# EDGAR Filing Document

**Accession Number:** 0001328919
**File Stem:** 0001193125-25-297329
**Filing Date:** 2025-11
**Character Count:** 38725
**Document Hash:** aaa061172b8e7d4814dd4a6019ad4acc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-297329.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-297329

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251125

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StealthGas Inc.
- **CENTRAL INDEX KEY:** 0001328919
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36797
- **FILM NUMBER:** 251521740

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 331 KIFISSIAS AVENUE
- **STREET 2:** ERITHREA 14561
- **CITY:** ATHENS
- **PROVINCE COUNTRY:** J3
- **BUSINESS PHONE:** 30 210 625 2849

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 331 KIFISSIAS AVENUE
- **STREET 2:** ERITHREA 14561
- **CITY:** ATHENS
- **PROVINCE COUNTRY:** J3

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of November 2025** 

**Commission File Number 001-36797** 

## STEALTHGAS INC.
**(Translation of registrant's name into English)** 

**331 Kifissias Avenue Erithrea 14561 Athens, Greece** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**Financial and Operating Results for the three and nine months ended September 30, 2025** 

The press release issued by StealthGas Inc. (the "Company") on November 25, 2025 announcing its financial and operating results for the three and nine months ended September 30, 2025, is attached hereto as Exhibit 99.1.

**EXHIBIT INDEX** 

99.1 [StealthGas Inc. Press Release dated November 25, 2025](d667443dex991.htm)

\*\*\*\*

This report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (Reg. No. 333-143804) and Registration Statements on Form S-8 (Reg. Nos. 333-144240 and 333-207168).

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 25, 2025

---

| | |
|:---|:---|
| STEALTHGAS INC. | STEALTHGAS INC. |
| By: | /s/ Harry Vafias |
| Name: | Harry Vafias |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g667443g1125204601173.jpg)

**STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2025** 

**FINANCIAL AND OPERATING RESULTS** 

**ATHENS, GREECE, November 25, 2025.** STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2025.

**OPERATIONAL AND FINANCIAL HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company reported another profitable quarter with Net income for the third quarter of
$13.3 million corresponding to a basic EPS of $0.36, 10% higher than the $12.1 million achieved in the previous year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues for the third quarter of $44.5 million, increasing 10% or $4.1 million
compared to the same period of last year but an increase in voyage expenses of $4.3 million resulted in Net Revenues being flat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preserved high period coverage. About 85% of fleet days for 2025 are secured on period charters and 46% for 2026,
with total fleet employment days for all periods generating about $130 million (excl. our single JV vessel) in contracted revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repaid all debt obligations in our fully owned fleet, making $85.9 million in debt repayments during the
first nine months of 2025 and $350 million since December 2022. Currently, all the vessels in the fully owned fleet are unencumbered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2025 the Company has spent $1.8 million on share repurchases. Overall, under the current program the
Company has spent over $21.2 million in share repurchases since June 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining ample cash and cash equivalents of $69.7 million as of September 30, 2025.

**Third Quarter 2025 Results<sup>1</sup>:** 

• <u>Revenues</u> for the three months ended September 30, 2025, amounted to $44.5 million compared to
revenues of $40.4 million for the three months ended September 30, 2024, based on an average of 29.0 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in
our fleet and improved market conditions.

• <u>Voyage expenses and vessels</u> <u>'</u> <u>operating expenses</u> for the three months ended
September 30, 2025, were $7.2 million and $15.0 million, respectively, compared to $2.9 million and $12.3 million, respectively, for the three months ended September 30, 2024. The $4.3 million increase in voyage
expenses was mainly due to an increase in bunkers costs and port expenses as a result of the increase in spot market days for the fleet. The $2.7 million increase in vessels' operating expenses was mainly due to an increase in the number
of vessels as well as repairs for the Eco Wizard.

