LIMASSOL, Cyprus, Oct. 01, 2025 (GLOBE NEWSWIRE) — Robin Energy Ltd. (NASDAQ:RBNE), (“Robin”, or the “Company”), an international ship-owning company providing energy transportation services globally, today announced its results for the three months and the six months ended June 30, 2025.
Highlights of the Second Quarter Ended June 30, 2025:
- Total vessel revenues: $2.0 million, as compared to $1.5 million for the three months ended June 30, 2024, or a 33.3% increase;
- Net income: $0.5 million, as compared to $0.2 million for the three months ended June 30, 2024, or a 150.0% increase;
- Earnings per common share, basic: $0.15 per share, as compared to $0.08 per share for the three months ended June 30, 2024;
- EBITDA(1): $0.7 million, as compared to $0.4 million for the three months ended June 30, 2024;
- Cash of $39.4 million as of June 30, 2025, as compared to $0.01 million as of December 31, 2024;
- Our spin-off (the “Spin-Off”) from Toro Corp. (“Toro”) was completed on April 14, 2025 and our shares commenced trading on the Nasdaq Capital Market under the symbol “RBNE” on April 15, 2025.
- In June 2025, we successfully completed four registered direct equity offerings, issuing and selling 3.6 million common shares to certain institutional investors, resulting in gross proceeds of approximately $17.2 million.
Highlights of the Six Months Ended June 30, 2025:
- Total vessel revenues: $3.6 million, as compared to $4.0 million for the six months ended June 30, 2024;
- Net income: $0.4 million, as compared to $1.4 million for the six months ended June 30, 2024;
- Earnings per common share, basic: $0.13 per share, as compared to $0.57 per share for the six months ended June 30, 2024;
- EBITDA(1) : $1.0 million, as compared to $1.9 million for the six months ended June 30, 2024;
(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:
“The second quarter of 2025 marked our first full quarter as an independent public company, following the successful completion of our spin-off from Toro and our listing on Nasdaq on April 15, 2025. Since then, we have strengthened our financial position by raising capital, maintaining a debt-free balance sheet, and leveraging our strong liquidity to acquire two LPG vessels—effectively tripling our fleet within a short timeframe.
We also adopted a Bitcoin treasury strategy, underscoring our long-term vision to diversify and further reinforce the Company’s financial flexibility. Looking ahead, we remain focused on pursuing profitable growth opportunities and delivering sustainable long-term value to our shareholders.”
Earnings Commentary:
Second quarter ended June 30, 2025, and 2024 Results
Total vessel revenues, net of charterers’ commissions, increased to $2.0 million in the three months ended June 30, 2025, from $1.5 million in the same period in 2024. This increase of $0.5 million was mainly associated with the increase in the Available Days of our tanker vessel to 91 days in the three months ended June 30, 2025 from 65 days in the same period in 2024 due to the scheduled dry-dock and special survey of M/T Wonder Mimosa, which initiated and completed in the second and third quarters of 2024. During the three months ended June 30, 2025, our tanker vessel earned on average a Daily TCE Rate of $20,054 , compared to an average Daily TCE Rate of $21,964 earned during the same period in 2024. 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 for our tanker vessel increased to $0.2 million in the three months ended June 30, 2025, from $0.1 million in the same period in 2024. This increase of $0.1 million was mainly associated with the increase in available days in the three months ended June 30, 2025, as compared to the same period in 2024.
The increase in vessel operating expenses by $0.1 million to $0.6 million in the three months ended June 30, 2025, from $0.5 million in the same period in 2024, mainly reflects the increase in spare parts expenses in the three months ended June 30, 2025, as compared in the same period in 2024.
Management fees amounted to $0.1 million for our tanker vessel in the three months ended June 30, 2025 and in the same period in 2024, as a result of the same Ownership Days of 91 days for each period.
Depreciation expenses amounted to $0.1 million for our tanker vessel in the three months ended June 30, 2025 and in the same period in 2024, as a result of the same Ownership Days of 91 days for each period. Dry-dock amortization charges in the three months ended June 30, 2025 and the same period of 2024 amounted to $0.2 million and $0.1 million, respectively, and this increase of $0.1 million relates to our tanker vessel, M/T Wonder Mimosa, which initiated and completed its scheduled dry-dock and special survey in the second and third quarters of 2024.
