combination in February 2025, resulting in a new holding structure and Nasdaq listing.

Financial performance and metrics

• For the year ended December 31, 2024: revenues $28.9M, net income $1.9M, EBITDA $3.4M; revenues decreased 41% from 2023 due to fewer managed vessels and lower hire rates.

• Q1 2025: revenues $5.8M, net loss $6.0M, cash and equivalents $19.2M as of March 31, 2025.

• Operating expenses increased due to higher general/admin costs and technical management expansion; cash provided by operations in 2024 was $6.8M.

• Top three customers accounted for 71% of 2024 revenues; significant customer concentration risk.

Use of proceeds and capital allocation

• May receive up to $20M in gross proceeds from equity sales to B. Riley Principal Capital II, LLC under a committed equity facility.

• Net proceeds (estimated up to $19.5M) intended for vessel acquisitions and general corporate purposes, including working capital.

• No material proceeds allocated to debt repayment; broad discretion in use of funds.