7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-06-30 2015-06-30 2014-06-30 
      
    		                                       
      cash flows from operating activities:
    		                                       
      net income
    		55,382,036 10,082,101 8,091,907 21,361,828 9,428,605 51,288,140 79,240,198 99,972,913 76,512,665 51,721,137 76,021,035 51,263,710 20,311,465 24,847,720 35,383,230 16,580,885 14,101,803 5,869,100  35,825,264 537,950 12,168,005     -15,953,575 -6,218,652 -8,177,120 -20,596,558  1,670,415 -11,915,136 -6,689,970    13,652,883 3,667,249 
      adjustments to reconcile net income to net cash from operating activities:
    		                                       
      depreciation and amortization
    		17,921,869 18,379,147 17,560,056 17,497,383 17,370,662 17,170,986 17,583,825 17,380,846 17,045,919 16,655,317 15,689,206 15,959,727 15,937,420 15,809,778 15,660,878 16,859,224 16,769,098 17,142,915 17,115,902 17,253,447 17,202,714 16,890,413 16,812,288 16,710,403 16,473,418 16,266,421 16,068,079 16,430,363 16,437,653 16,265,056 16,105,764 16,466,322 16,464,707 16,293,158  16,385,921 16,192,745 4,857,427 2,466,942 
      non-cash lease expense
    		8,662,519 8,490,242 8,388,158 8,170,251 8,027,677 7,901,447                                  
      amortization of financing costs
    		292,030 295,249 284,892 302,302 314,827 317,511 315,372 300,949 312,485 314,554 389,952 314,836 3,986,658 909,047 2,656,414 1,861,697 681,088 689,841 690,095 739,702 871,053 2,394,510 693,905 720,021 735,195 744,271 752,133 786,704 804,002 793,212 2,920,916 1,687,218 1,799,548 1,098,827  927,266 948,407 223,740 277,431 
      unrealized loss on derivatives
    		381,658 1,183,841                    495,806                  
      stock-based compensation expense
    		4,961,896 1,757,879 1,447,615 1,701,724 5,998,722 1,275,459 1,994,353 1,384,080 4,179,798 776,607 836,542 1,044,645 1,740,328 658,872 716,078 678,823 1,290,254 647,124 488,508 530,068 406,721 1,930,902 379,653 651,506 890,700 1,305,827 1,288,510 1,230,325 1,324,861 1,632,538 1,161,270 1,277,431 1,175,571 1,524,217  1,161,136 1,009,798 896,539 8,251 
      unrealized foreign currency (gain)/loss
    		24,646 -241,006     67,503 43,097 25,610 149,067 394,261 -489,221 435,104 581,145 -38,406 38,289 162,388 4,602 26,293 -124,381 -22,640 -89,282 243,314 -81,911 156,406 -6,270 17,897 125,722 26,637 133,579 78,142 59,746 -126,507 -75,142      
      other non-cash items
    		-574,702 21,610 -132,069 720,020 590,156 -356,408 -266,109 -1,120,005 -1,567,992 -276,465 -2,827,850 -188,882 -22,694 -1,532,311 -75,318 758,084 -801,924 1,386,734 -680,445 -335,962 166,105 -241,523 -189,053 -391,011 -417,256 -202,681 -169,579 74,821 23,206 23,370 67,203 45,422 16,231 15,689  19,625 20,953 21,182  
      changes in operating assets and liabilities
    		                                       
