StealthGas Inc.

Revenue for Q1 2026 was $42.8 million, up 1.9% to 2% year over year from $42.0 million, and up 9% from $39.4 million in the prior quarter. Reported net income was $15.9 million, up 12.9% year over year, with EPS of $0.43; adjusted net income was $15 million and adjusted EPS was $0.40. The company said revenue-earning days fell 8.5% because of dry dockings and the still nonoperational Eco Wizard, while voyage expenses were higher by $1 million, operating expenses were $13.8 million, and dry dock costs were elevated because 3 of 5 scheduled dry dockings occurred in Q1. Looking ahead, management said 55% of fleet days for the remainder of 2026 are secured, implying about $52 million of revenue, 45% of one-year-forward days are covered, and around $100 million of contracted revenue is in place through 2029.

Harry Vafias framed the quarter as another highly profitable period and emphasized that the company’s strategic priorities remain debt-free flexibility, selective vessel sales, and longer-duration charter coverage. He highlighted that the company now has a fully flexible capital structure, is focused on reducing spot exposure, and intends to invest in fleet renewal once the Eco Wizard matter is resolved. His tone was constructive and confident about both the balance sheet and the LPG market, while also acknowledging uncertainty around geopolitics and the insurer discussions.

Konstantinos Sistovaris said the quarter benefited from strong operating performance, despite 8.5% fewer revenue-earning days due to dry dock timing and the Eco Wizard. He cited $42.8 million of revenue, $15.9 million of net income, $0.43 EPS, and $15 million of adjusted net income at $0.40 per share, plus a $2.5 million gain from one vessel sale and a $1.4 million reduction in interest cost because the company no longer pays interest after extinguishing debt. On the balance sheet, cash rose 32% from $99 million to $131.2 million in three months, with cash expected to rise by about $26 million more from two vessel sales; debt remained 0, total liabilities were $26 million, and shareholders’ equity rose to $708 million.

There was no formal analyst Q&A in the transcript; management instead addressed key investor concerns in prepared remarks. The main issues were the Eco Wizard incident and insurer discussions, with management saying the situation is progressing and should be resolved within the current month or coming quarter, and the vessel is still impaired and remains in the Persian Gulf because it is not considered safe to exit. Management also addressed market and geopolitical risks, saying the closure of the Straits of Hormuz is affecting trade flows, spot exposure has increased with summer seasonality, and the company wants to reduce that spot exposure while maintaining high period coverage.