{"success":true,"data":{"pressRelease":{"id":"150957","rtpr_id":"nGNX7lskkl-20260923","ticker":"RBNE","exchange":"NASDAQ","all_tickers":["RBNE"],"title":"Robin Energy Ltd. Reports Net Income of $5.6 Million for the Three Months Ended June 30, 2026, and $6.1 Million for the Six Months Ended June 30, 2026","author":"Globe Newswire","published_at":"2026-09-23T13:00:01.957Z","article_body":"LIMASSOL, Cyprus, Sept. 23, 2026 (GLOBE NEWSWIRE) -- Robin Energy Ltd.\n(NASDAQ: RBNE), (“Robin”, or the “Company”), an international\nship-owning company providing energy transportation services globally, today\nannounced its results for the three months and the six months ended June 30,\n2026.\n\nHighlights of the Second Quarter Ended June 30, 2026:\n* Total vessel revenues: $2.6 million, as compared to $2.0 million for the\nthree months ended June 30, 2025, or a 29.2% increase;\n* Net income: $5.6 million, as compared to $0.5 million for the three months\nended June 30, 2025, or a 980.7% increase;\n* Operating income: $5.8 million, as compared to $0.3 million for the three\nmonths ended June 30, 2025, or a 1,571% increase;\n* Earnings per common share, basic: $11.01 per share, as compared to $10.88\nper share for the three months ended June 30, 2025;\n* Adjusted net income((1)): $6.0 million, as compared to $0.5 million for the\nthree months ended June 30, 2025;\n* EBITDA((1)): $6.0 million, as compared to $0.7 million for the three months\nended June 30, 2025;\n* Adjusted EBITDA((1)): $6.4 million, as compared to $0.7 million for the\nthree months ended June 30, 2025;\n* Cash of $35.7 million as of June 30, 2026, as compared to $5.6 million as of\nDecember 31, 2025;\n* During the three months ended June 30, 2026, we received gross proceeds of\n$2.2 million by issuing 0.1 million common shares through an at-the-market\n(“ATM”) offering agreement entered into on November 13, 2025, with Maxim\nGroup LLC and Rodman & Renshaw LLC, pursuant to which we offered and sold\ncommon shares through the sales agents at our discretion. As of September 23,\n2026, there were no further transactions;\n* On March 24, 2026, we commenced a tender offer to purchase up to 66,667\ncommon shares (1,000,000 common shares pre-reverse stock split as described\nbelow) at $3.00 per share (pre-reverse stock split as described below), which\nexpired on April 23, 2026. The offer was oversubscribed and the Company\naccepted 66,667 shares for an aggregate cost of $3.0 million excluding fees\nrelating to the offer; and \n* On April 22, 2026, we entered into an agreement with an unaffiliated third\nparty for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product\ntanker, for a price of $12.8 million. The vessel was delivered to its new\nowners on April 29, 2026, and we recorded during the second quarter of 2026 a\nnet gain of $6.2 million from the sale of the M/T Wonder Mimosa.\nHighlights of the Six Months Ended June 30, 2026:\n* Total vessel revenues: $8.0 million, as compared to $3.6 million for the six\nmonths ended June 30, 2025, or a 121.5% increase;\n* Net income: $6.1 million, as compared to $0.4 million for the six months\nended June 30, 2025, or a 1,306% increase;\n* Earnings per common share, basic: $14.07 per share, as compared to $9.42 per\nshare for the six months ended June 30, 2025;\n* Adjusted net income((1)): $7.4 million, as compared to $0.4 million for the\nsix months ended June 30, 2025;\n* EBITDA((1)): $7.3 million, as compared to $1.0 million for the six months\nended June 30, 2025; \n* Adjusted EBITDA((1)): $8.6 million, as compared to $1.0 million for the six\nmonths ended June 30, 2025; and \n* During the six months ended June 30, 2026, we received gross proceeds of\n$17.1 million by issuing 0.4 million common shares through the ATM offering\nagreement entered into on November 13, 2025, with Maxim Group LLC and Rodman &\nRenshaw LLC, pursuant to which we offered and sold common shares through the\nsales agents at our discretion.\n((1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized\nmeasures under United States generally accepted accounting principles (“U.S.\nGAAP”). Please refer to Appendix B for the definitions and reconciliation of\nthese measures to Net income/(Loss), the most directly comparable financial\nmeasure calculated and presented in accordance with U.S. GAAP.)\n\nManagement Commentary:\n\nMr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:\n\n“During the second quarter of 2026 we completed the sale of the M/T Wonder\nMimosa, our Handysize tanker, realizing a gain on sale of $6.2 million. We\nenter the second half of the year at a robust financial position consisting of\nstrengthened cash reserves and zero debt. Our fleet of two modern LPG carriers\nis fully employed on period charters into late 2026 and 2027, and we would\ncontinue to evaluate attractive opportunities to expand our fleet and\nstrengthen our position in the market.”\n\nEarnings Commentary:\n\nSecond quarter ended June 30, 2026 and 2025 Results\n\nTotal vessel revenues increased to $2.6 million in the three months ended June\n30, 2026, from $2.0 million in the same period in 2025. This increase of $0.6\nmillion was mainly associated with the increase in the Available Days of our\nfleet to 211 days in the three months ended June 30, 2026, from 91 days in the\nsame period in 2025 due to the acquisitions of LPG Dream Syrax and LPG Dream\nTerrax in September 2025, partially offset by the sale of M/T Wonder Mimosa on\nApril 29, 2026. During the three months ended June 30, 2026, our fleet earned\non average a Daily TCE Rate of $11,381, compared to an average Daily TCE Rate\nof $20,054 earned during the same period in 2025. This decrease in Daily TCE\nRates was mainly due to the acquisition of the two LPG carrier vessels which\ngenerally earn a lower Daily TCE Rate than the tanker vessel due to their size\nand the trade they operate in. Daily TCE Rate is not a recognized metric under\nU.S. GAAP. Please refer to Appendix B for the definition and reconciliation of\nthis measure to Total vessel revenues, the most directly comparable financial\nmeasure calculated and presented in accordance with U.S. GAAP.\n\nVoyage expenses for our fleet amounted to $0.2 million in each of the three\nmonths ended June 30, 2026 and the three months ended June 30, 2025, as the\nincrease in Available Days in the three months ended June 30, 2026, as\ncompared to the same period in 2025, was offset by the lower voyage expenses\nincurred by our LPG carrier vessels compared to the tanker vessel.\n\nThe increase in vessel operating expenses by $0.6 million to $1.2 million in\nthe three months ended June 30, 2026, from $0.6 million in the same period in\n2025, mainly reflects the increase in the Ownership Days of our fleet to 211\ndays in the three months ended June 30, 2026, from 91 days in the same period\nin 2025.\n\nThe increase in management fees to $0.2 million in the three months ended June\n30, 2026, from $0.1 million in the same period in 2025, mainly reflects (i)\nthe increase in the Ownership Days of our fleet in the three months ended June\n30, 2026, compared to the same period in 2025 and (ii) the increased\nmanagement fees due to an inflation-based adjustment that was effected on July\n1, 2025, following our entry into the master management agreement with Castor\nShips with effect from April 14, 2025.\n\nDepreciation expenses amounted to $0.5 million for our fleet in the three\nmonths ended June 30, 2026 from $0.1 million in the same period in 2025, as a\nresult of the increase in Ownership Days of our fleet in the three months\nended June 30, 2026, compared to the same period in 2025. Dry-dock\namortization charges decreased to $0.1 million in the three months ended June\n30, 2026, from $0.2 million in the same period of 2025. This decrease in\ndry-dock amortization charges primarily resulted from the sale of M/T Wonder\nMimosa which carried higher dry-dock amortization charges than the two LPG\ncarrier vessels.\n\nGeneral and administrative expenses in the three months ended June 30, 2026,\namounted to $0.8 million, compared to $0.4 million in the same period of 2025.\nThis increase is mainly associated with legal and other corporate fees\nprimarily related to the growth of our company, including expenses related to\nproposed tanker segment spin-off (as described below, the related registration\nstatement was subsequently withdrawn in July 2026).\n\nGain on sale of vessel in the three months ended June 30, 2026, amounted to\n$6.2 million, representing the gain recognized from the sale of the tanker\nvessel M/T Wonder Mimosa during the second quarter of 2026.\n\nInterest and finance costs, net, amounted to $(0.18) million in the three\nmonths ended June 30, 2026, whereas, in the same period of 2025, interest and\nfinance costs, net amounted to $(0.17) million. This variation is mainly due\nto the increase in interest income for the three months ended June 30, 2026 on\nour available cash.\n\nRecent Financial Developments Commentary:\n\nEquity Update\n\nDuring the six months ended June 30, 2026, we received gross proceeds of $17.1\nmillion by issuing 0.4 million common shares through the ATM offering\nagreement entered into on November 13, 2025, with Maxim Group LLC and Rodman &\nRenshaw LLC (“sales agents”), pursuant to which we may offer and sell\ncommon shares through the sales agents at our discretion. As of today, there\nwere no further transactions.\n\nOn March 24, 2026, we commenced a tender offer to purchase up to 66,667 common\nshares (1,000,000 common shares pre reverse stock split as described below) at\n$3.00 per share (pre-reverse stock split as described below), which expired on\nApril 23, 2026. The offer was oversubscribed and the Company accepted 66,667\nshares for an aggregate cost of $3.0 million excluding fees relating to the\noffer.\n\nOn July 9, 2026, we effected a 1-for-15 reverse stock split of our common\nshares without any change in the number of authorized common shares. All share\nand per share amounts have been retroactively adjusted to reflect the reverse\nstock split. As a result of the reverse stock split, the number of issued and\noutstanding shares as of July 9, 2026, was decreased to 0.6 million shares,\nrespectively, while the par value of the Company’s common shares remained\nunchanged at $0.001 per share.\n\nOn July 15, 2026, we paid to Toro a dividend amounting to $0.1 million on our\n1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares\n(the “Series A Preferred Shares”) for the period from April 15, 2026, to\nJuly 14, 2026.