General and administrative expenses in the three months ended June 30, 2025, amounted to $0.41 million, whereas, in the same period of 2024, general and administrative expenses totaled $0.37 million. This increase is mainly associated with (i) incurred legal and other corporate fees primarily related to the growth of our company and becoming a public company on April 14, 2025 and (ii) the flat management fee for the period from January 1 through April 14, 2025 (completion of Spin-Off), amounting to $0.2 million. For the three months ended June 30, 2024, and for the period from January 1 through April 14, 2025 (completion of Spin-Off), General and administrative expenses reflect the expense allocations made to the Company by Toro. For further details of the allocation, please refer to the Combined Carve-Out Financial Statements and related notes included elsewhere in the annual report on Form 20-F filed with the SEC on April 15, 2025.
Interest and finance costs, net, amounted to $(0.2) million in the three months ended June 30, 2025, whereas, in the same period of 2024, interest and finance costs, net amounted to $0.002 million. This variation is mainly due to the substantial increase in interest income for the three months ended June 30, 2024 on our available cash.
Recent Financial Developments Commentary:
Equity update
On the completion of Spin-Off, on April 14, 2025 (a) Toro contributed to us (i) Toro’s one tanker-owning subsidiary (owning M/T Wonder Mimosa) and an additional subsidiary formerly owning the M/T Wonder Formosa and (ii) $10,356,450 in cash for additional working capital (b) we issued to Toro (i) a total of 2,386,731 common shares, par value $0.001 per share, which were then distributed by Toro on a pro rata basis to its common shareholders, and (ii) 2,000,000 1.00% Series A fixed rate cumulative perpetual convertible preferred shares having a stated amount of $25 per share and a par value of $0.001 per share and (c) we issued to Pelagos Holdings Corp, a company controlled by the our Chairman and Chief Executive Officer, 40,000 Series B preferred shares of Robin, par value $0.001 per share.
On June 17, 2025, we issued and sold 965,000 common shares to certain institutional investors at an offering price of $5.25 per share in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $5.1 million and $4.2 million, respectively.
On June 18, 2025, we issued and sold 860,000 common shares to certain institutional investors at an offering price of $5.25 per share in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $4.5 million and $4.1 million, respectively.
On June 20, 2025, we issued and sold 763,000 common shares to certain institutional investors at an offering price of $5.25 per share in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $4.0 million and $3.6 million, respectively.
On June 25, 2025, we issued and sold 1,020,000 common shares to certain institutional investors at an offering price of $3.50 per share in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $3.6 million and $3.2 million, respectively.
On September 12, 2025, we issued and sold 5,769,230 common shares at a public offering price of $1.30 per share in an underwritten public offering. In connection with this offering, the underwriter partially exercised its overallotment option and purchased an additional 864,770 shares of our common stock at a public offering price of $1.30 per share for additional gross proceeds of approximately $1.1 million. In connection with this offering, including the partial exercise of the overallotment option, we received aggregate gross and net cash proceeds of approximately $8.6 million and $7.7 million, respectively.
On July 15, 2025, we paid to Toro a dividend amounting to $0.1 million on its 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”) for the period from April 15, 2025 to July 14, 2025.
As of October 1, 2025, we had 12,628,731 common shares issued and outstanding.
Liquidity/ Financing/Cash flow update
Our consolidated cash position increased by $39.4 million, from $369 as of December 31, 2024, to $39.4 million as of June 30, 2025. During the six months ended June 30, 2025, our cash position increased mainly as a result of (i) $13.1 million of net operating cash flows provided by, and (ii) $26.3 million of net financing cash flows provided by, including the contribution by Toro us of $10.4 million in cash for additional working capital in connection with the Spin Off and the aggregate gross proceeds less paid issuance expenses from registered direct equity offerings amounting to $15.7 million.
Recent Business Developments Commentary:
Allocation of $5.0 million to Bitcoin as a primary treasury reserve asset
On September 9, 2025, we completed allocations in the aggregate amount of $5 million to Bitcoin, as a primary treasury reserve asset, to be executed through a measured, institutional-grade implementation approach. The above allocation comes as part of the newly adopted comprehensive Bitcoin treasury framework, announced on July 31, 2025, targeting up to 50% of its long-term cash reserves, with any potential purchases beyond the initial allocation to be deployed to Bitcoin through disciplined dollar-cost averaging.
Vessel acquisitions
On July 10, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro to acquire a 2015-built 5,000 cbm LPG Carrier vessel, LPG Dream Syrax, for a purchase price of $18.0 million. The vessel was delivered to us on September 3, 2025.