------

• <u>Drydocking costs</u> for the three months ended September 30, 2025, were $0.7 million compared to
$2.9 million for the three months ended September 30, 2024. Drydocking expenses during the third quarter of 2024 mainly relate to the completed drydocking of four vessels, while the drydocking of one vessel was still in progress, compared
to no drydocking of vessels in the same period of this year.

• <u>General and administrative expenses</u> for the three months ended September 30, 2025 and 2024, were
$1.9 million and $2.7 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.

• <u>Depreciation</u> for the three months ended September 30, 2025 and 2024, was $6.6 million and
$6.5 million, respectively. The $0.1 million increase is mainly related to the increase in the average number of vessels owned by the Company.

• <u>Interest and finance costs</u> for the three months ended September 30, 2025 and 2024, were
$0.2 million and $1.8 million, respectively. The $1.6 million decrease from the same period of last year is primarily due to continued debt prepayments.

• <u>Equity earnings in joint ventures</u> for the three months ended September 30, 2025 and 2024, was a gain
of $1.1 million for both periods.

• As a result of the above, for the three months ended September 30, 2025, the Company reported <u>net income</u> of $13.3 million, compared to net income of $12.1 million for the three months ended September 30, 2024. The <u>weighted average number of shares</u> outstanding, basic, for the three months ended September 30, 2025 and 2024
was 36.0 million and 35.2 million, respectively.

• <u>Earnings per share, basic,</u> for the three months ended September 30, 2025, amounted to $0.36 compared
to earnings per share, basic, of $0.33 for the same period of last year.

• <u>Adjusted net income,</u> was $14.4 million corresponding to an Adjusted EPS of $0.39 for the three months
ended September 30, 2025 compared to Adjusted net income of $14.2 million corresponding to an Adjusted EPS of $0.38 for the same period of last year.

• <u>EBITDA</u> for the three months ended September 30, 2025, amounted to $19.5 million. Reconciliations
of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

• An average of 29.0 vessels were owned by the Company during the three months ended September 30, 2025
compared to 27.0 vessels for the same period of 2024.

**Nine months 2025 Results<sup>1</sup>:** 

• <u>Revenues</u> for the nine months ended September 30, 2025, amounted to $133.8 million compared to
revenues of $123.8 million for the nine months ended September 30, 2024, based on an average of 28.4 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in
our fleet and improved market conditions.

• <u>Voyage expenses and vessels' operating expenses</u> for the nine months ended September 30, 2025,
were $16.7 million and $41.2 million, respectively, compared to $8.4 million and $36.2 million, respectively, for the nine months ended September 30, 2024. The $8.3 million increase in voyage expenses was mainly due to
an increase in port expenses and in bunkers costs as a result of the increase in spot market days for the fleet. The $5.0 million increase in vessels' operating expenses was mainly due to increase in crew, maintenance repairs and spares
expenses partly in conjunction with the higher number of vessels in the fleet.

• <u>Drydocking costs</u> for the nine months ended September 30, 2025 and 2024, were $1.8 million and
$3.5 million, respectively. Drydocking expenses for nine months ended September 30, 2025 mainly relate to the completion of two vessels' drydocking, compared to the same period of last year which included the completion of four
vessel's drydocking and the ongoing drydocking of another vessel.

• <u>General and administrative expenses</u> for the nine months ended September 30, 2025 and 2024, were
$6.1 million and $7.3 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.

------

• <u>Depreciation</u> for the nine months ended September 30, 2025 and 2024, was $19.8 million and
$19.5 million, respectively, a $0.3 million increase is mainly related to the increase in average number of vessels owned by the Company.

• <u>Impairment loss</u> for the nine months ended September 30, 2025 and 2024, was $0.5 million and nil
respectively. As a result of the agreed sale terms for the vessel Gas Cerberus, which was delivered in June 2025, a non-cash impairment loss of $0.5 million was recognized in the first quarter of 2025.

• <u>Loss on sale of vessels</u> for the nine months ended September 30, 2025, was $0.1 million compared
to gain of $0.05 million for the same period last year. The loss is attributed to the sale of one vessel during the nine months ended September 30, 2025, compared to the gain from the sale of two vessels during the nine months ended
September 30, 2024, which had been classified as held for sale as of December 31, 2023.

