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Sep 30, 2025
Toro Q3 2025 Earnings Report
Toro reported a net income of $1.3 million and grew vessel revenues slightly compared to the same quarter last year.
Key Takeaways
Toro Corp posted modest profitability in Q3 2025, with stable operations, a higher TCE rate, and a leaner fleet structure contributing to improved performance.
Net income rose to $1.3 million, up from $1.0 million in Q3 2024
EPS from continuing operations improved to $0.01 from a loss of $0.01 last year
Cash and cash equivalents totaled $25.1 million at quarter end
Daily TCE rate increased to $13,363 from $11,426 in Q3 2024
Revenue by Segment
Forward Guidance
Management remains cautiously optimistic, supported by a stronger balance sheet, new charter agreements, and operational adjustments post-vessel acquisitions and disposals.
Positive Outlook
- Acquired two MR tanker vessels during Q3
- Sold two LPG carriers, optimizing fleet composition
- Strong liquidity position with over $25 million in cash
- Higher average charter rates on new vessels
- Execution of new charter contracts with favorable terms
Challenges Ahead
- Lower vessel operating days due to smaller fleet
- Cash position decreased by $12.1 million since year-end 2024
- Decreased general and admin costs driven partly by lower stock comp, not operational savings
- Non-GAAP metrics like EBITDA still modest in scale
Historical Earnings Impact
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Avg. Return Before/After Earnings
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