$PANL

Quartet Holdco Ltd.

CIK:0001606909|SEC Filings

Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenue	$ 187,119,000	$ 156,689,000	$ 357,699,000	$ 279,491,000
Expenses:
Voyage expense	79,058,000	77,782,000	152,796,000	138,089,000
Charter hire expense	39,104,000	31,423,000	78,282,000	49,064,000
Vessel operating expense	23,263,000	23,375,000	43,825,000	45,553,000
Terminal & stevedore expenses	2,954,000	2,686,000	7,329,000	5,238,000
General and administrative	8,962,000	7,172,000	18,989,000	14,446,000
Depreciation and amortization	12,433,000	10,597,000	24,309,000	20,521,000
Loss on write-down of vessel held for sale	0	0	358,000	0
Total expenses	165,774,000	153,036,000	325,888,000	272,911,000
Income from operations	21,345,000	3,654,000	31,811,000	6,580,000
Other income (expense):
Interest income	1,069,000	292,000	3,121,000	736,000
Unrealized loss on derivative instruments, net	(6,696,000)	(1,301,000)	(89,000)	(1,117,000)
Other income	494,000	484,000	978,000	877,000
Total other income (expense), net	(10,863,000)	(6,554,000)	(7,664,000)	(11,679,000)
Net income (loss)	10,481,000	(2,900,000)	24,146,000	(5,099,000)
(Income) loss attributable to non-controlling interests	(280,000)	158,000	(650,000)	376,000
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.	$ 10,201,000	$ (2,742,000)	$ 23,496,000	$ (4,723,000)
Net income (loss) per common share
Basic (in dollars per share)	$ 0.16	$ (0.04)	$ 0.37	$ (0.07)
Diluted (in dollars per share)	$ 0.16	$ (0.04)	$ 0.36	$ (0.07)
Weighted average shares used to compute earnings per common share:
Basic (in shares)	64,396,991	64,042,209	64,295,098	63,988,996
Diluted (in shares)	65,025,857	64,042,209	64,901,400	63,988,996
Nonrelated Party
Other income (expense):
Interest Revenue (Expense), Net	$ (5,730,000)	$ (6,028,000)	$ (11,674,000)	$ (12,174,000)
Voyage revenue
Revenues:
Revenue	171,697,000	146,269,000	323,697,000	255,929,000
Charter revenue
Revenues:
Revenue	11,469,000	6,850,000	23,911,000	16,843,000
Port terminal & stevedore revenue
Revenues:
Revenue	$ 3,953,000	$ 3,571,000	$ 10,091,000	$ 6,720,000

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income (loss)	$ 24,146,000	$ (5,099,000)
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	24,309,000	20,521,000
Amortization of deferred financing costs	517,000	611,000
Amortization of prepaid rent	59,000	60,000
Unrealized loss on derivative instruments, net	89,000	1,117,000
Income from equity method investee	(1,240,000)	(877,000)
Provision for doubtful accounts	904,000	1,066,000
Loss on write-down of vessel held for sale	358,000	0
Drydocking costs	(8,946,000)	(11,945,000)
Share-based compensation	2,322,000	2,081,000
Change in operating assets and liabilities:
Accounts receivable	(4,197,000)	(8,021,000)
Inventories	(22,706,000)	(5,736,000)
Advance hire, prepaid expenses and other current assets	(22,079,000)	(355,000)
Accounts payable, accrued expenses and other current liabilities	29,426,000	13,572,000
Deferred revenue	2,914,000	3,044,000
Net cash provided by operating activities	25,878,000	10,039,000
Investing activities
Purchase of vessels, vessel improvements and equipment	(684,000)	(223,000)
Proceeds from sale of vessels and equipment	9,678,000	0
Purchase of fixed assets and equipment	(3,740,000)	(1,346,000)
Dividends received from equity method investments	1,100,000	0
Distributions from (Contributions to) non-consolidated subsidiaries	754,000	(842,000)
Net cash provided by (used in) investing activities	7,109,000	(2,411,000)
Financing activities
Proceeds from long-term debt	812,000	0
Payments of long-term debt	(8,471,000)	(8,269,000)
Payments of financing obligations	(14,017,000)	(12,602,000)
Payments of finance leases	(1,576,000)	(1,422,000)
Dividends paid to non-controlling interests	0	1,942,000
Cash dividends paid	(7,114,000)	(9,939,000)
Payments to repurchase ordinary shares	0	(1,007,000)
Net cash used in financing activities	(30,366,000)	(35,180,000)
Net change in cash and cash equivalents	2,621,000	(27,553,000)
Total cash and cash equivalents at beginning of period	103,054,000	86,805,000
Total cash and cash equivalents at end of period	105,675,000	59,253,000
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	105,675,000	59,253,000
Restricted cash	270,000	0
Total cash, cash equivalents and restricted cash	105,945,000	59,253,000
Capital expenditures included in accounts payable and accrued expenses	$ 3,399,000	$ 2,010,000

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 105,675,000	$ 103,054,000
Accounts receivable (net of allowance of $6,536 and $6,017 at June 30, 2026 and December 31, 2025, respectively)	59,147,000	55,854,000
Inventories	51,095,000	28,389,000
Advance hire, prepaid expenses and other current assets	50,027,000	28,478,000
Total current assets	265,944,000	215,776,000
Restricted cash	270,000	270,000
Fixed assets, at cost, net of accumulated depreciation of $200,962 and $179,988 at June 30, 2026 and December 31, 2025, respectively	667,189,000	677,518,000
Finance lease right of use assets, at cost, net of accumulated depreciation of $7,648 and $12,678 at June 30, 2026 and December 31, 2025, respectively	16,376,000	26,866,000
Goodwill	3,105,000	3,105,000
Other non-current assets	3,792,000	4,561,000
Total assets	956,677,000	928,096,000
Current liabilities
Accounts payable, accrued expenses and other current liabilities	83,012,000	54,257,000
Deferred revenue	27,805,000	24,891,000
Current portion of secured long-term debt	40,155,000	16,910,000
Current portion of financing obligations	38,521,000	27,896,000
Current portion of finance lease liabilities	1,000,000	2,076,000
Dividend payable	607,000	1,198,000
Total current liabilities	192,184,000	128,034,000
Secured long-term debt, net	66,542,000	97,157,000
Financing obligations, net	195,360,000	219,774,000
Finance lease liabilities, net	7,909,000	8,395,000
Total noncurrent liabilities	269,811,000	325,326,000
Commitments and contingencies - Note 9
Stockholders' equity:
Common stock, $0.0001 par value, 100,000,000 shares authorized; 65,473,772 shares issued and outstanding at June 30, 2026; 64,973,988 shares issued and outstanding at December 31, 2025	7,000	7,000
Additional paid-in capital	259,394,000	257,072,000
Retained earnings	189,228,000	172,255,000
Total Pangaea Logistics Solutions Ltd. equity	448,629,000	429,333,000
Non-controlling interests	46,053,000	45,403,000
Total stockholders' equity	494,682,000	474,736,000
Total liabilities and stockholders' equity	956,677,000	928,096,000
Related Party
Current liabilities
Affiliated companies payable	$ 1,085,000	$ 806,000