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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 | TTM | Mar 2025 | 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
Icon Energy Corp. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $25.73M | 1.23 | 17.90% | ― | -11.07% | -13.39% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $368.94K | -0.02 | 7.12% | ― | -27.96% | -98.99% | |
52 Neutral | $21.84M | -0.75 | -5.54% | ― | -1.35% | -118.25% | |
47 Neutral | $17.24M | -3.93 | -7.09% | 6.20% | -8.96% | -88.67% | |
45 Neutral | ― | ― | 12.60% | 499.57% | ― | ― |
Icon Energy Corp. Corporate Events
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.
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. 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.