Toro Corp., a global energy transportation provider, announced its results for the three months and the year ended December 31, 2025.
Highlights of the Fourth Quarter Ended December 31, 2025:
▪ Total vessel revenues from continuing operations: $6.1 million, as compared to $5.2 million for the three months ended December 31, 2024, or a 17.3% increase;
▪ Net income from continuing operations: $1.4 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 40% increase;
▪ Net income: $1.6 million, as compared to $1.0 million for the three months ended December 31, 2024, or a 60% increase;
▪ Earnings/(Loss) per common share, basic, from continuing operations: $0.02 per share, as compared to $(0.01) per share for the three months ended December 31, 2024;
▪ EBITDA(1) from continuing operations: $2.2 million, as compared to $0.2 million for the three months ended December 31, 2024;
▪ Cash of $87.4 million as of December 31, 2025, as compared to $37.2 million as of December 31, 2024;
▪ On October 13, 2025, we and Castor Maritime Inc. (“Castor”) agreed to the full redemption of 60,000 shares of Castor’s 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025 (the “Series E Preferred Shares”), for a cash consideration equal to the stated amount of the Series E Preferred Shares of $60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and
▪ On December 5, 2025, we declared a one-time, special dividend of $1.75 per common share, consisting of either cash or our common shares. The dividend was payable to our shareholders of record at the close of business on December 16, 2025 and was paid on January 16, 2026 in the form of approximately $9.3 million in cash and 7,378,575 shares of our common stock.
Highlights of the Year Ended December 31, 2025:
▪ Total vessel revenues from continuing operations: $21.1 million, as compared to $22.4 million for the year ended December 31, 2024, or a 5.8% decrease;
▪ Net income from continuing operations: $5.6 million, as compared to $5.5 million for the year ended December 31, 2024, or a 1.8% increase;
▪ Net income: $5.9 million, as compared to $25.2 million for the year ended December 31, 2024, or a 76.6% decrease;
▪ Earnings/(Loss) per common share, basic, from continuing operations: $0.06 per share, as compared to $(0.04) per share for the year ended December 31, 2024;
▪ EBITDA(1) from continuing operations: $6.0 million, as compared to $1.9 million for the year ended 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 (the “Robin Spin-Off”);
▪ On May 5, 2025, the $100.0 million senior term loan facility from Toro to Castor was fully repaid; and
▪ During the year ended December 31, 2025, we completed two vessel acquisitions and two vessel disposals.
(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: “We concluded 2025 while continuing our strategic fleet adjustments and aligning our assets with market opportunities. We maintained a steady operational rhythm, contributing to a stable business environment throughout the year. On January 16, 2026, we successfully completed a dividend distribution that included a scrip option, aligned with our financial discipline. Our financial position remains robust and we remain focused on our long-term financial health.”