\n\nOn July 27, 2026, we issued and sold 750,000 common shares at an offering\nprice of $4.00 per share in an underwritten public offering. The gross\nproceeds from the offering were $3.0 million, before deducting underwriting\ndiscounts, commissions, and other offering expenses. In addition, we have\ngranted the underwriter a 45-day option to purchase up to 54,380 additional\nshares of common stock at the public offering price less the underwriting\ndiscounts and commissions. The option expired on September 10, 2026 and no\nadditional shares have been issued pursuant to this option.\n\nAs of September 23, 2026, we had 1,332,297 common shares issued and\noutstanding.\n\nRecent Business Developments Commentary:\n\nVessel disposal\n\nOn April 22, 2026, we entered into an agreement with an unaffiliated third\nparty for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product\ntanker, for a price of $12.8 million. The vessel was delivered to its new\nowners on April 29, 2026, and we recorded during the second quarter of 2026 a\nnet gain of $6.2 million from the sale of the M/T Wonder Mimosa.\n\nWithdrawal of Form 20-F relating to proposed spin-off of Company’s tanker\nsegment\n\nIn light of the sale of the Company’s tanker vessel, M/T Wonder Mimosa,\ncompleted on April 29, 2026, the proposed spin-off of the Company’s tanker\nsegment announced in March 2026 did not proceed and the related registration\nstatement filed with the SEC was withdrawn in July 2026.\n\nInvestment in secured convertible loan notes\n\nIn September 2026, we, through a wholly owned subsidiary, invested $5.5\nmillion (€4.7 million) in senior secured convertible loan notes issued by\nIntegrEn Limited (the “Notes”), an Irish-domiciled developer of digital\ninfrastructure and associated energy generation assets in the United States\nand the United Kingdom. The Notes bear no coupon, mature on December 31, 2026\nand are redeemable at a premium to their principal amount; part of our\nentitlement may instead be converted into equity of a subsidiary of the\nissuer. The Notes are secured over contractual rights of the issuer group,\nincluding any refund of amounts prepaid under a supply contract, and benefit\nfrom a guarantee, provided by a third party and two group companies of the\nissuer, of certain deductions that may be applied against any such refund.\n\nLiquidity/ Financing/Cash Flow Update\n\nOur consolidated cash position increased by $30.1 million, from $5.6 million\nas of December 31, 2025, to $35.7 million as of June 30, 2026. During the six\nmonths ended June 30, 2026, our cash position increased mainly as a result of\n(i) $4.8 million of net cash flows provided by operating activities, (ii)\n$12.2 million of net cash flows provided by investing activities, which\nrelates to the net proceeds from the sale of M/T Wonder Mimosa and (iii) $13.1\nmillion of net cash flows provided by financing activities, which mainly\nrelates to the aggregate gross proceeds less paid issuance expenses from the\nATM offering agreement amounting to $16.4 million, partially offset by the\npayment for the repurchase of shares pursuant to the self-tender offer\namounting to $3.0 million, excluding fees relating to the offer.\n\nFleet Employment Status (as of September 23, 2026):\n\nDuring the three months ended June 30, 2026, we operated on average 2.3\nvessels earning a Daily TCE Rate((1)) of $11,381 as compared to an average of\n1.0 vessels earning a Daily TCE Rate((1)) of $20,054 during the same period in\n2025. Our employment profile as of September 23, 2026, is presented\nimmediately below.\n\n( (1)() )Daily TCE Rate is not a recognized metric under U.S. GAAP. Please\nrefer to Appendix B for the definition and reconciliation of this measure to\nTotal vessel revenues, the most directly comparable financial measure\ncalculated and presented in accordance with U.S. GAAP.\n\n LPG Carriers \n Name Type DWT Year Built Country of Construction Type of Employment Gross Charter Rate Estimated Redelivery Date \n Earliest Latest \n Dream Syrax LPG carrier 5,000 cbm 5,158 2015 Japan Time Charter period $360,000 per month Feb-27 Mar-27 \n Dream Terrax LPG carrier 5,000 cbm 4,743 2020 Japan Time Charter period $353,000 per month Dec-26 Jan-27 \n\n\n\nFinancial Results Overview:\n\nSet forth below are selected financial and operational data of the three\nmonths and six months ended June 30, 2026 and 2025, respectively:\n\n Three Months Ended Six Months Ended \n (Expressed in U.S. dollars) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 \n (unaudited) (unaudited) (unaudited) (unaudited) \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n Operating income $ 5,817,634 $ 348,228 $ 7,144,305 $ 270,732 \n Net income and comprehensive income $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Adjusted net income ((1)) $ 6,001,251 $ 515,860 $ 7,374,885 $ 433,783 \n EBITDA ((1)) $ 5,972,434 $ 715,144 $ 7,308,954 $ 999,495 \n Adjusted EBITDA ((1)) $ 6,398,950 $ 715,144 $ 8,584,140 $ 999,495 \n Earnings per common share, basic $ 11.01 $ 10.88 $ 14.07 $ 9.42 \n Earnings per common share, diluted $ 1.89 $ 2.35 $ 3.25 $ 2.00 \n\n((1)  Adjusted net income, EBITDA and Adjusted EBITDA are not recognized\nmeasures under U.S. GAAP. Please refer to Appendix B of this release for the\ndefinition and reconciliation of these measures to Net income, the most\ndirectly comparable financial measure calculated and presented in accordance\nwith U.S. GAAP.)\n\n\n\nConsolidated Fleet Selected Financial and Operational Data:\n\nSet forth below are selected financial and operational data of our fleet for\neach of the three and six months ended June 30, 2026 and 2025, respectively,\nthat we believe are useful in analyzing trends in our results of operations.\n\n Three Months Ended June 30, Six Months Ended June 30, \n (Expressed in U.S. dollars except for operational data) 2026 2025 2026 2025 \n Ownership Days ((1)(7)) 211 91 481 181 \n Available Days ((2)(7)) 211 91 481 181 \n Operating Days ((3)(7)) 191 91 461 181 \n Daily TCE Rate ((4)) $ 11,381 $ 20,054 $ 15,023 $ 17,617 \n Fleet Utilization ((5)(7)) 91% 100% 96% 100% \n Daily vessel operating expenses ((6)) $ 5,702 $ 6,577 $ 5,680 $ 6,840 \n \n\n((1)  Ownership Days are the total number of calendar days in a period during\nwhich we owned a vessel. )\n((2)  Available Days are the Ownership Days in a period less the aggregate\nnumber of days our vessels are off-hire due to scheduled repairs, dry-dockings\nor special or intermediate surveys.)\n((3)  Operating Days are the Available Days in a period after subtracting\nunscheduled off-hire and idle days.)\n((4)  Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer\nto Appendix B for the definition and reconciliation of this measure to Total\nvessel revenues, the most directly comparable financial measure calculated and\npresented in accordance with U.S. GAAP.)\n((5)  Fleet Utilization is calculated by dividing the Operating Days during a\nperiod by the number of Available Days during that period.)\n((6)  Daily vessel operating expenses are calculated by dividing vessel\noperating expenses for the relevant period by the Ownership Days for such\nperiod.)\n((7)  Our definitions of Ownership Days, Available Days, Operating Days,\nFleet Utilization may not be comparable to those reported by other companies.)\n\n\n\nAPPENDIX A\n\nROBIN ENERGY LTD.\nUnaudited Condensed Consolidated Statements of Comprehensive Income\n(Expressed in U.S. Dollars—except for number of share data)\n\n (In U.S. dollars except for number of share data) Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n REVENUES \n Pool revenues 460,440 2,011,664 3,725,158 3,598,828 \n Time charter revenues 2,139,000 — 4,248,000 — \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n EXPENSES \n Voyage expenses (including commissions to related party) (198,121 ) (186,786 ) (747,043 ) (410,169 ) \n Vessel operating expenses (1,203,197 ) (598,494 ) (2,732,190 ) (1,238,068 ) \n General and administrative expenses (including related party fees) (763,969 ) (413,887 ) (1,574,630 ) (756,423 ) \n Management fees - related parties (246,100 ) (97,461 ) (544,600 ) (193,851 ) \n Depreciation and amortization (577,162 ) (366,808 ) (1,437,133 ) (729,585 ) \n Gain on sale of vessel 6,206,743 — 6,206,743 — \n Operating income $ 5,817,634 $ 348,228 $ 7,144,305 $ 270,732 \n Finance costs, net ((1)) 179,463 167,524 227,878 163,873 \n Other expenses, net ((2)) (422,362 ) 108 (1,272,484 ) (822 ) \n Net income and comprehensive income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Dividend on Series A Preferred Shares (125,000 ) (106,944 ) (250,000 ) (106,944 ) \n Net income attributable to common shareholders $ 5,449,735 $ 408,916 $ 5,849,699 $ 326,839 \n Earnings per common share, basic $ 11.01 $ 10.88 $ 14.07 $ 9.42 \n Earnings per common share, diluted $ 1.89 $ 2.35 $ 3.25 $ 2.00 \n Weighted average number of common shares outstanding, basic: 495,075 37,567 415,863 34,710 \n Weighted average number of common shares outstanding, diluted: 2,953,943 219,398 1,875,095 216,541 \n\n((1)  Includes finance costs and interest income, if any.)\n((2)  Includes aggregated amounts for foreign exchange gains/(losses) and\nchange in fair value of crypto assets-Bitcoin, as applicable in each period.)\n\n\n\nROBIN ENERGY LTD. \nUnaudited Condensed Consolidated Balance Sheets\n(Expressed in U.S. Dollars—except for number of share data)\n\n June 30, 2026 December 31, 2025 \n ASSETS \n CURRENT ASSETS: \n Cash and cash equivalents $ 35,739,253 $ 5,649,692 \n Due from related parties 4,619,805 6,034,859 \n Investment in crypto assets-Bitcoin 2,576,214 3,851,400 \n Other current assets 1,839,288 1,166,860 \n Total current assets 44,774,560 16,702,811 \n \n NON-CURRENT ASSETS: \n Vessels, net 31,999,671 39,207,988 \n Due from related parties 592,620 981,162 \n Other non-current assets 1,346,643 2,057,152 \n Total non-current assets 33,938,934 42,246,302 \n Total assets 78,713,494 58,949,113 \n \n LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY \n CURRENT LIABILITIES: \n Due to related party 106,944 106,944 \n Other current liabilities 3,289,238 2,495,422 \n Total current liabilities 3,396,182 2,602,366 \n \n NON-CURRENT LIABILITIES: \n Total non-current liabilities — — \n Total liabilities 3,396,182 2,602,366 \n \n MEZZANINE EQUITY: \n 1.00% Series A fixed rate cumulative perpetual convertible preferred shares: 2,000,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively, aggregate liquidation preference of $50,000,000 as of June 30, 2026, and December 31, 2025, respectively 25,877,180 25,877,180 \n Total mezzanine equity 25,877,180 25,877,180 \n \n SHAREHOLDERS’ EQUITY: \n Common shares, $0.001 par value: 3,900,000,000 shares authorized; 582,524 and 187,049 issued; 582,524 and 184,991 shares (net of 2,058 treasury shares) shares outstanding as of June 30, 2026, and December 31, 2025, respectively. 