• <u>Interest and finance costs</u> for the nine months ended September 30, 2025 and 2024, were
$2.2 million and $7.6 million, respectively. The $5.4 million decrease from the same period of last year is primarily due to continued debt prepayments.

• <u>Interest income</u> for the nine months ended September 30, 2025 and 2024, was $2.1 million and
$2.4 million, respectively. The decrease of $0.3 million is mainly attributed to the decrease in rates of time deposits.

• <u>Equity earnings in joint ventures</u> for the nine months ended September 30, 2025 and 2024, was a gain
of $4.0 million and $15.2 million, respectively. The $11.2 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year.

• As a result of the above, for the nine months ended September 30, 2025, the Company reported <u>net income</u> of $47.9 million, compared to net income of $55.7 million for the nine months ended September 30, 2024. The <u>weighted average number of shares</u> outstanding, basic, for the nine months ended September 30, 2025 and 2024
was 35.8 million and 35.2 million, respectively.

• <u>Earnings per share, basic</u>, for the nine months ended September 30, 2025, amounted to $1.30 compared
to earnings per share, basic, of $1.52 for the same period of last year.

• <u>Adjusted net income</u> was $52.3 million corresponding to an Adjusted EPS of $1.42 for the nine months
ended September 30, 2025 compared to Adjusted net income of $60.8 million corresponding to an Adjusted EPS of $1.67 for the same period of last year.

• <u>EBITDA</u> for the nine months ended September 30, 2025, amounted to $67.8 million. Reconciliations
of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

• An average of 28.4 vessels were owned by the Company during the nine months ended September 30, 2025,
compared to 27.0 vessels for the same period of 2024.

<sup>1</sup> EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

**Fleet Update Since Previous Announcement** 

The Company announced the conclusion of the following chartering arrangements (of three or more months duration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A twelve months time charter for its 2012 built LPG carrier Gas Husky, until Sep 2026 including a
charterer's option to extend a further six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A seven months time charter extension for its 2009 built LPG carrier Gas Astrid, until Apr 2026 including a
charterer's option to extend a further eight months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A six months time charter extension for its 2012 built LPG carrier Gas Esco, until Mar 2026 including a
charterer's option to extend a further six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A six months time charter for its 2014 built LPG carrier Eco Chios, until Apr 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A three months time charter for its 2018 built LPG carrier Eco Arctic, until Jan 2026 including a
charterer's option to extend a further three months.

------

As of November 2025, the Company has total contracted revenues of approximately $130 million (excluding the JV vessel). For 2026 the Company has circa 46% of fleet days secured under period contracts and contracted revenues of approximately $77 million (excluding the JV vessel).

In November 2025 the previously announced sale of the vessel Gas Elixir was completed and it was delivered to its new owners.

In September 2025, the Company entered into an agreement to sell the 2014-built vessel Eco Invictus to a third party subject to certain conditions being met, with delivery expected in in the first quarter of 2026. The vessel is debt-free, and the full proceeds from the sale will contribute to the Company's liquidity position. Following the completion of this sale the Company's fully owned fleet will consist of 27 LPG carriers, while one LPG carrier continues to be owned through a joint venture.

In relation to the previously announced July 6, 2025 incident involving the LPG carrier Eco Wizard, the vessel remains stranded in the port in Russia. It has moved berth and temporary repairs have been completed. However, the vessel will need to be drydocked and more permanent repairs carried out. As such, the Company is still working with local authorities, and special permissions needed by EU authorities, on arranging the release of the vessel in order for it to be moved to a yard in Europe. Until such time that the vessel is fully repaired and able to return to operations, if at all, it will remain off hire and will not generate revenue.

