GASS StealthGas Inc.
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.
Actionable Insight
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.
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
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 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 8, 2026
1d ago
|
6-K
| $9.34 awaiting T+5 | awaiting T+5 | — | $9.34 (+0.00%) |
|
Jun 5, 2026
4d ago
|
Press Release
| $9.21 awaiting T+5 | awaiting T+5 | — | $9.34 (+1.47%) |
|
Jun 1, 2026
8d ago
|
Press Release
| $9.35 $9.62 | ▲ +2.89% | ▲ +5.64% | $9.34 (−0.11%) |
|
Apr 28, 2026
6w ago
|
20-F
| $9.64 $10.32 | ▼ −7.05% | ▼ −5.36% | $9.34 (+3.11%) |
|
Mar 2, 2026
14w ago
|
Press Release
| $8.68 $9.86 | ▼ −13.59% | ▼ −14.80% | $9.34 (−7.60%) |
US Market Status
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