      trade receivables, inventories, prepaid expenses, and other current and non-current assets
    		-4,395,845 -1,574,245 -1,302,320 399,395 -357,767 188,315                                  
      due from related parties
    		-15,970,432 -26,671,741 25,525,218 -12,674,427 17,201,239 -26,889,389 58,205,793 -44,573,418 652,191 2,032,587 4,851,958 -23,548,257 5,462,325 -3,153,290 -9,250,438 -16,561,763 13,005,838 13,704,299 19,808,497 -20,893,181 -6,893,841 18,634,851 1,188,274 -2,259,373 -4,072,847 -20,548,112 13,471,251 -14,450,964 -9,568,512 -7,026,698 4,955,338 -5,033,849 10,638,979 5,015,812  6,617,165 8,830,603 -19,890,974 126,466 
      operating lease liabilities—current and long-term
    		-8,617,217 -8,491,076 -8,388,945 -8,170,625 -8,028,054 -7,901,255 -7,835,080 -7,713,459 -6,797,535 -5,864,274 -1,927,375 -2,283,156 -2,446,355 -2,421,271 -2,431,690 -2,406,682 -2,388,318 -2,363,734 -2,344,303 -2,317,051 -2,292,303 -2,268,125                  
      trade accounts payable
    		-4,288,030 1,147,369 -17,881 699,397 755,105 -1,471,968 -1,151,628 -2,160,724 1,571,107 474,385 968,754 525,229 -2,658 -899,490 237,173 -95,576 -1,397,271 1,140,387 249,461 -811,762 404,137 370,337 144,800 991,063 -466,178 800,984 1,809,431 -2,040,978 -407,350 1,432,822 508,523 -59,262 1,500,653 -2,511,722  -385,441 -212,475 505,911 1,212,529 
      accrued expenses and other liabilities
    		-1,593,908 356,959 1,890,253 -1,536,986 546,002 524,776 250,455 -3,116,856 1,805,074 -277,192 105,795 -244,798 2,104,689 532,888 -890,392 -3,706,427 -967,678 675,379 5,172,965 -478,672 -359,041 -26,238 -812,690 397,718 -1,159,484 -503,869 -7,060,572 2,975,327 1,497,858 -412,057 -45,393 -2,745,658 -132,718 516,824  938,834 -198,144 1,409,214 119,249 
      due to related parties
    		1,334,606 238,204 -2,251,733 1,826,813 456,993 -17 -152,465 142,351 -225,381 73,985 -5,872,804 6,016,077 -6,015 -5,898 -323,249 323,248 -1,589 -78,780 -135,660 -6,000 -1,809,778 1,632,391 425,688 -26,656 26,656 -478,482 478,482 0 -18,550 -315,803 289,693 -767,664 790,274 22,050  23,576 -115,926 93,754 217,122 
      payments for drydocking costs
    		-7,114,635 -4,160,059 -3,416,988 -3,262,949 -562,505 -1,256,621 -1,544,111 -1,054,609 -2,956,512 -2,268,317 -869,426 -279,060 -18,718 -6,736 -605,015 -494,811 -1,326,961 -1,306,463 -1,018,688 -1,610,004 -1,572,326 -1,537,775 -2,117,839 -2,004,615 -553,431 -575,737 -24,436 -298,345 -279,961 -1,405 -2 -41,520 -24,769 -395,189     -215,318 
      net cash from operating activities
    		46,406,491 814,474 50,195,793 24,258,839 57,334,075 41,224,784 154,237,973 70,641,773 100,301,713 63,265,349 98,016,231 42,769,728 49,179,503 34,094,374 29,923,605 15,081,402 35,618,843 38,071,320 82,999,963 30,891,258 3,738,125 52,966,350         16,302,853 8,625,331 19,910,601 12,410,318 2,898,918 4,454,998 29,782,059 16,892,807 3,479,910 
      cash flows from investing activities:
    		                                       
      payments for vessel under construction and other capital expenditures for vessels
    		-13,256,180 -3,056,789 -13,276,011 -2,842,533                                    
      proceeds from maturity of available-for-sale debt securities
    		  10,000,000 0                                    
      net cash from investing activities
    		-13,256,180 -3,056,789 -3,276,011 -3,056,125 221,722 -1,251,982  -542,385 -7,012,562 -2,344,946    -6,827,227  -9,653,549 44,250,677 -12,048,241    -3,657,669 -22,137,540 -6,730,299 -2,729,961 -1,547,034 -1,316,305 -2,044,416 -1,099,263 -60,320     -218,161 -408,035 -1,241,826 -207,434,058 -61,272,300 
      cash flows from financing activities:
    		                                       
