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ICON

Icon Energy Corp.

ICON

Icon Energy Corp. • NASDAQ
$0.80 ▼ -4.16% (-0.03)
Market Cap $1.78 M
52w High $119.60
52w Low $0.70
Dividend Yield 3.47%
P/E -0.01
Volume 177.56K
Outstanding Shares 2.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.022M ▲ $481K ▼ $-717K ▲ -35.46% ▲ $-1.1 ▲ $408K ▲
Q1-2025 $1.525M ▼ $763K ▲ $-2.977M ▼ -195.213% ▼ $-2.42 ▼ $-622K ▼
Q4-2024 $1.727M ▲ $513K ▲ $-772K ▼ -44.702% ▲ $-0.63 ▲ $-381K ▼
Q3-2024 $863K ▼ $179K ▲ $-425K ▼ -49.247% ▼ $-0.71 ▼ $-367K ▼
Q2-2024 $1.359M $169K $557K 40.986% $0.88 $559K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $3.789M ▼ $58.668M ▲ $38.204M ▲ $20.464M ▼
Q1-2025 $7.717M ▲ $37.768M ▲ $16.434M ▼ $21.334M ▲
Q4-2024 $946K ▼ $28.795M ▼ $17.049M ▼ $11.746M ▼
Q3-2024 $1.823M ▲ $30.551M ▲ $17.91M ▲ $12.641M ▲
Q2-2024 $477K $11.303M $1.147M $10.156M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-717K ▲ $290K ▲ $-3.076M ▼ $-942K ▼ $-3.728M ▼ $-2.786M ▲
Q1-2025 $-2.977M ▼ $-561K ▼ $-2.75M ▼ $10.082M ▲ $6.771M ▲ $-3.311M ▲
Q4-2024 $0 $276K ▲ $-19K ▲ $-634K ▼ $-377K ▼ $-17.749M ▼
Q3-2024 $0 ▼ $-369K ▼ $-18.004M ▼ $19.719M ▲ $1.346M ▲ $-369K ▼
Q1-2024 $430K $704K $0 $-139K $565K $704K

Revenue by Products

Product Q2-2020Q3-2020Q4-2020Q1-2021
Direct To Retail License
Direct To Retail License
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Other Licenses
Other Licenses
 $0 ▲$0 ▲$0 ▲$0 ▲
Wholesale License
Wholesale License
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that is still essentially pre-scale from a financial point of view. Revenue over the past several years has been tiny, with only a narrow gross profit and no consistent, meaningful operating profit yet. Losses have been modest in most recent years, but there was a much larger loss earlier in the period. Per‑share earnings figures jump around sharply, but that is mostly due to multiple reverse stock splits rather than real swings in business performance. Overall, the income statement looks like that of an early-stage, highly experimental business that has not yet converted its technology and projects into a durable, recurring profit engine.

Balance Sheet

Balance Sheet The balance sheet is very small and thin, which is typical of a young, asset‑light technology company rather than a capital-heavy industrial. Assets are limited, cash cushions appear slim, and there is only a modest layer of equity supporting the company. Debt has recently crept in but is not yet large in absolute terms—though any amount matters more when the total asset base is this small. The move from negative to slightly positive equity over time suggests some repair of the capital structure, likely via equity raises or restructuring. Even so, the balance sheet leaves little room for major shocks; the company will likely remain dependent on external funding and careful cash management as it scales.

Cash Flow

Cash Flow Cash flow patterns reinforce the early‑stage story. Day‑to‑day operations are not throwing off meaningful cash yet; at best, they appear roughly breakeven with small swings. Free cash flow has turned slightly negative recently, driven by investment spending, which is what you would expect as the company builds out its technology, equipment, and capabilities. This means growth is currently funded more by investors and lenders than by the business itself. The key cash-flow questions going forward are whether the company can convert pilot and flagship projects into steady commercial work, and whether it can do so fast enough to cover ongoing R&D and capital spending without frequent capital raises.

Competitive Edge

Competitive Edge From a competitive standpoint, ICON appears to have built a strong early lead in 3D‑printed construction by tightly integrating robotics, proprietary building materials, and AI design tools into one system. Its printers, custom materials like Lavacrete and CarbonX, and the Vitruvius software create a closed ecosystem that is not easy to copy quickly. Partnerships with large homebuilders, well-known architects, and government agencies (including NASA) give it credibility and a pipeline of showcase projects. At the same time, the broader construction industry is conservative and highly regulated, and large incumbents with deep pockets could move into this space if it proves attractive. ICON’s moat today is based on technology, know‑how, and early relationships, but it will need to translate these into scale, brand trust, and standardized processes to maintain its edge as the market matures.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly the heart of ICON. The company is pushing forward on three fronts at once: large‑scale 3D printing hardware (Vulcan and Phoenix), advanced low‑carbon materials (Lavacrete and CarbonX), and AI‑driven design and project planning (Vitruvius). This combination aims to shorten build times, cut labor needs, improve structural resilience, and reduce environmental impact. The roadmap includes multi‑story printing, wider rollout of low‑carbon materials, and even off‑world construction for NASA using local lunar materials. This is ambitious and, if executed well, could define entirely new categories in construction. The flip side is that the business model depends heavily on continued R&D success and the ability to industrialize these innovations—turning prototypes and pilots into reliable, repeatable products and services at scale.

Summary

Putting it all together, ICON looks like a classic high‑innovation, early‑stage company: technologically bold, financially small, and still in the transition from exciting projects to a stable business. The financial statements show minimal revenue and thin cushions on the balance sheet, implying reliance on external capital and a relatively narrow margin for execution errors. On the strategic side, the company appears to lead a promising niche—automated, 3D‑printed, AI‑assisted construction—with unique capabilities and high-profile partners. Its long-term potential depends on three main things: proving that its homes and structures can be produced reliably at scale; securing enough funding to support ongoing R&D and rollout; and defending its position as larger players take notice. For now, ICON is more of a technological platform and vision than a mature, cash‑generating enterprise, with outcomes that could range from transformative success to a struggle to commercialize at scale.

NEWS

November 24, 2025 · 9:28 AM UTC

Icon Energy Corp. Announces Updates in Connection with the SEPA

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