$ICON

Icon Energy Corp

CIK:0001995574|SEC Filings

CONSOLIDATED STATEMENTS OF (LOSS)/INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF (LOSS)/INCOME [Abstract]
Revenue, net	$ 11,256	$ 5,309	$ 4,476
Voyage expenses, net	(653)	(335)	(162)
Vessels operating expenses	(5,136)	(2,377)	(1,880)
Management fees	(739)	(440)	(274)
General and administrative expenses	(1,083)	(345)	(18)
Depreciation expense	(2,930)	(1,130)	(680)
Amortization of deferred drydocking costs	(535)	(512)	(357)
Operating profit	180	170	1,105
Interest and finance costs, net	(3,812)	(452)	(3)
Interest income	127	72	56
Loss on equity-linked instruments, net	(671)	0	0
Other costs, net	(21)	0	(3)
Net (loss) / income	(4,197)	(210)	1,155
Cumulative dividends on Series A Preferred Shares	(2,977)	(977)	0
Net (loss) / income attributable to common shareholders	$ (7,174)	$ (1,187)	$ 1,155
(Loss) / earnings per common share, basic (in dollars per share)	$ (18.04)	$ (304.13)	$ 1,155
(Loss) / earnings per common share, diluted (in dollars per share)	$ (18.04)	$ (304.13)	$ 1,155
Weighted average number of shares, basic (in shares)	397,776	3,903	1,000
Weighted average number of shares, diluted (in shares)	397,776	3,903	1,000

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 (Loss)/Income	$ (4,197)	$ (210)	$ 1,155
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Depreciation expense	2,930	1,130	680
Amortization of financing costs	87	28	0
Issuance costs and loss on equity-linked instruments, net	1,489	0	0
Amortization of deferred drydocking costs	535	512	357
(Increase)/decrease in:
Trade receivables	(278)	0	117
Due from manager	0	207	(39)
Inventories	(181)	(76)	77
Prepayments and advances	(157)	(129)	1
Other current assets	7	(26)	12
Increase/(decrease) in:
Due to manager	(312)	164	9
Accounts payable	874	100	(94)
Deferred revenue	5	(112)	247
Accrued liabilities	152	179	(17)
Payments for drydocking	(155)	(903)	0
Net cash provided by operating activities	799	864	2,505
Cash flows from investing activities
Vessels acquisitions and improvements	(6,086)	(18,025)	(22)
Net cash used in investing activities	(6,086)	(18,025)	(22)
Cash flows from financing activities
Cash contributions from shareholders	0	0	700
Proceeds from issuance of common shares	12,492	4,565	0
Return of additional paid-in capital	0	(3,000)	(700)
Dividends paid	(153)	(239)	(3,307)
Proceeds from long term debt	0	16,500	0
Finance and issuance costs paid	(963)	(1,621)	(25)
Repayment of long-term debt	(2,955)	(300)	0
Net cash provided by / (used in) financing activities	8,421	15,905	(3,332)
Net increase/(decrease) in cash, cash equivalents and restricted cash	3,134	(1,256)	(849)
Cash, cash equivalents and restricted cash at the beginning of the period	1,446	2,702	3,551
Cash, cash equivalents and restricted cash at the end of the period	4,580	1,446	2,702
Supplemental cash flow information
Cash paid for interest	2,197	407	0
Non-cash financing activities:
Finance lease liability	21,697	0	0
Dividend paid in kind on Series A Preferred Shares	3,954	0	0
Issuance costs paid in kind	100	0	0
Non-cash investing activities:
Vessel acquisition	21,697	18,047	0
Reconciliation of Cash, cash equivalents and restricted cash
Cash and cash equivalents	3,880	946	2,702
Restricted cash, current	200	0	0
Restricted cash, non-current	500	500	0
Total cash, cash equivalents and restricted cash	$ 4,580	$ 1,446	$ 2,702

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 3,880	$ 946
Restricted cash	200	0
Trade receivables	278	0
Inventories	314	133
Prepayments and advances	329	172
Other current assets	32	39
Total current assets	5,033	1,290
Non-current assets
Vessels, net	51,268	26,098
Restricted cash	500	500
Deferred drydocking costs, net	1,409	731
Deferred issuance costs	234	176
Total non-current assets	53,411	27,505
Total assets	58,444	28,795
Current liabilities
Current portion of long-term debt, net of deferred financing costs	2,280	2,213
Due to manager	$ 178	$ 173
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts payable	$ 1,363	$ 394
Deferred revenue	140	135
Accrued liabilities	626	416
Total current liabilities	4,587	3,331
Non-current liabilities
Non-current portion of long term debt, net of deferred financing costs	32,479	13,718
Total non-current liabilities	32,479	13,718
Total liabilities	37,066	17,049
Commitments and contingencies
Shareholders' equity
Common shares: authorized 750,000,000 shares with $0.001 par value, 691,977 shares issued and outstanding as of December 31, 2025 and 7,250 shares issued and outstanding as of December 31, 2024	1	0
Preferred Shares: authorized 250,000,000 shares with $0.001 par value, 18,954 and 15,000 Series A Preferred Shares issued and outstanding as of December 31, 2025 and 2024, respectively, 1,500,000 Series B Preferred Shares, and nil Series C Preferred Shares issued and outstanding as of December 31, 2025 and 2024, respectively	2	2
Additional paid-in capital	25,444	11,616
(Accumulated Deficit)/Retained earnings	(4,069)	128
Total shareholders' equity	21,378	11,746
Total shareholders' equity and liabilities	$ 58,444	$ 28,795