Icon Energy Corp. (ICON) AI Stock Analysis

• Market Cap: $1.60M
• Dividend Yield: 499.57%
• Average Volume (3M): 42.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.37
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 101
• Sector: Energy
• Sector Strength: 52
• Industry: Marine Shipping
• EPS (TTM): N/A
• Shares Outstanding: 692,000
• 10 Day Avg. Volume: 59,107
• 30 Day Avg. Volume: 42,736
• PEG Ratio: 22.13
• Price to Book (P/B): 46.72
• Price to Sales (P/S): 103.36
• P/FCF Ratio: -31.98
• Enterprise Value/Market Cap: 20.18
• Enterprise Value/Revenue: 3.41
• Enterprise Value/Gross Profit: 16.65
• Enterprise Value/Ebitda: 19.12
• 1Y Price Target: $2.00
• Price Target Upside: -11.89% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $2.50 ▲(10.13% Upside)

The score is weighed down primarily by weak financial performance (loss-making year, higher leverage, and sharply negative free cash flow) and a clearly bearish technical setup (price below all key moving averages with negative MACD). Valuation is difficult to assess without a P/E; the very high dividend yield slightly offsets the score but is tempered by profitability and cash-flow risks.

Positive Factors

Index‑linked time charters

Employing all vessels on index-linked time charters structurally ties revenue to established market indices, reducing spot exposure and improving cash predictability. Evergreen extension on M/V Alfa also lengthens contract coverage, supporting steady midterm cash generation and commercial stability.

Fleet and asset growth

Substantially higher asset base driven by vessel additions expands revenue capacity and scale, strengthening operating leverage and collateral for financing. A larger, modernized fleet can sustain higher utilization and underpins longer-term market position in dry bulk shipping.

Corporate actions to support listing and confidence

The reverse split addresses Nasdaq compliance and may broaden institutional appeal, while a $1M buyback signals management confidence and capital allocation intent. Together these structural steps can improve shareholder composition and support access to capital over the medium term.

Negative Factors

Rising leverage

The shift from prior debt-free years to meaningful leverage increases fixed obligations and refinancing risk. Higher debt reduces financial flexibility during dry bulk cycles, limits ability to absorb rate volatility, and raises the probability of covenant pressure or dilutive financing needs.

Large negative free cash flow

A pronounced FCF deficit indicates capital spending or working capital needs outpacing operating cash, forcing reliance on external funding or asset sales. This undermines liquidity, elevates refinancing and dilution risk, and constrains sustainable investment or shareholder distributions.

Profitability volatility & margin compression

Sharp margin deterioration and swing to loss reflect structural cost or pricing pressures and volatile earnings history. Persistent margin compression would weaken cash generation and return on capital, making long-term profitability and dividend sustainability uncertain amid industry cyclicality.

Icon Energy Corp. Business Overview & Revenue Model

Company Description

Icon Energy Corp., a shipping company, provides seaborne transportation services for dry bulk cargoes through its fleet of oceangoing vessels worldwide. Its fleet consists of one Panamax dry bulk vessel with a carrying capacity of approximately 77,326 deadweight tons (dwt); and one Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt. The company serves dry bulk operators, commodity traders, and end users. The company was incorporated in 2023 and is based in Athens, Greece. Icon Energy Corp. is a subsidiary of Atlantis Holding Corp.

How the Company Makes Money

Icon Energy Corp. Financial Statement Overview

Summary

Despite sharp revenue growth in 2024, profitability deteriorated to a net loss and margins compressed significantly. Leverage increased (debt-to-equity 1.36x), and free cash flow swung to a large deficit (-$17.2M), raising funding/liquidity risk and highlighting volatile results.

Income Statement

Revenue accelerated sharply in 2024 ($5.3M, +153.9% YoY), but profitability deteriorated meaningfully: net income swung to a loss (-$0.2M) from a $1.2M profit in 2023, and net margin fell to -4.0%. Gross margin also compressed substantially (27.6% vs. 73.2% in 2023), signaling weaker pricing and/or higher voyage costs. Longer-term results are volatile (strong profits in 2021–2023, deep losses in 2019–2020), limiting confidence in earnings durability.

Balance Sheet

Leverage increased in 2024 with total debt rising to $15.9M and debt-to-equity at 1.36x, a notable shift from debt-free balance sheets in 2021–2023. Equity remains positive ($11.7M), but returns turned negative in 2024, reflecting the earnings decline. Earlier periods show extreme balance-sheet instability (negative equity in 2019–2020), which, while improved today, underscores a higher-risk capital structure profile for the company’s history.