582 187 \n Preferred shares, $0.001 par value: 100,000,000 shares authorized; Series B preferred shares: 40,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively. 40 40 \n Additional paid-in capital 44,566,504 31,576,581 \n Treasury shares; 0 and 2,058 shares as of June 30, 2026 and December 31, 2025, respectively — (130,548 ) \n Retained earnings/(accumulated deficit) 4,873,006 (976,693 ) \n Total shareholders’ equity 49,440,132 30,469,567 \n Total liabilities, mezzanine equity and shareholders’ equity $ 78,713,494 $ 58,949,113 \n\n\n\nROBIN ENERGY LTD.\nUnaudited Condensed Consolidated Statements of Cash Flows\n\n (Expressed in U.S. Dollars) Six Months Ended June 30, \n 2026 2025 \n Cash Flows (used in)/provided by Operating Activities: \n Net income $ 6,099,699 $ 433,783 \n Adjustments to reconcile net income to net cash provided by Operating activities: \n Depreciation and amortization 1,437,133 729,585 \n Change in fair value of crypto assets-Bitcoin 1,275,186 — \n Gain on sale of vessel (6,206,743 ) — \n \n Changes in operating assets and liabilities: \n Accounts receivable trade (760,662 ) (303,922 ) \n Inventories 59,656 (20,346 ) \n Due from/to related parties 1,903,596 12,201,784 \n Prepaid expenses and other assets 386,347 (124,791 ) \n Accounts payable 365,416 (259,998 ) \n Accrued liabilities 237,897 410,425 \n Deferred revenue 15,000 — \n Dry-dock costs paid (16,259 ) — \n Net Cash provided by Operating Activities 4,796,266 13,066,520 \n \n Cash flow (used in)/provided by Investing Activities: \n Capitalized vessel improvements (118,638 ) — \n Net proceeds from sale of vessel 12,328,880 — \n Net cash provided by Investing Activities 12,210,242 — \n \n Cash flows (used in)/provided by Financing Activities: \n Net increase in former parent company Investment — 329,618 \n Gross proceeds from issuance of common shares pursuant to registered direct offerings — 17,157,000 \n Common share issuance expenses pursuant to registered direct offerings — (1,501,182 ) \n Payment of Dividend on Series A Preferred Shares (250,000 ) (1,389 ) \n Gross proceeds from issuance of common shares pursuant to ATM 17,050,366 — \n Common share issuance expenses pursuant to ATM (681,938 ) — \n Capital contribution from former parent company due to spin-off — 10,356,450 \n Payment for repurchase of common shares pursuant to self- tender offer (3,035,375 ) \n Net cash provided by Financing Activities 13,083,053 26,340,497 \n \n Net increase in cash and cash equivalents 30,089,561 39,407,017 \n Cash and cash equivalents at the beginning of the period 5,649,692 369 \n Cash and cash equivalents at the end of the period $ 35,739,253 $ 39,407,386 \n\n\n\nAPPENDIX B\n\nNon-GAAP Financial Information\n\nDaily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter\nEquivalent Rate (“Daily TCE Rate”), is a metric of the average daily net\nrevenue performance of our vessels. The Daily TCE Rate is not a metric of\nfinancial performance under U.S. GAAP (i.e., it is a non-GAAP metric) and\nshould not be considered as an alternative to any metric of financial\nperformance presented in accordance with U.S. GAAP. We calculate Daily TCE\nRate by dividing total revenues (time charter and/or voyage charter revenues,\nand/or pool revenues, net of charterers’ commissions), less voyage expenses,\nby the number of Available Days during that period. Under a time charter, the\ncharterer pays substantially all the vessel voyage related expenses. However,\nwe may incur voyage related expenses when positioning or repositioning vessels\nbefore or after the period of a time or other charter, during periods of\ncommercial waiting time or while off-hire during dry-docking or due to other\nunforeseen circumstances. Under voyage charters, the majority of voyage\nexpenses are generally borne by us whereas for vessels in a pool, such\nexpenses are borne by the pool operator. The Daily TCE Rate is a standard\nshipping industry performance metric used primarily to compare\nperiod-to-period changes in a company’s performance and, management believes\nthat the Daily TCE Rate provides meaningful information to our investors\nbecause it compares daily net earnings generated by our vessels irrespective\nof the mix of charter types (e.g., time charter, voyage charter, pools) under\nwhich our vessels are employed between the periods while it further assists\nour management in making decisions regarding the deployment and use of our\nvessels and in evaluating our financial performance. Our calculation of the\nDaily TCE Rates may be different from and may not be comparable to that\nreported by other companies.\n\nThe following table reconciles the calculation of the Daily TCE Rate for our\nfleet to Total vessel revenues, the most directly comparable U.S. GAAP\nfinancial measure, for the periods presented:\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars, except for Available Days) 2026 2025 2026 2025 \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n Voyage expenses (including commissions to related party) (198,121 ) (186,786 ) (747,043 ) (410,169 ) \n TCE revenues $ 2,401,319 $ 1,824,878 $ 7,226,115 $ 3,188,659 \n Available Days 211 91 481 181 \n Daily TCE Rate $ 11,381 $ 20,054 $ 15,023 $ 17,617 \n\n\n\nEBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of\nfinancial performance under U.S. GAAP, do not represent and should not be\nconsidered as an alternative to net income, operating income, cash flow from\noperating activities or any other measure of financial performance presented\nin accordance with U.S. GAAP. We define EBITDA as earnings before interest and\nfinance costs (if any), net of interest income, taxes (when incurred),\ndepreciation and amortization of deferred dry-docking costs. Adjusted EBITDA\nrepresents EBITDA adjusted to exclude any change at fair Value of crypto\nassets-Bitcoin, which the Company believes is not indicative of the ongoing\nperformance of its core operations. EBITDA and Adjusted EBITDA are used as\nsupplemental financial measure by management and external users of financial\nstatements to assess our operating performance. We believe that EBITDA and\nAdjusted EBITDA assist our management by providing useful information that\nincreases the comparability of our operating performance from period to period\nand against the operating performance of other companies in our industry that\nprovide EBITDA information. This increased comparability is achieved by\nexcluding the potentially disparate effects between periods or companies, of\ninterest, other financial items, depreciation and amortization and taxes,\nwhich items are affected by various and possibly changing financing methods,\ncapital structure and historical cost basis and which items may significantly\naffect net income between periods. We believe that including EBITDA and\nAdjusted EBITDA as measures of operating performance benefits investors in (a)\nselecting between investing in us and other investment alternatives and (b)\nmonitoring our ongoing financial and operational strength. EBITDA and Adjusted\nEBITDA as presented below may be different from and may not be comparable to\nsimilarly titled measures of other companies. The following table reconciles\nEBITDA and Adjusted EBITDA to Net income, the most directly comparable U.S.\nGAAP financial measure, for the periods presented:\n\nReconciliation of EBITDA to Net Income\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars) 2026 2025 2026 2025 \n Net income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Depreciation and amortization 577,162 366,808 1,437,133 729,585 \n Finance costs, net ((1)) (179,463 ) (167,524 ) (227,878 ) (163,873 ) \n EBITDA $ 5,972,434 $ 715,144 $ 7,308,954 $ 999,495 \n Change in fair value of crypto assets-Bitcoin $ 426,516 $ — $ 1,275,186 $ — \n Adjusted EBITDA $ 6,398,950 $ 715,144 $ 8,584,140 $ 999,495 \n\n((1)   )Includes finance costs and interest income, if any.\n\nAdjusted Net Income. To derive Adjusted Net income from Net income, we exclude\ncertain non-cash items, as provided in the table below. We believe that\nAdjusted Net Income assists our management and investors by increasing the\ncomparability of our performance from period to period since each such measure\neliminates the effects of such non-cash item as change in fair value of crypto\nassets-Bitcoin which may vary from year to year, for reasons unrelated to\noverall operating performance. Our method of computing Adjusted Net Income may\nnot necessarily be comparable to other similarly titled captions of other\ncompanies due to differences in methods of calculation. The following table\nreconciles Adjusted Net Income to Net income, the most directly comparable\nU.S. GAAP financial measure, for the periods presented:\n\nAdjusted Net Income Reconciliation\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars) 2026 2025 2026 2025 \n Net income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Change in fair value of crypto assets-Bitcoin 426,516 — 1,275,186 — \n Adjusted net income $ 6,001,251 $ 515,860 $ 7,374,885 $ 433,783 \n\nCautionary Statement Regarding Forward-Looking Statements\n\nMatters discussed in this press release may constitute forward-looking\nstatements. We intend such forward-looking statements to be covered by the\nsafe harbor provisions for forward-looking statements contained in Section 27A\nof the Securities Act of 1933, as amended (the “Securities Act”) and\nSection 21E of the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). Forward-looking statements include statements concerning\nplans, objectives, goals, strategies, future events or performance, and\nunderlying assumptions and other statements, which are other than statements\nof historical facts. We are including this cautionary statement in connection\nwith this safe harbor legislation. The words “believe”, “anticipate”,\n“intend”, “estimate”, “forecast”, “project”, “plan”,\n“potential”, “will”, “may”, “should”, “expect”,\n“pending” and similar expressions identify forward-looking statements.