Rubico Inc. Reports Net Income of $1.4 Million, Revenues of $5.4 Million and EBITDA of $3.3 Million for the Three Months Ended September 30, 2026

ATHENS, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today its financial results for the third quarter and nine months ended September 30, 2026. For the third quarter of 2026, the Company reported net income of $1.4 million, revenues of $5.4 million, EBITDA of $3.3 million and net cash provided by operating activities of $1.4 million, compared with net income of $0.5 million, revenues of $5.7 million, EBITDA of $2.9 million and net cash provided by operating activities of $0.6 million for the third quarter of 2025. For the nine months ended September 30, 2026, the Company reported net income of $0.3 million, revenues of $15.1 million, EBITDA of $6.3 million and net cash provided by operating activities of $5.5 million, compared with net income of $4.5 million, revenues of $17.7 million, EBITDA of $11.7 million and net cash provided by operating activities of $7.3 million for the nine months ended September 30, 2025. Furthermore, as of September 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $3.7 million, total assets of $159.3 million and total Stockholders’ equity of $46.8 million. The condensed consolidated financial information set out in this press release is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States.

Kalliopi Ornithopoulou, the Company's President, Chairwoman & Chief Executive Officer, stated:

“The third quarter of 2026 was the first quarter this year in which both of our Suezmax tankers were in full operation, following the completion of their scheduled drydockings during the first and second quarters. With both vessels back in service under their time charters, we generated revenues of $5.4 million and net income of $1.4 million for the quarter, compared with revenues of $5.7 million and net income of $0.5 million in the third quarter of 2025. Our fleet utilization for the quarter was 98.8%. Our results for the nine months ended September 30, 2026 reflect these drydockings, which had an estimated aggregate impact of $4.7 million on our net income, comprising $2.7 million of drydocking costs, $1.5 million of revenue forgone as a result of the off-hire days incurred during the drydocking periods and $0.5 million of bunker costs incurred during these off-hire days.

“We also continued to expand our newbuilding program. On September 30, 2026, we completed the acquisition from TOP Ships Inc. (“TOPS”), a related party, of the shipowning company of our third high-specification 47,499 dwt MR newbuilding tanker, which is scheduled for delivery in the second quarter of 2029 and will be employed upon delivery under a time charter with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years.

“In addition, on November 9, 2026, we entered into a share purchase agreement with TOPS to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, which, upon completion, will bring our MR newbuilding program to five vessels. Both vessels will be employed upon delivery under time charters with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years, and are expected to add approximately $150.9 million to our potential gross revenue backlog, including available charterer extension optional periods, bringing our total potential gross revenue backlog to $523.1 million, again including charterer extension optional periods. Together with the intended divestiture of our newbuilding megayacht, which we announced in July 2026, these steps reflect our focus on building a modern, fuel-efficient tanker fleet with long-term contracted employment.”

Highlights

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(in million USD)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5.7	5.4	17.7	15.1
Net income	0.5	1.4	4.5	0.3
EBITDA (1)	2.9	3.3	11.7	6.3
Net cash provided by operating activities	0.6	1.4	7.3	5.5

Fleet Data

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(in U.S. Dollars, except days and percentages)	Q3 2025	Q3 2026	9M 2025	9M 2026
Calendar days	184	184	546	546
Available days	184	184	546	499
Operating days	174	182	536	497
Fleet utilization	94.4%	98.8%	98.1%	99.5%
TCE rate (per day)	31,718	28,533	32,174	28,491
Daily vessel operating expenses	10,364	7,424	7,800	6,575

Reconciliation of revenues to time charter equivalent revenues

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(U.S. Dollars in thousands, except operating days and TCE rate in U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Revenues	5,745	5,409	17,715	15,083
Less: Voyage expenses	(226)	(216)	(470)	(923)
Time charter equivalent revenues	5,519	5,193	17,245	14,160
Operating days	174	182	536	497
TCE rate	31,718	28,533	32,174	28,491

Net Income to EBITDA Reconciliation

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(In thousands of U.S. Dollars)	Q3 2025	Q3 2026	9M 2025	9M 2026
Net income	475	1,419	4,451	327
Add: Vessel depreciation	1,046	1,045	3,135	3,134
Add: Interest and finance costs	1,364	819	4,132	2,978
Less: Interest income	(2)	(2)	(2)	(134)
EBITDA(1)	2,883	3,281	11,716	6,305

(1)		EBITDA represents net income before interest income and expense, income taxes, depreciation and amortization, which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-U.S. GAAP” measure). We believe that EBITDA assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA is also used: (i) by prospective and current customers as well as potential lenders to evaluate potential transactions; and (ii) to evaluate and price potential acquisition candidates. Management also uses this Non-U.S. GAAP measure in making financial, operating and planning decisions and in evaluating the Company’s performance. Our EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of our performance. See above for a reconciliation of EBITDA to Net Income, the most directly comparable U.S. GAAP measure.

Calendar days. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.

Available days. We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Operating days. We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Fleet utilization. We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.

TCE Revenues / TCE Rates. We define TCE or time charter equivalent revenues as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues by operating days for the relevant time period. Our calculation of TCE may not be comparable to that reported by other companies due to differences in methods of calculation.

TCE revenues and TCE rate, which are standard shipping industry performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and assist investors and our management in evaluating our financial performance.

