Icon Energy Corp 6-K, filed Nov 26, 2025

Icon Energy Corp (ICON)

6-K 2025-11-26 For: 2025-09-30

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Added on April 07, 2026

About this 6-K

Icon Energy Corp filed this 6-K on November 26, 2025.

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	ICON ENERGY CORP.

Date: November 26, 2025	By:	/s/ Dennis Psachos
	Name:	Dennis Psachos
	Title:	Chief Financial Officer

Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (audited)	2
Unaudited Interim Consolidated Statements of (Loss)/Income for the nine-month periods ended September 30, 2025 and 2024	3
Unaudited Interim Consolidated Statements of Changes in Shareholders’ Equity for the nine-month periods ended September 30, 2025 and 2024	4
Unaudited Interim Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2025 and 2024	5
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	6

(in thousands of U.S. dollars except for share data)	Notes	September 30, 2025 (unaudited)			December 31, 2024 (audited)
Assets
Current assets
Cash and cash equivalents		$	3,969		$	946
Restricted cash	7		200			—
Trade receivables			106			—
Inventories			281			133
Prepayments and advances			377			172
Other current assets			97			39
Total current assets		$	5,030		$	1,290
Non-current assets
Vessels, net	4		52,143			26,098
Restricted cash	7		500			500
Deferred drydocking costs, net	5		340			731
Deferred issuance costs	8		—			176
Total non-current assets		$	52,983		$	27,505
Total assets		$	58,013		$	28,795

Liabilities and shareholders’ equity
Current liabilities
Current portion of long-term debt, net of deferred financing costs	7		1,887			2,213
Due to manager	3		380			173
Accounts payable			853			394
Deferred revenue			152			135
Accrued liabilities			761			416
Total current liabilities		$	4,033		$	3,331
Non-current liabilities
Non-current portion of long term debt, net of deferred financing costs	7		33,338			13,718
Total non-current liabilities		$	33,338		$	13,718
Total liabilities		$	37,371		$	17,049

Commitments and contingencies	6

Shareholders’ equity
Common shares: authorized 750,000,000 shares with a $0.001 par value, 2,230,479 shares issued and outstanding as of September 30, 2025 and 36,250 shares issued and outstanding as of December 31, 2024	8		2			—
Preferred Shares: authorized 250,000,000 shares with a $0.001 par value, 17,249 and 15,000 Series A Preferred Shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively, 1,500,000 Series B Preferred Shares, and nil Series C Preferred Shares issued and outstanding as of September 30, 2025 and December 31, 2024	8		2			2
Additional paid-in capital	8		24,126			11,616
(Accumulated Deficit)/Retained earnings			(3,488	)		128
Total shareholders’ equity		$	20,642		$	11,746
Total shareholders’ equity and liabilities		$	58,013		$	28,795

		Nine-month period ended September 30,
(in thousands of U.S. dollars except for share and per share data)	Notes	2025			2024
Revenue, net	2	$	7,722		$	3,582
Voyage expenses, net			(420	)		(257	)
Vessels operating expenses			(3,426	)		(1,427	)
Management fees	3		(518	)		(293	)
General and administrative expenses			(840	)		(111	)
Depreciation expense	4		(2,055	)		(547	)
Amortization of deferred drydocking costs	5		(391	)		(380	)
Operating profit		$	72		$	567

Interest and finance costs	7,8		(3,238	)		(61	)
Interest income			105			58
Loss on warrants, net	8		(537	)		—
Other costs, net			(18	)		(2	)
Net (loss) / income		$	(3,616	)	$	562

Cumulative dividends on Series A Preferred Shares	8		(2,124	)		(526	)
Net (loss) / income attributable to common shareholders		$	(5,740	)	$	36

(Loss) / earnings per common share, basic and diluted	9	$	(3.33	)	$	2.59
Weighted average number of shares, basic and diluted	9		1,721,709			13,896