\n\nThe forward-looking statements in this press release are based upon various\nassumptions, many of which are based, in turn, upon further assumptions,\nincluding without limitation, our management’s examination of current or\nhistorical operating trends, data contained in our records and other data\navailable from third parties. Although we believe that these assumptions were\nreasonable when made, because these assumptions are inherently subject to\nsignificant uncertainties and contingencies which are difficult or impossible\nto predict and are beyond our control, we cannot assure you that we will\nachieve or accomplish these forward-looking statements, including these\nexpectations, beliefs or projections. In addition to these important factors,\nother important factors that, in our view, could cause actual results to\ndiffer materially from those discussed in the forward‐looking statements\ninclude generally: our planned fleet growth and our potential to acquire\ntanker and LPG carrier vessels and alternatives for our tanker and LPG carrier\nsegment; the effects of our spin-off from Toro, our business strategy,\nexpected capital spending and other plans and objectives for future\noperations, including our ability to expand our business as a new entrant to\nthe tanker and liquefied petroleum gas shipping industry, market conditions\nand trends, including volatility and cyclicality in charter rates\n(particularly for vessels employed in the spot voyage market or pools),\nfactors affecting supply and demand for vessels, such as fluctuations in\ndemand for and the price of the products we transport, fluctuating vessel\nvalues, changes in worldwide fleet capacity, opportunities for the profitable\noperations of vessels in the segment of the shipping industry in which we\noperate and global economic and financial conditions, including interest\nrates, inflation and the growth rates of world economies, our ability to\nrealize the expected benefits of vessel acquisitions or sales and the effects\nof any change in our fleet’s size or composition, increased transactions\ncosts and other adverse effects (such as lost profit) due to any failure to\nconsummate any sale of our vessels, our future financial condition, operating\nresults, future revenues and expenses, future liquidity and the adequacy of\ncash flows from our operations, our relationships with our current and future\nservice providers and customers, including the ongoing performance of their\nobligations, dependence on their expertise, compliance with applicable laws,\nand any impacts on our reputation due to our association with them, the\navailability of debt or equity financing on acceptable terms and our ability\nto comply with the covenants contained in agreements relating thereto, in\nparticular due to economic, financial or operational reasons, our continued\nability to enter into time charters, voyage charters or pool arrangements with\nexisting and new customers and pool operators and to re-charter our vessels\nupon the expiry of the existing charters or pool agreements, any failure by\nour contractual counterparties to meet their obligations, changes in our\noperating and capitalized expenses, including bunker prices, dry-docking,\ninsurance costs, costs associated with regulatory compliance and costs\nassociated with climate change, our ability to fund future capital\nexpenditures and investments in the acquisition and refurbishment of our\nvessels (including the amount and nature thereof and the timing of completion\nthereof, the delivery and commencement of operations dates, expected downtime\nand lost revenue), instances of off-hire, fluctuations in interest rates and\ncurrencies, including the value of the U.S. dollar relative to other\ncurrencies, any malfunction or disruption of information technology systems\nand networks that our operations rely on or any impact of a possible\ncybersecurity breach, existing or future disputes, proceedings or litigation,\nfuture sales of our securities in the public market, our ability to maintain\ncompliance with applicable listing standards or the delisting of our common\nshares, volatility in our share price, potential conflicts of interest\ninvolving members of our board of directors, senior management and certain of\nour service providers that are related parties, general domestic and\ninternational political conditions, such as political instability, events or\nconflicts (including armed conflicts, such as the war in Ukraine and the\nconflict in the Middle East, including the war in the Middle East between the\nU.S. and Israel and Iran and effective closure of the Strait of Hormuz, as\nwell as any further broadening of the conflict), acts of piracy or maritime\naggression, such as recent maritime incidents involving vessels in and around\nthe Red Sea, sanctions, “trade wars” (including the imposition of tariffs)\nand potential governmental requisitioning of our vessels during a period of\nwar or emergency, global public health threats and major outbreaks of disease,\nany material cybersecurity incident, changes in seaborne and other\ntransportation, including due to the maritime incidents in and around the Red\nSea, fluctuating demand for tanker and LPG carriers and/or disruption of\nshipping routes due to accidents, political events, international sanctions,\ninternational hostilities and instability, piracy, smuggling or acts of\nterrorism, changes in governmental rules and regulations or actions taken by\nregulatory authorities, including changes to environmental regulations\napplicable to the shipping industry and to vessel rules and regulations, as\nwell as changes in inspection procedures and import and export controls,\ninadequacies in our insurance coverage, developments in tax laws, treaties or\nregulations or their interpretation in any country in which we operate and\nchanges in our tax treatment or classification, the impact of climate change,\nadverse weather and natural disasters, accidents or the occurrence of other\nunexpected events, including in relation to the operational risks associated\nwith transporting LPG, crude oil and/or refined petroleum products and any\nother factors described in our filings with the SEC.\n\nThe information set forth herein speaks only as of the date hereof, and we\ndisclaim any intention or obligation to update any forward‐looking\nstatements as a result of developments occurring after the date of this\ncommunication, except to the extent required by applicable law. New factors\nemerge from time to time, and it is not possible for us to predict all or any\nof these factors. Further, we cannot assess the impact of each such factor on\nour business or the extent to which any factor, or combination of factors, may\ncause actual results to be materially different from those contained in any\nforward-looking statement. Please see our filings with the Securities and\nExchange Commission for a more complete discussion of these foregoing and\nother risks and uncertainties. These factors and the other risk factors\ndescribed in this press release are not necessarily all of the important\nfactors that could cause actual results or developments to differ materially\nfrom those expressed in any of our forward-looking statements. Given these\nuncertainties, prospective investors are cautioned not to place undue reliance\non such forward-looking statements.\n\nCONTACT DETAILS \nFor further information please contact:\n\nInvestor Relations\nRobin Energy Ltd.\nEmail: ir@robinenergy.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a2543cfc-6457-422d-80bc-61bd791455db)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX7lskkl-20260923","title":"Robin Energy Ltd. Reports Net Income of $5.6 Million for the Three Months Ended June 30, 2026, and $6.1 Million for the Six Months Ended June 30, 2026","author":"Globe Newswire","ticker":"RBNE","created":"2026-09-23T13:00:01.957Z","tickers":["RBNE"],"exchange":"NASDAQ","article_body":"LIMASSOL, Cyprus, Sept. 23, 2026 (GLOBE NEWSWIRE) -- Robin Energy Ltd.\n(NASDAQ: RBNE), (“Robin”, or the “Company”), an international\nship-owning company providing energy transportation services globally, today\nannounced its results for the three months and the six months ended June 30,\n2026.\n\nHighlights of the Second Quarter Ended June 30, 2026:\n* Total vessel revenues: $2.6 million, as compared to $2.0 million for the\nthree months ended June 30, 2025, or a 29.2% increase;\n* Net income: $5.6 million, as compared to $0.5 million for the three months\nended June 30, 2025, or a 980.7% increase;\n* Operating income: $5.8 million, as compared to $0.3 million for the three\nmonths ended June 30, 2025, or a 1,571% increase;\n* Earnings per common share, basic: $11.01 per share, as compared to $10.88\nper share for the three months ended June 30, 2025;\n* Adjusted net income((1)): $6.0 million, as compared to $0.5 million for the\nthree months ended June 30, 2025;\n* EBITDA((1)): $6.0 million, as compared to $0.7 million for the three months\nended June 30, 2025;\n* Adjusted EBITDA((1)): $6.4 million, as compared to $0.7 million for the\nthree months ended June 30, 2025;\n* Cash of $35.7 million as of June 30, 2026, as compared to $5.6 million as of\nDecember 31, 2025;\n* During the three months ended June 30, 2026, we received gross proceeds of\n$2.2 million by issuing 0.1 million common shares through an at-the-market\n(“ATM”) offering agreement entered into on November 13, 2025, with Maxim\nGroup LLC and Rodman & Renshaw LLC, pursuant to which we offered and sold\ncommon shares through the sales agents at our discretion. As of September 23,\n2026, there were no further transactions;\n* On March 24, 2026, we commenced a tender offer to purchase up to 66,667\ncommon shares (1,000,000 common shares pre-reverse stock split as described\nbelow) at $3.00 per share (pre-reverse stock split as described below), which\nexpired on April 23, 2026. The offer was oversubscribed and the Company\naccepted 66,667 shares for an aggregate cost of $3.0 million excluding fees\nrelating to the offer; and \n* On April 22, 2026, we entered into an agreement with an unaffiliated third\nparty for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product\ntanker, for a price of $12.8 million. The vessel was delivered to its new\nowners on April 29, 2026, and we recorded during the second quarter of 2026 a\nnet gain of $6.2 million from the sale of the M/T Wonder Mimosa.\nHighlights of the Six Months Ended June 30, 2026:\n* Total vessel revenues: $8.0 million, as compared to $3.6 million for the six\nmonths ended June 30, 2025, or a 121.5% increase;\n* Net income: $6.1 million, as compared to $0.4 million for the six months\nended June 30, 2025, or a 1,306% increase;\n* Earnings per common share, basic: $14.07 per share, as compared to $9.42 per\nshare for the six months ended June 30, 2025;\n* Adjusted net income((1)): $7.4 million, as compared to $0.4 million for the\nsix months ended June 30, 2025;\n* EBITDA((1)): $7.3 million, as compared to $1.0 million for the six months\nended June 30, 2025; \n* Adjusted EBITDA((1)): $8.6 million, as compared to $1.0 million for the six\nmonths ended June 30, 2025; and \n* During the six months ended June 30, 2026, we received gross proceeds of\n$17.1 million by issuing 0.4 million common shares through the ATM offering\nagreement entered into on November 13, 2025, with Maxim Group LLC and Rodman &\nRenshaw LLC, pursuant to which we offered and sold common shares through the\nsales agents at our discretion.