IMPP

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved the second-best quarterly net income in company history, driven by the strategic decision to expand the fleet to 21 vessels on the water. Capitalized on a dramatic surge in tanker rates following the closure of the Strait of Hormuz, which tightened global vessel supply and increased risk premiums. Attributed tanker outperformance to longer-haul voyages and oil trade disruptions caused by the Iran-US-Israel conflict, which pushed Suezmax rates above 200 thousand per day by quarter-end. Maintained a firm dry bulk performance supported by rising coal demand as countries sought alternatives to disrupted Middle East LNG supplies. Optimized fleet utilization at 88.7%, slightly lower than the previous quarter due to increased ballasting activity as vessels repositioned for high-rate employment. Leveraged a debt-free balance sheet and a cash position of 213 million to fund fleet growth while maintaining a net income margin of 45%. Focused on a commercial strategy for dry bulk vessels that prioritizes short-term time charters to minimize idle time and voyage costs. Anticipates the delivery of five additional vessels through Q3 2026, supported by a staggered payment profile of 130 million in total capital commitments. Expects continued resilience in coal trade through Q2 2026 as global power generation responds to oil and gas supply disruptions. Monitors potential market normalization and the reopening of the Strait of Hormuz, which could lead to increased production and inventory building by Middle Eastern producers. Identifies a looming supply imbalance in the dry bulk sector as an aging fleet (16% over 20 years old) faces low demolition rates and reduced newbuilding orders. Intends to continue the active share buyback program to address a perceived 60% discount between the current share price and the estimated net asset value of 13 dollars per share. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Noted a significant increase in voyage costs to 12.8 million, driven by a 25% increase in spot days and higher port expenses related to Suez Canal transits. Highlighted the International Energy Agency's decision to release 400 million barrels of oil reserves as a significant intervention in the supply landscape. Flagged uncertainty regarding the future of the 'dark fleet' and market reactions should the Russia-Ukraine conflict reach a resolution. Expressed concern that the ongoing Iran conflict could eventually impact global economic growth and dampen overall commodity demand.

ATHENS, Greece, May 22, 2026 (GLOBE NEWSWIRE) -- 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, 2026. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 88.7% in Q1 26’ compared to 91.8% in Q4 25’ and 83.8% in Q1 25’. Approximately 59% of total fleet calendar days in Q1 26’ were dedicated to time charter activity while approximately 39% to spot activity. Delivery of the dry bulk carrier, Eco Crossfire, on April 3, 2026 which increased our fleet on the water to 21 vessels; the remaining four contracted dry bulk carriers and one tanker are scheduled to be delivered by end of Q3 26’ bringing our total fleet to 26 ships. In Q1 26’ Imperial Petroleum marked its second- best quarterly performance. Revenues of $61.7 million in Q1 26’ compared to $51.1 million in Q4 25’ and $32.1 million in Q1 25’, representing a 20.7% increase and a 92.2% increase, respectively. Impressive increase of our operating income to $26.5 million in Q1 26’, marking a $12.8 million or 93.4% increase compared to Q4 25’ and a $18.7 million or 239.7% increase compared to Q1 25’. Net income generation of $28.0 million in Q1 26’- the second best in our history- compared to $15.0 million in Q4 25’, and $11.3 million in Q1 25’, representing a 86.7% and 147.8% increase, respectively. Basic EPS of $0.60 in Q1 26’. EBITDA1 of $34.4 million for Q1 26’. Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including time deposits of $212.6 million as of March 31, 2026 compared to $179.1 million as of December 31, 2025. Under the $10 million stock repurchase program, the Company has repurchased up to May 21, 2026 a total of 855,769 common shares for an aggregate amount of $3.8 million. First Quarter 2026 Results: Revenues for the three months ended March 31, 2026 amounted to $61.7 million, an increase of $29.6 million, or 92.2%, compared to revenues of $32.1 million for the three months ended March 31, 2025, primarily due to the increase in the average number of vessels in our fleet by 7.98, along with an increase in tanker rates, particularly for suezmax tankers following the outbreak of the Middle East conflict. Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2026 were $12.8 million and $11.2 million, respectively, compared to $10.5 million and $7.1 million, respectively, for the three months ended March 31, 2025. The $2.3 million increase in voyage expenses is mainly attributed to a 25.2% increase in the number of spot days and increased port expenses due to higher number of transits through the Suez Canal mainly for the suezmax tankers. The $4.1 million increase in vessels’ operating expenses is primarily due to the increase in the average number of vessels in our fleet by 7.98. Drydocking costs for the three months ended March 31, 2026 and 2025 were $1.4 million and nil, respectively. During the three months ended March 31, 2026, our bulk carrier, Post Marvel, underwent drydocking whereas in the three months ended March 31, 2025, no vessel underwent drydocking. General and administrative costs for the three months ended March 31, 2026 and 2025 were $1.1 million and $1.2 million, respectively. This decrease is mainly attributed to the decrease in stock-based compensation costs. Depreciation for the three months ended March 31, 2026 and 2025 was $7.9 million and $5.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet. Management fees for the three months ended March 31, 2026 and 2025 were $0.8 million and $0.5 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet. Interest and finance costs for the three months ended March 31, 2026 and 2025 were $0.2 million and $0.6 million, respectively. The $0.2 million of costs for the three months ended March 31, 2026 relate mainly to accrued interest expense – related party in connection with the $19.16 million part of the acquisition price of our bulk carrier, Post Marvel, whereas the $0.6 million of costs for the three months ended March 31, 2025 related mainly to accrued interest expense – related party in connection with the $14.0 million and $24.0 million part of the acquisition prices of our bulk carriers, Neptulus and Clean Imperial, respectively, which completely settled in the second quarter of 2025. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices. Interest income for the three months ended March 31, 2026 and 2025 was $1.8 million and $2.2 million, respectively. The $0.4 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates. Foreign exchange (loss)/gain for the three months ended March 31, 2026 and 2025 was a loss of $0.3 million and a gain of $1.7 million, respectively. The $0.3 million foreign exchange loss for the three months ended March 31, 2026, is mainly attributed the weakening of the euro currency against the dollar at the end of the three months ended March 31, 2026 when compared to the respective currency values prevailing at the end of year 2025. As a result of the above, for the three months ended March 31, 2026, the Company reported net income of $28.0 million, compared to net income of $11.3 million for the three months ended March 31, 2025. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2026. