Heidmar Maritime Holdings Corp. Q4 FY2025 earnings call

Mr. Khanna mentioned that 2025 G&A costs were skewed by one-off listing-related costs, etc. Excluding one-offs, 2025 G&A was $11.3 million, and 2026 cash costs expected at ~$13.5 million. Discussed Middle East war impact on shipping market, oil supply loss, tanker and product market volatility. Terminated container ship acquisition deal in Q1 2025, received deposit with interest. Two MRs chartered in Feb 2025 re-leased profitably. Scheduled new building tankers to be delivered through 2026 and beyond.

For the three months ended December 31, 2025, total revenues were $25.1 million vs. $5.3 million in 2024. Net loss from continuing operations was $4 million vs. $1.1 million in 2024. For the year ended December 31, 2025, total revenues were $55.9 million vs. $29 million in 2024. Net loss from continuing operations was $8.6 million vs. $1.9 million net income in 2024. G&A expenses for Q4 2025 were $5.2 million vs. $3.3 million in 2024; for full year 2025 were $18.5 million vs. $12.9 million in 2024.

Management expects 2026 cash costs to be around $13.5 million. Anticipates positive operating leverage on EBITDA line in 2026 as 2025 had one-off items not repeating. Continuing to work on incorporating AI into ERPV platform to improve operations and efficiency.

Risks include ongoing Middle East situation possibly causing long-term oil tanker transport blockage affecting revenue; asset price volatility bringing uncertainty in investment opportunities; seafarers and related personnel facing dangers.

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