Company: ASC
Filing Date: 2025-11-05
Form Type: 6-K
Source: 0001104659-25-106687
Chunk: 23

Company: Ardmore Shipping Corp
Filing Date: 2025-11-05
Form: 6-K
Chunk 23
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 income generated by the Company’s assets and how to allocate the corresponding cash flow according to the Company’s capital and resources focusing on maintaining the Company’s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders. The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management’s discretionary compensation.

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#### Ardmore Shipping CorporationNotes to the Unaudited Interim Condensed Consolidated Financial StatementsFor the nine months ended September 30, 2025 and September 30, 2024(Expressed in thousands of U.S. Dollars, except for shares and as otherwise stated)

#### 3.Equity InvestmentsElement 1 Corp.-On June 17, 2021, the Company purchased a10% equity stake in Element 1 Corp (“E1”), a developer of advanced hydrogen generation systems used to power fuel cells. The Company’s10% equity stake consists of581,795shares of E1’s common stock. The Company holdsoneboard seat out offive, resulting in20% voting rights at the board level and thus an ability to exercise significant influence in E1. Accordingly, the Company accounts for the investment in the common shares of E1 using the equity method in accordance with FASB Accounting Standards Codification 323, Investments – Equity Method and Joint Ventures (“ASC 323”).The Company records its share of earnings and losses in its investment in E1 on a quarterly basis, with an aggregate loss of $0.3million recognized during the nine months ended September 30, 2025 (2024: $0.3million).The Company recorded an investment of $4.2million, which is included in investments and other assets, net in the condensed consolidated balance sheet as of September 30, 2025.e1 Marine LLC- On June 17, 2021, the Company established a joint venture, e1 Marine LLC, with E1. and an affiliate of Maritime Partners LLC (“MP”), which seeks to deliver E1’s hydrogen delivery system to the marine sector, with each joint venture partner owning33.33% of e1 Marine LLC. In May 2024, the Company sold its33.33% stake in e1 Marine for $1.65million and recognized a gain of $0.5million. This gain is included as a component in loss from equity method investments, in the consolidated statement of