Q2 FY2026
Filed Sep 3, 2026StealthGas reported second-quarter net income of $17.3 million and basic EPS of $0.46, while revenue was $42.9 million, cash and short term investments were $168.3 million, and approximately $90 million of contracted revenues were secured.
The company remained profitable and debt-free with substantial liquidity and contracted revenue coverage, but second-quarter revenue, net income, EPS, EBITDA, fleet utilization and fleet size were below the prior-year period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q2 2026GAAP | $42.9 million | same as the previous quarter | – |
| Voyage expenses, Q2 2026GAAP | $7.2 million | – | – |
| Vessels’ operating expenses, Q2 2026GAAP | $12.8 million | – | – |
| Drydocking costs, Q2 2026GAAP | $0.5 million | – | – |
| General and administrative expenses, Q2 2026GAAP | $1.9 million | – | – |
| Depreciation, Q2 2026GAAP | $5.9 million | – | – |
| Gain on sale of vessels, Q2 2026GAAP | $1.3 million | – | – |
| Income from operations, Q2 2026GAAP | 14,850,388 | – | – |
| Interest and finance costs, Q2 2026GAAP | $0.006 million | – | – |
| Interest income, Q2 2026GAAP | $1.2 million | – | – |
| Equity earnings in joint ventures, Q2 2026GAAP | gain of $1.3 million | – | – |
| Net income, Q2 2026GAAP | $17.3 million | 8.8% higher | – |
| Basic EPS, Q2 2026GAAP | $0.46 | – | – |
| Diluted EPS, Q2 2026GAAP | 0.46 | – | – |
| Adjusted net income, Q2 2026non-GAAP | $17.2 million | – | – |
| Adjusted EPS, Q2 2026non-GAAP | $0.46 | – | – |
| EBITDA, Q2 2026non-GAAP | $22.1 million | – | – |
| Adjusted EBITDA, Q2 2026non-GAAP | 22,013,254 | – | – |
| Average number of vessels owned, Q2 2026other | 26.4 vessels | – | – |
| Average daily TCE, Q2 2026other | $15,709 | – | – |
| Fleet utilization, Q2 2026other | 94.5 % | – | – |
| Fleet operational utilization, Q2 2026other | 82.3 % | – | – |
| Total voyage days for fleet, Q2 2026other | 2,271 | – | – |
| Total charter days for fleet, Q2 2026other | 1,756 | – | – |
| Total spot market days for fleet, Q2 2026other | 515 | – | – |
| Revenue, six months 2026GAAP | $85.8 million | – | – |
| Voyage expenses, six months 2026GAAP | $13.4 million | – | – |
| Vessels’ operating expenses, six months 2026GAAP | $26.6 million | – | – |
| Drydocking costs, six months 2026GAAP | $3.0 million | – | – |
| General and administrative expenses, six months 2026GAAP | $3.9 million | – | – |
| Depreciation, six months 2026GAAP | $11.6 million | – | – |
| Impairment loss, six months 2026GAAP | $0.3 million | – | – |
| Gain on sale of vessels, six months 2026GAAP | $3.9 million | – | – |
| Income from operations, six months 2026GAAP | 28,749,342 | – | – |
| Interest and finance costs, six months 2026GAAP | $0.01 million | – | – |
| Interest income, six months 2026GAAP | $2.1 million | – | – |
| Equity earnings in joint ventures, six months 2026GAAP | gain of $2.4 million | – | – |
| Net income, six months 2026GAAP | $33.2 million | – | – |
| Basic EPS, six months 2026GAAP | $0.89 | – | – |
| Diluted EPS, six months 2026GAAP | 0.88 | – | – |
| Adjusted net income, six months 2026non-GAAP | $32.2 million | – | – |
| Adjusted EPS, six months 2026non-GAAP | $0.86 | – | – |
| EBITDA, six months 2026non-GAAP | $42.8 million | – | – |
| Adjusted EBITDA, six months 2026non-GAAP | 41,739,940 | – | – |
| Average number of vessels owned, six months 2026other | 27.1 vessels | – | – |
| Fleet utilization, six months 2026other | 92.9 % | – | – |
| Fleet operational utilization, six months 2026other | 86.3 % | – | – |
remainder of 2026 outlook
- NoteAbout 60% of fleet days for the remainder of 2026 are secured on period charters.
