TORO TORO CORP.
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Executive Summary
Toro Corp. reported Q1 2026 results with a 9.1% increase in vessel revenues to $6.0M, but net income from continuing operations plunged 66.7% to $0.5M (from $1.5M) due to higher stock-based compensation and lower interest income. EPS swung to a loss of $(0.023) per basic share from +$0.019 a year ago. The company also declared a $0.90/share special dividend payable June 5, 2026, and secured a new $60M credit facility with $15M drawn.
Actionable Insight
The 66.7% net income plunge and negative EPS despite a modest revenue increase points to cost inflation (stock comp doubled) and lost interest income. The $0.90 special dividend will further drain cash. Watch for whether the new credit facility signals a shift toward debt-funded operations or vessel acquisitions.
Key Facts
- Total vessel revenues from continuing operations: $6.0M (+9.1% YoY)
- Net income from continuing operations: $0.5M (-66.7% YoY)
- EPS from continuing ops: $(0.023) basic vs $0.019 basic YoY
- EBITDA from continuing ops: $1.3M vs $1.0M YoY
- Cash position: $81.6M (down from $87.4M at Dec 31, 2025)
- Declared special dividend of $0.90/share payable June 5, 2026
- Entered into up to $60M revolving credit facility, $15M drawn on April 2, 2026
- Paid $9.3M special dividend in cash + 7,378,575 shares on Jan 16, 2026
- 44% share dilution year-over-year: 28.85M shares outstanding vs ~17.65M weighted avg basic
- General & administrative expenses rose to $2.9M from $2.4M, driven by stock-based compensation of $1.7M
Financial Impact
Net income decline of ~$1.0M (-66.7%) YoY with EPS flipping from +$0.019 to $(0.023). Revenue grew only 9.1% while operating loss improved slightly from -$1.6M to -$1.48M. Dividend income from related parties of $1.375M masked underlying operational weakness.
Risk Factors
- Continued high stock-based compensation costs weighing on earnings
- Share dilution from stock dividends reducing per-share metrics further
- Declining cash position ($81.6M) after special dividends and credit facility draw
- Reliance on related-party dividend income ($1.375M) for profitability
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-023065 |
| Document: ef20074923_6k.htm | 0001140361-26-023065 |
| Document: 0001140361-26-023065-index-headers.html | 0001140361-26-023065 |
| Document: 0001140361-26-023065-index.html | 0001140361-26-023065 |
| Document: 0001140361-26-023065.txt | 0001140361-26-023065 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 5, 2026
4d ago
|
6-K
| $5.17 awaiting T+5 | awaiting T+5 | — | $5.11 (+1.16%) |
|
May 28, 2026
12d ago
|
6-K
| $5.08 $5.09 | ▼ −0.20% | ▼ −0.24% | $5.11 (−0.59%) |
|
May 28, 2026
12d ago
|
Press Release
| $5.08 $5.09 | ▼ −0.20% | ▼ −0.24% | $5.11 (−0.59%) |
|
May 5, 2026
5w ago
|
6-K
| $6.49 $5.40 | ▼ −16.80% | ▼ −18.78% | $5.11 (−21.26%) |
|
Apr 22, 2026
6w ago
|
6-K
| $5.96 $7.01 | ▲ +17.55% | ▲ +17.50% | $5.11 (−14.31%) |
|
Apr 22, 2026
6w ago
|
Press Release
| $5.96 $7.01 | ▲ +17.55% | ▲ +17.50% | $5.11 (−14.31%) |
|
Apr 15, 2026
7w ago
|
Press Release
| $3.41 $6.67 | ▲ +95.74% | ▲ +94.75% | $5.11 (+49.95%) |
|
Apr 15, 2026
7w ago
|
20-F
| $3.43 $6.76 | ▲ +96.70% | ▲ +95.06% | $5.11 (+48.80%) |
|
Apr 15, 2026
7w ago
|
6-K
| $3.43 $6.76 | ▲ +96.70% | ▲ +95.06% | $5.11 (+48.80%) |
|
Apr 15, 2026
7w ago
|
Press Release
| $3.43 $6.76 | ▲ +96.70% | ▲ +95.06% | $5.11 (+48.80%) |
US Market Status
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