$LPG

DORIAN LPG LTD.

CIK:0001596993|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net pool revenues - related party	$ 187,804,115	$ 83,842,752
Other revenues, net	80,733	369,214
Total revenues	187,884,848	84,211,966
Expenses
Voyage expenses	422,621	1,342,756
Charter hire expenses	22,614,002	10,721,911
Profit sharing expenses	1,676,988
Vessel operating expenses	20,143,217	21,911,606
Depreciation and amortization	17,649,067	18,379,147
General and administrative expenses	13,500,048	16,910,101
Total expenses	76,005,943	69,265,521
Gain on disposal of vessel	30,116,869
Other income - related parties	669,079	645,364
Operating income	142,664,853	15,591,809
Other income/(expenses)
Interest and finance costs	(8,695,333)	(7,714,797)
Interest income	2,979,719	2,843,446
Unrealized gain/(loss) on derivatives	932,965	(1,183,841)
Realized gain on derivatives	286,510	539,429
Other gain/(loss), net	116,308	6,055
Total other expenses, net	(4,379,831)	(5,509,708)
Net income	$ 138,285,022	$ 10,082,101
Weighted average shares outstanding:
Basic	42,549,955	42,427,473
Diluted	42,731,551	42,488,024
Earnings per common share - basic	$ 3.25	$ 0.24
Earnings per common share - diluted	$ 3.24	$ 0.24

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 138,285,022	$ 10,082,101
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,649,067	18,379,147
Non-cash lease expense	11,853,276	8,490,242
Amortization of financing costs	554,119	295,249
Unrealized (gain)/loss on derivatives	(932,965)	1,183,841
Stock-based compensation expense	2,020,619	1,757,879
Gain on disposal of vessel	(30,116,869)
Unrealized foreign currency loss/(gain), net	66,256	(241,006)
Other non-cash items, net	(188,889)	21,610
Changes in operating assets and liabilities
Trade receivables, inventories, prepaid expenses, and other current and non-current assets	(3,022,035)	(1,574,245)
Due from related parties	(90,004,070)	(26,671,741)
Operating lease liabilities - current and long-term	(11,855,467)	(8,491,076)
Trade accounts payable	1,676,839	1,147,369
Accrued expenses and other liabilities	(5,527,600)	356,959
Due to related parties	557,995	238,204
Payments for drydocking costs	(543,447)	(4,160,059)
Net cash provided by operating activities	30,471,851	814,474
Cash flows from investing activities:
Payments for vessels under construction and other capital expenditures for vessels	(181,515)	(3,056,789)
Proceeds from disposal of vessels	80,730,111
Net cash provided by/(used in) investing activities	80,548,596	(3,056,789)
Cash flows from financing activities:
Repayment of long-term debt borrowings	(53,404,854)	(13,965,616)
Repurchase of common shares		(1,822,780)
Financing costs paid	(276,692)
Dividends paid	(42,549,955)	(21,211,264)
Net cash used in financing activities	(96,231,501)	(36,999,660)
Effects of exchange rates on cash and cash equivalents	(56,996)	291,277
Net increase/(decrease) in cash, cash equivalents, and restricted cash	14,731,950	(38,950,698)
Cash, cash equivalents, and restricted cash at the beginning of the period	327,488,955	316,953,612
Cash, cash equivalents, and restricted cash at the end of the period	342,220,905	278,002,914
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	6,664,825	7,565,280
Cash paid for operating lease liabilities	13,887,460	10,735,854
Right of use assets recognized	1,826,320
Unpaid lease liability upon initial recognition	1,826,320
Capitalized drydocking costs included in liabilities	9,366	5,005,670
Vessel-related capital expenditures included in liabilities	187,303	620,893
Unpaid dividends included in liabilities	933,092	1,027,746
Financing costs included in liabilities	534,600	663,600
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:
Cash and cash equivalents	342,141,482	277,921,450
Restricted cash-non-current	79,423	81,464
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 342,220,905	$ 278,002,914

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Mar. 31, 2026
Current assets
Cash and cash equivalents	$ 342,141,482	$ 327,409,120
Trade receivables, net and accrued revenues	3,552,552	2,037,495
Due from related parties	190,448,957	97,037,584
Inventories	2,581,435	2,441,578
Vessels held for sale	156,449,076
Prepaid expenses and other current assets	23,913,034	21,324,303
Total current assets	719,086,536	450,250,080
Fixed assets
Vessels, net	996,811,228	1,215,930,610
Total fixed assets	996,811,228	1,215,930,610
Other non-current assets
Deferred charges, net	18,953,383	24,990,338
Derivative instruments	3,270,389	2,337,425
Due from related parties-non-current	22,000,000	26,400,000
Restricted cash-non-current	79,423	79,835
Operating lease right-of-use assets	138,685,264	148,712,528
Other non-current assets	2,943,144	2,991,901
Total assets	1,901,829,367	1,871,692,717
Current liabilities
Trade accounts payable	8,687,741	7,990,868
Accrued expenses	5,565,363	11,327,406
Due to related parties	557,995
Deferred income	1,862,278	1,981,719
Current portion of long-term operating lease liabilities	44,576,592	46,661,757
Current portion of long-term debt	158,670,500	100,164,502
Dividends payable	933,092	700,366
Total current liabilities	220,853,561	168,826,618
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	348,873,457	460,230,191
Long-term operating lease liabilities	94,117,477	102,061,784
Other long-term liabilities	1,465,534	1,577,746
Total long-term liabilities	444,456,468	563,869,721
Total liabilities	665,310,029	732,696,339
Commitments and contingencies
Shareholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding
Common stock, $0.01 par value, 450,000,000 shares authorized, 54,647,868 and 54,647,868 shares issued, 42,782,681 and 42,782,681 shares outstanding (net of treasury stock), as of June 30, 2026 and March 31, 2026, respectively	546,478	546,478
Additional paid-in-capital	880,570,312	878,549,693
Treasury stock, at cost; 11,865,187 and 11,865,187 shares as of June 30, 2026 and March 31, 2026, respectively	(140,116,177)	(140,116,177)
Retained earnings	495,518,725	400,016,384
Total shareholders' equity	1,236,519,338	1,138,996,378
Total liabilities and shareholders' equity	$ 1,901,829,367	$ 1,871,692,717