\n((1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized\nmeasures under United States generally accepted accounting principles (“U.S.\nGAAP”). Please refer to Appendix B for the definitions and reconciliation of\nthese measures to Net income/(Loss), the most directly comparable financial\nmeasure calculated and presented in accordance with U.S. GAAP.)\n\nManagement Commentary:\n\nMr. Petros Panagiotidis, Chief Executive Officer of the Company, commented:\n\n“During the second quarter of 2026 we completed the sale of the M/T Wonder\nMimosa, our Handysize tanker, realizing a gain on sale of $6.2 million. We\nenter the second half of the year at a robust financial position consisting of\nstrengthened cash reserves and zero debt. Our fleet of two modern LPG carriers\nis fully employed on period charters into late 2026 and 2027, and we would\ncontinue to evaluate attractive opportunities to expand our fleet and\nstrengthen our position in the market.”\n\nEarnings Commentary:\n\nSecond quarter ended June 30, 2026 and 2025 Results\n\nTotal vessel revenues increased to $2.6 million in the three months ended June\n30, 2026, from $2.0 million in the same period in 2025. This increase of $0.6\nmillion was mainly associated with the increase in the Available Days of our\nfleet to 211 days in the three months ended June 30, 2026, from 91 days in the\nsame period in 2025 due to the acquisitions of LPG Dream Syrax and LPG Dream\nTerrax in September 2025, partially offset by the sale of M/T Wonder Mimosa on\nApril 29, 2026. During the three months ended June 30, 2026, our fleet earned\non average a Daily TCE Rate of $11,381, compared to an average Daily TCE Rate\nof $20,054 earned during the same period in 2025. This decrease in Daily TCE\nRates was mainly due to the acquisition of the two LPG carrier vessels which\ngenerally earn a lower Daily TCE Rate than the tanker vessel due to their size\nand the trade they operate in. Daily TCE Rate is not a recognized metric under\nU.S. GAAP. Please refer to Appendix B for the definition and reconciliation of\nthis measure to Total vessel revenues, the most directly comparable financial\nmeasure calculated and presented in accordance with U.S. GAAP.\n\nVoyage expenses for our fleet amounted to $0.2 million in each of the three\nmonths ended June 30, 2026 and the three months ended June 30, 2025, as the\nincrease in Available Days in the three months ended June 30, 2026, as\ncompared to the same period in 2025, was offset by the lower voyage expenses\nincurred by our LPG carrier vessels compared to the tanker vessel.\n\nThe increase in vessel operating expenses by $0.6 million to $1.2 million in\nthe three months ended June 30, 2026, from $0.6 million in the same period in\n2025, mainly reflects the increase in the Ownership Days of our fleet to 211\ndays in the three months ended June 30, 2026, from 91 days in the same period\nin 2025.\n\nThe increase in management fees to $0.2 million in the three months ended June\n30, 2026, from $0.1 million in the same period in 2025, mainly reflects (i)\nthe increase in the Ownership Days of our fleet in the three months ended June\n30, 2026, compared to the same period in 2025 and (ii) the increased\nmanagement fees due to an inflation-based adjustment that was effected on July\n1, 2025, following our entry into the master management agreement with Castor\nShips with effect from April 14, 2025.\n\nDepreciation expenses amounted to $0.5 million for our fleet in the three\nmonths ended June 30, 2026 from $0.1 million in the same period in 2025, as a\nresult of the increase in Ownership Days of our fleet in the three months\nended June 30, 2026, compared to the same period in 2025. Dry-dock\namortization charges decreased to $0.1 million in the three months ended June\n30, 2026, from $0.2 million in the same period of 2025. This decrease in\ndry-dock amortization charges primarily resulted from the sale of M/T Wonder\nMimosa which carried higher dry-dock amortization charges than the two LPG\ncarrier vessels.\n\nGeneral and administrative expenses in the three months ended June 30, 2026,\namounted to $0.8 million, compared to $0.4 million in the same period of 2025.\nThis increase is mainly associated with legal and other corporate fees\nprimarily related to the growth of our company, including expenses related to\nproposed tanker segment spin-off (as described below, the related registration\nstatement was subsequently withdrawn in July 2026).\n\nGain on sale of vessel in the three months ended June 30, 2026, amounted to\n$6.2 million, representing the gain recognized from the sale of the tanker\nvessel M/T Wonder Mimosa during the second quarter of 2026.\n\nInterest and finance costs, net, amounted to $(0.18) million in the three\nmonths ended June 30, 2026, whereas, in the same period of 2025, interest and\nfinance costs, net amounted to $(0.17) million. This variation is mainly due\nto the increase in interest income for the three months ended June 30, 2026 on\nour available cash.\n\nRecent Financial Developments Commentary:\n\nEquity Update\n\nDuring the six months ended June 30, 2026, we received gross proceeds of $17.1\nmillion by issuing 0.4 million common shares through the ATM offering\nagreement entered into on November 13, 2025, with Maxim Group LLC and Rodman &\nRenshaw LLC (“sales agents”), pursuant to which we may offer and sell\ncommon shares through the sales agents at our discretion. As of today, there\nwere no further transactions.\n\nOn March 24, 2026, we commenced a tender offer to purchase up to 66,667 common\nshares (1,000,000 common shares pre reverse stock split as described below) at\n$3.00 per share (pre-reverse stock split as described below), which expired on\nApril 23, 2026. The offer was oversubscribed and the Company accepted 66,667\nshares for an aggregate cost of $3.0 million excluding fees relating to the\noffer.\n\nOn July 9, 2026, we effected a 1-for-15 reverse stock split of our common\nshares without any change in the number of authorized common shares. All share\nand per share amounts have been retroactively adjusted to reflect the reverse\nstock split. As a result of the reverse stock split, the number of issued and\noutstanding shares as of July 9, 2026, was decreased to 0.6 million shares,\nrespectively, while the par value of the Company’s common shares remained\nunchanged at $0.001 per share.\n\nOn July 15, 2026, we paid to Toro a dividend amounting to $0.1 million on our\n1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares\n(the “Series A Preferred Shares”) for the period from April 15, 2026, to\nJuly 14, 2026.\n\nOn July 27, 2026, we issued and sold 750,000 common shares at an offering\nprice of $4.00 per share in an underwritten public offering. The gross\nproceeds from the offering were $3.0 million, before deducting underwriting\ndiscounts, commissions, and other offering expenses. In addition, we have\ngranted the underwriter a 45-day option to purchase up to 54,380 additional\nshares of common stock at the public offering price less the underwriting\ndiscounts and commissions. The option expired on September 10, 2026 and no\nadditional shares have been issued pursuant to this option.\n\nAs of September 23, 2026, we had 1,332,297 common shares issued and\noutstanding.\n\nRecent Business Developments Commentary:\n\nVessel disposal\n\nOn April 22, 2026, we entered into an agreement with an unaffiliated third\nparty for the sale of the M/T Wonder Mimosa, a 2006-built Handysize product\ntanker, for a price of $12.8 million. The vessel was delivered to its new\nowners on April 29, 2026, and we recorded during the second quarter of 2026 a\nnet gain of $6.2 million from the sale of the M/T Wonder Mimosa.\n\nWithdrawal of Form 20-F relating to proposed spin-off of Company’s tanker\nsegment\n\nIn light of the sale of the Company’s tanker vessel, M/T Wonder Mimosa,\ncompleted on April 29, 2026, the proposed spin-off of the Company’s tanker\nsegment announced in March 2026 did not proceed and the related registration\nstatement filed with the SEC was withdrawn in July 2026.\n\nInvestment in secured convertible loan notes\n\nIn September 2026, we, through a wholly owned subsidiary, invested $5.5\nmillion (€4.7 million) in senior secured convertible loan notes issued by\nIntegrEn Limited (the “Notes”), an Irish-domiciled developer of digital\ninfrastructure and associated energy generation assets in the United States\nand the United Kingdom. The Notes bear no coupon, mature on December 31, 2026\nand are redeemable at a premium to their principal amount; part of our\nentitlement may instead be converted into equity of a subsidiary of the\nissuer. The Notes are secured over contractual rights of the issuer group,\nincluding any refund of amounts prepaid under a supply contract, and benefit\nfrom a guarantee, provided by a third party and two group companies of the\nissuer, of certain deductions that may be applied against any such refund.\n\nLiquidity/ Financing/Cash Flow Update\n\nOur consolidated cash position increased by $30.1 million, from $5.6 million\nas of December 31, 2025, to $35.7 million as of June 30, 2026. During the six\nmonths ended June 30, 2026, our cash position increased mainly as a result of\n(i) $4.8 million of net cash flows provided by operating activities, (ii)\n$12.2 million of net cash flows provided by investing activities, which\nrelates to the net proceeds from the sale of M/T Wonder Mimosa and (iii) $13.1\nmillion of net cash flows provided by financing activities, which mainly\nrelates to the aggregate gross proceeds less paid issuance expenses from the\nATM offering agreement amounting to $16.4 million, partially offset by the\npayment for the repurchase of shares pursuant to the self-tender offer\namounting to $3.0 million, excluding fees relating to the offer.\n\nFleet Employment Status (as of September 23, 2026):\n\nDuring the three months ended June 30, 2026, we operated on average 2.3\nvessels earning a Daily TCE Rate((1)) of $11,381 as compared to an average of\n1.0 vessels earning a Daily TCE Rate((1)) of $20,054 during the same period in\n2025. Our employment profile as of September 23, 2026, is presented\nimmediately below.\n\n( (1)() )Daily TCE Rate is not a recognized metric under U.S. GAAP. Please\nrefer to Appendix B for the definition and reconciliation of this measure to\nTotal vessel revenues, the most directly comparable financial measure\ncalculated and presented in accordance with U.S. GAAP.