Toro Corp. a global energy transportation provider, announced its results for the three months and the six months ended June 30, 2025.
Highlights of the Second Quarter Ended June 30, 2025:
- Total vessel revenues from continuing operations: $4.1 million, as compared to $5.4 million for the three months ended June 30, 2024, or a 24.1% decrease;
- Net income from continuing operations: $1.4 million, as compared to $1.1 million for the three months ended June 30, 2024, or a 27.3% increase;
- Net income: $1.4 million, as compared to $1.1 million for the three months ended June 30, 2024, or a 27.3% increase;
- Earnings per common share, basic, from continuing operations: $0.0151 per share, as compared to $0.0017 per share for the three months ended June 30, 2024;
- EBITDA(1) from continuing operations: $1.3 million, as compared to $0.2 million for the three months ended June 30, 2024;
- Cash of $114.7 million as of June 30, 2025, as compared to $37.2 million as of December 31, 2024;
- The spin-off of our Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd. (“Robin”) was completed on April 14, 2025.
Highlights of the Six Months Ended June 30, 2025:
- “Total vessel revenues from continuing operations: $9.6 million, as compared to $11.8 million for the six months ended June 30, 2024, or a 18.6% decrease;
- Net income from continuing operations: $2.9 million, as compared to $3.5 million for the six months ended June 30, 2024, or a 17.1% decrease;
- Net income: $3.0 million, as compared to $23.3 million for the six months ended June 30, 2024, or a 87.1% decrease;
- Earnings/(Loss) per common share, basic, from continuing operations: $0.0336 per share, as compared to $(0.0121) per share for the six months ended June 30, 2024;
- EBITDA(1) from continuing operations: $2.2 million, as compared to $1.8 million for the six months ended June 30, 2024;
- On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor Maritime Inc. (‘’Castor”) was fully repaid; and
- On May 3, 2025, the Company entered into an agreement to purchase a 2021-built MR (MR2 class) tanker vessel from an unaffiliated third party for a purchase price of $36.25 million. The M/T Wonder Altair was delivered to the Company on July 11, 2025. Following the acquisition of the new MR tanker vessel, the former Handysize segment was renamed “MR (Handysize/MR2)” to reflect both the updated fleet composition and strategic continuity of the segment.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“In the second quarter of 2025, we delivered solid operational performance across our core operations, reflecting both disciplined execution and market resilience.
This was supported by strong liquidity and a debt-free balance sheet, which together provide us with significant financial flexibility.
We remain focused on fleet optimization while enhancing shareholder value.”
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