On September 16, 2025, we, through a wholly owned subsidiary, entered into agreement with Toro to acquire a 2020-built 5,000 cbm LPG Carrier vessel, LPG Dream Terrax, for a purchase price of $20.0 million. The vessel was delivered to us on September 25, 2025. As a result of the acquisition of LPG Dream Syrax and LPG Dream Terrax, management has determined that, with effect from the third quarter of 2025, the we operate in two reportable segments: (i) the tanker segment and (ii) the LPG carrier segment.
The terms of the acquisitions above were approved by the independent and disinterested members of our board of directors and Toro’s board of directors, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of our board of directors and Toro’s board of directors.
Fleet Employment Status (as of October 1, 2025): During the three months ended June 30, 2025, we operated on average 1.0 vessel earning a Daily TCE Rate(1) of $20,054 as compared to an average of 1.0 vessel earning a Daily TCE Rate(1) of $21,964 during the same period in 2024. Our employment profile as of October 1, 2025 is presented immediately below.
(1) 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.
| Tanker | ||||||||
| Name | Type | DWT | Year Built |
Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Wonder Mimosa | Handysize | 36,718 | 2006 | Korea | Tanker Pool(1) | N/A | N/A | N/A |
| LPG Carriers | ||||||||
| Name | Type | DWT | Year Built |
Country of Construction | Type of Employment | Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Dream Syrax(4) | LPG carrier 5,000 cbm | 5,158 | 2015 | Japan | Time Charter period(2) | $337,000 per month | Dec-25 | Jan-27 |
| Dream Terrax(5) | LPG carrier 5,000 cbm | 4,743 | 2020 | Japan | Time Charter period(3) | $345,000 per month | Feb-26 | Mar-26 |
(1) The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels.
(2) The vessel has been fixed by the previous owner under a time charter period contract from May 18, 2025 until January 1, 2026 (plus or minus seven days in charterer’s option), at $337,000 per month, plus twelve months at the charterer’s option (plus or minus seven days in charterer’s option). The rate for the optional period will be increased at a rate between 2% and 6% to be mutually agreed between us and the charterer.
(3) The vessel has been fixed by the previous owner under a time charter period contract of seven months starting from August 2025, at $345,000 per month plus or minus seven days in charterer’s option.
(4) On July 10, 2025, we, through a wholly owned subsidiary, entered into agreement to acquire Dream Syrax, for a purchase price of $18.0 million. The vessel was delivered to us on September 3, 2025
(5) On September 16, 2025, we, through a wholly owned subsidiary, entered into agreement to acquire Dream Terrax, for a purchase price of $20.0 million. The vessel was delivered to us on September 25, 2025.
Financial Results Overview:
Set forth below are selected financial and operational data of the three months and six months ended June 30, 2025 and 2024, respectively:
| Three Months Ended | Six Months Ended | ||||||||||||
| (Expressed in U.S. dollars) | June 30, 2025 (unaudited) |
June 30, 2024 (unaudited) |
June 30, 2025 (unaudited) |
June 30, 2024 (unaudited) |
|||||||||
| Total vessel revenues | $ | 2,011,664 | $ | 1,540,517 | $ | 3,598,828 | $ | 4,019,697 | |||||
| Operating income | $ | 348,228 | $ | 184,676 | $ | 270,732 | $ | 1,392,780 | |||||
| Net income and comprehensive income | $ | 515,860 | $ | 182,302 | $ | 433,783 | $ | 1,362,240 | |||||
| EBITDA(1) | $ | 715,144 | $ | 419,918 | $ | 999,495 | $ | 1,856,583 | |||||
| Earnings per common share, basic | $ | 0.15 | $ | 0.08 | $ | 0.13 | $ | 0.57 | |||||
| Earnings per common share, diluted | $ | 0.03 | $ | 0.01 | $ | 0.03 | $ | 0.09 | |||||
(1) EBITDA is not recognized measure under U.S. GAAP. Please refer to Appendix B of this release 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.
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data of our tanker vessel for each of the three and six months ended June 30, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Ownership Days(1)(7) | 91 | 91 | 181 | 182 | |||||||||
| Available Days(2)(7) | 91 | 65 | 181 | 156 | |||||||||
| Operating Days(3)(7) | 91 | 65 | 181 | 156 | |||||||||
| Daily TCE Rate(4) | $ | 20,054 | $ | 21,964 | $ | 17,617 | $ | 24,763 | |||||
| Fleet Utilization(5) | 100 | % | 100 | % | 100 | % | 100 | % | |||||
| Daily vessel operating expenses(6) | $ | 6,577 | $ | 6,023 | $ | 6,840 | $ | 6,241 | |||||