Robin Energy Ltd 6-K, filed Nov 13, 2025

Robin Energy Ltd. (RBNE)

6-K 2025-11-13 For: 2025-11-13

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Added on July 04, 2026

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Robin Energy Ltd filed this 6-K on November 13, 2025.

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	ROBIN ENERGY LTD.
Dated: November 13, 2025
	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis
		Chairman and Chief Executive Officer

	Page
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024, and September 30, 2025	F-2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024 and 2025	F-3
Unaudited Condensed Consolidated Statements of Shareholders’ Equity and Mezzanine Equity for the nine months ended September 30, 2024 and 2025	F-4
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2025	F-5
Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6

			December 31,			September 30,
ASSETS	Note		2024			2025
CURRENT ASSETS:
Cash and cash equivalents			$	369		$	2,660,266
Due from related parties, current		3		12,376,064			2,247,712
Accounts receivable trade				416,300			577,752
Inventories				45,595			108,720
Prepaid expenses and other assets				45,612			413,778
Investment in crypto-assets-Bitcoin		8		—			5,020,168
Total current assets				12,883,940			11,028,396

NON-CURRENT ASSETS:
Vessels, net		3,5		6,875,903			39,794,276
Due from related parties		3		388,542			388,542
Prepaid expenses and other assets, non current				357,769			357,769
Deferred charges, net		4		1,075,826			2,011,958
Total non-current assets				8,698,040			42,552,545
Total assets			$	21,581,980		$	53,580,941

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable				156,253			637,977
Due to related parties, current				—			393,562
Deferred revenue				—			337,000
Accrued liabilities				313,905			1,143,727
Total current liabilities				470,158			2,512,266

NON-CURRENT LIABILITIES:
Total non-current liabilities				—			—

Commitments and contingencies		10

MEZZANINE EQUITY:
1.00% Series A fixed rate cumulative perpetual convertible preferred shares: 0 and 2,000,000 shares issued and outstanding as of December 31, 2024, and September 30, 2025, respectively, aggregate liquidation preference of $0 and $50,000,000 as of December 31, 2024 and September 30, 2025, respectively		7		—			25,877,180
Total mezzanine equity				—			25,877,180

SHAREHOLDERS’ EQUITY:
Former Net Parent Company investment			$	21,111,822		$	—
Common shares, $0.001 par value; 1,000 and 3,900,000,000 shares authorized; 1,000 and 12,628,731 shares issued; 1,000 and 12,628,731 shares outstanding as of December 31, 2024, and September 30, 2025 respectively		6		1			12,629
Preferred shares, $0.001 par value: 0 and 100,000,000 shares authorized; Series B preferred shares: 0 and 40,000 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively		6		—			40
Additional paid-in capital				—			25,326,868
Due from stockholder				(1	)		—
Accumulated deficit				—			(148,042	)
Total shareholders’ equity				21,111,822			25,191,495
Total liabilities, mezzanine equity and shareholders’ equity				21,581,980			53,580,941

			Nine months Ended September 30,			Nine months Ended September 30,
	Note		2024			2025
REVENUES:
Pool revenues		12		5,460,901			5,209,389
Time charter revenues				—			352,074
Total vessel revenues				5,460,901			5,561,463

EXPENSES:
Voyage expenses (including $81,678 and $180,116 to related party for the nine months ended September 30, 2024, and 2025, respectively)		3,13		(215,505	)		(571,169	)
Vessel operating expenses		13		(1,728,404	)		(2,014,431	)
Management fees to related parties		3		(287,630	)		(332,451	)
Depreciation and amortization		4,5		(797,665	)		(1,207,164	)
General and administrative expenses (including $120,119 and $427,425 to related party for the nine months ended September 30, 2024, and 2025, respectively)		3		(1,168,429	)		(1,156,632	)
Total expenses			$	(4,197,633	)	$	(5,281,847	)

Operating income			$	1,263,268		$	279,616

OTHER (EXPENSES)/INCOME:
Finance costs				(10,344	)		(13,794	)
Interest income				—			383,597
Change in fair value of crypto assets-Bitcoin				—			20,168
Foreign exchange losses				(4,510	)		(11,078	)
Total other (expenses)/income, net			$	(14,854	)	$	378,893

Net income, before taxes			$	1,248,414		$	658,509
Income taxes				—			—
Net income and comprehensive income			$	1,248,414		$	658,509
Dividend on Series A Preferred Shares		3,15		—			(233,333	)
Net income attributable to common shareholders			$	1,248,414		$	425,176
Earnings per common share, basic		11		0.52			0.10
Earnings per common share, diluted		11		0.06			0.03
Weighted average number of common shares, Basic		11		2,386,731			4,207,921
Weighted average number of common shares, Diluted		11		20,011,935			21,833,125

