Business
Heidmar Maritime Holdings Corp. Reports Results for the Quarter Ended March 31, 2026
Heidmar Maritime Holdings Corp. Reports Results for the Quarter Ended March 31, 2026
About this update from Heidmar Maritime Holdings Corp.
[{"type":"text","content":"ATHENS, Greece and NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) -- Heidmar Maritime Holdings Corp. (the \"Company\" or \"Heidmar\") (NASDAQ: HMR) today reported its results for the quarter ended March 31, 2026. First Quarter 2026 Highlights Total revenues of $18.4 million, up from $5.8 million in Q1 2025.Net income attributable to shareholders of $2.8 million or $0.05 income per share, basic.Adjusted net income of $3.4 million, which excludes $0.6 million in non-cash stock-based compensation.Cash and cash equivalents of $27.6 million as of March 31, 2026.Adjusted net income is not a measurement recognized under U.S. GAAP (GAAP) and should not be used in isolation or as a substitute for Heidmar’s financial results presented in accordance with GAAP. See “Non-GAAP Financial Measures” later in this Press Release for the definitions and reconciliation of this measurement to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. FIRST QUARTER 2026 RESULTS COMPARED TO FIRST QUARTER 2025 Total revenues, earned from commissions, management fees and voyage and time charter hire, were $18.4 million for the three months period ended March 31, 2026, compared to $5.8 million for the three months period ended March 31, 2025. The increase of $12.6 million is mainly attributable to the increased number of vessels that commenced short-term spot and time charter voyages during the first quarter of 2026, including the time charter of the Platform Supply Vessel (PSV) ACE Supplier, which commenced its charter operations in April 2025. The number of such vessels during the first quarter of 2026 being eight compared to one during the first quarter of 2025. Net income attributable to shareholders was $2.8 million or $0.05 income per share, basic. General and administration expenses were $3.6 million for the three months period ended March 31, 2026, compared to $6.1 million for the three months period ended March 31, 2025. The decrease of $2.5 million is mainly due to the amortization of the stock-based compensation mainly related to the performance bonus granted to management and executives in 2025. Key quarterly highlights: Under the purchase agreement with B. Riley Principal Capital II LLC (BRPC II) announced in June 2025, the Company as of March 31, 2026, had issued and sold 260,628 shares at a gross average ...