LIMASSOL, Cyprus, April 10, 2026 (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 year ended December 31, 2025.
Highlights of the Fourth Quarter Ended December 31, 2025:
- Total vessel revenues: $4.3 million, as compared to $1.3 million for the three months ended December 31, 2024, or a 230.8% increase;
- Net loss: $(0.7) million, as compared to $(0.2) million, for the three months ended December 31, 2024;
- Operating income/(loss): $0.4 million, as compared to $(0.2) million, for the three months ended December 31, 2024;
- Loss per common share, basic: $(0.2) per share, as compared to $(0.4) per share for the three months ended December 31, 2024;
- Adjusted net income/(loss)(1): $0.5 million, as compared to $(0.2) million for the three months ended December 31, 2024;
- EBITDA(1): $0.2 million, as compared to $0.2 million for the three months ended December 31, 2024;
- Adjusted EBITDA(1): $1.4 million, as compared to $0.2 million for the three months ended December 31, 2024;
- Cash of $5.6 million as of December 31, 2025, as compared to $369 as of December 31, 2024;
- On October 27, 2025, we successfully completed a registered direct offering with a certain institutional investor, issuing and selling 0.3 million common shares and 1.0 million pre-funded warrants, resulting in gross proceeds of approximately $7.0 million;
- On November 13, 2025, we entered into an at-the-market (“ATM”) offering agreement with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to which we may, from time to time, offer and sell up to $75.0 million of our common shares through the sales agents at our discretion (as of April 10, 2026, we have received gross proceeds of $14.8 million under the ATM by issuing 3.8 million common shares);
- On December 24, 2025, we effected a 1-for-5 reverse stock split, with all share and per-share amounts retroactively adjusted to reflect the reverse stock split.
Highlights of the Year Ended December 31, 2025:
- Total vessel revenues: $9.9 million, as compared to $6.8 million for the year ended December 31, 2024, or a 45.6% increase;
- Net (loss)/income: $(0.01) million, as compared to $1.1 million, for the year ended December 31, 2024;
- Operating income: $0.7 million, as compared to $1.1 million, for the year ended December 31, 2024;
- (Loss)/Earnings per common share, basic: $(0.30) per share, as compared to $2.20 per share for the year ended December 31, 2024;
- Adjusted net income(1): $1.1 million, as compared to $1.1 million for the year ended December 31, 2024;
- EBITDA(1): $1.7 million, as compared to $2.2 million for the year ended December 31, 2024;
- Adjusted EBITDA(1): $2.8 million, as compared to $2.2 million for the year ended December 31, 2024;
- Our spin-off (the “Spin-Off”) from 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;
- On September 9, 2025, we completed allocations in the aggregate amount of $5 million to Bitcoin, as a primary treasury reserve asset. The above allocation comes as part of the newly adopted comprehensive Bitcoin treasury framework, announced on July 31, 2025;
- During the year ended December 31, 2025, we completed two LPG carrier vessel acquisitions; and
- During the year ended December 31, 2025, we successfully completed six registered equity offerings, issuing and selling 2.3 million common shares and 1.0 million pre-funded warrants to certain institutional investors, resulting in gross proceeds of approximately $32.8 million.
(1) Adjusted net income/(loss), EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definitions and reconciliation of these measures to Net income/(Loss), 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:
“2025 marked our first full year of operations as an independent, publicly listed company and a year of meaningful strategic progress. We advanced our growth objectives with the acquisition of two LPG carriers, effectively tripling our fleet within a short timeframe, while maintaining a robust, debt-free balance sheet.
“As we move forward, we continue to seek opportunities that will further drive our growth and strengthen our position in the market.”
Earnings Commentary:
Fourth quarter ended December 31, 2025 and 2024 Results
Total vessel revenues increased to $4.3 million in the three months ended December 31, 2025, from $1.3 million in the same period in 2024. This increase of $3.0 million was mainly associated with the increase in the Available Days of our fleet to 276 days in the three months ended December 31, 2025 from 92 days in the same period in 2024 due to the acquisitions of LPG Dream Syrax and LPG Dream Terrax in September 2025. During the three months ended December 31, 2025, our fleet earned on average a Daily TCE Rate of $13,418, compared to an average Daily TCE Rate of $13,133 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 fleet increased to $0.6 million in the three months ended December 31, 2025, from $0.1 million in the same period in 2024. This increase of $0.5 million was mainly associated with the increase in Available days in the three months ended December 31, 2025, as compared to the same period in 2024.
The increase in vessel operating expenses by $0.8 million to $1.4 million in the three months ended December 31, 2025, from $0.6 million in the same period in 2024, mainly reflects the increase in the Ownership Days of our fleet to 276 days in the three months ended December 31, 2025 from 92 days in the same period in 2024.
The increase in management fees to $0.3 million in the three months ended December 31, 2025, from $0.1 million in the same period in 2024, mainly reflects (i) the increase in the Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024 and (ii) the increased management fees due to an inflation-based adjustment that was effected on July 1, 2025, following our entry into the master management agreement with Castor Ships with effect from April 14, 2025.