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2026 was 45.3 million. Earnings per share, basic and diluted, for the three months ended March 31, 2026 amounted to $0.60 and $0.57, respectively, compared to earnings per share, basic and diluted, of $0.32 and $0.30, respectively, for the three months ended March 31, 2025. Adjusted net income1 was $28.6 million corresponding to an Adjusted EPS1, basic of $0.61 for the three months ended March 31, 2026 compared to an Adjusted net income of $12.2 million corresponding to an Adjusted EPS, basic, of $0.34 for the same period of last year. EBITDA1 for the three months ended March 31, 2026 amounted to $34.4 million, while Adjusted EBITDA1 for the three months ended March 31, 2026 amounted to $34.9 million. An average of 19.88 vessels were owned by the Company during the three months ended March 31, 2026 compared to 11.90 vessels for the same period of 2025. 1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. Fleet Employment Table As of May 22, 2026, the profile and deployment of our fleet is the following: CEO Harry Vafias Commented We are extremely pleased with our first quarter 2026 results. With a net income of $28 million, corresponding to a basic EPS of $0.60 per share, we generated the second-best quarterly profitability in the Company’s history. Geopolitical tensions persist, creating turbulence across global markets and the shipping industry in particular. The ongoing Middle East conflict has driven tanker market rates to peak levels, while dry bulk market rates have also firmed. In this environment, we successfully capitalized upon our sizeable fleet. Our expansion strategy continues to deliver strong results, and we believe that our active share repurchase program will help our share price better reflect the Company’s true underlying value — a fleet of 21 vessels on the water with 5 more to be delivered shortly, ample liquidity in excess of $220 million, a consistently profitable track record, and a completely debt-free balance sheet. Conference Call details: On May 22, 2026 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook. Online Registration: Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. https://register-conf.media-server.com/register/BI022e66c574874022b745c61aed82e1a1 Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About IMPERIAL PETROLEUM INC. IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty-one vessels on the water - seven M.R. product tankers, two suezmax tankers, four handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,324,000 deadweight tons (dwt) and has contracted to acquire an additional four handysize drybulk carriers and a product tanker of 190,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 26 vessels with an aggregate capacity of about 1.5 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission. Fleet List and Fleet DeploymentFor information on our fleet and further information:Visit our website at www.ImperialPetro.com Company Contact:Fenia Sakellaris IMPERIAL PETROLEUM INC.E-mail: [email protected] Fleet Data: The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2025 and 2026. 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Imperial Petroleum Inc.Unaudited Consolidated Statements of Income(Expressed in United States Dollars, except for number of shares) Imperial Petroleum Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars) Imperial Petroleum Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars

Interested in Imperial Petroleum Inc.? Here are five stocks we like better. Imperial Petroleum posted a strong Q1 2026, with revenue of $61.7 million and net income of $28 million, which management said was its second-best quarterly performance ever. Operating income and EBITDA also rose sharply year over year. The company said results were boosted by a surge in tanker rates after Middle East disruptions tightened the market, especially around the Strait of Hormuz. Suezmax and product tanker earnings improved dramatically, lifting daily net revenue across the fleet. Imperial ended the quarter debt-free with about $213 million in cash and cash equivalents, while continuing fleet expansion to 21 vessels and repurchasing shares. Management also said the stock trades at a large discount to estimated net asset value. Hidden Gems: 3 Value Stocks to Watch for Strong 2025 Returns Imperial Petroleum (NASDAQ:IMPP) reported sharply higher first-quarter 2026 results, with management saying the company benefited from a larger fleet and a surge in tanker rates tied to geopolitical disruptions in the Middle East. Chief Executive Officer Harry Vafias said the quarter marked the company’s “second-best quarterly performance” in its history, with revenue of $61.7 million and net income of $28 million. Basic earnings per share were $0.60. → CAVA Group’s Stock Looks Delicious After Strong Earnings 5 Small-Cap Energy Stocks Surged in Price and Volume on Friday Vafias said revenue rose 21% from the fourth quarter of 2025 and about 92% from the first quarter of 2025. Operating income was $26.5 million, up $12.8 million from the prior quarter and $18.7 million from the year-earlier period. Management attributed much of the quarter’s strength to firm shipping markets, particularly in tankers. Vafias said tensions in the Middle East that began near the end of February and the closing of the Strait of Hormuz “tightened the tanker market, causing tanker rates to boom.” → SpaceX IPO: Opportunity? Or the Ultimate Hype Trade? The company’s daily net revenue from tankers increased to about $43,000 per day in the first quarter, compared with $27,000 per day in the fourth quarter of 2025. Dry bulk daily net revenue also improved to about $16,000 per day. Vafias said Imperial employed six MR product tankers and two Suezmax vessels in the spot market, achieving average daily rates of about $29,000 per day for MR vessels and close to $95,000 per day for Suezmax vessels. One MR product tanker is employed under a period charter through September 2027. → 2 Software Stocks Turning AI Fears Into Fundamental Gains He said tanker markets had already been strong before the U.S.-Iran-Israel conflict, supported by added OPEC supply, the return of Venezuelan cargoes and long-haul product tanker trades from the Atlantic to the Pacific. The Strait of Hormuz blockage then drove oil trade disruptions, longer voyages, supply shortages and higher risk premiums. Vafias said Suezmax rates were above $250,000 per day at the end of the quarter. Imperial also benefited from stronger dry bulk conditions. Vafias said the positive trend seen in the fourth quarter of 2025 continued through the first quarter of 2026, supported by global shipment growth, Panama Canal congestion and rising coal demand. He said the BDI Supramax time charter index was up 40.3% year over year at the end of the first quarter, while the BDI Handysize index was up 36.7%. Rates for dry bulk vessels have since moved closer to $20,000 per day, according to management, largely because gas supply shortages have increased demand for coal. On the demand side, Vafias said iron ore departures to China were up about 4% in the first quarter, Guinean bauxite exports to China rose 18% year over year and wheat trade increased 18% year over year. He also noted concern that the Iran conflict could affect the global economy and dry bulk demand. Imperial’s fleet operational utilization was 88.7% in the quarter, down slightly from the fourth quarter of 2025 because of increased ballasting activity as vessels traveled to their next employment. Tanker utilization was 87.8%, while dry bulk utilization was 89.5%. About 59% of total fleet calendar days in the quarter were tied to time charter activity, with roughly 40% allocated to spot activity. Vafias said approximately 48% of the current fleet is under time charter. The company took delivery of the dry bulk vessel Post Marvel in early January 2026 and the Handysize dry bulk vessel Eco Crossfire in April 2026, bringing its fleet on the water to 21 vessels. Management said five more vessels are scheduled for delivery. Interim Chief Financial