Top Ships, Inc. (TOPS) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	147.7M	80.4M	86.1M	82.9M	80.7M
Cost of Revenue	62.3M	43.5M	48.5M	34.5M	44.4M
Gross Profit	85.4M	36.9M	37.7M	48.5M	36.3M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	35.0M	7.6M	7.5M	19.7M	1.6M
General & Admin Expense	8.0M	7.6M	7.5M	8.9M	1.6M
Selling & Marketing Expense	4.5M	—	—	10.8M	—
Other Expenses	—	3.0M	2.3M	—	2.1M
Total Operating Expenses	35.0M	10.7M	9.8M	19.7M	3.7M
Cost and Expenses	97.3M	54.1M	58.2M	54.2M	48.1M
Operating Income (EBIT)	50.4M	26.3M	27.9M	28.7M	32.6M
Non-Operating
Interest Income	747.0K	385.0K	467.0K	346.0K	48.0K
Interest Expense	41.6M	16.0M	21.9M	23.0M	14.4M
Net Interest Income	(40.9M)	(15.6M)	(23.0M)	(22.6M)	(14.3M)
Other Non-Op Income/Expense	(42.2M)	(23.2M)	(22.9M)	(22.7M)	(13.7M)
Non-Operating Income (excl Interest)	1.0M	7.2M	1.0M	982.0K	2.0M
EBT (Pre-Tax Income)	8.1M	3.1M	5.0M	6.1M	18.9M
Income Tax Expense	(1.7M)	—	—	—	—
Bottom Line
Net Income	9.9M	3.1M	5.0M	6.1M	18.9M
Earnings from Cont. Ops	9.9M	3.1M	5.0M	6.1M	18.9M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(16.6M)	3.1M	5.0M	(22.4M)	(9.2M)
Per Share
Basic EPS	($11.87)	$0.67	$1.09	($12.44)	($36.34)
Diluted EPS	($12.02)	$0.67	$1.09	($12.44)	($36.34)
Revenue Per Share	$25.87	$17.38	$18.62	$46.11	$319.03
Shares
Basic Shares Outstanding	5.7M	4.6M	4.6M	1.8M	252815
Diluted Shares Outstanding	10.7M	4.6M	4.6M	1.8M	252815
Profitability Metrics
EBITDA	83.8M	41.1M	50.0M	42.1M	44.0M
D&A	34.5M	21.9M	23.1M	14.3M	13.3M
EBIT	49.3M	19.1M	26.9M	27.7M	30.7M

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