Depreciation expenses amounted to $0.6 million for our fleet in the three months ended December 31, 2025 from $0.1 million in the same period in 2024, as a result of the increase in Ownership Days of our fleet in the three months ended December 31, 2025, compared to the same period in 2024. Dry-dock amortization charges amounted to $0.3 million in the three months ended December 31, 2025 from $ 0.2 million in the same period of 2024. This increase in dry-dock amortization charges primarily resulted from the increase in dry-dock amortization days to 276 dry-dock amortization days in the three months ended December 31, 2025 from 92 days in the three months ended December 31, 2024.
General and administrative expenses in the three months ended December 31, 2025, amounted to $0.7 million, compared to $0.4 million in the same period of 2024. The amount of $0.7 million is mainly associated with (i) incurred legal and other corporate fees primarily related to the growth of our company, including expenses related to Proposed AI OKTO Spin-Off (as defined below) and (ii) the flat management for the three months ended December 31, 2025 amounting to $0.2 million. For the three months ended December 31, 2024, 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 $(0.02) million in the three months ended December 31, 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 December 31, 2025 on our available cash.
Recent Financial Developments Commentary:
Equity Update
On January 15, 2026, we paid to Toro a dividend amounting to $0.1 million on our 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”) for the period from October 15, 2025 to January 14, 2026.
On October 27, 2025, we issued and sold 280,000 common shares and 1,028,000 pre-funded warrants to a certain institutional investor in a registered direct offering. In connection with this registered direct equity offering, we received gross and net cash proceeds of approximately $7.0 million and $6.3 million, respectively. As of today, all pre-funded warrants were cashless exercised.
On November 13, 2025, we entered into an “at-the-market” (“ATM”) offering agreement with Maxim Group LLC (“Maxim”) and Rodman & Renshaw LLC (“Rodman & Renshaw”). Under the terms of the ATM offering agreement, we may, from time to time, sell our common shares having an aggregate offering value of up to $75.0 million through Maxim and Rodman & Renshaw, as sales agents. We will determine, at our sole discretion, the timing and number of shares to be sold under the ATM facility. As of today, we have received gross proceeds of $14.8 million under the ATM by issuing 3,770,905 common shares.
On December 16, 2025, our Board of Directors approved a share repurchase program, authorizing the repurchase, from time to time, of up to $1.0 million of our common shares. Shares were repurchased in open market and/or privately negotiated transactions, at times and prices that are considered to be appropriate by us, and the program may be suspended or discontinued at any time. The timing, manner and total amount of any share repurchases was determined by management at its discretion and depended on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors. The authorization did not obligate us to acquire any specific amount of common shares. During the year ended December 31, 2025, we repurchased under our share repurchase program 30,880 shares of common stock in open market transactions for an aggregate consideration of $0.1 million, which were classified as treasury shares as they were not cancelled as of December 31, 2025. As of today, the 30,880 common shares were cancelled.
On December 24, 2025, we effected a 1-for-5 reverse stock split of our common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of pre-funded warrants under our effective registered direct equity offering on October 27, 2025, have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of issued and outstanding shares as of December 24, 2025, was decreased to 2,805,745 and 2,774,865 (net of 30,880 treasury shares), respectively, while the par value of the Company’s common shares remained unchanged at $0.001 per share.
On March 24, 2026, we commenced a tender offer to purchase up to 1,000,000 of our common shares, using funds available from cash and cash equivalents on hand, at a price of $3.00 per share. The tender offer is scheduled to expire at the end of the day, 5:00 P.M., Eastern Time, on April 23, 2026, unless extended or withdrawn. The Board of Directors determined that it was in our best interest to repurchase shares at such time given our cash position and stock price.
As of April 10, 2026, we had 7,572,151 common shares issued and outstanding.
Recent Business Developments Commentary:
Announcement of the proposed spin-off of Company’s tanker segment
On March 10, 2026, the Company determined, at the recommendation of its special committee of disinterested and independent directors, to effect a spin-off of its tanker segment comprising of one tanker and Xavier Shipping Co. (subsidiary formerly owning the M/T Wonder Formosa), and cash (the “Proposed AI OKTO Spin-Off”). In the Proposed AI OKTO Spin-Off, Robin shareholders will receive one common share of AI OKTO CORP. (“AI OKTO”), a newly formed subsidiary that will act as the holding company for the one tanker vessel, for every 6.5 Robin common shares. AI OKTO has applied to have its common shares listed on the Nasdaq Capital Market. Robin’s Chairman and Chief Executive Officer, Petros Panagiotidis, has been appointed as Chairman and Chief Executive Officer of AI OKTO with effect as of the completion of the Proposed AI OKTO Spin-Off. The Board believes that the creation of a pure play tanker company, with part of its core strategy being to establish an artificial intelligence (“AI”)-enabled operating model through partnerships with vendors, data-infrastructure providers, and maritime-technology firms to identify, evaluate, and implement AI-driven solutions across its fleet, will provide significant benefits to both Robin and AI OKTO and their shareholders. AI OKTO has filed a registration statement on Form 20-F (the “Registration Statement”) pursuant to the Securities Exchange Act of 1934 with the U.S. Securities and Exchange Commission, which includes a more detailed description of the terms of the Proposed AI OKTO Spin-Off. The Proposed AI OKTO Spin-Off remains subject to the Registration Statement being declared effective and the approval of the listing of AI OKTO’s common shares on the Nasdaq Capital Market. There can be no assurance that the Proposed AI OKTO Spin-Off will occur or, if it does occur, of its terms or timing.
