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- **Debt-Free Milestone**: Repaid $350 million in debt, achieving a debt-free fleet with 28 vessels.
- **Revenue Resilience**: 10% YoY growth to $44.5 million despite seasonal softness, with cash flow breakeven at $6,500-$7,000/day.
- **Market Expansion**: U.S. LPG exports up 6%, Europe imports near record levels, and Middle East projects set to boost demand through 2030.
- **Strategic Initiatives**: Sold Eco Invictus for $25 million+ proceeds and maintains 57% fleet coverage 1 year forward.

**【CEO Opening Remarks】**
- **Revenue Performance**: Q3 2025 revenue reached $44.5 million, a 10% year-over-year increase, driven by 2 new vessels and strong handysize performance. However, adjusted net income was $14.4 million, slightly above last year, due to higher expenses.
- **Strategic Milestones**: Achieved debt-free status by repaying the final $32 million loan, with total debt reduction of $350 million over 3 years. Share buybacks totaled $21.2 million since 2023, though no purchases in Q3.
- **Market Dynamics**: Seasonal softness in the LPG market led to increased idle time, but spot market revenues remained robust. The Eco Wizard vessel remains under repair due to geopolitical challenges.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income was $13.3 million (10% YoY increase), with EPS of $0.36. Operating expenses rose to $15 million due to higher bunker costs and crew inflation.
- **Balance Sheet Strength**: Cash reserves reached $70 million, with no debt and total liabilities at $21 million. Shareholders' equity increased 8% to $676.4 million.
- **Cash Flow Breakeven**: Estimated at $6,500-$7,000/day, ensuring resilience even in market downturns.

**【CEO Market Insights】**
- **Global LPG Growth**: U.S. exports grew 6% YoY, with new terminals set to boost capacity. Europe's LPG imports are expected to hit 8 million metric tons in 2025, driven by competitive pricing.
- **Vessel Sales Strategy**: Sold the 2014-built Eco Invictus, expecting profit in early 2026. Maintaining 57% fleet coverage 1 year forward, with $77 million secured for 2026.
- **Geopolitical Impact**: U.S.-China trade tensions caused volatility, but long-term demand from Chinese PDH plants supports growth. Middle East expansions in Qatar and UAE further underpin market expansion.

StealthGas Inc.(GASS)-20251125-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GASS

GASS fundamentals

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