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- **Revenue explosion**: Q3 revenue jumps 116% to $15.6M, driven by 40-vessel fleet expansion.
- **Profitability improvement**: Adjusted net income up 15% to $1.8M despite 15% G&A growth.
- **Strategic wins**: $12.4M container ship financing secured, 17+ newbuilds pipeline.
- **Market dominance**: Tanker rates at $100k+/day, Heidmar's eco-fleet captures sustainability premium.
- **Risk mitigation**: Legacy liabilities cleared, no remaining balance sheet pressure.

**【CEO Opening Remarks】**
- Q3 revenue surged to $15.6 million (up 116% YoY), driven by expanded managed fleet and new vessel additions (e.g., PSV A supply, two LR2s). 
- Adjusted net income of $1.8 million reflects strong operational execution despite higher G&A expenses.
- 40 vessels now under management, with 17+ newbuilds expected over next 2-3 years through partnership with Capital Group.
- Container vessel ADOR XX set for delivery in November with $12.4 million debt facility secured.

**【CFO Financial Commentary】**
- GAAP net profit: $1.2 million (flat YoY), adjusted net income: $1.8 million (up 15% YoY).
- Total revenue growth of $8.4 million (116% YoY) due to vessel additions and higher charter rates.
- G&A expenses rose 15% to $3.1 million, driven by stock-based compensation and listing costs.
- Sold loss-making subsidiary Heidmar Trading for $61,000 gain, reducing legacy liabilities.

**【CEO Market Outlook】**
- Tanker freight rates at multi-year highs: VLCCs earning $100k+/day, benefiting from:
  - Middle East crude exports
  - Brazil/Guyana/US Gulf production growth
  - China crude stockpiling
- LR1 sector advantage: 2 new eco-friendly vessels vs. 15+ year average fleet age.
- Heidmar's integrated platform outperforms owner self-chartering by 10-20% EBITDA margin.

**【Q&A Highlights】**
- Charter-in/out strategy: 1-3 month duration, contributed $12.7 million Q3 revenue.
- Fleet composition: 40 tankers (20+ newbuilds in pipeline), minimal dry cargo exposure.
- Pooling business outlook: Cyclical decline during high rates, expected rebound in low-rate environment.
- Capital Group payable resolved through subsidiary sale, no remaining interest-bearing debt.

Heidmar Maritime Holdings Corp (HMR) Q3 2025 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

HMR

HMR fundamentals

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