Toro Corp. Reports Net Income of $0.5 Million for the Three Months Ended March 31, 2026

Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), a global energy transportation provider, has announced its results for the three months ended March 31, 2026.

Highlights of the First Quarter Ended March 31, 2026:

▪ Total vessel revenues from continuing operations: $6.0 million, as compared to $5.5 million for the three months ended March 31, 2025, or a 9.1% increase;

▪ Net income from continuing operations: $0.5 million, as compared to $1.5 million for the three months ended March 31, 2025, or a 66.7% decrease;

▪ Net income: $0.5 million, as compared to $1.6 million for the three months ended March 31, 2025, or a 68.8% decrease;

▪ (Loss)/Earnings per common share, basic, from continuing operations: $(0.023) per share, as compared to $0.019 per share for the three months ended March 31, 2025;

▪ EBITDA(1) from continuing operations: $1.3 million, as compared to $1.0 million for the three months ended March 31, 2025;

▪ Cash of $81.6 million as of March 31, 2026, as compared to $87.4 million as of December 31, 2025;

▪ On December 5, 2025, we declared a 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 $9.3 million in cash and 7,378,575 shares of our common stock.

▪ On March 30, 2026, we entered into an up to $60.0 million revolving credit facility with a leading European financial institution which was partially drawn down on April 2, 2026.

(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 first quarter of 2026, we delivered solid operational performance across our fleet, reflecting both disciplined execution and full charter coverage. Our strong balance sheet and the recently signed revolving credit facility of up to $60.0 million, provide us with significant financial flexibility and strategic optionality. We remain focused on executing our strategy, pursuing accretive opportunities, and creating sustainable long-term value for our shareholders.”

Earnings Commentary:

First quarter ended March 31, 2026, and 2025 Results

Total vessel revenues from continuing operations increased to $6.0 million for the three months ended March 31, 2026, compared to $5.5 million for the same period in 2025. This $0.5 million increase mainly reflects the higher contractual hire rates for our LPG carrier and MR tanker vessels, partially offset by the decrease in the Available Days (as defined below) of our fleet to 360 days in the three months ended March 31, 2026 from 446 days in the same period in 2025, due to the change in the composition of our fleet. During the three months ended March 31, 2026, our fleet earned an average Daily TCE Rate of $15,531, compared to $11,480 in the same period of 2025, this increase is mainly due to the change in the composition of our fleet. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Voyage expenses from continuing operations for our fleet decreased to $0.37 million for the three months ended March 31, 2026, compared to $0.42 million for the same period in 2025. This decrease in voyage expenses was mainly a result of the decrease by $0.08 million in port and other expenses due to the lower costs of European Union Allowances (“EUAs”).

The decrease in vessel operating expenses from continuing operations by $0.3 million to $2.3 million in the three months ended March 31, 2026, from $2.6 million in the same period in 2025, mainly reflects the decrease in the Ownership Days (as defined below) of our fleet to 360 days in the three months ended March 31, 2026, from 450 days in the corresponding period in 2025, partially offset by the increase in the Daily vessel operating expenses (defined below) of the vessels in our fleet to $6,479 in the three months ended March 31, 2026 from $5,715 in the same period in 2025, mainly due to the change in the composition of our fleet following the addition in the third quarter of 2025 of the MR tanker vessels which incur higher Daily vessel operating expenses than the LPG carrier vessels.

Management fees from continuing operations decreased to $0.4 million in the three months ended March 31, 2026, from $0.5 million in the corresponding period in 2025. This decrease of $0.1 million reflects the decrease in the Ownership Days of our fleet, offset by the increase in management fees from $1,071 per vessel per day to $1,100 per vessel per day effective July 1, 2025, under the terms of the amended and restated master management agreement between us, our ship owning subsidiaries and Castor Ships S.A.

Depreciation expenses from continuing operations amounted to $1.3 million in the three months ended March 31, 2026, whereas, in the same period of 2025, depreciation expenses amounted to $1.1 million. This increase is mainly due to higher depreciation expenses of M/T Wonder Altair and M/T Wonder Maia, offset by the decrease in the Ownership Days of our fleet in the three months ended March 31, 2026, compared to the same period in 2025. Drydock amortization charges from continuing operations amounted to $0.1 million for the three months ended March 31, 2026, compared to a charge of $0.2 million in the three months ended March 31, 2025. For the period of three months ended March 31, 2026, the dry-dock amortization charges are related to LPG Dream Arrax and LPG Dream Vermax which completed their scheduled dry-dock in the second quarter of 2025 and third quarter of 2025, 3 respectively. For the three months ended March 31, 2025, the dry-dock amortization charges are related to M/T Wonder Mimosa, which completed its scheduled dry-dock in the third quarter of 2024.

General and administrative expenses from continuing operations in the three months ended March 31, 2026, amounted to $2.9 million, whereas, in the same period of 2025, general and administrative expenses totaled $2.4 million. This increase is mainly associated with the stock-based compensation cost for non-vested shares granted under our Equity Incentive Plans amounting to $1.7 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.

Interest and finance costs, net, from continuing operations amounted to $(0.7) million in the three months ended March 31, 2026, whereas, in the same period of 2025, interest and finance costs, net amounted to $(1.8) million. This variation is mainly due to the decrease in interest income from Castor Maritime Inc. (“Castor”) we earned for the period of three months ended March 31, 2025, as compared with the same period of 2026, as a result of the full repayment by Castor of the $100.0 million senior term loan facility on May 5, 2025.

View Full Report