\n\n LPG Carriers \n Name Type DWT Year Built Country of Construction Type of Employment Gross Charter Rate Estimated Redelivery Date \n Earliest Latest \n Dream Syrax LPG carrier 5,000 cbm 5,158 2015 Japan Time Charter period $360,000 per month Feb-27 Mar-27 \n Dream Terrax LPG carrier 5,000 cbm 4,743 2020 Japan Time Charter period $353,000 per month Dec-26 Jan-27 \n\n\n\nFinancial Results Overview:\n\nSet forth below are selected financial and operational data of the three\nmonths and six months ended June 30, 2026 and 2025, respectively:\n\n Three Months Ended Six Months Ended \n (Expressed in U.S. dollars) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 \n (unaudited) (unaudited) (unaudited) (unaudited) \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n Operating income $ 5,817,634 $ 348,228 $ 7,144,305 $ 270,732 \n Net income and comprehensive income $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Adjusted net income ((1)) $ 6,001,251 $ 515,860 $ 7,374,885 $ 433,783 \n EBITDA ((1)) $ 5,972,434 $ 715,144 $ 7,308,954 $ 999,495 \n Adjusted EBITDA ((1)) $ 6,398,950 $ 715,144 $ 8,584,140 $ 999,495 \n Earnings per common share, basic $ 11.01 $ 10.88 $ 14.07 $ 9.42 \n Earnings per common share, diluted $ 1.89 $ 2.35 $ 3.25 $ 2.00 \n\n((1)  Adjusted net income, EBITDA and Adjusted EBITDA are not recognized\nmeasures under U.S. GAAP. Please refer to Appendix B of this release for the\ndefinition and reconciliation of these measures to Net income, the most\ndirectly comparable financial measure calculated and presented in accordance\nwith U.S. GAAP.)\n\n\n\nConsolidated Fleet Selected Financial and Operational Data:\n\nSet forth below are selected financial and operational data of our fleet for\neach of the three and six months ended June 30, 2026 and 2025, respectively,\nthat we believe are useful in analyzing trends in our results of operations.\n\n Three Months Ended June 30, Six Months Ended June 30, \n (Expressed in U.S. dollars except for operational data) 2026 2025 2026 2025 \n Ownership Days ((1)(7)) 211 91 481 181 \n Available Days ((2)(7)) 211 91 481 181 \n Operating Days ((3)(7)) 191 91 461 181 \n Daily TCE Rate ((4)) $ 11,381 $ 20,054 $ 15,023 $ 17,617 \n Fleet Utilization ((5)(7)) 91% 100% 96% 100% \n Daily vessel operating expenses ((6)) $ 5,702 $ 6,577 $ 5,680 $ 6,840 \n \n\n((1)  Ownership Days are the total number of calendar days in a period during\nwhich we owned a vessel. )\n((2)  Available Days are the Ownership Days in a period less the aggregate\nnumber of days our vessels are off-hire due to scheduled repairs, dry-dockings\nor special or intermediate surveys.)\n((3)  Operating Days are the Available Days in a period after subtracting\nunscheduled off-hire and idle days.)\n((4)  Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer\nto Appendix B for the definition and reconciliation of this measure to Total\nvessel revenues, the most directly comparable financial measure calculated and\npresented in accordance with U.S. GAAP.)\n((5)  Fleet Utilization is calculated by dividing the Operating Days during a\nperiod by the number of Available Days during that period.)\n((6)  Daily vessel operating expenses are calculated by dividing vessel\noperating expenses for the relevant period by the Ownership Days for such\nperiod.)\n((7)  Our definitions of Ownership Days, Available Days, Operating Days,\nFleet Utilization may not be comparable to those reported by other companies.)\n\n\n\nAPPENDIX A\n\nROBIN ENERGY LTD.\nUnaudited Condensed Consolidated Statements of Comprehensive Income\n(Expressed in U.S. Dollars—except for number of share data)\n\n (In U.S. dollars except for number of share data) Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n REVENUES \n Pool revenues 460,440 2,011,664 3,725,158 3,598,828 \n Time charter revenues 2,139,000 — 4,248,000 — \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n EXPENSES \n Voyage expenses (including commissions to related party) (198,121 ) (186,786 ) (747,043 ) (410,169 ) \n Vessel operating expenses (1,203,197 ) (598,494 ) (2,732,190 ) (1,238,068 ) \n General and administrative expenses (including related party fees) (763,969 ) (413,887 ) (1,574,630 ) (756,423 ) \n Management fees - related parties (246,100 ) (97,461 ) (544,600 ) (193,851 ) \n Depreciation and amortization (577,162 ) (366,808 ) (1,437,133 ) (729,585 ) \n Gain on sale of vessel 6,206,743 — 6,206,743 — \n Operating income $ 5,817,634 $ 348,228 $ 7,144,305 $ 270,732 \n Finance costs, net ((1)) 179,463 167,524 227,878 163,873 \n Other expenses, net ((2)) (422,362 ) 108 (1,272,484 ) (822 ) \n Net income and comprehensive income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Dividend on Series A Preferred Shares (125,000 ) (106,944 ) (250,000 ) (106,944 ) \n Net income attributable to common shareholders $ 5,449,735 $ 408,916 $ 5,849,699 $ 326,839 \n Earnings per common share, basic $ 11.01 $ 10.88 $ 14.07 $ 9.42 \n Earnings per common share, diluted $ 1.89 $ 2.35 $ 3.25 $ 2.00 \n Weighted average number of common shares outstanding, basic: 495,075 37,567 415,863 34,710 \n Weighted average number of common shares outstanding, diluted: 2,953,943 219,398 1,875,095 216,541 \n\n((1)  Includes finance costs and interest income, if any.)\n((2)  Includes aggregated amounts for foreign exchange gains/(losses) and\nchange in fair value of crypto assets-Bitcoin, as applicable in each period.)\n\n\n\nROBIN ENERGY LTD. \nUnaudited Condensed Consolidated Balance Sheets\n(Expressed in U.S. Dollars—except for number of share data)\n\n June 30, 2026 December 31, 2025 \n ASSETS \n CURRENT ASSETS: \n Cash and cash equivalents $ 35,739,253 $ 5,649,692 \n Due from related parties 4,619,805 6,034,859 \n Investment in crypto assets-Bitcoin 2,576,214 3,851,400 \n Other current assets 1,839,288 1,166,860 \n Total current assets 44,774,560 16,702,811 \n \n NON-CURRENT ASSETS: \n Vessels, net 31,999,671 39,207,988 \n Due from related parties 592,620 981,162 \n Other non-current assets 1,346,643 2,057,152 \n Total non-current assets 33,938,934 42,246,302 \n Total assets 78,713,494 58,949,113 \n \n LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY \n CURRENT LIABILITIES: \n Due to related party 106,944 106,944 \n Other current liabilities 3,289,238 2,495,422 \n Total current liabilities 3,396,182 2,602,366 \n \n NON-CURRENT LIABILITIES: \n Total non-current liabilities — — \n Total liabilities 3,396,182 2,602,366 \n \n MEZZANINE EQUITY: \n 1.00% Series A fixed rate cumulative perpetual convertible preferred shares: 2,000,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively, aggregate liquidation preference of $50,000,000 as of June 30, 2026, and December 31, 2025, respectively 25,877,180 25,877,180 \n Total mezzanine equity 25,877,180 25,877,180 \n \n SHAREHOLDERS’ EQUITY: \n Common shares, $0.001 par value: 3,900,000,000 shares authorized; 582,524 and 187,049 issued; 582,524 and 184,991 shares (net of 2,058 treasury shares) shares outstanding as of June 30, 2026, and December 31, 2025, respectively. 582 187 \n Preferred shares, $0.001 par value: 100,000,000 shares authorized; Series B preferred shares: 40,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively. 40 40 \n Additional paid-in capital 44,566,504 31,576,581 \n Treasury shares; 0 and 2,058 shares as of June 30, 2026 and December 31, 2025, respectively — (130,548 ) \n Retained earnings/(accumulated deficit) 4,873,006 (976,693 ) \n Total shareholders’ equity 49,440,132 30,469,567 \n Total liabilities, mezzanine equity and shareholders’ equity $ 78,713,494 $ 58,949,113 \n\n\n\nROBIN ENERGY LTD.\nUnaudited Condensed Consolidated Statements of Cash Flows\n\n (Expressed in U.S. Dollars) Six Months Ended June 30, \n 2026 2025 \n Cash Flows (used in)/provided by Operating Activities: \n Net income $ 6,099,699 $ 433,783 \n Adjustments to reconcile net income to net cash provided by Operating activities: \n Depreciation and amortization 1,437,133 729,585 \n Change in fair value of crypto assets-Bitcoin 1,275,186 — \n Gain on sale of vessel (6,206,743 ) — \n \n Changes in operating assets and liabilities: \n Accounts receivable trade (760,662 ) (303,922 ) \n Inventories 59,656 (20,346 ) \n Due from/to related parties 1,903,596 12,201,784 \n Prepaid expenses and other assets 386,347 (124,791 ) \n Accounts payable 365,416 (259,998 ) \n Accrued liabilities 237,897 410,425 \n Deferred revenue 15,000 — \n Dry-dock costs paid (16,259 ) — \n Net Cash provided by Operating Activities 4,796,266 13,066,520 \n \n Cash flow (used in)/provided by Investing Activities: \n Capitalized vessel improvements (118,638 ) — \n Net proceeds from sale of vessel 12,328,880 — \n Net cash provided by Investing Activities 12,210,242 — \n \n Cash flows (used in)/provided by Financing Activities: \n Net increase in former parent company Investment — 329,618 \n Gross proceeds from issuance of common shares pursuant to registered direct offerings — 17,157,000 \n Common share issuance expenses pursuant to registered direct offerings — (1,501,182 ) \n Payment of Dividend on Series A Preferred Shares (250,000 ) (1,389 ) \n Gross proceeds from issuance of common shares pursuant to ATM 17,050,366 — \n Common share issuance expenses pursuant to ATM (681,938 ) — \n Capital contribution from former parent company due to spin-off — 10,356,450 \n Payment for repurchase of common shares pursuant to self- tender offer (3,035,375 ) \n Net cash provided by Financing Activities 13,083,053 26,340,497 \n \n Net increase in cash and cash equivalents 30,089,561 39,407,017 \n Cash and cash equivalents at the beginning of the period 5,649,692 369 \n Cash and cash equivalents at the end of the period $ 35,739,253 $ 39,407,386 \n\n\n\nAPPENDIX B\n\nNon-GAAP Financial Information\n\nDaily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter\nEquivalent Rate (“Daily TCE Rate”), is a metric of the average daily net\nrevenue performance of our vessels. The Daily TCE Rate is not a metric of\nfinancial performance under U.S. GAAP (i.e., it is a non-GAAP metric) and\nshould not be considered as an alternative to any metric of financial\nperformance presented in accordance with U.S. GAAP. We calculate Daily TCE\nRate by dividing total revenues (time charter and/or voyage charter revenues,\nand/or pool revenues, net of charterers’ commissions), less voyage expenses,\nby the number of Available Days during that period. Under a time charter, the\ncharterer pays substantially all the vessel voyage related expenses. However,\nwe may incur voyage related expenses when positioning or repositioning vessels\nbefore or after the period of a time or other charter, during periods of\ncommercial waiting time or while off-hire during dry-docking or due to other\nunforeseen circumstances. Under voyage charters, the majority of voyage\nexpenses are generally borne by us whereas for vessels in a pool, such\nexpenses are borne by the pool operator. The Daily TCE Rate is a standard\nshipping industry performance metric used primarily to compare\nperiod-to-period changes in a company’s performance and, management believes\nthat the Daily TCE Rate provides meaningful information to our investors\nbecause it compares daily net earnings generated by our vessels irrespective\nof the mix of charter types (e.g., time charter, voyage charter, pools) under\nwhich our vessels are employed between the periods while it further assists\nour management in making decisions regarding the deployment and use of our\nvessels and in evaluating our financial performance. Our calculation of the\nDaily TCE Rates may be different from and may not be comparable to that\nreported by other companies.