	Preferred Shares				Common Shares
(in thousands of U.S. dollars except for share data)	No. of Shares		Par Value		No. of Shares		Par Value		Additional Paid in Capital			Retained Earnings/ (Accumulated Deficit)			Total
Balance January 1, 2024		1,515,000		2		5,000		—		8,590			577			9,169
Issuance of common shares and First Representative’s Warrant, net of deferred issuance costs (Note 8)		—		—		31,250		—		3,026			—			3,026
Dividends on common shares (Note 8)													(116	)		(116	)
Net income for the period		—		—		—		—		—			562			562
Balance September 30, 2024		1,515,000		2		36,250		—	$	11,616		$	1,023		$	12,641

Balance January 1, 2025		1,515,000		2		36,250		—	$	11,616		$	128		$	11,746
Issuance of common shares and Placement Agent’s Warrant (Note 8)		—		—		2,194,229		2		12,663			—			12,665
Dividends paid in cash and in kind (Note 8)		—		—		—		—		(2,402	)		—			(2,402	)
Issuance of Series A Preferred Shares (Note 8)		2,249		—		—		—		2,249			—			2,249
Net loss for the period		—		—		—		—		—			(3,616	)		(3,616	)
Balance September 30, 2025		1,517,249		2		2,230,479		2	$	24,126		$	(3,488	)	$	20,642

		Nine-month period ended September 30,
(in thousands of U.S. dollars—except for share data)	Notes	2025			2024
Cash flows from operating activities
Net (Loss)/Income		$	(3,616	)	$	562
Adjustments to reconcile net (loss)/income to net cash (used in)/ provided by operating activities
Depreciation expense	4		2,055			547
Amortization of finance costs			67			3
Issuance costs and loss on warrants			1,581			—
Amortization of deferred drydocking costs	5		391			380

(Increase)/decrease in:
Trade receivables			(106	)		(962	)
Due from manager	3		—			207
Inventories			(148	)		(88	)
Prepayments and advances			(205	)		(3	)
Other current assets			(58	)		(36	)
Increase/(decrease) in:
Due to manager	3		(110	)		2
Accounts payable			785			202
Deferred revenue			17			(107	)
Accrued liabilities			520			161
Payments for drydocking	5		—			(280	)
Net cash provided by operating activities		$	1,173		$	588

Cash flows from investing activities
Vessel acquisition and improvements	4		(5,826	)		(18,006	)
Net cash used in investing activities		$	(5,826	)	$	(18,006	)

Cash flows from financing activities
Proceeds from issuance of common shares	8		11,085			4,565
Return of additional paid-in capital	8		-			(3,000	)
Dividends paid	8		(153	)		(116	)
Proceeds from long term debt	7		-			16,500
Finance and issuance costs paid	7,8		(586	)		(1,410	)
Repayments of long-term debt	7		(2,470	)		—
Net cash provided by financing activities		$	7,876		$	16,539

Net increase/(decrease) in cash, cash equivalents and restricted cash		$	3,223		$	(879	)
Cash, cash equivalents and restricted cash at the beginning of the period			1,446			2,702
Cash, cash equivalents and restricted cash at the end of the period		$	4,669		$	1,823

Supplemental cash flow information
Cash paid for interest		$	1,505		$	46

Non-cash financing activities:
Finance lease liability	7	$	21,697			—
Dividend paid in kind on Series A Preferred Shares	8	$	2,249			—
Issuance costs paid in kind	8	$	100			—
Non-cash investing activities:
Vessel acquisition	4	$	21,697			18,028

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		$	3,969		$	1,323
Restricted cash, current			200			—
Restricted cash, non-current			500			500
Total cash, cash equivalents and restricted cash		$	4,669		$	1,823

Vessel name	Type	Built	Employment	Earliest charter expiration	Latest charter expiration
Alfa	Panamax	2006	Index-linked time charter	November 2025	February 2026
Bravo	Kamsarmax	2007	Index-linked time charter	March 2026	Evergreen⁽¹⁾
Charlie	Ultramax	2020	Index-linked time charter	March 2026	June 2026

