Toro Corp has released its financial results for the first quarter ended March 31, 2026. The Cyprus-based global energy transportation company experienced revenue growth driven by higher fleet operating income, but net profit declined due to increased depreciation and administrative expenses.

The report shows that the company's vessel operating revenue from continuing operations for the first quarter was $5.96 million, an increase of 9.1% compared to $5.46 million in the same period last year. This revenue growth was primarily attributed to higher charter rates and an increase in the average daily Time Charter Equivalent rate to $15,531. The GAAP loss per share was $0.02, compared to earnings per share of $0.01 in the prior year period. Net profit decreased to $0.50 million, down from approximately $1.30 million in the same quarter last year.

The decline in profitability was mainly due to higher depreciation expenses and increased general and administrative costs, which included a rise in share-based compensation. However, voyage expenses and vessel operating expenses decreased due to fewer ownership days and lower EU Emissions Allowance costs.

Regarding the balance sheet, the company held $81.60 million in cash at the end of the quarter, a decrease from the $87.40 million at the beginning of the year. This reduction was primarily due to the payment of a $9.30 million special dividend on January 16 and expenditures on security investments. This decrease was partially offset by $3.80 million in cash generated from operating activities and dividend income received from holdings in Castor and Robin preferred shares.

To enhance financial flexibility, the company entered into a revolving credit facility agreement with a European lending institution for up to $60.00 million on March 30, 2026, and drew down a portion of it in early April. This new financing provides Toro Corp with ample liquidity and leverage capacity to support its fleet expansion and capital allocation strategy.

Toro Corp is a Nasdaq-listed global energy transportation supplier, operating a fleet of LPG carriers and MR product tankers. The company focuses on generating vessel operating revenue and Time Charter Equivalent rates through charter contracts, while actively managing its fleet composition, operating expenses, and capital structure to support shareholder returns.