Officer Ifigeneia Sakellari said first-quarter revenue growth was driven by higher market rates for product and Suezmax tankers, as well as an increase of eight vessels in the fleet compared with the year-earlier period. Sakellari said product tanker rates were close to $26,000 per day and Suezmax tanker rates were close to $47,000 per day at the end of the first quarter of 2025. By the end of the first quarter of 2026, product tanker rates had climbed to about $56,000 per day, while Suezmax rates exceeded $260,000 per day following the Middle East conflict. Voyage costs totaled $12.8 million, up $2.3 million from the first quarter of 2025, reflecting a roughly 25% increase in spot days and higher port expenses from more Suez Canal transits, mainly for Suezmax tankers. Net revenue was about $49 million, up 127% from $21.6 million a year earlier. Operating expenses rose as the company expanded its fleet. Running costs were $11.3 million, up $4.1 million, which Sakellari attributed to an average increase of eight vessels between the two periods. EBITDA was $34.4 million. Imperial ended March with $213 million in cash, cash equivalents and time deposits, compared with $179 million at the end of 2025. Sakellari said cash to date was in the region of $221 million. The company remains debt-free. Capital commitments for seven vessels, including two recently delivered and five scheduled for delivery through the third quarter of 2026, total about $130 million. Sakellari said roughly $52 million is expected to be paid through the end of the third quarter of 2026, with the remaining $78 million due by the end of 2026 or early 2027. The company also highlighted its share repurchase activity. Vafias said Imperial had repurchased 855,769 common shares through May 21 for an aggregate amount of about $3.8 million. Sakellari said management estimated Imperial’s net asset value per share at close to $13, based on recent fleet market values, first-quarter financials and the number of shares outstanding at the end of the quarter. She said the company’s share price was about $5, implying a discount of more than 60%, compared with an average price-to-net-asset-value discount of about 20% for industry peers. Looking ahead, management said the main uncertainty remains the U.S.-Iran-Israel conflict and how tanker markets will react if the Strait of Hormuz reopens for trade. Sakellari also cited uncertainty around the “dark fleet” if the Russia-Ukraine conflict ends. Vafias closed the call by saying Imperial’s expansion strategy is “paying off,” pointing to the company’s larger fleet, liquidity above $220 million, continued profitability and debt-free balance sheet. Imperial Petroleum Inc provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals, crude oils, iron ore, coal and grains, and minor bulks, such as bauxite, phosphate, and fertilizers. As of April 1, 2024, the company owned and operated a fleet of six medium range refined petroleum product tankers; one Aframax tanker; two suezmax tankers; and two handysize drybulk carriers with a total capacity of 791,000 deadweight tons. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Imperial Petroleum Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Friday, May 22, 2026 at 10 a.m. ET Chief Executive Officer — Harry N. Vafias Chief Financial Officer — Ifigeneia Sakellari Need a quote from a Motley Fool analyst? Email [email protected] In slide 3, we summarize our key operational and financial highlights for Q1 26. The year 2026 commenced in an extremely favorable way for Imperial Petroleum. Our enhanced fleet of tankers and dry bulk ships fully capitalized upon the firm rates prevailing throughout the period. This quarter with revenues of $61.7 million and a net income of $28 million, we marked our second best quarterly performance in our history. We view our results as a solid proof that our strategic decision to expand our fleet was sound as a larger fleet enables us to leverage favorable market conditions and general material results. The tension in the Middle East, which commenced close to the February 2020 brought upon a global turbulence and heavily affected seaborne trade. Closing of the Strait of Hormuz tightened the tanker market, causing tanker rates to boom. it is worth mentioning that our daily net revenue from tankers dramatically increased in Q1 2020 6 to about 43 thousand a day compared to 27 thousand a day in Q4 25. Dry bulk market also remained firm. Ardennium at revenue from our dry bulk ships increased in Q1 2020 6 to about 16 thousand. Looking briefly at our operational highlights, our fleet operational utilization came in at 88.7%, a bit lower than in Q4 25 due to increased ballasting activity of our vessels traveling to their next employment. Looking at our fleet subsegments, operational utilization for Q1 26 was 87.8 for our tankers, and 89.5 for our dry vessels. About 59% of the total fleet calendar days in Q1 2020 6 were dedicated to time charter activity, while the remaining approximately 40% of spot activity, Following the delivery of our dry bulk vessel to Postmarvel in January 2020. In April 26, we took delivery of a handysize dry bulk ship, the Crossfire, increasing our fleet on the water to 21 vessels. Providing more color on our financial performance, our revenues of $61.7 million were 21% higher than in Q4 25, and about 92% higher compared to the same period of 2025. The increase of our operating income was impressive. In Q1 26, income from operations came in at 26.5 million marking a 12.8 million increase or 94% against Q4 25 and 18.7 million rise or 240% compared to Q1 25. As already mentioned, our net income of 28 million was our second best performance of all times. The basic earnings per share generated in 1 single quarter was in the order of $0.60. Based on our current share price levels gives us an earnings yield for the quarter in excess of 12%. Our profitable operations continue to fuel our liquidity. As of March 31, 2026, our cash and cash equivalents, including time deposits, were about 213 million versus a 179 million as of end of year 25. Our activity on the share buyback scheme has been robust as to date the company has repurchased up to May 21, a total of 856 thousand common shares for an aggregate amount of about 3.8 million. On Slide 4, we are providing a summary of our current fleet deployment About 48% of the fleet is currently under time charter. We employ 6 MR product tankers and 2 Suezmax vessels in the spot market, capitalizing on the prevailing strong market environment. and achieving average daily rates of about 29 thousand per day for MR ships close to 95 thousand per day for Suezmaxes. In addition, 1 MR product tanker is employed under a period charter through September 2027. As customarily, the majority of the dry bulk ships are on short term time charters. The commercial strategy we currently follow for our dry bulk vessels provides healthy cash flow while minimizing idle time and voyage cost. On Slide 5, we are discussing the evolution of market rates for both tankers and bulkers. Q1 26, market rates surged for tankers and strengthened further for drybulk ships. Even before the US-Iran Israel conflict, outbreak towards end of February 2026. Tanker rates were strong at the back of added OPEC The return of Venezuelan cargoes and long haul trades for product tankers from the Atlantic to the Pacific so as to meet shortage supply in Asia. The blockage of the Strait of Hormuz led to oil trade disruptions, longer haul voyages, oil supply shortages, and increase of risk premiums leading to a spike in tanker rates. Indeed, at the end of Q1 26, rate for Suezmaxes were in excess of 200 thousand a day, while rates for product tankers were close to 60 thousand a day. For the dry bulk ships, the positive trend witnessed in Q4 25 continued throughout the first quarter of 2026. Global shipment growth momentum was supported in Q1 by the uncertain macroeconomic environment, the congestion of the Panama Canal recently arising coal demand. it is interesting to know that as of the end of Q1 2026, the BBI Supramax PC index was up 40.3% year on year, while the BDI Handysize Index was up 36.7%. Touching briefly upon the current levels of market rates, tanker rates are still firm but have undergone a degree of normalization, particularly during the ceasefire period in April, which eased for a brief period the bottleneck of vessels at the Strait of Hormuz. Following April 20, outage for tankers picked up as an uptick in hostilities in the area resume. For the dry bulk ships, rates have picked up further and are now close to $20 thousand per day, mostly due to gas supply shortages has increased market demand for coal. Market update on Slide 6. In Q1 26, the disruption in the Middle East was a key focal point of the shipping industry, heavily affecting all shipping segments, but especially tankers. The blockage of the Strait of Hormuz has caused major trade About 10% of the compliant tanker fleet was stranded in the Middle East in Q1, causing vessel shortage, output supply shortages and oil prices to surge. In this environment, the International Energy Agency took the decision at the beginning of March to release 400 million barrels of oil and refined products. For the crude tankers, markets were firm even before the Middle East conflict at the back of strong cargo supply from rising Middle East Gulf out output and increased Chinese demand. The Iran US-Israel conflict brought upon a collapse in Hormuz exports and Middle East gas production shut ins. This caused significant repositioning of vessels from the Pacific and an increase of Atlantic exports to Asian buyers. Product tanker market essentially picked up after the outbreak of the Middle East conflict. The closing of the Strait of Hormuz have shut off the Middle East CPP exports, creating a shortage of good feedstock to Asian refineries. And this led to an increase in global product prices, particularly in the Pacific for jet oil and arbitrage opportunities especially between the Atlantic and the Pacific. Looking ahead, the potential ceasefire leading to the reopening of the Strait of Hormuz prospects of increased demand for inventory building. Middle Eastern producer will commence production above pre war levels while we may see sanctions lifted on Iran thus adding more balance to the market. In terms of tanker market fundamentals, total order book for Suezmaxes, stands at 25.6% with 16% of the fleet above 20 years of age. For the MRs, total order book stands at 15.8% while close to 20% of the fleet is above 20 years of age. On slide 7, discussing the drybulk market, Q1 had a strong start in both volumes and rates in spite of the seasonal factors such as the Chinese New Year which typically causes a market slowdown Global shipment volumes increased year on year both by vessel and commodity types, Coal trade marked a marginal increase in the first month of 2026 particularly due to reduced imports from China and India, offset by the rise of imports from Korea. Following the outbreak of the US-Iran-Israel conflict Algeria countries are boosting coal fired generation to respond to the disruptions to oil and gas supplies. As the countries need to replace lost Middle East LNG cargoes. This increased resilience in coal is expected to continue in the future supporting a rebound in coal trade in Q2 26. Iron ore departures to China were up in Q1 by about 4%, while Guinea bauxite exports to China stood strong marking an 18% year on year increase. Wheat trade rose by 18% year on year supported by elevated prices And looking ahead, there is a concern about the income impact of the Iran conflict on the global economy. Which might have an adverse impact on the global demand. The global dry bulk fleet continues to expand growing 3% in 2020 and a further 1% in 2026. However, reduced shipbuilding orders, but most importantly, an aging fleet, Close to 16% of the fleet is currently above 20 years of age. In conjunction with low demolition could bring about a future supply imbalance as older vessels retire without sufficient replacement. A vessel supply shortage is expected to support market rates. I will now pass the floor to Mrs. Sakellari to summarize the financial performance. Ifigeneia Sakellari: Thank you, Harry, and good morning to all. In Q1 26, Imperial Petroleum marked a record performance. This quarter, we generated the second highest profitability of all times. Market conditions were favorable as rates, particularly for tankers, peaked. Dry bulk rates were firm during the whole quarter, so we managed to capitalize upon the sizable dry bulk fleet we operate. Looking at our income statement for Q1 26 on Slide 8, revenues came in at 61.7 million in Q1 2020 marking a 92% increase compared to revenues generated in the same period of 2025. This increase is mainly due to a noticeable increase in market rates for both product and Suezmax tankers along with the increase of our fleet by 8 vessels. As of the end of Q1 25, rates for product tankers were close to 26 thousand per day, while daily rates for Suezmax tankers was close to 47 thousand. As of the end of Q1 26, though, following the outbreak of the Middle East conflict, daily rates for product tanker climbed to about 56 thousand while daily rates for Suezmax tankers surged in excess of 260 thousand. Voyage costs amounted to $12.8 trillion higher than in Q1 2020 5. This increase is attributed to higher number of spot days by about 25% in conjunction with increased port expenses due to higher number of tranches to the Suez Canal, mainly for the Suezmax tankers. Our net revenues for the quarter came in at about 49 million compared to $21.6 million in Q1 2020 5. This is equivalent to a 127% increase. Our net revenue generation peaked in around March following the Middle East conflict outbreak. Indicatively, our monthly net revenues generated in March 2026 were about 50% higher than our net revenue generation within February 2026. Running costs amounted to 11.3 million increased by 4.1 million due to the increase of our fleet by an average of 8 vessels between the 2 periods. EBITDA for the first quarter of 26 came in at 34.4 million while net income of 28 million corresponding to a basic earnings per share of 60¢ versus 11.3 million corresponding to an EPS of $0.32 in Q1 2020 5. Moving on to Slide 9, let us take a look at our balance sheet for the first quarter of 26. As of March 31, 2026, our free cash including time deposit was 213 million. Our cash to date is in the region of 2020 221 million. We have a capital commitment for 7 vessels, 2 recently delivered and the remaining 5 to be delivered up to Q3 26, which total about a 130 million. Of this amount, about 52 million is expected to be paid through the end of Q3 26, while the remaining 78 million is due by the end of 26 or early 27. This staggered payment profile provides ample time to further enhance our cash position through our ongoing cash flow generation from our core operations. Liquidity generation remains robust, As in Q1 2020 6, we generated an operating cash flow of $387 million At this stage, we would like to point out the basis management's estimate, most recent fleet market values, and basis our Q1 26 financials and number of shares outstanding as of the end of Q1 26 we concluded that our net asset value per share is close to $13 Our current share price is about $5, hence, we trade at a discount in excess of 60% while being highly profitable, debt free, and while the average price to net asset value discount of industry peer companies is about 20%. In other words, Imperial Petroleum is heavily undervalued despite the more robust balance sheet. Proceeding to Slide 10, we provide a summary of our liquidity, profitability, and market considerations going forward. We have a significant cash base, which is enhanced every quarter through our profitable operations. We remain debt free, but yet we have expanded our fleet significantly. Our profitability remains strong as in Q1 2020, our net income margin climbed to 45%. In Q1 26, our average time charter equivalent per fleet voyage day was close to 43 thousand for our tankers and about 16 thousand for our dry bulk fleet. This compares favorably to our cash flow breakeven levels estimated at $88.5 thousand per day for tankers and at 6.5 thousand per day for dry bulk vessels. Terms of market considerations, the focal point is the US-Iran-Israel conflict, which appears to have a longer than expected duration. It still remains an unknown how the market, particularly the tanker market, will react when the Strait of Hormuz is reopened for trade and what will happen to the dark fleet in the event that the Russian Ukraine conflict comes to an end. Concluding our presentation, we repeat once more that we are extremely pleased with our results, our proven consistency in generating profits, and most importantly, our support to our share price to our active share buyback program and hope that these dynamics will soon correct our share price levels. At this stage, our CEO, Mr. Harry Vafias, will summarize and conclude his remarks for the period examined. Harry N. Vafias: We are extremely pleased with our first quarter 2020 results. As with a net income of $28 million corresponding to a basic EPS of $0.60 We generated the second best quarterly profitability in our company's history. Geopolitical tensions persist, creating turbulence globally and in the markets. The effect, particularly from the Middle East Gulf conflict, caused tanker markets to peak while market rates for the dry bulk segment firmed. In this environment, we successfully capitalized upon our sizable fleet, We see that our expansion strategy is paying off and hope that through our active share repurchase scheme, we will assist our share price to correct itself so as to reflect the true value of the company of 21 vessels on the water and 5 more to be delivered soon. Current liquidity in excess of 220 million is continuously profitable, and most importantly, debt free. We would like to thank you all for joining us at our call today and for your interest and trust in our company, and we look forward to having you with us again at our next call for Q2 26 results. Thank you. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Imperial Petroleum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Imperial Petroleum wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $481,589!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,345,714!* Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 22, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. IMPP Q1 2026 Earnings Transcript was originally published by The Motley Fool

Strong financial results: Q4 2025 revenue rose to $51.1M (up 95% YoY) with Q4 net income of $15M and full-year net income of $50M and EBITDA of ~$71M, while management says the company is profitable and debt-free with about $179–$198M in cash. Rapid fleet expansion: Imperial had 20 vessels "on the water" after a January delivery and expects to reach 26 ships by late 2026, backed by roughly $130M in capital commitments (about $52M due through Q3 2026) and financed without bank debt. Geopolitical-driven freight volatility: Management warned Middle East tensions have sharply lifted tanker rates (Suezmax near $180,000/day, MR about $50,000/day), creating upside in earnings but also a key short-term risk to trade patterns and oil pricing. Interested in Imperial Petroleum Inc.? Here are five stocks we like better. Hidden Gems: 3 Value Stocks to Watch for Strong 2025 Returns Imperial Petroleum (NASDAQ:IMPP) management highlighted stronger quarterly results, continued fleet expansion, and a rapidly shifting geopolitical backdrop during its fourth-quarter and full-year 2025 financial and operational update. The company held the call in a listen-only format with no question-and-answer session. CEO Harry Vafias said the fourth quarter of 2025 benefited from favorable conditions in both tanker and dry bulk markets, alongside the ongoing integration of the company’s expanded fleet. Compared with the third quarter of 2025, Imperial Petroleum reported that net revenue from its tanker segment increased by almost 18%, while net revenue from the dry bulk segment rose about 26%. → 3 Defense Stocks Under $20 With Massive Upside 5 Small-Cap Energy Stocks Surged in Price and Volume on Friday Operational performance improved as well. Fleet operational utilization was 91.8% in Q4 2025, which management described as the company’s best quarterly utilization performance of 2025. Utilization was 93.4% for tankers and 90.4% for the dry bulk fleet. Vafias added that commercial off-hire days were reduced by 24.3% versus Q3. Imperial Petroleum reported Q4 2025 revenue of $51.1 million, up 95% from the same period of 2024. Operating income was $13.7 million, representing a 174% increase compared to Q4 2024 and a 33% increase from Q3 2025. Net income for the quarter was $15 million, which management said was about $11.1 million higher than the prior-year quarter. → Costco Wholesale: Buy Now, Get Paid Later as Cash and Returns Build Chief financial officer Ms. Sakellaris attributed the year-over-year growth primarily to the addition of dry bulk vessels and improved market rates, particularly for Suezmax tankers. She noted Suezmax rates increased during Q4 2025 to about $92,000 per day from $55,000 per day in Q3, and said they were “now even higher,” close to $180,000 per day. Cost items rose alongside the larger fleet and higher activity. Voyage costs were $16.6 million, up $8 million from Q4 2024, which Sakellaris said reflected a higher number of voyages and balancing activity, especially for Supramax vessels. Running costs were $11.3 million, up $4.6 million, which she attributed to an average increase of eight vessels between the compared periods. → Will the Super Mario Movie Make It Showtime for Nintendo Stock? For Q4 2025, the company reported: Net revenues: about $34.5 million, up from $17.8 million in Q4 2024 EBITDA: $21.3 million Net income: $15 million Basic EPS: $0.37 For the full year 2025, management reported net income of $50 million, EBITDA of about $71 million, and operating cash flow of $81 million. Full-year EPS was $1.35. Management emphasized its cash position and described the company as profitable and debt-free during its expansion phase. As of Dec. 31, 2025, free cash including time deposits was $179 million, according to Sakellaris. Vafias said “cash today is close to $198 million.” On fleet-related capital commitments, Sakellaris said the company had commitments for seven vessels—one recently delivered and six remaining to be delivered up to Q3 2026—totaling about $130 million. Of that amount, about $52 million is expected to be paid through the end of Q3 2026, with the remaining $78 million to be paid by the end of 2026. The company also discussed shareholder returns. Vafias said Imperial Petroleum commenced a $10 million stock repurchase program on Feb. 9. Under the program, the company had repurchased 251,000 shares for an aggregate $900,000 as of the date of the call. Management also pointed to multi-year cash generation, stating that across 2023 to 2025 the company generated $171 million of net profits and $240 million of total operating cash flow. Vafias said Imperial Petroleum continued expanding during Q4, noting that in mid-December it agreed to purchase three carriers and one tanker. Following delivery of the dry bulk carrier POS MARVEL on Jan. 12, the company had 20 ships “on the water.” Based on capital commitments into 2026, management expects to take delivery of another six ships, and Sakellaris said the company expects to have 26 vessels on the water after those deliveries. In terms of current deployment, management said about 65% of the fleet was under time charter. The company had five product tankers and two Suezmaxes employed in the spot market, with the remaining two product tankers on period employment. Management said all dry bulk ships are on short-term charters, describing the approach as providing “healthy cash flow” while minimizing idle time and voyage costs. Sakellaris added that in Q4 2025, the average time charter equivalent per fleet voyage day was close to $27,000 for tankers and about $15,000 for the dry bulk fleet, both improving from Q3. Management devoted significant attention to geopolitical risks and their impact on freight markets. Vafias said the “U.S.-Iran conflict” had already positively affected seaborne trade for tankers, while cautioning that the duration and any escalation could disrupt trade patterns and create turmoil in oil supply and pricing. He also said tensions in the Middle East that escalated since late February 2026 caused a spike in tanker rates, with risk premia priced into freights as disruption increased around the Strait of Hormuz. Management cited a specific datapoint: on March 1, vessel arrivals in the Strait of Hormuz were down 80% from normal levels. Vafias said that compared with the end of Q4, Suezmax rates were up 95% to about $180,000 per day, while MR tanker rates were up 75% to about $50,000 daily. In its tanker market review, management attributed Q4 crude tanker strength to OPEC unwinding some output cuts (adding 1.6 million barrels per day since Q4), steady global oil consumption (104.5 million barrels per day in Q4), and a tightening of the “dark fleet” as sanctions enforcement increased against tankers trading in Russia, Iran, and Venezuela. For product tankers, management cited weaker long-haul Russian clean petroleum product exports during Q4, but said the market improved mid-quarter due to greater Atlantic basin activity. On dry bulk, management said the positive momentum from Q3 continued through Q4, citing drivers including higher iron ore imports to China amid lower domestic mine production and increased long-haul bauxite exports from West Africa. The company also noted stronger Atlantic grain volumes and said U.S. corn exports increased in the second half of 2025 by 38% year-over-year. Management said dry cargo trade is expected to increase by 1.5%, with the biggest percentage rise expected from bauxite trade. In closing remarks, Vafias reiterated that Imperial Petroleum expects to reach 26 vessels without taking on bank debt, while emphasizing that the “key concern” remains geopolitical tensions in the Middle East and their potential impact on tanker markets and oil prices. Imperial Petroleum Inc provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals, crude oils, iron ore, coal and grains, and minor bulks, such as bauxite, phosphate, and fertilizers. As of April 1, 2024, the company owned and operated a fleet of six medium range refined petroleum product tankers; one Aframax tanker; two suezmax tankers; and two handysize drybulk carriers with a total capacity of 791,000 deadweight tons. The article "Imperial Petroleum Q4 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Release Date: March 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Imperial Petroleum Inc (NASDAQ:IMPP) reported a 95% increase in Q4 revenues compared to the same period last year, reaching $51.1 million. The company achieved a net income of $15 million for Q4, marking an improvement of $11.1 million compared to the same period last year. Fleet operational utilization reached 91.8% in Q4, the best quarterly performance of 2025. The company successfully expanded its fleet, with plans to reach close to 30 ships by the end of 2026. Imperial Petroleum Inc (NASDAQ:IMPP) maintained a strong cash position, ending 2025 with $179 million and currently holding close to $198 million. Net revenues from tankers decreased by almost 18% compared to Q3 of 2025. Voyage costs increased by $8 million in Q4 compared to the same period last year, due to intensified ballasting activity. The geopolitical tension in the Middle East, particularly the US-Iran conflict, poses a risk to the tanker market and global oil prices. The company faces potential demand disruption and a weakening global economy if oil prices continue to rise due to geopolitical tensions. The increased enforcement of sanctions against tankers trading in Russia, Iran, and Venezuela has tightened the market, affecting trade patterns. Warning! GuruFocus has detected 2 Warning Sign with IMPP. Is IMPP fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on the fleet expansion strategy and its impact on financial performance? A: (Harry Vafias, CEO) During Q4, we continued our fleet expansion by purchasing three carriers and one tanker vessel. We now have a fleet of 20 ships, with plans to take delivery of another six ships in 2026. This expansion has been a key driver of our financial performance, contributing to a 95% increase in Q4 revenues compared to the same period last year. Q: How did the geopolitical tensions, particularly the US-Iran conflict, affect your operations and market outlook? A: (Harry Vafias, CEO) The US-Iran conflict has positively affected seaborne trade, especially in the tanker segment, due to disruptions in the Strait of Hormuz. This has led to increased tanker rates, with Suezmax rates up 95% to about $180,000 a day. However, the long-term impact remains uncertain, and we are closely monitoring the situation. Q: What were the key drivers behind the significant increase in Q4 revenues and net income? A: (Ifigeneia Sakellari, CFO) The 95% increase in Q4 revenues to $51.1 million was driven by the integration of new dry bulk vessels and improved market rates, particularly for Suezmax tankers. Our net income for the quarter was $15 million, a $11.1 million improvement from the same period last year, supported by strong operating income and fleet expansion. Q: Could you elaborate on the company's liquidity position and future capital commitments? A: (Ifigeneia Sakellari, CFO) As of December 31, 2025, our cash, including time deposits, was $179 million, with current cash close to $198 million. We have capital commitments for six more vessels, totaling about $130 million, with payments spread until the end of 2026. Our strong cash flow generation supports these commitments without incurring debt. Q: What is the company's strategy regarding the current market conditions and future growth? A: (Harry Vafias, CEO) We aim to maintain our strong performance by leveraging favorable market rates and expanding our fleet. Our strategy focuses on efficient commercial management and maintaining a debt-free position. We are cautious about geopolitical tensions and their potential impact on the market, but we remain committed to growing our fleet and enhancing shareholder value. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Imperial Petroleum (IMPP) is in focus after confirming it will release fourth quarter and full year 2025 results before the New York market opens today, along with an earnings call covering operations and fleet expansion plans. See our latest analysis for Imperial Petroleum. At a last close of US$4.18, Imperial Petroleum’s 30 day share price return of 19.63% and year to date gain of 14.38% suggest momentum has picked up recently. The 1 year total shareholder return of 75.42% and 3 year total shareholder return of 83.12% point to a stronger longer term outcome despite a softer 90 day share price return of 8.64% and some near term volatility around the upcoming earnings release and fleet expansion plans. If earnings and fleet news have you looking wider across the market, it could be a good time to check out 28 elite gold producer stocks as another way to find opportunities beyond shipping. So with Imperial Petroleum trading at a discount of about 44% to analyst price targets and an indicated intrinsic discount of roughly 55%, is the market offering a genuine value opportunity, or is it already pricing in that future fleet growth? With Imperial Petroleum last closing at $4.18 versus a narrative fair value of $6.00, the current price sits well below what this widely followed view suggests. Read the complete narrative. Curious how that fleet build out translates into the $6.00 fair value? The narrative relies on assumptions of strong revenue growth, higher margins, and meaningfully higher earnings per share compared with current levels. Result: Fair Value of $6.00 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are real pressure points here, including the recent 22.8% revenue decline and unproven drybulk additions on short term charters that could leave earnings more exposed. Find out about the key risks to this Imperial Petroleum narrative. With mixed signals around earnings potential and fleet risk, do you want to rely on one narrative or test the numbers yourself? Act while this is fresh in the market and weigh both sides with 3 key rewards and 1 important warning sign. If this earnings story has you thinking bigger, do not stop here. Use the Simply Wall St Screener to line up your next investing move with confidence. Target quality at a discount by reviewing 47 high quality undervalued stocks that combine fundamentals with pricing that may appeal to value focused investors. Secure potential income streams by checking out 14 dividend fortresses that currently offer higher yields alongside detailed payout checks. Protect your downside first by scanning 73 resilient stocks with low risk scores that score well on financial health and risk factors. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include IMPP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

ATHENS, Greece, March 06, 2026 (GLOBE NEWSWIRE) -- 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 fourth quarter and twelve months ended December 31, 2025. OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet operational utilization of 91.8% for Q4 25’ compared to 88.7% in Q3 25’, representing the best quarterly performance in 2025. In Q4 24’ our fleet operational utilization was 86.0%. Fleet operational utilization for Q4 25’ was 90.4% for our drybulk fleet and 93.4% for our tanker fleet. Reduction of idle days in Q4 25’ by 24.3% compared to Q3 25’. About 71% of total fleet calendar days in Q4 25’ were dedicated to time charter activity while 29% to spot activity. Delivery of the drybulk carrier Post Marvel on January 12, 2026, increasing our current fleet on the water to 20 vessels. Further fleet growth, following the agreement in December 2025, to acquire three handysize drybulk carriers and one product tanker vessel Revenues of $51.1 million in Q4 25’ compared to $26.2 million in Q4 24’, representing a 95.0% increase. This increase is mainly the outcome of our dynamic fleet growth. Impressive increase of our operating income to $13.7 million in Q4 25’, marking a $8.7 million or 174% increase compared to Q4 24’ and a $3.4 million or 33.0% increase to Q3 25’. Net income of $15.0 million in Q4 25’ compared to $3.9 million in Q4 24’, representing a 284.6% rise and $11.0 million in Q3 25’, representing a 36.4% rise. EBITDA1 of $21.3 million for Q4 25’ compared to $6.4 million in Q4 24’, representing an increase of 232.8%. Net income of $50.0 million for 12M 25’, EBITDA of $71.0 million and cash flows from operations $80.8 million. Cash and cash equivalents including time deposits of $179.1 million as of December 31, 2025. Our current cash position as of the date of this release is about $198 million. Enactment of a $10 million share repurchase program; Under this scheme the Company has repurchased to date a total of 251,625 common shares for an aggregate amount of $0.9 million. Fourth Quarter 2025 Results: Revenues for the three months ended December 31, 2025 amounted to $51.1 million, an increase of $24.9 million, or 95.0%, compared to revenues of $26.2 million for the three months ended December 31, 2024, primarily due to the increase of our fleet by an average of 8.0 vessels along with the strengthening of spot market rates for suezmax tankers. Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2025 were $16.6 million and $11.3 million, respectively, compared to $8.5 million and $6.7 million, respectively, for the three months ended December 31, 2024. The $8.1 million increase in voyage expenses is mainly attributed to increased port expenses due to higher number of transits through the Suez Canal and increased bunkers consumption, primarily resulting from ballast voyages of the newly acquired dry bulk carriers. The $4.6 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 8.0 vessels. Drydocking costs for the three months ended December 31, 2025 and 2024 were nil and $0.2 million, respectively. During the three months ended December 31, 2025 and 2024, no vessel underwent drydocking whereas in the three months ended December 31, 2024 charges related to a drydocking which took place at the end of the third quarter of 2024. General and administrative costs for the three months ended December 31, 2025 and 2024 were $1.1 million and $1.0 million, respectively. This increase is mainly attributed to the increase in stock-based compensation costs. Depreciation for the three months ended December 31, 2025 and 2024 was $7.6 million and $4.5 million, respectively. This increase is attributable to the increase in the average number of vessels in our fleet. Management fees for the three months ended December 31, 2025 and 2024 were $0.8 million and $0.4 million, respectively. This increase is attributable to the increase in the average number of vessels in our fleet. Interest and finance costs for the three months ended December 31, 2025 and 2024 were $0.004 million and $0.3 million, respectively. The $0.3 million of costs for the three months ended December 31, 2024 relate mainly to the accrued interest expense – related party, in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which was fully repaid in May 2025. Interest income for the three months ended December 31, 2025 was $1.3 million as compared to $2.3 million for the three months ended December 31, 2024. The $1.0 million decrease is mainly attributed to a lower amount of funds placed under time deposits along with a decrease in time deposit rates. Foreign exchange loss for the three months ended December 31, 2025 was $0.2 million as compared to $3.3 million for the three months ended December 31, 2024. The $3.1 million decrease is mainly attributed to movements in the euro/U.S. dollar exchange rate during the quarters. Specifically, the euro appreciated slightly between September 30, 2025 and December 31, 2025, compared to a depreciation during the same period in 2024. Moreover, the Company held lower euro-denominated amounts of funds compared to the prior period. As a result of the above, for the three months ended December 31, 2025, the Company reported net income of $15.0 million, compared to net income of $3.9 million for the three months ended December 31, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended December 31, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended December 31, 2025 was 38.1 million. Earnings per share, basic and diluted, for the three months ended December 31, 2025 amounted to $0.37 and $0.35, respectively, compared to earnings per share, basic and diluted, of $0.10 and $0.10, respectively, for the three months ended December 31, 2024. Adjusted net income1 was $15.8 million corresponding to an Adjusted EPS1, basic, of $0.39 for the three months ended December 31, 2025 compared to an Adjusted net income of $4.6 million corresponding to an Adjusted EPS, basic, of $0.12 for the same period of last year. EBITDA for the three months ended December 31, 2025 amounted to $21.3 million, while Adjusted EBITDA1 for the three months ended December 31, 2025 amounted to $22.1 million. An average of 19.0 vessels were owned by the Company during the three months ended December 31, 2025 compared to 11.0 vessels for the same period of 2024. Twelve months 2025 Results: Revenues for the twelve months ended December 31, 2025 amounted to $161.0 million, an increase of $13.5 million, or 9.2%, compared to revenues of $147.5 million for the twelve months ended December 31, 2024, primarily due to the increase in the average number of vessels following the expansion of our drybulk fleet. Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2025 were $49.4 million and $37.7 million, respectively, compared to $52.0 million and $26.4 million, respectively, for the twelve months ended December 31, 2024. The $2.6 million decrease in voyage expenses is mainly attributed to a decrease in spot days by 24.1% as a result of a rise in time charter activity. The $11.3 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet. Drydocking costs for the twelve months ended December 31, 2025 and 2024 were $1.7 million. During the twelve months ended December 31, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking while in the same period of last year two tanker vessels underwent drydocking. General and administrative costs for the twelve months ended December 31, 2025 and 2024 were $4.6 million and $4.9 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs. Depreciation for the twelve months ended December 31, 2025 was $25.9 million, a $8.9 million increase from $17.0 million for the same period of last year, due to the increase in the average number of our vessels. Other operating income for the twelve months ended December 31, 2025 was $0.9 million and related to the accrued income of an insurance claim in connection with dry-docking repairs undertaken in prior years, that is expected to be collected within 2025. Other operating income for the twelve months ended December 31, 2024 was $1.9 million and related to the collection of an insurance claim in connection with repairs undertaken in prior years. Interest and finance costs for the twelve months ended December 31, 2025 and 2024 were $2.3 million and $0.4 million, respectively. The $2.3 million of costs for the twelve months ended December 31, 2025 relate mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions for which purchase agreement allowed vessels for repayment to take place within one year from purchase agreement. For accounting purposes, the outstanding balances payable on these nine vessels had to be allocated between principal and imputed interest up until vessel repayment, although no interest was contractually charged by the sellers. The final balances repaid in full within the twelve months of 2025, remained the same as the originally agreed purchase prices. The $0.4 million of costs for the twelve months ended December 31, 2024 relate mainly to the accrued interest expense – related party, in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which was fully repaid in May 2025. Interest income for the twelve months ended December 31, 2025 and 2024 was $7.3 million and $8.3 million, respectively. The decrease is mainly attributed to the $1.6 million of accrued interest income – related party for the twelve months ended December 31, 2024, in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the twelve months ended December 31, 2025 was nil. Foreign exchange (loss)/gain for the twelve months ended December 31, 2025 was a gain of $4.4 million as compared to a loss of $2.7 million for the twelve months ended December 31, 2024. The $4.4 million foreign exchange gain for the twelve months ended December 31, 2025, is mainly attributed to favourable exchange rate movements, reflecting an appreciation of the euro/U.S. dollar exchange rate, compared to a depreciation during the same period in 2024. As a result of the above, the Company reported net income for the twelve months ended December 31, 2025 of $50.0 million, compared to a net income of $50.2 million for the twelve months ended December 31, 2024. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2025 was 34.5 million. Earnings per share, basic and diluted, for the twelve months ended December 31, 2025 amounted to $1.35 and $1.29, respectively compared to earnings per share, basic and diluted, for the twelve months ended December 31, 2024 amounted to $1.54 and $1.40, respectively. Adjusted Net Income was $53.2 million corresponding to an Adjusted EPS, basic of $1.44 for the twelve months ended December 31, 2025 compared to adjusted net income of $55.1 million, or $1.70 Adjusted EPS, basic, for the same period of last year. EBITDA for the twelve months ended December 31, 2025 amounted to $71.0 million while Adjusted EBITDA for the twelve months ended December 31, 2025 amounted to $74.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 16.0 vessels were owned by the Company during the twelve months ended December 31, 2025 compared to 10.4 vessels for the same period of 2024. As of December 31, 2025, cash and cash equivalents including time deposits amounted to $179.1 million and total debt amounted to nil. 1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. Fleet Employment Table As of March 6, 2026, the profile and deployment of our fleet is the following: CEO Harry Vafias Commented With Net Income generation of $50 million – 2025 was yet another profitable year for Imperial Petroleum. Markets for both tanker and drybulk carriers were firm particularly in the second half of 2025 thus assisting our performance which was also leveraged by our dynamic fleet expansion. Within 2026 we will take delivery of another six vessels hence we will enjoy a fleet on the water of 26 high quality ships without any bank debt. We delivered our commitment for a fast fleet expansion while having today cash of about $198 million. Our key concern is the geopolitical tension in the Middle East which we deem as critical and has caused global concerns. It remains to be seen for how long the shipping market, especially the tanker segment, will be affected and to what extent and of course we hope that the duration of this unfortunate geopolitical turn will be as brief as possible. Conference Call details: On March 6, 2026 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook. Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. Online Registration: https://register-conf.media-server.com/register/BI8de397729bf0497c91029e410d950a13 Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About IMPERIAL PETROLEUM INC. IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty vessels on the water - seven M.R. product tankers, two suezmax tankers, three handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,291,000 deadweight tons (dwt) and has contracted to acquire an additional five handysize drybulk carriers and a product tanker of 223,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 26 vessels with an aggregate capacity of about 1.5 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission. Fleet List and Fleet Deployment For information on our fleet and further information: Visit our website at www.ImperialPetro.com Company Contact: Fenia Sakellaris IMPERIAL PETROLEUM INC. E-mail: [email protected] Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2024 and December 31, 2025. 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. 2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. 3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net income before net loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, net loss on sale of vessel and share based compensation. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares) Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars) Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars)