- Icon Energy Corp. (ICON, Financial) reports a 19% increase in revenue for 2024.
- Despite revenue growth, the company experiences a net loss of $0.2 million.
- Declared a cash dividend of $0.07 per share for Q4 2024, payable on May 30, 2025.
Icon Energy Corp. (ICON), listed on NASDAQ, has announced its financial results for the year ending December 31, 2024. The company reported a 19% increase in revenue, totaling $5.3 million, primarily driven by the acquisition of the Kamsarmax dry bulk carrier M/V Bravo.
However, despite the revenue boost, Icon Energy experienced a decline in profitability. The operating profit decreased to $0.2 million from $1.1 million in the previous year, and the company swung to a net loss of $0.2 million compared to a net income of $1.2 million in 2023. Key factors contributing to the net loss include increased operating costs, expenses related to vessel drydocking, and higher interest costs from a $16.5 million loan drawdown.
Among significant developments, Icon Energy successfully completed an initial public offering (IPO) and an additional public offering, raising a total of $17 million, which also helped in regaining Nasdaq compliance following a 1-for-40 reverse stock split.
Furthermore, the company declared a cash dividend of $0.07 per common share for the fourth quarter of 2024. The dividend is scheduled to be paid on May 30, 2025, to shareholders recorded as of May 16, 2025, reflecting management's confidence in the company's future cash flow generation capabilities.
Looking forward, Icon Energy is focused on fleet expansion, having entered an agreement to acquire a third vessel, M/V Charlie, through a bareboat charter with purchase option. This acquisition is anticipated to further enhance their operational capabilities and revenue generation potential.
