Top Ships, Inc. (TOPS) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	163.4M	80.4M	86.1M	82.9M	80.7M
Cost of Revenue	67.7M	43.5M	48.5M	34.5M	44.4M
Gross Profit	95.7M	36.9M	37.7M	48.5M	36.3M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	40.7M	7.6M	7.5M	19.7M	1.6M
General & Admin Expense	8.9M	7.6M	7.5M	8.9M	1.6M
Selling & Marketing Expense	10.8M	—	—	10.8M	—
Other Expenses	—	3.0M	2.3M	—	2.1M
Total Operating Expenses	40.7M	10.7M	9.8M	19.7M	3.7M
Cost and Expenses	108.4M	54.1M	58.2M	54.2M	48.1M
Operating Income (EBIT)	55.0M	26.3M	27.9M	28.7M	32.6M
Non-Operating
Interest Income	731.0K	385.0K	467.0K	346.0K	48.0K
Interest Expense	46.4M	16.0M	21.9M	23.0M	14.4M
Net Interest Income	(45.7M)	(15.6M)	(23.0M)	(22.6M)	(14.3M)
Other Non-Op Income/Expense	(45.9M)	(23.2M)	(22.9M)	(22.7M)	(13.7M)
Non-Operating Income (excl Interest)	982.0K	7.2M	1.0M	982.0K	2.0M
EBT (Pre-Tax Income)	9.2M	3.1M	5.0M	6.1M	18.9M
Income Tax Expense	—	—	—	—	—
Bottom Line
Net Income	9.2M	3.1M	5.0M	6.1M	18.9M
Earnings from Cont. Ops	9.2M	3.1M	5.0M	6.1M	18.9M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(19.3M)	3.1M	5.0M	(22.4M)	(9.2M)
Per Share
Basic EPS	($11.78)	$0.67	$1.09	($12.44)	($36.34)
Diluted EPS	($11.78)	$0.67	$1.09	($12.44)	($36.34)
Revenue Per Share	$35.31	$17.38	$18.62	$46.11	$319.03
Shares
Basic Shares Outstanding	4.6M	4.6M	4.6M	1.8M	252815
Diluted Shares Outstanding	4.6M	4.6M	4.6M	1.8M	252815
Profitability Metrics
EBITDA	90.3M	41.1M	50.0M	42.1M	44.0M
D&A	36.3M	21.9M	23.1M	14.3M	13.3M
EBIT	54.0M	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 Dec 1, 2025