IMPERIAL PETROLEUM INC. REPORTS FIRST QUARTER 2023 RECORD NET INCOME OF $35.7 MILLION FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE, May 8, 2023 – IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2023.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fleet operational utilization of 85% in Q1 23’ with 6 days of technical off hire and 495 (54%) of our fleet days dedicated to spot activity.
Delivery of 2 Handysize dry bulk carriers, the Glorieuse and the Eco Wildfire, towards the end of March 2023 – expanding our fleet to 12 vessels.
Revenues of $65.4 million in Q1 23’ – up $60.3 million or 1,182% from Q1 22’.
Record net income of $35.7 million in Q1 23’ up by $35.5 million compared to Q1 22’ or 17,750%.
EBITDA1 of $39.9 million in Q1 23’ up $37.3 million or 1,435% from Q1 22’.
Cash and cash equivalents, including time deposits, of $114.1 million as of March 31, 2023 of which approximately $45.5 million were utilized within April 2023 for the repayment of all outstanding loans.
Proposed spin-off of two dry bulk carriers under a new Company called C3is Inc.
Expect to regain compliance with the Nasdaq minimum bid price requirement, following a 1:15 reverse stock split which took effect on April 28, 2023.
1 EBITDA is a non-GAAP measure. Refer to the reconciliation of this measure to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
First Quarter 2023 Results:
Revenues for the three months ended March 31, 2023 amounted to $65.4 million, an increase of $60.3 million, or 1,182%, compared to revenues of $5.1 million for the three months ended March 31, 2022, primarily due to the increase of our fleet by eight vessels and strong market rates, particularly in the tanker sector.
