Heidmar Maritime (NASDAQ:HMR) executives said fourth-quarter and full-year 2025 results reflected significant revenue growth tied to fleet expansion and chartering activity, while profitability was weighed down by higher general and administrative expenses, including listing-related costs and non-cash charges tied to equity compensation and earn-outs.
Fourth-quarter results: revenue surge, wider loss
Chief Financial Officer Niki Fotiou reported that for the three months ended Dec. 31, 2025, the company posted a consolidated net loss from continuing operations of $4.0 million, compared with a $1.1 million loss in the year-ago quarter. The quarterly result included $0.7 million of amortization expense related to shares awarded to employees and board members under the company’s equity incentive plan, recorded in general and administrative (G&A) expenses.
G&A expenses were $5.2 million in the quarter, up from $3.3 million in the prior-year period. Management said the increase was driven mainly by one-time costs such as legal, printing, and audit fees related to the company’s listing, as well as the $0.7 million non-cash amortization from stock-based compensation under the equity incentive plan.
Full-year 2025: higher revenue, losses driven by non-cash items and discontinued operations
For the year ended Dec. 31, 2025, Heidmar recorded a consolidated net loss from continuing operations of $8.6 million, compared with net income of $1.9 million in 2024. Fotiou noted that continuing operations exclude the company’s “flagpole business,” Americana Liberty, which was sold in the second quarter.
Management highlighted several non-cash items impacting the 2025 loss from continuing operations, including $5.0 million in stock-based compensation amortization and $3.9 million in unrealized non-cash expense related to the fair value of earn-outs.
Total revenues for the year increased to $55.9 million from $29.0 million in 2024. The company again cited managed fleet growth, improved freight rates, increased short-term voyage and time charter contracts in the second half of the year, and revenue contributions from the PSV Ace Supplier beginning in April 2025.
G&A expenses rose to $18.5 million from $12.9 million in 2024. Fotiou said the increase was primarily due to one-off costs connected to the Nasdaq listing, costs tied to Americana Liberty, various SEC filings required after listing, $5.0 million in equity incentive plan amortization, and a non-cash bonus awarded to certain executives.
Including discontinued operations, the company reported a net loss of $22.6 million for 2025. Fotiou said the discontinued-operations loss totaled $13.9 million, consisting of:
- $11.2 million of non-cash goodwill impairment on the disposal of Americana Liberty
- $1.7 million loss on the sale of a subsidiary
- $1.0 million operating loss incurred by Americana Liberty during the period
Capital and corporate updates
As of Dec. 31, 2025, Fotiou said the company had sold 215,000 shares under a purchase agreement with B. Riley announced in June 2025, generating approximately $271,000 in net proceeds.
She also noted that after cancellation of the merger related to the planned acquisition of the container vessel A. Obelix, the company received back its $2.5 million deposit plus interest.
Management view: one-off costs, 2026 cash outlook, and tanker market disruption
Chief Executive Officer Pankaj Khanna emphasized that 2025 G&A expense was “skewed” by one-off costs related to the listing, “key lock related costs,” and amortization tied to the equity incentive plan. Excluding those one-offs, Khanna said 2025 G&A was “just under $13 million,” and he said the company expects 2026 cash costs to be around $13.5 million.
Khanna spent much of his prepared remarks discussing geopolitical events and their effects on energy flows and tanker markets. He said energy flows through the Strait of Hormuz had “virtually come to a complete standstill,” describing a scenario in which “the world has lost 20% of its oil supplies” and tanker shipping has lost “just over 20 million barrels per day” of seaborne crude and petroleum products—about “30% of overall oil flows,” in his description. He said some crude flows had been replaced via pipeline diversions, but called it only a fraction of what previously moved through the strait.
On refined products, Khanna described a volatile market with “zero exports of petroleum products from the Middle East,” adding that the Reliance Refinery in Sikka, India, was the only active load area in the region. He said the imbalance had driven many LR2 and LR1 tankers to ballast from the Indian Ocean toward the Atlantic, which he said could eventually pressure Atlantic rates.
Khanna also said that even if hostilities were to stop immediately, normalization would take months as production, shipping, refining, and distribution recover. He added that oil price forecasts had been “rebased,” citing analyst projections of Brent at $84 per barrel for the rest of the year, and said the environment suggested inefficiencies and “high tanker rates for most of the remaining year.”
With a managed fleet of 40 vessels, Khanna said the company was “in the thick of this” market. As an example, he cited fixing a VLCC voyage from Yanbu to Doraleh in which he said the owner could earn over $450,000 per day for a 50-plus-day voyage, with Heidmar’s commission “north of $300,000.” He added that first-quarter conditions “were going to be stellar” for shipowners even before the latest developments and said he now expects the quarter to be “a record for tanker earnings” and positive for Heidmar’s bottom line.
Q&A: pool demand, deal termination rationale, EBITDA outlook, and AI initiatives
In response to a question about how spiking freight rates affect the company’s tanker pool and chartering activity, Khanna said owners typically want to maximize earnings and prefer spot exposure when rates are high, which can make the pool “a good place to be.” He said the dynamics vary for vessels under commercial management depending on positioning and whether they were fixed before rates rose, but he added that the company is seeing “a lot more inquiry” for its services.
Asked for more context on terminating the A. Obelix acquisition, Khanna said the investment thesis relied on a “substantial charter” that would have paid off a significant portion of the vessel price. He said the charter was not extended due to uncertainty over cargo availability, and without it, the purchase “didn’t make sense.”
On profitability, Khanna described 2025 as “a bit of a kitchen sink” year, referencing the sale of Americana Liberty, another subsidiary sale, and balance sheet cleanup. He told analysts that EBITDA was already positive in the first quarter and said the company was making money, pointing to commissions from recent fixtures as beginning to “reflect through.” He said 2026 would be “clean.”
Khanna also said the company is working to incorporate AI into its ERP platform—originally developed about 20 years ago and updated over time—to improve trading ability, operations, and efficiency. He added that shipboard initiatives were more focused on digitalization rather than AI, aimed at improving onboard efficiency and safety.
About Heidmar Maritime (NASDAQ:HMR)
Heidmar Maritime Inc (NASDAQ: HMR) is a global provider of commercial and technical management services for oil and chemical tanker vessels. The company specializes in the operation of crude oil, refined products and chemical tankers under both time charter and voyage charter arrangements. Through its proprietary tanker pools, Heidmar offers owners and charterers enhanced vessel utilization and competitive freight rates by aggregating capacity and optimizing employment across global trade lanes.
Founded in 1993 and headquartered in Hamilton, Bermuda, Heidmar Maritime operates a modern, double‐hull fleet that includes a mix of very large crude carriers (VLCCs), Suezmax tankers, Aframaxes and medium range (MR) product vessels.
