$RUBI

Rubico Inc.

CIK:0001943421|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Revenues (Note 15)	$ 23,523	$ 24,205	$ 24,478
EXPENSES:
Voyage expenses (including $310, $302 and $295 respectively, to related party) (Note 5)	596	495	508
Vessel operating expenses (including $13, $14 and $9 respectively, to related party) (Note 5 and 11)	4,396	4,655	4,816
Vessel depreciation (Note 4)	4,180	4,181	4,480
Management fees-related party (Note 5)	688	567	550
General and administrative expenses (Note 5)	1,263	1,887	1,688
Operating income	12,400	12,420	12,436
OTHER INCOME/ (EXPENSES):
Interest and finance costs (including $310, $302 and $19 respectively, to related parties) (Note 5 and 12)	(8,262)	(6,501)	(5,867)
Loss on derivative financial instruments	(1,555)	0	0
Interest income	62	25	62
Total other expenses, net	(9,755)	(6,476)	(5,805)
Net Income	2,645	5,944	6,631
Comprehensive income attributable to common shareholders	$ 2,645	$ 5,944	$ 6,631
Earnings per common share, basic (in dollars per share)	$ 49.07	$ 454.96	$ 507.54
Earnings per common share, diluted (in dollars per share)	$ 49.07	$ 454.96	$ 507.54

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	$ 2,645	$ 5,944	$ 6,631
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	4,180	4,181	4,480
Amortization and write-off of deferred financing costs	1,405	195	713
Offering costs expensed attributable to warrants treated as liability (Note 9,12)	658	0	0
Debt Prepayment fees (Note 7, 12)	941	0	0
Loss on derivative financial instruments	1,555	0	0
(Increase)/Decrease in:
Inventories	(18)	26	(31)
Trade accounts receivable	(795)	(229)	5
Prepayments and other	(661)	54	(117)
Due from related parties	(727)	(351)	0
Increase/(Decrease) in:
Accounts payable	1,725	753	(180)
Accrued liabilities	303	36	0
Unearned revenue	121	(111)	303
Net Cash provided by Operating Activities	11,332	10,498	11,804
Cash Flows from Investing Activities:
Advances for asset acquisitions and related deferred charges	(19,932)	0	0
Net Cash used in Investing Activities	(19,932)	0	0
Cash Flows from Financing Activities:
Proceeds from debt	84,000	0	82,000
Net payments to Former Parent company	(4,999)	(7,562)	(25,597)
Principal payments of debt	(4,225)	(4,400)	(5,028)
Prepayment of debt	(73,567)	0	(61,150)
Payment of financing costs	(1,128)	(169)	(1,668)
Proceeds from related party debt	20,500	0	0
Prepayment of related party debt	(20,500)	0	0
Payment of debt Prepayment fees (Note 7, 12)	(736)	0	0
Payment of debt Prepayment fees-related party (Note 7, 12)	(205)	0	0
Proceeds from equity offerings, gross	13,664	0	0
Equity issuance costs (Note 9)	(1,501)	0	0
Net Cash (used in)/provided by Financing Activities	11,303	(12,131)	(11,443)
Net increase/(decrease) in cash and cash equivalents and restricted cash	2,703	(1,633)	361
Cash and cash equivalents and restricted cash at beginning of the year	2,161	3,794	3,433
Cash and cash equivalents and restricted cash at end of the year	4,864	2,161	3,794
Cash breakdown
Cash and cash equivalents	3,964	1,161	2,794
Restricted cash, current	0	0	0
Restricted cash, non-current	900	1,000	1,000
SUPPLEMENTAL CASH FLOW INFORMATION
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties	4	0	143
Equity issuance costs included in Accounts payable/Accrued liabilities/Due to related part	340	0	0
Interest paid	$ 5,022	$ 6,154	$ 5,327

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 3,964	$ 1,161
Prepayments and other	788	127
Trade accounts receivable	1,024	229
Due from related parties (Note 5)	$ 1,078	$ 351
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Inventories	$ 194	$ 176
Total current assets	7,048	2,044
FIXED ASSETS:
Vessels, net (Note 4)	106,189	110,369
Total fixed assets	106,189	110,369
OTHER NON-CURRENT ASSETS:
Advances for asset acquisitions to related party (Note 5)	19,500	0
Deferred charges-related party	432	0
Restricted cash (Note 7)	900	1,000
Total non-current assets	20,832	1,000
Total assets	134,069	113,413
CURRENT LIABILITIES:
Current portion of long-term debt (Note 7)	4,345	4,221
Accounts payable	2,835	901
Accrued liabilities	736	299
Unearned revenue	2,088	2,195
Total current liabilities	10,004	7,616
NON-CURRENT LIABILITIES:
Non-current portion of long-term debt (Note 7)	77,937	71,580
Unearned revenue, non-current	330	102
Total non-current liabilities	78,267	71,682
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities	88,271	79,298
STOCKHOLDERS' EQUITY:
Net Former Parent investment (Note 1)	0	3,066
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 0 and 100,000 Series D Shares were outstanding at December 31, 2024 and 2025 respectively(Note 9)	1	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 0 and 385,501 shares issued and outstanding at December 31, 2024 and 2025 respectively	4	0
Additional paid-in capital	14,032	0
Retained earnings	31,761	31,049
Total stockholders' equity	45,798	34,115
Total liabilities and stockholders' equity	$ 134,069	$ 113,413