Robin Energy Ltd., an international ship-owning company providing energy transportation services globally, announced its results for the three months ended March 31, 2026.
Highlights of the First Quarter Ended March 31, 2026:
▪ Total vessel revenues: $5.4 million, as compared to $1.6 million for the three months ended March 31, 2025, or a 237.5% increase;
▪ Net income/(loss): $0.5 million, as compared to $(0.1) million, for the three months ended March 31, 2025, or a 600.0% increase;
▪ Operating income/(loss): $1.3 million, as compared to $(0.1) million, for the three months ended March 31, 2025, or a 1,400.0% increase;
▪ Earnings/(Loss) per common share, basic: $0.08 per share, as compared to $(0.20) per share for the three months ended March 31, 2025;
▪ Adjusted net income/(loss)(1): $1.4 million, as compared to $(0.1) million for the three months ended March 31, 2025;
▪ EBITDA(1): $1.3 million, as compared to $0.3 million for the three months ended March 31, 2025;
▪ Adjusted EBITDA(1): $2.2 million, as compared to $0.3 million for the three months ended March 31, 2025;
▪ Cash of $23.7 million as of March 31, 2026, as compared to $5.7 million as of December 31, 2025;
▪ During the three months ended March 31, 2026, we received gross proceeds of $14.8 million by issuing 3.8 million common shares through an at-the-market (“ATM”) offering agreement entered into on November 13, 2025, with Maxim Group LLC and Rodman & Renshaw LLC, pursuant to which we offered and sold common shares through the sales agents at our discretion. As of May 12, 2026, there were no further transactions;
▪ On March 24, 2026, the Company commenced a tender offer to purchase up to 1.0 million common shares at $3.00 per share, which expired on April 23, 2026. The offer was oversubscribed, with approximately 1.9 million shares tendered. The Company accepted 1,000,000 shares including 339,775 “odd lots,” for purchase at $3.00 per share, for an aggregate cost of approximately $3.0 million excluding fees relating to the offer.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:
“During the first quarter of 2026, we delivered strong financial results across all key metrics. Revenues grew substantially compared to the same period in 2025, driving a marked improvement in profitability — with both net income and operating income turning positive — while our cash position strengthened materially, further solidifying our balance sheet. Following quarter end, we repurchased common shares through a tender offer and completed the sale of the M/T Wonder Mimosa, a 20-year-old Handysize tanker, for $12.8 million, generating an expected net gain of approximately $6.7 million, now positioning the company for its next phase of growth.“