Company	Activity	Incorporation country	Vessel name
Icon Energy Corp.	Parent holding	Marshall Islands	—
Maui Shipping Co.⁽¹⁾	Intermediate holding	Marshall Islands	—
Positano Marine Inc.⁽¹⁾	Shipowning	Marshall Islands	M/V Alfa
Reef Shiptrade Ltd.⁽¹⁾	Shipowning	Marshall Islands	M/V Bravo
Charlie Marine Ltd.⁽¹⁾	Bareboat charterer	Marshall Islands	M/V Charlie

	% of Company’s revenue during the nine-month periods ended
Charterer	September 30, 2025		September 30, 2024
A		79%		100%
B		21%		—

	Vessels cost		Accumulated depreciation			Vessels, net
Balance, January 1, 2025	$	29,113	$	(3,015	)	$	26,098
Recognition of right of use asset under finance lease		28,100		—			28,100
Depreciation		—		(2,055	)		(2,055	)
Balance, September 30, 2025	$	57,213	$	(5,070	)	$	52,143

	Deferred drydocking costs, net
Balance, January 1, 2025	$	731
Amortization		(391	)
Balance, September 30, 2025	$	340

	September 30, 2025			December 31, 2024
Total long-term debt
Loan agreement	$	14,100		$	16,200
Finance lease liability		21,327			—
Less: Deferred financing costs		(202	)		(269	)
Total long-term debt, net of deferred financing costs	$	35,225		$	15,931

Current portion of long-term debt
Loan agreement	$	800		$	2,300
Finance lease liability		1,164			—
Less: Current portion of deferred financing costs		(77	)		(87	)
Current portion of long-term debt, net of deferred financing costs	$	1,887		$	2,213

Non-current portion of long-term debt
Loan agreement	$	13,300		$	13,900
Finance lease liability		20,163			—
Less: Non-current portion of deferred financing costs		(125	)		(182	)
Non-current portion of long-term debt, net of deferred financing costs	$	33,338		$	13,718

Year	Amount
2025	$	690
2026		2,737
2027		2,738
2028		19,140
Total lease payments (undiscounted)	$	25,305
Less: Discount based on incremental borrowing rate		(3,978	)
Total finance lease liability	$	21,327

	Nine-month periods ended
	September 30, 2025			September 30, 2024
Net (loss) / income	$	(3,616	)	$	562
Cumulative dividends on Series A Preferred Shares		(2,124	)		(526	)
Net (loss) / income attributable to common shareholders	$	(5,740	)	$	36
Divided by: Weighted average number of common shares, basic and diluted		1,721,709			13,896
(Loss)/Earnings per common share, basic and diluted	$	(3.33	)	$	$2.59

(in thousands of U.S. dollars, except for fleet operational data and daily measures)	Nine-month period ended September 30,
	2025			2024
Fleet operational data
Ownership Days		647.8			281.8
Available Days		644.6			250.8
Operating Days		643.9			250.8
Vessel Utilization		99.9	%		100.0	%
Average Number of Vessels		2.4			1.0

Non-GAAP financial measures
EBITDA	$	1,963		$	1,492
Daily TCE		11,340			13,258
Daily OPEX		5,289			5,064

	Nine-month period ended September 30,
(in thousands of U.S. dollars)	2025			2024
Revenue, net	$	7,722		$	3,582
Voyage expenses, net		(420	)		(257	)
Vessel operating expenses		(3,426	)		(1,427	)
Management fees		(518	)		(293	)
General and administrative expenses		(840	)		(111	)
Depreciation expense		(2,055	)		(547	)
Amortization of deferred drydocking costs		(391	)		(380	)
Interest and finance costs		(3,238	)		(61	)
Interest income		105			58
Loss on warrants, net		(537	)		—
Other costs, net		(18	)		(2	)
Net (loss)/income	$	(3,616	)	$	562