      repayment of long-term debt borrowings
    		-13,484,131 -13,965,616 -12,917,404 -13,399,490 -13,371,873 -13,344,548 -13,317,512 -13,290,762 -13,264,294 -13,238,108 -28,067,427 -12,969,406 -255,062,559 -56,358,620 -129,791,328 -74,616,068 -12,955,070 -12,955,071 -12,955,070 -31,290,071 -13,316,946 -41,856,308 -15,992,104 -15,992,103 -15,992,105 -15,992,102 -15,992,104 -15,992,083 -15,992,123 -82,228,759 -83,179,692 -44,692,957 -3,383,393 -120,738,340  -15,370,197 -15,657,054   
      repurchase of common stock
    		-2,907,988 -1,822,780 -2,007,050 0   -1,166,705 -62,857 -2,387,618 -323,221 0 0 -717,652 -952,250 -17,937 -478,128 -6,804,686 -14,064,071                      
      dividends paid
    		-26,344,428 -21,211,264 -29,777,501 -42,579,287 -43,678,330 -40,362,938 -40,336,569 -40,355,507 -41,077,052 -40,491,657 -40,093,800 -40,093,800 -40,498,085 -99,912,142                          
      proceeds from common share issuances
    		  0 0 0 89,000,000                                  
      equity offering costs paid
    		  0 0 -128,424 -4,462,214                                  
      net cash from financing activities
    		  -44,701,955 -55,978,777   -55,228,286 -53,709,126 -56,728,964 -54,052,986 -12,401,227 -53,700,358 -60,871,081 -108,259,342 44,862,162 7,013,863   -127,742,477 -40,633,998    -24,585,990 -22,982,623 -16,261,490  -15,992,083 -17,236,809 -17,713,359  7,148,374 -4,420,577 -26,629,624    120,341,194 153,930,747 
      effects of exchange rates on cash and cash equivalents
    		-32,493 291,277 130,147 -112,903 15,277 -25,046 -61,808 28,627 -66,505 -116,102 -229,888 330,384 -297,564 -252,834 -53,015 -56,702 -53,392 -9,723 -31,258 87,832 48,541 100,638 -253,647 17,484 -80,080 -7,093 -11,578 -111,799 -22,577 -107,132 -90,009 -67,355 108,127 41,195  -319,039 -77,911 94,657 -120,830 
      net increase/(decrease) in cash, cash equivalents, and restricted cash
    		-9,618,729 -38,950,698     74,046,233 16,418,889 36,493,682 6,751,315 18,981,620 -11,464,581      -1,074,390    58,680,450 -14,552,473 18,272,906   -4,110,186 -13,297,345            
      cash, cash equivalents, and restricted cash at the beginning of the period
    		0 316,953,612 0 0 0 282,583,769 0 0 0 148,873,650 0 0 0 236,836,914 0 0 0 84,727,199 0 0 0 87,389,127 0 0 0 66,472,646 0 0 0 129,368,380          
      cash, cash equivalents, and restricted cash at the end of the period
    		-9,618,729 278,002,914 2,347,974 -34,888,966 -3,867,221 353,361,825 74,046,233 16,418,889 36,493,682 155,624,965 18,981,620 -11,464,581 -14,235,274 155,591,885 120,950,063 12,385,014 19,849,028 83,652,809 -48,951,430 -11,896,567 -494,381 146,069,577 -14,552,473 18,272,906 26,317,686 57,351,008 -4,110,186 -13,297,345 -17,048,107 100,928,284          
      ​
    		                                       
      supplemental disclosure of cash flow information
    		                                       
      cash paid for interest, net of amounts capitalized
    		6,956,609 7,565,280                                      
      cash paid for operating lease liabilities
    		                                       
      capitalized drydocking costs included in liabilities
    		-2,980,111 5,005,670 1,520,735 -86,256 1,071,404 206,717 444,031 59,659 -912,628 1,588,716                              
      vessel-related capital expenditures included in liabilities
    		-605,500 620,893 808,847 -1,226,426 219,398 1,201,213 -536,264 1,152,671 -1,071,930 1,482,839                              
      unpaid dividends included in liabilities
    		-641,560 1,027,746 157,634 225,192 -873,851 1,406,175 256,510 252,385 -506,164 1,146,934                              
      financing costs included in liabilities
    		0 663,600 0 0 0 663,600 -449,150 449,150 0 663,600                              
      reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:
    		                                       
      cash and cash equivalents
    		-9,618,692 277,921,450 2,345,412 -34,096,270 -4,658,064 353,286,506 74,047,762 16,416,081 36,495,383 155,548,745                              
      restricted cash—current
    		                                       
