Heidmar reported Q4 2025 total revenues of $25.1 million, up from $5.3 million in Q4 2024, driven by eight chartered vessels versus one a year ago. Net loss from continuing operations was $4.0 million, or $0.07 per share. General and administrative expenses rose to $5.2 million from $3.3 million, reflecting public listing costs and stock-based compensation amortization.

For the year ended December 31, 2025, revenue increased to $55.9 million from $28.9 million in 2024, supported by nine vessels commencing spot and time charter voyages including the Platform Supply Vessel ACE Supplier. Net loss widened to $8.6 million, or $0.15 per share, and G&A climbed to $18.5 million, driven by executive bonuses, stock-based compensation, and listing-related costs.

Two MR2 newbuilding tankers commenced two-year time charters at approximately $23,000 per day following February 2026 delivery, while additional MR2, VLCC and Suezmax newbuilds joined commercial management in early 2026. Under the BRPC II agreement, Heidmar issued 215,272 shares at an average $1.26 price for net proceeds of $270,967 and sold 13,590 shares at $1.11 for $15,028 during Q4; a $2.525 million acquisition deposit was returned following MOA termination.

CEO Pankaj Khanna highlighted critical disruptions in Middle East crude flows, noting a 20% loss of oil supply and a 30% drop in seaborne volumes, with freight rates at historical highs. He emphasized Heidmar’s 40-vessel managed fleet is positioned to support accelerated cargo movements as the industry awaits normalized demand.