Toro Q2 net income falls 60.9%

• Toro (NASDAQ:TORO) reported second-quarter net income of $0.6 million, down 60.9% from a year earlier.
• Vessel revenue from continuing operations rose 71.3% to $7 million, while basic loss per share was $0.129.
• Toro also acquired two tankers for $83.4 million combined and completed the AI OKTO spin-off in October.

Toro (NASDAQ:TORO) reported second-quarter net income of $0.6 million, down 60.9% from the same period in 2025.

Vessel revenue from continuing operations increased 71.3% to $7 million, while basic loss per share from continuing operations was $0.129 versus earnings of $0.015 a year earlier.

For the first half of 2026, net income fell 64% to $1.1 million, while vessel revenue rose 34.6% to $12.9 million.

Cash and restricted cash declined to $80.2 million from $87.4 million at year-end, while Toro acquired two tankers in September for $45.9 million and $37.5 million using cash.

Toro said its existing credit facility had $48.8 million outstanding on October 9, while a new $22.5 million facility was fully drawn on October 1.

On October 8, Toro completed the AI OKTO spin-off, transferring two LPG carriers and $45 million in cash, with common shareholders receiving one AI OKTO share for every eight Toro shares.

Toro retained preferred shares in AI OKTO and had previously paid a $0.90 special dividend on June 5 through a combination of cash and shares.