      restricted cash—non-current
    		-37 81,464 2,562 -4,545 2,692 75,319 -1,529 2,808 -1,701 76,220                              
      cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows
    		-9,618,729 278,002,914 2,347,974 -34,888,966 -3,867,221 353,361,825 74,046,233 16,418,889 36,493,682 155,624,965                              
      net cash provided by/(used in) financing activities
    		 -36,999,660    30,830,300            -27,087,746    9,271,131               -27,553,084   
      cash paid for operating leases
    		 10,735,854 10,404,920 10,629,915 10,628,010 10,627,185 10,784,079                                 
      equity offering costs included in liabilities
    		     150,085                                  
      unrealized (gain)/loss on derivatives
    		    5,583,238 421,627            -433,726 -3,250,466 -479,534   12,915,265 -1,446,395 667,110 6,070,789 3,906,211 6,669,266 -1,051,460 -1,707,616   -652,160 2,370,191    -1,386,886  
      purchase of investment securities
    		  0    0 -3,972,302       0 0 0 -2,250,681 -4,255,578 -257,390                    
      purchase of u.s. treasury notes
    		                                       
      proceeds from sale of investment securities
    		      0    1,715,523 0 0 2,003,458 0 0       264,604                 
      payments to acquire other fixed assets
    		             -62,286     -5,975 0   -689 -7,818 -32,408 -100,097 -46,737 14,121   -134,198 83,142    -3,934 -606 -191,254 -79,017 
      proceeds from long-term debt borrowings
    		          56,000,000 0 240,000,000 50,000,000 214,850,000    0 0 0 55,378,172     0 0 0 65,137,500 112,000,000 52,000,000 0 97,000,000      
      financing costs paid
    		          -240,000 -637,152 -4,592,785 -1,036,330 -306,707 -1,288,941 0 -68,604 -186,306 -301,910 -470,000 -3,225,105 0 -18,044   0 0 -467,533 -160,611 -111,190 -169,379 -291,851 -2,541,005  0 -42,047 -4,218,263  
      right of use assets recognized
    		                                       
      unpaid lease liability on initial recognition
    		                                       
      unrealized foreign currency loss
    		   90,330 9,175 12,181                                  
      net increase in cash, cash equivalents, and restricted cash
    		   -34,888,966 -3,867,221 70,778,056          12,385,014    -11,896,567                    
      cash paid for interest excluding interest capitalized to vessels
    		   8,239,770 8,767,129 8,920,873 9,035,578                                 
      payments for vessels under construction and vessel capital expenditures
    		     -1,251,982 -24,901,646         -9,512,783 -2,915,539 -9,797,560                      
      unrealized gain on derivatives
    		        -1,560,594 -2,859,274 2,080,999 700,015 -3,092,845 -2,454,234  -3,056,741                       33,555 
      gain on disposal of vessel
    		               0                        
      proceeds from disposal of vessel
    		               -140,766                        
      net cash provided by/(used in) investing activities
    		          -66,403,496 -864,335       -4,177,658 -2,241,659           3,086,056 -10,917,980 -116,275 32,522,604      
      amortization of operating lease right-of-use assets
    		       7,715,214 7,699,152 5,866,606 3,670,216 2,284,890 2,463,778 2,447,611 2,428,339 2,405,559 2,382,635 2,360,289 2,341,931 2,316,802                    
      trade receivables, net and accrued revenue
    		       -1,771,645 3,362,519 -1,090,885 5,007,887 -8,290,143 1,517,245 -664,185 -853,060 347,230 -54,177 -90,832 -201,789 270,673 -69,979 619,720 21,649 411,790 402,741 -272,908 -1,375,915 0 2,334 325,625 -96,772 -32,448 -204,212 8,300  -1,356,731 18,482 15,552,080  
      prepaid expenses and other current assets
    		       -895,464 -1,548,386 -2,532,085 -328,846 198,830 768,969 -693,019 -1,647,195 1,812,256 -1,462,442 -1,309,965 562,782 820,592 -1,312,119 -1,263,591 256,872 -189,767 -717,789 428,174 167,283             
      inventories
    		       111,530 -307,097 264,852 -29,491 -271,188 -152,152 76,787 149,806 -580,841 137,112 35,036 122,829 44,753 -32,762 -146,081 226,340 99,428 -184,418 -25,916 34,920 278 685,359 -819,287 6,221 523,362 -84,083 122,335  -815,599 156,030 1,005,092 -444,088 
      other non-current assets
    		       -73,347 2,098,690 104,744 -144,582 56,474 192,959 60,960 -540,458 318,948 -329,805 -886 18,617 146,504 190,885 1,134,261 -950,665 360,598 -382,369 -383,571 -128,897 1,419 -9,270 5,291 -3,082 -942 -2,737 -3,410  1,867 608   
      payments for vessels and vessel capital expenditures
    		        -5,006,474 -2,344,946                              
      purchase of long-term investments
    		           0                            
      cash paid during the period for interest excluding interest capitalized to vessels
    		        9,719,955 9,693,964                              
      cash paid for amounts included in the measurement of operating lease liabilities
    		        11,041,995 9,710,098                              
      proceeds from maturity of short-term investments
    		                  0 0                    
      payments for vessel under construction and vessel capital expenditures
    		           -864,335 -506,836 -8,768,399                          
      net decrease in cash, cash equivalents, and restricted cash
    		             -81,245,029            -9,121,638    -28,440,096          
      gain on disposal of vessels
    		                                       