																										Mezzanine equity
	# of Series B Preferred Shares		Par Value of Preferred Series B shares		# of Common shares			Par Value of Common Shares			Additional Paid-in capital			Due from Stockholder			Former Parent Company Investment			Accumulated deficit			Total Shareholders’ Equity			# of Series A Preferred Shares		Mezzanine Equity
Balance, December 31, 2023		—		—		—			—			—			—			26,882,903			—			26,882,903			—		—
Net income and comprehensive income		—		—		—			—			—			—			1,248,414			—			1,248,414			—		—
Net decrease in Former Parent Company Investment		—		—		—			—			—			—			(7,176,571	)		—			(7,176,571	)		—		—
Balance, September 30, 2024		—		—		—			—			—			—		$	20,954,746			—		$	20,954,746			—		—

Balance, December 31, 2024		—		—		1,000			1			—			(1	)		21,111,822			—			21,111,822			—		—
Net income and comprehensive income		—		—		—			—			—			—			573,218			85,291			658,509			—		—
Net increase in Former Parent Company investment		—		—		—			—			—			—			329,618			—			329,618			—		—
Cancellation of common shares due to spin off		—		—		(1,000	)		(1	)		—			1			—			—			—			—		—
Capitalization at spin off, including Issuance of capital and preferred stock, net of costs (Note 6)		40,000		40		2,386,731			2,387			5,690,499			—			(22,014,658	)		—			(16,321,732	)		2,000,000		25,877,180
Issuance of common shares pursuant to registered direct offerings (Note 6)		—		—		10,242,000			10,242			22,727,911			—			—			—			22,738,153			—		—
Dividend on Series A preferred shares (Note 7)		—		—		—			—			—			—			—			(233,333	)		(233,333	)		—		—
Excess of consideration over carrying value of acquired assets (Note 3)		—		—		—			—			(3,091,542	)		—			—			—			(3,091,542	)		—		—
Balance, September 30, 2025		40,000		40		12,628,731			12,629			25,326,868			—			—			(148,042	)		25,191,495			2,000,000		25,877,180

	Note		Nine months ended September 30, 2024			Nine months ended September 30, 2025
Cash Flows provided by Operating Activities:
Net income			$	1,248,414		$	658,509
Adjustments to reconcile net income to net cash (used in)/provided by Operating activities:
Depreciation and amortization		4,5		797,665			1,207,164
Change in fair value of crypto assets-Bitcoin				—			(20,168	)
Changes in operating assets and liabilities:
Accounts receivable trade				314,287			(161,452	)
Inventories				(25,661	)		(63,125	)
Due from related parties				6,095,804			9,616,885
Prepaid expenses and other assets				15,134			(331,377	)
Accounts payable				(232,256	)		307,568
Accrued liabilities				132,336			681,998
Deferred Revenue				—			337,000
Dry-dock costs paid				(1,098,965	)		—
Net cash provided by Operating Activities				7,246,758			12,233,002

Cash flow used in Investing Activities:
Vessel acquisitions and other vessel improvements		5		(70,220	)		(38,090,000	)
Purchase of crypto assets-Bitcoin		8		—			(5,000,000	)
Net cash used in Investing Activities				(70,220	)		(43,090,000	)

Cash flows (used in)/provided by Financing Activities:
Net (decrease)/increase in Former Parent Company Investment				(7,176,571	)		329,618
Gross proceeds from issuance of common shares pursuant to registered direct offerings		6		—			25,781,200
Common share issuance expenses pursuant to registered direct offerings				—			(2,823,984	)
Payment of Dividend on Series A Preferred Shares				—			(126,389	)
Capital contribution from Former Parent Company due to spin off		1,6		—			10,356,450
Net cash (used in)/provided by Financing Activities				(7,176,571	)		33,516,895

Net (decrease) / increase in cash and cash equivalents				(33	)		2,659,897
Cash and cash equivalents at the beginning of the period				351			369
Cash and cash equivalents at the end of the period			$	318		$	2,660,266

	Company	Country of incorporation
1	Robin GMD Corp. (“Robin GMD”)⁽¹⁾	Marshall Islands
2	Xavier Shipping Co. (“Xavier”)⁽²⁾	Marshall Islands
3	Robin Digital Assets Ltd⁽³⁾	Marshall Islands

	Dry-docking costs
Balance December 31, 2024	$	1,075,826
Additions (Note 3c)		1,624,527
Amortization		(688,395	)
Balance September 30, 2025	$	2,011,958

