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Ardmore Shipping Corp

CIK:0001577437|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Operations
Revenue, net	$ 310,197	$ 405,784	$ 395,978
Voyage expenses	(114,361)	(132,612)	(131,904)
Vessel operating expenses	(66,159)	(60,254)	(59,770)
Operating expense component	(9,382)	(11,828)	(10,194)
Vessel lease expense component	(8,632)	(10,883)	(9,380)
Depreciation	(33,849)	(30,244)	(27,817)
Amortization of deferred drydock expenditures	(5,558)	(3,636)	(3,542)
General and administrative expenses
Corporate	(20,361)	(23,439)	(20,565)
Commercial and chartering	(4,712)	(4,601)	(4,676)
Gain on vessels sold		12,322
Unrealized gains / (losses) on derivatives	6	655	(262)
Interest expense and finance costs	(6,112)	(6,778)	(11,408)
Loss on extinguishment of debt	(469)
Gain on extinguishment of finance leases		1,432
Interest income	955	1,817	1,818
Income before taxes and equity method investments	41,563	137,735	118,278
Income tax	(241)	(215)	(435)
Loss from equity method investments	(308)	(4,514)	(1,035)
Net Income	41,014	133,006	116,808
Preferred dividends	(2,724)	(3,660)	(3,400)
Extinguishment of Preferred Stock	(2,218)	(739)
Net Income attributable to common stockholders	$ 36,072	$ 128,607	$ 113,408
Net income per share, basic (in dollars per share)	$ 0.89	$ 3.09	$ 2.76
Net income per share, diluted (in dollars per share)	$ 0.88	$ 3.06	$ 2.71
Weighted average number of shares outstanding, basic (in shares)	40,624,604	41,655,701	41,130,089
Weighted average number of shares outstanding, diluted (in shares)	40,812,019	42,041,821	41,821,637

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	$ 41,014	$ 133,006	$ 116,808
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	33,849	30,244	27,817
Amortization of deferred drydock expenditures	5,558	3,636	3,542
Share-based compensation	2,810	4,650	3,217
Gain on vessel sold		(12,322)
Amortization of deferred finance fees	1,007	1,138	1,237
Loss on extinguishment of debt	469
Gain on extinguishment of finance leases		(1,432)
Unrealized (gains) / losses on derivatives	(6)	(655)	262
Operating lease ROU - lease liability, net	226	47	52
Loss from equity method investments	308	4,514	1,035
Deferred drydock payments	(15,868)	(6,481)	(12,280)
Changes in operating assets and liabilities:
Receivables	13,334	(4,640)	23,610
Prepaid expenses and other assets	612	49	174
Advances and deposits	(1,785)	3,824	(4,673)
Inventories	2,397	1,250	3,160
Accounts payable	(1,003)	4,054	(4,410)
Accrued expenses and other liabilities	(2,389)	(572)	931
Deferred revenue	1,116	135	(873)
Net cash provided by operating activities	81,649	160,445	159,609
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of vessels		26,829
Payments for acquisition of vessels and vessel equipment, including deposits	(114,546)	(61,020)	(20,562)
Advances for vessel equipment	(6,173)		(4,822)
Payments for other non-current assets	(284)	(432)	(208)
Proceeds / (payments) for equity investments		1,650	(1,244)
Net cash (used in) investing activities	(121,003)	(32,973)	(26,836)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving facilities, net	179,493	104,664
Repayments of long term debt		(1,678)	(84,007)
Repayments on revolving facilities	(94,939)	(111,194)
Repayments of finance leases		(42,262)	(1,976)
Repurchase of common stock		(17,935)
Payment of common share dividends	(12,186)	(45,079)	(47,154)
Repayment of preferred stock	(30,000)	(10,000)
Payment of preferred share dividends	(3,157)	(3,805)	(3,400)
Net cash provided by / (used in) financing activities	39,211	(127,289)	(136,537)
Net (decrease) / increase in cash and cash equivalents	(143)	183	(3,764)
Cash and cash equivalents at the beginning of the year	46,988	46,805	50,569
Cash and cash equivalents at the end of the year	46,845	46,988	46,805
Supplemental cash flow information
Cash paid during the period for interest in respect of debt	5,081	4,547	7,957
Cash paid during the period for interest in respect of finance leases		1,500	3,718
Cash paid during the period for operating lease liabilities (offices)	928	689	881
Cash paid during the period for operating lease liabilities (time charter-in contracts)	9,147	14,859	13,744
Cash paid during the period for income taxes	391	112	537
Non-cash financing activity. Non cash conversion from term loan to revolving facility		44,200
Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions	678	7,327
Non-cash financing activity: Accrued preferred dividends		433	578
Non-cash investing activity. Movement in accruals during the period in respect of drydocks and capex projects	$ (3,094)	$ 194	$ 765

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 46,845	$ 46,988
Receivables, net of allowance for bad debts of $1.3 million (2024: $1.9 million)	47,537	60,871
Prepaid expenses and other assets	3,687	4,298
Advances and deposits	4,869	3,084
Inventories	8,912	11,308
Total current assets	111,850	126,549
Non-current assets
Investments and other assets, net of accumulated depreciation of $2.7 million (2024: $2.5 million)	4,983	5,236
Vessels and vessel equipment, net of accumulated depreciation of $298.1 million (2024: $264.4 million)	638,123	545,594
Deferred drydock expenditures, net of accumulated amortization of $31.3 million (2024: $25.8 million)	27,068	14,252
Advances for vessel equipment		4,845
Deferred finance fees, net	4,920	2,746
Operating lease, right-of-use assets	1,780	5,577
Total non-current assets	676,874	578,250
TOTAL ASSETS	788,724	704,799
Current liabilities
Accounts payable	5,066	6,070
Accrued expenses and other liabilities	18,585	18,313
Deferred revenue	1,598	482
Current portion of operating lease obligations	598	4,965
Total current liabilities	25,847	29,830
Non-current liabilities
Non-current portion of long-term debt	127,000	38,796
Non-current portion of operating lease obligations	1,272	476
Other non-current liabilities	268	273
Total non-current liabilities	128,540	39,545
TOTAL LIABILITIES	154,387	69,375
Commitments and contingencies (note 17)
Redeemable Preferred Stock
Cumulative Series A 8.5% redeemable preferred stock		27,782
Stockholders' equity
Common stock ($0.01 par value, 225,000,000 shares authorized, 44,307,697 issued and 40,731,441 outstanding as of December 31, 2025 and 44,031,496 issued and 40,455,240 outstanding as of December 31, 2024)	443	440
Additional paid in capital	478,619	475,812
Treasury stock (3,576,256 shares as of December 31, 2025 and 3,576,256 shares as of December 31, 2024)	(33,524)	(33,524)
Retained earnings	188,799	164,914
Total stockholders' equity	634,337	607,642
Total redeemable preferred stock and stockholders' equity	634,337	635,424
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY	$ 788,724	$ 704,799