StealthGas first-quarter profit rises as vessel sales offset rising costs

StealthGas (NASDAQ:GASS) reported a solid start to the 2026 fiscal year, with first-quarter net income reaching $15.9 million, up from $14.1 million during the same period a year earlier.

Basic earnings per share climbed to $0.43, compared with $0.38 in the first quarter of 2025.

Revenue for the quarter rose 2% year-over-year to $42.8 million.

The company’s performance reflects a disciplined focus on period charter coverage, with approximately 54% of its remaining fleet days for 2026 already secured.

This backlog supports roughly $53 million in contracted revenue, contributing to a total of $100 million in expected contracted earnings for the remainder of the fleet's employment period.

Operational results were impacted by an uptick in drydock expenditures and rising war risk insurance costs.

The company noted that it drydocked three vessels during the first quarter, compared with one in the prior-year period.

These increased overheads were partially mitigated by the strategic sale of a vessel, which generated $2.5 million in gains and approximately $26 million in gross proceeds.

StealthGas maintains a robust balance sheet, closing the quarter with $131.2 million in cash and cash equivalents.

The company continues to operate with an entirely unencumbered fleet, reporting interest expenses near zero. EBITDA for the quarter stood at $20.7 million, underscoring the firm's liquidity and ongoing financial stability in the liquefied petroleum gas sector.