$SMHI

SEACOR Marine Holdings Inc.

CIK:0001690334|SEC Filings

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating Revenues	$ 54,630	$ 60,810	$ 98,912	$ 116,309
Costs and Expenses:
Operating	46,684	49,493	84,257	91,421
Administrative and general	12,343	11,998	22,297	23,484
Lease expense	266	325	516	662
Depreciation and amortization	10,718	12,090	21,048	24,900
Costs and expenses	70,011	73,906	128,118	140,467
Gains on Asset Dispositions and Impairments, Net	31,347	19,163	38,795	24,972
Operating Income	15,966	6,067	9,589	814
Other Income (Expense):
Interest income	443	372	934	808
Interest expense	(8,244)	(8,844)	(16,483)	(18,430)
Derivative gains, net	0	87	0	212
Foreign currency losses, net	(981)	(2,119)	(503)	(3,315)
Other, net	4	0	4	0
Nonoperating income (expense)	(8,778)	(10,504)	(16,048)	(20,725)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies	7,188	(4,437)	(6,459)	(19,911)
Income Tax Expense	3,951	2,508	6,159	3,412
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies	3,237	(6,945)	(12,618)	(23,323)
Equity in Earnings of 50% or Less Owned Companies	56	218	106	1,107
Net Income (Loss)	$ 3,293	$ (6,727)	$ (12,512)	$ (22,216)
Net Earnings (Loss) Per Share:
Basic	$ 0.13	$ (0.26)	$ (0.48)	$ (0.83)
Diluted	$ 0.12	$ (0.26)	$ (0.48)	$ (0.83)
Weighted Average Common Stock Outstanding:
Basic	26,072,144	25,686,560	25,929,323	26,791,291
Diluted	26,353,556	25,686,560	25,929,323	26,791,291

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net Loss	$ (12,512)	$ (22,216)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	21,048	24,900
Deferred financing costs amortization	85	86
Stock-based compensation expense	2,515	3,137
Debt discount amortization	473	458
Allowance for credit losses	121	(620)
Gains from equipment sales, retirements or impairments	(38,795)	(24,972)
Derivative gains	0	(212)
Interest on finance leases	1	2
Settlement on derivative transactions, net	0	(373)
Currency losses	503	3,315
Deferred income taxes	204	(3,707)
Equity earnings	(106)	(1,107)
Dividends received from 50% or less owned companies	0	3,199
Changes in Operating Assets and Liabilities:
Accounts receivables	28	5,617
Other assets	109	220
Accounts payable and accrued liabilities	(1,985)	(1,270)
Net cash used in operating activities	(28,311)	(13,543)
Cash Flows from Investing Activities:
Purchases of property and equipment	(12,517)	(31,008)
Proceeds from disposition of property and equipment	57,515	40,064
Net cash provided by investing activities	44,998	9,056
Cash Flows from Financing Activities:
Payments on long-term debt	(15,000)	(12,500)
Payments on long-term debt issuance costs	0	7,701
Payments on finance leases	(7)	(13)
Payments for repurchase of common stock	0	(7,089)
Payments for repurchase of warrants	0	(6,668)
Excise tax on stock repurchase	22	0
Tax withholdings on restricted stock vesting and director share awards	(1,779)	(1,529)
Net cash used in financing activities	(16,764)	(20,098)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents	1	0
Net Change in Cash, Restricted Cash and Cash Equivalents	(76)	(24,585)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period	93,116	76,140
Cash, Restricted Cash and Cash Equivalents, End of Period	93,040	51,555
Supplemental disclosures:
Cash paid for interest, excluding capitalized interest	15,925	19,504
Income taxes refunded (paid), net	102	(1,095)
Noncash Investing and Financing Activities:
Increase (decrease) in capital expenditures in accounts payable and accrued liabilities	398	(4,928)
Recognition of a new right-of-use asset - operating leases	$ 230	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 55,397	$ 68,934
Restricted cash	37,643	24,182
Receivables:
Trade, net of allowance for credit loss of $4,260 and $4,135 as of June 30, 2026 and December 31, 2025, respectively	61,955	64,522
Other	5,857	3,965
Inventories	2,061	2,196
Prepaid expenses and other	5,407	5,173
Assets held for sale	0	10,812
Total current assets	168,320	179,784
Property and Equipment:
Historical cost	754,369	776,833
Accumulated depreciation	(351,840)	(348,812)
Property and equipment	402,529	428,021
Construction in progress	56,594	47,002
Net property and equipment	459,123	475,023
Right-of-use asset - operating leases	933	982
Right-of-use asset - finance leases	14	19
Investments, at equity, and advances to 50% or less owned companies	3,009	2,938
Other assets	1,925	1,855
Total assets	633,324	660,601
Current Liabilities:
Current portion of operating lease liabilities	549	405
Current portion of finance lease liabilities	12	12
Current portion of long-term debt	30,699	30,000
Accounts payable	14,229	21,268
Accrued wages and benefits	2,772	5,357
Accrued capital, repair and maintenance expenditures	10,269	2,870
Unearned revenue	639	1,096
Accrued insurance deductibles and premiums	3,703	3,371
Other current liabilities	7,896	6,350
Total current liabilities	70,768	70,729
Long-term operating lease liabilities	559	607
Long-term finance lease liabilities	3	8
Long-term debt	289,503	304,644
Deferred income taxes	19,580	19,376
Deferred gains and other liabilities	599	565
Total liabilities	381,012	395,929
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock, $.01 par value, 60,000,000 shares authorized; 28,463,971 and 28,049,242 shares issued as of June 30, 2026 and December 31, 2025, respectively	284	280
Additional paid-in capital	474,395	471,862
Accumulated deficit	(220,956)	(208,444)
Shares held in treasury of 1,331,145 and 1,097,456 as of June 30, 2026 and December 31, 2025, respectively, at cost	(11,470)	(9,691)
Accumulated other comprehensive income, net of tax	9,738	10,344
Total stockholders equity	251,991	264,351
Noncontrolling interests in subsidiaries	321	321
Total equity	252,312	264,672
Total liabilities and equity	$ 633,324	$ 660,601