TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the year ended December 31, 2022.

As of and for the year ended December 31, 2022, the Company reported:

  • Total revenues of $80.7 million (43% increase from the year ended December 31, 2021)
  • Net Income of $18.9 million (120% increase from the year ended December 31, 2021)
  • EBITDA* of $46.6 million (100% increase from the year ended December 31, 2021)
  • Total Assets of $469.3 million (42% increase from December 31, 2021)
  • Total Cash and cash equivalents including Restricted Cash of $24.5 million (285% increase from December 31, 2021)

In addition, the Company announced that for the period commencing from the date of this release to December 31, 2023:

  1. it will not conduct any new equity offerings, public or private;
  2. it will not conduct any reverse stock splits, except to the extent its Board of Directors deems advisable for the sole purpose of remaining compliant with Nasdaq continued listing requirements;
  3. it will not pay any bonuses to its executive management; and
  4. neither the CEO nor his affiliates will sell any common shares.

The Company believes that the above actions will significantly enhance the trading stability of its common shares during 2023.

Mr. Evangelos J. Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

“We are very happy to report record net income for the year ended December 31, 2022, which is the highest reported net income since 2008 and 120% higher than the same period in 2021. I believe that the current trading price of our common shares does not reflect the intrinsic value of the Company, and that the actions we have announced today will benefit all shareholders.”

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.

For more information about TOP Ships Inc., visit its website:

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.


Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email:

FOR THE YEARS ENDED DECEMBER 31, 2020, 2021 and 2022
(Expressed in thousands of U.S. Dollars - except share and per share data)
    2020   2021   2022
  Revenues (including $0, $0 and $7,294 respectively, from related party) 60,222   56,367   80,656
  Voyage expenses (including $761, $705 and $1,008 respectively, to related party) 1,994   1,317   1,648
  Operating lease expense 755   10,840   10,840
  Vessel operating expenses (including $60, $17 and $37 respectively, to related party) 21,024   15,679   18,628
  Dry-docking costs 356   361   -
  Vessel depreciation 13,174   7,670   13,289
  Management fees-related parties 5,627   2,596   2,093
  General and administrative expenses (including $360, $360 and $360 respectively, to related party) 1,932   1,943   1,617
  Other operating loss 4,800   -   -
  Loss/(Gain) on sale of vessels 12,355   -   (78)
  Impairment on vessels -   1,160   -
  Operating (loss)/income (1,795)   14,801   32,619
  Interest and finance costs (including $0, $0 and $207 respectively, to related party) (20,956)   (6,998)   (14,365)
  (Loss)/Gain on derivative financial instruments (814)   66   -
  Interest income 34   -   48
  Equity gain in unconsolidated joint ventures 713   747   646
  Total other expenses, net (21,023)   (6,185)   (13,671)
Net (loss)/income and comprehensive (loss)/income (22,818)   8,616   18,948
  Less: Deemed dividend for beneficial conversion feature of Series E Shares (1,067)   (900)   -
  Less: Deemed dividend equivalents on preferred shares related to redemption value (3,099)   (437)   (14,400)
  Less: Preferred shares dividend (1,796)   (1,883)   (12,390)
  Less: Deemed dividend on warrant inducement -   -   (1,345)
Net (loss) / income attributable to common shareholders (28,780)   5,396   (9,187)
(Loss) / Earnings per common share, basic and diluted (24.48)   2.71   (3.03)
DECEMBER 31, 2021 AND 2022
(Expressed in thousands of U.S. Dollars)
    December 31   December 31
    2021   2022
Cash and cash equivalents   2,370   20,544
Restricted cash   4,000   4,000
Advances for vessel acquisitions   30,579   -
Vessels, net   156,585   389,059
Vessels held for sale   71,636   -
Right of use assets from operating leases   37,279   28,708
Investments in unconsolidated joint ventures   24,477   22,173
Other assets   3,862   4,853
TOTAL ASSETS   330,788   469,337
Debt   150,570   233,714
Operating lease liabilities   33,763   23,948
Other liabilities   37,091   14,652
TOTAL LIABILITIES   221,424   272,314
Commitments and contingencies   -   -
MEZZANINE EQUITY   16,142   86,351
STOCKHOLDERS' EQUITY   93,222   110,672

*Non-US GAAP Measures

This report describes Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-US GAAP” measure). We define EBITDA as earnings before interest, taxes, depreciation and amortization.

EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength.

EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. EBITDA as presented below may not be comparable to similarly titled measures of other companies. See below for a reconciliation of EBITDA to Net (Loss)/Income, the most directly comparable U.S. GAAP measure.

Reconciliation of Net (Loss) / Income to EBITDA

(Expressed in thousands of U.S. Dollars)   2020    2021   2022
Net (loss)/income   (22,818)   8,616   18,948
Add: Vessel depreciation   13,174   7,670   13,289
Add: Interest and finance costs   20,956   6,998   14,365
Less: Interest income   (34)   -   (48)
EBITDA   11,278   23,284   46,554
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