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 six months ended June 30, 2023.

As of and for six months ended June 30, 2023, the Company reported:

  • Total revenues of $41.1 million
  • Net Income of $5.8 million
  • Earnings Per Share (“EPS”) of $0.13 and diluted EPS of $0.10
  • EBITDA* of $23.4 million
  • Total Assets of $446.2 million
  • Total Cash and Cash Equivalents including Restricted Cash of $13.6 million

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

“We are delighted to announce yet another successful period, marking our fifth consecutive six-month period of generating net income. This achievement brings us closer to celebrating our third year of sustained profitability. After successfully completing our newbuilding program in 2022, we don’t have any capital commitments going forward. We now possess one of the most modern tanker fleets in the industry, with an average age of less than three years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Due to our successful long-term time charter strategy, we are enjoying a substantial charter backlog and a positive income and cashflow generation, which we anticipate will extend into 2024. I would like to emphasise, that in my opinion, the current trading price of our common shares does not reflect all of these positive aspects of the Company.”

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.

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

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.

Contact:

Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org

         
TOP SHIPS INC.        
           
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2023
(Expressed in thousands of U.S. Dollars - except share and per share data)    
      Six Months Ended
      June 30,   June 30,
      2022     2023  
REVENUES:        
           
  Time charter revenues $ 36,060   $ 36,710  
  Time charter revenues from related parties   2,786     4,435  
  Total revenues   38,846     41,145  
           
EXPENSES:        
           
  Voyage expenses   875     804  
  Operating lease expenses   5,378     5,378  
  Other vessel operating expenses   9,705     9,624  
  Vessel depreciation   6,114     7,175  
  Management fees-related parties   1,030     1,092  
  Gain on sale of vessels   (78 )   -  
  General and administrative expenses   691     799  
           
  Operating income   15,131     16,273  
           
OTHER INCOME (EXPENSES):        
           
  Interest and finance costs   (6,927 )   (10,528 )
  Interest income   -     58  
  Equity gains/(losses) in unconsolidated joint ventures   401     (29 )
           
  Total other expenses, net   (6,526 )   (10,499 )
           
Net income and comprehensive income   8,605     5,774  
           
Less: Deemed dividend equivalents on Series F Shares related to redemption value   (14,400 )   -  
Less: Dividends of preferred shares   (7,322 )   (3,485 )
           
Net (loss)/income and comprehensive income attributable to common shareholders   (13,117 )   2,289  
           
(Loss)/Earnings per common share, basic   (6.15 )   0.13  
(Loss)/Earnings per common share, diluted   (6.15 )   0.10  
         
Weighted average common shares outstanding, basic 2,132,179     17,793,072  
Weighted average common shares outstanding, diluted 2,132,179     33,079,436  
           
TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2022 AND JUNE 30, 2023
(Expressed in thousands of U.S. Dollars - except share and per share data)
 
  December 31,   June 30,
  2022     2023  
ASSETS      
       
CURRENT ASSETS:      
       
Cash and cash equivalents 20,544     9,629  
Trade accounts receivable 8     -  
Prepayments and other 1,314     1,626  
Inventories 1,026     1,057  
Due from related parties -     622  
Total current assets 22,892     12,934  
       
FIXED ASSETS:      
       
Vessels, net 389,059     381,884  
Right of use assets from operating leases 28,708     24,093  
Other fixed assets, net 505     505  
Total fixed assets 418,272     406,482  
       
OTHER NON CURRENT ASSETS:      
       
Restricted cash 4,000     4,000  
Investments in unconsolidated joint ventures 22,173     20,804  
Deposit asset 2,000     2,000  
Total non-current assets 28,173     26,804  
       
Total assets 469,337     446,220  
       
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY      
       
CURRENT LIABILITIES:      
       
Current portion of long-term debt 12,344     34,874  
Due to related parties 237     -  
Accounts payable 1,953     1,759  
Accrued liabilities 2,061     2,083  
Unearned revenue 7,030     6,286  
Current portion of Operating lease liabilities 8,610     8,795  
Vessel fair value participation liability -     3,605  
Total current liabilities 32,235     57,402  
       