- Notecontracted revenues of approximately $30 million (excluding the JV vessel)
- Notetotal contracted revenues of approximately $90 million (excluding the JV vessel)
Capital returns
- The Company has paid down all its bank debt since Q3 2025.
- Loan repayments for the six months ended June 30, 2026 were —.
- Stock repurchase for the six months ended June 30, 2026 was —.
What drove it
- Second-quarter revenue decreased because of the decreased number of vessels, with an average of 26.4 vessels owned compared with 28.3 vessels in the prior-year quarter.
- TCE rates improved for larger vessels, while smaller-vessel TCE rates were slightly reduced because of idle time.
- The increase in second-quarter voyage expenses was mainly driven by more spot market days and higher bunker prices.
- The six-month increase in voyage expenses was mainly due to higher war risk insurance expenses.
- Second-quarter gain on sale of vessels reflected the sale of one vessel; the six-month gain reflected sales of two vessels.
- Interest and finance costs decreased primarily because of full debt prepayments.
- Interest income increased primarily due to increased time deposits.
- Second-quarter joint-venture equity earnings increased due to higher charter rates for the JV vessel.
Concerns
- Q2 2026 fleet utilization was 94.5 %, compared with 99.7 % in Q2 2025, and fleet operational utilization was 82.3 %, compared with 94.7 %.
- The company cited developing geopolitical turbulence and a continuous rise in attacks on commercial vessels.
- Smaller vessels experienced idle time, and Q2 spot market days increased to 515 from 392.
- Drydocking costs for the six months were $3.0 million, compared with $1.0 million, mainly related to the completion of three vessels’ drydockings.
- A non-cash impairment loss of $0.3 million was recognized in the first quarter of 2026 for one vessel expected to be delivered in the third quarter of 2026.
What to watch
- Execution against contracted revenues of approximately $30 million for the remainder of 2026 and approximately $90 million across all periods, in each case excluding the JV vessel.
- Whether approximately 60% period-charter coverage for the remainder of 2026 supports profitability amid geopolitical conditions, bunker costs and war risk insurance expense.
- Deployment of liquidity that has reached over $250 million currently.
- Charter performance of Gas Flawless through Jul 2028, Eco Dominator through Sep 2027, Gas Husky through Mar 2027 and JV-owned Eco Sorcerer through Feb 2027.
- The planned third-quarter 2026 delivery of one vessel under agreed sale terms.
Balance sheet and cash flow
- Cash and cash equivalents were 98,308,389 as of June 30, 2026, compared with 99,077,831 as of December 31, 2025.
- Short term investments were 70,000,000 as of June 30, 2026, compared with — as of December 31, 2025.
- Cash and cash equivalents and short term investments were $168.3 million as of June 30, 2026.
- The Company stated that liquidity was over $250 million currently following successful resolution of the insurance claim for the loss of one vessel.
- Claims receivable was 64,239,851 as of June 30, 2026, compared with 61,697,544 as of December 31, 2025.
- Vessels, net were 473,333,614 as of June 30, 2026, compared with 491,413,817 as of December 31, 2025.
- Total assets were 755,109,196 as of June 30, 2026, compared with 711,690,128 as of December 31, 2025.
- Total liabilities were 28,300,897 as of June 30, 2026, compared with 21,363,518 as of December 31, 2025.
- Total stockholders’ equity was 726,808,299 as of June 30, 2026, compared with 690,326,610 as of December 31, 2025.
- Net cash provided by operating activities for the six months ended June 30, 2026 was 39,690,321, compared with 54,042,143 for the six months ended June 30, 2025.