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.
Liquidity/Financing/Cash Flow Update
Our consolidated cash position increased by $5.6 million, from $369 as of December 31, 2024, to $5.6 million as of December 31, 2025. During the year ended December 31, 2025, our cash position increased mainly as a result of (i) $10.2 million of net operating cash flows provided by, and (ii) $38.6 million of net financing cash flows provided by, mainly relates to the contribution by Toro to us of $10.4 million in cash for additional working capital in connection with our spin-off from Toro and the aggregate gross proceeds less paid issuance expenses from registered equity offerings amounting to $29.1 million. This increase was partially offset by the cash used in investing activities amounting to $38.1 million due to the acquisition of vessels LPG Dream Syrax and LPG Dream Terrax and cash allocations in the aggregate amount of $5.0 million to Bitcoin.
Fleet Employment Status (as of April 10, 2026): During the three months ended December 31, 2025, we operated on average 3.0 vessels earning a Daily TCE Rate(1) of $13,418 as compared to an average of 1.0 vessel earning a Daily TCE Rate(1) of $13,133 during the same period in 2024. Our employment profile as of April 10, 2026 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 | LPG carrier 5,000 cbm | 5,158 | 2015 | Japan | Time Charter period(2) | $360,000 per month |
Feb-27 | Mar-27 | |
| Dream Terrax | LPG carrier 5,000 cbm | 4,743 | 2020 | Japan | Time Charter period(3) | $353,000 per month |
Dec-26 | Jan-27 | |
(1) The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels.
(2) On January 30, 2026, it was agreed between us and the charterer that a new time charter period contract will commence from March 1, 2026 until March 1, 2027 (plus or minus seven days in charterer’s option), the rate would be increased to $360,000 per month.
(3) On October 9, 2025, it was agreed between us and the charterer that a new time charter period contract will commence from March 1, 2026 until January 1, 2027 (plus or minus seven days in charterer’s option), the rate would be increased to $353,000 per month.
Financial Results Overview:
Set forth below are selected financial and operational data of the three months and year ended December 31, 2025 and 2024, respectively:
| Three Months Ended | Year Ended | |||||||||||
| (Expressed in U.S. dollars) | December 31, 2025 (unaudited) |
December 31, 2024 (unaudited) |
December 31, 2025 (unaudited) |
December 31, 2024 (unaudited) |
||||||||
| Total vessel revenues | $ | 4,344,139 | $ | 1,307,771 | $ | 9,905,602 | $ | 6,768,672 | ||||
| Operating income/(loss) | $ | 441,571 | $ | (197,174 | ) | $ | 721,187 | $ | 1,066,094 | |||
| Net (loss)/ income and comprehensive (loss)/income | $ | (703,651 | ) | $ | (197,011 | ) | $ | (45,142 | ) | $ | 1,051,403 | |
| Adjusted net income/(loss)(1) | $ | 465,117 | $ | (197,011 | ) | $ | 1,103,458 | $ | 1,051,403 | |||
| EBITDA(1) | $ | 191,895 | $ | 176,601 | $ | 1,687,765 | $ | 2,233,024 | ||||
| Adjusted EBITDA(1) | $ | 1,360,663 | $ | 176,601 | $ | 2,836,365 | $ | 2,233,024 | ||||
| (Loss)/earnings per common share, basic | $ | (0.2 | ) | $ | (0.4 | ) | $ | (0.3 | ) | $ | 2.2 | |
| (Loss)/earnings per common share, diluted | $ | (0.2 | ) | $ | (0.4 | ) | $ | (0.3 | ) | $ | 0.2 | |
(1) Adjusted net income/(loss), EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net income/(loss), 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 fleet for each of the three and year ended December 31, 2025 and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended December 31, |
Year Ended December 31, |
||||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | 2025 | 2024 | |||||
| Ownership Days(1)(7) | 276 | 92 | 582 | 366 | |||||
| Available Days(2)(7) | 276 | 92 | 580 | 326 | |||||
| Operating Days(3)(7) | 276 | 92 | 580 | 326 | |||||
| Daily TCE Rate(4) | $ | 13,418 | $ | 13,133 | $ | 14,989 | $ | 19,796 | |
| Fleet Utilization(5) | 100% | 100% | 100% | 100% | |||||
| Daily vessel operating expenses(6) | $ | 5,010 | $ | 6,325 | $ | 5,837 | $ | 6,312 | |