NON-CURRENT LIABILITIES:      
       
Non-current portion of long-term debt 221,370     192,309  
Non-current portion of Operating lease liabilities 15,338     10,847  
Other non-current liabilities 100     50  
Vessel fair value participation liability 3,271     -  
Total non-current liabilities 240,079     203,206  
       
COMMITMENTS AND CONTINGENCIES      
       
Total liabilities 272,314     260,608  
       
MEZZANINE EQUITY:      
Preferred stock, $0.01 par value; 20,000,000 shares authorized; 13,452 Series E Shares issued and outstanding at December 31, 2022 and June 30, 2023 and 5,850,748 and 3,659,628 Series F Shares issued and outstanding at December 31, 2022 and June 30, 2023 59     37  
Preferred stock, Paid-in capital in excess of par 86,292     60,021  
Total mezzanine equity 86,351     60,058  
       
STOCKHOLDERS’ EQUITY:      
       
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2022 and June 30, 2023 1     1  
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 10,294,906 shares issued and outstanding at December 31, 2022 and 20,346,091 shares issued and outstanding at June 30, 2023 103     203  
Additional paid-in capital 428,374     437,382  
Accumulated deficit (317,806 )   (312,032 )
Total stockholders’ equity 110,672     125,554  
       
Total liabilities, mezzanine equity and stockholders’ equity 469,337     446,220  
 
TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2023
(Expressed in thousands of U.S. Dollars)
  Six months ended June 30,
  2022     2023  
Net Cash provided by Operating Activities 13,947     13,023  
       
Cash Flows from Investing Activities:      
Advances for vessels under construction (216,559 )   -  
Net proceeds from sale of vessels 72,060     -  
Returns of investments in unconsolidated joint ventures 1,449     1,340  
Net Cash (used in)/provided by Investing Activities (143,050 )   1,340  
       
Cash Flows from Financing Activities:      
Proceeds from debt 156,201     -  
Principal payments of debt (6,906 )   (7,813 )
Prepayment of debt (54,179 )   -  
Proceeds from issuance of series F preferred stock 47,630     -  
Proceeds from related party debt 9,000     -  
Prepayment of related party debt (9,000 )   -  
Proceeds from equity offerings, gross 9,217     13,561  
Equity offerings costs (574 )   (1,260 )
Dividends of Preferred shares (6,921 )   (3,485 )
Payment of financing costs (3,468 )   -  
Redemption of preferred shares -     (26,293 )
Proceeds from warrant exercises, net -     12  
Net Cash provided by/(used in) Financing Activities 141,000     (25,278 )
       
Net increase/(decrease) in cash and cash equivalents and restricted cash 11,897     (10,915 )
       
Cash and cash equivalents and restricted cash at beginning of year 6,370     24,544  
       
Cash and cash equivalents and restricted cash at end of the period 18,267     13,629  
       
Cash breakdown      
Cash and cash equivalents 14,267     9,629  
Restricted cash, non-current 4,000     4,000  
       
SUPPLEMENTAL CASH FLOW INFORMATION      
Capital expenditures included in Accounts payable/ Accrued liabilities/ Due to related parties 155     -  
Interest paid net of capitalized interest 4,414     8,814  
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties 100     16  
Dividends of Preferred shares included in Due to Related Parties 1,369     -  
Offering expenses included in liabilities 141     -  
Deemed dividend equivalents on Series F Shares related to redemption value 14,400     -  
Settlement of Due to related parties with the issuance of Series F Shares 24,370     -  
Related party S&P commissions relating to Proceeds from vessel sales included in Due to related parties 346     -  
           

*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-U.S. 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 Income, the most directly comparable U.S. GAAP measure.

Reconciliation of Net Income to EBITDA

  Six months ended June 30,
(Expressed in thousands of U.S. Dollars) 2022 2023
       
Net Income 8,605 5,774
       
  Add: Vessel depreciation 6,114 7,175
  Add: Interest and finance costs 6,927 10,528
  Less: Interest Income - (58)
       
EBITDA 21,646 23,419
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