- Proceeds from sale of vessels, net, for the six months ended June 30, 2026 were 28,800,237, compared with 12,217,067 for the six months ended June 30, 2025.
- Increase in short term investments for the six months ended June 30, 2026 was (70,000,000).
- Net cash used in investing activities for the six months ended June 30, 2026 was (41,199,763), compared with net cash provided by investing activities of 3,827,744 for the six months ended June 30, 2025.
- Net cash provided by financing activities for the six months ended June 30, 2026 was 740,000, compared with net cash used in financing activities of (55,043,427) for the six months ended June 30, 2025.
Analysis
StealthGas produced $42.9 million of second-quarter revenue, unchanged from the previous quarter but below $47.2 million in the prior-year quarter. The release attributes the year-over-year revenue reduction to a smaller owned fleet, averaging 26.4 vessels versus 28.3. Fleet availability and commercial performance also softened: fleet utilization was 94.5 % versus 99.7 %, fleet operational utilization was 82.3 % versus 94.7 %, and spot market days rose to 515 from 392. Larger-vessel TCE rates improved, but idle time reduced smaller-vessel rates.
Profitability remained substantial but was lower than the comparable quarter. Net income was $17.3 million and basic EPS was $0.46, versus $20.4 million and $0.55. Adjusted net income was $17.2 million versus $21.7 million, while EBITDA was $22.1 million versus 26,917,038 and adjusted EBITDA was 22,013,254 versus 28,198,478. Net income was 8.8% higher than the previous quarter’s $15.9 million. Lower depreciation, lower G&A expense and sharply lower interest and finance costs helped results, while higher voyage expenses and the smaller fleet constrained them.
Cost and other-income mix were notable. Second-quarter voyage expenses were $7.2 million versus $4.4 million, primarily because of more spot-market days and higher bunker prices. Vessel operating expenses were $12.8 million, unchanged from the prior-year quarter despite fewer average vessels. Gain on sale of vessels was $1.3 million compared with a loss of $0.1 million, and interest income increased to $1.2 million from $0.7 million as time deposits increased. Over the six months, voyage expense growth was mainly linked to war risk insurance expense and drydocking costs rose to $3.0 million from $1.0 million.
The balance sheet is central to the report. All fully owned fleet vessels are unencumbered and the company said it has paid down all bank debt since Q3 2025. Cash and cash equivalents plus short term investments were $168.3 million at June 30, 2026, and the company said liquidity was over $250 million currently after resolution of an insurance claim. Six-month operating cash flow was 39,690,321, while net investing cash flow was (41,199,763), including an increase in short term investments of (70,000,000) and proceeds from vessel sales of 28,800,237.
The company did not issue conventional revenue or earnings guidance. It instead disclosed approximately $30 million of contracted revenue for the remainder of 2026, excluding the JV vessel, with circa 60% of fleet days secured under period contracts. Total contracted revenue across all periods was approximately $90 million, also excluding the JV vessel. Recent fixtures extend named vessels into 2027 and 2028, providing period coverage while geopolitical disruption, attacks on commercial vessels, bunker costs, war risk insurance and vessel utilization remain the reported operating variables to monitor.
Management, verbatim
The second quarter was challenging to navigate due to the developing geopolitical turbulence.
Harry Vafias, CEO
Through our strong, debt-free operating platform and solid business, we once more reported superior returns for our shareholders.
Harry Vafias, CEO
We are confident that profitability will remain elevated.
Harry Vafias, CEO
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Consolidated segment revenue and segment profitability were not reported.
- Free cash flow was not reported.
- A dividend amount or dividend declaration was not reported.
- Conventional forward revenue, gross-margin, operating-expense, tax-rate, EPS or EBITDA guidance was not reported.
- Prior-quarter values were not reported for most income-statement metrics.
- Percentage year-over-year changes were not reported for most financial metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.