Cash Flow

Operating cash flow stayed positive in 2024 ($0.9M), but cash generation weakened materially versus 2023 ($2.5M) and looks light relative to the business needs. Free cash flow collapsed to a large deficit (-$17.2M) versus a positive $2.5M in 2023, indicating heavy spending and/or working-capital strain that is not being funded by internal cash generation. Overall cash flow quality is inconsistent year-to-year, increasing funding and liquidity risk when conditions soften.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.45M	5.31M	4.48M	7.24M	5.96M	0.00
Gross Profit	1.94M	1.47M	3.28M	5.93M	5.11M	0.00
EBITDA	1.69M	1.88M	2.19M	5.29M	3.86M	-24.94M
Net Income	-4.39M	-210.00K	1.16M	4.24M	3.32M	-101.92M
Balance Sheet
Total Assets	58.01M	28.80M	12.88M	14.60M	14.57M	372.92M
Cash, Cash Equivalents and Short-Term Investments	3.97M	946.00K	2.70M	3.55M	2.42M	65.54M
Total Debt	35.23M	15.93M	0.00	0.00	0.00	56.87M
Total Liabilities	37.37M	17.05M	3.71M	276.00K	1.85M	637.00M
Stockholders Equity	20.64M	11.75M	9.17M	14.32M	12.72M	-224.27M
Cash Flow
Free Cash Flow	-22.40M	-17.16M	2.48M	3.76M	3.59M	19.82M
Operating Cash Flow	1.45M	864.00K	2.50M	3.99M	4.08M	20.42M
Investing Cash Flow	-5.84M	-18.02M	-22.00K	-225.00K	-491.00K	77.14M
Financing Cash Flow	7.24M	15.90M	-3.33M	-2.64M	-1.17M	-110.34M

Icon Energy Corp. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.27
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICON, the sentiment is Negative. The current price of 2.27 is below the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.78, and below the 200-day MA of 8.77, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 34.34 is Neutral, neither overbought nor oversold. The STOCH value of 15.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICON.

Icon Energy Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSHG	74 Outperform	$25.49M	1.16	17.90%	―	-11.07%	-13.39%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CISS	60 Neutral	$575.27K	-0.01	7.12%	―	-27.96%	-98.99%
CTRM	49 Neutral	$19.13M	-0.67	-5.54%	―	-1.35%	-118.25%
USEA	47 Neutral	$16.78M	-3.73	-7.09%	6.20%	-8.96%	-88.67%
ICON	45 Neutral	$1.60M	―	12.60%	499.57%	―	―

Icon Energy Corp. Corporate Events

Icon Energy Corp. Enacts 1-for-5 Reverse Stock Split to Support Nasdaq Compliance

On January 6, 2026, Icon Energy Corp. announced that its board of directors approved a 1-for-5 reverse stock split of its common shares, which became effective at the opening of trading on January 8, 2026 on the Nasdaq Capital Market under the existing ticker “ICON.” The move consolidates every five issued and outstanding common shares into one, reducing the outstanding share count from 3,460,000 to approximately 692,000 shares, without changing the par value or authorized share capital, and leaving proportional ownership, voting rights and overall market capitalization essentially intact aside from minor adjustments related to the cash settlement of fractional shares. The board stated that the reverse split is intended to support compliance with Nasdaq listing standards and potentially broaden the company’s appeal to investors by boosting the share price, a step that could influence liquidity and market perception for existing and prospective shareholders.

The most recent analyst rating on (ICON) stock is a Hold with a $0.68 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.

Icon Energy Extends Key Charter and Launches $1 Million Share Buyback as Earnings Surge

In December 2025, Icon Energy Corp. reported a strengthened commercial position in the dry bulk market, highlighting that all three vessels in its fleet are employed on index-linked time charters tied to the Baltic Panamax and Supramax indices and that the time charter for M/V Alfa was extended in December 2025 on an evergreen basis, with earliest expiry in July 2026. The company said this chartering strategy enabled it to capture higher market rates during 2025, with average gross hire per vessel rising to about $15,450 per day in the third quarter of 2025—up 41% from the previous quarter and 21% year-on-year—driving quarterly revenues to $4.2 million, more than double the prior quarter and nearly five times the third quarter of 2024, while early fourth-quarter averages of roughly $15,750 per day and healthy dry bulk fundamentals are supporting stronger cash generation from its expanded fleet, including the additions of M/V Charlie in June 2025 and M/V Bravo in August 2024. Separately, on December 18, 2025, the board authorized a share repurchase program of up to $1.0 million of outstanding common shares through December 31, 2026, signaling management’s confidence in the company’s financial trajectory and offering potential value support for shareholders.

The most recent analyst rating on (ICON) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.

Icon Energy Corp. Reports Strong Asset Growth in 2025 Financial Update

Icon Energy Corp. has released its unaudited interim condensed consolidated financial statements for the nine-month period ending September 30, 2025. The report highlights a significant increase in total assets from $28.8 million at the end of 2024 to $58 million by September 2025, indicating substantial growth in the company’s financial position. This growth is primarily driven by an increase in the value of vessels and cash reserves. The company’s liabilities have also increased, reflecting expanded operations and financial commitments. This financial update suggests a robust expansion phase for Icon Energy, which may enhance its market positioning and stakeholder confidence.

The most recent analyst rating on (ICON) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.