\n\nThe following table reconciles the calculation of the Daily TCE Rate for our\nfleet to Total vessel revenues, the most directly comparable U.S. GAAP\nfinancial measure, for the periods presented:\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars, except for Available Days) 2026 2025 2026 2025 \n Total vessel revenues $ 2,599,440 $ 2,011,664 $ 7,973,158 $ 3,598,828 \n Voyage expenses (including commissions to related party) (198,121 ) (186,786 ) (747,043 ) (410,169 ) \n TCE revenues $ 2,401,319 $ 1,824,878 $ 7,226,115 $ 3,188,659 \n Available Days 211 91 481 181 \n Daily TCE Rate $ 11,381 $ 20,054 $ 15,023 $ 17,617 \n\n\n\nEBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of\nfinancial performance under U.S. GAAP, do not represent and should not be\nconsidered as an alternative to net income, operating income, cash flow from\noperating activities or any other measure of financial performance presented\nin accordance with U.S. GAAP. We define EBITDA as earnings before interest and\nfinance costs (if any), net of interest income, taxes (when incurred),\ndepreciation and amortization of deferred dry-docking costs. Adjusted EBITDA\nrepresents EBITDA adjusted to exclude any change at fair Value of crypto\nassets-Bitcoin, which the Company believes is not indicative of the ongoing\nperformance of its core operations. EBITDA and Adjusted EBITDA are used as\nsupplemental financial measure by management and external users of financial\nstatements to assess our operating performance. We believe that EBITDA and\nAdjusted EBITDA assist our management by providing useful information that\nincreases the comparability of our operating performance from period to period\nand against the operating performance of other companies in our industry that\nprovide EBITDA information. This increased comparability is achieved by\nexcluding the potentially disparate effects between periods or companies, of\ninterest, other financial items, depreciation and amortization and taxes,\nwhich items are affected by various and possibly changing financing methods,\ncapital structure and historical cost basis and which items may significantly\naffect net income between periods. We believe that including EBITDA and\nAdjusted EBITDA as measures of operating performance benefits investors in (a)\nselecting between investing in us and other investment alternatives and (b)\nmonitoring our ongoing financial and operational strength. EBITDA and Adjusted\nEBITDA as presented below may be different from and may not be comparable to\nsimilarly titled measures of other companies. The following table reconciles\nEBITDA and Adjusted EBITDA to Net income, the most directly comparable U.S.\nGAAP financial measure, for the periods presented:\n\nReconciliation of EBITDA to Net Income\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars) 2026 2025 2026 2025 \n Net income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Depreciation and amortization 577,162 366,808 1,437,133 729,585 \n Finance costs, net ((1)) (179,463 ) (167,524 ) (227,878 ) (163,873 ) \n EBITDA $ 5,972,434 $ 715,144 $ 7,308,954 $ 999,495 \n Change in fair value of crypto assets-Bitcoin $ 426,516 $ — $ 1,275,186 $ — \n Adjusted EBITDA $ 6,398,950 $ 715,144 $ 8,584,140 $ 999,495 \n\n((1)   )Includes finance costs and interest income, if any.\n\nAdjusted Net Income. To derive Adjusted Net income from Net income, we exclude\ncertain non-cash items, as provided in the table below. We believe that\nAdjusted Net Income assists our management and investors by increasing the\ncomparability of our performance from period to period since each such measure\neliminates the effects of such non-cash item as change in fair value of crypto\nassets-Bitcoin which may vary from year to year, for reasons unrelated to\noverall operating performance. Our method of computing Adjusted Net Income may\nnot necessarily be comparable to other similarly titled captions of other\ncompanies due to differences in methods of calculation. The following table\nreconciles Adjusted Net Income to Net income, the most directly comparable\nU.S. GAAP financial measure, for the periods presented:\n\nAdjusted Net Income Reconciliation\n\n Three Months Ended June 30, Six Months Ended June 30, \n (In U.S. dollars) 2026 2025 2026 2025 \n Net income, net of taxes $ 5,574,735 $ 515,860 $ 6,099,699 $ 433,783 \n Change in fair value of crypto assets-Bitcoin 426,516 — 1,275,186 — \n Adjusted net income $ 6,001,251 $ 515,860 $ 7,374,885 $ 433,783 \n\nCautionary Statement Regarding Forward-Looking Statements\n\nMatters discussed in this press release may constitute forward-looking\nstatements. We intend such forward-looking statements to be covered by the\nsafe harbor provisions for forward-looking statements contained in Section 27A\nof the Securities Act of 1933, as amended (the “Securities Act”) and\nSection 21E of the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). Forward-looking statements include statements concerning\nplans, objectives, goals, strategies, future events or performance, and\nunderlying assumptions and other statements, which are other than statements\nof historical facts. We are including this cautionary statement in connection\nwith this safe harbor legislation. The words “believe”, “anticipate”,\n“intend”, “estimate”, “forecast”, “project”, “plan”,\n“potential”, “will”, “may”, “should”, “expect”,\n“pending” and similar expressions identify forward-looking statements.\n\nThe forward-looking statements in this press release are based upon various\nassumptions, many of which are based, in turn, upon further assumptions,\nincluding without limitation, our management’s examination of current or\nhistorical operating trends, data contained in our records and other data\navailable from third parties. Although we believe that these assumptions were\nreasonable when made, because these assumptions are inherently subject to\nsignificant uncertainties and contingencies which are difficult or impossible\nto predict and are beyond our control, we cannot assure you that we will\nachieve or accomplish these forward-looking statements, including these\nexpectations, beliefs or projections. In addition to these important factors,\nother important factors that, in our view, could cause actual results to\ndiffer materially from those discussed in the forward‐looking statements\ninclude generally: our planned fleet growth and our potential to acquire\ntanker and LPG carrier vessels and alternatives for our tanker and LPG carrier\nsegment; the effects of our spin-off from Toro, our business strategy,\nexpected capital spending and other plans and objectives for future\noperations, including our ability to expand our business as a new entrant to\nthe tanker and liquefied petroleum gas shipping industry, market conditions\nand trends, including volatility and cyclicality in charter rates\n(particularly for vessels employed in the spot voyage market or pools),\nfactors affecting supply and demand for vessels, such as fluctuations in\ndemand for and the price of the products we transport, fluctuating vessel\nvalues, changes in worldwide fleet capacity, opportunities for the profitable\noperations of vessels in the segment of the shipping industry in which we\noperate and global economic and financial conditions, including interest\nrates, inflation and the growth rates of world economies, our ability to\nrealize the expected benefits of vessel acquisitions or sales and the effects\nof any change in our fleet’s size or composition, increased transactions\ncosts and other adverse effects (such as lost profit) due to any failure to\nconsummate any sale of our vessels, our future financial condition, operating\nresults, future revenues and expenses, future liquidity and the adequacy of\ncash flows from our operations, our relationships with our current and future\nservice providers and customers, including the ongoing performance of their\nobligations, dependence on their expertise, compliance with applicable laws,\nand any impacts on our reputation due to our association with them, the\navailability of debt or equity financing on acceptable terms and our ability\nto comply with the covenants contained in agreements relating thereto, in\nparticular due to economic, financial or operational reasons, our continued\nability to enter into time charters, voyage charters or pool arrangements with\nexisting and new customers and pool operators and to re-charter our vessels\nupon the expiry of the existing charters or pool agreements, any failure by\nour contractual counterparties to meet their obligations, changes in our\noperating and capitalized expenses, including bunker prices, dry-docking,\ninsurance costs, costs associated with regulatory compliance and costs\nassociated with climate change, our ability to fund future capital\nexpenditures and investments in the acquisition and refurbishment of our\nvessels (including the amount and nature thereof and the timing of completion\nthereof, the delivery and commencement of operations dates, expected downtime\nand lost revenue), instances of off-hire, fluctuations in interest rates and\ncurrencies, including the value of the U.S. dollar relative to other\ncurrencies, any malfunction or disruption of information technology systems\nand networks that our operations rely on or any impact of a possible\ncybersecurity breach, existing or future disputes, proceedings or litigation,\nfuture sales of our securities in the public market, our ability to maintain\ncompliance with applicable listing standards or the delisting of our common\nshares, volatility in our share price, potential conflicts of interest\ninvolving members of our