Imperial Petroleum (IMPP) - 2024 Q4 - Annual Report

Financial Performance - Revenues for Q4 2024 were $26.2 million, a decrease of 12.4% compared to$ 29.9 million in Q4 2023, primarily due to lower spot market rates[5] - Net income for Q4 2024 was $3.9 million, down from$ 6.5 million in Q4 2023, impacted by a $3.3 million foreign exchange loss[5] - For the twelve months ended December 31, 2024, revenues totaled$ 147.5 million, a decline of 19.7% from $183.7 million in 2023, attributed to softer market spot rates[8] - Adjusted net income for the twelve months ended December 31, 2024 was$ 55.1 million, down from $74.4 million in 2023, with an Adjusted EPS of$ 1.70 compared to $3.39[8] - EBITDA for the twelve months ended December 31, 2024 was$ 59.2 million, while Adjusted EBITDA was $64.2 million[8] - Total revenues for Q4 2023 were$ 29,881,814, a decrease from $26,211,665 in Q4 2024, while total revenues for the twelve-month period decreased from$ 183,725,820 in 2023 to $147,479,980 in 2024[26] - Adjusted net income for Q4 2023 was$ 7,216,350, compared to $4,582,723 in Q4 2024, with a twelve-month adjusted net income of$ 74,382,103 in 2023, down to $55,144,556 in 2024[25] - EBITDA for Q4 2023 was$ 7,955,544, compared to $6,391,755 in Q4 2024, with a twelve-month EBITDA of$ 82,751,270 in 2023, decreasing to $59,242,475 in 2024[24] - The company reported a net income of$ 6,463,943 for Q4 2023, which decreased to $3,917,661 in Q4 2024, with a twelve-month net income of$ 71,134,002 in 2023, down to $50,157,772 in 2024[26] - Net income for the year decreased to$ 50,157,772 in 2024 from $71,134,002 in 2023, representing a decline of approximately 29.5%[28] Fleet and Operational Metrics - Fleet operational utilization reached 86.0% in Q4 2024, up from 68.5% in Q4 2023[5] - Fleet utilization increased from 95.3% in Q4 2023 to 99.8% in Q4 2024, while operational utilization rose from 68.5% to 86.0% during the same period[20] - The average number of vessels in the fleet increased from 9.00 in Q4 2023 to 11.00 in Q4 2024, with a total of 11 owned vessels by the end of both periods[20] - The fleet's total calendar days increased from 828 in Q4 2023 to 1,012 in Q4 2024, indicating enhanced operational capacity[20] Cash and Assets - Cash and cash equivalents, including time deposits, increased by 66.7% to$ 206.7 million as of December 31, 2024, compared to $124.0 million a year earlier[5] - Total current assets as of December 31, 2023, amounted to$ 183.18 million, a decrease from $188.78 million in 2022[27] - Total non-current assets reached$ 193.64 million, compared to $175.22 million in the previous year, indicating a growth of approximately 10.5%[27] - Total assets increased to$ 376.83 million, reflecting a rise from $354.49 million year-over-year[27] - Current liabilities were reported at$ 145.29 million, a slight increase from $140.37 million in 2022[27] - Total liabilities stood at$ 145.29 million, consistent with the previous year's figure, indicating stable financial obligations[27] - The company reported cash and cash equivalents of $91.92 million, a decrease from$ 127.97 million in the prior year, representing a decline of approximately 28%[27] - Trade receivables from related parties were $37.90 million, down from$ 68.21 million, showing a significant reduction of about 44.7%[27] - Inventories were valued at $72.91 million, a decrease from$ 91.12 million, indicating a reduction of approximately 20%[27] - The company has made investments in related parties totaling $12.79 million, consistent with the previous year[27] - Total cash and cash equivalents at the end of the year were$ 91,927,531, up from $78,353,531 at the beginning of the year, indicating an increase of approximately 17.5%[29] Strategic Plans and Management Insights - The company plans to acquire seven Japanese-built drybulk carriers, totaling approximately 443,000 dwt, expected to be delivered between February and May 2025[11] - CEO Harry Vafias emphasized the company's focus on fleet growth and maintaining profitability despite softer market conditions in 2024[12] - The company has contracted to acquire an additional seven drybulk carriers with an aggregate capacity of 443,000 deadweight tons, increasing the total fleet to 19 vessels[16] Cash Flow and Expenses - Net cash provided by operating activities was$ 77,695,426 in 2024, slightly down from $79,530,359 in 2023, indicating a decrease of about 2.3%[28] - Cash flows from investing activities showed a significant outflow of$ 94,651,169 in 2024 compared to a net inflow of $12,288,684 in 2023, reflecting a change of approximately 871.5%[28] - Proceeds from the sale of vessels increased to$ 41,153,578 in 2024 from $3,865,890 in 2023, marking a substantial increase of about 964.5%[28] - The company reported a depreciation expense of$ 16,991,900 in 2024, up from $15,629,116 in 2023, which is an increase of about 8.7%[28] - Share-based compensation rose to$ 3,397,082 in 2024 from $2,434,855 in 2023, reflecting an increase of approximately 39.6%[28] - The impairment loss recorded in 2023 was$ 8,996,023, while there was no impairment loss reported in 2024, indicating a significant reduction in losses[28] - The company experienced a net loss on the sale of vessels amounting to $1,589,702 in 2024, which was not present in 2023[28]