$GASS

StealthGas Inc.

CIK:0001328919|SEC Filings

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Revenues	$ 173,161,478	$ 167,262,185	$ 143,527,769
Total revenues	173,161,478	167,262,185	143,527,769
Expenses
Voyage expenses	20,433,872	9,594,880	11,429,716
Voyage expenses – related party	2,097,322	2,063,228	1,779,488
Vessels' operating expenses	52,980,264	48,961,137	52,206,248
Vessels' operating expenses – related party	933,616	875,002	911,250
Dry-docking costs	3,602,010	5,312,614	2,641,706
Management fees – related party	4,445,120	4,258,240	4,531,920
General and administrative expenses (including $1,074,549, $1,049,452 and $1,122,233 to related party)	8,333,449	10,309,693	5,331,029
Depreciation	25,252,476	26,076,687	23,707,797
Impairment loss	488,400	0	2,816,873
Net gain on sale of vessels	(538,000)	(46,384)	(7,645,781)
Total expenses	118,028,529	107,405,097	97,710,246
Income from operations	55,132,949	59,857,088	45,817,523
Other (expenses)/income
Interest and finance costs	(2,241,719)	(9,062,562)	(9,956,712)
Gain on derivatives	0	99,286	237,618
Interest income	2,953,442	3,416,221	3,712,239
Foreign exchange loss	(282,697)	(70,692)	(190,722)
Other expenses, net	429,026	(5,617,747)	(6,197,577)
Income before equity in earnings of investees	55,561,975	54,239,341	39,619,946
Equity earnings in joint ventures	5,086,641	15,622,836	12,316,883
Net Income	$ 60,648,616	$ 69,862,177	$ 51,936,829
Earnings per share
Basic	$ 1.64	$ 1.91	$ 1.38
Diluted	$ 1.64	$ 1.9	$ 1.37
Weighted average number of shares
Basic	35,881,239	35,237,059	37,166,449
Diluted	35,896,867	35,333,160	37,236,951

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income for the year	$ 60,648,616	$ 69,862,177	$ 51,936,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,252,476	26,076,687	23,707,797
Amortization of deferred finance charges	990,921	711,378	1,345,940
Amortization of operating lease right-of-use assets	126,754	99,379	99,379
Share based compensation	4,967,250	7,326,808	2,589,406
Change in fair value of derivatives	0	108,841	789,509
Equity earnings in joint ventures	(5,086,641)	(15,622,836)	(12,316,883)
Proceeds from disposal of interest rate swaps	0	1,018,000	0
Dividends received from joint ventures	2,634,000	20,570,036	14,589,215
Impairment loss	488,400	0	2,816,873
Net gain on sale of vessels	(538,000)	(46,384)	(7,645,781)
(Increase)/decrease in
Trade and other receivables	(1,004,172)	(1,971,610)	238,627
Other current assets	170,846	(62,676)	139,925
Claims receivable	(4,474,893)	0	0
Inventories	2,154,930	(1,664,738)	1,365,189
Changes in operating lease liabilities	(126,754)	(99,379)	(99,379)
Advances and prepayments	(240,405)	676,228	(728,005)
Increase/(decrease) in
Balances with related parties	590,092	(555,589)	(1,532,943)
Trade accounts payable	(1,677,299)	628,899	(1,813,377)
Accrued liabilities	(802,426)	(758,558)	(100,515)
Deferred income	1,108,984	(2,796,608)	2,058,409
Net cash provided by operating activities	85,182,679	103,500,055	77,440,215
Cash flows from investing activities
Insurance proceeds	0	0	126,666
Payment for acquisition of remaining interest in joint venture, net of cash acquired	(7,976,895)	0	0
Vessels' acquisitions, advances for vessels under construction and improvement of vessels	(412,428)	(106,169,013)	(85,201)
Proceeds from sale of vessels, net	25,072,377	34,679,584	80,109,781
Maturity in short-term investments	0	0	26,500,000
Return of investments from joint ventures	0	7,007,164	4,688,785
Net cash provided by/ (used in) investing activities	16,683,054	(64,482,265)	111,340,031
Cash flows from financing activities
Proceeds from exercise of stock options	356,250	356,250	747,500
Stock repurchase	(1,784,712)	(338,176)	(19,080,456)
Deferred finance charges paid	0	(22,167)	(988,165)
Advances from joint ventures	0	0	11,847
Advances to joint ventures	0	(11,847)	0
Loan repayments	(85,880,590)	(108,236,401)	(154,870,215)
Proceeds from long-term debt	0	70,000,000	0
Net cash used in financing activities	(87,309,052)	(38,252,341)	(174,179,489)
Net increase in cash and cash equivalents and restricted cash	14,556,681	765,449	14,600,757
Cash and cash equivalents and restricted cash at beginning of year	84,521,150	83,755,701	69,154,944
Cash and cash equivalents and restricted cash at end of year	99,077,831	84,521,150	83,755,701
Cash breakdown
Cash and cash equivalents	99,077,831	80,653,398	77,202,843
Restricted cash, current	0	0	659,137
Restricted cash, non-current	0	3,867,752	5,893,721
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	99,077,831	84,521,150	83,755,701
Supplemental Cash Flow Information:
Cash paid during the year for interest, net of amounts capitalized	2,756,593	9,594,744	14,695,487
Non cash investing activity – Vessels	$ 57,230,928	$ 476,180	$ 63,752

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 99,077,831	$ 80,653,398
Trade and other receivables	7,744,675	6,156,300
Other current assets	22,419	193,265
Claims receivable	61,697,544	55,475
Inventories	1,899,887	3,891,147
Advances and prepayments	1,145,504	733,212
Assets held for sale	24,945,022	0
Fair value of derivatives	0	387,608
Total current assets	196,532,882	92,070,405
Non current assets
Operating lease right-of-use assets	104,801	0
Vessels, net	491,413,817	608,214,416
Other receivables	171,275	370,053
Restricted cash	0	3,867,752
Investments in joint ventures	23,467,353	27,717,238
Total non current assets	515,157,246	640,169,459
Total assets	711,690,128	732,239,864
Current liabilities
Payable to related parties	1,045,962	388,130
Trade accounts payable	9,881,737	10,994,434
Accrued and other liabilities	4,443,142	4,922,587
Operating lease liabilities	104,801	0
Deferred income	5,665,271	4,304,667
Current portion of long-term debt	0	23,333,814
Total current liabilities	21,140,913	43,943,632
Non current liabilities
Deferred income	222,605	213,563
Long-term debt	0	61,555,855
Total non current liabilities	222,605	61,769,418
Total liabilities	21,363,518	105,713,050
Commitments and contingencies
Stockholders' equity
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized, 37,041,373 shares issued and outstanding at December 31, 2024 and 37,185,686 shares issued and outstanding at December 31, 2025 with a par value of $0.01 per share	371,857	370,414
Additional paid-in capital	413,450,279	409,912,934
Retained earnings	276,504,474	215,855,858
Accumulated other comprehensive income	0	387,608
Total stockholders' equity	690,326,610	626,526,814
Total liabilities and stockholders' equity	$ 711,690,128	$ 732,239,864