board of directors, senior management and certain of\nour service providers that are related parties, general domestic and\ninternational political conditions, such as political instability, events or\nconflicts (including armed conflicts, such as the war in Ukraine and the\nconflict in the Middle East, including the war in the Middle East between the\nU.S. and Israel and Iran and effective closure of the Strait of Hormuz, as\nwell as any further broadening of the conflict), acts of piracy or maritime\naggression, such as recent maritime incidents involving vessels in and around\nthe Red Sea, sanctions, “trade wars” (including the imposition of tariffs)\nand potential governmental requisitioning of our vessels during a period of\nwar or emergency, global public health threats and major outbreaks of disease,\nany material cybersecurity incident, changes in seaborne and other\ntransportation, including due to the maritime incidents in and around the Red\nSea, fluctuating demand for tanker and LPG carriers and/or disruption of\nshipping routes due to accidents, political events, international sanctions,\ninternational hostilities and instability, piracy, smuggling or acts of\nterrorism, changes in governmental rules and regulations or actions taken by\nregulatory authorities, including changes to environmental regulations\napplicable to the shipping industry and to vessel rules and regulations, as\nwell as changes in inspection procedures and import and export controls,\ninadequacies in our insurance coverage, developments in tax laws, treaties or\nregulations or their interpretation in any country in which we operate and\nchanges in our tax treatment or classification, the impact of climate change,\nadverse weather and natural disasters, accidents or the occurrence of other\nunexpected events, including in relation to the operational risks associated\nwith transporting LPG, crude oil and/or refined petroleum products and any\nother factors described in our filings with the SEC.\n\nThe information set forth herein speaks only as of the date hereof, and we\ndisclaim any intention or obligation to update any forward‐looking\nstatements as a result of developments occurring after the date of this\ncommunication, except to the extent required by applicable law. New factors\nemerge from time to time, and it is not possible for us to predict all or any\nof these factors. Further, we cannot assess the impact of each such factor on\nour business or the extent to which any factor, or combination of factors, may\ncause actual results to be materially different from those contained in any\nforward-looking statement. Please see our filings with the Securities and\nExchange Commission for a more complete discussion of these foregoing and\nother risks and uncertainties. These factors and the other risk factors\ndescribed in this press release are not necessarily all of the important\nfactors that could cause actual results or developments to differ materially\nfrom those expressed in any of our forward-looking statements. Given these\nuncertainties, prospective investors are cautioned not to place undue reliance\non such forward-looking statements.\n\nCONTACT DETAILS \nFor further information please contact:\n\nInvestor Relations\nRobin Energy Ltd.\nEmail: ir@robinenergy.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a2543cfc-6457-422d-80bc-61bd791455db)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-23T13:00:02.220936703Z","server_sent_at_ms":1790168402220},"received_at":"2026-09-23T13:00:02.276Z","source_url":null},"analysis":{"id":"139765","press_release_id":"150957","analysis_json":{"industry":{"label":"Marine Transportation","sector":"Industrials"},"redFlags":["Q2 earnings driven by one-time $6.2M vessel-sale gain, not core operations","Daily TCE rate fell 43% YoY to $11,381 as fleet mix shifted to lower-rate LPG carriers","1-for-15 reverse stock split effected July 9, 2026 (listing compliance context)","Heavy use of ATM equity issuance and small follow-on offering suggests ongoing dilution pressure","Fleet down to two vessels after tanker sale; proposed tanker spin-off withdrawn"],"eventType":"earnings","narrative":"Robin Energy reported Q2 2026 net income of $5.6 million, up 980.7% year-over-year, on vessel revenues of $2.6 million (up 29.2%).\n\nThe profit was driven largely by a one-time $6.2 million gain on the sale of the M/T Wonder Mimosa; Daily TCE rates fell to $11,381 from $20,054 as the newer LPG carriers earn lower rates.\n\nThe company ended June with $35.7 million in cash and zero debt, after raising $17.1 million via ATM sales in H1, and its two LPG carriers are chartered into late 2026 and 2027.\n\nIt also disclosed a $5.5 million investment in IntegrEn convertible loan notes maturing December 31, 2026, and a 1-for-15 reverse split effected in July.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Headline profit is a vessel-sale gain -- core story is the cash-rich, debt-free pivot to two LPG carriers plus a speculative $5.5M IntegrEn bet."},"keyFigures":{"eps":11.01,"revenue":2599440,"revenueYoy":"29.2%","customDimensions":{"ebitda_q2":5972434,"h1_revenue":7973158,"daily_tce_q2":11381,"eps_basic_h1":14.07,"net_income_h1":6099699,"net_income_q2":5574735,"eps_diluted_q2":1.89,"h1_revenue_yoy":"121.5%","cash_jun30_2026":35739253,"adjusted_ebitda_q2":6398950,"shares_outstanding":1332297,"gain_on_vessel_sale":6206743,"integrEn_investment":5500000,"operating_income_q2":5817634,"fleet_utilization_q2":"91%","atm_gross_proceeds_h1":17100000,"adjusted_net_income_q2":6001251,"daily_tce_prior_year_q2":20054}},"quotedText":"We enter the second half of the year at a robust financial position consisting of strengthened cash reserves and zero debt.","namedEntities":{"people":[{"name":"Petros Panagiotidis","role":"CEO"}],"products":["M/T Wonder Mimosa","LPG Dream Syrax","LPG Dream Terrax"],"companies":[{"name":"Robin Energy Ltd.","ticker":"RBNE","relationship":"filer"},{"name":"Castor Ships","relationship":"manager"},{"name":"Maxim Group LLC","relationship":"sales agent"},{"name":"Rodman & Renshaw LLC","relationship":"sales agent"},{"name":"IntegrEn Limited","relationship":"investment issuer (convertible loan notes)"},{"name":"Toro","relationship":"former parent"}],"dollarAmounts":[{"amount":"$2.6 million","context":"Q2 2026 total vessel revenues"},{"amount":"$5.6 million","context":"Q2 2026 net income"},{"amount":"$6.2 million","context":"net gain on sale of M/T Wonder Mimosa"},{"amount":"$12.8 million","context":"sale price of M/T Wonder Mimosa"},{"amount":"$35.7 million","context":"cash as of June 30, 2026"},{"amount":"$17.1 million","context":"H1 2026 ATM offering gross proceeds"},{"amount":"$3.0 million","context":"self-tender offer aggregate cost"},{"amount":"$5.5 million","context":"investment in IntegrEn senior secured convertible loan notes"},{"amount":"$3.0 million","context":"July 2026 underwritten public offering gross proceeds"},{"amount":"$4.00 per share","context":"July 2026 public offering price"},{"amount":"$360,000 per month","context":"Dream Syrax time charter rate"},{"amount":"$353,000 per month","context":"Dream Terrax time charter rate"}]},"materialImpact":{"score":3,"reasoning":"Net income jumped to $5.6M from $0.5M YoY (up 980.7%), but the quarter was driven largely by a one-time $6.2M gain on the sale of M/T Wonder Mimosa rather than core earnings power. Small-cap with modest absolute revenue."},"tickerRelevance":{"others":[],"primary":"RBNE"},"globalImportance":15,"audienceRelevance":10,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"quarterly-earnings-with-one-time-gain","sectorWeight":"shipping","retailFavoriteBoost":false}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Robin Energy reported Q2 2026 net income of $5.6 million, up 980.7% year-over-year, on vessel revenues of $2.6 million (up 29.2%).\n\nThe profit was driven largely by a one-time $6.2 million gain on the sale of the M/T Wonder Mimosa; Daily TCE rates fell to $11,381 from $20,054 as the newer LPG carriers earn lower rates.\n\nThe company ended June with $35.7 million in cash and zero debt, after raising $17.1 million via ATM sales in H1, and its two LPG carriers are chartered into late 2026 and 2027.\n\nIt also disclosed a $5.5 million investment in IntegrEn convertible loan notes maturing December 31, 2026, and a 1-for-15 reverse split effected in July.","key_figures":{"eps":11.01,"revenue":2599440,"revenueYoy":"29.2%","customDimensions":{"ebitda_q2":5972434,"h1_revenue":7973158,"daily_tce_q2":11381,"eps_basic_h1":14.07,"net_income_h1":6099699,"net_income_q2":5574735,"eps_diluted_q2":1.89,"h1_revenue_yoy":"121.5%","cash_jun30_2026":35739253,"adjusted_ebitda_q2":6398950,"shares_outstanding":1332297,"gain_on_vessel_sale":6206743,"integrEn_investment":5500000,"operating_income_q2":5817634,"fleet_utilization_q2":"91%","atm_gross_proceeds_h1":17100000,"adjusted_net_income_q2":6001251,"daily_tce_prior_year_q2":20054}},"named_entities":{"people":[{"name":"Petros Panagiotidis","role":"CEO"}],"products":["M/T Wonder Mimosa","LPG Dream Syrax","LPG Dream Terrax"],"companies":[{"name":"Robin Energy Ltd.","ticker":"RBNE","relationship":"filer"},{"name":"Castor Ships","relationship":"manager"},{"name":"Maxim Group LLC","relationship":"sales agent"},{"name":"Rodman & Renshaw LLC","relationship":"sales agent"},{"name":"IntegrEn Limited","relationship":"investment issuer (convertible loan notes)"},{"name":"Toro","relationship":"former parent"}],"dollarAmounts":[{"amount":"$2.6 million","context":"Q2 2026 total vessel revenues"},{"amount":"$5.6 million","context":"Q2 2026 net income"},{"amount":"$6.2 million","context":"net gain on sale of M/T Wonder Mimosa"},{"amount":"$12.8 million","context":"sale price of M/T Wonder Mimosa"},{"amount":"$35.7 million","context":"cash as of June 30, 2026"},{"amount":"$17.1 million","context":"H1 2026 ATM offering gross proceeds"},{"amount":"$3.0 million","context":"self-tender offer aggregate cost"},{"amount":"$5.5 million","context":"investment in IntegrEn senior secured convertible loan notes"},{"amount":"$3.0 million","context":"July 2026 underwritten public offering gross proceeds"},{"amount":"$4.00 per share","context":"July 2026 public offering price"},{"amount":"$360,000 per month","context":"Dream Syrax time charter rate"},{"amount":"$353,000 per month","context":"Dream Terrax time charter rate"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-23T13:00:18.641Z","global_importance":15,"audience_relevance":10,"importance_components":{"tickerTier":"micro-cap","eventGravity":"quarterly-earnings-with-one-time-gain","sectorWeight":"shipping","retailFavoriteBoost":false}},"durationMs":9764,"modelName":"glm-5.3-flashx"}}