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CTRM

Castor Maritime Inc.

CTRM

Castor Maritime Inc. • NASDAQ
$1.94 ▼ -1.52% (-0.03)
Market Cap $18.74 M
52w High $3.64
52w Low $1.84
Dividend Yield 0%
P/E -0.54
Volume 5
Outstanding Shares 9.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $17.942M ▼ $6.435M ▼ $5.268M ▲ 29.363% ▲ $0.34 ▲ $10.847M ▲
Q1-2025 $20.344M ▲ $38.835M ▲ $-19.086M ▲ -93.815% ▲ $-2.18 ▼ $3.419M ▲
Q4-2024 $16.164M ▲ $10.5M ▲ $-33.403M ▼ -206.655% ▼ $-1.24 ▼ $-28.306M ▼
Q3-2024 $13.41M ▼ $2.569M ▲ $2.836M ▼ 21.152% ▼ $0.21 ▼ $5.417M ▼
Q2-2024 $16.28M $-10.304M $22.854M 140.383% $2.29 $26.842M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $98.707M ▼ $702.809M ▼ $149.505M ▲ $495.945M ▼
Q1-2025 $136.675M ▼ $732.979M ▼ $122.339M ▼ $556.727M ▼
Q4-2024 $157.016M ▼ $797.377M ▲ $171.911M ▲ $570.125M ▲
Q3-2024 $233.44M ▼ $563.213M ▼ $7.423M ▼ $555.79M ▲
Q2-2024 $294.108M $602.266M $48.673M $553.593M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $5.268M ▲ $-2.241M ▼ $21.715M ▼ $-54.628M ▼ $-33.583M ▼ $-2.395M ▼
Q1-2025 $-23.347M ▲ $-1.735M ▼ $40.883M ▲ $-49.908M ▼ $-9.47M ▲ $-1.954M ▲
Q4-2024 $-32.717M ▼ $10.354M ▲ $-240.464M ▼ $147.484M ▲ $-82.91M ▼ $-31.56M ▼
Q3-2024 $2.836M ▼ $7.709M ▼ $-30.248M ▼ $-42.227M ▼ $-64.766M ▼ $-22.522M ▼
Q2-2024 $22.854M $12.517M $92.22M $-33.628M $71.109M $12.51M

Revenue by Products

Product Q4-2024
Management Services
Management Services
 $0 ▲
Other Revenue
Other Revenue
 $0 ▲
Ship Management
Ship Management
 $0 ▲
Transaction Services
Transaction Services
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement The company’s earnings have followed the shipping cycle. Profitability was very strong a couple of years ago, then eased back as freight markets cooled, but the business still appears to be operating in the black. Revenue has drifted lower from its peak, yet gross and operating margins remain positive, which suggests decent cost control and reasonable vessel utilization. Net income is now modest compared with the earlier boom period, and the earnings per share history looks especially volatile because of reverse stock splits and swings in shipping rates. Overall, the income statement shows a move from boom conditions to a more normal, steady but less exciting profitability profile.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a small shipping company. Assets have grown again recently, reflecting investment in the fleet and new ventures, while shareholders’ equity has steadily built up over the past few years. Debt is present but does not appear excessive relative to the size of the business, suggesting a moderate use of leverage rather than an aggressive one. Cash levels are not large but seem adequate for day‑to‑day operations. In simple terms, the company has gradually moved from a thin capital base to a more substantial one, with a reasonable cushion to absorb industry ups and downs.

Cash Flow

Cash Flow Operating cash flow has been consistently positive in recent years, which is important in a cyclical and capital‑intensive industry like shipping. The big swings show up in investment spending: there were years of heavy vessel and asset purchases that pushed free cash flow negative, followed by periods of lighter spending when free cash flow turned positive. Most recently, investment picked up again, which once more weighed on free cash flow. This pattern is typical of fleet‑based businesses that grow in waves. The key takeaway is that the core operations generate cash, but actual cash left over after investments will fluctuate widely depending on the company’s growth and renewal plans.

Competitive Edge

Competitive Edge Castor Maritime operates in a very crowded, price‑driven global shipping market with many similar players. Its competitive position rests on traditional strengths: buying and selling ships opportunistically, keeping vessels well utilized, controlling operating costs, and positioning the fleet where demand and charter rates are strongest. These are necessary skills but do not create a strong, lasting moat because competitors can replicate them with enough capital and experience. The company’s scale is modest compared with the largest industry players, which limits bargaining power, but also may allow more nimble decisions on fleet deployment and asset trades. Overall, the firm is a capable participant in a tough, commoditized industry rather than a clear standout with unique advantages.

Innovation and R&D

Innovation and R&D This is not a research‑heavy or technology‑driven business. The core shipping operations rely on standard vessels and well‑known practices rather than proprietary technology or large research budgets. Where the company is trying to be more innovative is in its business model: it has begun diversifying into asset management by acquiring a majority stake in a specialized investment manager. That move is meant to add more stable, fee‑based income on top of the volatile shipping cash flows and to broaden exposure into areas like maritime assets, renewables, and real estate. The strategic risk is execution: integrating a financial asset manager with a traditional shipping fleet is complex, and the benefits from cross‑selling and synergies are still to be proven.

Summary

Castor Maritime has evolved from a small, pure‑play dry bulk ship owner into a more diversified, asset‑heavy company with both shipping and asset management activities. Its income statement shows the imprint of the shipping cycle: earlier boom‑time profits have cooled to more normal levels, though operations remain profitable. The balance sheet has strengthened over time with more equity and manageable debt, giving the company a better foundation to weather volatility. Cash generation from operations is solid, but free cash flow moves up and down depending on how aggressively the company is investing in new assets. Competitively, it faces all the usual challenges of a commoditized, cyclical industry with limited structural advantages. The key swing factor for the next phase is whether the new asset management arm can deliver steadier earnings and successfully complement the traditional, more volatile shipping business without stretching management focus or financial resources.

NEWS

October 15, 2025 · 9:07 AM UTC

Castor Maritime Inc. Announces $50.0 million Debt Financing and Full Redemption of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares

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