Monitor the fleet utilization and charter rate trends for the newly acquired MR tankers (M/T Wonder Alasia at $29,500/day, M/T Wonder Maia at $34,000/day) to see if the revenue growth trajectory continues into H2 2026. The AI OKTO spin-off creates a separate publicly traded entity — watch for any cross-ownership dynamics or dividend flows from the retained preferred stake.
Price Chart
Executive Summary
Toro Corp. reported Q2 2026 results with vessel revenue up 71.3% YoY to $7.0M, but net income from continuing operations fell 60.9% to $0.6M due to higher G&A expenses (stock-based compensation) and increased operating costs. The filing also details the completion of the AI OKTO LPG spin-off, two MR tanker acquisitions for $83.4M total, and new credit facilities. The revenue growth is offset by declining profitability and a loss per share of $(0.129), making the overall picture mixed.
Key Facts
- Total vessel revenues from continuing operations: $7.0M for Q2 2026, up 71.3% YoY from $4.1M
- Net income from continuing operations: $0.6M for Q2 2026, down 60.9% YoY from $1.4M
- EPS (basic) from continuing operations: $(0.129) vs $0.015 in Q2 2025
- EBITDA from continuing operations: $1.7M for Q2 2026, up from $1.3M in Q2 2025
- Cash and restricted cash: $80.2M as of June 30, 2026, down from $87.4M at Dec 31, 2025
- Completed spin-off of LPG carrier business into AI OKTO CORP. (Nasdaq: AIOK) on Oct 8, 2026
- Acquired two MR tanker vessels post-quarter: M/T Wonder Alasia for $45.9M and M/T Wonder Atria for $37.5M
- Entered new $22.5M revolving credit facility on Sep 30, 2026, fully drawn on Oct 1, 2026
- Paid special dividend of $0.90/share on June 5, 2026, in $3.8M cash and 5,707,246 common shares
- Daily TCE Rate improved to $17,145 in Q2 2026 from $11,492 in Q2 2025
Financial Impact
Revenue growth of 71.3% ($2.9M increase) offset by net income decline of 60.9% ($0.8M decrease); EPS swung from +$0.015 to -$0.129
Risk Factors
- Net income declining despite revenue growth due to rising G&A and operating expenses
- Cash burn from special dividends and vessel acquisitions reducing liquidity
- Spin-off of LPG business reduces fleet diversity and removes a revenue stream
- High leverage from new credit facilities ($48.8M drawn as of Oct 9, 2026) increases financial risk
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-039202 |
| Document: ef20083299_6k.htm | 0001140361-26-039202 |
| Document: 0001140361-26-039202-index-headers.html | 0001140361-26-039202 |
| Document: 0001140361-26-039202-index.html | 0001140361-26-039202 |
| Document: 0001140361-26-039202.txt | 0001140361-26-039202 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 6-K | $4.41 | awaiting T+20 | — | $4.35 (−1.36%) |
Oct 9, 2026 18d ago | 6-K | $4.41 | awaiting T+20 | — | $4.35 (−1.36%) |
Oct 9, 2026 18d ago | 6-K | $4.41 | awaiting T+20 | — | $4.35 (−1.36%) |
Sep 22, 2026 5w ago | 6-K | $5.74 $3.93 | ▼ −31.53% | ▼ −30.97% | $4.35 (−24.22%) |
Sep 18, 2026 5w ago | 6-K | $5.98 $4.14 | ▼ −30.77% | ▼ −30.97% | $4.35 (−27.26%) |
Sep 18, 2026 5w ago | Press Release | $5.98 $4.14 | ▼ −30.77% | ▼ −30.97% | $4.35 (−27.26%) |
Jul 20, 2026 14w ago | 6-K | $4.91 $5.62 | ▲ +14.46% | ▲ +10.34% | $4.35 (−11.41%) |
Jun 5, 2026 20w ago | 6-K | $5.02 $4.98 | ▲ +0.80% | ▲ +2.66% | $4.35 (+13.35%) |
May 28, 2026 21w ago | 6-K | $5.08 $4.84 | ▲ +4.72% | ▲ +1.58% | $4.35 (+14.37%) |
May 28, 2026 21w ago | Press Release | $5.08 $4.84 | ▲ +4.72% | ▲ +1.58% | $4.35 (+14.37%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers