Castor Maritime Q1 rev down 44.6% to $11.3mln, net loss increases 204.5% to $23.3mln.

• Castor Maritime reports Q1 2025 revenues of $11.3m, down 44.6% YoY. • Net loss of $23.3m, a 204.5% increase from Q1 2024. • Loss due to unrealized losses of $26.4m from equity method investments. • Adjusted net income of $4.9m, down from $12.4m in Q1 2024. • Digital data not specifically mentioned in the article.

Title: Castor Maritime Reports Q1 2025 Financial Results

Castor Maritime Inc. (NASDAQ: CTRM) has released its financial results for the first quarter of 2025, highlighting a challenging operating environment in the dry bulk shipping market. The company reported total vessel revenues of $11.3 million, a 44.6% decrease year-over-year (YoY), driven by a decline in available days and prevailing charter rates. Net loss for the quarter stood at $23.3 million, a 204.5% increase from the same period last year, primarily attributed to unrealized losses of $26.4 million from equity method investments. Adjusted net income, however, was $4.9 million, down from $12.4 million in Q1 2024.

The company's Chief Executive Officer, Mr. Petros Panagiotidis, commented on the results, noting that while the first quarter presented significant challenges, the company's underlying performance remained resilient. The company successfully repaid its $100 million loan from Toro Corp., which had been used to finance the MPC Capital acquisition. This achievement has strengthened the company's financial position, providing enhanced flexibility and lower financial risk.

Looking ahead, Castor Maritime remains focused on executing its strategic priorities and pursuing attractive acquisition opportunities across the shipping and energy sectors to drive sustainable, long-term growth.

# Key Financial Metrics

- Total Vessel Revenues: $11.3 million (down 44.6% YoY)
- Net Loss: $23.3 million (up 204.5% YoY)
- Unrealized Losses: $26.4 million
- Adjusted Net Income: $4.9 million (down from $12.4 million in Q1 2024)

# Management Commentary

Mr. Panagiotidis emphasized that despite the challenging market conditions, the company's disciplined operations and prudent cost management have allowed it to maintain a solid cash position of $78.3 million as of March 31, 2025. The company completed two vessel disposals in Q1 2025, further contributing to its financial stability.

# Strategic Outlook

Castor Maritime continues to focus on strategic acquisitions and long-term growth. The company's strong cash position and reduced debt obligations position it well to capitalize on future opportunities in the shipping and energy sectors.

# References

[1] https://www.tipranks.com/stocks/ctrm
[2] https://www.nasdaq.com/press-release/castor-maritime-inc-reports-first-quarter-results-2025-2025-08-11