Icon Energy (ICON) Q1 2026 earnings summary

Executive summary

• Revenue increased 139% year-over-year to $3.6 million in Q1 2026, driven by fleet expansion and higher charter rates.

• Net income for Q1 2026 was $0.4 million, a turnaround from a $3.0 million loss in Q1 2025.

• EBITDA improved to $2.2 million from a negative $0.7 million year-over-year.

• Fleet expanded to three vessels, with high utilization (99.9%) and increased operating days.

Financial highlights

• Revenue: $3.6 million in Q1 2026 vs. $1.5 million in Q1 2025.

• Net income: $0.4 million in Q1 2026 vs. $3.0 million loss in Q1 2025.

• EBITDA: $2.2 million in Q1 2026 vs. negative $0.7 million in Q1 2025.

• Daily TCE: $12,902 in Q1 2026 vs. $8,056 in Q1 2025.

• Daily OPEX: $5,278 in Q1 2026 vs. $5,156 in Q1 2025.

Outlook and guidance

• Minimum contracted revenue as of March 31, 2026, is $14.5 million.

• M/V Alfa converted to a fixed hire rate of $18,000/day for June–December 2026, adding $3.7 million to contracted revenue.

• Recent investment in a container feeder vessel expected to generate $19 million in contracted revenue over 24–26 months.

• Management expects sufficient working capital for the next twelve months.