**CEO Harry Vafias Commented** 

During the summer months the market experienced a seasonal softening in spot rates but the drop in activity was relatively modest. Due to the high period coverage in our fleet we achieved another quarter of solid profits with a 10% increase compared to last year.. So far in the current quarter charter rates have been increasing while the volatility in the geopolitical environment seems to have subsided somewhat, at least temporarily, resulting in increasing trade flows and improvement in sentiment. We are always looking for opportunities to divest older assets, and as such we entered into an agreement for the third time this year to sell another one of our older vessels. In terms of maintaining a solid balance sheet, one of our core goals, we completed the deleverage by paying down $350 million of debt obligations over the last 3 years and the Company is now debt free.

**Conference Call details:** 

On November 25, 2025 at 10:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and outlook.

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

**<u>https://register-conf.media-server.com/register/BI6984e879cdaa47c0b494498e09affdaa</u>**

**Slides and audio webcast:** 

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

------

**About STEALTHGAS INC.** 

StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 29 LPG carriers, including one Joint Venture vessel, in the water. These LPG vessels have a total capacity of 339,134 cubic meters (cbm). StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market and trade under the symbol "GASS."

Visit our website at <u>www.stealthgas.com</u>

**Forward-Looking Statements** 

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, including regarding contracted revenue, market conditions and our vessel damaged in the third quarter of 2025, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC's operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, whether the *Eco Wizard* is able to return to operation and related uncertainties related thereto and potential expenses and extent of insurance coverage, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

**Fleet List** 

For information on our fleet and further information:

Visit our website at <u>www.stealthgas.com</u>

**Company Contact:** 

Konstantinos Sistovaris

Investor Relations

STEALTHGAS INC.

00-30-210-6250-001

E-mail: <u>info@stealthgas.com</u>

**Fleet Data:** 

The following key indicators highlight the Company's operating performance during the periods ended September 30, 2024 and September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **FLEET DATA** | **Q3 2024** | **Q3 2025** | **9M 2024** | **9M 2025** |
|  Average number of vessels (1) | 27.0 | 29.0 | 27.0 | 28.4 |
|  Period end number of owned vessels in fleet | 27 | 29 | 27 | 29 |
|  Total calendar days for fleet (2) | 2484 | 2668 | 7402 | 7758 |
|  Total voyage days for fleet (3) | 2381 | 2552 | 7231 | 7615 |
|  Fleet utilization (4) | 95.9% | 95.7% | 97.7% | 98.2% |
|  Total charter days for fleet (5) | 2260 | 2145 | 6665 | 6434 |
|  Total spot market days for fleet (6) | 121 | 407 | 566 | 1181 |
|  Fleet operational utilization (7) | 92.6% | 90.3% | 95.5% | 93.0% |

---

1) <u>Average number of vessels</u> is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) <u>Total calendar days</u> for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. 

3) <u>Total voyage days</u> for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 

4) <u>Fleet utilization</u> is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 

5) <u>Total charter days</u> for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 

6) <u>Total spot market charter days</u> for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 

7) <u>Fleet operational utilization</u> is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. 

**Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:** 

Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(Expressed in United States Dollars,**<br> **except number of shares)** | **Third Quarter Ended<br>September 30th,** | **Third Quarter Ended<br>September 30th,** | **Nine months Periods Ended<br>September 30th,** | **Nine months Periods Ended<br>September 30th,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  **<u>Net Income - Adjusted Net Income</u>** |  |  |  |  |
|  **Net income** | **12145425** | **13328054** | **55663650** | **47873060** |
|  Less gain on derivatives |  |  | (99286) |  |
|  Plus swap interest received |  |  | 208127 |  |
|  Less (gain)/plus loss on sale of vessels, net |  |  | (46384) | 121218 |
|  Plus impairment loss |  |  |  | 488400 |
|  Plus share based compensation | 2017049 | 1112782 | 5120512 | 3813406 |
|  **Adjusted Net Income** | **14162474** | **14440836** | **60846619** | **52296084** |
|  **<u>Net income – EBITDA</u>** |  |  |  |  |
|  **Net income** | **12145425** | **13328054** | **55663650** | **47873060** |
|  Plus interest and finance costs | 1783067 | 222813 | 7636676 | 2231066 |
|  Less interest income | (695222) | (626333) | (2363435) | (2094255) |
|  Plus depreciation | 6492714 | 6583913 | 19478138 | 19839888 |
|  **EBITDA** | **19725984** | **19508447** | **80415029** | **67849759** |
|  **<u>Net income - Adjusted EBITDA</u>** |  |  |  |  |
|  **Net income** | **12145425** | **13328054** | **55663650** | **47873060** |
|  Less gain on derivatives |  |  | (99286) |  |
|  Less (gain)/plus loss on sale of vessels, net |  |  | (46384) | 121218 |
|  Plus impairment loss |  |  |  | 488400 |
|  Plus share based compensation | 2017049 | 1112782 | 5120512 | 3813406 |
|  Plus interest and finance costs | 1783067 | 222813 | 7636676 | 2231066 |
|  Less interest income | (695222) | (626333) | (2363435) | (2094255) |
|  Plus depreciation | 6492714 | 6583913 | 19478138 | 19839888 |
|  **Adjusted EBITDA** | **21743033** | **20621229** | **85389871** | **72272783** |
|  **<u>EPS - Adjusted EPS</u>** |  |  |  |  |
|  Net income | 12145425 | 13328054 | 55663650 | 47873060 |
|  Adjusted net income | 14162474 | 14440836 | 60846619 | 52296084 |
|  Weighted average number of shares, basic | 35241126 | 36006132 | 35200732 | 35803511 |
|  **EPS - Basic** | **0.33** | **0.36** | **1.52** | **1.30** |
|  **Adjusted EPS - Basic** | **0.38** | **0.39** | **1.67** | **1.42** |

---

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**StealthGas Inc.** 

**Unaudited Condensed Consolidated Statements of Income** 

**(Expressed in United States Dollars, except for number of shares)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarters Ended September 30,** | **Quarters Ended September 30,** | **Nine month Periods Ended**<br>**September 30,** | **Nine month Periods Ended**<br>**September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues | 40445006 | 44529746 | 123795068 | 133789998 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyage expenses | 2420995 | 6632036 | 6914953 | 15039779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyage expenses - related party | 499366 | 544427 | 1527237 | 1633220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels' operating expenses | 12058117 | 14788439 | 35556412 | 40498542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels' operating expenses - related party | 209000 | 227501 | 662502 | 695197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drydocking costs | 2881407 | 720662 | 3456942 | 1755507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees - related party | 1063519 | 1144479 | 3169200 | 3326159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 2657696 | 1901379 | 7298960 | 6085185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 6492714 | 6583913 | 19478138 | 19839888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss |  |  |  | 488400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (gain)/loss on sale of vessels |  |  | (46384) | 121218 |
|  **Total expenses** | **28282814** | **32542836** | **78017960** | **89483095** |
|  **Income from operations** | **12162192** | **11986910** | **45777108** | **44306903** |
|  **Other (expenses)/income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and finance costs | (1783067) | (222813) | (7636676) | (2231066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivatives |  |  | 99286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 695222 | 626333 | 2363435 | 2094255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss | (33519) | (128327) | (96290) | (264487) |
|  **Other (expenses)/income, net** | **(1121364)** | **275193** | **(5270245)** | **(401298)** |
|  **Income before equity in earnings of investees** | **11040828** | **12262103** | **40506863** | **43905605** |
|  Equity earnings in joint ventures | 1104597 | 1065951 | 15156787 | 3967455 |
|  **Net Income** | **12145425** | **13328054** | **55663650** | **47873060** |
|  **Earnings per share** |  |  |  |  |
|  - Basic | 0.33 | 0.36 | 1.52 | 1.30 |
|  - Diluted | 0.33 | 0.36 | 1.52 | 1.30 |
|  **Weighted average number of shares** |  |  |  |  |
|  - Basic | 35241126 | 36006132 | 35200732 | 35803511 |
|  - Diluted | 35322675 | 36022868 | 35307660 | 35822191 |

