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Icon Energy Corp.
(NASDAQ:ICON)
Icon Energy Corp. (ICON) vs. SPDR S&P 500 ETF (SPY)
Icon Energy Corp. Business Overview & Revenue Model
Icon Energy Corp. Financial Statement Overview
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.26M | 5.31M | 4.48M | 7.24M | 5.96M |
| Gross Profit | 2.54M | 1.47M | 3.28M | 5.93M | 5.11M |
| EBITDA | 3.08M | 1.88M | 2.19M | 5.29M | 3.86M |
| Net Income | -4.20M | -210.00K | 1.16M | 4.24M | 3.32M |
Balance Sheet | |||||
| Total Assets | 58.44M | 28.80M | 12.88M | 14.60M | 14.57M |
| Cash, Cash Equivalents and Short-Term Investments | 3.88M | 946.00K | 2.70M | 3.55M | 2.42M |
| Total Debt | 34.76M | 15.93M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 37.07M | 17.05M | 3.71M | 276.00K | 1.85M |
| Stockholders Equity | 21.38M | 11.75M | 9.17M | 14.32M | 12.72M |
Cash Flow | |||||
| Free Cash Flow | -5.29M | -17.16M | 2.48M | 3.76M | 3.59M |
| Operating Cash Flow | 799.00K | 864.00K | 2.50M | 3.99M | 4.08M |
| Investing Cash Flow | -6.09M | -18.02M | -22.00K | -225.00K | -491.00K |
| Financing Cash Flow | 8.42M | 15.90M | -3.33M | -2.64M | -1.17M |
Icon Energy Corp. Technical Analysis
Icon Energy Corp. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $22.50M | 0.53 | 16.53% | ― | -11.07% | -13.39% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $187.36K | 0.04 | 12.78% | ― | -27.96% | -98.99% | |
52 Neutral | $18.84M | 0.26 | -5.54% | ― | -1.35% | -118.25% | |
47 Neutral | $18.07M | -2.44 | -10.68% | 6.20% | -8.96% | -88.67% | |
40 Underperform | ― | -0.98 | 12.60% | 499.57% | ― | ― |
Icon Energy Corp. Corporate Events
On March 19, 2026, Icon Energy Corp. reported that its three-vessel dry bulk fleet is fully employed on index-linked time charters tied to the Baltic Panamax and Supramax indices, aiming to balance high utilization with exposure to freight rate upside. The company highlighted that none of its ships are currently operating in or heading toward the Strait of Hormuz amid heightened U.S.-Iran tensions, while it continues to monitor geopolitical risks and prioritize crew and vessel safety.
For the first quarter of 2026, Icon expects average gross hire of about $14,000 per day, up 63% from $8,600 in the prior-year quarter, supported by the addition of the Ultramax vessel M/V Charlie in June 2025, which is set to lift Operating Days by 50% year on year. As a result, revenue, net for the quarter is projected between $3.5 million and $3.7 million, more than double the $1.5 million recorded in the first quarter of 2025.
Management noted that recent disruptions and uncertainty around commodity flows from the Middle East could tighten vessel availability and support ton-mile demand for dry bulk shipping, potentially underpinning stronger freight markets. While the broader impact of the conflict remains unclear, the company sees the current environment as conducive to improved earnings potential for well-positioned dry bulk owners.
To support growth and strengthen liquidity, Icon disclosed that it has raised $6.9 million in net equity proceeds so far in 2026 through its at-the-market program and a standby equity purchase agreement. The new shares were issued at an average price of $2.82, representing a 188% premium to the last reported Nasdaq Capital Market closing price of its common stock on March 18, 2026, signaling robust pricing despite ongoing market volatility.
The most recent analyst rating on (ICON) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.
Icon Energy Corp. held its 2026 Annual Meeting of Shareholders on February 16, 2026, at which investors approved key governance and oversight measures. Shareholders elected Evangelos Macris as a Class II director to serve until the 2029 annual meeting, reinforcing continuity on the board.
The meeting also ratified Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2026, and approved amendments to the company’s Articles of Incorporation and Bylaws. These amendments enable uncertificated share representation, permit shareholder action by written consent where allowed by law, and authorize the board to formalize these changes with Marshall Islands authorities, streamlining corporate governance and potentially increasing operational flexibility for stakeholders.
The most recent analyst rating on (ICON) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.
On February 4, 2026, Icon Energy Corp. entered into an at-the-market equity offering agreement with Maxim Group LLC that allows the company to sell up to $3.4 million of its common shares from time to time through Maxim as sales agent. The shares will be issued under Icon Energy’s effective shelf registration statement on Form F-3, and the company plans to deploy any proceeds for general corporate purposes, including working capital, debt repayment and potential fleet renewal or expansion, underscoring its ongoing reliance on flexible equity issuance to support balance sheet needs and possible growth initiatives.
The most recent analyst rating on (ICON) stock is a Hold 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., a Marshall Islands corporation headquartered in Athens, Greece, has called its 2026 annual meeting of shareholders for February 16, 2026, at its Athens offices. Holders of common shares and Series B perpetual preferred shares of the company, which had roughly 2.5 million common shares and 1.5 million preferred shares outstanding as of the January 26, 2026 record date, are entitled to vote, with each preferred share carrying 1,000 votes and held entirely by the company’s chairwoman and chief executive officer, Ismini Panagiotidi.
At the meeting, shareholders will vote on electing Evangelos Macris as a Class II director through the 2029 annual meeting, ratifying Ernst & Young (Hellas) as independent auditors for the fiscal year ending December 31, 2026, and approving amendments to Icon Energy’s articles of incorporation and bylaws that would modernize its capital structure documentation, permit uncertificated share representation, and allow shareholder action by written consent where legally permitted. The proposals, which require varying voting thresholds and a quorum of at least one-third of the total voting power, signal an effort to streamline corporate governance and administrative flexibility, with the concentration of preferred voting power in the CEO’s hands potentially giving management significant influence over the outcomes.
The most recent analyst rating on (ICON) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.
On January 21, 2026, Icon Energy Corp. reported that it has raised approximately $3.5 million by selling an aggregate of 1,136,470 common shares at an average price of $3.11 per share under its Standby Equity Purchase Agreement with an investor, originally entered into on August 27, 2025. The company highlighted that the shares were sold at prices exceeding the volume-weighted average market price over the relevant period, and said the proceeds will be used for general corporate purposes and to pursue potential growth opportunities and strategic initiatives; following these issuances, Icon’s share count stands at 2,508,470 common shares outstanding, reflecting the company’s ongoing use of the SEPA as a flexible capital-raising tool.
The most recent analyst rating on (ICON) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Icon Energy Corp. stock, see the ICON Stock Forecast page.
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.