The report is mixed: GAAP earnings beat YoY but adjusted earnings slipped on higher costs and lower JV contributions. A sharp drop in fleet utilization to 91.3% and non-operational vessel risk offset the strong cash build and debt-free balance sheet. Watch for the Q2 utilization recovery and the outcome of pending vessel sales (~$26M) to confirm operational normalization. The cross-filing 20-F noted 49% forward charter coverage for 2026; Q1 disclosure shows 55% fleet days secured for the remainder of 2026, a modest improvement, but still leaves material spot exposure amid Middle East turmoil.
Price Chart
Executive Summary
StealthGas Inc. reported Q1 2026 net income of $15.9M (EPS $0.43), up 13% YoY from $14.1M ($0.38), on revenues of $42.8M (+2% YoY). Adjusted net income fell to $15.0M from $16.1M, and Adjusted EBITDA declined to $19.7M from $23.5M, reflecting higher drydock costs and lower JV earnings. Cash surged 32% sequentially to $131.2M, and the company is debt-free with $100M in contracted revenues. However, fleet utilization dropped sharply to 91.3% from 99.2%, and a vessel remains non-operational, offsetting the headline income growth.
Key Facts
- Q1 2026 net income of $15.9M (EPS $0.43) vs $14.1M ($0.38) in Q1 2025
- Revenues of $42.8M, up 2% YoY from $42.0M
- Adjusted net income declined to $15.0M from $16.1M; Adjusted EBITDA fell to $19.7M from $23.5M
- Fleet utilization dropped to 91.3% from 99.2%; three vessels drydocked vs one a year ago
- Cash and equivalents rose to $131.2M from $99.1M at year-end 2025 (up 32%)
- Company is debt-free; $100M in total contracted revenues (excl. JV vessel)
- Sold one vessel in Q1 for $2.5M gain; expects ~$26M gross proceeds from two additional vessel sales in 2026
Financial Impact
Net income up 13% YoY but adjusted net income down 7% YoY; cash position improved 32% to $131M
Risk Factors
- Fleet utilization decline from 99.2% to 91.3% signals operational disruption
- One vessel (Eco Wizard) remains non-operational
- Higher drydock costs ($2.5M vs $0.4M) expected to persist with further scheduled work
- Geopolitical risk in the Middle East directly impacts voyage expenses and trade flows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-261843 |
| Document: d43931d6k.htm | 0001193125-26-261843 |
| Document: 0001193125-26-261843-index-headers.html | 0001193125-26-261843 |
| Document: 0001193125-26-261843-index.html | 0001193125-26-261843 |
| Document: 0001193125-26-261843.txt | 0001193125-26-261843 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 6-K | $9.33 $8.98 | ▲ +3.75% | ▲ +2.63% | $8.15 (+12.59%) |
Sep 2, 2026 7w ago | Press Release | $9.49 $9.14 | ▲ +3.69% | ▲ +3.54% | $8.15 (+14.07%) |
Aug 28, 2026 8w ago | Press Release | $9.49 $8.87 | ▼ −6.53% | ▼ −6.79% | $8.15 (−14.07%) |
Aug 28, 2026 8w ago | 6-K | $9.49 $8.87 | ▼ −6.53% | ▼ −6.79% | $8.15 (−14.07%) |
Jun 8, 2026 20w ago | 6-K | $9.39 $8.51 | ▼ −9.37% | ▼ −10.82% | $8.15 (−13.15%) |
Jun 5, 2026 20w ago | Press Release | $9.62 $8.30 | ▼ −13.72% | ▼ −15.58% | $8.15 (−15.23%) |
Jun 1, 2026 21w ago | Press Release | $9.35 $7.90 | ▼ −15.51% | ▼ −14.21% | $8.15 (−12.78%) |
Apr 28, 2026 26w ago | 20-F | $9.64 $9.69 | ▼ −0.52% | ▲ +4.94% | $8.15 (+15.40%) |
Mar 2, 2026 34w ago | Press Release | $8.68 $9.01 | ▼ −3.80% | ▼ −11.74% | $8.15 (+6.05%) |
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