ICON

ATHENS, Greece, April 23, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, (i) reports financial results for the year ended December 31, 2024, (the “Reporting Period”) and (ii) declares cash dividend of $0.07 per common share. All share and per share amounts disclosed in this earnings release give retroactive effect, for all periods presented, to the Reverse Stock Split (as defined below) effected on April 1, 2025. Financial Highlights for the Reporting Period Revenue, net of $5.3 million, compared to $4.5 million in 2023 Operating profit of $0.2 million, compared to $1.1 million in 2023 Net loss of $0.2 million, compared to net income of $1.2 million in 2023 EBITDA(1) of $1.8 million, compared to $2.1 million in 2023 Operational Highlights Delivery of the Kamsarmax dry bulk carrier, M/V Bravo, in September 2024, and commencement of her period employment Successful closing of a term loan facility of up to $91.5 million, of which $16.5 million was drawn and the balance of up to $75.0 million may be made available for future vessel acquisitions Cash Dividend Icon’s Board of Directors approved a cash dividend of $0.07 per common share for the fourth quarter of 2024. The cash dividend will be paid on or around May 30, 2025, to all common shareholders of record as of May 16, 2025. Nasdaq Compliance The Company has received a written notification from Nasdaq, dated April 15, 2025, indicating that because the closing bid price of the Company’s common shares for 10 consecutive trading days, from April 1, 2025, to April 14, 2025, was at $1.00 per share or greater, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented: “We are pleased to share our financial results for 2024 and reflect on the key milestones of this transformational year, marked by our successful initial public offering in July and tangible progress we have made toward scaling our platform. Our fleet expanded with the delivery of our second vessel, the M/V Bravo, which entered into an 11- to 14-month charter, securing revenue generation. We also enhanced our capital structure with a new $...