	Vessel Cost		Accumulated depreciation			Net Book Value
Balance December 31, 2024	$	8,912,839	$	(2,036,936	)	$	6,875,903
Acquisitions, improvements, and other vessel costs		33,437,142		—			33,437,142
Depreciation		—		(518,769	)		(518,769	)
Balance September 30, 2025	$	42,349,981	$	(2,555,705	)	$	39,794,276

	Units		Cost basis		Fair value
Investment in crypto-assets:
Bitcoin		44.006	$	5,000,000	$	5,020,168
Total		44.006	$	5,000,000	$	5,020,168

	Investment in crypto-assets-Bitcoin
Balance December 31, 2024	$	—
Additions		5,000,000
Unrealized gain from the change in fair value of crypto assets - Bitcoin		20,168
Balance September 30, 2025	$	5,020,168

Twelve-month period ending September 30,	Amount
2026	$	2,647,565
Total	$	2,647,565

	Nine months ended September 30,		Nine months ended September 30,
Voyage expenses	2024		2025
Brokerage commissions		—		7,041
Brokerage commissions- related party		81,678		180,116
Port & other expenses		133,827		378,800
Bunkers consumption		—		5,212
Total Voyage expenses	$	215,505	$	571,169

	Nine months ended September 30, 2024						Nine months ended September 30, 2025
	Tanker segment			Total			Tanker segment			LPG carrier segment			Total
Pool revenues		5,460,901			5,460,901			5,209,389			—			5,209,389
Time charter revenues	$	—		$	—		$	—		$	352,074		$	352,074
Total vessel revenues	$	5,460,901		$	5,460,901		$	5,209,389		$	352,074		$	5,561,463
Voyage expenses (including charges from related parties)		(215,505	)		(215,505	)		(547,421	)		(23,748	)		(571,169	)
Vessel operating expenses		(1,728,404	)		(1,728,404	)		(1,853,183	)		(161,248	)		(2,014,431	)
Management fees to related parties		(287,630	)		(287,630	)		(295,051	)		(37,400	)		(332,451	)
Depreciation and amortization		(797,665	)		(797,665	)		(1,100,422	)		(106,742	)		(1,207,164	)
Segments operating income/(loss)	$	2,431,697		$	2,431,697		$	1,437,062		$	(814	)	$	1,436,248
Finance costs					(10,344	)								(13,794	)
Interest income					—									383,597
Change in fair value of crypto assets- Bitcoin					—									20,168
Foreign exchange losses					(4,510	)								(11,078	)
Less: Unallocated corporate general and administrative expenses (including related parties)					(1,168,429	)								(1,156,632	)
Net income and comprehensive income, before taxes				$	1,248,414								$	658,509

	As of December 31, 2024		As of September 30, 2025
Tanker segment		21,581,980		9,167,241
LPG carrier segment		—		37,183,923
Cash and cash equivalents⁽¹⁾		—		2,317,978
Prepaid expenses and other assets⁽¹⁾		—		4,911,799
Total assets	$	21,581,980	$	53,580,941

	Nine months ended September 30,		Nine months ended September 30,
Vessel Operating Expenses	2024		2025
Crew & crew related costs		1,080,729		1,227,652
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling		356,588		419,246
Lubricants		70,461		54,546
Insurance		92,218		99,597
Tonnage taxes		22,359		23,852
Other		106,049		189,538
Total Vessel operating expenses	$	1,728,404	$	2,014,431

	Nine months ended September 30, 2024			Nine months ended September 30, 2025			Change - Amount
Total vessel revenues	$	5,460,901		$	5,561,463		$	100,562
Expenses:
Voyage expenses (including commissions to related party)		(215,505	)		(571,169	)		(355,664	)
Vessel operating expenses		(1,728,404	)		(2,014,431	)		(286,027	)
Management fees to related parties		(287,630	)		(332,451	)		(44,821	)
Depreciation and amortization		(797,665	)		(1,207,164	)		(409,499	)
General and administrative expenses (including costs from related parties)		(1,168,429	)		(1,156,632	)		11,797
Operating income		1,263,268			279,616			(983,652	)
Interest and finance costs, net⁽¹⁾		(10,344	)		369,803			380,147
Other (expenses)/income⁽²⁾		(4,510	)		9,090			13,600
Net income and comprehensive income		1,248,414			658,509			(589,905	)

	For the nine months ended			For the nine months ended
	September 30, 2024			September 30, 2025
Net cash provided by operating activities	$	7,246,758		$	12,233,002
Net cash used in investing activities		(70,220	)		(43,090,000	)
Net cash (used in)/provided by financing activities		(7,176,571	)		33,516,895