The mixed signal (revenue beat vs EPS miss) may create near-term volatility. Focus on the $500M+ contracted backlog and vessel sales proceeds as liquidity catalysts. Monitor future fleet deliveries and charter renewals for upside, but the diluted share count warrants caution. Analyst revisions could provide direction.
Price Chart
Executive Summary
Performance Shipping reported Q2 2026 revenue of $34.7M, beating consensus of $33.0M by 5%, but diluted EPS of $0.37 missed the $0.52 estimate by 29%, reflecting dilution from preferred stock conversion. Management highlighted a $500M+ contracted revenue backlog and extended charters at favorable rates, partially offsetting the EPS miss.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $34.7M vs $18.1M YoY (+91%), beating $33.0M consensus
- Diluted EPS $0.37 vs $0.23 YoY, missing $0.52 consensus by 29%
- Net income $11.9M vs $9.1M YoY; net income attributable to common stockholders $13.9M vs $8.6M
- Fleet expanded to 11 vessels from 6, driving revenue growth
- Contracted revenue backlog exceeds $500M with 3.4-year average duration
- Sold M/T P. Sophia for $35.65M and M/T P. Aliki for $42.65M; first sale completed
- Extended charters: M/T Briolette at $37,700/day for 3 years, M/T Blue Moon at $40,500/day for 2 years
- Cash, cash equivalents and restricted cash of $105.9M; no debt maturities before mid-2029
Financial Impact
Revenue beat by $1.7M (5.2%), but diluted EPS missed by $0.15 (28.8%). Net income rose 31% YoY. Strong cash flow from operations of $19.7M in Q2.
Risk Factors
- Tanker market volatility due to geopolitical disruptions and demand shifts
- Dilution from outstanding warrants and preferred stock conversion
- Execution risk on newbuilding vessel deliveries and charter employment
- Fleet renewal and sale timelines may affect near-term cash flows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335324 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $1.66 | awaiting T+60 | — | $1.62 (−2.41%) |
Jul 31, 2026 12w ago | 6-K | $1.80 | awaiting T+60 | — | $1.62 (−10.00%) |
Jul 29, 2026 12w ago | Press Release | $1.89 $1.62 | ▼ −14.29% | ▼ −19.02% | $1.62 (−14.29%) |
Jul 6, 2026 16w ago | Press Release | $1.67 $1.76 | ▲ +5.09% | ▲ +3.18% | $1.62 (−2.99%) |
Jun 29, 2026 17w ago | 6-K | $1.68 $1.80 | ▲ +7.14% | ▲ +4.33% | $1.62 (−3.57%) |
May 26, 2026 21w ago | 6-K | $1.68 $1.69 | ▲ +0.60% | ▼ −1.28% | $1.62 (−3.57%) |
May 26, 2026 21w ago | Press Release | $1.70 $1.70 | · 0.00% | ▼ −2.72% | $1.62 (−4.71%) |
May 22, 2026 22w ago | EFFECT | $1.65 $1.75 | ▼ −6.06% | ▼ −2.87% | $1.62 (+1.82%) |
Apr 27, 2026 26w ago | Press Release | $1.89 $1.79 | ▼ −5.29% | ▼ −9.28% | $1.62 (−14.29%) |
Apr 16, 2026 27w ago | 6-K | $1.91 $1.67 | ▼ −12.57% | ▼ −18.71% | $1.62 (−15.18%) |
US Market Status
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