Heidmar Maritime Holdings Corp., a leading maritime services company based in Athens and New York, reported robust financial results for the third quarter of 2025, highlighting strong revenue growth, strategic fleet expansion, and continued operational momentum.
Financial Performance
Heidmar achieved revenues of $15.6 million in Q3 2025, up 117% from $7.2 million in Q3 2024. The surge was driven by increased vessel utilization across short-term spot and time charter voyages, including the Platform Supply Vessel (PSV) ACE Supplier, which began operations in April 2025.
Net income from continuing operations reached $1.2 million, or $0.02 per share, while adjusted net income (excluding non-cash stock-based compensation of $0.7 million) totaled $1.8 million. General and administrative expenses increased modestly to $3.1 million due to stock-based compensation amortization. Heidmar ended the quarter with $9.1 million in cash and equivalents.
For the first nine months of 2025, total revenues climbed to $30.8 million, compared with $23.6 million in the same period last year. Despite this growth, the company posted a net loss of $4.8 million, reflecting Nasdaq listing costs, non-cash expenses, and a one-time executive bonus.
Strategic Milestones
During Q3, Heidmar completed the disposal of its loss-making subsidiary Heidmar Trading DMCC, realizing a $0.06 million gain. The company also raised $256,000 through a share issuance under its agreement with B. Riley Principal Capital II LLC. CEO Pankaj Khanna reaffirmed confidence in the company’s outlook by purchasing 55,900 shares of Heidmar stock for $72,670.
Fleet Expansion
Heidmar’s growth strategy included the addition of one Suezmax tanker and two LR1 Super Eco newbuild vessels in August and September 2025. Two Super Eco LR2 tankers are set to join the fleet before year-end, strengthening Heidmar’s position in the clean petroleum products segment.
Outlook
Heidmar’s improved earnings and fleet expansion underline its progress toward becoming a leading platform for diversified maritime services.
“The third quarter represented a strong step forward for Heidmar, marked by substantial revenue growth as we leverage the platform across multiple service offerings and continued execution across our strategic priorities,” said Pankaj Khanna, Chief Executive Officer of Heidmar. “With several vessels now contributing voyage and time charter income, including the PSV ACE Supplier, which commenced operations earlier this year, our top line more than doubled year-over-year, demonstrating the scalability of our platform and the strength of our commercial relationships.”