Daily vessel operating expenses. We define vessel operating expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

 

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Rubico Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars)
	December 31, 2025	September 30, 2026
ASSETS
Cash and cash equivalents and restricted cash	4,864	3,696
Vessels, net	106,189	103,055
Advances for vessels under construction and asset acquisitions	19,500	51,426
Other assets	3,516	1,094
TOTAL ASSETS	134,069	159,271
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Long-term debt and current portion, net of deferred finance costs	82,282	95,913
Other liabilities	5,989	11,688
Mezzanine equity	-	4,871
Stockholders’ equity	45,798	46,799
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	134,069	159,271

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Revenues	17,715	15,083
Expenses:
Voyage expenses	(470)	(923)
Vessel operating expenses	(4,259)	(3,590)
Drydocking costs	-	(2,738)
Vessel depreciation	(3,135)	(3,134)
Management fees – related parties	(475)	(636)
General and administrative expenses	(795)	(891)
Operating income	8,581	3,171
Other income / (expenses):
Interest and finance costs	(4,132)	(2,978)
Interest income	2	134
Total other expenses, net	(4,130)	(2,844)
Net income	4,451	327
Less: Deemed dividend equivalents on Series G Shares related to redemption value	-	(635)
Less: Dividends of Series G Shares	-	(183)
Less: Deemed dividend on warrant inducement	-	(26)
Net income / (loss) attributable to common shareholders	4,451	(517)
COMPREHENSIVE INCOME
Net income	4,451	327
Change in foreign currency translation adjustments	-	(307)
Total comprehensive income	4,451	20
Earnings / (loss) per common share, basic and diluted	1,420,797.67	(13.76)
Weighted average number of common shares outstanding, basic and diluted	3.13	37,564.25

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Revenues	5,745	5,409
Expenses:
Voyage expenses	(226)	(216)
Vessel operating expenses	(1,907)	(1,366)
Drydocking costs	-	(105)
Vessel depreciation	(1,046)	(1,045)
Management fees – related parties	(187)	(213)
General and administrative expenses	(542)	(228)
Operating income	1,837	2,236
Other income / (expenses):
Interest and finance costs	(1,364)	(819)
Interest income	2	2
Total other expenses, net	(1,362)	(817)
Net income	475	1,419
Net income attributable to common shareholders	475	1,419
COMPREHENSIVE INCOME
Net income	475	1,419
Change in foreign currency translation adjustments	-	(142)
Total comprehensive income	475	1,277
Earnings per common share, basic	150,419.94	14.30
Earnings per common share, diluted	150,419.94	6.02
Weighted average number of common shares outstanding, basic	3.16	99,219.18
Weighted average number of common shares outstanding, diluted	3.16	235,598.55

Share and per share data for all periods presented have been retroactively adjusted to reflect the stock dividend of 0.5 common shares per common share distributed on October 6, 2026 and the 1-for-25 reverse stock split of the Company’s common shares effected on October 30, 2026.

 

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Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Nine months ended September 30, 2025	Nine months ended September 30, 2026
Net cash provided by operating activities	7,259	5,538
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	-	(18,648)
Payments for net assets of shipowning companies acquired under common control	-	(2,609)
Net cash used in investing activities	-	(21,257)
Cash flows from financing activities:
Net payments to Former Parent company	(4,999)	-
Proceeds from debt	-	5,763
Principal payments of debt	(3,300)	(3,375)
Payment of financing costs	-	(110)
Proceeds from issuance of common stock	1,500	37,838
Equity offering issuance costs	(272)	(2,116)
Dividends of Series G Preferred Shares	-	(183)
Consideration paid in excess of purchase price over book value of vessels	-	(23,266)
Net cash (used in)/provided by financing activities	(7,071)	14,551
Net increase / (decrease) in cash, cash equivalents and restricted cash	188	(1,168)
Cash, cash equivalents and restricted cash at beginning of period	2,161	4,864
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	3,959	2,809
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	-	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	-	7
Equity issuance costs included in liabilities	577	340
Settlement of excess consideration over acquired assets with issuance of Series G Shares	-	4,236
Excess consideration over acquired assets included in Due to related parties	-	5,370

 

Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars)
	Three months ended September 30, 2025	Three months ended September 30, 2026
Net cash provided by operating activities	645	1,449
Cash flows used in investing activities:
Advances for vessels under construction and capitalized expenses	-	(5,944)
Payments for net assets of shipowning companies acquired under common control	-	(2,609)
Net cash used in investing activities	-	(8,553)
Cash flows from financing activities:
Net receipts from Former Parent company	55	-
Proceeds from debt	-	-
Principal payments of debt	(1,100)	(1,125)
Payment of financing costs	-	(2)
Proceeds from issuance of common stock	1,500	5,338
Equity offering issuance costs	(272)	(200)
Dividends of Series G Preferred Shares	-	-
Consideration paid in excess of purchase price over book value of vessels	-	(4,771)
Net cash provided by / (used in) financing activities	183	(760)
Net increase / (decrease) in cash, cash equivalents and restricted cash	828	(7,864)
Cash, cash equivalents and restricted cash at beginning of period	1,521	11,560
Cash, cash equivalents and restricted cash at end of period	2,349	3,696
Cash breakdown:
Cash and cash equivalents	1,349	2,796
Restricted cash, non-current	1,000	900
Supplemental cash flow information:
Interest paid, net of capitalized interest	1,308	720
Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties	-	513
Financing fees included in Accounts payable / Accrued liabilities / Due to related parties	-	7
Equity issuance costs included in liabilities	577	340
Excess consideration over acquired assets included in Due to related parties	-	5,370

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel-efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR newbuilding tankers scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest. In addition, the Company has entered into a share purchase agreement to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, with closing expected to occur by March 31, 2027.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.
Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the expected delivery of our newbuilding vessels, the expected closing of the share purchase agreement described herein, potential gross revenue backlog and the declaration of optional periods under the related time charters, our intention to divest our newbuilding megayacht and our expectations regarding the positioning of our fleet and our future operating performance.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.