      payments for short-term investments
    		                                       
      proceeds from disposal of vessels
    		                                       
      dividend paid
    		               -3,000                        
      net income/
    		                      29,425,391 35,628,912 40,711,896 6,075,059          5,039,624 -1,291,121   
      adjustments to reconcile net income/(loss) to net cash from operating activities:
    		                                       
      vessel-related capital expenditures
    		                  -191,498 -1,984,269 -3,659,517 -3,657,669 -7,512,817 -8,225,783 -2,697,553 -1,446,937 -1,269,568 -1,558,847            
      cash paid during the period for interest
    		                                       
      purchase of treasury stock
    		                   -9,042,017 -1,592,177 -1,025,628 -34,829,549 -8,575,843 -6,968,015 -269,388 -71,422 0 -777,153 -461,489 -135,633 0 -734,623 -350,279  -99,988 -11,853,983   
      amortization of operating lease right-of-use asset
    		                     2,267,769                  
      gain on early extinguishment of debt
    		                              0 0 0 -4,117,364      
      adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
    		                                       
      net cash provided by/(used in) operating activities
    		                       49,571,711 52,110,350 8,693,979  4,850,953 1,310,542 -10,559,285          
      purchases of investment securities
    		                          0             
      adjustments to reconcile net income to net cash provided by/(used in) operating activities:
    		                                       
      prepaid expenses and other receivables
    		                            20,855 -291,354 189,429 -652,082 666,960 -784,288  469,549 -35,827 -46,305 -249,102 
      payments relating to issuance costs
    		                                      -620,931 
      capital expenditures
    		                             -60,320 0 0 -21,138 -276,396      
      free cash flows
    		                              16,302,853 8,625,331 19,889,463 12,133,922      
      loss on disposal of assets
    		                                     105,549  
      restricted cash deposits
    		                              -1,968 -11,001,122 -6,690 -1,000    -3,302,789  
      restricted cash released
    		                              3,222,222 0 0 32,800,000      
      proceeds from disposal of assets
    		                                     136,660  
      net increase/(decrease) in cash and cash equivalents
    		                              47,872,385 4,788,370     909,238   
      cash and cash equivalents at the beginning of the period
    		                              0 0 0 17,018,552  0 46,411,962 204,821,183 279,131,795 
      cash and cash equivalents at the end of the period
    		                              47,872,385 4,788,370 15,481,876 35,363,045  -11,742,261 47,321,200 134,715,783 375,149,322 
      predelivery costs for vessels and vessels under construction included in liabilities
    		                                       
      net increase in cash and cash equivalents
    		                                 18,344,493     96,017,527 
      net cash (used in)/provided by financing activities
    		                                  -17,619,196 -15,470,185    
      net decrease in cash and cash equivalents
    		                                  -14,821,087 -11,742,261    
      unrealized exchange differences
    		                                   342,608 88,067 -106,399  
      payments for vessels and vessels under construction
    		                                   -404,101 -1,241,220 -204,076,675 -61,193,283 
      impairment
    		                                       
      unrealized loss/(gain) on derivatives
    		                                    4,369,859   
      net payments to acquire predecessor businesses
    		                                       
      cash proceeds from common share issuances
    		                                       
      non cash consideration of shares issued to acquire predecessor businesses and acquisitions of assets
    		                                       
      issuance costs included in liabilities
    		                                       
      proceeds from long—term debt borrowings
    		                                     127,378,019  
      repayment of long—term debt borrowings
    		                                     -2,818,562  
      proceeds from common shares issuances
    		                                       
      net (decrease)/increase in cash and cash equivalents
    		                                     -70,105,400  
      unrealized exchange differences on cash and cash equivalents
    		                                      120,830 
      trade receivables
    		                                      -3,861,206 
      repayment of long‑term debt
    		                                      -1,278,500 
      cash proceeds from common shares issuances
    		                                      155,830,178 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.