Pangaea Logistics Solutions, Ltd. (PANL) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	710.2M	632.0M	536.5M	499.3M	699.7M
Cost of Revenue	598.7M	563.0M	463.5M	430.1M	570.8M
Gross Profit	111.6M	69.0M	73.1M	69.1M	128.9M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	35.6M	31.1M	24.6M	22.8M	20.1M
General & Admin Expense	35.6M	31.1M	24.6M	22.8M	20.1M
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	12.4M	—	—	1.7M	3.3M
Total Operating Expenses	48.0M	31.1M	24.6M	24.5M	23.4M
Cost and Expenses	646.7M	594.1M	488.1M	454.7M	594.2M
Operating Income (EBIT)	63.5M	37.9M	48.4M	44.6M	105.5M
Non-Operating
Interest Income	4.0M	1.6M	3.0M	3.6M	932.1K
Interest Expense	23.5M	24.0M	20.2M	17.5M	22.4M
Net Interest Income	(19.5M)	(22.4M)	(17.2M)	(13.9M)	(21.5M)
Other Non-Op Income/Expense	(14.1M)	(17.8M)	(13.6M)	(15.6M)	(13.3M)
Non-Operating Income (excl Interest)	(9.4M)	(6.2M)	(3.5M)	(1.4M)	(2.4M)
EBT (Pre-Tax Income)	49.4M	20.2M	34.9M	29.0M	92.2M
Income Tax Expense	—	—	—	—	—
Bottom Line
Net Income	47.6M	19.4M	28.9M	26.3M	79.5M
Earnings from Cont. Ops	49.4M	20.2M	34.9M	29.0M	92.2M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	47.6M	19.4M	28.9M	26.3M	79.5M
Per Share
Basic EPS	$0.75	$0.30	$0.64	$0.59	$1.79
Diluted EPS	$0.75	$0.30	$0.63	$0.58	$1.76
Revenue Per Share	$11.03	$9.91	$11.82	$11.15	$15.76
Shares
Basic Shares Outstanding	64.4M	63.8M	45.4M	44.8M	44.4M
Diluted Shares Outstanding	65.0M	64.7M	46.0M	45.5M	45.1M
Profitability Metrics
EBITDA	119.2M	86.6M	82.3M	76.1M	137.4M
D&A	46.3M	42.5M	30.4M	30.1M	29.5M
EBIT	72.9M	44.2M	51.9M	46.0M	107.9M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026