$TOPS

TOP SHIPS INC.

CIK:0001296484|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Revenues (including $8,943, $8,967 and $8,943 respectively, from related party) (Note 17 & 5)	$ 80,415	$ 86,127	$ 82,949
EXPENSES:
Voyage expenses (including$1,037, $1,040 and $1,015 respectively, to related party) (Note 11)	2,501	2,008	1,609
Operating lease expense (Note 6)	10,301	10,869	10,840
Vessel operating expenses (including$42, $46 and $11 respectively, to related party) (Note 11)	18,395	19,086	18,527
Dry-docking costs	0	3,152	0
Vessel depreciation (Note 4)	12,271	13,336	14,349
Management fees-related parties (Note 5)	3,050	2,266	2,200
General and administrative expenses (including$5,360, $6,360 and $6,360 respectively, to related party) (Note 5)	7,617	7,506	6,697
Operating income	26,280	27,904	28,727
OTHER EXPENSES:
Interest and finance costs (Note 12)	(23,406)	(23,496)	(22,989)
Interest income (including $-, $- and $277 respectively, from related party) (Note 5)	385	467	346
Equity (loss)/gain in unconsolidated joint ventures	(173)	159	(18)
Total other expenses, net	(23,194)	(22,870)	(22,661)
Net income	3,086	5,034	6,066
Less: Preferred shares dividend (Note 15)	0	0	(6,010)
Less: Deemed dividend on Series E Shares conversion	0	0	(22,426)
Net (Loss)/Income attributable to common shareholders	$ 3,086	$ 5,034	$ (22,370)
(Loss)/Earnings per common share, basic (Note 10) (in dollars per share)	$ 0.67	$ 1.09	$ (12.44)
(Loss)/Earnings per common share, diluted (Note 10) (in dollars per share)	$ 0.67	$ 1.09	$ (12.44)
Other Comprehensive Income:
Net income	$ 3,086	$ 5,034	$ 6,066
Change in foreign currency translation adjustments	697	0	0
Total Other Comprehensive Income	$ 3,783	$ 5,034	$ 6,066

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 3,086	$ 5,034	$ 6,066
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	12,271	13,336	14,349
Equity losses/(gains) in unconsolidated joint ventures	173	(159)	18
Dividends from cumulative earnings of joint venture	0	141	0
Debt prepayment fees	2,713	0	0
Amortization and write off of deferred financing costs and debt discounts	4,555	2,862	4,726
Amortization of Right of use assets from operating leases	9,666	9,810	9,232
(Increase)/Decrease in:
Trade accounts receivable	34	(3,196)	(309)
Inventories	251	(68)	111
Deposit asset	2,000	0	0
Due from related parties	(600)	0	0
Prepayments and other	(180)	497	(231)
Increase/(Decrease) in:
Due to related parties	(1,448)	(3,479)	4,411
Accounts payable	2,167	564	(503)
Other non-current liabilities	0	0	(100)
Accrued liabilities	153	821	189
Unearned revenue	(2,053)	139	(415)
Operating lease liabilities	(6,357)	(8,980)	(8,611)
Net Cash provided by Operating Activities	26,431	17,322	28,933
Cash Flows used in Investing Activities:
Advances for vessels under construction (Note 4(b))	(9,310)	0	0
Advances for asset acquisition from related parties (Note 5)	(11,500)	(24,000)	0
Loan to related party (Note 5)	(9,000)	0	0
Repayment of loan from related party (Note 5)	9,000	0	0
Returns of investments in unconsolidated joint ventures (Note 16)	0	11,599	2,520
Net proceeds from vessel/vessel construction contract sales (Note 5)	19,500	0	0
Net Cash provided by/(used in) Investing Activities	(1,310)	(12,401)	2,520
Cash Flows from Financing Activities:
Proceeds from debt	207,000	153,000	82,000
Proceeds from short-term debt	0	28,000	0
Principal payments and prepayments of debt	(193,174)	(133,992)	(76,384)
Prepayments of short-term debt	0	(28,000)	0
Redemption of preferred shares	0	(43,916)	(26,293)
Proceeds from issuance of common stock	0	0	13,562
Proceeds from warrant exercises, net of fees	0	0	12
Equity offering issuance costs	(45)	(70)	(1,260)
Payment of financing costs	(1,806)	(3,314)	(1,668)
Dividends of preferred shares	0	0	(6,010)
Consideration paid in excess of purchase price over book value of assets, net of cash assumed	(22,751)	0	0
Cash retained by Rubico Inc. on spin off	(1,023)	0	0
Payment of debt prepayment fees (Note 12)	(2,713)	0	0
Repayment of Vessel fair value participation liability	0	(4,956)	0
Net Cash used in Financing Activities	(14,512)	(33,248)	(16,041)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(16)	0	0
Net increase/(decrease) in cash and cash equivalents and restricted cash	10,593	(28,327)	15,412
Cash and cash equivalents and restricted cash at beginning of year	11,629	39,956	24,544
Cash and cash equivalents and restricted cash at end of the year	22,222	11,629	39,956
Cash breakdown
Cash and cash equivalents	20,372	7,629	35,956
Restricted cash, current	0	1,000	0
Restricted cash, non-current	1,850	3,000	4,000
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid, net of capitalized interest	17,723	19,327	18,277
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties	0	0	290
Equity issuance costs and warrant related costs included in liabilities	0	8	0
Deemed dividend on Series E Shares conversion (Note 15)	$ 0	$ 0	$ 22,426

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 20,372	$ 7,629
Restricted cash (Note 6)	0	1,000
Trade accounts receivable (including $- and $112 to related party (Note 5))	1,543	1,113
Prepayments and other	966	1,048
Right of use assets from operating leases (Note 6)	0	9,666
Deposit asset (Note 6)	0	2,000
Inventories	564	983
Due from related parties (Note 5)	$ 600	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current assets	$ 24,045	$ 23,439
FIXED ASSETS:
Vessels, net (Note 4(a))	268,466	361,374
Advances for vessels under construction (Note 4(b))	18,207	0
Other fixed assets, net	505	505
Total fixed assets	287,178	361,879
OTHER NON-CURRENT ASSETS:
Restricted cash (Note 7)	1,850	3,000
Advances for asset acquisitions to related party (Note 5)	11,500	24,000
Investments in unconsolidated joint ventures (Note 16)	7,881	8,054
Trade accounts receivable, non-current	1,155	2,400
Total non-current assets	22,386	37,454
Total assets	333,609	422,772
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	11,824	14,202
Due to related parties (Note 5)	$ 139	$ 1,169
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts payable	$ 3,342	$ 1,821
Accrued liabilities	1,521	2,993
Unearned revenue	3,228	6,652
Current portion of Operating lease liabilities (Note 6)	0	6,357
Liability from contract with related party (Note 5)	19,500	0
Total current liabilities	39,554	33,194
NON-CURRENT LIABILITIES:
Non-current portion of long-term debt (Note 7)	204,788	245,056
Unearned revenue, non-current	78	102
Total non-current liabilities	204,866	245,158
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	244,420	278,352
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2024 and 2025 (Note 9)	1	1
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 4,626,197 shares issued and outstanding at December 31, 2024 and 2025 (Note 9)	46	46
Additional paid-in capital	425,433	451,079
Accumulated other Comprehensive Income	697	0
Accumulated deficit	(336,988)	(306,706)
Total stockholders' equity	89,189	144,420
Total liabilities and stockholders' equity	$ 333,609	$ 422,772