IMPERIAL PETROLEUM INC. Reports Q1 26 results, SECOND BEST QUARTERLY results in its history

ATHENS, Greece, May 22, 2026 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ:IMPP, the “Company”)), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2026.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Fleet operational utilization of 88.7% in Q1 26′ compared to 91.8% in Q4 25′ and 83.8% in Q1 25′.
• Approximately 59% of total fleet calendar days in Q1 26′ were dedicated to time charter activity while approximately 39% to spot activity.
• Delivery of the dry bulk carrier, Eco Crossfire, on April 3, 2026 which increased our fleet on the water to 21 vessels; the remaining four contracted dry bulk carriers and one tanker are scheduled to be delivered by end of Q3 26′ bringing our total fleet to 26 ships.
• In Q1 26′ Imperial Petroleum marked its second- best quarterly performance.
• Revenues of $61.7 million in Q1 26′ compared to $51.1 million in Q4 25′ and $32.1 million in Q1 25′, representing a 20.7% increase and a 92.2% increase, respectively.
• Impressive increase of our operating income to $26.5 million in Q1 26′, marking a $12.8 million or 93.4% increase compared to Q4 25′ and a $18.7 million or 239.7% increase compared to Q1 25′.
• Net income generation of $28.0 million in Q1 26′- the second best in our history- compared to $15.0 million in Q4 25′, and $11.3 million in Q1 25′, representing a 86.7% and 147.8% increase, respectively.
• Basic EPS of $0.60 in Q1 26′.
• EBITDA¹ of $34.4 million for Q1 26′.
• Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including time deposits of $212.6 million as of March 31, 2026 compared to $179.1 million as of December 31, 2025.
• Under the $10 million stock repurchase program, the Company has repurchased up to May 21, 2026 a total of 855,769 common shares for an aggregate amount of $3.8 million.

First Quarter 2026 Results:

• Revenues for the three months ended March 31, 2026 amounted to $61.7 million, an increase of $29.6 million, or 92.2%, compared to revenues of $32.1 million for the three months ended March 31, 2025, primarily due to the increase in the average number of vessels in our fleet by 7.98, along with an increase in tanker rates, particularly for suezmax tankers following the outbreak of the Middle East conflict.
• Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2026 were $12.8 million and $11.2 million, respectively, compared to $10.5 million and $7.1 million, respectively, for the three months ended March 31, 2025. The $2.3 million increase in voyage expenses is mainly attributed to a 25.2% increase in the number of spot days and increased port expenses due to higher number of transits through the Suez Canal mainly for the suezmax tankers. The $4.1 million increase in vessels’ operating expenses is primarily due to the increase in the average number of vessels in our fleet by 7.98.
• Drydocking costs for the three months ended March 31, 2026 and 2025 were $1.4 million and nil, respectively. During the three months ended March 31, 2026, our bulk carrier, Post Marvel, underwent drydocking whereas in the three months ended March 31, 2025, no vessel underwent drydocking.
• General and administrative costs for the three months ended March 31, 2026 and 2025 were $1.1 million and $1.2 million, respectively. This decrease is mainly attributed to the decrease in stock-based compensation costs.
• Depreciation for the three months ended March 31, 2026 and 2025 was $7.9 million and $5.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
• Management fees for the three months ended March 31, 2026 and 2025 were $0.8 million and $0.5 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
• Interest and finance costs for the three months ended March 31, 2026 and 2025 were $0.2 million and $0.6 million, respectively. The $0.2 million of costs for the three months ended March 31, 2026 relate mainly to accrued interest expense – related party in connection with the $19.16 million part of the acquisition price of our bulk carrier, Post Marvel, whereas the $0.6 million of costs for the three months ended March 31, 2025 related mainly to accrued interest expense – related party in connection with the $14.0 million and $24.0 million part of the acquisition prices of our bulk carriers, Neptulus and Clean Imperial, respectively, which completely settled in the second quarter of 2025. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.
• Interest income for the three months ended March 31, 2026 and 2025 was $1.8 million and $2.2 million, respectively. The $0.4 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates.
• Foreign exchange (loss)/gain for the three months ended March 31, 2026 and 2025 was a loss of $0.3 million and a gain of $1.7 million, respectively. The $0.3 million foreign exchange loss for the three months ended March 31, 2026, is mainly attributed the weakening of the euro currency against the dollar at the end of the three months ended March 31, 2026 when compared to the respective currency values prevailing at the end of year 2025.
• As a result of the above, for the three months ended March 31, 2026, the Company reported net income of $28.0 million, compared to net income of $11.3 million for the three months ended March 31, 2025. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2026. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2026 was 45.3 million. Earnings per share, basic and diluted, for the three months ended March 31, 2026 amounted to $0.60 and $0.57, respectively, compared to earnings per share, basic and diluted, of $0.32 and $0.30, respectively, for the three months ended March 31, 2025.
• Adjusted net income¹ was $28.6 million corresponding to an Adjusted EPS¹, basic of $0.61 for the three months ended March 31, 2026 compared to an Adjusted net income of $12.2 million corresponding to an Adjusted EPS, basic, of $0.34 for the same period of last year.
• EBITDA¹ for the three months ended March 31, 2026 amounted to $34.4 million, while Adjusted EBITDA¹ for the three months ended March 31, 2026 amounted to $34.9 million.
• An average of 19.88 vessels were owned by the Company during the three months ended March 31, 2026 compared to 11.90 vessels for the same period of 2025.

¹ EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Fleet Employment Table

As of May 22, 2026, the profile and deployment of our fleet is the following:

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