---

------

**StealthGas Inc.** 

**Unaudited Condensed Consolidated Balance Sheets** 

**(Expressed in United States Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **September 30,**<br>**2025** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 80653398 | 69710783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables | 6156300 | 9752322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 193265 | 59524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims receivable | 55475 | 55475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 3891147 | 3315337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments | 733212 | 1047452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 23738226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of derivatives | 387608 |  |
|  **Total current assets** | **92070405** | **107679119** |
|  **Non current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets |  | 137780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessels, net | 608214416 | 567396468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 370053 | 309453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 3867752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures | 27717238 | 22348168 |
|  **Total non current assets** | **640169459** | **590191869** |
|  **Total assets** | **732239864** | **697870988** |
|  **Liabilities and Stockholders' Equity** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to related parties | 388130 | 2538466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 10994434 | 10900740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued and other liabilities | 4922587 | 3484220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities |  | 110224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 4304667 | 4412572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 23333814 |  |
|  **Total current liabilities** | **43943632** | **21446222** |
|  **Non current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities |  | 27556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 213563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 61555855 |  |
|  **Total non current liabilities** | **61769418** | **27556** |
|  **Total liabilities** | **105713050** | **21473778** |
|  **Commitments and contingencies** |  |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock | 370414 | 375127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock |  | (1784712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 409912934 | 414077877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 215855858 | 263728918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 387608 |  |
|  **Total stockholders' equity** | **626526814** | **676397210** |
|  **Total liabilities and stockholders' equity** | **732239864** | **697870988** |

---

------

**StealthGas Inc.** 

**Unaudited Condensed Consolidated Statements of Cash Flows** 

**(Expressed in United States Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **Nine month Periods Ended**<br> **September 30,** | **Nine month Periods Ended**<br> **September 30,** |
|  | **2024** | **2025** |
|  **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income for the period | 55663650 | 47873060 |
|  **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 19478138 | 19839888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred finance charges | 659660 | 990921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 75687 | 93776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation | 5120512 | 3813406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of derivatives | 108841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of interest rate swaps | 1018000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity earnings in joint ventures | (15156787) | (3967455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received from joint ventures | 21930000 | 2634000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss |  | 488400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain)/loss on sale of vessels | (46384) | 121218 |
|  **Changes in operating assets and liabilities:** |  |  |
|  **(Increase)/decrease in** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables | 1432329 | (3149997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 121860 | 133741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 404631 | 739480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating lease liabilities | (75687) | (93776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments | (377457) | (142353) |
|  **Increase/(decrease) in** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balances with related parties | (69261) | 2082596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 713621 | (658296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | (1362580) | (1761348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 459748 | (366320) |
|  **Net cash provided by operating activities** | **90098521** | **68670941** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for acquisition of remaining interest in joint venture, net of cash acquired |  | (7976895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of vessels, net | 34679584 | 12217067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and improvements of vessels | (96572799) | (412428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of investments from joint ventures | 2040000 |  |
|  **Net cash (used in)/provided by investing activities** | **(59853215)** | **3827744** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options | 356250 | 356250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock repurchase | (338176) | (1784712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred finance charges paid | (22167) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances to joint ventures | (11848) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan repayments | (106624572) | (85880590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term debt | 70000000 |  |
|  **Net cash used in financing activities** | **(36640513)** | **(87309052)** |
|  Net decrease in cash, cash equivalents and restricted cash | (6395207) | (14810367) |
|  Cash, cash equivalents and restricted cash at beginning of period | 83755701 | 84521150 |
|  **Cash, cash equivalents and restricted cash at end of period** | **77360494** | **69710783** |
|  **Cash breakdown** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 73417570 | 69710783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash, non current | 3942924 |  |
|  **Total cash, cash equivalents and restricted cash shown in the statements of cash flows** | **77360494** | **69710783** |

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